Central Global Berhad Seeks Strategic Partnerships for Construction Projects

KUALA LUMPUR, Jun 22, 2021 - ( JCN Newswire ) - Main Market-listed Central Global Berhad's ("Central Global") shareholders have passed all the resolutions at the Group's AGM for the financial year ended 31 December 2021 held virtually today.

Central Global shareholders passed resolutions to re-elect executive chairman Dato' Faisal Zelman, executive director Mr. Tobby Tan and independent director Mr. Lee King Loon to the board of directors. All three were appointed to the board on 26 February 2021. Shareholders also passed the resolution to appoint Baker Tilly Monteiro Heng PLT as the Group's auditors in place of the retiring auditors, KPMG PLT.

Central Global executive chairman Dato' Faisal Zelman said: "We are pleased that the virtual AGM went smoothly without any technical hiccups. We fielded questions from shareholders on the Group's outlook and prospects as well as our ongoing plans to expand the manufacturing and construction businesses."

"We shared at the AGM that the board is seeking opportunities for the construction arm through strategic partnerships as we believe that the landscape for the construction business is changing and that such partnerships are the way forward for us. We also spoke to shareholders about our plans to upgrade the machinery of the manufacturing arm in order to make the processes more productive and cost-efficient."

"We remain cautiously optimistic and will continue to monitor the changing outcomes of the COVID-19 pandemic and make changes to daily operations accordingly with as little disruption as possible to the business. We are confident that the plans we are implementing will benefit the Group in the long-run."

Among Central Global's plans is an approved private placement of 18 million new shares to fund an upgrade of the manufacturing arm's capacity as well as funding for an existing construction project in Penang. Central Global was also awarded a construction project located in Lahad Datu, Sabah valued at RM101 million. The Group is currently in discussions for several construction projects.