Advancecon Holdings Berhad (前进控股有限公司) (“Advancecon” or “the Group”) (Bursa: 5281), an established provider of earthworks and civil engineering services in Malaysia, convened its 28th Annual General Meeting (“AGM”) today at Tropicana Golf & Country Resort, where shareholders approved all resolutions tabled, reinforcing confidence in the Group’s direction and leadership as it navigates the evolving landscape of infrastructure and renewable energy development.
During the AGM, shareholders received the audited financial statements for the financial year ended 31 December 2024 (“FYE2024”). The meeting also saw the approval of Directors’ fees and benefits for the period leading up to the next AGM.
Shareholders further re-elected two retiring directors, Mr. Yeoh Chong Keat and Mr. Tung Kai Hung, who offered themselves for re-election in accordance with the Group’s Constitution.
Both directors received the Board’s endorsement, having demonstrated consistent contributions, effective governance, and alignment with Advancecon’s long-term strategic interests.
The appointment of Messrs. UHY Malaysia PLT as the Company’s external auditors was also reaffirmed, along with authorisation for the Board to fix their remuneration. In addition, shareholders granted the Board a general mandate to issue and allot new shares pursuant to Sections 75 and 76 of the Companies Act 2016, along with a waiver of statutory pre-emptive rights under Section 85.
This mandate will provide the Board with agility to raise capital for future investments or acquisitions without the need to convene separate general meetings.
Notably, the meeting also approved the renewal of the share buy-back authority, allowing Advancecon to purchase up to 10% of its issued share capital. This measure provides strategic flexibility in managing the Group’s capital structure, including potential yield enhancement through treasury share distribution or cancellation.
Dato’ Phum Ang Kia, Group Chief Executive Officer of Advancecon Holdings Berhad expressed gratitude to shareholders for their continued trust and support. He commented, “
The strong backing from our shareholders today reflects their confidence in our long-term vision. As we enter a new phase of growth, driven by infrastructure, green energy, and digital transformation, we remain firmly committed to delivering sustainable value and building the foundations that connect people and transform communities.”
As at 31 March 2025, Advancecon’s outstanding order book stood at approximately RM685 million. With the addition of new projects secured in May, including contracts for the Gerbil Data Centre in Port Dickson and the Lagong Mas township in Selangor, the Group’s order book has exceeded RM801 million.
These developments continue to underscore the Group’s execution momentum and leadership in both traditional and future-ready infrastructure sectors.
The Board and management reaffirmed their commitment to transparent governance, prudent financial stewardship, and purpose-driven delivery, in line with Advancecon’s mission to support Malaysia’s economic development and energy transition goals.
For more information, please visit https://www.advancecon.com.my/.
