KEY ASIC BERHAD
(Incorporated in Malaysia)
SUMMARY OF KEY MATTERS DISCUSSED AT THE FOURTEENTH ANNUAL GENERAL MEETING OF THE COMPANY HELD AT GREENS 1, GOLF WING, TROPICANA GOLF & COUNTRY RESORT, JALAN KELAB TROPICANA, 47410 PETALING JAYA, SELANGOR DARUL EHSAN, ON FRIDAY, 22 NOVEMBER 2019 AT 9.00 A.M.
There were no other matters raised by the shareholders at the Fourteenth Annual General Meeting, save for the following:
Reason for the decrease in revenue in 2019 compared with 2018.
The decrease was mainly contributed by the delay in the design of the chip due to some manufacturing flaws. This had caused a delay in the shipment of the chips. Once the issue is resolved, mass production of the chips will commence and this will generate revenue for the Group.
What about revenue generated from “services”?
Revenue generated from services consisted of two components: (i) IPs and (ii) services. For the IP component, if the design of the chip is less complicated and consists of less IPs, less revenue will be generated. For services, it will depend on the period of the service job. Revenue generated from services and the number of chips do not necessarily correlate unlike the sale of chips through mass production.
Will there be any fundraising activities for the Company in the future?
During the last financial year, 60,000,000 ordinary shares were issued under the private placement exercise. The private placement exercise has yet to be completed and Bursa Malaysia Securities Berhad has, on the Company’s application, approved the extension of time till 25 January 2020 to complete the private placement.
What are the differences between the existing M&A and the proposed new Constitution?
The proposed Alteration is to streamline the Company’s Constitution to be in line with the provisions of the Companies Act 2016, the MMLR and the prevailing statutory and regulatory requirements applicable to the Company, and to provide clarity and consistency throughout so as to facilitate and enhance administrative efficiency.