PERFORMANCE Bursa Securities had on 29 April 2022, resolved to grant MYEG an extension of time of 6 months to 25 October 2022 to complete the implementation of the issuance of the remaining unissued 90,000,000 MYEG shares of the private placement. The extension of the private placement exercise lapsed on 25 October 2022, marking the completion of the exercise. Details on utilisation of proceeds raised from the placement is set out in the Additional Compliance Information section of this Annual Report. SUKUK WAKALAH PROGRAMME On 17 October 2022, MYEG proposed to establish a Sukuk Wakalah Programme, a perpetual programme which allows for the issuance of Sukuk Wakalah from time to time, provided that the aggregate outstanding nominal value of Sukuk Wakalah does not exceed RM1 billion at any point in time. The Sukuk Wakalah Programme has been assigned a rating of AAIS with a ‘Stable’ outlook by MARC Ratings Berhad. The Sukuk Wakalah Programme also provides flexibility for MYEG to issue Sukuk Wakalah in compliance with amongst others, Green / Social / Sustainability SRI Sukuk guidelines, frameworks, standards or principles issued by the Securities Commission Malaysia, the ASEAN Capital Markets Forum (“ACMF”) and the International Capital Market Association (“ICMA”). MYEG’s Sustainability Financing Framework has been assigned a “Gold” Impact Assessment by MARCH Ratings Berhad. The proceeds raised from the issuance of Sukuk Wakalah under the Sukuk Wakalah Programme shall be utilised for foreign worker hostels and blockchain projects, as per the Sustainability Financing Framework. DIVIDEND RETURNS TO SHAREHOLDERS The Board had proposed a final dividend of 1.03 sen per ordinary share (FY2021: 1.03 sen based on the share capital of 3,671,929,737 ordinary shares) for FY2021, for which the shareholders had approved at the 21st annual general meeting (“AGM”) held on 23 June 2022. The final dividend is eligible for the dividend reinvestment plan (“DRP”), which allows MYEG’s shareholders, if they wish, to reinvest all or parts of their dividend proceeds in return for new MYEG shares. The final dividend, which amounted to RM76,070,854 based on MYEG’s total number of issued share of 7,408,616,642 MYEG shares (excluding 34,595,400 treasury shares), was paid on 21 September 2022. For the DRP, a total of 68,954,436 new MYEG shares were issued at the price of RM0.715 per MYEG share, which amounted to RM49,302,422. On 29 August 2022, the Board declared a first interim single tier dividend of 0.25 sen per MYEG share for FY2022 (FY2021: 0.25 sen), which was paid on 25 November 2022 to shareholders registered at the closed business date on 27 October 2022. The Board has proposed the declaration of a final dividend of 1.17 sen per ordinary share (FY2021: 1.03 sen) for the shareholders’ approval at the forthcoming AGM. The total dividend declared for FY2022 would thus amount to 1.42 sen per MYEG share, representing a payout ratio of approximately 30%. Meanwhile, in another effort to reward shareholders, MYEG had in December 2022, proposed to distribute 84,000,000 ordinary shares in Agmo, representing the entire 25.8% equity interest in Agmo held through MY E.G. Capital Sdn Bhd (“MYEG Capital”), a wholly-owned subsidiary of the Company, to entitled shareholders of the Group in two separate tranches by way of a dividend-in-specie. The proposed distribution was approved by shareholders at an extraordinary general meeting held on 19 January 2023, following which the distribution of 69,724,752 Agmo shares, representing approximately 21.5% equity interest in Agmo to entitled shareholders under the first tranche was completed on 10 March 2023. The remaining shares in Agmo held by MYEG shall be distributed to entitled shareholders under the second tranche on a date to be determined later. MANAGEMENT DISCUSSION AND ANALYSIS (cont’d) 21
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