Sea Limited Announces Results of Annual General Meeting

Rhea-AI Summary

Sea Limited (NYSE: SE) announced that at its annual general meeting on February 14, 2022, shareholders approved a special resolution to amend the company's Memorandum and Articles of Association. The amendment increases the voting power of each Class B ordinary share from three to fifteen votes. Approximately 89% of shareholders voted in favor of this resolution. Chairman and CEO Forrest Li expressed gratitude for the strong support from shareholders.

Positive

• Shareholders approved an amendment increasing voting power for Class B shares from 3 votes to 15 votes, enhancing control for certain shareholders.

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• None.

SINGAPORE--(BUSINESS WIRE)-- Sea Limited (NYSE: SE) (the “Company”) today announced that, at its annual general meeting of shareholders held on February 14, 2022 in Singapore, the Company’s shareholders approved as a special resolution that the Company’s Eighth Amended and Restated Memorandum and Articles of Association be amended and restated by their deletion in their entirety and by the substitution in their place of the Company’s Ninth Amended and Restated Memorandum and Articles of Association to increase the voting power of each Class B ordinary share from three (3) votes to fifteen (15) votes on all matters subject to vote at general meetings of the Company and to reflect other relevant changes.

The special resolution passed with approximately 89% of the total number of votes cast by shareholders voting in person or by proxy.

“We thank our shareholders for their strong support for this special resolution,” said Forrest Li, Chairman and Group Chief Executive Officer of the Company.

About Sea Limited

Sea Limited (NYSE: SE) is a leading global consumer internet company founded in Singapore in 2009. Its mission is to better the lives of consumers and small businesses with technology. Sea operates three core businesses across digital entertainment, e-commerce, as well as digital payments and financial services, known as Garena, Shopee and SeaMoney, respectively. Garena is a leading global online games developer and publisher. Shopee is the largest pan-regional e-commerce platform in Southeast Asia and Taiwan. SeaMoney is a leading digital payments and financial services provider in Southeast Asia.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220213005094/en/

For enquiries:

Investors / analysts: ir@sea.com

Media: media@sea.com

Source: Sea Limited

FAQ

What changes were made to Sea Limited's voting structure at the February 14, 2022 meeting?

The voting power of each Class B ordinary share was increased from three votes to fifteen votes.

What percentage of shareholders supported the special resolution at Sea Limited's AGM?

Approximately 89% of the total votes cast supported the special resolution.

What was the purpose of the amendment to Sea Limited's Articles of Association?

The amendment aimed to increase the voting power of Class B shares and reflect other relevant changes.

When was Sea Limited's annual general meeting held?

The annual general meeting was held on February 14, 2022.