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Starbox Group Holdings Ltd. February 2025 Financial Report: Share Consolidation Approved!

$STBX
Form 6-K
Filed on: 2025-02-20
Source
Starbox Group Holdings Ltd. February 2025 Financial Report: Share Consolidation Approved!

Here are the key insights extracted from the financial report (Form 6-K) of Starbox Group Holdings Ltd. for February 2025:

  1. Company Information:
  • Name: Starbox Group Holdings Ltd.
  • Principal Office Address: VO2-03-07, Velocity Office 2, Lingkaran SV, Sunway Velocity, 55100 Kuala Lumpur, Malaysia.
  • Commission File Number: 001-41480.
  1. Extraordinary General Meeting:
  • Date of Meeting: February 20, 2025, at 8:30 AM Eastern Time.
  • Votes Present: A total of 93,313,626 votes, representing 69.34% of the votes exercisable as of the record date (January 31, 2025).
  1. Shareholder Resolutions Approved:
  • The shareholders approved a resolution to consolidate the company's shares on a 10:1 basis:
    • Class A Ordinary Shares: From 543,875,000 shares of $0.018 par value to 54,387,500 shares of $0.18 par value.
    • Class B Ordinary Shares: From 8,000,000 shares of $0.018 par value to 800,000 shares of $0.18 par value.
    • Preferred Shares: From 3,125,000 shares of $0.018 par value to 312,500 shares of $0.18 par value.
  1. Voting Results for Resolution No. 1:
  • For: 93,010,235 votes.
  • Against: 301,664 votes.
  • Abstain: 1,727 votes.
  1. Signatory:
  • The report is signed by Lee Choon Wooi, Chief Executive Officer of Starbox Group Holdings Ltd., on February 20, 2025.

Summary:

Starbox Group Holdings Ltd. held an extraordinary general meeting where shareholders approved a significant consolidation of shares, reflecting a strategic decision to reduce the number of shares in circulation while increasing the par value per share. The approval received overwhelming support, indicating confidence among shareholders regarding this corporate action.