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Financial Reports &
Governance Other Information HENGYUAN REFINING COMPANY BERHAD l ANNUAL REPORT 2023 13

AND THAT the authority to facilitate the Proposed Share Buy-Back will commence immediately
upon passing of this Ordinary Resolution and will continue to be in force until:
a. the conclusion of the next AGM of the Company following at which time the authority shall
lapse unless by ordinary resolution passed at the meeting, the authority is renewed, either
unconditionally or subject to conditions;

b. the expiration of the period within which the next AGM after that date is required by law to
be held; or
c. revoked or varied by ordinary resolution passed by the shareholders in a general meeting,

whichever occurs first, but shall not prejudice the completion of purchase(s) by the Company of
its own Shares before the aforesaid expiry date and, in any event, in accordance with the Listing
Requirements and any applicable laws, rules, regulations, orders, guidelines and requirements
issued by any relevant authorities.
AND THAT the Directors of the Company be and are hereby authorised, at their discretion,
to deal with the Purchased Shares until all the Purchased Shares have been dealt with by
the Directors in the following manner as may be permitted by the Act, Listing Requirements,
applicable laws, rules, regulations, guidelines, requirements and/or orders of any relevant
authorities for the time being in force:
i. To cancel all or part of the Purchased Shares;

ii. To retain all or part of the Purchased Shares as treasury shares as defined in Section 127 of
the Act;
iii. To distribute all or part of the treasury shares as dividends to the shareholders of the
Company;
iv. To resell all or part of the treasury shares;
v. To transfer all or part of the treasury shares for the purposes of or under the employees’
share scheme established by the Company and/or its subsidiaries;
vi. To transfer all or part of the treasury shares as purchase consideration;
vii. To sell, transfer or otherwise use the shares for such other purposes as the Minister may by
order prescribe; and/or
viii. To deal with the treasury shares in the manners as allowed by the Act, Listing Requirements,
applicable laws, rules, regulations, guidelines, requirements and/or orders of any relevant
authorities for the time being in force.
AND THAT the Directors of the Company be and are hereby authorised to take all such steps as
are necessary or expedient, including without limitation, the opening and maintaining of central
depository account(s) under Securities Industry (Central Depositories) Act, 1991, and the entering
into all other agreements, arrangements and guarantee with any party or parties, to implement,
finalise and give full effect to the Proposed Share Buy-Back with full powers to assent to any
conditions, modifications, revaluations, variations and/or amendments (if any) as may be imposed
by the relevant authorities.”
[Please refer to Note (f)]