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Impasse between SCBuild’s board and shareholders

On the last trading day of 2021, the market was taken aback by the twists and turns of events at SC Estate Builder Berhad (SCBuild).  Shareholders rejected the re-election of eight incumbent directors at the AGM on 31 December 2021. The remaining Board members, immediately after the AGM,  re-appointed the eight ousted directors back onto the Board. The said directors comprised executive directors and independent non-executive directors.

The Company’s filing to Bursa Malaysia Securities on the outcome of its AGM indicated that the shareholders rejected the re-election of the eight directors with 54.8% of shares voting “Against” their re-election.