Kuala Lumpur, 5th May 2020
Westports Holdings Berhad (“Westports” or the “Company”) conducted its 27th Annual General Meeting (“AGM”) and Extraordinary General Meeting (“EGM”) entirely via remote participation and electronic voting. This is the Company’s first fully virtual or electronic meetings whereas the entire AGM and EGM proceedings were broadcasted to shareholders that have registered and login into a designated online meeting application.
Westports’ AGM was initially scheduled to be held on 22nd April 2020, but due to the movement control order implemented by the Government of Malaysia to curtail the spread of the coronavirus disease, the Company has decided to conduct the entire meetings electronically. The electronic means of conducting the meetings facilitated and enabled all shareholders to participate fully in the proceedings without the need to be physically present at the broadcasting venue, which is advantageous given the current restrictions and also best health practices. This enables the Company to implement the recommended practices of social distancing, fulfilling guidelines on limiting the number of directors and personnel at the broadcasting venue and not having mass gatherings. The online meetings also eliminate the risk of another deferment given the prevailing circumstances.
The electronic meetings also support the Company’s endeavour of maintaining its standards of corporate governance as it would enable Westports to conduct its AGM within six months of its financial year-end without requiring any extension of time.
In the EGM, the Company’s shareholders approved the proposed acquisition of a 361.8-acre land adjacent to Container Terminal (“CT”) 9 that will enable Westports to undertake a significant expansion from CT10 to CT17. The proposed land acquisition would only be completed after the company had fulfilled all the conditions precedent in the Sale and Purchase Agreement, including securing a concession agreement from the government. The container terminal expansion will cost more than RM10 billion over a period of around 30 years, and it would double container terminal handling to 28 million TEUs per annum.