Resounding Support From Shareholders at Axiata’s 28th AGM

KUALA LUMPUR - Axiata Group Berhad ("Axiata" or “the Group”) concluded its 28th Annual General Meeting ("AGM") virtually today with shareholders expressing strong support towards the Group’s efforts to shore up its defenses in battling short to mid-term COVID-19 challenges, as the Group continues its pursuit to become a New Generation Digital Champion by 2022.

Ending FY2019 on solid footing with highest reported Profit After Tax since 2016 at RM1.8 billion and highest ever Earnings Before Interest, Tax, Depreciation and Amortisation at RM10.6 billion, the Group faces the uncertainties of a post pandemic world armed with a resilient balance sheet, healthy cash position of RM6 billion1 and improved liquidity stemming namely from the successful completion of its sustainability linked financing of USD800 million.

To position for emerging new normal opportunities, Axiata will execute a comprehensive set of internal and external facing measures driven by the conviction that as the digital economy accelerates, there will be significant demand for digitisation, and e-commerce and digital payments. The need for innovation in digital security, e-Health, e-Learning, remote working, de-urbanisation and food security will also see an uptrend alongside consumption of online content, media and entertainment.

In future-proofing and activating its next growth trajectory across its Triple Core businesses of Digital Telco, Digital Businesses and Infrastructure, the Group will be guided by its Axiata 5.0 Roadmap which sets out “10 value creation drivers” to firm-up near-term financial performance, ensure long-term sustainable growth, and address structural changes via industry consolidation and portfolio optimisation.

Having secured shareholder approval, one of the immediate corporate exercises will see the Group’s operating company in Bangladesh Robi Axiata Limited, working towards completing its listing as a 68.69%² owned subsidiary of Axiata on the Dhaka Stock Exchange Limited and Chittagong Stock Exchange Limited in Bangladesh by the fourth quarter of 2020 (barring unforeseen circumstances). The exercise will enable Axiata to accelerate growth in anticipation of revenue generating opportunities in the areas of Internet-of-Things, Home and Enterprise. More details on the listing is available in the Circular to Shareholders here: https://bit.ly/2ZN5Omw

All other resolutions tabled at the AGM were also passed and key areas from the nine resolutions tabled include the following:

1. Re-election and Retirement of Directors
   During this AGM, Dato Dr Nik Ramlah Nik Mahmood and Dr David Robert Dean both retiring by rotation, were re-elected as Directors.
   
   Shareholders officially re-elected Thayaparan S Sangarapillai who was appointed to the Board on 18 March 2020 as a replacement for Dato' Izzaddin Idris upon the latter being re-designated as an Executive Director following his appointment as Deputy Group CEO and Group CEO-designate on 24 January 2020. As a retired Senior Partner with over 30 years in PwC Malaysia, and Board member of other notable public listed companies namely Sime Darby Berhad, Alliance Bank and AIG (Malaysia) Berhad, Thaya wields a wealth of experience in critical areas for Axiata's business including executing due diligence for high profile M&As, securities transactions and comprehensive business reviews. Possessing astute capabilities in corporate governance, risk management, internal controls and financial reporting standards, he will undoubtedly raise the bar for Board decision-making as Axiata pursues its next level growth.
   
   Senior Independent Non-Executive Director, David Lau Nai Pek expressed his intention of not seeking re-election, thus retaining office until the conclusion of the 28th AGM. The Board and Management of Axiata extends its gratitude to David Lau, who has served as a director for 12 years since the inception of Axiata. During this time, he contributed significantly through roles in the various Board Committees including Chairman of the Board Audit Committee and Board Annual Report Committee and member of Board Risk and Compliance Committee³ . As a passionate champion of excellence in financial disclosure, audit and assurance standards and high quality of corporate reporting, David Lau was instrumental in supporting the Group’s growth and performance strategies. Under his tutelage, the Group went on to receive accolades and awards for governance, trust building, and corporate and sustainability reporting. David Lau remains with the Group in light of his recent appointment as Chairman of the Board of Dialog Axiata PLC.
   
   
2. Reappointment of Auditors
   At this AGM, shareholders approved the reappointment of PricewaterhouseCoopers PLT as the Auditors of the Company for the financial year ending 31 December 2020.
   
   

Appointment of Independent Moderator

For its 28th AGM, Axiata appointed Deloitte Risk Advisory Sdn Bhd as an Independent Moderator, aligning with the call by the Minority Shareholder Watch Group on 18 June 2020 for listed companies to appoint an Independent Moderator at virtual general meetings to improve and enhance the transparency of the Q&A sessions.