AGM Key Matters

REXIT BERHAD
Registration no. 200401029606 (668114-K)
(Incorporated in Malaysia)

SUMMARY OF THE KEY MATTERS DISCUSSED AT THE SIXTEENTH (16TH) ANNUAL GENERAL MEETING OF THE COMPANY HELD AT GREENS 3 (SPORTS WING), CLUB HOUSE, TROPICANA GOLF & COUNTRY RESORT, JALAN KELAB TROPICANA, 47410 PETALING JAYA, SELANGOR DARUL EHSAN ON TUESDAY, 29 DECEMBER 2020 AT 9.30 A.M.

1. AUDITED FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2020

The Chairman informed that the Audited Financial Statements for the financial year ended 30 June 2020 and the Reports of Directors and Auditors thereon were circulated to all the shareholders of the Company within the statutory period.

Datuk Chung Hon Cheong, the CEO of the Company shared an overview of the operational and financial highlights of the Company for the financial year ended 30 June 2020.

The Chairman then proceeded to invite questions from the shareholders and proxies.

In response to the queries from Mr. Ng Khai Ching, a shareholder of the Company, Datuk Chung’s response were as follows:-

  1. What is the market outlook for e-cover?

    E-cover only covers general insurance. Rexit ventured into life insurance 2 years ago and currently provide medical management services through MYSalam. The license for operating the life insurance is renewable every 2 years. Barring unforeseen circumstances, Rexit expect to continue in life insurance business in the next 2 years. There are competitions but Rexit is the market leader in general insurance.

2. Any plans to invest into other areas?

Rexit will continue to focus in insurance related business. Diversification into other IT sectors requires substantial amount of investments and knowledge. Risk is also a major factor to consider.

3. Rexit’s revenue contribution from China market continues to increase. How is Rexit going to stay competitive in the massive market like China?

Rexit do not have any business in China. The Company have an operation in Guangzhou to develop software for Rexit’s clients who are from Hong Kong. Rexit do not foresee to venture into the China market as their insurance industry is unique.

4. Business opportunity – how Rexit plan to capture new market share in the new normal?

Covid 19 has affected many industries which also affect Rexit’s clients i.e. the insurance firms but the Management is unable to assess the impact at the moment. Revenue contribution from transactions related will see a decline but annual renewal should remain.

After having addressed all the questions raised, the Chairman declared that the Audited Financial Statements for the financial year ended 30 June 2020 and the Reports of Directors and Auditors thereon, be received.

For the rest of the items on the Agenda stated below, there were no questions raised by the shareholders. All the resolutions tabled at the Meeting and voted upon by polling were duly passed by the shareholders, with the results of the polling announced accordingly to Bursa Malaysia Securities Berhad on 29 December 2020.

2. ORDINARY RESOLUTION 1
RE-ELECTION OF DATUK CHUNG HON CHEONG

3. ORDINARY RESOLUTION 2
RE-ELECTION OF MR. KUAH HUN LIANG

4. ORDINARY RESOLUTION 3
DIRECTORS’ FEES AND DIRECTORS’ BENEFITS UP TO THE NEXT ANNUAL GENERAL MEETING

5. ORDINARY RESOLUTION 4
RE-APPOINTMENT OF AUDITORS

6. ORDINARY RESOLUTION 5
CONTINUING IN OFFICE AS INDEPENDENT NON-EXECUTIVE DIRECTOR – DATUK NG KAM CHIU

7. ORDINARY RESOLUTION 6
AUTHORITY TO ISSUE AND ALLOT SHARES PURSUANT TO SECTION 75 AND SECTION 76 OF THE COMPANIES ACT 2016

8. ORDINARY RESOLUTION 7
PROPOSED RENEWAL OF AUTHORITY FOR THE PURCHASE BY THE COMPANY OF ITS OWN SHARES

 ANY OTHER BUSINESS
There were no other matters discussed.