Kuala Lumpur – AEON Credit Service (M) Berhad (ACSM or the Company) has successfully conducted its twentieth (20th) Annual General Meeting (AGM) and Extraordinary General Meeting (EGM) today with all fourteen (14) AGM resolutions and two (2) EGM resolutions approved by shareholders.

Of the AGM resolutions approved by shareholders, it included the recommended final single tier dividend of 32.50 sen per share for the financial year ended 28 February 2017, deriving a total dividends of 63.0 sen for the financial year under review and representing an increase of 6.0% from total dividends of 59.45 sen paid out for the last financial year. The Company had earlier reported net profit of RM265.03 million for the financial year ended 28 February 2017, an increase of 16.1% from a net profit of RM228.22 million in the financial year ended 29 February 2016.

As for the EGM, the following resolutions were approved:
(i) Proposed bonus issue of 72,000,000 new ordinary shares in ACSM at an issue price of RM0.50 each on the basis of one (1) bonus share for every two (2) existing ACSM ordinary shares; and
(ii) Proposed renounceable rights issue of 3-year minimum 3.5% irredeemable convertible unsecured loan stocks (ICULS) on the basis of 2 ICULS for every 1 existing ACSM share held to raise RM432,000,000 in cash

The approved rights issue is expected to facilitate the build-up of an adequate level of capital buffer for existing business activities and continuous business growth of ACSM as well as to enhance the Company’s financial position by way of improving liquidity and financial flexibility.