| Proposed company name | LOTUS CIRCULAR BERHAD |
Remarks :
The Board of Directors of MESB Berhad (“MESB” or “the Company”) is proposing to change its name from “MESB Berhad” to “Lotus Circular Berhad” (“Proposed Change of Name”), subject to shareholders’ approval at the Company’s upcoming 29th Annual General Meeting. The Circular to Shareholders containing details of the Proposed Change of Name will be published on the Company’s website in due course.
The name change reflects a pivotal transformation in the business operations of MESB group of companies (“MESB Group” or “the Group”), shifting from apparel retail business towards waste recycling business, which has now become the new core business of MESB Group. Since the conclusion of the acquisitions of key waste recycling subsidiaries, the waste recycling business has contributed over 70% of MESB Group’s profit after tax for the financial year ended 30 June 2024, reflecting its importance as the new core business. For further insight, please refer to the Chairman’s Statement in MESB’s Annual Report 2024.
The proposed name, Lotus Circular Berhad, signifies the Group’s commitment to advancing sustainable practices, fostering environmental conservation, and supporting Malaysia’s national efforts towards a circular economy. As MESB Group moves forward under this new identity, it remains firmly committed to driving long-term growth, enhancing shareholder value, and making a positive impact on both the environment and society at large.
This announcement is dated 29 October 2024.