REG - Steppe Cement Ltd - Dividend Proposal and Nomination of Director

Steppe CementAnnouncement

13/06/2022 07:01

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RNS Number : 6046O  Steppe Cement Limited  13 June 2022

13 June 2022

Steppe Cement Ltd

Dividend Proposal and Nomination of Director

 

The Board of Steppe Cement Ltd (Steppe Cement or Company) wish to draw the
attention of shareholders to the following matters:

 

Dividend proposal

 

The Board wishes to recommend the distribution of a 5p dividend in respect of
2021. However new regulations in Malaysia have created uncertainty about the
tax treatment of foreign sourced dividend income for Malaysian corporates  -
meaning that income to Steppe Cement Sdn Bhd may be subject to a 24%
withholding tax. Therefore before declaring the dividend, the Board is waiting
for clarification regarding the exemption to this tax. It is the understanding
of the Board that confirmation from the Malaysian authorities will be
forthcoming shortly. The Kazakh subsidiaries already pay 20% profit tax in
Kazakhstan.

 

If the tax issue cannot be resolved without payment of the 24% rate, the Board
will evaluate other means of returning capital to shareholders.

 

Proposal by Substantial Shareholder on Nomination of Director

 

The Board has received notification from Wan Azmi Wan Hamzah, the Company's
largest shareholder (representing more than 30% of the shares of the Company)
to propose his son, Wan Affan Wan Azmi, be appointed to the Board to represent
his family interest in the Company.

 

The Board has agreed to put the corresponding item in the agenda of the Annual
General Meeting (AGM) of shareholders. The profile of Wan Affan Wan Azmi is
appended below for shareholders information.

 

Wan Affan Wan Azmi will be deemed to be a Non-Independent Non-Executive
Director due to his family relationship and indirect interests in Steppe
Cement.

 

In case the resolution is approved at the AGM, the number of Independent
Directors in the Company will be 50%, 2 out of 4. The Non-Executive Chairman
will retain a casting vote in case of a tie in the board decisions.

 

Javier del Ser

On behalf of Board of Directors

 

Wan Affan Wan Azmi

 

Wan Affan Wan Azmi, 35, is currently the Chief Operating Officer (COO),
Rohas-Euco Industries Berhad. He joined Rohas-Euco Industries Berhad in 2013
as a Business Executive, initially in Marketing and later directly involved in
IT, Media and Communications. In 2019, he was assigned as Assistant to the
COO, then promoted to Deputy COO in January 2020 and subsequently as COO in
October 2020. He is currently running the day-to-day operations at both
headquarters in Kuala Lumpur as well as the manufacturing facilities in
Bentong, Pahang in Malaysia

 

Wan Affan Wan Azmi is the son of Steppe Cement Ltd's (Steppe Cement or
Company) largest shareholder, Wan Azmi Wan Hamzah, who currently holds 31%
interest in Steppe Cement via Halfmoon Bay Capital Limited, Mango Bay
Enterprises Inc. and Alwaha Fund Limited.

 

Wan Affan Wan Azmi has under 20% direct beneficial interests in each of the
above entities that holds shares in the Company. He currently holds or has
held the following directorship or partnership in the last five years:

 

 Current Directorship  Past Directorship
 None                  None

 

Wan Affan Wan Azmi has not been involved with any unspent convictions in
relation to indictable offences, bankruptcy, creditors voluntary arrangements,
receiverships, compulsory liquidations, creditors voluntary liquidations,
administrations, public criticisms or other matters which require disclosure
pursuant to Schedule 2(g) of the AIM rules.

 

There are no other matters in relation to Wan Affan Wan Azmi that is required
to be disclosed pursuant to Schedule 2(g) of the AIM Rules for Companies.

Steppe Cement's AIM nominated adviser and broker is RFC Ambrian Limited.

Nominated Adviser contact: Stephen Allen or Andrew Thomson on +61 8 9480
2500.

Broker contact: Charlie Cryer at +44 20 3440 6800

 

 

 

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