2. Proposed Renewal of Shareholders’ Mandate for the Existing Recurrent Related Party Transactions and Provision of Financial Assistance The Ordinary Resolutions 10, 11, 12 and 13, if passed, will allow the Company to enter into recurrent related party transactions of a revenue or trading nature with the related parties and the provision of financial assistance in the ordinary course of business which are necessary for the day-to-day operations based on terms which are not more favourable to the related parties than those generally available to the public and are not to the detriment of the minority shareholders of the Company. Please refer to Part A of the Circular to Shareholders dated 28 April 2023, which is accessible online on the Company’s website at www.wahseong.com, for information pertaining to Ordinary Resolutions 10, 11, 12 and 13. 3. Proposed Gratuity Payment to Managing Director/Group Chief Executive Officer The Ordinary Resolution 14, if passed, will allow the Company to pay the gratuity amounting to RM12,751,180.50 to Chan Cheu Leong, in recognition and appreciation of his service, dedication and contribution to the Company and the Group during his 29 years tenure in office as the Managing Director/Group Chief Executive Officer. He will retire from the position of Managing Director/Group Chief Executive Officer with effect from 1 July 2023 and will be redesignated as a Non-Independent Non-Executive Director of the Company. 4. Special Resolution Proposed Change of Name from Wah Seong Corporation Berhad to Wasco Berhad The Company recognizes that WASCO, the group of companies under the Company, has become a global driving force and has expanded to 16 locations globally, strengthening its brand equity and becoming widely recognized by international industry players. By changing the Company’s name to Wasco Berhad, it will improve the Company’s brand recognition at an international level, aligning with the Group’s branding and focus with that of the Company’s successful subsidiaries. The Proposed Change of Name will improve the Company’s brand perception on the ESG front and signal the Group’s commitment to sustainability and open up opportunities for a larger pool of investors who are looking at ESG investing. The Proposed Change of Name will strengthen the Company’s position in the market, leveraging WASCO’s successful international brand and reflecting the growth and evolution as a company. Please refer to Part B of the Circular to Shareholders dated 28 April 2023, which is accessible online on the Company’s website at www.wahseong.com, for information pertaining to the Special Resolution. NOTICE OF TWENTY-THIRD ANNUAL GENERAL MEETING Wah Seong Corporation Berhad Annual Report 2022 218
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