ANTAH HOLDINGS BERHAD (27509-X)
(Incorporated in Malaysia)6th Floor, Wisma Antah, Off Jalan Semantan, Bukit Damansara, 50490 Kuala Lumpur. Tel: 03-254 5144
Website: http://www.antah.com.my
ANTAH HOLDINGS BERHAD
LAPORAN
TAHUNAN
2000
ANNUAL
REPORT
OUR VISIONMission
To be a diverse group of successful and focused businesses providing value to customers, staff, shareholders and the communities we operate in.
Guiding Principles And ValuesThe following principles and values will guide the way we do our work
and the way we behave as individuals and teams in achieving our mission.
OpennessWe practise a participative style of leadership at all levels in the
Group that is empowering while creating a supportive climate encouragingopen communication, innovation and constructive challenge.
FunWe believe work should be fun while seeking to achieve
business objectives to which we are committed.
AdaptabilityIn continuously seeking improvements in everything we do,
we will be flexible and adapt to change.
SynergyAs we pursue separate business goals we seek to develop synergy
within the Group.
TimelinessWe respect and are conscious of timeliness in all aspects of our work.
IntegrityWe conduct our business with integrity and maintain a high standard of ethics.
Trust And TeamworkWe respect each other as individuals in nurturing a culture based ontrust while working as a team in achieving our business objectives.
CaringWe care for our employees, customers, suppliers, shareholders,
the community and the environment.
HardworkingWe will carry out our duties and responsibilities
with diligence and dedication.
KANDUNGANCONTENTS
2Notis Mesyuarat Agung Tahunan
3Notice of Annual General Meeting
4Jawatankuasa Audit Lembaga Pengarah
5Audit Committee of the Board
6Kumpulan Antah • The Antah Group
6Maklumat Korporat • Corporate Information
7Lembaga Pengarah • Board of Directors
8Penyata Pengerusi
10Chairman’s Statement
11Tinjauan Operasi
14Review of Operations
16Directors’ Report
22Balance Sheets
24Income Statements
25Statement of Changes in Equity
27Consolidated Cash Flow Statement
29Notes to the Financial Statements
60Statement by Directors
60Statutory Declaration
61Report of the Auditors
62List of Properties
65Analysis of Shareholdings
NOTIS MESYUARAT AGUNG TAHUNAN
ADALAH DENGAN INI DIMAKLUMKAN BAHAWA Mesyuarat Agung Tahunan yang Kedua Puluh Empat AntahHoldings Berhad akan diadakan di Bilik Serba Guna, Tingkat Bawah, Wisma Antah, Melalui Jalan Semantan,Damansara Heights, 50490 Kuala Lumpur, pada hari Isnin, 18 Disember 2000, pada pukul 11.00 pagi bagi tujuan berikut:
Urusan Biasa
1. Untuk menerima dan meluluskan Penyata Akaun bagi tahun berakhir 30 Jun 2000 danLaporan para Pengarah dan Juruaudit mengenainya; Resolusi 1
2. Untuk mengumumkan dividen pertama dan terakhir sebanyak 2% ditolak cukai 28% bagitahun berakhir 30 Jun 2000; Resolusi 2
3. Untuk meluluskan bayaran yuran para Pengarah; Resolusi 3
4. (a) Untuk melantik semula para Pengarah berikut yang bersara menurut Tataurusan 99dalam Tataurusan Pertubuhan Syarikat:(i) Y. Bhg. Dato’ Mohd Shahar bin Abdul Hamid Resolusi 4(ii) Giam Ting Hee Resolusi 5
(b) Untuk melantik semula para Pengarah berikut yang bersara menurut Tataurusan 104dalam Tataurusan Pertubuhan Syarikat:(i) Harold Micheal Joseph Resolusi 6(ii) Chong Lee Chang Resolusi 7(iii) Y. Bhg. Tan Sri Datuk Wira Abdul Rahman Arshad Resolusi 8
5. Untuk melantik semula Tetuan BDO Binder sebagai Juruaudit Syarikat pada tahun akan datangdan memberi kuasa kepada para Pengarah untuk menetapkan bayaran khidmat mereka. Resolusi 9
Urusan Khas
6. Untuk menimbangkan dan jika difikirkan wajar, meluluskan Resolusi Biasa berikut: Resolusi 10
“Bahawa tertakluk kepada Akta Syarikat 1965, Tataurusan Pertubuhan Syarikat dan kelulusandaripada Bursa Saham Kuala Lumpur dan badan Kerajaan atau pihak berkuasa yang lain,di mana kelulusan tersebut diperlukan, kuasa sepenuhnya diberi kepada LembagaPengarah mengikut Seksyen 132D Akta Syarikat, 1965, untuk menerbitkan saham-sahampermodalan Syarikat pada bila-bila masa, dengan terma dan syarat-syarat yang bertujuansepertimana mengikut pertimbangan yang dianggap wajar oleh Lembaga Pengarah asalkanjumlah terkumpul saham yang akan diterbitkan mengikut resolusi ini tidak akan melebihi10% daripada jumlah saham Syarikat yang diterbitkan.”
Dengan perintah Lembaga PengarahMisni Aryani MuhamadSetiausaha Syarikat
1 Disember 2000Kuala Lumpur
Nota:
i. Seorang ahli layak untuk melantik seorang proksi atau proksi-proksi (tetapi tidak lebih daripada dua orang proksi) untuk hadir dan mengundi bagi pihaknya. Seorang proksi tidak semestinya seorang ahli.
ii. Jika yang melantik adalah sebuah badan korporat, suratcara perlantikan proksi perlu dimeterikan dibawah Cap Mohor atau ditandatangani oleh wakilnya.
iii. Jika seseorang ahli melantik lebih daripada seorang proksi, perlantikan tersebut akan menjadi tidak sah kecuali beliau menyatakan nisbah pegangannya yang akan diwakili oleh setiap proksi.
iv. Suratcara perlantikan seseorang proksi perlu diserahkan ke Pejabat Berdaftar Syarikat, Tingkat 6, Wisma Antah, Melalui JalanSemantan, Bukit Damansara, 50490 Kuala Lumpur, tidak lewat dari empat puluh lapan (48) jam sebelum waktu yang ditetapkanuntuk mesyuarat tersebut.
v. Nota Penjelasan Mengenai Urusan Khas- Resolusi berhubung dengan Seksyen 132D Akta Syarikat, 1965.
Resolusi Biasa yang dicadangkan di bawah Agenda 6 jika diluluskan, akan memberi kuasa kepada para Pengarah Syarikat, mulaitarikh Mesyuarat Agung Tahunan yang akan datang, untuk menerbitkan dan mengumpukkan saham biasa daripada modalSyarikat yang belum diterbitkan bagi tujuan seperti yang para Pengarah anggap adalah demi kepentingan Syarikat. Kuasa iniakan, kecuali dibatalkan atau diubah oleh Syarikat dalam sebuah Mesyuarat Agung, tamat selepas berakhir Mesyuarat AgungTahunan berikutnya atau tamat tempoh di mana dalam tempoh ini, Mesyuarat Agung Tahunan berikutnya perlu diadakan mengikutkeperluan undang-undang, yang mana dahulu.
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NOTICE OF ANNUAL GENERAL MEETING
NOTICE IS HEREBY GIVEN THAT the Twenty-fourth Annual General Meeting of Antah Holdings Berhad will be heldat the Multi-purpose Room, Ground Floor, Wisma Antah, Off Jalan Semantan, Damansara Heights, 50490 KualaLumpur on Monday, 18 December 2000 at 11.00 a.m. for the following purposes:
Ordinary Business
1. To receive and adopt the Statement of Accounts for the year ended 30 June 2000 and the Reports of the Directors and Auditors thereon; Resolution 1
2. To declare a first and final dividend of 2% less tax of 28% for the year ended 30 June 2000; Resolution 2
3. To approve the payment of Directors’ fees; Resolution 3
4. (a) To re-elect the following Directors who retire pursuant to Article 99 in accordance with the Company’s Articles of Association:(i) Y. Bhg. Dato’ Mohd Shahar bin Abdul Hamid Resolution 4(ii) Giam Ting Hee Resolution 5
(b) To re-elect the following Directors who retire pursuant to Article 104 in accordance with the Company’s Articles of Association:(i) Harold Micheal Joseph Resolution 6(ii) Chong Lee Chang Resolution 7(iii) Y. Bhg. Tan Sri Datuk Wira Abdul Rahman Arshad Resolution 8
5. To re-appoint Messrs BDO Binder as Auditors of the Company for the ensuing year and to authorise the Directors to fix their remuneration. Resolution 9
Special Business
6. To consider and, if thought fit, to pass the following as an Ordinary Resolution: Resolution 10
“That subject to the Companies Act, 1965, Articles of Association of the Company andapproval from the Kuala Lumpur Stock Exchange and other Government or regulatory bodies, where such approval is necessary, full authority be and is hereby given to the Boardof Directors pursuant to Section 132D of the Companies Act, 1965, to issue shares in thecapital of the Company at any time upon such terms and conditions and for such purposes asthe Board of Directors may in their discretion deem fit provided always that the aggregatenumber of shares to be issued pursuant to this resolution shall not exceed 10% of the issuedshare capital of the Company.”
By order of the BoardMisni Aryani MuhamadCompany Secretary
1 December 2000Kuala Lumpur
Notes:
i. A member is entitled to appoint a proxy or proxies (but not more than two) to attend and vote in his place. A proxy need not bea member.
ii. In the case of a corporate member, the instrument appointing a proxy shall be given under its Common Seal or hand of its attorney.
iii. Where a member appoints more than one proxy, the appointments shall be invalid unless he specifies the proportions of his holdings to be represented by each proxy.
iv. The instrument appointing a proxy must be deposited at the Registered Office of the Company, 6th Floor, Wisma Antah, Off JalanSemantan, Damansara Heights, 50490 Kuala Lumpur, not less than forty-eight (48) hours before the time fixed for the meeting.
v. Explanatory Note On Special Business- Resolution pursuant to Section 132D of the Companies Act, 1965.
The Ordinary Resolution proposed under Agenda 6 if passed, will give the Directors of the Company, from the date of the forthcoming Annual General Meeting, authority to issue and to allot ordinary shares from the unissued capital of the Companybeing for such purposes as the Directors consider would be in the interest of the Company. This authority will, unless revoked orvaried by the Company in a General Meeting, expire at the conclusion of the next Annual General Meeting or the expiration of theperiod within which the next Annual General Meeting is required by law to be held, whichever is earlier.
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JAWATANKUASA AUDIT LEMBAGA PENGARAH
Pengerusi - Y. Bhg. Dato’ Mohd Shahar bin Abdul Hamid(Pengarah Bukan Eksekutif Berkecuali)
Ahli-ahli - Y. Bhg. Tan Sri Datuk Wira Abdul Rahman Arshad(Pengarah Bukan Eksekutif Berkecuali)Chong Lee Chang(Pengarah Eksekutif)
Ex-Officio - Y.A.M. Tunku Tan Sri Imran ibni Tuanku Ja’afar(Pengarah Urusan)Chik Chan Chee @ Cheok Chan Chee(Pengawas Kewangan)
Setiausaha - Misni Aryani Muhamad(Setiausaha Syarikat)
Peraturan Bidang Kuasa
Keahlian
Jawatankuasa ini hendaklah terdiri daripada sekurang-kurangnya tiga ahli yang dilantik oleh Lembaga Pengarah di kalangan para pengarah yang majoritinya terdiri daripada pengarah bukan eksekutif serta berkecuali. PengerusiJawatankuasa hendaklah dilantik oleh Lembaga Pengarah di kalangan para pengarah bukan eksekutif berkecuali.Pengarah Urusan dan Pengarah Kewangan dikehendaki menghadiri semua mesyuarat jawatankuasa sebagai ex-officio.
Mesyuarat
Jawatankuasa ini hendaklah bermesyuarat sekurang-kurangnya tiga kali setahun, dan sekerap yang difikirkan perlu.Korum untuk mesyuarat Jawatankuasa adalah dua ahli yang terdiri daripada pengarah bukan eksekutif.
Jawatankuasa ini boleh meminta seorang wakil juruaudit luar untuk menghadiri sebarang mesyuaratnya.
Setiausaha syarikat akan bertindak sebagai setiausaha Jawatankuasa. Setiausaha hendaklah memastikan bahawanotis mesyuarat yang secukupnya diberi kepada ahli-ahli Jawatankuasa dan hendaklah mengedarkan minit mesyuaratJawatankuasa kepada semua ahli Lembaga Pengarah.
Kuasa
Jawatankuasa ini diberi kuasa oleh Lembaga Pengarah untuk menyiasat sebarang kegiatan di dalam bidang kuasanya. Ia diberi kuasa untuk mengumpul sebarang maklumat yang diperlukan daripada mana-mana kakitangandan kesemua kakitangan diarah untuk bekerjasama memenuhi sebarang permintaan pihak Jawatankuasa.Jawatankuasa juga diberi mandat untuk mengambil khidmat sesiapa yang mempunyai keupayaan khas untuk membantu Jawatankuasa dalam melaksanakan tanggungjawabnya.
Tanggungjawab
Jawatankuasa ini hendaklah membantu Lembaga Pengarah menunaikan kewajipan fidusiarinya, khususnya dalambidang yang berkaitan dengan amalan-amalan laporan kewangan serta kawalan pengurusan dan perakaunanSyarikat dan syarikat-syarikat subsidiarinya.
Tugas-tugas Khusus
Tugas-tugas Jawatankuasa ini adalah seperti berikut:
• Untuk mengkaji bersama juruaudit luar bentuk dan skop audit sebelum audit dimulakan dan membincangkanpemeriksaan dan penilaian mereka mengenai sistem kawalan perakaun dalaman.
• Untuk mengkaji laporan audit oleh juruaudit luar mengenai penyata kewangan.• Untuk mengkaji penyata kewangan setengah tahun dan penyata tahunan bersama pihak pengurusan dan
juruaudit luar sebelum dikemukakan kepada Lembaga Pengarah.• Untuk menimbangkan sebarang perkara yang ingin dikemukakan oleh juruaudit luar kepada perhatian para
pengarah.• Untuk mencadangkan kepada Lembaga Pengarah perlantikan dan penamatan khidmat juruaudit luar.• Untuk mengkaji dasar-dasar perakaunan yang digunakan, sebarang perubahan dalam prinsip atau amalan
perakaunan serta tahap kecermatan yang digunakan dalam perkara yang memerlukan pertimbangan saksama.• Untuk mengkaji keberkesanan pengurusan maklumat dan sistem kawalan lain di dalam Syarikat.• Sebarang tugas lain yang mungkin dipersetujui oleh Jawatankuasa dan Lembaga Pengarah.
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AUDIT COMMITTEE OF THE BOARD
Chairman - Y. Bhg. Dato’ Mohd Shahar bin Abdul Hamid(Independent Non-executive Director)
Members - Y. Bhg. Tan Sri Datuk Wira Abdul Rahman Arshad(Independent Non-executive Director)Chong Lee Chang(Executive Director)
Ex-Officios - Y.A.M. Tunku Tan Sri Imran ibni Tuanku Ja’afar(Managing Director)Chik Chan Chee @ Cheok Chan Chee(Financial Controller)
Secretary - Misni Aryani Muhamad(Company Secretary)
Terms of Reference
Membership
The Committee shall consist of at least three members, and be appointed by the Board from amongst the directors,comprising a majority of independent non-executive directors. The Chairman of the Committee shall be appointed bythe Board from amongst the independent non-executive directors. The Managing Director and the Finance Directorshall attend all committee meetings as ex-officios.
Meetings
The Committee shall meet not less than three times a year, and as many times as the Committee deems necessary.The quorum for meetings of the Committee shall be two members who are non-executive directors.
The Committee may require a representative of the external auditors to attend any of its meetings as it determines.
The Company Secretary shall be the Secretary of the Committee. The Secretary shall ensure that reasonable noticeof meetings be given to members of the Committee and shall circulate the minutes of meetings of the Committee toall members of the Board.
Authority
The Committee shall be authorised by the Board to investigate any activity within its terms of reference. It shall beauthorised to seek any information it requires from any employee and all employees are directed to cooperate withany request made by the Committee. The Committee shall be empowered to retain persons having special competence as necessary to assist the Committee in fulfilling its responsibilities.
Responsibilities
The Committee shall assist the Board in fulfilling its fiduciary responsibilities particularly in the areas relating to financial reporting practices and to the accounting and management controls of the Company and its subsidiaries.
Specific Duties
The Duties of the Committee are as follows:
• To review with the external auditors before the audit commences, the nature and scope of the audit and discussthe results of their examination and evaluation of the system of internal accounting controls.
• To review the external audit report on the financial statements.• To review the half-year and annual financial statements with management and the external auditors before
submission to the Board.• To consider any matter the external auditors wish to bring to the attention of directors.• To recommend to the Board the appointment and removal of external auditors.• To review the accounting policies adopted, any changes in accounting principles or practices and the level of
prudence applied in areas requiring judgment.• To review the effectiveness of management information and other systems of control within the Company.• Such other responsibilities as may be agreed by the Committee and the Board.
KUMPULAN ANTAH THE ANTAH GROUP
BIDANG - BIDANG PERNIAGAAN TERAS CORE BUSINESS AREAS
LEMBAGA PENGARAHBOARD OF DIRECTORSY.A.M. Tunku Naquiyuddin ibni
Tuanku Ja’afar (Chairman)
Y.A.M. Tunku Tan Sri Imran ibniTuanku Ja’afar (Managing Director)
Y.Bhg. Dato’ Mohd Shahar binAbdul Hamid (Director)
Giam Ting Hee (Executive Director)
Tony Tan Nyap Keong (Executive Director)
Harold Micheal Joseph (Executive Director)
Chong Lee Chang (Executive Director)
Y.Bhg. Tan Sri Datuk Wira AbdulRahman Arshad (Director)
JAWATANKUASA AUDITAUDIT COMMITTEEY.Bhg. Dato’ Mohd Shahar bin
Abdul Hamid (Chairman and Independent Non-Executive Director)
Y.Bhg. Tan Sri Datuk Wira AbdulRahman Arshad (Independent Non-Executive Director)
Chong Lee Chang (Executive Director)
SETIAUSAHA SECRETARYMisni Aryani Muhamad
(LS 02123)
JURUAUDIT AUDITORSBDO BinderPublic Accountants
PEJABAT BERDAFTARREGISTERED OFFICE6th Floor, Wisma AntahOff Jalan SemantanDamansara Heights50490 Kuala LumpurTel: 254 5144
BANK-BANK UTAMAPRINCIPAL BANKERSStandard Chartered Bank Malaysia
Berhad
HSBC Bank Malaysia Berhad
Malayan Banking Berhad
Multi-Purpose Bank Berhad
RHB Bank Berhad
BSN Commercial Bank Berhad
Arab Malaysian Bank Berhad
PENDAFTAR SAHAMSHARE REGISTRARTenaga Koperat Sdn Bhd20th Floor, Plaza PermataJalan KamparOff Jalan Tun Razak50400 Kuala LumpurTel: 4041 6522
PENYENARAIAN BURSASAHAMSTOCK EXCHANGE LISTINGThe Kuala Lumpur Stock Exchange
(Main Board)
MAKLUMAT KORPORAT CORPORATE INFORMATION
MinumanBeverage• Antah Sandilands Sdn Bhd• Permanis Sdn Bhd
Kejuruteraan CecairFluid Engineering• Eurapipe Industries Sdn Bhd• Euratech Ltd• P.T. Kujang Eurapipe Indonesia
Penjagaan KesihatanHealthcare• Antah Pharma Sdn Bhd• Antah Sri Radin Sdn Bhd
InfrastrukturInfrastructure• Kaseh Lebuhraya Sdn Bhd
Media / KomunikasiMedia / Communications• Asia-Pacific Videolab Sdn Bhd
HartanahProperty• Antah Properties Sdn Bhd• Klang Valley Recreation Bhd• Naga Sakti Sdn Bhd• Stargrip (M) Sdn Bhd
RuncitSpecialist Retail• Convenience Shopping Sdn Bhd
USAHASAMA UTAMA MAJOR JOINT VENTURES
• Antah Melco Sales & Services Sdn Bhd• Antah Schindler Sdn Bhd• Antah Sedgwick Insurance Brokers Sdn Bhd• Antah-UTV (Malaysia) Sdn Bhd• Hwang-DBS (Malaysia) Berhad
• Securicor (Malaysia) Sdn Bhd• Staffield Country Resort Bhd• TNT Logistics (Malaysia) Sdn Bhd• ORIX Leasing Malaysia Bhd• Wilson Parking (M) Sdn Bhd
PELABURAN LAIN OTHER INVESTMENTS
• GWA Holdings Sdn Bhd• JW Carpenter Ltd• Kemp Joinery Ltd• Pacific Asia Fishing Sdn Bhd
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Y.A.M. Tunku Naquiyuddin ibni Tuanku Ja’afar (DK, DKYR, SPNS, PPT)
(Chairman)
Y.A.M. Tunku Tan Sri Imran ibni Tuanku Ja’afar (DKYR, PSM, SPNS, AMN, PJK)
(Managing Director)
Y. Bhg. Dato’ Mohd Shahar bin Abdul Hamid (DPTJ, KMN, DSN, PJK)
(Director)
Giam Ting Hee(Executive Director)
Tony Tan Nyap Keong (Executive Director)
Harold Micheal Joseph (Executive Director)
Chong Lee Chang(Executive Director)
Y. Bhg. Tan Sri Datuk Wira Abdul Rahman Arshad(PSM, DCSM, SPDK, DSAP, DMPN, DKSJ, JMN, JSM, BSK)
(Director)
LEMBAGA PENGARAH BOARD OF DIRECTORS
Duduk dari kiri ke kanan / Sitting from left to rightY. Bhg. Dato’ Mohd Shahar bin Abdul Hamid, Y.A.M. Tunku Naquiyuddin ibni Tuanku Ja’afar, Y.A.M. Tunku Tan Sri Imran ibni Tuanku Ja’afar, Y. Bhg. Tan Sri Datuk Wira Abdul Rahman Arshad
Berdiri dari kiri ke kanan / Standing from left to rightMr Harold Micheal Joseph, Mr Giam Ting Hee, Mr Tony Tan Nyap Keong, Mr Chong Lee Chang
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PENYATA PENGERUSI
TINJAUANPerolehan Kumpulan sebanyak RM676 juta yang susut sebanyak 27% berbanding pencapaian pada tahun sebelumnyaadalah sebahagian besarnya disebabkan oleh penjualan segmen Minyak dan Gas. Tanpa mengambilkira segmen ini,perolehan Kumpulan sebenarnya meningkat sebanyak 4%.
Lembaga Pengarah juga dengan sukacitanya melaporkan bahawa keuntungan daripada Operasi sebelum bayarankewangan dan susutnilai mencatatkan pemulihan mengkagumkan dengan pencapaian keuntungan sebanyak RM14 juta berbanding kerugian sebanyak RM11.8 juta pada tahun sebelumnya. Ini sebahagian besarnya adalah disebabkan oleh pengurangan ketara kerugian daripada segmen Minuman.
Walau bagaimanapun, Lembaga Pengarah beranggapan bahawa adalah lebih berhemat untuk menyediakan peruntukan bagi hutang ragu dan penurunan nilai pinjaman/pendahuluan dan pelaburan tertentu milik Kumpulandalam syarikat bersekutu luar negaranya, JW Carpenter Ltd (“JWC”). JWC terlibat dalam peruncitan khusus di bawahnama perdagangan “Cargo HomeShop”. Beberapa tahun lepas, JWC telah mengambilalih beberapa pajakan dan meluaskan rangkaian kedainya kepada 56 buah kedai dan ini melibatkan pelaburan modal yang besar. Pada tahunini, sebuah institusi kewangan secara tiba-tiba menarik balik seluruh kemudahan perbankan JWC. Akibatnya, JWCtelah tidak berupaya untuk memenuhi tanggungan perdagangannya yang telah cukup tempoh. Oleh sebab tiada perjanjian dimeterai di kalangan para pemegang sahamnya yang sedia ada untuk suntikan modal selanjutnyadan/atau sokongan kewangan, keputusan telah diambil untuk meletakkan JWC di bawah pentadbiran CreditorsVoluntary Arrangement (“CVA”) dengan tujuan untuk membuat penyusunan semula segera modal dan kos operasinya untuk meneguhkan lagi kedudukan kewangannya. Di bawah keadaan sedemikian, peruntukan bagihutang ragu dan penurunan nilai berjumlah RM129 juta telah disediakan dalam akaun tahun ini sebagai perkara terkecuali.
Kerugian terkecuali ini menyebabkan Kumpulan Antah mencatatkan kerugian bersih milik pemegang saham sebanyak RM161.4 juta bagi tahun kewangan berakhir 30 Jun 2000 berbanding keuntungan sebanyak RM33.9 jutapada tahun sebelumnya.
Kerugian bersih milik pemegang saham berjumlah 52 sen sesaham. Harta ketara bersihnya pula susut sebanyak 27%kepada RM1.43 sesaham berbanding RM1.96 sesaham pada tahun 1999.
DIVIDENLembaga Pengarah telah mencadangkan dividen pertama dan terakhir sebanyak 2 peratus ditolak 28 peratus cukaibagi tahun ini.
Y.A.M. Tunku Naquiyuddin ibni Tuanku Ja’afarPengerusi / Chairman
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MAKLUMAT UTAMAKumpulan telah meneruskan usahanya untuk merasionalisasi aktiviti perniagaannya yang berpelbagai dengan tujuanuntuk menjual beberapa perniagaan bukan teras dan harta yang tidak menjana pendapatan berpatutan.Justeru itu, beberapa unit dalam segmen Media/Komunikasi telah dijual pada tahun ini dengan kutipan jualan berjumlah RM1.87 juta.
Kumpulan juga telah memeterai perjanjian Usahasama dengan kumpulan John Master Industries pada 8 Oktober 1999 untuk membangunkan ”Puncak Utama” (dahulu dikenali sebagai “Kajang Heights”), sebuah projek pembangunan campuran kediaman/perdagangan yang merentasi kawasan seluas 442 ekar.
PERISTIWA SELEPAS AKHIR TAHUNPada 11 Julai 2000, Syarikat memeterai perjanjian jual beli bersyarat untuk menjual keseluruhan kepentingan ekuiti dalam Convenience Shopping Sdn Bhd dengan bayaran tunai berjumlah RM80 juta. Memandangkan harga yang ditawarkan menarik, Lembaga Pengarah beranggapan masanya sudah tiba untuk merealisasi pelaburannya. Cadangan penjualan tersebut masih dalam proses penyelesaian.
Pada 31 Julai 2000, Syarikat telah mendapat kelulusan daripada Suruhanjaya Sekuriti bagi cadangan penempatanswasta sehingga 30,875,451 saham biasa baru berharga RM0.50 sesaham dalam syarikat.
Pada 19 Oktober 2000 pula, Kumpulan memeterai beberapa perjanjian bagi cadangan penjualan beberapa saham dan harta tertentu dalam bahagian Kejuruteraan Cecair dengan bayaran tunai berjumlah RM62.31 juta.Cadangan penjualan tersebut masih dalam proses penyelesaian.
LEMBAGA PENGARAHSaya bagai pihak Lembaga Pengarah ingin merakamkan ucapan penghargaan kepada Y.A.M. Tunku Dara Tunku Tan Sri Naquiah, Y.A.M. Tunku Nadzaruddin, Encik Lew Weng Ho, Encik Tamrin Munir dan Encik Gopala Krishnanyang telah meletakkan jawatan daripada Lembaga Pengarah. Saya juga ingin mengalu-alukan kedatangan Encik Harold Micheal Joseph, Encik Chong Lee Chang dan Y. Bhg. Tan Sri Datuk Wira Abdul Rahman Arshad yang menyertai Lembaga Pengarah pada tahun ini.
KEADAAN MASA DEPANJika tidak berlaku sebarang keadaan di luar dugaan, Kumpulan dijangka akan mencapai prestasi yang lebih baik pada tahun kewangan akan datang selaras dengan kepesatan pertumbuhan ekonomi negara.
PENGHARGAANSaya ingin mengambil kesempatan di sini untuk menyampaikan ucapan terima kasih kepada semua kakitangan dalamKumpulan yang telah menampilkan komitmen dan ketaatan yang tiada berbelah bahagi serta kefahaman ahli keluarga mereka kerana tanpa sokongan tersebut, kesungguhan ini tidak akan tercapai. Ucapan tulus ikhlas saya ini juga ditujukan kepada para vendor, rakan-rakan dalam perniagaan dan akhir sekali tidak dilupakan juga, para pemegang saham yang dihargai sekalian yang telah memberikan sokongan serta kepercayaan berterusan kepada Pengurusan kami.
Y.A.M. Tunku Naquiyuddin ibni Tuanku Ja’afarPengerusi
31 Oktober 2000
10
CHAIRMAN’S STATEMENT
OVERVIEWThe Group achieved a turnover of RM676 million, a drop of 27% compared to the preceding financial year largelyattributable to the disposal of the Oil & Gas segment. Without taking this segment into account, Group turnover actually recorded an increase of 4%.
The Board is also pleased to note that Profits from Operations before finance and depreciation charges recorded aremarkable turnaround to a gain of RM14 million compared with a loss of RM11.8 million in the previous year. This is largelydue to significantly reduced losses from the Beverage segment.
The Board, however, felt prudent to make provisions for doubtful debts and diminution in value of certain of the Group’sloans/advances and investments in our overseas associated company, JW Carpenter Ltd (“JWC”). JWC is involved inspecialist retailing under the trade name of “Cargo HomeShop”. In recent years, JWC had acquired numerous leases andexpanded its outlets to 56 stores which entailed significant capital investment. During the year, a financial institution abruptlywithdrew JWC’s total banking facilities. Consequently, JWC was unable to meet its trade liabilities falling due. Sinceno agreement was reached among the existing shareholders on further capital injection and/or financial support, it wasdecided to put JWC in administration under Creditors Voluntary Arrangement (“CVA”) with a view to swiftly restructureits capital and operational cost to re-establish its financial viability. Under these circumstances, a provision for doubtfuldebts and diminution in value totalling RM129 million were made in this year’s accounts as exceptional items.
Owing to this exceptional loss, the Antah Group recorded a net loss attributable to shareholders of RM161.4 millionfor the financial year ended 30 June 2000 compared with a profit of RM33.9 million in the previous year.
The net loss attributable to shareholders was 52 sen per share. Net tangible assets consequently decreased by 27%to RM1.43 per share from RM1.96 per share in 1999.
DIVIDENDSThe Board has proposed a first and final dividend of 2 percent less tax of 28 percent for the year.
HIGHLIGHTSThe Group continued its efforts to rationalise its widely diversified business activities with a view to divest non-corebusinesses and to dispose off assets which do not generate fair returns. As a result, several units in theMedia/Communications segment were disposed during the year for total sales proceeds of RM1.87 million.
The Group also witnessed the entering of a JV agreement on 8 October 1999 with the John Master Industries groupfor the development of ”Puncak Utama” (formerly known as “Kajang Heights”), a mixed development residential/commercial project spread over a gross land area of 442 acres.
EVENTS SUBSEQUENT TO YEAR ENDOn 11 July 2000, the Company entered into a conditional sale and purchase agreement to dispose of its entire equityinterest in Convenience Shopping Sdn Bhd for a total cash consideration of RM80 million. In view of the attractiveprice offered, the Board feels it is timely to realise its investment. The proposed disposal is still pending completion.
On 31 July 2000, the Company has obtained the approval from the Securities Commission for the proposed privateplacement of up to 30,875,451 new ordinary shares of RM0.50 each in the company.
On 19 October 2000, the Group has entered into several agreements for the proposed disposal of certain shares andassets in the Fluid Engineering division for a total cash consideration of RM62.31 million. The proposed disposal ispending completion.
BOARD OF DIRECTORSOn behalf of the Board, I wish to record my appreciation to Y.A.M. Tunku Dara Tunku Tan Sri Naquiah, Y.A.M. TunkuNadzaruddin, Mr Lew Weng Ho, En Tamrin Munir and Mr Gopala Krishnan who had resigned from the Board. I alsowish to extend a warm welcome to Mr Harold Micheal Joseph, Mr Chong Lee Chang and Y. Bhg. Tan Sri Datuk WiraAbdul Rahman Arshad who joined the Board during the year.
OUTLOOKBarring unforeseen circumstances, the Group is expected to perform better in the coming financial year as the economy sustain its momentum of growth.
ACKNOWLEDGEMENTSI take this opportunity to thank all employees within the Group who have shown remarkable commitment and loyaltyand the indulgence of their family members without which their dedication would not be possible. My sincere appreciation to our vendors, business partners and last, but not least, our valued shareholders, for their continued support and trust in our Management.
Y.A.M. Tunku Naquiyuddin ibni Tuanku Ja’afarChairman31 October 2000
11
TINJAUAN OPERASI
MINUMAN
Permanis dan Antah Sandilands mengalami satu lagi tahun mencatatkan kerugiankerana kegawatan ekonomi telah menjejaskan industri minuman ringan berkarbonatyang susut hampir 25% berbanding pada tahun sebelumnya. Walau bagaimanapun,langkah-langkah penjimatan kos dan peningkatan produktiviti secara besar-besarantelah mengurangkan defisit tersebut. Pada tahun ini, bahagian tersebut menjalankanaktiviti R&D yang berkemungkinan mampu membantunya menguasai sebahagianbesar pasaran minuman Asia dan pasaran isotonik apabila minuman jenama “HOU”dan “EXCEL” dilancarkan pada tahun kewangan akan datang.
KEJURUTERAAN CECAIR
Di Malaysia, Eurapipe Industries mencapai keuntungan yang sederhana pada tahunini kerana permintaan kekal lemah berikutan kelewatan permulaan beberapa projekinfrastruktur utama. Di Indonesia, P.T. Kujang Eurapipe terus beroperasi di pasaranyang lembab dan tidak menentu dan mengalami kerugian akibat turun naik nilaiRupiah dan kenaikan harga bahan mentah.
Di Australia pula, Euratech Limited mampu mencatatkan keputusan yang memuaskanwalaupun menghadapi masalah kenaikan harga bahan mentah dan kelemahan nilaidolar Australia. Syarikat ini berjaya memperkenalkan beberapa produk baru termasuk sistem penyambung Rubber Ring Joint untuk paip lubangbesar berukuran sehingga 924 mm dan lekapan yang lebih berpelbagai.
Selepas penyusunan semula pada tahun lepas, Marplex, sebuah syarikat subsidiariEuratech kini memfokus aktivitinya kepada perdagangan dan mampu membentukpermuafakatan strategik dengan beberapa buah syarikat multinasional utama.
INFRASTRUKTUR
Kerja awal telah dijalankanke atas bahagian jalanpermulaan Kajang-Pajamdi Lebuhraya Kaseh dimana sebahagian besarkerja pengambilan tanahtelah diselesaikan. Jadualterperinci pembinaannyasedang diatur selarasdengan tempoh masa yangdiperuntukkan dan usahamendapatkan pembiayaan.
Kaseh Lebuhraya Sdn Bhd
12
PENJAGAAN KESIHATAN
Segmen penjagaan kesihatan yang menampilkan prestasi memuaskan mencatatkan pertambahan perolehan. Perniagaan di dalam segmen ini telah disusunsemula berikutan pemberhentian perkhidmatan ambulans di bawah Bumimedic SdnBhd pada bulan November 1999. Tindakan ini diambil berikutan penyusutan ketara permintaan untuk perkhidmatan ambulans dan keputusan yang diambil oleh kerajaanuntuk membatalkan projek penswastaan ambulans. Walau bagaimanapun, selepasakhir tahun, Kumpulan telah mengambilalih sebuah kilang farmaseutikal denganmatlamat untuk membangunkan produk farmaseutikal menggunakan jenama generiknya sendiri. Ia mempunyai prospek masa depan yang cerah berikutan pemulihan ekonomi dan peningkatan taraf penjagaan kesihatan di negara ini.
MEDIA/KOMUNIKASI
Asia Pacific Videolab (“APV”) kekal sebagai penyedia perkhidmatan selepas produksi yang terulung di Malaysia dengan memenuhi keperluan industri pengiklanandan penyiaran. Pertambahan bilangan pelanggan antarabangsa, terutamanya dariIndia, China, Jepun dan Timur Tengah membolehkan prestasi APV kembali pulih dengan pencapaian keuntungan bersih sebelum cukai. Selain berkembang kepasaran antarabangsa, APV juga akan mempertingkatkan penglibatannya dalambidang penyediaan kandungan untuk industri penyiaran dan perfileman.
Kami telah menjual dua buah syarikat subsidiari kami pada tahun ini, iaitu GreyAdvertising (M) Sdn Bhd (51%) dan Peter Beaumont Sdn Bhd (51%).
Antah Sri Radin Sdn Bhd
13
HARTANAH
Di samping projek yang sedang dijalankan di TamanTuanku Ja’afar, Negeri Sembilan, syarikat subsidiari kami,Naga Sakti Sdn Bhd telah melancarkan sebuah projekusahasama yang dikenali sebagai “Puncak Utama”berhampiran Kajang pada 1 Januari 2000. Kemudahanmendapatkan pembiayaan penyambung dan kadarfaedah yang rendah menyumbang secara positif kepadapermintaan unit perumahan secara umum. Hasilnya,jualan hartanah meningkat lebih sekali ganda, daripadaRM9 juta pada tahun sebelumnya kepada RM21 juta padatahun ini. Projek Fasa I “Puncak Utama” yang melibatkan286 unit rumah berangkai dua tingkat telah mendapatsambutan yang amat menggalakkan daripada para pembelidan kini hampir disiapkan sepenuhnya. LembagaPengarah yakin bahawa rancangan pembangunan masadepannya akan berjalan lancar dengan lebih pesat lagi.
KEDAI RUNCIT KHUSUS
Convenience Shopping mencatatkanpertambahan perolehan pada tahun ini hasil pertambahan 21 lagi kedai baru pada tahun kewangan ini. Sejajardengan keadaan ekonomi yang mantap,syarikat ini giat memperkembangkanrangkaian kedainya bagi mengekalkan penguasaan sebagai rangkaian kedaiserbaneka yang terbesar di Malaysia.
USAHASAMA UTAMA
Antah Melco menikmati peningkatan jualan yang terbit daripada jualan penyamanudara bilik yang mencatatkan pertumbuhan menyeluruh dalam bahagian ini. Petisejuk yang merupakan produk teras lain turut menunjukkan prestasi yangmemuaskan. Pengenalan model 2 pintu, MR 51, menyumbang kepada peningkatan bahagian pasaran dalam industri yang amat bersaingan ini.Penglibatannya ke dalam OEM VCD juga memberikan sumbangan positif kepadapeningkatan jualan yang dicapai.
Antah Sedgwick Insurance Brokers mencatatkan pertambahan keuntungan hasil peningkatan pendapatanpembrokeran di samping manfaat penjimatan kos yangdicapai pada tahun ini berikutan pengurangan tenagakerja selepas proses rasionalisasi.
Securicor juga mampu mencatatkan keputusan yangbertambah baik walaupun ia mencapai perolehan yangrendah berikutan penyusunan semula aktiviti terasnyabagi tujuan untuk memfokus kepada perniagaan yangbermargin tinggi.
Securicor (Malaysia) Sdn Bhd
Convenience Shopping Sdn Bhd
Staffield Country Resort Berhad
14
REVIEW OF OPERATIONS
BEVERAGE
Permanis and Antah Sandilands suffered another year of losses as the recession took its toll on the carbonated soft drink industry which declined by almost 25% from last year.However, major cost cutting measures and productivity improvements trimmed the deficits.During the year, this division carried out R & Dand are poised to capture a significant share of the Asian drink and isotonic market with its launch of “HOU” and “EXCEL” in the nextfinancial year.
FLUID ENGINEERING
In Malaysia, Eurapipe Industries achieved amodest profit during the year as demandremain weak due to delays in start-up of severalmajor infrastructure projects. In Indonesia, P.T.Kujang Eurapipe continues to operate in adepressed and uncertain market and sufferedlosses due to the volatility of the Rupiah andescalating raw material prices.
In Australia, Euratech Limited’s results weresatisfactory considering the increase in rawmaterial prices and the weakening of theAustralian dollar. The company successfullyintroduced a number of new products includingthe Rubber Ring Joint jointing system for largebore pipes measuring up to 924 mm and agreater variety of fittings.
Euratech’s subsidiary, Marplex, after its restructuring in the previous year, had now focussed on trading and was able to formstrategic alliances with major multi-nationalcompanies.
INFRASTRUCTURE
Preliminary work had begun on the initial Kajang-Pajam stretch of the Kaseh highway,the land acquisition for which had been largely completed. Detail construction schedule is being worked out in line with the timing and procurement of funding.
HEALTHCARE
The Healthcare segment performed satisfactorily with modest increase in turnover.The business of this segment was restructured with the discontinuation of the ambulatory service under Bumimedic Sdn Bhd in November 1999. This action wastaken in view of the very much reduced demand for ambulatory services and that theGovernment had shelved the ambulance privatisation project. However, the Grouphad, subsequent to the financial year end, acquired a pharmaceutical manufacturingfacility with the view to develop its own brand of generic pharmaceutical products.Future prospects are bright with economic recovery and rising standards of healthcare.
Permanis Sdn Bhd
Eurapipe Industries
MEDIA/COMMUNICATIONS
Asia Pacific Videolab (“APV”) remains Malaysia’s premier post-production facility servicing the needs of the advertising and broadcast industries. APV achieved a turnaround in net profit before tax due to increase in international clients, in particularfrom India, China, Japan and the Middle East. In addition to the expansion into overseas markets, APV will also be increasing its involvement in providing content forthe broadcast and film industry.
During the year, we disposed off two subsidiaries, Grey Advertising (M) Sdn Bhd(51%) and Peter Beaumont Sdn Bhd (51%).
PROPERTY
In addition to the on-going project in Taman Tuanku Ja’afar, Negeri Sembilan, our subsidiary, Naga Sakti Sdn Bhd had since 1 January 2000 embarked on the JVproject of “Puncak Utama” near Kajang. Ease of getting end-financing and low interest rates contributed positively to the demand of residential units in general. Asa result, property sales more than doubled to RM21 million from RM9 million in the previous year. Phase I of the “Puncak Utama” project which involved 286 units of dou-ble-storey link houses had received very encouraging support from end-purchasers and are now nearing physical completion. The Board is confident thatfuture development plans will progress with greater momentum.
SPECIALIST RETAIL
Convenience Shopping registered increase in turnover for the year, boosted by theaddition of 21 new stores during the financial year. With increasingly brighter economic outlook, the company is aggressively pursuing store growth to maintain itsdomination as the largest convenience chain store in Malaysia.
MAJOR JOINT VENTURES
For Antah Melco, the main contribution to salesincrease came from sales of room air-conditionerswhich encountered an overall growth in this division. Refrigerators which form the other coreproduct also fared well. The introduction of the 2-door model, MR 51, contributed to the increasein market share in the highly competitive industry.The venture into OEM VCD also contributed positively to sales increase.
Antah Sedgwick Insurance Brokers recordedincreased profits on the back on higher brokerageincome in addition to cost savings achieved during the year due mainly to lower headcount asa result of the rationalisation process taking placewithin the company.
Securicor was able to achieve better resultsinspite of lower turnover as its core activities was restructured to focus on businesses withhigher margins.
15
Antah Melco Sales & Services Sdn Bhd
DIRECTORS’ REPORT
The directors hereby submit their report together with the audited financial statements of the Group and of theCompany for the financial year ended 30 June 2000.
PRINCIPAL ACTIVITIES
The principal activities of the Company are that of investment holding and provision of management services. Theprincipal activities of the subsidiary companies are set out in Note 47 to the financial statements. There have been nosignificant changes in the nature of these activities during the financial year.
RESULTS
Group CompanyRM’000 RM’000
Loss after taxation (160,502) (23,331)
Minority interests ,(951) ,-
Loss attributable to the shareholders of the Company (161,453) (23,331)
Retained profits brought forward 129,734 156,394
(31,719) 133,063
Realisation of reserve upon disposal of a subsidiary company ,- ,448
(Loss)/Profits available for appropriation (31,719) 133,511
Dividend:-
Proposed first and final dividend of 2% less tax at 28% (2,223) (2,223)
(Accumulated losses)/Retained profits carried forward (33,942) 131,288
DIVIDENDS
Dividends paid, declared or proposed by the Company since the end of the previous financial year were as follows:-
RM’000(a) In respect of the financial year ended 30 June 1999:-
First and final tax exempt dividend of 3% as proposed in the previous financial year and dealt with in the previous directors’ report was paid on 28 February 2000 4,631
(b) In respect of the financial year ended 30 June 2000:-Proposed first and final dividend of 2% less tax at 28% 2,223
16
RESERVES AND PROVISIONS
There were no material transfers to or from reserves or provisions during the financial year other than those disclosedin the notes to the financial statements.
ISSUE OF SHARES AND DEBENTURES
There were no issue of new shares or debentures during the financial year.
SHARE OPTIONS
The Company’s Executive Share Option Scheme (“ESOS”) has expired on 13 June 2000.
DIRECTORS
The directors who have held office since the date of the last report are:-
Y.A.M. Tunku Naquiyuddin ibni Tuanku Ja’afar Y.A.M. Tunku Tan Sri Imran ibni Tuanku Ja’afarY. Bhg. Dato’ Mohd Shahar bin Abdul HamidGiam Ting HeeTony Tan Nyap KeongHarold Micheal Joseph (Appointed on 5.5.2000)Chong Lee Chang (Appointed on 16.6.2000)Y. Bhg. Tan Sri Datuk Wira Abdul Rahman Arshad (Appointed on 16.6.2000)Lew Weng Ho (Resigned on 31.12.1999)Y.A.M. Tunku Dara Tunku Tan Sri Naquiah bte. Tuanku Ja’afar (Resigned on 22.5.2000)Y.A.M. Tunku Nadzaruddin ibni Tuanku Ja’afar (Resigned on 22.5.2000)Mohamed Tamrin Munir (Resigned on 21.8.2000)M.R. Gopala Krishnan (Resigned on 31.10.2000)
In accordance with Article 104 of the Company’s Articles of Association, Messrs Harold Micheal Joseph, Chong LeeChang and Y. Bhg. Tan Sri Datuk Wira Abdul Rahman Arshad retire from the Board at the forthcoming Annual GeneralMeeting and, being eligible, offer themselves for re-election.
In accordance with Article 99 of the Company’s Articles of Association, Y. Bhg. Dato’ Mohd Shahar bin Abdul Hamidand Giam Ting Hee retire by rotation from the Board at the forthcoming Annual General Meeting and, being eligible,offer themselves for re-election.
17
DIRECTORS’ INTERESTS
The directors holding office at the end of the financial year and their beneficial interests in the ordinary shares, warrants and share options over ordinary shares pursuant to the ESOS of the Company and interests in its relatedcorporations during the financial year ended 30 June 2000 as recorded in the Register of Directors’ Shareholdingskept by the Company under Section 134 of the Companies Act, 1965 were as follows:-
Number of Ordinary Shares of RM0.50 eachBalance
as at1.7.1999/ Balance Date of as at
Shares in the Company Appointment Bought Sold 30.6.2000
Direct interest
Y.A.M. Tunku Naquiyuddin ibni Tuanku Ja’afar 1,374,000 - - 1,374,000*Y.A.M. Tunku Tan Sri Imran ibni Tuanku Ja’afar 1,302,000 - (452,000) ,850,000Mohamed Tamrin Munir ,150,000 - - ,150,000M.R. Gopala Krishnan ,272,800 - - ,272,800Chong Lee Chang ,010,000 - - ,010,000
Indirect interest
Y.A.M. Tunku Naquiyuddin ibni Tuanku Ja’afar 14,210,000 - - 14,210,000*Y.A.M. Tunku Tan Sri Imran ibni Tuanku Ja’afar 114,144,114 - - 114,144,114Giam Ting Hee ,402,200 - - ,402,200
Number of Warrants of RM0.50 eachBalance Balance
as at as atWarrants in the Company 1.7.1999 Bought Sold 30.6.2000
Direct interest
Y.A.M. Tunku Naquiyuddin ibni Tuanku Ja’afar ,335,000 - - ,335,000Y.A.M. Tunku Tan Sri Imran ibni Tuanku Ja’afar ,182,000 - (35,000) ,147,000M.R. Gopala Krishnan ,030,000 - - ,030,000
Indirect interest
Y.A.M. Tunku Naquiyuddin ibni Tuanku Ja’afar ,037,500 - - ,037,500Y.A.M. Tunku Tan Sri Imran ibni Tuanku Ja’afar ,610,500 - - ,610,500Giam Ting Hee ,146,000 - - ,146,000
Each warrant entitles the registered holder to subscribe for one ordinary share in the Company at an exercise price ofRM2.20 at any time before 30 August 2002. The exercise price may be adjusted in accordance with the provisions asstipulated in the Deed Poll.
Number of Share Options under ESOSBalance Balance
as at as atShare options over the shares 1.7.1999 Granted Expired 30.6.2000
of the Company
Y.A.M. Tunku Tan Sri Imran ibni Tuanku Ja’afar ,350,000 - (350,000) -Mohamed Tamrin Munir ,350,000 - (350,000) -M.R. Gopala Krishnan ,350,000 - (350,000) -Giam Ting Hee ,350,000 - (350,000) -
* By virtue of his interest of the shares in the Company, Y.A.M. Tunku Tan Sri Imran ibni Tuanku Ja’afar is also deemedto have interest in the shares in all the subsidiary companies to the extent of the Company’s interest.
18
None of the other directors in office at the end of the financial year held any interest in shares in the Company and itsrelated corporations.
DIRECTORS’ BENEFITS
Since the end of the previous financial year, none of the directors have received or become entitled to receive any ben-efit (other than those benefits included in the aggregate amount of remunerations and benefit-in-kind received or dueand receivable by the directors, as disclosed in Note 34 to the financial statements) by reason of a contract made bythe Company or a related corporation with the director or with a firm of which the director is a member, or with a com-pany in which he has a substantial financial interest.
There were no arrangements during and at the end of the financial year, to which the Company is a party, which had the object of enabling directors of the Company to acquire benefits by means of the acquisition of shares in ordebentures of the Company or any other body corporate.
OTHER STATUTORY INFORMATION REGARDING THE GROUP AND THE COMPANY:-
(I) AS AT THE END OF THE FINANCIAL YEAR
(a) Before the income statements and balance sheets of the Group and of the Company were made out, thedirectors took reasonable steps:-
(i) to ascertain that proper action had been taken in relation to the writing off of bad debts and the makingof provision for doubtful debts and have satisfied themselves that all known bad debts had been writtenoff and that adequate provision had been made for doubtful debts; and
(ii) to ensure that any current assets which were unlikely to realise their book values in the ordinary courseof business had been written down to their estimated realisable values.
(b) In the opinion of the directors, the results of the operations of the Group and of the Company during the financial year have not been substantially affected by any item, transaction or event of a material and unusual nature other than the significant transactions and events as disclosed in Notes 33 and 43 to the financial statements.
(II) FROM THE END OF THE FINANCIAL YEAR TO THE DATE OF THIS REPORT
(c) The directors are not aware of any circumstances:-
(i) which would render the amount written off for bad debts or the amount of the provision for doubtful debtsin the financial statements of the Group and of the Company inadequate to any material extent; or
(ii) which would render the values attributed to current assets in the financial statements of the Group andof the Company misleading; or
(iii) which have arisen which would render adherence to the existing method of valuation of assets or liabilities of the Group and of the Company misleading or inappropriate.
(d) In the opinion of the directors:-
(i) there has not arisen any item, transaction or event of a material and unusual nature likely to affect substantially the results of the operations of the Group and of the Company for the financial year inwhich this report is made other than the subsequent events as disclosed in Note 44 to the financialstatements; and
(ii) no contingent or other liability has become enforceable, or is likely to become enforceable within theperiod of twelve months after the end of the financial year which will or may affect the ability of the Groupor of the Company to meet its obligations as and when they fall due.
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(III) AS AT THE DATE OF THIS REPORT
(e) There are no charges on the assets of the Group and of the Company which have arisen since the end ofthe financial year to secure the liabilities of any other person.
(f) There are no contingent liabilities of the Group and of the Company which have arisen since the end of thefinancial year.
(g) The directors are not aware of any circumstances not otherwise dealt with in the report or financial statements which would render any amount stated in the financial statements of the Group and of theCompany misleading.
SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR
During the financial year, the following significant events occurred:-
(a) On 29 August 1999, the Company obtained a term loan facility of RM140 million from Standard CharteredBank Malaysia Berhad (“SCB”) to redeem the RM140 million nominal amount of 3.5% Redeemable BankGuaranteed Bonds 1994/1999 which matured on 29 August 1999. This term loan facility was secured by aStandby Letter of Credit from The Development Bank of Singapore Limited, Labuan Branch (“DBS Labuan”).The facility granted by DBS Labuan to the Company was secured by inter-alia, a pledge of quoted sharesof an associated company, and a second charge over a property of the Company;
(b) On 8 October 1999, Naga Sakti Sdn Bhd (“Naga”), a wholly owned subsidiary company, entered into a joint venture agreement with certain subsidiary companies of John Master Industries Berhad (“JMI”) for the development of a mixed-development township to be known as “Puncak Utama” (formerly known as “KajangHeights”) with a total land area of approximately 442.42 acres whereby Naga shall assume the role of developer for Puncak Utama. Any profit derived from Puncak Utama shall be distributed in the ratio of 70%to JMI and 30% to Naga until such time as JMI shall have received the full entitlement of RM150 million.In the event the profit from the development of Puncak Utama, upon its completion, is in excess of RM450million, JMI shall in such event be entitled to a further share of the said profit and shall receive and be paidin full any amount in excess of the said RM450 million, subject to a maximum of RM30 million. Naga shallbe solely responsible to meet and defray all costs attributable to Puncak Utama, save for such costs andexpenses stipulated in the agreement;
(c) On 8 October 1999, the Company acquired 5,390,000 ordinary shares of RM1.00 each, representing 49%of the issued and paid-up share capital of Antah Sri Radin Sdn Bhd (“ASR”), for a total cash considerationof RM3,087,000. As a result, ASR became a wholly owned subsidiary of the Company;
(d) On 28 October 1999, the Company disposed of its entire equity interest in Grey Advertising (M) Sdn Bhd(“Grey”) comprising 51,000 ordinary shares of RM1.00 each, representing 51% of the issued and paid-upshare capital of Grey, for a total cash consideration of RM700,000;
(e) On 1 November 1999, the Company disposed of its entire equity interest in Burgmann (Malaysia) Sdn Bhd(“Burgmann”) comprising 2,417,624 ordinary shares of RM1.00 each, representing 40% of the issued and paid-up share capital of Burgmann, for a total cash consideration of RM3,456,723; and
(f) On 28 December 1999, the Group, via its wholly owned subsidiary company, Antah Holdings Services SdnBhd, disposed of its entire equity interest in Peter Beaumont Sdn Bhd (“Peter”) comprising 67,575 ordinaryshares of RM1.00 each, representing 51% of the issued and paid-up share capital of Peter, for a total cashconsideration of RM1,173,000.
20
EVENTS SUBSEQUENT TO BALANCE SHEET DATE
(a) On 11 July 2000, the Company entered into a conditional sale and purchase agreement to dispose of its entireequity interest in Convenience Shopping Sdn Bhd (“CSSB”) comprising 5,000,000 ordinary shares of RM1.00each for a total cash consideration of RM80,000,000. The proposed disposal is pending completion;
(b) On 31 July 2000, the Company has obtained the approval from the relevant authorities for the proposed privateplacement of up to 30,875,451 new ordinary shares of RM0.50 each in the Company, representing 10% of thecurrent issued and paid-up share capital of the Company; and
(c) On 19 October 2000, the Group has entered into several agreements for the proposed disposal of certain sharesand assets in the Fluid Engineering division for a total cash consideration of RM62.31 million. The proposed disposal is pending completion.
AUDITORS
The auditors, Messrs BDO Binder, have expressed their willingness to continue in office.
Signed on behalf of the Board in accordance with a resolution of the directors.
Y.A.M. Tunku Naquiyuddin ibni Tuanku Ja’afar
Y. Bhg. Dato’ Mohd Shahar bin Abdul Hamid
Kuala Lumpur31 October 2000
21
BALANCE SHEETSAS AT 30 JUNE 2000
Group Company2000 1999 2000 1999
NOTE RM’000 RM’000 RM’000 RM’000
ASSETS EMPLOYED
FIXED ASSETS 4 304,846 309,906 55,834 53,418
SUBSIDIARY COMPANIES 5 ,- ,- 353,041 350,005
ASSOCIATED COMPANIES 6 291,988 384,339 257,075 287,570
INVESTMENTS 7 19,641 9,481 9,666 2,280
GOODWILL ON CONSOLIDATION 8 35,800 33,757 ,- ,-
HIGHWAY DEVELOPMENT EXPENDITURE 9 163,694 30,520 ,- ,-
DEVELOPMENT PROPERTIES 10 6,000 ,- ,- ,-
CURRENT ASSETS
Stocks 11 197,449 98,269 ,- ,-
Jointly controlled operation 12 7,184 ,- ,- ,-
Development properties 10 35,519 34,911 ,- ,-
Trade debtors 13 126,309 142,078 ,- ,-
Other debtors, deposits and prepayments 14 105,471 153,794 35,501 35,820
Amounts due from subsidiary companies 15 ,- ,- 235,555 201,662
Amounts due from associated companies 16 1,555 64,498 1,517 1,268
Short term investments 17 ,144 2,418 ,- ,-
Short term deposits 18 21,208 45,265 2,931 12,920
Cash and bank balances 19 15,780 24,244 ,111 ,110
510,619 565,477 275,615 251,780
CURRENT LIABILITIES
Trade creditors 117,498 104,172 ,- ,-
Bills payable - unsecured 38,414 42,460 ,- ,-
Amounts due to customers for contract works 20 13,803 15,516 ,- ,-
Other creditors and accrued liabilities 85,907 90,003 14,647 5,536
Amounts due to subsidiary companies 15 ,- ,- 77,649 45,379
Amount due to an associated company 16 ,613 ,647 ,613 ,647
Bank borrowings 21 292,965 234,567 84,891 78,417
Taxation 3,730 3,194 ,- ,-
Proposed dividends 2,223 4,631 2,223 4,631
555,153 495,190 180,023 134,610
NET CURRENT (LIABILITIES)/ASSETS (44,534) 70,287 95,592 117,170
DEFERRED EXPENDITURE 22 5,417 4,968 ,- ,-
782,852 843,258 771,208 810,443
The attached notes form an integral part of the financial statements.
22
BALANCE SHEETSAS AT 30 JUNE 2000 (cont’d)
Group Company2000 1999 2000 1999
NOTE RM’000 RM’000 RM’000 RM’000
FINANCED BY
SHARE CAPITAL 23 154,377 154,377 154,377 154,377
RESERVES 24 327,032 491,016 465,150 498,064
SHAREHOLDERS’ FUNDS 481,409 645,393 619,527 652,441
REDEEMABLE BANK GUARANTEED BONDS 25 ,- 140,000 ,- 140,000
MINORITY INTERESTS 7,939 11,835 ,- ,-
DEFERRED AND LONG TERM LIABILITIES
Amount due to Government 26 121,757 ,- ,- ,-
Term loans 27 160,219 37,509 150,912 17,967
Retirement benefits 28 4,278 4,638 ,- ,-
Deferred taxation 29 ,382 ,123 ,- ,-
Hire-purchase and lease creditors 30 6,868 3,760 ,769 ,035
293,504 46,030 151,681 18,002
782,852 843,258 771,208 810,443
The attached notes form an integral part of the financial statements.
23
INCOME STATEMENTSFOR THE FINANCIAL YEAR ENDED 30 JUNE 2000
Group Company2000 1999 2000 1999
NOTE RM’000 RM’000 RM’000 RM’000
REVENUE 31 676,135 931,285 16,931 10,759
COST OF SALES 32 (454,696) (670,939) ,- ,-
GROSS PROFIT 221,439 260,346 16,931 10,759
OTHER OPERATING INCOME 5,829 3,987 4,481 4,896
MARKETING AND DISTRIBUTION COSTS (88,191) (88,636) ,- ,-
ADMINISTRATIVE EXPENSES (108,606) (170,380) (20,793) (21,688)
OTHER OPERATING EXPENSES (16,422) (17,131) ,- ,-
PROFIT/(LOSS) FROM OPERATIONS 14,049 (11,814) ,619 (6,033)
FINANCE COST (34,045) (46,629) (19,872) (19,236)
LOSS BEFORE TAXATIONAND EXCEPTIONAL ITEMS (19,996) (58,443) (19,253) (25,269)
EXCEPTIONAL ITEMS 33 (144,544) 100,447 (4,078) 84,623
(LOSS)/PROFIT AFTER EXCEPTIONAL ITEMS BEFORE TAXATION (164,540) 42,004 (23,331) 59,354
SHARE OF RESULTS OF ASSOCIATED COMPANIES 12,994 ,(778) ,- ,-
(LOSS)/PROFIT BEFORE TAXATION 34 (151,546) 41,226 (23,331) 59,354
TAXATION 35 (8,304) (2,655) ,- ,-
(LOSS)/PROFIT AFTER TAXATION (159,850) 38,571 (23,331) 59,354
SHARE OF RESULTS TO JOINT VENTURE PARTNERS ,(652) ,- ,- ,-
MINORITY INTERESTS ,(951) (4,715) ,- ,-
NET (LOSS)/PROFIT FOR THE FINANCIAL YEAR (161,453) 33,856 (23,331) 59,354
(LOSS)/EARNINGS PER SHARE (SEN) 36 (52.29) 10.97 ,- ,-
DIVIDEND PER SHARE (SEN) 37 0.72 1.50 0.72 1.50
The attached notes form an integral part of the financial statements.
24
STATEMENT OF CHANGES IN EQUITYFOR THE FINANCIAL YEAR ENDED 30 JUNE 2000
ExchangeShare Share Capital Fluctuation Other Retained
Group Capital Premium Reserve Reserve Reserve Profits TotalRM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
Balance as at 30 June 1998 154,377 328,601 17,332 31,431 2,242 96,447 630,430
Currency translationdifferences ,- ,- ,- 4,986 ,- ,- 4,986
Disposal of subsidiarycompanies ,- ,- ,- (19,248) ,- ,- (19,248)
Realisation upon partialdisposal of anassociated company ,- ,- (4,062) ,- ,- 4,062 ,-
Net gains and lossesnot recognised in theincome statements ,- ,- (4,062) (14,262) ,- 4,062 (14,262)
Net profit for thefinancial year ,- ,- ,- ,- ,- 33,856 33,856
Dividends ,- ,- ,- ,- ,- (4,631) (4,631)
Balance as at30 June 1999 154,377 328,601 13,270 17,169 2,242 129,734 645,393
Currency translationdifferences ,- ,- ,- ,(197) ,- ,- ,(197)
Acquisition of certainshares in a subsidiarycompany ,- ,- ,- ,- ,(111) ,- ,(111)
Net losses not recognisedin the income statements ,- ,- ,- ,(197) ,(111) ,- ,(308)
Net loss for thefinancial year ,- ,- ,- ,- ,- (161,453) (161,453)
Dividends ,- ,- ,- ,- ,- (2,223) (2,223)
Balance as at30 June 2000 154,377 328,601 13,270 16,972 2,131 (33,942) 481,409
The attached notes form an integral part of the financial statements.
25
26
STATEMENT OF CHANGES IN EQUITYFOR THE FINANCIAL YEAR ENDED 30 JUNE 2000 (cont’d)
Share Share Revaluation Other RetainedCompany Capital Premium Reserve Reserve Profits Total
RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
Balance as at 30 June 1998 154,377 328,601 49,309 5,709 80,049 618,045
Realisation upon disposal of anassociated company ,- ,- (21,622) ,- 21,622 ,-
Net deficit on revaluation of investment in associated companies ,- ,- (20,327) ,- ,- (20,327)
Net gain and losses not recognised in the income statements ,- ,- (41,949) ,- 21,622 (20,327)
Net profit for the financial year ,- ,- ,- ,- 59,354 59,354
Dividends ,- ,- ,- ,- (4,631) (4,631)
Balance as at 30 June 1999 154,377 328,601 7,360 5,709 156,394 652,441
Net deficit on revaluation of investment in associated companies ,- ,- (7,360) ,- ,- (7,360)
Realisation upon disposal of a subsidiary company ,- ,- ,- ,(448) ,448 ,-
Net losses not recognised in the income statements ,- ,- (7,360) ,(448) ,448 (7,360)
Net loss for the financial year ,- ,- ,- ,- (23,331) (23,331)
Dividends ,- ,- ,- ,- (2,223) (2,223)
Balance as at 30 June 2000 154,377 328,601 ,- 5,261 131,288 619,527
The attached notes form an integral part of the financial statements.
CONSOLIDATED CASH FLOW STATEMENTFOR THE FINANCIAL YEAR ENDED 30 JUNE 2000
2000 1999NOTE RM’000 RM’000
CASH FLOWS FROM OPERATING ACTIVITIES
(Loss)/profit before taxation and minority interests (151,546) 41,226
Adjustments for:-
Bad debts written off 2,393 ,-
Depreciation of fixed assets 28,653 29,225
Gain on dilution of interest in a subsidiary company ,- (1,567)
(Gain)/Loss on disposal of investments (3,601) 1,936
Deferred expenditure written off ,609 17,602
Dividend income (5,562) ,(126)
Fixed assets written off ,251 11,703
Gain on disposal of associated companies ,(738) (5,041)
Gain on disposal of subsidiary companies (2,275) (88,324)
Gain on disposal of certain shares in a subsidiary company ,- (3,409)
Interest expense 34,045 46,629
Interest income (2,112) (3,406)
Investments written off ,- 6,866
Loss/(Gain) on disposal of fixed assets 8,850 (3,311)
Net goodwill written off ,130 2,361
Provision for diminution in value of investment 63,175 ,-
Provision for doubtful debts 84,382 7,347
Provision for retirement benefits ,590 1,285
Share of results of associated companies (12,994) ,778
Unrealised foreign exchange loss/(gain) 5,685 (10,080)
Write back of post acquisition losses in an associated company ,- (9,453)
Operating profit before changes in working capital 49,935 42,241
(Increase)/Decrease in stocks (63,378) 18,481
Increase in jointly controlled operation (7,184) ,-
(Increase)/Decrease in development properties ,(608) 2,759
Increase in debtors (14,336) (51,249)
Increase in creditors 27,661 7,759
(Decrease)/Increase in amounts due to customersfor contract works ,(348) 17,514
Cash (used in)/generated from operations (8,258) 37,505
Interest paid (36,670) (49,921)
Tax paid (1,916) (3,155)
Retirement benefits paid ,(870) (1,100)
Net cash used in operating activities (47,714) (16,671)
The attached notes form an integral part of the financial statements.
27
CONSOLIDATED CASH FLOW STATEMENTFOR THE FINANCIAL YEAR ENDED 30 JUNE 2000 (cont’d)
2000 1999NOTE RM’000 RM’000
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of additional shares in existing associated companies ,- (3,408)
Acquisition of additional shares in existing subsidiary companies (3,087) ,-
Acquisition of fixed assets 38(A) (43,260) (63,344)
Acquisition of investments (3,428) ,(101)
Acquisition of development properties (6,000) ,-
Deferred expenditures paid ,(939) (4,933)
Dividends received 10,920 3,798
Highway development costs paid ,(171) ,0(70)
Interest received 2,112 3,406
Proceeds from disposal of an associated company 3,457 ,-
Proceeds from disposal of fixed assets 10,496 16,857
Proceeds from disposal of investments 12,366 ,207
Proceeds from disposal of certain shares in an existingassociated company 13,880 25,025
Proceeds from disposal of certain shares in asubsidiary company ,- 4,603
Net cash inflow from disposal of subsidiary companies 38(B) (4,493) 125,727
Net cash (used in)/from investing activities (8,147) 107,767
CASH FLOWS FROM FINANCING ACTIVITIES
Advances to associated companies (2,273) (1,375)
Dividends paid (4,631) (4,631)
Dividends paid to minority shareholders (3,970) (2,497)
Drawdown of term loans 171,286 9,282
Repayment of bank borrowings (158,685) (42,199)
Repayment of hire-purchase and lease creditors (9,667) (10,289)
Withdrawal/(Placement) of short term deposits pledged as securities 8,322 (13,913)
Net cash from/(used in) financing activities ,382 (65,622)
Exchange differences ,874 1,424
NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS (54,605) 26,898
CASH AND CASH EQUIVALENTS AT BEGINNING OF THE FINANCIAL YEAR
As previously reported (39,856) (66,228)
Effect of change in exchange rates 1,265 ,(526)
As restated (38,591) (66,754)
CASH AND CASH EQUIVALENTS AT END OF THE FINANCIAL YEAR 38(C) (93,196) (39,856)
The attached notes form an integral part of the financial statements.
28
NOTES TO THE FINANCIAL STATEMENTS30 JUNE 2000
1. PRINCIPAL ACTIVITIES
The principal activities of the Company are that of investment holding and provision of management services. Theprincipal activities of the subsidiary companies are set out in Note 47 to the financial statements. There have beenno significant changes in the nature of these activities during the financial year.
2. BASIS OF PREPARATION OF THE FINANCIAL STATEMENTS
The financial statements of the Group and of the Company have been prepared in accordance with the provisionsof the Companies Act, 1965 and applicable accounting standards issued or approved by the MalaysianAccounting Standards Board.
3. SIGNIFICANT ACCOUNTING POLICIES
3.1 Basis of Accounting
The financial statements of the Group and of the Company have been prepared under the historical costconvention.
3.2 Basis of Consolidation
The consolidated financial statements incorporated the financial statements of the Company and its subsidiary companies made up to the end of the financial year. The results of subsidiary companiesacquired or disposed of during the financial year are included in the consolidated financial statements fromthe date of acquisition or up to the date of disposal. Inter-company transactions and balances are eliminated on consolidation and the consolidated financial statements reflect external transactions only.
The difference between the purchase price and the fair value of the net assets of the subsidiary companiesat the date of acquisition is treated as goodwill or reserve on consolidation.
Goodwill on consolidation is written off only when there is a permanent diminution in value of the investment.
3.3 Associated Companies
An associated company is a company in which the Group has a long term investment where the Group hasrepresentation on the board and is in a position to exercise significant influence over the financial and operating policies of the investee company.
The Group’s share of results and reserves of the associated companies acquired or disposed of are included in the consolidated financial statements from the effective date of acquisition or up to the effectivedate of disposal. The Group’s interest in associated companies are stated at cost plus adjustments to reflectchanges in the Group’s share of the net assets of the associated companies. These amounts are taken fromthe audited financial statements made up to a date not more than 6 months before the date of theCompany’s financial statements or management financial statements made up to the date of the Company’sfinancial statements if audited financial statements are not available for each of the companies concerned.
Premium or reserve arising on acquisition represents the difference between the cost of investment and theGroup’s share of the fair value of net assets of the associated companies at the date of acquisition.
Premium on acquisition is only written off when there is a permanent diminution in value of the investment.
29
3.4 Investments
In the Company’s financial statements, investments in subsidiary and associated companies are stated at cost less amounts provided for any permanent diminution in value or at directors’ valuation which recognises the values of the underlying net tangible assets of the subsidiary or associated companies.
Other long term investments are stated at cost less provision for permanent diminution in value, if any.
Investments held for trading are stated at the lower of cost and market value.
Dividend income arising from investments in subsidiary and associated companies is accounted for in theCompany’s income statement as and when proposed.
Income arising from other investments is taken into the income statements as and when received.
3.5 Stocks
Stocks are stated at the lower of cost and net realisable value, after adequate provision has been made forall deteriorated, damaged, obsolete, or slow moving stocks. Cost comprises direct materials, direct labour,a proportion of factory overheads and other costs incurred in bringing the stocks to their present locationand condition. Cost is determined on a weighted average basis except for companies dealing in medical,pharmaceutical products and beverage, where specific identification and first-in, first-out basis are used.
Stocks of completed houses are stated at cost less provision for diminution in value, if any. Cost includesland cost, construction costs, interest expense and professional fees relating to development.
3.6 Development Properties
The cost of land held for development and the related development expenditure is carried forward at costplus attributable profits accrued to the properties sold at their relevant state of completion less progressbillings and foreseeable losses, if any.
Income from property development are recognised in accordance with the percentage of completion methodunless the outcome of the property development cannot be reliably estimated. Where it is probable that a foreseeable loss will arise from a property development, the excess of total costs over revenue is recognised as an expense immediately. Where the outcome of a property development cannot be reliablyestimated, development costs are recognised as an expense as incurred, and where it is probable that thecosts will be recovered, revenue is recognised to the extent of costs incurred.
The stage of completion is determined based on the proportion that development costs incurred for workperformed to date bear to the estimated total development costs.
The portion of property development projects in which sales have been launched and/or the project areexpected to be completed within the normal operating cycle of two to three years are considered as currentasset.
3.7 Fixed Assets And Depreciation
Fixed assets are stated at cost less accumulated depreciation.
Freehold land and capital work-in-progress are not depreciated. Long term leasehold land is amortised overthe period of the lease.
Depreciation of other fixed assets is calculated to write off the cost of fixed assets on a straight line basisover the expected useful lives of the assets concerned. The principal annual rates used are:-
Freehold buildings 2% - 20%Leasehold land and buildings 1% - 5%Plant and machinery 10% - 25%Furniture and fittings 10% - 33%Office equipment 10% - 331/3%Shipping vessel 10%Motor vehicles 20% - 25%
30
3.8 Borrowing Costs
Borrowing costs incurred to finance expenditure on assets that require a substantial period of time to beready for their intended use are capitalised. Capitalisation of borrowing costs will cease when the assetsare ready for their intended use.
3.9 Hire-Purchase And Lease Arrangements
Assets financed by hire-purchase or lease arrangements which transfer substantially all the risks andrewards of ownership to the Group are capitalised as fixed assets. The assets and the corresponding obligations are treated as liabilities. The fixed assets capitalised are depreciated on the same basis asowned assets.
Finance charges are allocated to the income statements over the period of the agreements to give a constant periodic rate of charge on the remaining hire-purchase and lease liabilities.
Rental under operating leases are charged to the income statements on a straight line basis over the leaseterm.
3.10 Debtors
Known bad debts are written off and specific provision is made for any debt which is considered to be doubtful of collection.
3.11 Deferred Taxation
Deferred taxation is provided under the liability method at the current tax rate in respect of all material timing differences except where it is reasonably probable that such timing differences will not crystallise inthe foreseeable future.
Deferred tax benefits are recognised in the financial statements only when there is a reasonable assuranceof their realisation.
3.12 Construction Contracts
Construction work-in-progress is stated at the aggregate of contract costs incurred to date plus recognisedprofits less recognised losses and progress billings. Where progress billings exceed the aggregate costsincurred plus attributable profits less foreseeable losses, the net amounts are treated as amounts due tocustomers for contract works under current liabilities.
Income from construction contracts are recognised in accordance with the percentage of completion methodunless the outcome of the contract cannot be reliably estimated. Where it is probable that a loss will arise from a construction contract, the excess of total costs over revenue is recognised as an expense imme-diately. Where the outcome of a contract cannot be reliably estimated, contract costs are recognised as anexpense as incurred, and where it is probable that the costs will be recovered, revenue is recognised to theextent of costs incurred.
The stage of completion of a construction contract is determined based on the proportion that contract costsincurred for work performed to date bear to the estimated total contract costs.
3.13 Foreign Currency Transactions and Translations
Monetary assets and liabilities denominated in foreign currencies are translated into Ringgit Malaysia atrates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated at ratesruling on transaction dates. All exchange differences arising are dealt with through the income statements.
Income and expense items of foreign subsidiaries and associated companies are translated into RinggitMalaysia at average rates of exchange for the financial year and assets and liabilities, both monetary andnon-monetary, at the rates of exchange ruling at the financial year end. All exchange differences are takento exchange fluctuation reserve account.
31
The exchange rates used for each unit of the main foreign currencies in the Group are:-
Year End Rates2000 1999RM RM
Australia (A$) 2.28 2.50United Kingdom (£) 5.77 6.00United States (US$) 3.80 3.80Indonesia (Rupiah) 0.00044 0.00060Singapore (S$) 2.19 2.23Hong Kong (HK$) 0.4875 0.4898
3.14 Retirement Benefits
The Group makes contributions to approved provident funds and certain subsidiary companies contribute to various retirement plans. The retirement plans, which are mainly defined contribution plans, are generally funded by payments to trusts whose assets are separately administered from those of the Group.Where plans are not externally funded, appropriate provisions are made in the financial statements. Thecontributions and provisions are charged to the income statements in the year in which they are incurred.
3.15 Deferred Expenditure
Preliminary and pre-operating expenses are stated at cost less amounts written off over five years from thedate of commencement of operations.
Other deferred expenditure comprises project tendering expenses, marketing, campaign and advertisingcosts incurred in promoting products and is written off over the period of the respective campaigns or advertising contracts.
3.16 Highway Development Expenditure
Highway development expenditure, stated at cost, comprises construction and development expenditure(including interest charges relating to the financing of the construction and development of the highway)incurred in connection with the Concession Agreement awarded to a subsidiary company by theGovernment of Malaysia. Upon completion of the construction and commencement of the toll collection, thecumulative actual expenditure incurred will be amortised to each balance sheet date over the concessionperiod based on the cumulative toll revenue over the projected total toll revenue of the concession.
The projected toll revenue of the Concession is based on the “base case” traffic volumes projected by anindependent professional firm of traffic consultants in a projection study commissioned by the Group, takingaccount of the toll rates as provided in the Concession Agreement.
In the application of this accounting policy, the effects of any change in the estimates in a financial year willbe included in the amortisation for that year.
3.17 Jointly Controlled Operation
Interest in jointly controlled operation comprises the related development expenditure which is carried forward at cost plus the Group’s share of attributable profit or loss accrued to the properties sold at their relevant stage of completion less progress billings and foreseeable losses, if any.
Income from jointly controlled operation are recognised in accordance with the percentage of completionmethod unless the outcome of the jointly controlled operation cannot be reliably estimated. Where it is probable that a loss will arise, the excess of total costs over revenue is recognised as an expenseimmediately. Where the outcome of the jointly controlled operation cannot be reliably estimated, development costs are recognised as an expense as incurred, and where it is probable that the costs willbe recovered, revenue is recognised to the extent of costs incurred.
The stage of completion is determined based on the proportion that development costs incurred for workperformed to date bear to the estimated total development costs.
32
3.18 Cash and Cash Equivalents
Cash and cash equivalents include cash and bank balances, bank overdrafts, deposits and other short term,highly liquid investments that are readily convertible to cash with insignificant risk of changes in value.
4. FIXED ASSETS
Balance Balanceas at Reclassi- Disposal of Written Exchange as at
2000 1.7.1999 Additions Disposals fication Subsidiaries Off Differences 30.6.2000Group RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
Cost
Freehold land 38,352 ,- (3,217) ,- ,- ,- ,- 35,135Freehold buildings 46,885 ,080 ,- ,- ,- ,- ,- 46,965Freehold land and
buildings 25,636 ,278 ,- 6,377 ,- ,- (2,153) 30,138Leasehold buildings ,- ,375 ,- ,- ,- ,- ,- ,375Leasehold land and
buildings 47,857 ,207 ,- ,- ,- ,- ,(227) 47,837Plant and machinery 176,991 31,578 (1,114) ,00(3) (2,599) ,(342) (8,806) 195,705Furniture and fittings 46,629 14,047 ,0(21) ,(558) (1,726) ,(504) ,0(90) 57,777Office equipment 20,530 1,420 ,(598) ,558 (3,272) ,(251) ,(240) 18,147Shipping vessel 18,382 ,- (18,382) ,- ,- ,- ,- ,-Motor vehicles 35,421 6,248 (6,206) ,- (1,860) ,- ,(182) 33,421Capital work-in-
progress 10,665 1,324 ,- (6,374) ,- ,- ,- 5,615
467,348 55,557 (29,538) ,- (9,457) (1,097) (11,698) 471,115
ChargeBalance for the Balance
as at Financial Reclassi- Disposal of Written Exchange as at1.7.1999 Year Disposals fication Subsidiaries Off Differences 30.6.2000RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
Accumulateddepreciation
Freehold buildings 3,502 ,925 ,- ,025 ,- ,- ,- 4,452Freehold land and
buildings 4,371 ,404 ,- ,- ,- ,- ,(224) 4,551Leasehold buildings ,- ,004 ,- ,- ,- ,- ,- ,004Leasehold land and
buildings 7,369 1,074 ,- ,0(25) ,- ,- ,00(9) 8,409Plant and machinery 68,314 13,637 ,(605) ,- (1,896) ,(317) (1,165) 77,968Furniture and fittings 31,803 4,885 ,0(60) ,(278) (1,529) ,(291) ,0(48) 34,482Office equipment 14,003 2,262 ,(399) ,278 (2,844) ,(238) ,(107) 12,955Shipping vessel 1,835 1,838 (3,673) ,- ,- ,- ,- ,-Motor vehicles 26,245 3,726 (5,322) ,- (1,038) ,- ,(163) 23,448
157,442 28,755 (10,059) ,- (7,307) ,(846) (1,716) 166,269
33
34
4. FIXED ASSETS (cont’d)
Balance Balanceas at Reclassi- Disposal of Written Exchange as at
1999 1.7.1998 Additions Disposals fication Subsidiaries Off Differences 30.6.1999Group RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
Cost
Freehold land 38,938 4,582 (5,168) ,- ,- ,- ,- 38,352Freehold buildings 32,991 ,030 (2,484) 17,626 ,- (1,138) ,(140) 46,885Freehold land and
buildings 25,547 ,- ,- ,(867) (1,693) ,- 2,649 25,636Leasehold land and
buildings 59,604 ,733 ,(148) ,(138) (11,348) ,- ,(846) 47,857Plant and machinery 381,776 39,261 (6,939) 13,295 (242,223) (9,319) 1,140 176,991Furniture and fittings 51,064 3,100 ,(330) (1,373) (2,412) (3,543) ,123 46,629Office equipment 27,153 2,552 (1,991) 1,950 (9,110) ,(130) ,106 20,530Shipping vessel 13,095 5,287 ,- ,- ,- ,- ,- 18,382Motor vehicles 45,171 2,664 (6,307) ,- (6,242) ,- ,135 35,421Capital work-in-
progress 31,441 9,717 ,- (30,493) ,- ,- ,- 10,665
706,780 67,926 (23,367) ,- (273,028) (14,130) 3,167 467,348
ChargeBalance for the Balance
as at Financial Reclassi- Disposal of Written Exchange as at1.7.1998 Year Disposals fication Subsidiaries Off Differences 30.6.1999RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
Accumulateddepreciation
Freehold buildings 2,918 ,681 ,0(89) ,00(5) ,- ,- ,00(2) 3,503Freehold land and
buildings 4,413 ,479 ,- ,- ,(761) ,- ,239 4,370Leasehold land and
buildings 10,611 1,210 ,(106) ,0(68) (4,272) ,- ,00(6) 7,369Plant and machinery 178,710 13,546 (2,494) ,- (120,949) ,(485) ,0(14) 68,314Furniture and fittings 32,611 3,953 ,(172) (1,108) (1,684) (1,829) ,032 31,803Office equipment 16,780 2,973 (1,932) 1,181 (4,932) ,(101) ,034 14,003Shipping vessel ,- 1,835 ,- ,- ,- ,- ,- 1,835Motor vehicles 29,202 4,655 (5,028) ,- (2,683) ,- ,099 26,245
275,245 29,332 (9,821) ,- (135,281) (2,415) ,382 157,442
35
4. FIXED ASSETS (cont’d)
Balance Balanceas at Reclassi- as at
2000 1.7.1999 Additions Disposals fication 30.6.2000Company RM’000 RM’000 RM’000 RM’000 RM’000
Cost
Freehold land and buildings 52,798 ,- ,- ,- 52,798Furniture and fittings 1,656 2,766 ,- ,- 4,422Office equipment ,871 ,150 ,- ,- 1,021Motor vehicles 3,959 1,989 (1,099) ,- 4,849
59,284 4,905 (1,099) ,- 63,090
ChargeBalance for the Balance
as at Financial Reclassi- as at1.7.1999 Year Disposals fication 30.6.2000RM’000 RM’000 RM’000 RM’000 RM’000
Accumulated depreciation
Freehold land and buildings 2,292 ,826 ,- ,- 3,118Furniture and fittings 1,278 ,435 ,- ,- 1,713Office equipment ,622 ,083 ,- ,- ,705Motor vehicles 1,674 ,795 ,(749) ,- 1,720
5,866 2,139 ,(749) ,- 7,256
Balance Balanceas at Reclassi- as at
1999 1.7.1998 Additions Disposals fication 30.6.1999Company RM’000 RM’000 RM’000 RM’000 RM’000
Cost
Freehold land and buildings 35,180 ,030 ,- 17,588 52,798Plant and machinery ,727 ,- ,(727) ,- ,-Furniture and fittings 1,656 ,- ,- ,- 1,656Office equipment ,789 ,082 ,- ,- ,871Motor vehicles 3,467 1,799 (1,307) ,- 3,959Capital work-in-progess 14,050 3,538 ,- (17,588) ,-
55,869 5,449 (2,034) ,- 59,284
ChargeBalance for the Balance
as at Financial Reclassi- as at1.7.1998 Year Disposals fication 30.6.1999RM’000 RM’000 RM’000 RM’000 RM’000
Accumulated depreciation
Freehold land and buildings 1,700 ,592 ,- ,- 2,292Plant and machinery ,198 ,109 ,(307) ,- ,-Furniture and fittings 1,066 ,212 ,- ,- 1,278Office equipment ,542 ,080 ,- ,- ,622Motor vehicles 2,333 ,628 (1,287) ,- 1,674
5,839 1,621 (1,594) ,- 5,866
4. FIXED ASSETS (cont’d)
Group Company2000 1999 2000 1999
RM’000 RM’000 RM’000 RM’000
Net book value
Freehold land 35,135 38,352 ,- ,-Freehold buildings 42,513 43,382 ,- ,-Freehold land and buildings 25,587 21,266 49,680 50,506Leasehold buildings ,371 ,- ,- ,-Leasehold land and buildings 39,428 40,488 ,- ,-Plant and machinery 117,737 108,677 ,- ,-Furniture and fittings 23,295 14,826 2,709 ,378Office equipment 5,192 6,527 ,316 ,249Shipping vessel ,- 16,547 ,- ,-Motor vehicles 9,973 9,176 3,129 2,285Capital work-in-progress 5,615 10,665 ,- ,-
304,846 309,906 55,834 53,418
Certain of the freehold land and buildings, leasehold land and buildings and plant and machinery have beencharged as securities for banking facilities granted to the Group and the Company.
Included in the cost of fixed assets of the Group and of the Company are assets acquired under hire-purchaseand lease instalment plans as follows:-
Group Company2000 1999 2000 1999
RM’000 RM’000 RM’000 RM’000
Plant and machinery 13,064 16,783 ,- ,-Furniture and fittings ,260 ,373 ,- ,-Office equipment 2,391 1,609 ,- ,-Motor vehicles 10,790 10,689 3,065 1,883
26,505 29,454 3,065 1,883
36
5. SUBSIDIARY COMPANIES
Company2000 1999
RM’000 RM’000
Unquoted shares
At cost 353,041 350,005
The details of the subsidiary companies are set out in Note 47 to the financial statements.
6. ASSOCIATED COMPANIES
Group Company2000 1999 2000 1999
RM’000 RM’000 RM’000 RM’000
Quoted sharesAt cost 247,279 257,582 247,279 257,582
Unquoted sharesAt cost 92,772 100,763 ,- ,-At directors’ valuation ,- ,- 9,796 29,988
340,051 358,345 257,075 287,570Provision for diminution in value (64,467) (1,292) ,- ,-
275,584 357,053 257,075 287,570Group’s share of post acquisition reserves 16,404 27,286 ,- ,-
291,988 384,339 257,075 287,570
Market value of quoted shares 182,400 199,000 182,400 199,000
Represented by:-
Group’s share of net assets 123,766 129,635Premium on acquisition 168,222 254,704
291,988 384,339
The Group has investment in JW Carpenter Limited (“JWC”) at carrying value of RM63,175,000 of which provision for permanent diminution in value of investment has been fully provided for. JWC reported significantlosses in previous years and was in capital deficiency position as at the balance sheet date. In addition, JWC iscurrently under the administration of Joint Administrators appointed by an Order of the High Court of Justice on18 July 2000. Based on this circumstances, the directors took a prudent view and therefore full provision againstthe value of the investment is made.
The details of associated companies are set out in Note 47 to the financial statements.
37
7. INVESTMENTS
Group Company2000 1999 2000 1999
RM’000 RM’000 RM’000 RM’000
Quoted shares, at costIn Malaysia ,010 6,080 ,010 ,009Outside Malaysia ,376 ,717 ,- ,-
Unquoted shares, at cost 16,634 ,850 7,035 ,437Unquoted debentures, at cost 2,621 1,834 2,621 1,834
19,641 9,481 9,666 2,280
Market value of quoted sharesIn Malaysia ,036 4,998 ,036 ,034Outside Malaysia ,375 ,650 ,- ,-
8. GOODWILL ON CONSOLIDATION
Group2000 1999
RM’000 RM’000
Goodwill on consolidation 50,688 48,797Reserve on consolidation (14,888) (15,040)
35,800 33,757
Movements during the financial year were:-
Goodwill on consolidation
Balance at 1 July 1999/1998 48,797 56,166Acquisition of shares in subsidiary companies 2,649 ,003Written off during the financial year ,(130) (2,588)Disposal of subsidiary companies ,(476) (4,425)Exchange adjustments ,- ,(359)Reclassification ,(152) ,-
Balance at 30 June 2000/1999 50,688 48,797
Reserve on consolidation
Balance at 1 July 1999/1998 15,040 15,401Partial disposal of shares in subsidiary company ,- ,(134)Credited to income statements ,- ,(227)Reclassification ,(152) ,-
Balance at 30 June 2000/1999 14,888 15,040
38
9. HIGHWAY DEVELOPMENT EXPENDITURE
Group2000 1999
RM’000 RM’000
At 1 July 1999/1998 30,520 27,187Additions during the financial year 133,174 3,333
At 30 June 2000/1999 163,694 30,520
Included in highway development expenditure are interest charges incurred during the financial year and capitalised amounting to RM2,597,000 (1999: RM3,264,000) and land cost acquisition of RM121,757,000 (1999: Nil) described as reimbursable land cost in Note 26 to the financial statements.
10. DEVELOPMENT PROPERTIES
Group2000 1999
RM’000 RM’000
Freehold land, at cost 22,002 15,995Development expenditure 45,090 34,589
67,092 50,584Less: Long term portion (6,000) ,-
61,092 50,584Add: Attributable profits recognised 5,793 3,922
66,885 54,506Less: Progress billings (31,366) (19,595)
35,519 34,911
Certain of the freehold land have been charged as securities for term loan and overdraft facilities granted to the Group.
11. STOCKS
Group2000 1999
RM’000 RM’000
Raw materials 15,165 12,791Goods for resale 69,176 69,399Consumable stores ,681 ,581Bottles and cases 6,571 7,076Work-in-progress 5,223 6,789Unsold shop houses and shop lots 83,633 1,633Vacant land 17,000 ,-
197,449 98,269
39
12. JOINTLY CONTROLLED OPERATION
The Group’s interest in the jointly controlled operation is represented as follows:-
Group2000 1999
RM’000 RM’000
Development expenditure 14,745 ,-Add: Attributable profit 1,896 ,-
16,641 ,-Less: Progress billings (9,457) ,-
7,184 ,-
The jointly controlled operation is in respect of the development of a mixed-development township to be known as“Puncak Utama” (formerly known as “Kajang Heights”) whereby the Group shall assume the role of developer forPuncak Utama. The terms of the joint venture agreement are detailed in Note 43(b) to the financial statements.
13. TRADE DEBTORS
Group2000 1999
RM’000 RM’000
Trade debtors 151,692 161,225Less: Provision for doubtful debts (25,383) (19,147)
126,309 142,078
The provision for doubtful debts was net of bad debts written off and bad debts recovered amounting toRM3,232,000 (1999: RM2,552,000) and RM11,000 (1999: Nil) respectively.
14. OTHER DEBTORS, DEPOSITS AND PREPAYMENTS
Group Company2000 1999 2000 1999
RM’000 RM’000 RM’000 RM’000
Other debtors, deposits and prepayments 129,479 166,915 47,999 48,318Less: Provision for doubtful debts (24,008) (13,121) (12,498) (12,498)
105,471 153,794 35,501 35,820
15. AMOUNTS DUE FROM/(TO) SUBSIDIARY COMPANIES
The amounts due from/(to) subsidiary companies represent balances arising from advances and payments madeon behalf which are unsecured and have no fixed terms of repayment. Certain advances bear interest at ratesranging from 5.20% to 8.00% (1999: 8.75% to 13.60%) per annum.
40
16. AMOUNTS DUE FROM/(TO) ASSOCIATED COMPANIES
Group Company2000 1999 2000 1999
RM’000 RM’000 RM’000 RM’000
Amounts due from associated companies 94,761 94,823 36,600 34,554Less: Provision for doubtful debts (93,206) (30,325) (35,083) (33,286)
1,555 64,498 1,517 1,268
Amounts due to an associated company ,613 ,647 ,613 ,647
The amounts due from/(to) associated companies represent advances and payments made on behalf which areunsecured, have no fixed terms of repayment and are interest free except for a secured loan to an associatedcompany, JW Carpenter Limited (“JWC”), amounting to RM54,324,000 (1999: RM56,624,000) which bears interest at a rate equal to LIBOR.
As detailed in Note 6 to the financial statements, the directors are of the opinion that the loan and advances made to JWC will unlikely be recovered and therefore full provision has been made for the loan and advancesmade to JWC.
17. SHORT TERM INVESTMENTSGroup
2000 1999RM’000 RM’000
Quoted shares at costIn Malaysia ,119 7,312Outside Malaysia ,036 ,-
,155 7,312Less: Provision for diminution in value ,0(11) (4,894)
,144 2,418
Market value of quoted sharesIn Malaysia ,200 5,729Outside Malaysia ,149 1,256
18. SHORT TERM DEPOSITSGroup Company
2000 1999 2000 1999RM’000 RM’000 RM’000 RM’000
Deposits with:-Licensed banks 20,636 44,712 2,931 12,920Finance companies ,572 ,553 ,- ,-
21,208 45,265 2,931 12,920
Deposits that have been pledged as securities for banking facilities granted to the Group are as follows:-
Group Company2000 1999 2000 1999
RM’000 RM’000 RM’000 RM’000
Deposits with a licensed bank 17,399 25,721 ,- 6,501
41
19. CASH AND BANK BALANCES
Group
Included in cash and bank balances is an amount of RM1,230,000 (1999: Nil) held under a Housing DevelopmentAccount, opened and maintained under Section 7A of the Housing Developers (Housing Development Account)Regulation, 1991 and registered under the name of the joint venture partner.
20. AMOUNTS DUE TO CUSTOMERS FOR CONTRACT WORKS
Group2000 1999
RM’000 RM’000
Aggregate costs incurred to date 46,067 30,602Add: Attributable profits recognised 12,718 6,845
58,785 37,447Less: Progress billings (72,588) (52,963)
(13,803) (15,516)
21. BANK BORROWINGS
Group Company2000 1999 2000 1999
RM’000 RM’000 RM’000 RM’000
Unsecured
Revolving credits 59,375 64,500 25,875 31,000Bank overdrafts 57,813 63,945 41,905 42,925Bankers’ acceptance 71,563 61,342 ,- ,-Current portion of term loans (Note 27) 9,220 4,420 6,400 1,600
197,971 194,207 74,180 75,525
Secured
Revolving credits 8,000 ,- 8,000 ,-Bank overdrafts 54,972 19,699 ,- ,-Bankers’ acceptance 16,268 13,120 ,- ,-Trust receipts 1,979 1,506 ,- ,-Current portion of term loans (Note 27) 13,775 6,035 2,711 2,892
94,994 40,360 10,711 2,892
292,965 234,567 84,891 78,417
The secured bank borrowings are secured by legal charges over the assets of certain subsidiary companies. Theinterest rates charged for the financial year ranged from 3.00% to 10.25% (1999: 3.25% to 15.50%) per annum.
The contractual terms of the term loans are detailed in Note 27 to the financial statements.
42
22. DEFERRED EXPENDITURE
Preliminary andPre-Operating Total Total
Expenses Others 2000 1999Group RM’000 RM’000 RM’000 RM’000
Balance at 1 July 1999/1998 3,225 1,743 4,968 21,288Incurred during the financial year 1,225 ,- 1,225 5,101Amortisation/written off ,(506) ,(103) ,(609) (17,602)Exchange adjustments ,- ,(153) ,(153) ,0(77)Reversal upon disposal of a subsidiary company ,0(14) ,- ,0(14) (3,742)
Balance at 30 June 2000/1999 3,930 1,487 5,417 4,968
Included in preliminary and pre-operating expenses are charges incurred during the financial year as follows:-
Group2000 1999
RM’000 RM’000
Auditors’ remuneration ,004 ,006Depreciation of fixed assets ,102 ,107Fixed assets written off ,- ,012Loss on disposal of fixed assets ,133 ,-Interest expense ,028 ,028Retirement benefits ,023 ,021
23. SHARE CAPITAL
Group/Company2000 1999
RM’000 RM’000
Authorised
500,000,000 ordinary shares of RM0.50 each 250,000 250,000
Issued and fully paid
308,754,514 ordinary shares of RM0.50 each 154,377 154,377
The duration and exercise period of the Company’s 75,335,700 unexercised and outstanding 1994/1999 warrantswere extended for a period of another three (3) years up to and including 30 August 2002. The warrantholderswill have the right to subscribe for ordinary shares of RM0.50 each in the Company in cash at the exercise priceof RM2.20 per warrant at any time before 30 August 2002.
As at 30 June 2000, 75,335,700 (1999: 75,335,700) warrants remain unexercised.
43
24. RESERVESGroup Company
2000 1999 2000 1999RM’000 RM’000 RM’000 RM’000
Non-distributable
Share premium 328,601 328,601 328,601 328,601Revaluation reserve ,- ,- ,- 7,360Capital reserve arising from bonus
capitalisation by associated companies 13,270 13,270 ,- ,-Foreign exchange fluctuation reserve arising from
translation of foreign subsidiary companies 16,972 17,169 ,- ,-Other reserves 2,131 2,242 5,261 5,709
360,974 361,282 333,862 341,670Distributable
(Accumulated losses)/Retained profits (33,942) 129,734 131,288 156,394
327,032 491,016 465,150 498,064
Subject to the agreement of the Inland Revenue Board, the Company has:-
(a) tax credit under Section 108 of the Income Tax Act, 1967 to frank the payment of net dividends of approximately RM10,600,000 (1999: RM10,600,000) without incurring any additional tax liabilities; and
(b) tax exempt credit to frank the payment of tax exempt dividends of approximately RM9,400,000 (1999: RM14,050,000).
The Company would be liable to incur additional tax liability of approximately RM43,265,000 if all of its retainedprofits as at 30 June 2000 is to be distributed by way of dividends.
25. REDEEMABLE BANK GUARANTEED BONDS - Unsecured
On 29 August 1999, the Company obtained a term loan facility of RM140 million from Standard Chartered BankMalaysia Berhad (“SCB”) to redeem the RM140 million nominal amount of 3.5% Redeemable Bank GuaranteedBonds 1994/1999 which matured on 29 August 1999. This term loan facility was secured by a Standby Letter ofCredit from The Development Bank of Singapore Limited, Labuan Branch (“DBS Labuan”). The facility granted byDBS Labuan to the Company was secured by inter-alia, a pledge of quoted shares of an associated company, and a second charge over a property of the Company.
26. AMOUNT DUE TO GOVERNMENT
One of the subsidiary companies, Kaseh Lebuhraya Sdn Bhd (“Kaseh”), has entered into a ConcessionAgreement on 10 July 1997 with the Government of Malaysia to design, construct, maintain, operate and manage the Kajang-Seremban Highway on a privatization basis.
The Government of Malaysia has agreed to pay an amount not exceeding in aggregate of RM300 million on behalfof Kaseh in respect of land acquisition cost (referred to as the “Reimbursable Land Cost”). The ReimbursableLand Cost is interest-free and repayable to the Government based on the following terms:-
Date of Repayment Percentage11 July 2002 6% of reimbursable land cost11 July 2003 6% of reimbursable land cost11 July 2004 6% of reimbursable land cost11 July 2005 6% of reimbursable land cost11 July 2006 6% of reimbursable land cost11 July 2007 14% of reimbursable land cost11 July 2008 14% of reimbursable land cost11 July 2009 14% of reimbursable land cost11 July 2010 14% of reimbursable land cost11 July 2011 14% of reimbursable land cost
44
27. TERM LOANS
(a) The details of term loans are as follows:-
Group Company2000 1999 2000 1999
RM’000 RM’000 RM’000 RM’000
Unsecured
Bank loans 3,864 6,684 ,- ,-Other loans 6,400 8,000 6,400 8,000
10,264 14,684 6,400 8,000Secured
Bank loans 172,950 33,280 153,623 14,459
183,214 47,964 160,023 22,459Repayable within the next twelve months (Note 21) (22,995) (10,455) (9,111) (4,492)
160,219 37,509 150,912 17,967
Repayable in financial year ending 30 June:-
2000 ,- 10,455 ,- 4,4922001 22,995 10,368 9,111 4,4922002 146,877 9,332 141,808 4,4922003 4,025 7,846 1,807 4,4922004 and after 9,317 9,963 7,297 4,491
183,214 47,964 160,023 22,459
(b) The bank loans have been charged at interest rates ranging from 8.16% to 9.80% (1999: 7.25% to 13.80%)per annum. The other loans are non-interest bearing.
(c) Details of securities are as follows:-
Group Company2000 1999 2000 1999
RM’000 RM’000 RM’000 RM’000
Secured by fixed and floating charges on assets of certain subsidiary companies 1,042 11,923 ,- ,-
Secured by fixed charge on certain fixed assets of the Group and quoted shares in an associated company 167,747 21,357 153,623 14,459
Secured by a third party fixed charge on development properties of a subsidiary company 4,161 ,- ,- ,-
172,950 33,280 153,623 14,459
45
28. RETIREMENT BENEFITS
Group2000 1999
RM’000 RM’000
Balance at 1 July 1999/1998 4,638 4,907Provision for the financial year ,613 1,306Payments made ,(870) (1,100)Disposal of subsidiary companies ,- ,(443)Exchange adjustments ,(103) ,0(32)
Balance at 30 June 2000/1999 4,278 4,638
29. DEFERRED TAXATION
Group2000 1999
RM’000 RM’000
Balance at 1 July 1999/1998 ,123 ,256Transfer from/(to) income statements (Note 35) ,260 ,(113)Exchange adjustments ,00(1) ,00(8)Reversal upon disposal of a subsidiary company ,- ,0(12)
Balance at 30 June 2000/1999 ,382 ,123
30. HIRE-PURCHASE AND LEASE CREDITORS
Group Company2000 1999 2000 1999
RM’000 RM’000 RM’000 RM’000
Hire-purchase and lease creditors 10,341 7,774 ,939 ,055
Payable within the next twelve months (included in other creditors and accrued liabilities) (3,473) (4,014) ,(170) ,0(20)
6,868 3,760 ,769 ,035
46
31. REVENUE
Revenue of the Company represents management fees, commissions and dividends income.
Revenue of the Group represents invoiced value of goods sold and services rendered less sales tax, discount andreturns, gross dividends received, interest income, proceeds from sale of investments, proceeds from sale of landand proportionate sales value of development properties and long term contracts based on percentage of completion.
Included in the revenue of the Group is contract revenue recognised in the income statements amounting toRM25,369,000.
32. COST OF SALES
Included in the cost of sales of the Group is contract expenditure recognised in the income statements amounting to RM18,700,000.
33. EXCEPTIONAL ITEMS
Group Company2000 1999 2000 1999
RM’000 RM’000 RM’000 RM’000
Gain on disposal of associated companies ,738 5,041 2,385 ,783
Gain on disposal of subsidiary companies 2,275 88,324 ,649 101,691
Gain/(Loss) on disposal of certain shares in a subsidiary company ,- 3,409 ,- (1,932)
Provision for permanent diminution in value of investment in an associated company (63,175) ,- ,- ,-
Provision for doubtful debts (84,382) (7,347) (1,797) (15,919)
Net deficit on revaluation of investment in associated companies ,- ,- (5,315) ,-
Write back of post acquisition loss of associated company ,- 9,453 ,- ,-
Gain on dilution of interest in a subsidiary company ,- 1,567 ,- ,-
(144,544) 100,447 (4,078) 84,623
47
34. (LOSS)/PROFIT BEFORE TAXATION
Group Company2000 1999 2000 1999
RM’000 RM’000 RM’000 RM’000
(Loss)/profit before taxation is stated:-
After charging:-
Amount paid to a company for services rendered by a director ,- ,500 ,- ,500
Auditors’ remuneration- current year’s ,591 1,800 ,020 ,021- (over)/under provision in prior year ,(222) ,004 ,006 ,005
Bad debts written off 2,393 ,- ,- ,-
Deferred expenditure written off ,609 17,602 ,- ,-
Depreciation of fixed assets 28,653 29,225 2,139 1,621
Directors’ remuneration- directors of the Company
- fees ,089 ,110 ,079 ,100- other emoluments 8,333 3,524 8,333 3,524
Fixed assets written off ,251 11,703 ,- ,420
Hire of plant and equipment 1,540 3,179 ,- ,-
Interest expense- bankers’ acceptance and revolving credits 6,635 6,745 2,213 ,-- bank overdrafts 8,738 16,896 3,677 10,232- hire-purchase and lease ,862 1,339 ,124 ,110- redeemable bonds ,779 4,900 ,779 4,900- subsidiary companies ,- ,- 1,745 1,672- term loan 16,568 15,406 11,334 ,366- others ,463 1,343 ,- 1,956
Investments written off ,- ,577 ,- ,-
Loss on disposal of fixed assets 8,850 ,- ,- ,-
Loss on disposal of investment ,- 1,936 ,- ,-
Loss on foreign exchange- realised ,534 ,- ,059 ,-- unrealised 5,685 ,- ,- ,-
Net goodwill written off ,130 2,361 ,- ,-
Provision for doubtful debts ,- ,- ,- ,057
Rental of premises 11,134 16,279 ,- ,076
Rental of land ,055 ,- ,- ,-
Retirement benefits ,590 1,285 ,- ,-
48
34. (LOSS)/PROFIT BEFORE TAXATION (cont’d)
Group Company2000 1999 2000 1999
RM’000 RM’000 RM’000 RM’000And crediting:-
Dividends (gross) received from- associated companies
- quoted shares in Malaysia ,- ,- 7,350 5,000- unquoted shares ,- ,- ,092 ,101
- corporation- quoted ,318 ,113 ,- ,-- unquoted shares 5,244 ,013 5,244 ,013
- subsidiary companies- unquoted shares ,- ,- ,702 ,580- quoted shares outside Malaysia ,- ,- ,- ,-
Gain on foreign exchange- realised ,- 1,053 ,- ,-- unrealised ,- 10,080 ,- ,-
Gain on disposal of fixed assets ,- 3,311 ,196 ,435
Gain on disposal of investment 3,601 ,- ,- ,-
Interest income- associated companies ,418 ,693 ,418 ,-- subsidiary companies ,- ,- 2,009 2,218- others 1,694 2,713 ,120 ,557Rental of premises- associated companies ,228 ,066 ,228 ,066- subsidiary companies ,- ,- 1,239 1,172- others 5,590 5,026 ,222 ,281
Directors’ monetary value of benefits-in-kind- Directors of the Company ,165 ,156 ,165 ,156
49
35. TAXATIONGroup Company
2000 1999 2000 1999RM’000 RM’000 RM’000 RM’000
Taxation based on profit for the financial year:-Malaysian taxation 2,391 ,- ,- ,-Overseas taxation ,453 2,166 ,- ,-Transfer to/(from) deferred taxation (Note 29) ,260 ,(113) ,- ,-
3,104 2,053 ,- ,-
Over provision of taxation in prior years ,0(47) ,(847) ,- ,-
3,057 1,206 ,- ,-
Share of taxation of associated companies 5,247 1,449 ,- ,-
8,304 2,655 ,- ,-
Provision for taxation is made in the financial statements of the Group even though the Group recorded a lossbefore taxation in the current financial year due mainly to certain expenses which are not deductible for tax purposes and the non-availability of group relief where tax losses of certain subsidiary companies cannot be set-off against the taxable profits of other subsidiary companies.
No provision has been made for taxation in respect of income for Malaysian subsidiary companies for the financial year ended 30 June 1999 in accordance with the waiver of the Income Tax (Amendment) Act, 1999.
There is no provision for taxation for the Company as the Company is in a tax loss position.
The Company has unabsorbed tax losses and capital allowances amounting to approximately RM15,500,000(1999: RM4,092,000) and RM1,145,000 (1999: RM642,000) respectively to set off against future taxable incomeof the Company.
36. (LOSS)/EARNINGS PER ORDINARY SHARE
Group
The basic (loss)/earnings per ordinary share has been calculated based on the Group’s loss after taxation andminority interests of RM161,453,000 (1999: Group’s profit after taxation and minority interests of RM33,856,000)and on the number of ordinary shares in issue during the financial year of 308,754,514 shares (1999: 308,754,514 shares).
37. DIVIDENDSGroup/Company2000 1999
RM’000 RM’000
Proposed first and final dividend of 2% less tax at 28%(1999: tax exempt dividend of 3%) 2,223 4,631
Group/Company2000 1999
Dividend per share (Sen)- net of tax 0.72 -- tax exempt - 1.50
0.72 1.50
50
38. NOTES TO CONSOLIDATED CASH FLOW STATEMENT
Group
(A) Fixed Assets
The Group acquired fixed assets with an aggregate cost of RM55,557,000 (1999: RM67,926,000) of whichRM12,297,000 (1999: RM4,582,000) was acquired by means of hire-purchase and lease arrangements.Cash payments of RM43,260,000 (1999: RM63,344,000) was made to acquire the fixed assets.
(B) Net cash (outflow)/inflow from disposal of subsidiary companies
2000 1999RM’000 RM’000
Fixed assets 2,150 137,747Cash and cash equivalents 6,366 16,661Debtors 16,890 275,634Stocks ,880 82,638Creditors (25,144) (257,213)Taxation (1,220) (9,014)Short term borrowings (1,059) (37,478)Long term investment ,410 7,123Investment in associated companies ,241 3,369Deferred expenditure ,014 3,742Deferred and long term liabilities ,- (100,371)Minority interests ,- ,(378)
,(472) 122,460Goodwill on consolidation ,476 4,425Minority interests ,(406) (53,573)Foreign exchange fluctuation reserve ,- (19,248)
Attributable net (liabilities)/assets disposed ,(402) 54,064Gain on disposal of subsidiary companies 2,275 88,324
Net proceeds received 1,873 142,388Less: Cash and cash equivalents of subsidiary companies disposed (6,366) (16,661)
Net cash (outflow)/inflow on disposal, net of cash and cash equivalents disposed (4,493) 125,727
(C) Cash and cash equivalents
Cash and cash equivalents included in the consolidated cash flow statement comprises the following balancesheet amounts:-
Group2000 1999
RM’000 RM’000
Short term deposits 21,208 45,265Cash and bank balances 15,780 24,244Bank overdrafts (112,785) (83,644)
(75,797) (14,135)Less: Short term deposits pledged as securities (17,399) (25,721)
(93,196) (39,856)
51
39. SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES
Group Company2000 1999 2000 1999
RM’000 RM’000 RM’000 RM’000
Dividends (gross) received from unquoted subsidiary companies ,- ,- ,702 ,580
Dividends (gross) received from associated companies- quoted ,- ,- 7,350 5,000- unquoted ,- ,- ,092 ,101
Interest income receivable from subsidiary companies ,- ,- 2,009 2,218
Interest income receivable from associated companies ,418 ,693 ,418 ,-
Management fees receivable from subsidiary companies ,- ,- 1,120 1,686
Management fees receivable from associated companies 1,818 3,378 1,818 3,378
Rental income from subsidiary companies ,- ,- 1,239 1,172
Rental income from associated companies ,228 ,066 ,228 ,066
Interest expense payable to subsidiary companies ,- ,- 1,745 1,672
The above transactions have been entered into in the ordinary course of business based on negotiated terms.
40. COMMITMENTS
Group Company2000 1999 2000 1999
RM’000 RM’000 RM’000 RM’000
(i) Approved capital expenditure not provided for in the financial statements- contracted 842,794 852,114 ,- 1,571- not contracted 34,547 18,519 ,283 ,-
Group2000 1999
RM’000 RM’000
(ii) Non-cancellable operating leases:- Payable within one year 1,368 1,530Payable between one to two years ,655 ,805Payable between two to five years ,057 1,693
2,080 4,028
(iii) One of the subsidiary companies has entered into an Option and Investment Deed agreement dated 14 August 1997 with certain shareholders of its associated company to buy back 27,500,000 ordinary sharesof £0.10 each of the associated company at £0.218 per share. These shareholders of the associated company are granted the right to exercise the option on or before 5 July 2000 which has been extended to 5 July 2001. However, subsequent to the balance sheet date, on 2 October 2000, these shareholders of theassociated company have exercised the option. At the date of this report, the Directors do not anticipate anymaterial losses arising from this transaction. Any possible loss, if any, arising from this transaction will bedealt with in the Group financial statements of the next financial year.
52
41. CONTINGENCIES
Group Company2000 1999 2000 1999
RM’000 RM’000 RM’000 RM’000
Guarantee in respect of banking and leasing facilitiesof subsidiary and associated companies:-- secured ,285 ,302 12,925 39,212- unsecured 6,720 7,073 196,528 162,941
42. SEGMENTAL REPORTING
Profit/(Loss)Revenue Before Taxation Gross Assets
2000 1999 2000 1999 2000 1999RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
By Industry
Beverage 137,688 141,699 (9,853) (26,094) 119,390 124,843Fluid engineering and manufacturing 127,397 127,891 1,665 (8,838) 186,669 177,812Healthcare and pharmaceutical 63,142 58,102 1,677 ,210 47,079 45,475Media and communication 16,522 30,383 ,536 ,(802) 8,511 40,322Oil and gas ,- 283,845 ,- 3,589 ,- ,-Property 26,308 12,953 1,311 4,524 232,716 161,160Specialist retail and trading 225,743 210,058 5,545 2,407 76,263 75,060Infrastructure ,- ,- ,- ,- 183,200 49,048Investment holding 18,707 3,838 (104,674) 63,943 144,328 155,308Others 60,628 62,516 (60,747) 3,065 46,306 60,583
676,135 931,285 (164,540) 42,004 1,044,462 889,611Add: Associated companies ,- ,- 12,994 ,(778) 293,543 448,837
676,135 931,285 (151,546) 41,226 1,338,005 1,338,448
By Geographical
Malaysia 549,562 520,173 (109,911) 45,298 889,745 734,901Australia 92,368 91,016 6,032 (13,556) 98,829 87,354United Kingdom 13,519 12,738 (55,673) 1,906 14,666 15,720Singapore 8,223 8,862 1,128 ,566 11,489 14,186Indonesia 12,463 14,651 (6,107) 3,470 22,745 30,266Others ,- ,- ,00(9) ,731 6,988 7,184
676,135 647,440 (164,540) 38,415 1,044,462 889,611In respect of oil and gas division
which was disposed in 1999 ,- 283,845 ,- 3,589 ,- ,-
676,135 931,285 (164,540) 42,004 1,044,462 889,611Add: Associated companies ,- ,- 12,994 ,(778) 293,543 448,837
676,135 931,285 (151,546) 41,226 1,338,005 1,338,448
53
43. SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR
During the financial year, the following significant events occurred:-
(a) On 29 August 1999, the Company obtained a term loan facility of RM140 million from Standard CharteredBank Malaysia Berhad (“SCB”) to redeem the RM140 million nominal amount of 3.5% Redeemable BankGuaranteed Bonds 1994/1999 which matured on 29 August 1999. This term loan facility was secured by aStandby Letter of Credit from The Development Bank of Singapore Limited, Labuan Branch (“DBS Labuan”).The facility granted by DBS Labuan to the Company was secured by inter-alia, a pledge of quoted shares ofan associated company, and a second charge over a property of the Company;
(b) On 8 October 1999, Naga Sakti Sdn Bhd (“Naga”), a wholly owned subsidiary company, entered into a jointventure agreement with certain subsidiary companies of John Master Industries Berhad (“JMI”) for the development of a mixed-development township to be known as “Puncak Utama” (formerly known as “KajangHeights”) with a total land area of approximately 442.42 acres whereby Naga shall assume the role of developer for Puncak Utama. Any profit derived from Puncak Utama shall be distributed in the ratio of 70%to JMI and 30% to Naga until such time as JMI shall have received the full entitlement of RM150 million.In the event the profit from the development of Puncak Utama, upon its completion, is in excess of RM450million, JMI shall in such event be entitled to a further share of the said profit and shall receive and be paidin full any amount in excess of the said RM450 million, subject to a maximum of RM30 million. Naga shall besolely responsible to meet and defray all costs attributable to Puncak Utama, save for such costs and expens-es stipulated in the agreement;
(c) On 8 October 1999, the Company acquired 5,390,000 ordinary shares of RM1.00 each, representing 49% ofthe issued and paid-up share capital of Antah Sri Radin Sdn Bhd (“ASR”), for a total cash consideration ofRM3,087,000. As a result, ASR became a wholly owned subsidiary of the Company;
(d) On 28 October 1999, the Company disposed of its entire equity interest in Grey Advertising (M) Sdn Bhd(“Grey”) comprising 51,000 ordinary shares of RM1.00 each, representing 51% of the issued and paid-upshare capital of Grey, for a total cash consideration of RM700,000;
(e) On 1 November 1999, the Company disposed of its entire equity interest in Burgmann (Malaysia) Sdn Bhd(“Burgmann”) comprising 2,417,624 ordinary shares of RM1.00 each, representing 40% of the issued andpaid-up share capital of Burgmann, for a total cash consideration of RM3,456,723; and
(f) On 28 December 1999, the Group, via its wholly owned subsidiary company, Antah Holdings Services SdnBhd, disposed of its entire equity interest in Peter Beaumont Sdn Bhd (“Peter”) comprising 67,575 ordinaryshares of RM1.00 each, representing 51% of the issued and paid-up share capital of Peter, for a total cashconsideration of RM1,173,000.
44. EVENTS SUBSEQUENT TO BALANCE SHEET DATE
(a) On 11 July 2000, the Company entered into a conditional sale and purchase agreement to dispose of its entireequity interest in Convenience Shopping Sdn Bhd (“CSSB”) comprising 5,000,000 ordinary shares of RM1.00each, for a total cash consideration of RM80,000,000. The proposed disposal is pending completion;
(b) On 31 July 2000, the Company has obtained the approval from the relevant authorities for the proposed private placement of up to 30,875,451 new ordinary shares of RM0.50 each in the Company, representing10% of the current issued and paid-up share capital of the Company; and
(c) On 19 October 2000, the Group has entered into several agreements for the proposed disposal of certainshares and assets in the Fluid Engineering division for a total cash consideration of RM62.31 million. The proposed disposal is pending completion.
54
45. EMPLOYEES
The number of employees as at the end of the financial year and staff cost for the financial year are as follows:-
Group Company2000 1999 2000 1999
Number of employees 4,420 4,478 ,068 ,057Staff cost (RM’000) 104,219 103,520 3,524 2,133
46. COMPARATIVE FIGURES
Certain comparative figures have been reclassified as follows:-
As Previously As Group Reported Restated
RM’000 RM’000
Balance sheet
Current liabilities
Other creditors 105,519 90,003Amounts due to customers ,- 15,516
The comparative figures for other creditors and amount due to customers have been reclassified to conform withthe current financial year’s presentation so as to comply with the requirements of Malaysian Accounting StandardsBoard, MASB 7, “Construction Contracts”.
Consolidated Cash Flow Statement
As Previously As Reported RestatedRM’000 RM’000
Acquisition of fixed assets (67,927) (63,344)Advances to associated companies ,- (1,375)Deferred expenditure paid (5,101) (4,933)Highway development costs paid (3,333) ,0(70)Increase in amount due to customers for contract works ,- 17,514Increase in creditors 9,486 7,759Increase in debtors (52,624) (51,249)Interest paid (46,629) (49,921)Provision for retirement benefits ,999 1,285Repayment of hire-purchase and lease creditors ,- (10,289)Retirement benefits paid ,(793) (1,100)Unrealised foreign exchange loss ,- (10,080)
The comparative figures for the above items have been reclassified to conform with the current financial year’spresentation so as to comply with the requirements of Malaysian Accounting Standards Board, MASB 5, “Cash Flow Statements”.
55
47. SUBSIDIARY AND ASSOCIATED COMPANIES
SUBSIDIARY COMPANIESEquity
Place of Interest HeldName of Companies Incorporation Principal Activities 2000 1999
% %Subsidiaries of Antah Holdings Berhad
Antah Aviation Sales Sdn Bhd Malaysia Dormant 100 100
Antah Sandilands Sdn Bhd Malaysia Marketing and 100 100distribution of beverages
Antah Tristar Sdn Bhd Malaysia Dormant 100 100
Aras Damai Sdn Bhd Malaysia Vessel owner 100 100
Antah Holdings Services Sdn Bhd Malaysia Investment holding 100 100
Antah European Holdings Sdn Bhd Malaysia Investment holding 100 100
Antah Pacific Holdings Sdn Bhd Malaysia Investment holding 100 100
Antah Overseas Holdings Sdn Bhd Malaysia Investment holding 100 100
Antah Asia Holdings Sdn Bhd Malaysia Dormant 100 100
Sergap Puncak Sdn Bhd Malaysia Dormant 100 100
G.W.A. Holdings Sdn Bhd Malaysia Investment trading 100 100
Permanis Sdn Bhd Malaysia Bottling of beverages 100 100
Kaseh Lebuhraya Sdn Bhd Malaysia Highway operator 100 100
Kaseh Holdings Berhad Malaysia Dormant 100 100
Antah Properties Sdn Bhd Malaysia Property development 100 100
Convenience Shopping Sdn Bhd Malaysia Operating convenience stores 100 100
Antah Administrative Services Sdn Bhd Malaysia Dormant 100 100
Antah Sri Radin Sdn Bhd Malaysia Medical supplies and 100 51equipment marketing
Antah Melco Sales & Services Sdn Bhd Malaysia Electrical appliances marketing 60 60
Antah Sedgwick Insurance Malaysia Insurance and 52 52Brokers Sdn Bhd reinsurance brokers
Grey Advertising (Malaysia) Sdn Bhd Malaysia Advertising agency - 51
Subsidiary of Antah European Holdings Sdn Bhd
+Antah European Holdings Limited Channel Islands Investment holding 100 100
Subsidiaries of Antah European Holdings Ltd
+Harimau Finance Limited United Kingdom Finance 100 100
*Kemp Joinery Limited United Kingdom Joinery manufacturer 100 100and distributor
+Antah European Properties Limited United Kingdom Property holding 100 100
56
47. SUBSIDIARY AND ASSOCIATED COMPANIES (cont’d)Equity
Place of Interest HeldName of Companies Incorporation Principal Activities 2000 1999
% %Subsidiary of Harimau Finance Ltd
+Harimau Dua Ltd United Kingdom Dormant 100 100
Subsidiaries of Antah Pacific Holdings Sdn Bhd
*Eurapipe Ltd Hong Kong Dormant 100 100
Eurapipe Industries Sdn Bhd Malaysia Manufacturing and marketing 100 100of thermo-plastic pipes
*Euratech Limited Australia Manufacturing and marketing 80 80of thermo-plastic pipes
Subsidiaries of Eurapipe Industries Sdn Bhd
+Asia Pacific Pump Pte Ltd Singapore Import and export of pumps 100 100and related materials
*Eurapipe (Indonesia) Limited Hong Kong Investment holding 100 100
Subsidiary of Eurapipe (Indonesia) Ltd
+PT Kujang Eurapipe Indonesia Indonesia Manufacturing and marketing 51 51of thermo-plastic pipes
Subsidiary of PT Kujang Eurapipe Indonesia
*PT Euramega Niagasarana Indonesia Marketing of 100 100thermo-plastic pipes
Subsidiary of Eurapipe Ltd
*Asia Pacific Pump (HK) Limited Hong Kong Dormant 100 100
Subsidiaries of Euratech Limited
*Eurapipe Australia Pty Limited Australia Manufacturing and marketing 100 100of thermo-plastic pipes
*Marplex Australia (Holdings) Pty Limited Australia Investment holding 70 100
*Water Reticulation Systems Australia Build, Own, Operate and 100 100(Virginia) Pty Limited Transfer for a water pipe-
line systemSubsidiary of Marplex Australia
(Holdings) Pty Limited
*Marplex Australia Pty Limited Australia Manufacturing and marketing 100 100of thermo-plastic pipes
Subsidiary of Water Reticulation Systems (Virginia) Pty Limited
*Water Reticulation Systems (Hire) Australia Dormant 100 100Pty Limited
Subsidiary of Antah Asia Holdings Sdn Bhd
*Lanka Payphones Ltd Sri Lanka Provision and operation of a - 60fully integrated public card phone network
57
47. SUBSIDIARY AND ASSOCIATED COMPANIES (cont’d)Equity
Place of Interest HeldName of Companies Incorporation Principal Activities 2000 1999
% %Subsidiaries of Antah
Holdings Services Sdn Bhd
Klang Valley Recreation Berhad Malaysia Dormant 100 100
Stargrip (M) Sdn Bhd Malaysia Recreational centre operations 100 100
Asia-Pacific Videolab Sdn Bhd Malaysia Video and film post- 99 99production services
Peter Beaumont Sdn Bhd Malaysia Advertising agency - 51
*Securicor (Malaysia) Sdn Bhd Malaysia Industrial security 51 51
Subsidiary of Antah Properties Sdn Bhd
Naga Sakti Sdn Bhd Malaysia Property development 100 100
Subsidiary of Convenience Shopping Sdn Bhd
Convenience Shopping (Sabah) Sdn Bhd Malaysia Operating convenience stores 100 100
Subsidiaries of Antah Sri Radin Sdn Bhd
Antah Pharma Sdn Bhd Malaysia Trading of pharmaceutical 100 100products
Bumimedic (Malaysia) Sdn Bhd Malaysia Dormant 100 100
Chee & Co. Sdn Bhd Malaysia Dormant 100 100
Elegant Quest Sdn Bhd Malaysia Dormant 100 100
* Companies not audited by BDO Binder
+ Companies audited by member firms of BDO International
58
47. SUBSIDIARY AND ASSOCIATED COMPANIES (cont’d)
ASSOCIATED COMPANIES Equity
Place of Principal Financial Interest HeldName of Companies Incorporation Activities Year End 2000 1999
% %Associated companies of
Antah Holdings Berhad
*Burgmann (Malaysia) Sdn Bhd Malaysia Manufacture of 31 December - 40mechanical seals
*TNT Logistics (Malaysia) Sdn Bhd Malaysia Logistics services 31 December 40 40
*ORIX Leasing Malaysia Berhad Malaysia Equipment leasing 31 March 20 33(formerly known as United ORIX Leasing Berhad)
*Schindler Lifts (Malaysia) Sdn Bhd Malaysia Lifts marketing and 31 December 30 30maintenance
Staffield Country Resort Berhad Malaysia Development of 31 March 30 30recreational and residential resort
*PJ Medical Group Sdn Bhd Malaysia Dormant 31 March 29 29
*Wilson Parking (M) Sdn Bhd Malaysia Car park 30 June 25 25management
*STIK-Polymers Sdn Bhd Malaysia Dormant 30 June 24 24
*Commercial Union Assurance Malaysia General insurance 30 November - 21(Malaysia) Bhd underwriters
*Hwang-DBS (Malaysia) Berhad Malaysia Investment 31 July 19 20holding company
Associated company of Antah Administrative Services Sdn Bhd
+Antah Management (UK) Limited United Kingdom Management 30 June 50 50services
Associated company of Antah European Holdings Sdn Bhd
+JW Carpenter Limited United Kingdom Retail houseware 30 June 50 50and kitchenware
Associated company of Antah Tristar Sdn Bhd
Staffield Marketing Malaysia Marketing of club 31 March 50 50Services Sdn Bhd membership
Associated companies of Antah Holding Services Sdn Bhd
*Pacific Asia Fishing Sdn Bhd Malaysia Deep sea fishing 30 June 50 50
*Titi Maju Sdn Bhd Malaysia Lifts marketing and 31 March 30 30maintenance
*Antah-UTV (Malaysia) Sdn Bhd Malaysia Production house 31 March 30 30
*Antah-UTV Multi-Media Malaysia Production house 31 March 30 30Communications Sdn Bhd
* Companies not audited by BDO Binder
+ Companies audited by member firms of BDO International
59
STATEMENT BY DIRECTORS
In the opinion of the directors, the financial statements set out on pages 22 to 59 have been drawn up in accordancewith applicable approved accounting standards so as to give a true and fair view of:-
(i) the state of affairs of the Group and of the Company as at 30 June 2000 and of their results for the financial yearthen ended; and
(ii) the cash flows of the Group for the financial year ended 30 June 2000.
On behalf of the Board,
)Y.A.M. Tunku Naquiyuddin ibni Tuanku Ja’afar )
))) DIRECTORS)))
Y. Bhg. Dato’ Mohd Shahar bin Abdul Hamid )
Kuala Lumpur31 October 2000
STATUTORY DECLARATION
I, Chik Chan Chee @ Cheok Chan Chee, being the officer primarily responsible for the financial management of AntahHoldings Berhad, do solemnly and sincerely declare that the financial statements set out on pages 22 to 59 are, to thebest of my knowledge and belief, correct and I make this solemn declaration conscientiously believing the same to betrue and by virtue of the provisions of the Statutory Declarations Act, 1960.
Subscribed and solemnlydeclared by the abovenamed atKuala Lumpur this 31 October 2000
Before me,
Kok Yoon WahNo.W019Commissioner for Oaths
Kuala Lumpur31 October 2000
60
REPORT OF THE AUDITORS TO THE MEMBERS OF ANTAH HOLDINGS BERHAD
We have audited the financial statements set out on pages 22 to 59. The preparation of the financial statements isthe responsibility of the directors. Our responsibility is to express an opinion on the financial statements based on ouraudit.
We conducted our audit in accordance with approved standards on auditing. Those standards require that we planand perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in thefinancial statements. An audit also includes assessing the accounting principles used and significant estimates madeby the directors, as well as evaluating the overall financial statements presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion:-
(a) the financial statements have been properly drawn up in accordance with applicable approved accounting standards and the Companies Act, 1965 so as to give a true and fair view of the state of affairs of the Group andof the Company as at 30 June 2000 and of their results and the cash flows of the Group for the financial year thenended; and
(b) the accounting and other records and the registers required by the Act to be kept by the Company and its subsidiary companies of which we have acted as auditors have been properly kept in accordance with the provisions of the Act.
We have considered the financial statements and the auditors’ reports of the subsidiary companies of which we havenot acted as auditors as indicated in Note 47 to the financial statements, being financial statements that have beenincluded in the consolidated financial statements.
We are satisfied that the financial statements of the subsidiary companies that have been consolidated with theCompany’s financial statements are in form and content appropriate and proper for the purposes of the preparation ofthe consolidated financial statements and we have received satisfactory information and explanations required by usfor those purposes.
The audit reports on the financial statements of the subsidiary companies were not subject to any material qualification and did not include any comment made under subsection (3) of Section 174 of the Act.
BDO BinderAF: 0206Public Accountants
Tan Kim Leong, JP235/6/01 (J/PH)Partner
Kuala Lumpur31 October 2000
61
LIST OF PROPERTIESAS AT 30 JUNE 2000
AGE OF NET BOOKLOCATION DESCRIPTION BUILDINGS TENURE VALUE AREA
(years) RM’000
1. Geran 6836, Lot 38414 Office building 20 Freehold 49,680 5,187 sq mMukim of Kuala Lumpur
2. Lot 5 & 7, Section 13 Land with industrial 9 Leasehold 13,334 38,729 sq mBangi building Expiring in
2089
3. Lot 6020, Kawasan Land with industrial 31 Leasehold 2,469 10,344 sq mPerusahaan Tampoi building Expiring inJohor Bahru 2028
4. HSD 149, PT BM/85/70, Land with industrial 24 Leasehold ,673 2,497 sq mMukim 1, Kawasan building Expiring inPerusahaan Perai, 2074Daerah Seberang PeraiTengah, Pulau Pinang
5. Kawasan Perindustrian Industrial land - Leasehold ,254 10,282 sq mGong Badak, Expiring inKuala Terengganu 2052
6. HS(M) 31859 Industrial land - Leasehold ,346 7,203 sq mPT No 35167 Lot 2, Expiring inSector 1 Bandar Indera 2059Mahkota, Kuantan
7. HS(D)KA 5022, Industrial land - Leasehold ,437 8,403 sq mPT 101931, Lot 181684, Expiring inDaerah Kinta, 2089Mukim Hulu KintaPerak
8. No PT 325, HS(D) 3360 Land with industrial 4 Freehold 2,523 7,029 sq mDaerah Alor Gajah buildingMukim Sungai PetaiMelaka
9. Lot 682 & 683 Mukim 12 Industrial land - Leasehold 1,040 17,306 sq mDaerah Seberang Perai Expiring inSelatan, Pulau Pinang 2876
10. EMR 68, Lot 87, Mukim Industrial land - Freehold 4,995 26,557 sq mTebrau, District ofJohor Bahru
11. HS(M) 15-80, Lot Plantation - Freehold ,410 11,876 sq mNS 82-72, Mukim UluMelaka, Langkawi, Kedah
62
LIST OF PROPERTIESAS AT 30 JUNE 2000 (cont’d)
AGE OF NET BOOKLOCATION DESCRIPTION BUILDINGS TENURE VALUE AREA
(years) RM’000
12. Lot 45942, PT No 14768 Shophouse 13 Freehold ,186 ,149 sq mHS(D) 16757, Mukim ofBatu, District of GombakSelangor
13. Lot 138 Phase 3, Arab Industrial land - Freehold 1,831 9,007 sq mMalaysian Industrial Park,Nilai, Negeri Sembilan
14. Jalan Desa Anggadita Land & Factory 36 Freehold 5,280 34,420 sq mKlari, Karawang Timur building41371 Jawa Barat,Indonesia
15. Wisma Melco Office & Warehouse 6 Leasehold 7,392 4,114 sq mLot 59, Jalan 13/6 Expiring inPetaling Jaya 2062
16. Lot 14, Taman Jasa Bungalow house 16 Leasehold ,346 ,450 sq mBatu Arang 1 Expiring in87007 Wilayah Persekutuan 2867Labuan
17. Lot 22, Section 36, Office & Warehouse 21 Leasehold 9,200 8,357 sq mNo 3, Jalan 19/1 Expiring inSection 19, Petaling Jaya 2063
18. Lot PT 9577, HSD 26212 Commercial land & 12 Freehold 20,577 27,923 sq mMukim of Damansara ClubhousePetaling Jaya
19. Lot 8262, Commercial land - Freehold 2,543 9,704 sq mMukim of RantauDaerah SerembanNegeri Sembilan
20. Taman Tuanku Ja’afar Land for housing - Freehold 15,995 430,000 sq mSeremban development
21. 531, Jalan 1/3 Taman Office 15 Freehold ,154 ,153 sq mTuanku Ja’afar, SungeiGadut, Seremban
22. Lot PT 9578, HSD 31845 Commercial land, 18 Freehold 3,126 23,887 sq mMukim of Damansara sports andPetaling Jaya recreational facilities
23. Lot 8045 Mukim Rantau Shop office 2 Freehold ,348 ,185 sq mDaerah SerembanNegeri Sembilan
63
LIST OF PROPERTIESAS AT 30 JUNE 2000 (cont’d)
AGE OF NET BOOKLOCATION DESCRIPTION BUILDINGS TENURE VALUE AREA
(years) RM’000
24. Unit EQ-2-16, Shop office under - Freehold ,094 ,155 sq mEden Square constructionBatu Feringghi, Penang
25. Lot 10086, Shop office under - Leasehold ,264 ,130 sq mMukim Ampangan construction Expiring inDaerah Seremban 2088Negeri Sembilan
26. Unit 47, The Cresent Shop office under - Freehold ,343 ,164 sq m(S10-1), Lembah constructionBeringin
27. No 7, Jalan SS12/1B Shop office 20 Freehold ,791 ,123 sq mSubang Jaya47500 Petaling Jaya
28. Plaza Melaka Shop office 2 Freehold ,223 ,211 sq mHS(D) 6730 PT No 109Kawasan Bandar XXXIDaerah Melaka Tengah
29. Lot 946, 21 Lorong Office 7 Freehold 1,210 ,975 sq mNagasari, TamanNagasari, Perai
30. 3, Jalan 13/2 Office 8 Leasehold 3,448 4,215 sq m46200 Petaling Jaya Expiring in
2062
31. HS(D) 121061 PT 39481 Light industrial land - Freehold 6,000 18,201 sq mMukim & Daerah PetalingSelangor
32. 138, Gordon Road Factory 54 Freehold 1,348 1,000 sq mPeckimm, LondonSE15 3RN England
33. Carpenter House Warehouse/Office 21 Leasehold 4,960 5,000 sq mDormer Road, Thame Expiring inOxon, United Kingdom 2061
34. 231, Banbury Road, Shop unit 81 Freehold 1,518 ,240 sq mOxford, United Kingdom
35. 19, Cornmarket, Thame Shop unit 500 Freehold 1,693 ,290 sq mOxon, United Kingdom
64
ANALYSIS OF SHAREHOLDINGSAS AT 1 NOVEMBER 2000
Authorised Capital - RM250,000,000.00Issued and paid-up capital - RM154,377,257.00Class of shares - Ordinary shares of Fifty Sen eachTotal number of shares issued - 308,754,514Number of shareholders - 19,224
No. of % of No. of % of IssuedSize of Shareholdings Shareholders Shareholders Shares Capital
1 - 499 ,488 2.54 ,167,281 0.05500 - 5,000 13,650 71.00 32,827,683 10.63
5,001 - 10,000 2,748 14.29 23,242,121 7.5310,001 - 100,000 2,164 11.26 59,039,603 19.12
100,001 - 1,000,000 ,158 0.82 38,342,712 12.42over 1,000,000 ,016 0.09 155,135,114 50.25
19,224 100.00 308,754,514 100.00
Twenty largest shareholders as per the register of members % ofNo. of Issued
Name Shares Capital
1. MULTI-PURPOSE BANK NOMINEES (TEMPATAN) SDN BHD 61,967,000 20.07- Pledged securities account for Syarikat Pesaka Antah Sdn Bhd
2. HDM NOMINEES (TEMPATAN) SDN BHD 27,000,000 8.74- Pledged securities account for KRA Capital Sdn Bhd
3. MULTI-PURPOSE BANK NOMINEES (TEMPATAN) SDN BHD 20,673,000 6.70- Pledged securities account for Golden Fields Sdn Bhd
4. MULTI-PURPOSE BANK NOMINEES (TEMPATAN) SDN BHD 18,305,000 5.93- Pledged securities account for Collections Gallery Sdn Bhd
5. HSBC NOMINEES (TEMPATAN) SDN BHD 6,000,000 1.94- Pledged securities account for Syarikat Pesaka Antah Sdn Bhd
6. HDM NOMINEES (TEMPATAN) SDN BHD 2,585,400 0.84- YM Tunku Dato’ Yaacob bin Tunku Abdullah
7. MAYFIN NOMINEES (TEMPATAN) SDN BHD 2,527,000 0.82- Pledged securities account for Pan Malaysia Equities Sdn Bhd
8. WONG POH HAR 2,324,000 0.75 9. OSK NOMINEES (TEMPATAN) SDN BHD 2,290,000 0.74
- DMG & Partners Securities Pte Ltd for Tan Hian Tsin10. CARTABAN NOMINEES (ASING) SDN BHD 1,964,000 0.64
- Bank of Tokyo Mitsubishi Luxembourg S.A. for Osterreichisch Volksbanken AG11. MAYBAN NOMINEES (TEMPATAN) SDN BHD 1,938,000 0.63
- Pledged securities account for A.A. Anthony & Co Sdn Bhd12. SYARIKAT PESAKA ANTAH SDN BHD 1,835,714 0.5913. NG SENG KONG 1,669,000 0.5414. MALAYSIA NOMINEES (ASING) SENDIRIAN BERHAD 1,622,000 0.53
- Oversea-Chinese Bank Nominees Pte Ltd for Wearne Brothers Services (Pte) Ltd15. MALAYSIAN ASSURANCE ALLIANCE BERHAD 1,300,000 0.42
- As beneficial owner16. SYARIKAT NOMINEE BUMIPUTRA (TEMPATAN) SDN BHD 1,135,000 0.37
- Pledged securities account for A.A. Anthony & Co Sdn Bhd17. AMANAH RAYA BERHAD ,884,000 0.29
- BHLB Pacific Double Growth Fund18. BERJAYA GENERAL INSURANCE BERHAD ,880,000 0.2919. LIAN LEE PLANTATIONS SENDIRIAN BERHAD ,813,000 0.2620. MALAYSIAN NOMINEES (TEMPATAN) SENDIRIAN BERHAD ,800,000 0.26
- Pledged securities account for Gooi Seong Gum
158,512,114 51.35
65
ANALYSIS OF SHAREHOLDINGSAS AT 1 NOVEMBER 2000 (cont’d)
Substantial shareholder No. of Shares % ofHeld or Beneficially Issued
Name of shareholder Interested In Capital
Syarikat Pesaka Antah Sdn Bhd 99,925,714 32.36
Multi-Purpose Bank Nominees (Tempatan) Sdn Bhd 18,305,000 5.93- Pledged securities account for Collection Gallery Sdn Bhd
Syarikat Pesaka Radin Sdn Bhd 14,210,000 4.60
66
BORANG PROKSI
Saya/Kami _________________________________________________________________________________________________________________
beralamat di _______________________________________________________________________________________________________________
adalah ahli (ahli-ahli) Syarikat di atas, dengan ini melantik _______________________________________________________________
______________________________________________________________________________________________________________________________
beralamat di _______________________________________________________________________________________________________________
atau jika beliau gagal hadir Pengerusi Mesyuarat sebagai proksi saya/kami untuk mengundi bagi pihak saya/kami diMesyuarat Agung Tahunan Kedua Puluh Empat Syarikat yang akan diadakan di Bilik Serba Guna, Tingkat Bawah,Wisma Antah, Melalui Jalan Semantan, Damansara Heights, 50490 Kuala Lumpur pada hari Isnin, 18 Disember 2000, pukul 11.00 pagi dan pada setiap penangguhannya.
Proksi saya/kami akan mengundi seperti yang ditunjukkan di bawah dengan tanda “X”:
MENYOKONG MENENTANG
1. Meluluskan Akaun dan Laporan (Resolusi 1)
2. Untuk meluluskan pembayaran dividen pertama dan akhir (Resolusi 2)sebanyak 2% ditolak 28% cukai pendapatan
3. Untuk meluluskan pembayaran yuran para Pengarah (Resolusi 3)
4. (a) Perlantikan semula para Pengarah berikut menurut Tataurusan 99:(i) Y. Bhg. Dato’ Mohd Shahar bin Abdul Hamid (Resolusi 4)(ii) Giam Ting Hee (Resolusi 5)
(b) Perlantikan semula para Pengarah berikut menurut Tataurusan 104:(i) Harold Micheal Joseph (Resolusi 6)(ii) Chong Lee Chang (Resolusi 7)(iii) Y. Bhg. Tan Sri Datuk Wira Abdul Rahman Arshad (Resolusi 8)
5. Untuk melantik semula Tetuan BDO Binder sebagai (Resolusi 9)juruaudit dan memberi kuasa kepada para Pengarah untuk menetapkan bayaran mereka
6. Sebagai Urusan Khas, untuk meluluskan Resolusi Biasa (Resolusi 10)menurut Seksyen 132D Akta Syarikat, 1965
Tarikh ___________________ haribulan ___________________ 2000.
Bilangan saham dipegang:
Tandatangan/Cap Mohor
Nota:
i. Seorang ahli layak untuk melantik seorang proksi atau proksi-proksi (tetapi tidak lebih daripada dua orang proksi) untuk hadir dan mengundi bagi pihaknya. Seorang proksi tidak semestinya seorang ahli.
ii. Jika yang melantik adalah sebuah badan korporat, suratcara perlantikan proksi perlu dimeterikan di bawah Cap Mohor atau ditandatangani oleh wakilnya.
iii. Jika seseorang ahli melantik lebih daripada seorang proksi, perlantikan tersebut akan menjadi tidak sah kecuali beliau menyatakan nisbah pegangannya yang akan diwakili oleh setiap proksi.
iv. Suratcara perlantikan seseorang proksi perlu diserahkan ke Pejabat Berdaftar Syarikat, Tingkat 6, Wisma Antah, Melalui JalanSemantan, Bukit Damansara, 50490 Kuala Lumpur, tidak lewat dari empat puluh lapan (48) jam sebelum waktu yang ditetapkanuntuk mesyuarat tersebut.
ANTAH HOLDINGS BERHAD (27509-X)
PROXY FORM
I/We ________________________________________________________________________________________________________________________
Of __________________________________________________________________________________________________________________________
Being a member(s) of the abovenamed Company, hereby appoint _______________________________________________________
______________________________________________________________________________________________________________________________
Of __________________________________________________________________________________________________________________________
or failing him/her the Chairman of the Meeting as my/our proxy to vote for me/our behalf at the Twenty-fourth AnnualGeneral Meeting of the Company to be held at the Multi-purpose Room, Ground Floor, Wisma Antah, Off JalanSemantan, Damansara Heights, 50490 Kuala Lumpur on Monday, 18 December 2000 at 11.00 a.m. and at each and every adjournment thereof.
My/our proxy is to vote as indicated below with an “X”:
FOR AGAINST
1. Adoption of Accounts and Reports (Resolution 1)
2. To approve payment of the first and final dividend of 2% less (Resolution 2)28% income tax
3. To approve the payment of Directors’ fees (Resolution 3)
4. (a) Re-election of the following Directors pursuant to Article 99:(i) Y. Bhg. Dato’ Mohd Shahar bin Abdul Hamid (Resolution 4)(ii) Giam Ting Hee (Resolution 5)
(b) Re-election of the following Directors pursuant to Article 104:(i) Harold Micheal Joseph (Resolution 6)(ii) Chong Lee Chang (Resolution 7)(iii) Y. Bhg. Tan Sri Datuk Wira Abdul Rahman Arshad (Resolution 8)
5. To re-appoint Messrs BDO Binder as auditors and to authorise (Resolution 9)Directors to fix their remuneration
6. As special Business, to pass the Ordinary Resolution pursuant (Resolution 10)to Section 132D of the Companies Act, 1965
Dated this ___________________ day of ___________________ 2000.
No. of shares held:
Signature/Common Seal
Note:
i. A member is entitled to appoint a proxy or proxies (but not more than two) to attend and vote in his place. A proxy need not be amember of the Company.
ii. In the case of a corporate member, the instrument appointing a proxy shall be under its Common Seal or hand of its attorney.
iii. Where a member appoints more than one proxy, the appointments shall be invalid unless he specifies the proportions of his holdings to be represented by each proxy.
iv. The instrument appointing a proxy must be deposited at the Registered Office of the Company, 6th Floor, Wisma Antah, Off JalanSemantan, Damansara Heights, 50490 Kuala Lumpur, not less than forty-eight (48) hours before the time fixed for the meeting.
ANTAH HOLDINGS BERHAD (27509-X)
