IGB completes Johor Southkey land deal, announces buy-back, board changes, AGM outcomes

PETALING JAYA (June 9): IGB Bhd has completed the acquisition of two leasehold land parcels in Johor Bahru tied to its joint venture with Southkey City Sdn Bhd, alongside a share buy-back, a series of board changes, and the passing of all resolutions at its annual general meeting (AGM).

In a Bursa filing yesterday, IGB said the proposed acquisition by Enrich Horizon Sdn Bhd (EHSB) of two parcels of leasehold land measuring about 859,897 sq ft in Mukim Plentong, Daerah Johor Bahru, Johor, was completed yesterday, in accordance with the terms and conditions of the sale and purchase agreement, and that EHSB has been given vacant possession of the land. 

EHSB is the joint venture company between IGB Corporation Bhd, a wholly-owned subsidiary of IGB, and Southkey City Sdn Bhd. 

Share buy-back

Separately, IGB disclosed that it repurchased 30,000 of its own ordinary shares yesterday, at prices between RM2.41 and RM2.42 per share, for a total consideration of RM72,929.12. All 30,000 shares purchased are retained as treasury shares, bringing the company’s cumulative net outstanding treasury shares to 47,177,647 units. 

This represents about 2.3158% of IGB’s issued shares, with the adjusted issued share capital after previous cancellations at 2,037,208,730 shares.

Retirement of Lee Chaing Huat and committee reshuffles

On the governance front, IGB announced the retirement of independent non-executive director (INED) Lee Chaing Huat, 72, with effect from yesterday. Following his retirement, Lee ceased to be a member of the remuneration committee and nomination committee and has also stepped down as chairman of the audit committee. 

After these changes, the remuneration committee comprises INED chairman Datuk Lee Kok Kwan, Datuk Zaha Rina Zahari (INED), and Datuk Wong Lee Yun (INED), while the nomination committee comprises Zaha (chairman), Lee, and Wong. Meanwhile, the audit committee now consists of Wong (chairman), Zaha, and Lee.

Redesignation of senior independent roles

In a related announcement, IGB said Zaha has been redesignated from INED to senior INED of the company with effect from yesterday. 

The group also said Wong, 73, has been redesignated from member to chairman of the audit committee, with the committee continuing to comprise three INEDs.

All AGM resolutions passed on poll

At its AGM, IGB said all resolutions set out in the notice of AGM dated April 30 were duly passed by shareholders on a poll vote. 

The resolutions approved included the re-election of Tan Boon Lee as NIED, the re-election of Zaha and Wong as INED, and the approval of RM1.5 million in remuneration for non-executive directors encompassing FY2025 fees, meeting allowances, and benefits-in-kind. 

Shareholders also approved the reappointment of PricewaterhouseCoopers PLT as auditors to hold office until the conclusion of IGB’s AGM in 2027, and authorised the board to determine the auditors’ remuneration for the financial year ending 2026.

In addition, shareholders renewed the authority for the directors to issue and allot ordinary shares in IGB, renewed the share buy-back mandate, and renewed the shareholders’ mandate for recurrent related party transactions. 

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