YTL Corp AR 99.pdf - Announcements

YTL Corporation Berhad Annual Report 1999 

92647-H 

‘There is a science of Dynamics in man’s fortune and nature...

Contents 

Rationale 

Notice of Annual General Meeting 

Corporate Information 

Audit Committee: Composition, Terms of Reference and Functions 

CHAIRMAN’S STATEMENT & Financial Highlights 

Operations Review 

Construction Contracting 

Power Generation 

Cement & Manufacturing 

Property Development 

Hotels, Resorts & Leisure 

Corporate Events 

FINANCIAL STATEMENTS 

YTL 

CORPORATION 

BERHAD 

SINCE 1955 

ANNUAL GENERAL MEETING 

Date: Tuesday, 21st December 1999 Time: 11.45am Venue: Salon A, Lower Level 3, JW Marriott Hotel Kuala Lumpur, 183 Jalan Bukit Bintang, 

55100 Kuala Lumpur, Malaysia 

2 

4 

6 

8 

10 

18 

22 

30 

38 

46 

54 

62 

70 

1

In 1655, an idea was born that changed and expanded our knowledge of mathematics. The great British scientist, Sir Isaac Newton 

(1642-1727) discovered the Principles of Calculus and the Laws of Motion. Before, we believed ‘celestial’ bodies - planets and stars 

- conformed to divine rules of law. It was only in the last few hundred years we have grasped, understood and formulated these 

laws into cogent scientific and mathematical studies built on Newton’s methods. They demonstrate how the universe functions, how 

nature evolves, and to an extent, how Man thinks and acts. As opposed to abstract philosophical considerations, these rules offer 

a scientific alternative to Man’s logic and endeavours, provided the foundation for the creation of modern industries that fulfil Man’s 

rapacious needs and desires, and enabled productivity to be managed and sustained in a perpetually complex world business 

environment. YTL started in 1955. The Group’s inherent strengths - its pragmatism, its emphasis on innovative practices and its 

civic aspirations - which gave it direction four decades ago, remain the principle tenets even as it adapts to meet the challenges 

of a fast-shifting landscape. 

Calculus A branch of mathematics dealing with differentiation and integration. The rate of change calculates the difference of anything in motion. 

Laws of Motion A body continues in a state of rest or uniform motion in a straight line unless it is acted upon by external forces. The rate of change of 

momentum of a moving body is proportional to and in the same direction as the force acting on it. If one body exerts a force on another, there is an 

equal and opposite force called a reaction, exerted on the first body by the second. 

rate of change 

dy 

_ 

dx 

= 

ds (distance) 

dt (time) 

= velocity (speed)

3 

A body continues in a state of rest or uniform motion in a straight line unless it is acted upon by external forces. The rate of change of momentum 

of a moving body is proportional to and in the same direction as the force acting on it. If one body exerts a force on another, there is an equal 

and opposite force called a reaction, exerted on the first body by the second. A body continues in a state of rest or uniform motion in a straight 

line unless it is acted upon by external forces. The rate of change of momentum of a moving body is proportional to and in the same direction 

as the force acting on it. If one body exerts a force on another, there is an equal and opposite force called a reaction, exerted on the first body 

by the second. A body continues in a state of rest or uniform motion in a straight line unless it is acted upon by external forces. The rate of 

change of momentum of a moving body is proportional to and in the same direction as the force acting on it. If one body exerts a force on 

another, there is an equal and opposite force called a reaction, exerted on the first body by the second. A body continues in a state of rest or 

uniform motion in a straight line unless it is acted upon by external forces. The rate of change of momentum of a moving body is proportional 

to and in the same direction as the force acting on it. If one body exerts a force on another, there is an equal and opposite force called a reaction, 

exerted on the first body by the second. A body continues in a state of rest or uniform motion in a straight line unless it is acted upon by external 

forces. The rate of change of momentum of a moving body is proportional to and in the same direction as the force acting on it. If one body 

exerts a force on another, there is an equal and opposite force called a reaction, exerted on the first body by the second. A body continues in a 

state of rest or uniform motion in a straight line unless it is acted 

upon by external forces. The rate of change of momentum of a 

moving body is proportional to and in the same direction as the 

force acting on it. If one body exerts a force on another, there is 

an equal and opposite force called a reaction, exerted on the first 

body by the second. A body continues in a state of rest or uniform 

motion in a straight line unless it is acted upon by external 

forces. The rate of change of momentum of a moving body is 

proportional to and in the same direction as the force acting on 

it. If one body exerts a force on another, there is an equal and 

opposite force called a reaction, exerted on the first body by the 

second. A body continues in a state of rest or uniform motion in 

a straight line unless it is acted upon by external forces. The rate 

of change of momentum of a moving body is proportional to and 

in the same direction as the force acting on it. If one body exerts 

a force on another, there is an equal and opposite force A body 

continues in a state of rest or uniform motion in a straight line 

unless it is acted upon by external forces. The rate of change of 

momentum of a moving body is proportional to and in the same 

direction as the force acting on it. If one body exerts a force on 

another, there is an equal and opposite force called a reaction, 

exerted on the first body by the second. A body continues in a 

state of rest or uniform motion in a straight line unless it is acted 

upon by external forces. The rate of change of momentum of a 

moving body is proportional to and in the same direction as the 

force acting on it. If one body exerts a force on another, there is 

an equal and opposite force called a reaction, exerted on the first 

body by the second. A body continues in a state of rest or uniform 

motion in a straight line unless it is acted upon by external 

forces. The rate of change of momentum of a moving body is 

proportional to and in the same direction as the force acting on 

it. If one body exerts a force on another, there is an equal and 

opposite force called a reaction, exerted on the first body by the 

second. A body continues in a state of rest or uniform motion in 

a straight line unless it is acted upon by external forces. The rate 

of change of momentum of a moving body is proportional to and 

in the same direction as the force acting on it. If one body exerts 

a force on another, there is an equal and opposite force called a 

reaction, exerted on the first body by the second. A body 

continues in a state of rest or uniform motion in a straight line unless it is acted upon by external forces. The rate of change of momentum of 

a moving body is proportional to and in the same direction as the force acting on it. If one body exerts a force on another, there is an equal and 

opposite force called a reaction, exerted on the first body by the second. A body continues in a state of rest or uniform motion in a straight line 

unless it is acted upon by external forces. The rate of change of momentum of a moving body is proportional to and in the same direction as 

the force acting on it. If one body exerts a force on another, there is an equal and opposite force called a reaction, exerted on the first body by 

the second. A body continues in a state of rest or uniform motion in a straight line unless it is acted upon by external forces. The rate of change 

of momentum of a moving body is proportional to and in the same direction as the force acting on it. If one body exerts a force on another, there 

is an equal and opposite force called a reaction, exerted on the first body by the second. A body continues in a state of rest or uniform motion 

in a straight line unless it is acted upon by external forces. The rate of change of momentum of a moving body is proportional to and in the 

same direction as the force acting on it. If one body exerts a force on another, there is an equal and opposite force A body continues in a state 

of rest or uniform motion in a straight line unless it is acted upon by external forces. The rate of change of momentum of a moving body is 

proportional to and in the same direction as the force acting on it. If one body exerts a force on another, there is an equal and opposite force 

called a reaction, exerted on the first body by the second. A body continues in a state of rest or uniform motion in a straight line unless it is 

acted upon by external forces. The rate of change of momentum of a moving body is proportional to and in the same direction as the force acting 

on it. If one body exerts a force on another, there is an equal and opposite force called a reaction, exerted on the first body by the second. A 

body continues in a state of rest or uniform motion in a straight line unless it is acted upon by external forces. The rate of change of momentum

4 

NOTICE IS HEREBY GIVEN that the Sixteenth Annual General Meeting of 

the members of YTL Corporation Berhad will be held at Salon A, Lower 

Level 3, JW Marriott Hotel Kuala Lumpur, 183 Jalan Bukit Bintang, 55100 

Kuala Lumpur on Tuesday, the 21st day of December, 1999 at 11.45am to 

transact the following business: 

1 

2 

3 

AS ORDINARY BUSINESS 

To receive and adopt the Accounts for the year 

ended 30th June, 1999 and the Reports of the 

Directors and Auditors thereon; 

Resolution 1 

To sanction the declaration of a First and Final 

Dividend of 20% Tax Exempt in respect of the 

financial year ended 30th June, 1999; 

Resolution 2 

To re-elect the following Directors who retire 

pursuant to Article No. 74 of the Company’s 

Articles of Association: 

i YBhg Dato’ Yeoh Seok Hong 

Resolution 3 

Notice 

ii YBhg Mej Jen (B) Dato’ Haron bin Mohd Taib 

Resolution 4 

4 To re-elect the following Director who retires 

pursuant to Article No. 80 of the Company’s 

Article of Association: 

i 

5 

i 

ii 

6 

7 

Tuan Syed Abdullah bin Syed Abd Kadir 

Resolution 5 

To re-elect the following Directors who retire 

pursuant to Section 129(6) of the Companies 

Act, 1965 and hold office until the next Annual 

General Meeting: 

YBhg Tan Sri Dato’ Seri (Dr) Yeoh Tiong Lay 

Resolution 6 

YBhg Dato’ (Dr) Yahya bin Ismail 

Resolution 7 

To approve the payment of Directors’ Fees; 

Resolution 8 

To re-appoint the Auditors and to authorise 

the Directors to fix their remuneration. 

Resolution 9

8 

AS SPECIAL BUSINESS 

To consider and, if thought fit, pass the following as 

Ordinary Resolution: 

“That, subject to the Companies Act, 1965 and the Articles 

of Association of the Company, the Directors be and are 

hereby authorised to allot and issue shares in the Company 

at any time until the conclusion of the next Annual General 

Meeting and upon such terms and conditions and for such 

purposes as the Directors may, in their absolute discretion, 

deem fit provided that the aggregate number of shares 

to be issued does not exceed ten per centum (10%) of the 

issued and paid-up share capital of the Company for the 

time being and that the Directors be and are also empowered 

to obtain the approval for the listing and quotation for 

the additional shares so issued on the Kuala Lumpur Stock 

Exchange and Tokyo Stock Exchange.” 

Resolution 10 

NOTICE OF BOOK CLOSURE 

NOTICE IS ALSO HEREBY GIVEN THAT the First and Final Dividend of 

20% Tax Exempt in respect of the financial year ended 30th June, 1999,if 

approved, will be paid on the 12th day of January, 2000 to shareholders 

registered in the books of the Company at the close of business on the 

23rd day of December, 1999. 

of Annual General Meeting 

A 

B 

C 

FURTHER NOTICE IS HEREBY GIVEN THAT a Depositor shall qualify for 

entitlement only in respect of: 

Shares deposited into the Depositor’s Securities Account before 12.30pm 

on the 21st day of December, 1999 (in respect of shares which are exempted 

from mandatory deposit); 

Shares transferred into the Depositor’s Securities Account before 12.30pm 

on the 23rd day of December, 1999 in respect of ordinary transfers; and 

Shares bought on the Kuala Lumpur Stock Exchange on a cum entitlement 

basis according to the Rules of the Kuala Lumpur Stock Exchange. 

By Order of the Board, 

Ho Say Keng 

Secretary 

Kuala Lumpur 

Dated: 6th December, 1999 

NOTE 1: 

A member entitled to attend 

and vote at the meeting may 

appoint a proxy, who need not 

be a member to vote in his 

stead, subject to the provisions 

of Section 149(1) of the 

Companies Act, 1965. A proxy 

for a corporate member 

nominated for such purpose 

under Seal of the Corporation 

may be the proxy for any 

other member. An instrument 

appointing a proxy shall be 

deposited at the Registered 

Office of the Company at least 

48 hours before the appointed 

time for holding the meeting. 

NOTE 2: 

Resolution pursuant to Section 

132D of theCompanies Act, 

1965 The Company is actively 

pursuing business opportunities 

in prospective areas so as to 

broaden the operating base 

and earnings potential of the 

Company. Such expansion 

plans may require the issue of 

new shares not exceeding 10 

per centum of the Company’s 

issued share capital. With the 

passing of the Resolution 10 

mentioned above by the 

shareholders of the Company 

at the forthcoming Annual 

General Meeting, the directors 

would avoid delay and cost 

of convening further general 

meetings to approve issue of 

such shares for such purposes. 

5

6 

BOARD OF DIRECTORS 

Executive Chairman 

YBhg Tan Sri Dato’ Seri (Dr) Yeoh Tiong Lay 

PSM, SPMS, KMN, PPN, PJK 

Hon D Eng (Heriot-Watt) Chartered Builder, FCIOB, 

FAIB, FFB, FBIM, FSIET, FBGAM, FMID 

Managing Director 

YBhg Tan Sri Dato’ Francis Yeoh Sock Ping 

PSM, DPMS, DPMP, JMN, JP 

BSc (Hons) Civ Eng, FFB, F Inst D, MBIM, RIM 

Deputy Managing Director 

YBhg Dato’ Yeoh Seok Kian 

DSSA 

BSc (Hons) Bldg, MCIOB, FFB 

Directors 


DPMJ, DPMC, KMN, PPT, PJK 

YBhg Mej Jen (R) Dato’ Haron bin Mohd Taib 

PSAT, DPMJ, DPMT, JMN, PMK, SMT, PIS, PJK, PKB, psc 

Yeoh Soo Min 

BA (Hons) Accounting 

YBhg Dato’ Yeoh Seok Hong 

DSPN, JP 

BE (Hons) Civil & Structural Engineer, FFB 

YBhg Dato’ Michael Yeoh Sock Siong 

DIMP 

BE (Hons) Civil & Structural Engineer, FFB 

Yeoh Soo Keng 

BSc (Hons) Civil Engineer 

Yeoh Seok Kah 

LLB (Hons) King’s College London 

Barrister-At-Law (Gray’s Inn) 

Tuan Syed Abdullah bin Syed Abd Kadir 

BSc (Engineering Production) & B Com (Economics) 

Advisor to the Board 

YABM Raja Tun Mohar bin Raja Badiozaman 

JMN, PSM, PMN, SPCM, SSM, SSSA 

BA Cantab Et Oxon 

Advisor 

Dr Bernard T H Wang 

BA (Economics), PhD, FSCA, FMSA, FBIM, FCIOB, 

FAIB, FLArbA, FMIC 

Secretary 

Ho Say Keng 

(MIA 3708/RA) 

Corporate

Registered Office 

11th Floor 

Yeoh Tiong Lay Plaza 

55 Jalan Bukit Bintang 

55100 Kuala Lumpur 

Malaysia 

Telephone 603 242 6633 

Facsimile 603 241 2703 

Representative Office 

Hong Kong 

Rooms 2610 & 2611 

Tower Two 

Lippo Centre 

89 Queensway 

Hong Kong 

Telephone 852 252 371 33 

Facsimile 852 252 331 77 

Thailand 

39th Floor 

Paholyothin Place 

408 Paholyothin Road 

Bangkok 10400 

Thailand 

Telephone 662 619 0273/76 

Facsimile 662 619 0277 

Registrar 

11th Floor 

Yeoh Tiong Lay Plaza 

55 Jalan Bukit Bintang 

55100 Kuala Lumpur 

Malaysia 

Telephone 603 242 6633 

Information 

Solicitors 

Dorairaj, Low & Teh 

Lee, Perara & Tan 

Shook Lin & Bok 

Audit Committee 


(Committee Chairman and 

Independent Non-Executive Director) 

YBhg Mej Jen (R) Dato’ Haron bin Mohd Taib 

(Independent Non-Executive Director) 

YBhg Tan Sri Dato’ Francis Yeoh Sock Ping 

(Group Managing Director) 

Auditors 

Ler Lum & Co. 

Public Accountants 

(Associated worldwide with 

JEFFREYS HENRY INTERNATIONAL) 

Principal Banks of the Group 

Amanah Merchant Bank Berhad 

Arab-Malaysian Merchant Bank Berhad 

Aseambankers Malaysia Berhad 

Bumiputra-Commerce Bank Berhad 

Citibank Berhad 

Commerce International Merchant 

Bankers Berhad 

Deutsche Bank (Malaysia) Berhad 

Hong Leong Bank Berhad 

HSBC Bank Malaysia Berhad 

Malayan Banking Berhad 

National Westminster Bank Plc 

OCBC Bank Berhad 

Overseas Union Bank (Malaysia) Berhad 

Perwira Affin Bank Berhad 

RHB Sakura Merchant Bankers Berhad 

RHB Bank Berhad 

Southern Bank Berhad 

Stock Exchange Listing 

Kuala Lumpur Stock Exchange 

Main Board (3.4.85) 

Tokyo Stock Exchange 

Foreign Section (29.2.96) 

7

8 

Audit Committee Composition, Terms of Reference and Functions 

Composition 

The Board shall elect an Audit Committee, comprising at least three directors, the majority of whom shall be independent 

of senior management and operating executives of the holding company or any of its subsidiaries and unencumbered by 

any relationships that might in the opinion of the Board of Directors be considered to be a conflict of interest. 

One of the members, who is not an executive director or employee of the Company or its related corporations, shall 

be appointed Chairman by the Board of Directors. In the absence of such an appointment, one of the members shall be 

elected Chairman by the committee members. 

A 

B 

C 

D 

E 

F 

G 

A 

B 

C 

D 

E 

Functions 

Primary Purposes 

The committee shall: 

Provide assistance to the Board in fulfilling its fiduciary responsibilities relating to the corporate accounting 

and practices of YTL Corporation Berhad and all its wholly and majority owned subsidiaries (Group). 

Maintain through regularly scheduled meetings, a direct line of communication between the Board and 

the external auditors as well as internal auditors. 

Avail to the external and internal auditors a private confidential audience at any time when the desire and 

request is made through the committee chairman, with or without the prior knowledge of the Management. 

Act upon the Board of Directors’ request to investigate and report on any issues or concerns in regard to 

the management of the Group. 

Review existing practices and recommend to Management to formalise an ethics code for all executives 

and members of the staff of the Group. 

The committee shall review, appraise and report to the Board 

on: 

The quality and effectiveness of the entire accounting and 

internal control system. 

The adequacy of the audit effort by both the external and 

internal auditors. 

The propriety of accounting policies adopted by management 

and accepted by external auditors, where alternatives are 

also acceptable. 

Any significant difficulties encountered or material discoveries 

made by the external or internal auditors. 

The adequacy of the disclosure of information essential to a 

fair and full presentation of the financial affairs of the Group. 

The effects of any changes in accounting principles or of 

any developments emanating from the accounting profession 

or any statutory authority. 

The firm of external auditors retained by the Group, and the 

committee’s recommendation to retain or replace such firm 

in the ensuing year. 

Meetings 

The Audit Committee shall hold at least two (2) meetings 

per year, and such additional meetings as the Chairman 

shall in his discretion, deem necessary. 

The Audit Committee may invite any person(s) to be in 

attendance to assist in its deliberation. 

Upon request by the auditors, the Chairman shall convene 

a meeting of the committee to consider any matters 

the auditor believes should be brought to the attention of 

the directors or shareholders. 

The Audit Committee may regulate its own procedure 

and in particular the calling of meetings, the notice to be 

given of such meetings, the voting and proceedings thereat, 

the keeping of minutes and the custody, production and 

inspection of such minutes. 

A quorum shall be two (2) members. 

The Secretary to the Audit Committee shall be the 

Company Secretary.

A body continues in a state of rest or uniform motion in a straight line unless it is acted 

upon by external forces. The rate of change of momentum of a moving body is 

proportional to and in the same direction as the force acting on it. If one body exerts 

a force on another, there is an equal and opposite force called a reaction, exerted on 

the first body by the second. A body continues in a state of rest or uniform motion in 

a straight line unless it is acted upon by external forces. The rate of change of 

momentum of a moving body is proportional to and in the same direction as the force 

acting on it. If one body exerts a force on another, there is an equal and opposite force 

called a reaction, exerted on the first body by the second. A body continues in a state 

of rest or uniform motion in a straight line unless it is acted upon by external forces. 

The rate of change of momentum of a moving body is proportional to and in the same 

direction as the force acting on it. If one body exerts a force on another, there is an 

equal and opposite force called a reaction, exerted on the first body by the second. A 

body continues in a state of rest or uniform motion in a straight line unless it is acted 







acting on it. If one body exerts a force on another, there is an equal and opposite force 

called a reaction, exerted on the first body by the second. A body continues in a state 

of rest or uniform motion in a straight line unless it is acted upon by external forces. 

The rate of change of momentum of a moving body is proportional to and in the same 

direction as the force acting on it. If one body exerts a force on another, there is an 

equal and opposite force called a reaction, exerted on the first body by the second. A 

body continues in a state of rest or uniform motion in a straight line unless it is acted 







acting on it. If one body exerts a force on another, there is an equal and opposite force

The First Law of Motion. 

A body is in continuous motion in a straight line at a steady speed. 

Chairman’s Statement 

YTL, as one of Malaysia’s leading 

integrated infrastructure groups, 

consistently anticipates development 

needs of the country and of the 

emerging markets. 

the journey continues...

...as well as of Mechanics’.

ate of dy _ 

hange dx

Tan Sri Dato’ Seri (Dr) Yeoh Tiong Lay 



OVERVIEW 

Reflecting the strength of the Group, 

operating profit rose by 18.25 per cent to 

RM706 million. Despite the economic 

turmoil, which seriously affected the 

region in the first half of the financial year, 

our Group has managed this significant 

achievement. These excellent results testify 

to our financial strength and the benefits 

of focussing on the Group’s five core 

activities - power generation, construction 

contracting, cement and manufacturing, 

property development and hotels, resorts 

& leisure. The Group recognizes that this 

convergence and integration are critical to 

retaining our competitive advantage; hence 

our Group remains committed to growing 

our core businesses and making them 

leaders in their respective sectors. 

n behalf of the Board of YTL Corporation Berhad, I have pleasure in presenting 

to you the Annual Report and Audited Accounts of the Group and the Company 

for the financial year ended 30th June 1999. 

FINANCIAL REVIEW 

The Group achieved a pre-tax profit of 

RM703.3 million for the year ended 30th 

June 1999, against RM596.4 million reported 

in the previous year, despite a dip in 

turnover of 11.4 per cent to RM1.89 billion. 

For the year under review, the profit 

attributable to shareholders was RM420.5 

million compared to RM277.5 million as 

reported previously. At the Company level 

pre-tax profit also increased to RM150.6 

million from RM78.4 million with a corresponding 

increase in turnover of RM234.5 

million in the year under review. In tandem 

with improved earnings, our Group’s net 

tangible assets backing per 50 sen share 

increased by 7.13 per cent to 307.9 sen. 

The improvement in profit was due to the 

significantly higher contribution from power 

generation. Construction also posted an 

improvement when compared to the 

preceding financial year as a result of 

improved market conditions. However, due 

to intense market competition the profit 

contribution from cement and ready-mixed 

concrete activities deteriorated. Spurred by 

the easing of interest rates and the more 

positive economic environment, sale of low 

and medium cost properties increased 

during the financial year and is poised to 

contribute to the Group’s future profits. 

13

14 

DIVIDENDS 

Given our confidence in the country’s 

economic recovery and our improved 

financial results, the Board is pleased to 

recommend for the shareholders’ approval 

the payment of a First and Final Dividend 

of 20 per cent (tax exempt) for the year 

ended 30th June 1999. It represents the 

payment of dividend to our shareholders 

for the fifteenth consecutive year. 

CORPORATE DEVELOPMENT 

The following corporate events of the 

Company and the Group during the year 

under review and subsequent to our year 

end are as follows: 

•A RM500 million nominal amount of 

8.5% five-year Redeemable Non-Guaranteed 

Unsecured Bonds 1999/2004 together with 

303,775,911 1999/2009 Warrants subscribed 

by Aseambankers Malaysia Berhad who 

offered for sale the 303,775,911 1999/2009 

Warrants to shareholders of the entitled 

shareholders of the Company on a nonrenounceable 

basis on the basis of one 

Warrant for every ten existing ordinary 

shares held. The 1999/2009 Warrants were 

listed on the Kuala Lumpur Stock Exchange 

on 13th September 1999. 

The bonds issue marks another success 

for the Company in raising cost-effective 

funds as an alternative to long-term funding 

from the private debt capital market. 

More importantly, the issue contributed to 

the country’s economic recovery and is 

acknowledged to be a direct response to the 

Government’s call for a greater use 

of the bond market to finance long-term 

infrastructure projects. 

• On 1st July 1999, approval was obtained 

from the shareholders and warrant holders 

for the extension of the exercise period of 

YTL Cement Berhad’s outstanding Warrants 

to a period of ten years, thereby extending 

the expiry of the Warrants from 8th 

December 1999 to 8th December 2004. 

1,025.4 

1,597.7 

TURNOVER RM MILLION 

356.3 

231.3 

1,947.3 

1,255.8 

PROFIT BEFORE TAX RM MILLION 

2,136.5 

596.4 

• On 24th August 1999, the shareholders of YTL Power 

International Berhad approved the bonus issue of 

381,444,225 new ordinary shares of RM1.00 each on the 

basis of one new ordinary share for every five existing 

ordinary shares held. The new shares were listed on the 

Kuala Lumpur Stock Exchange on 1st October 1999. 

• On 22nd September 1999, YTL Corporation Berhad 

signed an agreement with CLP Power International Limited 

for the sale of 114,433,267 shares in YTL Power 

International Berhad at a total purchase price of RM388 

million, representing approximately five per cent of its 

share capital. The approval of the Foreign Investment 

Committee was obtained on 11th November 1999 and the 

sale completed on 24th November 1999. 

• On 2nd November 1999, approval was obtained from 

the shareholders and warrant holders for the extension 

of the subscription period of YTL Corporation Berhad’s 

outstanding Warrants 1997/2002 to a period of ten years, 

thereby extending the maturity date of 20th September 

2002 to 21st September 2007. 

• On 2nd November 1999, the shareholders of 

YTL Corporation Berhad approved the bonus issue up to 

323,518,679 new ordinary shares of RM0.50 each on the 

basis of one new ordinary share for every five existing 

ordinary shares held. 

1,897.3 

703.3

CHALLENGES AND PROSPECTS 

Although economic recovery is gaining 

momentum, the Group is committed to 

ensuring that its five core business activities 

are able to meet the challenges of the 

rapidly changing business environment and 

for each to remain at the forefront of their 

respective businesses as in the new 

millennium. 

The Group is committed to investing in 

new technology and business procedures 

that will enhance efficiency and enable its 

business to remain innovative and cost 

effective. Over the past two years, the Group 

has made substantial investments in new 

technology in critical areas of operations to 

ensure Y2K compliant. 

The Group is also constantly upgrading 

the skills and competence of its staff as the 

success of the Group is founded on the 

strength of its management and workforce. 

Both on-the-job training and specialized 

courses are provided at all levels and where 

necessary, new expertise is recruited to 

complement existing skills. 

273.5 

383.9 

1,918.2 

2,158.8 

PROFIT AVAILABLE FOR DISTRIBUTION TO SHAREHOLDERS RM MILLION 

197.9 

306.0 

1,181.5 

PROFIT AFTER TAX RM MILLION 

The year also saw the Group embarking on new plans 

for long term growth. 

For the Group’s proposed subscription of new shares in 

Taiping Consolidated Berhad pending the completion of 

Taiping Consolidated Berhad’s corporate restructuring 

exercise, the Securities Commission has granted the Group 

a waiver from having to make a mandatory general offer 

in respect of the remaining shares in Taiping Consolidated 

Berhad. The proposed subscription of new shares will 

result in the Group taking a controlling stake in Taiping 

Consolidated Berhad. 

2,556.3 

429.3 

646.5 

15

16 On 22nd September 1999, the Group 

through its subsidiary, YTL Power 

International Berhad entered into a Joint 

Development Agreement with Hong Kong’s 

CLP Power International Limited to jointly 

bid for Tenaga Nasional Berhad’s (TNB) 

generation assets. The bid for the Kapar 

Power Station in which YTL Power 

International Berhad has participated, is 

ongoing. The Group views such strategic 

alliances as important in meeting the 

challenges ahead and will continue to 

seek strong and competent partners in its 

respective businesses. 

Y2K COMPLIANCE 

As at 30th September 1999, the Group 

has completed testings on all critical 

systems supporting the respective 

businesses. To the best of its knowledge 

and belief, the Group is in a Y2K ready 

environment for its primary financial and 

business systems. The Group’s contingency 

operating procedures and plans have been 

developed to ensure that the transition 

into the new millennium will not 

unduly disrupt business operations. This 

contingency plan will mitigate any residual 

Y2K risks that may impact the Group’s 

business operations. 

2,423.9 

1,699.4 

TOTAL ASSETS RM MILLION 

EXCELLENCE 

The Company is honoured to be given the opportunity 

to participate in the Government’s initiative to chart a 

strategic blueprint and direction for the country’s capital 

market. The Group’s Managing Director, Tan Sri Dato’ 

Francis Yeoh Sock Ping was named a member of the sevenmember 

Capital Market Committee established under the 

auspices of the Securities Commission which is tasked to 

help develop a capital market master plan. 

37.6 

8,574.5 8,550.3 

54.0 

117.2 

EARNINGS PER SHARE SEN 

23.1 

9,457.6 

34.6

754.1 

1,268.3 

3,117.5 

3,566.9 

SHAREHOLDERS’ FUND RM MILLION 

134.1 

219.8 

ACKNOWLEDGMENT AND APPRECIATION 

389.8 

NET TANGIBLE ASSET BACKING PER SHARE SEN 

On behalf of the Board, I would like to congratulate 

Tuan Syed Abdullah bin Syed Abd Kadir on being appointed 

an executive director of YTL Corporation Berhad. His 

extensive experience across a wide range of businesses 

particularly in banking and financial services will 

undoubtedly be very valuable to the Group. Since our last 

annual report, Dato’ Aripin bin Mokhtar, who was an 

executive director, has resigned from the Board. We wish 

him well in his new endeavours. 

3,849.2 

287.4 

307.9 

Our continued success was possible 

because of the dedication, hard work and 

enthusiasm of all my fellow colleagues on 

the Board, and the entire management and 

staff of the Group. Their unwavering commitment 

to uphold the vision of the Group, in 

both difficult and better times is very much 

appreciated. 

Finally, we would like to thank our shareholders, 

financiers and business associates 

for their continued support and the 

Government authorities for their guidance 

and advice. 




17

18 POWER GENERATION 

T 

CONSTRUCTION CONTRACTING 

D 

his year saw several 

major achievements in the power 

generation division. In May 1999, the power 

stations of the Group achieved the highest 

level of plant availability since the 

uring the year under 

commencement of commercial operations. 

review, notable achievements of the 

The combined time availability of the two 

construction contracting division include the 

plants at Paka and Pasir Gudang was 99.90 

civil works for the Express Rail Link Project 

per cent, delivering their highest output 

that will connect the new Kuala Lumpur 

with 779,616 MWh supplied to the national 

Sentral Station and Kuala Lumpur 

grid. 

International Airport. The RM2.2 billion 

Engineering Procurement and Construction 

On 22nd September 1999, YTL 

Contract was awarded to a consortium 

Corporation Berhad signed an agreement 

comprising Siemens AG, Siemens Electrical 

with CLP Power International Limited for 

Engineering Sdn Bhd and Syarikat 

the sale of 114,433,267 shares in YTL Power 

Pembenaan Yeoh Tiong Lay Sdn Bhd. 

International Berhad at a total purchase 

Construction is progressing smoothly in two 

price of RM388 million, representing 

sectors over a 12 kilometre stretch from the 

approximately five per cent of its share 

Kuala Lumpur International Airport. The 

capital. The approval of the Foreign 

project is scheduled for completion by the 

Investment Committee was obtained on 

first quarter of 2002. The Express Rail Link 

11th November 1999 and the sale comple- 

will herald a new era in rail-air intermodal 

ted on 24th November 1999. 

travel and will be the world’s first rail 

operator to provide check-through service at 

In addition, YTL Power International 

the Kuala Lumpur Air Terminal at the Kuala 

Berhad and CLP Power International Limited 

Lumpur Sentral Station. Apart from providing 

signed a Joint Development Agreement to 

the comfort and convenience of a non-stop 

jointly undertake investment opportunities 

high speed rail service from the heart of the 

for the acquisition of Malaysian power 

city to Kuala Lumpur International Airport, 

generating assets. The strategic alliance 

the Express Rail Link will also provide 

allows the two companies to synergise their 

commuter rail services at intermediate 

expertise within the whole spectrum of 

stations. 

thermal power plants. 

The construction contracting division has 

Since my last report to you, no significant 

completed the Vistana Hotel, Kuantan and 

development has taken place in connection 

Vistana Hotel, Penang. The Seri Alam Medical 

with the Hwange project in Zimbabwe as 

Centre in Johor is also in an advanced stage 

detailed proposals are still being studied by 

of completion. Other projects in progress 

both parties. 

include the construction and completion of 

residential developments in Plentong, Johor 

and Puchong, Selangor. 

Operations 

The division has been selected to 

construct and complete a housing project 

comprising 230 units of houses at Cato 

Manor, South Africa known as Cato Manor 

Pilot Social Housing Project as part of the 

Malaysia-South Africa Friendship Housing 

Scheme. It is an honour given by the 

Government of the two countries in 

recognition of our services, for promoting 

a much needed social project. The Group 

will continue to explore opportunities and 

to extend our expertise in construction 

contracting in South Africa.

CEMENT MANUFACTURING & 

RELATED PRODUCTS 

The division remained 

profitable, albeit the contribution to the 

Group has been reduced. It has reported a 

drop in pre-tax profits of 14.8 per cent to 

RM5.03 million against a 38.75 per cent dip 

in turnover of RM177 million. 

The ready-mixed concrete division 

continued to maintain its market share 

despite increased competition in the market. 

This was possible because of its position 

as a market leader and its ability to remain 

competitive, both in terms of product 

quality and quality of its delivery services. 

The Group’s investment in cement manufacturing 

is primarily through Pahang 

Cement Sdn Bhd which suffered a drop in 

performance due to poor demand in the 

industry and to the intense competition. 

However, difficult economic conditions 

affecting the industry, the quality of its 

products improved. In September 1999, 

Pahang Cement Sdn Bhd was awarded a 

quality system registration certificate 

after having implemented a quality system 

complying with MS ISO 9002 in the 

manufacture of clinker and ordinary 

portland cement. The ordinary portland 

cement produced by Pahang Cement Sdn 

Bhd is marketed under the brand name 

‘ORANG KUAT’. 

The division had during the previous year 

already procured SIRIM recognition and 

certification for the slag cement products 

Review 

marketed under the ‘SLAGCEM’ brand name. 

PROPERTY DEVELOPMENT 

I 

n February 1999, the 

Company through its wholly owned subsidiary, 

YTL Land Sdn Bhd completed the 

purchase of three prime properties in Kuala 

Lumpur, Lot 10 Shopping Centre, Star Hill 

Shopping Centre and the JW Marriott Hotel, 

Kuala Lumpur. The acquisition is expected 

to contribute to the Group’s profits on a 

recurring basis in the future. 

The Group has embarked on a project to 

transform the area surrounding Lot 10, Star 

Hill Centre and JW Marriott Hotel into a 

multi-million ringgit environmentally-friendly 

shopping walkway known as ‘Bintang Walk’. 

The redevelopment includes ‘streetscaping’ 

the area to make it people-friendly. A 

pedestrian walkway circling the designated 

areas and shaded by trees and flowering 

plants has been created. Inspired by the 

famous Spanish Steps in Rome, the internal 

road between Star Hill Centre and KL Plaza 

is being transformed into an attractive side 

walk called Bintang Steps, complete with 

landscaping, outdoor restaurants and trendy 

cafes. 

The lower ground floor of Star Hill Centre 

is currently undergoing a complete renovation 

to introduce a new concept restaurant 

named ‘Shook!’, designed by renowned 

Japanese designers, Super Potato. Another 

first will be the opening of a customer 

service centre in Star Hill to attend to shoppers 

needs. Customers will be able to leave 

their shopping bags with the concierge to 

be gift wrapped or delivered to their cars or 

homes. 

The Government’s recent move to remove 

duties on hand bags, shoes, luggage, leather 

goods, accessories and related items will 

give a real boost to the retail industry and 

will undoubtedly contribute to the goal of 

making Malaysia Asia’s newest shopping 

paradise. 

The property division, seized the 

opportunities presented by the improving 

economic conditions and, launched Taman 

Puncak Kinrara, Taman Cahaya Masai and 

Taman Pakatan Jaya, residential developments 

undertaken by Syarikat Kemajuan 

Perumahan Negara Sdn Bhd, Bayumaju 

Development Sdn Bhd and PYP Sdn Bhd 

respectively. 

19

20 PROPERTY DEVELOPMENT 

The Taman Puncak Kinrara project 

comprises a development of 640 units of 

low medium cost apartments and low cost 

apartments, 215 units of double-storey 

houses and double and single-storey 

shophouses in Puchong, Selangor. In June 

1999, the launching of 240 units of low 

medium apartments was extremely well 

received by the public, while another 160 

units of double-storey houses launched in 

October 1999 were also sold. 

Bayumaju Development Sdn Bhd, a joint 

venture with Kumpulan Prasana Rakyat 

Johor Development Sdn Bhd, is undertaking 

the development of Taman Cahaya Masai 

comprising 4,722 units of low to medium 

cost apartments, houses and shophouses. 

The initial launch in December 1998 of 1,001 

units of low medium cost houses was 

completely sold. 

PYP Sdn Bhd, an associate company which 

launched Phases 2A, 2B 1D, 2C and 2D of 

Taman Pakatan Jaya in Perak, continued 

development with new phases comprising 

244 units of linked houses under Phases 2E, 

2F and 2G. 

THOTELS, RESORTS & LEISURE 

he hotel division added 

yet another property under its ‘Vistana Hotel’ 

chain this time in Penang - a 17-storey block 

with 238 rooms and a 26-floor block with 

service apartments situated in Bukit Gambir, 

Penang. The hotel is a joint venture between 

Penang Development Corporation and 

Business & Budget Hotels Sdn Bhd, a subsidiary 

of YTL. Today, three Vistana hotels are now 

in operation, namely Vistana Hotel Kuala 

Lumpur, Vistana Hotel Kuantan and Vistana 

Hotel Penang. 

The JW Marriott Hotel Kuala Lumpur, a 

520-room hotel in the heart of the city, was 

added to the hotel division‘s stable as a result 

of the Group’s acquisition of this hotel in 

February, 1999. 

The Tanjong Jara Resort which has undergone 

extensive renovation is being reopened 

as a deluxe five-star resort under the 

management of YTL Hotels & Properties Sdn 

Bhd. Located along the pristine coastline of 

Terengganu, the resort features accommodation 

built with indigenous timber and 

tastefully furnished using fabrics and materials 

crafted in Malaysia. 

The hotel division has been the proud 

recipient of various awards during the year. 

In the latest Business Traveller Asia/Pacific 

Magazine’s Travel Awards, the Ritz Carlton 

Kuala Lumpur was voted the best hotel in 

the Asia-Pacific. This is perhaps the highest 

accolade received since it opened for business 

two years ago. Apart from this prestigious 

award, the Ritz Carlton Kuala Lumpur was 

named the Best Business Hotel in Malaysia 

in a poll conducted by CNBC Asia and 

International Business Asia. 

We are also proud that Pangkor Laut 

Island is selected the World’s Second Best 

Island by Conde Nast’s Travellers’ magazine. 

The opening of the exclusive Marina Bay 

Resort located on the island in November 

1999 has given Malaysia a new world-class 

holiday destination, and helped secure for 

Malaysia a premier position on the international 

tourist map.

A body continues in a state of rest or uniform motion in a straight line unless it is acted upon by external forces. The rate of change 21 


is an equal and opposite force called a reaction, exerted on the first body by the second. 

A 

upon 

body 

by 

continues 

external 

in 

forces. 

a state 

The 

of rest 

rate 

or uniform 

of change 

motion 

of momentum 

in a straight 

of 

line 

a 

unless 

moving 

it is 

body 

acted 


is 

a 

the 

force 

first 

on 

body 

another, 

by the 

there 

second. 

is an equal and opposite force called a reaction, exerted on 

A in body a straight continues line in unless a state it is of acted rest or upon uniform by external motion 

body forces. is The proportional rate of change to and of in momentum the same direction of a moving 

the force acting on it. If one body exerts a force on as 

another, reaction, there exerted is an on equal the first and body opposite by the force second. called a 

A body continues in a state of rest or uniform motion in a straight line unless it is acted upon by external forces. The rate of change 



A 

upon 

body 

by 

continues 

external 

in 

forces. 

a state 

The 

of rest 

rate 

or uniform 

of change 

motion 

of momentum 

in a straight 

of 

line 

a 

unless 

moving 

it is 

body 

acted 


is 

a 

the 

force 

first 

on 

body 

another, 

by the 

there 

second. 









A 

upon 

body 

by 

continues 

external 

in 

forces. 

a state 

The 

of rest 

rate 

or uniform 

of change 

motion 

of momentum 

in a straight 

of 

line 

a 

unless 

moving 

it is 

body 

acted 


is 

a 

the 

force 

first 

on 

body 

another, 

by the 

there 

second. 









A 

upon 

body 

by 

continues 

external 

in 

forces. 

a state 

The 

of rest 

rate 

or uniform 

of change 

motion 

of momentum 

in a straight 

of 

line 

a 

unless 

moving 

it is 

body 

acted 


is 

a 

the 

force 

first 

on 

body 

another, 

by the 

there 

second. 









A 

upon 

body 

by 

continues 

external 

in 

forces. 

a state 

The 

of rest 

rate 

or uniform 

of change 

motion 

of momentum 

in a straight 

of 

line 

a 

unless 

moving 

it is 

body 

acted 


is 

a force on another, there is an equal and opposite force called a reaction, exerted on

22 

A body continues in a state of uniform motion unless 

it is acted upon by external forces. 

Construction Contracting 

Construction Contracting is the bedrock 

of the Group’s activities. Notwithstanding 

the recent regional financial crisis, 

the Group has prevailed and continues 

to spearhead infrastructure and 

development projects.

Construction 

PROJECTS 

1 

Express Rail Link 

Kuala Lumpur, Federal Territory 

2 

Seri Alam Medical Centre 

Plentong, Johor 

3 

Taman Cahaya Masai 

Johor Bahru, Johor 

4 

Taman Pakatan Jaya 

Ipoh, Perak 

5 

Taman Puncak Kinrara 

Puchong, Selangor 

6 

Vistana Hotel 

Kuantan, Pahang 

7 

Vistana Hotel 

Penang

Contracting 

In counteracting economic constraints in Malaysia and in 

neighbouring countries that have resulted is a contraction in 

construction activities, YTL introduced further streamlining 

Express Rail Link: The launching of twin T-Beams onto the bridge 

abutment is in progress. 

1 

measures and initiated new 

projects in the residential sector 

to meet the ever growing 

demand for low and medium 

cost housing. 

25

26 YTL engineers and workers at the Express Rail Link 

construction site. Once completed, the ERL project will 

provide a direct high speed rail service between the new 

Kuala Lumpur Sentral Station and the Kuala Lumpur 

Lifting Crawler Cranes 

are assembled to 

begin work at dawn. 

Express Rail Link: 

Launching of T-Beams 

Control survey for the bridge 

work gets underway. A T-Beam is lifted onto a transport trailer. 

2.1 2.2 2.3 

International Airport. YTL has 40% equity shareholding in 

Express Rail Link Sdn Bhd, the concession company for the 

ERL project. The engineering procurement construction 

(EPC) contract is undertaken by the SYZ Consortium,

comprising Siemens AG, Siemens Electrical Engineering 

Sdn Bhd and Syarikat Pembenaan Yeoh Tiong Lay Sdn 

Bhd (SPYTL), a wholly owned subsidiary of YTL. Under 

the EPC contract, SPYTL undertakes the civil works and 

The bridge pier is inspected prior to 

beam launching. T-Beam is launched into position. 

Siemens AG and Siemens Electrical Engineering Sdn Bhd, 

the mechanical and electrical supply. The project is 

expected to be completed in the year 2002. 

The launched T-Beam on the 

bridge pier is inspected. 

2.4 2.5 2.5 2.6 2.6 

27

28 

Seri Alam Medical Centre Project: 

a six-storey premier medical facility at 

Mukim Plentong, Daerah Masai, Johor 

has reached an advanced stage of 

completion. 

3 3 3 3 4 

Taman Pakatan Jaya: an integrated 

satellite town in Ipoh, Perak 

comprising semi-detached houses, 

bungalows, office blocks, shopping 

complex and hotel. Developed by PYP 

Sdn Bhd, a YTL associate company.

Taman Cahaya Masai: 

undertaken by Bayumaju 

Development Sdn Bhd, a 

wholly owned subsidiary 

of YTL, in a joint venture 

with Kumpulan Prasana 

Rakyat Johor Development 

Sdn Bhd. 

Taman Puncak Kinrara: undertaken by Syarikat 

Kemajuan Perumahan Negara Sdn Bhd, a 65% 

subsidiary of YTL. The project comprises Phase 1 - 

640 units of low-medium cost and low cost 

apartments, and Phase 2 - 215 units of doublestorey 

houses and shophouses, and single-storey 

shophouses. The launching of 240 units of lowmedium 

cost apartments and 160 double-storey 

terrace houses in June 1999 and October 1999 

respectively was an overwhelming success. 

5 6 7 7 

Vistana Hotels, Penang & Kuantan, 

Pahang: part of YTL’s chain of 

Vistana Hotels. Vistana Penang, a 

joint venture between the Penang 

Development Corporation and 

Business & Budget Hotels Sdn Bhd, a 

subsidiary of YTL. Both the Penang 

(top) and Kuantan (bottom) Vistanas 

have commanding views of their 

surrounding areas. Affording superior 

accommodation and services, they are 

well equipped to meet the needs of 

holiday-makers and business people 

each having car-park facilities, 

ballroom, recreational, business and 

conference centres. 

29

30 

The rate of change in the momentum of the body corresponds 

to the force acting on it. 

Power Generation 

Reliable and efficient energy sources 

are indispensable modern necessities 

and essential to the creation of wealth. 

YTL’s expertise and efficacy in this 

specialized sector support Malaysia’s 

growing economy.

Power 

PLANTS 

1 

Paka Power Station 

Paka, Terengganu 

2 

Pasir Gudang Power Station 

Pasir Gudang, Johor

Generation 

A strategic partnership with CLP Power International 

of Hong Kong established this year strengthens its position 

as a leading power producer in Asia. Concurrently with the 

execution of a Joint Development Agreement, CLP Power 

purchased 5% of YTL Power International. Together they will 

bid for Malaysian power 

generation assets. CLP Power’s 

capability in the development and 

operation of thermal-based assets such as coal-fired power 

plants compliments YTL Power’s track record in the power 

generating industry. 

YTL Power International & CLP Power International Signing Ceremony: [L to R] 

Joseph Cheung, CLP Business Development Manager, Tom Watters, CLP Business 

Development Director, Raja Tun Mohar Raja Badiozaman, YTL Power Director, Tan Sri Dato’ 

Francis Yeoh Sock Ping, YTL Power Managing Director, and Dato’ Yeoh Seok Hong, YTL 

Power Executive Director. 

1 

33

34 Both the Paka Power Station in Terengganu and the Pasir 

Gudang Power Station in Johor employ state-of-the-art 

gas turbine combined cycle technology. The Paka Power 

Gas Turbine 

Compressor Inlet - 

tightening of bolts. 

Paka Power Station: 

Servicing of the Gas Turbine 

Exhaust Duct 

Gas Turbine Last Stage Blade - 

measurement of blade radial 

clearence. 

Gas Turbine Exhaust 

Diffuser 

2.1 2.2 2.3 2.4 

Gas Turbine Combustion Chamber - 

Flame Tubes Fuel Nozzles.

Station has an aggregate capacity of 808MW. Last year, 

the station underwent a complete inspection on all gas 

turbines. This year, a similar inspection is being carried 

Gas Turbine Exhaust Diffuser - 

closing of manhole door. 

out on the gas turbines installed at the 404MW Pasir 

Gudang Station which will be completed in January 2000. 

Gas Turbine Combustion 

Chamber - tightening of 

manhole cover bolts. Gas Turbine Combustion Chamber 

2.5 2.6 2.7 2.8 

Gas Turbine Hall - 

combustion chamber in background. 

35

36 

Gas Turbine 

Generator - 

live exciter 

brushgear 

maintenance. 

Thermography 

Monitoring 

Thermography Monitoring 

at Generator Exciter. 

Testing chemical 

concentrations in the 

water treatment plant. 

3 4 5 6 7 

Testing of water purity in the water 

treatment plant. High purity water is 

required for the boilers.

A view of the 

Steam Turbine 

hall in Paka. Central Control Room 

Boilers and Bypass Stacks 

Steaming - Boiler 

Safety Valve Floating 

Test. 

8 9 10 11 12 

Switchyard - Inspection of 275KV Circuit 

Breaker Panel. 

37

38 

If a body exerts a force on another, there is an equal and opposite force. 

Cement & Manufacturing 

The Group’s ability to forecast 

infrastructure and construction projects 

augurs well for its manufacturing arm 

to sustain and broaden its high grade 

products and technically-advanced 

services.

Cement 

PROJECTS 

PLANTS 

Buildcon Concrete, Kuchai Lama 

1 


2 

Pahang Cement 

Bukit Sagu, Kuantan, Pahang 

3 

Slag Cement, West Port 

Klang, Selangor 

Slag Cement (Southern) 

Pasir Gudang, Johor 

1 

Berjaya Star City 


2 

Cyberjaya Bridge 


3 

Express Rail Link 


International Islamic University 

4 

Gombak, Selangor 

5 

Menara Great Eastern Life 


6 

New Straits Times 


7 

Putrajaya (Parcel C & D) 


8 

Securities Commission 

Kuala Lumpur, Federal Territory

& Manufacturing 

Optimising efficiency of materials and human resources, 

simultaneous emphasis on research and development, and 

continued investment in technology are YTL’s strategies 

Raw Meal Silo 

and Electrostatic 

Precipitator 

Section Rotary Packer Raw Mill 

1 2 3 4 

in readiness for economic 

resurgence. 

Mr Richard Hawthornwaite, CEO of Blue Circle pays a courtesy call to 

Tan Sri Dato’ Francis Yeoh Sock Ping at the Penthouse, YTL Plaza in July 

1999. Also present are Ms Yeoh Soo Keng, Executive Director of YTL 

Cement Berhad, Mr Alistair Cox, Managing Director of Malayan Cement 

and Dato’ Michael Yeoh, Executive Director of YTL Cement Berhad. 

41

42 Pahang Cement is a joint venture with the Pahang State 

Government. The RM700 million integrated cement 

plant at Bukit Sagu, manufactures ordinary portland 

Pahang Cement: Research 

and development 

Gravimetric Analysis Loss of Ignition Test Preparation for Concrete Cube 

Testing 

5.1 5.2 5.3 5.4 

Curing concrete cubes in water before crushing

cement to a capacity of 1.2 million tonnes per annum. 

Quality control procedures are implemented from 

production, the quarrying of raw materials to processing, 

packing, marketing and distributing of the final product. 

Ordinary portland cement is marketed under the brand 

name Orang Kuat. 

Concrete Cubes Crushing Test Pelletised samples for X-Ray analysis Statistical analysis and model development 

5.5 5.6 5.7 

43

44 

West Port grinding plant, 

Port Klang: owned by Slag 

Cement Sdn Bhd, a subsidiary 

of YTL Cement, manufactures 

slag cement, a specialised 

product distributed under the 

brand name, Slagcem. Another 

YTL Cement subsidiary, Slag 

Cement (Southern) Sdn Bhd in 

Pasir Gudang, Johor also 

produces slag cement. 

Putrajaya (Parcel C & D): 

the Government’s new 

’intelligent’ administrative 

centre. 

Buildcon Concrete 

batching plant in 

Kuchai Lama: 

MS ISO 9002 Quality 

Management System is 

implemented in all areas 

of operations at the plant. 

6 6 7 8 9 

Cyberjaya Bridge 3: in Cyberjaya 

city, a major component of 

the Multimedia Super Corridor.

Securities 

Commission 

building, 

Bukit Kiara 

Express 

Rail Link 

Berjaya Star City: comprising an office block, an 

hotel & service apartments, a shopping complex 

and entertainment centre in Kuala Lumpur. 

International Islamic University, 

Gombak: the new campus for Malaysia’s 

first international universities. 

New Straits Times factory: New Straits 

Times Press is one of Malaysia’s leading 

print media corporations. 

10 11 12 13 14 15 

Menara Great Eastern Life: a new 

commercial complex for a major insurance 

company. 

45

46 

The rate of change of momentum of a propelling object is in the same direction 

as the force acting on it. 

Property Development 

A basic condition to human security 

is the assurance of shelter. Over four 

decades of experience in property 

development gives YTL the 

competitive edge and unparalleled 

advantage of maintaining its 

reputable standing in the industry.

Property 

PROJECTS 

1 

Lot 10 Shopping Centre 


2 

Star Hill Centre 


3 

JW Marriott Hotel 


4 

Taman Cahaya Masai 

Johor Baru, Johor

Development 

Diversification amplifies the chief strategy in property 

development for the Group that includes the construction 

and ownership of first-class to budget hotels, superior 

shopping malls, and the development of residential projects. 

YTL Land Sdn Bhd, a wholly owned subsidiary of YTL, added 

Lot 10 Shopping Centre: an established shopping centre in 

the heart of the capital, Kuala Lumpur comprising an office 

annexe, main shopping area, car-park facility and food court. 

1 

Lot 10 Shopping Centre, Star Hill 

Centre and the JW Marriott Hotel 

Kuala Lumpur to its portfolio of 

investments through an acquisition 

completed in February 1999. 

49

50 In an extremely competitive arena such as the retail and 

service industries where the battle is for consumer 

attention and loyalty, YTL aims to stay at the forefront of 

Maintenance of Lot 10 

HAWKERS Food Court, 

as in other areas of Lot 

10, is set to the highest 

hygiene and safety 

standards. 

Lot 10 Shopping Centre: 

Lot 10 HAWKERS Food Court 

2.1 2.1 2.1 2.2 

Chefs and individual hawkers prepare the 

day’s fare. The variety of different cuisine 

include western and eastern dishes.

innovative planning and positive changes in providing 

products and services of international standard. A 

reorganisation of Lot 10 and Star Hill promises to offer 

The Lot 10 

HAWKERS 

Food Court 

opens for 

business. 

2.3 2.4 2.5 

the highest quality in shopping and entertainment values 

in the region, enhancing Malaysia’s ambition to be a 

premier shopping hub in Asia. 

By 11am, Lot 10 HAWKERS Food Court sees brisk 

business. Peak hours are during lunch and dinner. A bustling Lot 10 HAWKERS Food Court. 

51

52 

Star Hill Centre: a superior seven-storey shopping 

centre including car-park facility, a food court and 

several restaurants in the popular Bukit Bintang 

commercial district, Kuala Lumpur. The Kuala Lumpur Symphony Orchestra performing at Star Hill Centre in May 1999. 

3 3 4

Shanghai Restaurant, 

JW Marriott Hotel, 

Kuala Lumpur: serving the 

legendary cuisine of Shanghai, the 

city once touted ‘Paris of the East’. 

JW Marriott Hotel, Kuala Lumpur: 

adjoining to Star Hill is the 28-storey 

five-star JW Marriott hotel, Kuala Lumpur. 

5 6 7 7 

Taman Cahaya Masai: the project comprises of 4,722 units of 

low to medium apartments, houses and shophouses. The initial 

launch of 1,001 units of low-medium houses in December 1998 

was sold out. 

53

54 

A solid mass remains inert until it collides with extraneous elements. 

Hotels, Resorts & Leisure 

In an industry that is influenced by 

many external factors, the Group’s 

Hotels, Resorts & Leisure division has 

retained and augmented its market 

position against global economic & 

fiscal pressures of the past two years.

Hotels, 

HOTELS 

1 

JW Marriott Hotel 


2 

Pangkor Laut Resort 

Lumut, Perak 

3 

Tanjung Jara Resort 

Kemaman, Terengganu 

4 

Vistana Hotel 

Kuantan, Pahang 

5 

Vistana Hotel 

Penang

Resorts 

Product and service excellence 

& Leisure 

are the drivers behind YTL’s 

commitment to the tourism and service industries. Setting 

and preserving high quality standards have led to growing 

JW Marriott Hotel, Kuala Lumpur: a luxury hotel 

located in Kuala Lumpur’s Golden Triangle. 

1 2 

recognition within a select market 

niche that values the attention 

that we put into the finest detail. 

Tan Sri Dato’ Francis Yeoh Sock Ping accompanied by Mr Mark Yeoh, 

President of YTL Hotels and Properties Sdn Bhd, escort Datuk 

Abdul Kadir Sheikh Fadzir, Minister of Culture, Arts and Tourism at 

JW Marriott Hotel, Kuala Lumpur in June 1999. 

57

58 

A first-class housekeeping 

service at work. 

JW Mariott Hotel, Kuala Lumpur: 

Housekeeping and room service 

3.1 3.1 3.2 

The JW Marriott Hotel, Kuala Lumpur is a prized addition 

to the Group’s diverse range of hotels and properties. At 

the centre of a vibrant commercial area that daily attracts 

A housekeeping staff airs a room. 

All JW Marriott hotel rooms are 

spacious and modern.

thousands of consumers, foreign and local, the hotel with 

its distinctive charm, is reputed for its delightful eateries 

and first-rate service. 

A room service staff 

clears out the breakfast 

table. The room service 

at JW Marriott hotel is 

available 24 hours-aday 

and offers an 

extensive range of 

cuisine and services. 

The housekeeping staff cleans and 

tidies the room, ensuring the highest 

quality in hotel service. 

3.3 3.4 3.4 3.4 

59

60 

Tanjung Jara Resort, Terengganu: 

recipient of the coveted Aga Khan 

Awardfor Architecture in 1987. 

Situated near the State capital, 

Kuala Terengganu, the exclusive 

resort comprises 12 single-storey 

beach rooms and another 88 

well-appointed accommodations. 

Facilities include a variety of dining 

and entertainment facilities, an 

excellent fitness centre, sports 

and other recreational services. 

Dr Karl-Hermann Baumann, 

Chairman, Supervisory Board of 

Siemens AG entertained to lunch 

by Tan Sri Dato’ Francis Yeoh 

Sock Ping and Dato’ Yeoh Seok 

Hong at Emerald Bay, Pangkor 

Laut Resort in April 1999. 

Marina Bay, Pangkor Laut Resort: 

set in the verdant natural beauty of the 

island and incorporating traditional 

architectural elements of the region. The 

resort was built employing the strictest 

environmentally-safe methods, ensuring 

minimum impact to the ecosystem. 

4 4 5 6 6

Vistana Hotel, Penang: a proud 

edition to the range of YTL Vistana 

hotels in Kuantan and Kuala Lumpur. 

The Penang Vistana includes a 17storey 

block with 238 rooms and a 

26-storey block of service apartments 

in Bukit Gambir, Penang. The project 

was completed in August 1999 and 

opened in November the same year. 

Tan Sri Dato’ Francis Yeoh Sock Ping 

dining with Mr Jon Corzine, CEO at 

Goldman Sachs & Co. in November 

1998 at the Chairman Suite, Ritz 

Carlton Hotel, Kuala Lumpur. 

7 7 8 9 9 

Vistana Hotel, Kuantan, Pahang: opened in 

February 1999. Located near the town centre and 

the beautiful Teluk Chempedak Beach, it has 215 

rooms and suites, conference and banquet services, 

recreational facilities and a business centre. 

61

62 

A solid mass moves at a harmonious pace until it is confronted with obstacles. 

Corporate Events Behind the Mechanics and Dynamics 

of YTL is the resourcefulness and 

resilience of its people to creatively 

invent and realize opportunities both 

at home and abroad.

Corporate 

Resoluteness, ingenuity, and informed 

and firm decision-making are essential 

to success. To broaden its scope of 

activities, YTL’s management and staff 

constantly strives to scale new heights 

in their corporate and cultural efforts.

Events 

Tan Sri Dato’ Francis Yeoh Sock 

Ping and Mr Christian Murach, 

First Vice President, Kreditanstalt 

fur Wiederaufbau representing 

the German banks, exchange the 

signed agreement for the DM665 

million Export Credit Financing 

Facility for the ERL project at the 

JW Marriott Hotel in April 1999. 

YTL’s RM 500 Million Bond Issue: oversubscribed by two times; YTL’s Managing 

Director Tan Sri Dato’ Francis Yeoh Sock Ping seals the deal with the Managing 

Director and Head of Global Markets Asia-Pacific, Mr Martin Loat of Deutsche Bank 

at the signing ceremony witnessed by Dato’ Yeoh Seok Kian, YTL’s Deputy 

Managing Director (left), Dato’ Mohammed Hussain, the Managing Director 

of Aseambankers Malaysia Berhad, (second from left), and Bank Negara Governor, 

Tan Sri Dato’ Seri Ali Abul Hassan Sulaiman (second from right). 

APEC Business Summit: Tan Sri Dato’ Francis Yeoh Sock Ping 

moderating the session, Parallel Session on Smart Partnerships in 

Key Economic Sectors - Challenges and Opportunities: Infrastructure 

Development, in November 1998, Kuala Lumpur. Session presenters 

are (L to R) Mr A Ian Gillespie, President & CEO, Canada’s Export 

Development Corporation, Dr Robert L Thompson, Senior Advisor, 

World Bank, Washington DC and Sir Gordon Wu Ying Sheung, 

Chairman and Managing Director, Hopewell Holdings Ltd, Hong Kong. 

1 

2 

3 

4 

5 

(L to R) ERL Executive Chairman, Datuk Mohd Nadzmi 

Mohd Salleh, Transport Minister, Datuk Seri Dr Ling Liong 

Sik and Tan Sri Dato’ Francis Yeoh Sock Ping at the site 

briefing of the ERL project in July 1999. 

Tan Sri Dato’ Francis Yeoh Sock Ping with Dr Karl-Hermann 

Baumann, Chairman, Supervisory Board of Siemens AG at 

the Penthouse, YTL Corporation Berhad, in April 1999. 

65

66 

Asian Investment Conference, March 1999, Shangri-la Hotel, Hong 

Kong: session titled Malaysia - Capital Controls: Opportunities & 

Threats. Panelists - (L to R) Dr Zeti Akhtar Aziz, Deputy Governor, 

Bank Negara Malaysia, Tan Sri Dato’ Dr Noordin Sopiee, Chairman 

& CEO Institute of Strategic & International Studies, Tan Sri Dato’ 

Francis Yeoh Sock Ping, Mr Stephen E Stonefield, Chairman, Pacific 

Region of Credit Suisse First Boston, Encik Azman Yahya, Managing 

Director, Danaharta Nasional Bhd and Encik Mohamad Daud 

Dolmoin, Managing Director, Danamodal Nasional Bhd. 

Tan Sri Dato’ Francis Yeoh Sock Ping and Dato’ Yeoh Seok Hong 

with Mr JS Dickson Leach, Vice Chairman CLP Holdings and 

Mr Kenneth Oberg, Managing Director, CLP Power International 

at Pangkor Laut Resort in June 1999. 

6 

7 

8 

9 

Tan Sri Dato’ Francis Yeoh Sock Ping briefing Mr Joe Ulatoski, 

Director, US Russell 20-20 Investment Group on the economic 

and investment climate in Malaysia at the Penthouse, YTL Plaza, 

August 1999. 

Courtesy call: Tan Sri Dato’ Francis Yeoh Sock Ping discusses 

with Mr J Mark Mobius, President, Templeton Emerging Markets 

Fund, Hong Kong at the Penthouse, YTL Plaza in January 1999.

The Right Honourable, Dato’ Seri Abdullah Badawi, 

the Deputy Prime Minister of Malaysia with Tan Sri Dato’ 

Francis Yeoh Sock Ping at the Kuala Lumpur Ritz Carlton 

Hotel in March 1999. 

Malaysian British Business Council: inaugural meeting in London in 

March 1999. (L to R) Mr John Hawkins, Director of International 

Investment in Britain Bureau, Tan Sri Dato’ Francis Yeoh Sock Ping, 

head of Infrastructure sub-committee, Sir Patrick Gillam, Chairman, 

Standard Chartered Bank and Encik Mirzan Mahathir, President, 

Asian Strategy and Leadership Institute. 

10 

11 

12 

13 

Tan Sri Dato’ Seri (Dr) Yeoh Tiong Lay with His Majesty, 

The King at the Ritz Carlton Hotel, Kuala Lumpur in June 1999. 

Presentation of Letter of Invitation to set up a branch campus of 

University of Nottingham in Malaysia. Officiated by (centre) the 

Minister of Education, Dato’ Sri Mohd Najib Tun Abdul Razak 

Witnessed by (L to R) Professor Sir Collin Campbell, Vice-Chancellor, 

University of Nottingham, Tengku Tan Sri Dato’ Seri Rithauddeen 

Tengku Ismail, Chairman, University of Nottingham Malaysia Sdn Bhd, 

Dato’ Abdul Shukor Abdullah, Secretary-General, Ministry of Education 

and Tan Sri Dato’ Francis Yeoh Sock Ping. 

67

68 

Panel Discussion with Retailers: Tan Sri Dato’ Francis Yeoh Sock 

Ping with a group of retailers lauding the Government’s recent 

decision to abolish taxes on branded leather goods, in June 1999 

at JW Marriott Hotel, Kuala Lumpur. 

Tan Sri Dato’ Seri (Dr) Yeoh Tiong Lay, Puan Sri Datin 

Yeoh Kai Yong, Mr Xu Daquan, Chairman of Baosteel Group of 

Shanghai, China and Tan Sri Dato’ Francis Yeoh Sock Ping at 

the Shang Palace, China World Hotel, Beijing in August 1999. 

14 

15 

16 

17 

Tan Sri Dato’ Francis Yeoh Sock Ping addresses the international 

conference, Managing the Asian Financial Crisis, in November 1998 

at the Palace of Golden Horses, Kuala Lumpur. 

Tan Sri Dato’ Francis Yeoh Sock Ping and Dato’ Yeoh Seok Kian discussing 

with Datuk Abdul Kadir Sheikh Fadzir, Minister of Culture, Arts & Tourism, 

on Malaysia’s potential to become an exceptional regional shopping hub 

in June 1999 at the JW Marriott Hotel, Kuala Lumpur.

(L-R) Flautist Andrea Griminelli, Tenor Warren Mok, Soprano Yin Huang 

and Conductor Paul Mann of the London Symphony Orchestra at the 

Concert Celebration in November 1998, Emerald Bay, Pangkor Laut Resort. 

The Kuala Lumpur Symphony Orchestra performing with dancers 

from the Jean Gan Academy of Ballet and Music at the Johan and 

Si Belang Young Audience concert in June 1999. 

18 

19 

20 

21 

22 

(L - R) YABM Raja Tun Mohar Raja Badiozaman, advisor to the 

YTL Board, Tan Sri Ramli Ngah Talib, Perak Chief Minister, Tan Sri 

Dato’ Seri (Dr) Yeoh Tiong Lay, Tan Sri Dato Francis Yeoh Sock Ping, 

and The Right Honourable, Dato Seri Dr Mahathir Mohamad, 

Prime Minister of Malaysia at the Concert Celebration in 

November 1998, Emerald Bay, Pangkor Laut Resort. 

Tan Sri Dato’ Francis Yeoh Sock Ping discusses classical music 

appreciation with Dato’ Leo Moggie, Minister of Energy, 

Telecommunications and Post, and Mr Eduardo Browne, 

Guest Conductor, Kuala Lumpur Symphony Orchestra. 

A scene from The Sound of Music performed by an all-Malaysian 

cast and supported by the Kuala Lumpur Symphony Orchestra. 

Staged in August 1999, it was co-presented by YTL Corporation 

Berhad, MUI and Deutsche Bank. 

69

70 

Differential calculus is a powerful tool with which to study, 

evaluate and use derivatives and differentials. 

Financial Statements 

The Group as a constantly expanding 

and indivisible corporate body has its 

business legacy built on disassembling 

complexities and devising simpler 

equations and solutions.

72 

Contents 

Directors’ Report 

73 

83 

84 

85 

86 

87 

89 

92 

132 

134 

143 

Statement by Directors 

Statutory Declaration 

Auditors’ Report 

Profit & Loss Account 

Balance Sheet 

Consolidated Cash Flow Statement 

Notes to the Accounts 

Statement of Shareholdings 

List of Properties 

FORM OF PROXY

DIRECTORS’ REPORT 73 

The directors have pleasure in submitting their report together with the audited accounts of the Group and of the Company for the 

financial year ended 30 June, 1999. 

Principal Activities 

The principal activities of the Company are those of an investment holding and management company. 

The principal activities of the Group are that of an integrated infrastructure development comprising construction contracting, power 

generation, property development, manufacturing of industrial products and supplies and hotel development and management. 

There have been no significant changes in the nature of these activities during the financial year. 

Financial Results 

Profit for the year after taxation and minority interests 

Retained profit brought forward 

Profit available for distribution 

Capitalisation on redemption of preference shares by one of the subsidiaries 

Proposed dividends: First and Final dividend of 20% tax exempt 

Retained profit carried forward 

Dividends 

The amounts of dividend paid or declared since the end of the last financial year were as follows: 

In respect of the year ended 30 June, 1998: 

First and Final dividend of 5% less tax, paid on 12 January, 1999 

The First and Final dividend recommended by the directors in respect of the current financial year 

ended 30 June,1999 is 20% tax exempt amounting to 

Reserves and Provisions 

Group Company 

RM RM 

420,552,265 149,769,347 

2,135,823,119 1,237,044,107 

2,556,375,384 1,386,813,454 

(882,049) - 

(121,469,452) (121,469,452) 

2,434,023,883 1,265,344,002 

There were no material transfers to or from reserves and provisions during the financial year except as disclosed in the Notes to the 

Accounts. 

RM 

21,864,213 

121,469,452

74 

Issue of Shares 

DIRECTORS’ REPORT 

During the financial year, the following shares were issued by the Company: 

Class Of Shares Number Term Of Issue Purpose Of Issue 

Ordinary 1,000 Cash Exercise of Warrants 

Ordinary 15,000 Cash Exercise of Employees 

Share Option Scheme 

Bonds and Warrants 

During the financial year, the Company issued RM500,000,000 8.5% Redeemable Non-Guaranteed Unsecured Bonds 1999/2004 with 

303,775,911 detachable Warrants. The Warrants were issued on 29 June, 1999 and were subsequently allotted to existing shareholders on 

1 September, 1999. 

The main features of the Bonds and Warrants are as follows: 

i) Nominal value of the Bonds is RM500 million in denominations or multiples of RM50,000 and constituted by a Trust Deed dated 28 

June, 1999. 

ii) Unless previously redeemed or repurchased and cancelled, the Company shall redeem the Bonds at their nominal value on maturity 

due on 29 June, 2004. 

iii) The Warrants are transferable and are quoted on the Kuala Lumpur Stock Exchange. 

iv) Each warrant entitles its registered holder the right to subscribe for one new ordinary share at RM5.45 subject to adjustment under 

prescribed conditions in accordance with the Deed Poll at each interval year during the exercise period, expiring on 26 June, 2009. 

Directorate 

The directors who served on the Board of the Company since the date of the last report are: 

YBhg Tan Sri Dato' Seri (Dr) Yeoh Tiong Lay 

YBhg Tan Sri Dato' Francis Yeoh Sock Ping, JP 

YBhg Dato' Yeoh Seok Kian 

YBhg Dato' (Dr) Yahya bin Ismail 

YBhg Mej Jen (R) Dato' Haron bin Mohd Taib 

Ms Yeoh Soo Min 

YBhg Dato' Yeoh Seok Hong, JP 

YBhg Dato' Michael Yeoh Sock Siong 

YBhg Dato' Aripin bin Mokhtar (Resigned on 30 April 1999) 

Ms Yeoh Soo Keng 

Mr Yeoh Seok Kah 

Tuan Syed Abdullah bin Syed Abd Kadir (Appointed on 20 October 1999)


In accordance with Article No 74 of the Company’s Articles of Association, YBhg Dato' Yeoh Seok Hong, JP and YBhg Mej Jen (R) Dato' 

Haron bin Mohd Taib retire from the Board at the forthcoming Annual General Meeting and, being eligible, offer themselves for re-election. 

In accordance with Article No 80 of the Company’s Articles of Association, Tuan Syed Abdullah bin Syed Abd Kadir retires from the Board 

at the forthcoming Annual General Meeting and, being eligible, offers himself for re-election. 

YBhg Tan Sri Dato' Seri (Dr) Yeoh Tiong Lay, YBhg Dato' (Dr) Yahya bin Ismail, being over seventy years of age, retire in accordance with 

Section 129 of the Companies Act, 1965 and offer themselves for re-appointment to hold office until the conclusion of the next Annual 

General Meeting. 

Directors’ Interests 

The directors holding office at the end of the financial year and their interests in the share capital, options and warrants of the Company 

and their interests in the share capital of the holding company during the financial year were: 

Direct interest in the Company 

Tan Sri Dato' Seri (Dr) Yeoh Tiong Lay 

Tan Sri Dato' Francis Yeoh Sock Ping, JP 

Dato' Yeoh Seok Kian 

Dato' (Dr) Yahya bin Ismail 

Yeoh Soo Min 

Dato' Yeoh Seok Hong, JP 

Dato' Michael Yeoh Sock Siong 

Yeoh Soo Keng 

Yeoh Seok Kah 

Ordinary Shares of 50 Sen Each 

Balance Acquired Disposed Balance 

At 1.7.98 At 30.6.99 

3,721,875 - - 3,721,875 

7,156,440 - - 7,156,440 

2,183,445 1,000 - 2,184,445 

336,888 26,771 - 363,659 

2,244,585 338,500 - 2,583,085 

2,145,690 14,000 - 2,159,690 

1,792,575 38,000 - 1,830,575 

1,944,000 237,500 - 2,181,500 

919,500 50,000 (65,000) 904,500 

Shares held by Yeoh Tiong Lay & Sons 

Holdings Sdn Bhd (holding company) in the Company 552,776,080 945,912 - 553,721,992 

By virtue of their substantial interests in Yeoh Tiong Lay & Sons Holdings Sdn Bhd, YBhg Tan Sri Dato’ Seri (Dr) Yeoh Tiong Lay, YBhg Tan 

Sri Dato’ Francis Yeoh Sock Ping, JP, YBhg Dato’ Yeoh Seok Kian, Ms Yeoh Soo Min, YBhg Dato’ Yeoh Seok Hong, JP, YBhg Dato’ Michael 

Yeoh Sock Siong, Ms Yeoh Soo Keng and Mr Yeoh Seok Kah are deemed to be interested in the shares of the Company held by Yeoh 

Tiong Lay & Sons Holdings Sdn Bhd.

76 





Yeoh Soo Min 



Yeoh Soo Keng 

Yeoh Seok Kah 



Tan Sri Dato’ Francis Yeoh Sock Ping, JP 



Yeoh Soo Min 



Yeoh Soo Keng 

Yeoh Seok Kah 

Warrants held by Yeoh Tiong Lay & Sons Holdings 

Sdn Bhd (holding company) in the Company 


Options Over Ordinary Shares of 50 Sen Each 

Balance Granted Exercised/ Balance 

At 1.7.98 Lapsed At 30.6.99 

500,000 - - 500,000 

500,000 - - 500,000 

500,000 - - 500,000 

500,000 - - 500,000 

500,000 - - 500,000 

500,000 - - 500,000 

500,000 - - 500,000 

500,000 - - 500,000 

Number of Warrants 

Balance Acquired Exercised/ Balance 

At 1.7.98 #Disposed At 30.6.99 

237,000 - - 237,000 

478,000 - - 478,000 

146,000 - - 146,000 

12,600 16,000 - 28,600 

150,000 - - 150,000 

144,000 - - 144,000 

120,000 - - 120,000 

130,000 - - 130,000 

62,000 - #(62,000) - 

46,851,738 14,000 - 46,865,738 

By virtue of their substantial interests in Yeoh Tiong Lay & Sons Holdings Sdn Bhd, YBhg Tan Sri Dato’ Seri (Dr) Yeoh Tiong Lay, YBhg Tan 

Sri Dato’ Francis Yeoh Sock Ping, JP, YBhg Dato’ Yeoh Seok Kian, Ms Yeoh Soo Min, YBhg Dato’ Yeoh Seok Hong, JP, YBhg Dato’ Michael 

Yeoh Sock Siong, Ms Yeoh Soo Keng and Mr Yeoh Seok Kah are deemed to be interested in the warrants of the Company held by Yeoh 

Tiong Lay & Sons Holdings Sdn Bhd.


Holding Company - Yeoh Tiong Lay & Sons Holdings Sdn Bhd 

Direct interest in the company 




Yeoh Soo Min 



Yeoh Soo Keng 

Yeoh Seok Kah 

Ordinary Shares of RM1 Each 


At 1.7.98 At 30.6.99 

8,220,004 - - 8,220,004 

5,000,000 - - 5,000,000 

5,000,000 - - 5,000,000 

1,250,000 - - 1,250,000 

5,000,000 - - 5,000,000 

5,000,000 - - 5,000,000 

1,250,000 - - 1,250,000 

5,000,000 - - 5,000,000 

By virtue of the directors' interests in the Company through their substantial interests in Yeoh Tiong Lay & Sons Holdings Sdn Bhd, YBhg 

Tan Sri Dato' Seri (Dr) Yeoh Tiong Lay, YBhg Tan Sri Dato' Francis Yeoh Sock Ping, JP, Ms Yeoh Soo Min, YBhg Dato' Yeoh Seok Kian, YBhg 

Dato’ Yeoh Seok Hong, JP, YBhg Dato' Michael Yeoh Sock Siong, Ms Yeoh Soo Keng and Mr Yeoh Seok Kah are deemed to be interested in 

the shares of all the subsidiaries (except for YTL Power International Berhad and YTL Cement Berhad which are disclosed in the following 

paragraph) of the Company to the extent of the Company’s interests in the respective subsidiaries as disclosed under Note 9 to the 

Accounts.

78 


The directors' interests in the share capital of YTL Cement Berhad and YTL Power International Berhad are as follows: 

YTL Cement Berhad 






Mej Jen (R) Dato' Haron bin Mohd. Taib 

Yeoh Soo Min 



Yeoh Soo Keng 

Shares held by YTL Industries Berhad 

Shares held by YTL Corporation Berhad 


Holdings Sdn Bhd 



At 1.7.98 At 30.6.99 

39,200 - - 39,200 

39,200 - - 39,200 

39,200 7,000 - 46,200 

19,600 - - 19,600 

20,680 - - 20,680 

39,200 - - 39,200 

39,200 - - 39,200 

39,200 - - 39,200 

15,680 - - 15,680 

40,113,360 - - 40,113,360 

4,760,040 370,000 - 5,130,040 

- 233,750 - 233,750 

By virtue of their substantial interests in Yeoh Tiong Lay & Sons Holdings Sdn Bhd, which has a substantial interest in YTL Industries 

Berhad and YTL Corporation Berhad, YBhg Tan Sri Dato’ Seri (Dr) Yeoh Tiong Lay, YBhg Tan Sri Dato’ Francis Yeoh Sock Ping, JP, YBhg Dato’ 

Yeoh Seok Kian, Ms Yeoh Soo Min, YBhg Dato’ Yeoh Seok Hong, JP, YBhg Dato’ Michael Yeoh Sock Siong, Ms Yeoh Soo Keng and Mr Yeoh 

Seok Kah are deemed to be interested in the shares of YTL Cement Berhad held by YTL Industries Berhad, YTL Corporation Berhad and 

Yeoh Tiong Lay & Sons Holdings Sdn Bhd.

YTL Power International Berhad 




Dato’ Yeoh Seok Kian 

Dato’ (Dr) Yahya bin Ismail 

Mej Jen (R) Dato’ Haron bin Mohd Taib 

Yeoh Soo Min 

Dato’ Yeoh Seok Hong, JP 

Dato’ Michael Yeoh Sock Siong 

Yeoh Soo Keng 

Yeoh Seok Kah 

Shares held by YTL Corporation Berhad 






At 1.7.98 At 30.6.99 

246,025 - - 246,025 

887,096 - - 887,096 

195,563 15,000 - 210,563 

224,133 10,744 - 234,877 

40,000 - - 40,000 

159,639 22,500 - 182,139 

153,046 - - 153,046 

129,505 - - 129,505 

139,600 12,500 - 152,100 

71,300 - (71,000) 300 

1,180,853,746 20,763,000 - 1,201,616,746 

36,850,738 648,378 - 37,499,116 

By virtue of their substantial interests in Yeoh Tiong Lay & Sons Holdings Sdn Bhd, which has a substantial interest in YTL Corporation 

Berhad, YBhg Tan Sri Dato’ Seri (Dr) Yeoh Tiong Lay, YBhg Tan Sri Dato’ Francis Yeoh Sock Ping, JP, YBhg Dato’ Yeoh Seok Kian, Ms Yeoh 

Soo Min, YBhg Dato’ Yeoh Seok Hong, JP, YBhg Dato’ Michael Yeoh Sock Siong, Ms Yeoh Soo Keng and Mr Yeoh Seok Kah are deemed 

to be interested in the shares of YTL Power International Berhad held by YTL Corporation Berhad and Yeoh Tiong Lay & Sons Holdings 

Sdn Bhd.

80 


None of the directors holding office at the end of the financial year held any direct and indirect interests in the warrants of the subsidiary 

during the financial year except as follows: 

YTL Cement Berhad 





Yeoh Soo Min 



Yeoh Soo Keng 

Warrants held by YTL Industries Berhad 

Warrants held by YTL Corporation Berhad 

Warrants held by Yeoh Tiong Lay & Sons 


Number of Warrants 

Balance Acquired Exercised/ Balance 

At 1.7.98 Disposed At 30.6.99 

15,039 - - 15,039 

15,039 - - 15,039 

15,039 - - 15,039 

15,039 - - 15,039 

15,039 - - 15,039 

15,039 - - 15,039 

6,015 - - 6,015 

15,391,255 - - 15,391,255 

1,604,960 - - 1,604,960 

- 42,877 - 42,877 

By virtue of their substantial interests in Yeoh Tiong Lay & Sons Holdings Sdn Bhd, which has a substantial interest in YTL Industries 

Berhad and YTL Corporation Berhad, YBhg Tan Sri Dato’ Seri (Dr) Yeoh Tiong Lay, YBhg Tan Sri Dato’ Francis Yeoh Sock Ping, JP, YBhg Dato’ 

Yeoh Seok Kian, Ms Yeoh Soo Min, YBhg Dato’ Yeoh Seok Hong, JP, YBhg Dato’ Michael Yeoh Sock Siong, Ms Yeoh Soo Keng and Mr Yeoh 

Seok Kah are deemed to be interested in the warrants of YTL Cement Berhad held by YTL Industries Berhad, YTL Corporation Berhad and 

Yeoh Tiong Lay & Sons Holdings Sdn Bhd.

Directors’ Benefits 


During and at the end of the financial year, no arrangement subsisted to which the Company is a party, with the object or objects of 

enabling directors of the Company to acquire benefits by means of the acquisition of shares in or debentures of the Company or any 

other body corporate. 

Since the end of the previous financial year, no director has received or become entitled to receive any benefit (other than a benefit 

included in the aggregate amount of remuneration received by directors as shown in the accounts of the Group and of the Company 

and the options over shares granted by the Company under ESOS) by reason of a contract made by the Company or a related corporation 

with the director or with a firm of which he is a member, or with a company in which he has a substantial financial interest except as disclosed 

in the Accounts. 

Information On the Accounts 

Before the profit and loss account and balance sheet of the Group and of the Company were made out, the directors took reasonable 

steps: 

a) to ascertain the action taken in relation to the writing off of bad debts and the making of provision for doubtful debts and satisfied 

themselves that all known bad debts have been written off and that adequate provision has been made for doubtful debts; and 

b) to ensure that any current assets which were unlikely to realise their values as shown in the accounting records of the Group and of 

the Company in the ordinary course of business have been written down to an amount which they might be expected so to realise. 

At the date of this report, the directors are not aware of any circumstances: 

a) which would render the amount written off for bad debts or the amount of the provision for doubtful debts in the accounts of the 

Group and of the Company inadequate to any substantial extent; or 

b) which would render the values attributed to current assets in the accounts of the Group and of the Company misleading; or 

c) which have arisen which render adherence to the existing method of valuation of assets or liabilities of the Group and of the 

Company misleading or inappropriate. 

At the date of this report, there does not exist: 

a) any charge on the assets of the Group and of the Company which has arisen since the end of the financial year which secures the 

liability of any other person; or 

b) any contingent liability of the Group and of the Company which has arisen since the end of the financial year. 

No contingent or other liability has become enforceable or is likely to become enforceable within the period of twelve months after the 

end of the financial year which, in the opinion of the directors, will or may affect the ability of the Group and of the Company to meet 

their obligations as and when they fall due.

82 

Other Statutory Information 

The directors state that: 


At the date of this report, they are not aware of any circumstances not otherwise dealt with in this report or the accounts of the Group 

and of the Company which would render any amount stated in the respective accounts misleading. 

In their opinion, 

a) the results of the operations of the Group and of the Company during the financial year were not substantially affected by any items, 

transaction or event of a material and unusual nature; and 

b) there has not arisen in the interval between the end of the financial year and the date of this report 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 in which this report is made. 

Auditors 

The auditors, Messrs Ler Lum & Co, Public Accountants, have expressed their willingness to continue in office. 

On behalf of the Board, 



Dated: 6 December 1999 

Kuala Lumpur

STATEMENT BY DIRECTORS 83 

We, TAN SRI DATO' SERI (DR) YEOH TIONG LAY and TAN SRI DATO' FRANCIS YEOH SOCK PING, JP, being two of the directors of YTL 

CORPORATION BERHAD, do hereby state that, in the opinion of the directors, the accompanying accounts together with the notes thereon 

are drawn up in accordance with applicable approved Accounting Standards so as to give a true and fair view of the state of affairs 

of the Group and of the Company as at 30 June, 1999 and of the results of the operations of the Group and of the Company and cash 

flow of the Group for the year ended on that date. 

On behalf of the Board, 




Kuala Lumpur

84 

STATUTORY DECLARATION 

I, TAN SRI DATO’ FRANCIS YEOH SOCK PING, JP, being the director primarily responsible for the accounting records and financial management 

of YTL CORPORATION BERHAD, do solemnly and sincerely declare that to the best of my knowledge and belief the accompanying 

accounts together with the notes thereon are correct, and I make this solemn declaration conscientiously believing the same to be 

true and by virtue of the provisions of the Statutory Declarations Act, 1960. 


Subscribed and solemnly declared 

at Kuala Lumpur on 6th day of December, 1999 

Before me: 

Ali bin Isa, AMN 

Commissioner for Oaths

AUDITORS’ REPORT TO THE MEMBERS 

OF YTL CORPORATION BERHAD 

(INCORPORATED IN MALAYSIA) 

We have audited the accounts set out on pages 86 to 131. These accounts are the responsibility of the Company’s directors. Our responsibility 

is to express an opinion on these accounts based on our audit. 

We conducted our audit in accordance with approved Standards on Auditing. These standards require that we plan and perform the audit 

to obtain reasonable assurance about whether the accounts are free of material misstatement. An audit includes examining, on a test 

basis, evidence supporting amounts and disclosures in the accounts. An audit also includes assessing the accounting principles used and 

significant estimates made by directors, as well as evaluating the overall accounts presentation. We believe that our audit provides a reasonable 

basis for our opinion. 

In our opinion: 

a) the accounts and notes which have been prepared under the historical cost convention, including the revaluation of certain assets, 

are properly drawn up in accordance with the provisions of the Companies Act, 1965 and applicable approved Accounting Standards 

so as to give a true and fair view of: 

and 

i) the matters required by Section 169 of the Companies Act, 1965 to be dealt with in the accounts of the Group and of the 

Company; and 

ii) the state of affairs of the Group and of the Company as at 30 June, 1999 and of the results of the operations of the Group and 

of the Company and of the cash flow of the Group for the year ended on that date; 

b) the accounting and other records and the registers required by the Companies Act, 1965 to be kept by the Company and its 

subsidiaries, of which we are the auditors, have been properly kept in accordance with the provisions of the said Act. 

The names of the subsidiaries of which we have not acted as auditors are indicated in Note 9 to the Accounts. We have considered the 

accounts of these subsidiaries and the auditors’ report thereon except as disclosed in Note 9(c) to the Accounts. 

We are satisfied that the accounts of the subsidiaries that have been consolidated with the Company’s accounts are in form and content 

appropriate and proper for the purposes of the preparation of the consolidated accounts and we have received satisfactory information 

and explanations as required by us for these purposes. 

The auditors’ report on the accounts of the subsidiaries were not subject to any qualification and did not include any comment made 

under subsection (3) of Section 174 of the Companies Act, 1965. 

Ler Lum & Co 

(Firm Number: AF 0276) 

Public Accountants 

Lum Tuck Cheong 

1005/3/01(J/PH) 

Partner of the Firm 


Kuala Lumpur 

85

96 

NOTES TO ACCOUNTS 

And crediting: 

Dividend (gross) from quoted investment in subsidiaries 

Dividend (gross) from quoted investments 

- within Malaysia 

- outside Malaysia 

Dividend (gross) from unquoted investment 

- within Malaysia 

Gain on disposal of fixed assets 

Gain on foreign exchange 

Gain arising on the waiver of amount due to a former 

shareholder of a subsidiary 

Gain on deemed disposal of subsidiary 

Gain on disposal of property 

- (net of tax of RM108,470 and related expenses) 

Fixed deposit interest 

Hiring of plant, machinery & equipment 

Interest received from subsidiaries 

Other interest received 

Profit on disposal of investments 

Rental income 

4 Taxation 

In Malaysia 

Tax on dividend received 

Malaysian taxation based on profit for the year 

Under-provision in previous years 

Transferred to deferred taxation 

Tax on share of profit of associated companies 

Over-provision of tax on share of 

profit of associated company 

Outside Malaysia 

Taxation based on profit for the year 

Share of tax of associated companies 

Under/(Over)-provision in previous years 

Group Company 

1999 1998 1999 1998 

RM RM RM RM 

- - 133,382,143 29,870,745 

617,144 538,515 50,179 49,565 

- 253,172 - 253,172 

- - 2,722,222 - 

1,202,490 818,044 - - 

19,461 115,630 - - 

- 1,200,000 - - 

437,770 294,153 - - 

809,113 - - - 

232,115,587 282,210,070 56,387,826 72,841,350 

1,043,770 101,361 - - 

- - 41,946,287 34,914,608 

353,725 158,555 - - 

8,060,054 4,195,663 281,984 2,934,236 

2,115,462 2,419,476 - - 

Group Company 

1999 1998 1999 1998 

RM RM RM RM 

977,084 - 887,522 - 

- 129,592,530 - 22,390,000 

11,794,068 1,376,278 - - 

44,000,000 34,860,000 - - 

7,092 1,724,381 - - 

(7,000) - - - 

56,771,244 167,553,189 887,522 22,390,000 

6,141 7,264 - - 

3,645 11,987 - - 

92,490 (401,681) - - 

56,873,520 167,170,759 887,522 22,390,000

NOTES TO ACCOUNTS 97 

No provision has been made for Malaysian income tax in respect of the year ended 30 June, 1999 in accordance with the waiver 

granted under the Income Tax (Amendment) Act 1999. Subject to agreement with the Inland Revenue Board, the chargeable income 

of RM18,215,702 on which the tax is waived shall be credited to an exempt account from which tax exempt dividends can be 

declared. 

The unutilised capital allowances of the Company carried forward as at 30 June, 1999 is estimated at RM942,192 (1998: 

RM839,380). This is, however, subject to confirmation by the Inland Revenue Board. 

The Company has sufficient tax credit under Section 108 of the Income Tax Act, 1967 to frank the payment of dividends amounting 

to approximately RM26,013,074 out of all its distributable reserves as at 30 June, 1999. This is, however, subject to confirmation by 

the Inland Revenue Board. 

5 Dividends 

Proposed First and Final dividend 

- 20% tax exempt 

(1998: 5% less tax) 

Dividends in respect of those additional ordinary shares converted, if any, from the Zero Coupon Convertible Bonds due 2002 at the 

book closure date will be entitled to dividends. The maximum additional dividends that will have to be paid if all the Zero Coupon 

Convertible Bonds due 2002 are converted into ordinary shares at the book closure date is RM737,341. 

6 Earnings Per 50 Sen Share 

Company 

1999 1998 

RM RM 

121,469,452 21,864,213 

a) The earnings per 50 sen share has been calculated based on Group’s earnings of RM420,552,265 (1998: RM277,500,022) and 

on the weighted average number of ordinary shares of 1,214,678,519 (1998: 1,200,467,917) in issue during the year after 

taking into account the conversion of warrants and Employees Share Option Scheme during the year. 

b) The fully diluted earnings per share is calculated by dividing the Group’s adjusted earnings of RM437,294,379 (1998: 

RM292,596,493) by the enlarged weighted average number of ordinary shares in issue during the financial year of 

1,293,502,533 (1998: 1,279,292,413) on the assumption that the remaining 78,823,514 (1998: 78,824,514) warrants were 

converted at the date of issue. 

The Group’s earnings have been adjusted to take into account the notional interest income (1998:after tax) deemed to be 

received from a fixed deposit at 6% (1998: 7%) per annum on the cash received of RM279,035,240 (1998: RM299,533,153) 

arising from the conversion of 78,823,514 (1998: 78,824,514) warrants to ordinary shares.

98 

7 Fixed Assets 

Group 1999 

Cost/Valuation 

Freehold land & buildings 

Leasehold land & buildings 

Factory & other buildings 

Mining lease 

Mains & lines 

Freehold oil palm plantation 

Infrastructure & site facilities 

Plant, machinery & equipment 

Furniture, fixtures & equipment 

Motor vehicles 

Motor vehicles accessories 

Yachts & boats 

Helicopters 

Aircraft 

Other buildings-in-progress 

Tipper trucks-in-progress 

Aircraft-in-progress 

Renovation work-in-progress 


# Included herein are assets transferred from development expenditure amounting to RM26,888,229. 

Balance Additions Disposals 

at 1.7.98 

RM RM RM 

114,131,506 3,089,378 (138,800) 

31,871,083 6,540,059 - 

909,633,977 19,000 - 

343,522 - - 

22,699,942 - - 

2,000,000 - - 

107,496 15,300 - 

2,740,508,844 4,166,800 (4,935,395) 

30,726,850 961,880 (37,304) 

90,167,345 1,384,180 (2,100,438) 

48,508 - - 

11,247,998 - - 

15,152,214 - - 

- - - 

2,223,684 - - 

454,000 - - 

1,323,707 - - 

- 287,624 - 

3,972,640,676 16,464,221 (7,211,937) 

Included in plant & machinery are current charges of RM NIL (1998: RM703,627) and RM NIL.(1998: RM8,333) being term loan 

interest and trust receipt interest capitalised respectively.


Written Transfers/ Translation Subsidiary Subsidiary Balance 

Off Others Differences Acquired Disposed of at 30.6.99 

RM RM RM RM RM RM 

(431,056) 25,020,485 (373,463) - - 141,298,050 

- 38,889,813# - - (26,888,229) 50,412,726 

(894,083) (36,195,836) - - - 872,563,058 

- - - - - 343,522 

- - - - - 22,699,942 

- - - - - 2,000,000 

- 575,417 - - - 698,213 

(5,032,687) 1,300,877 - - - 2,736,008,439 

(500,343) 400,656 (104,629) 108,000 - 31,555,110 

(1,121,031) - - - - 88,330,056 

- - - - - 48,508 

- - - - - 11,247,998 

- - - - - 15,152,214 

- 1,323,708 - - - 1,323,708 

- (2,223,684) - - - - 

- (454,000) - - - - 

- (1,323,707) - - - - 

- - - - - 287,624 

(7,979,200) 27,313,729 (478,092) 108,000 (26,888,229) 3,973,969,168

100 

Group 1999 

Accumulated Depreciation 




Mining lease 

Mains & lines 








Helicopters 

Aircraft 






Balance Charge for Disposals 

at 1.7.98 the Year 

RM RM RM 

387,249 160,595 (9,405) 

1,672,958 563,061 - 

103,330,687 34,076,228 - 

343,519 - - 

3,972,490 1,134,997 - 

- - - 

80,623 94,826 - 

339,042,810 101,842,593 (3,327,106) 

13,039,901 4,600,313 (8,645) 

58,333,901 12,148,224 (1,339,692) 

48,500 - - 

2,573,502 1,124,800 - 

2,512,996 909,133 - 

- 79,422 - 

- - - 

- - - 

- - - 

- - - 

525,339,136 156,734,192 (4,684,848)


Written Transfers/ Translation Subsidiary Subsidiary Balance 

Off Others Differences Acquired Disposed of at 30.6.99 

RM RM RM RM RM RM 

- 1,536,955 - - - 2,075,394 

- 95,199 - - - 2,331,218 

(894,060) (2,375,998) - - - 134,136,857 

- - - - - 343,519 

- - - - - 5,107,487 

- - - - - - 

- 235,170 - - - 410,619 

(4,812,197) 267,639 - - - 433,013,739 

(416,523) 241,239 (61,721) 900 - 17,395,464 

(1,117,973) (208) - - - 68,024,252 

- - - - - 48,500 

- - - - - 3,698,302 

- (1) - - - 3,422,128 

- - - - - 79,422 

- - - - - - 

- - - - - - 

- - - - - - 

- - - - - - 

(7,240,753) (5) (61,721) 900 - 670,086,901

102 




Mining lease 

Mains & lines 








Helicopters 

Aircraft 






Group 

Net Book Net Book Depreciation 

Value Value for the year 

at 30.6.99 at 30.6.98 ended 30.6.98 

RM RM RM 

139,222,656 113,744,257 166,216 

48,081,508 30,198,125 342,850 

738,426,201 806,303,290 34,403,632 

3 3 - 

17,592,455 18,727,452 1,134,997 

2,000,000 2,000,000 - 

287,594 26,873 5,375 

2,302,994,700 2,401,466,034 99,286,466 

14,159,646 17,686,949 4,585,793 

20,305,804 31,833,444 12,523,485 

8 8 - 

7,549,696 8,674,496 1,026,581 

11,730,086 12,639,218 909,133 

1,244,286 - - 

- 2,223,684 - 

- 454,000 - 

- 1,323,707 - 

287,624 - - 

3,303,882,267 3,447,301,540 154,384,528

11 Quoted Investments 


Name of Company Place of Principal Activities Effective Equity Interest 

Incorporation 1999 1998 

% % 

Trans-Pacific Hotels Sdn Bhd Malaysia Inactive 50 50 

Trans-Pacific Resorts Sdn Bhd Malaysia Hotel & resort management 50 50 

Udapakat Bina Sdn Bhd Malaysia Property development 22.96 19.60 

* YTL Power Services Sdn Bhd Malaysia Operation & maintenance of power stations 49 49 

ZE-SPYTL Sdn Bhd Malaysia Civil engineering works & construction 50 50 

* Eastern & Oriental Express Ltd Bermuda Operating & management of the 

luxury train known as the 

‘Eastern & Oriental Express’ 

32 32 

* Surin Bay Company Limited Thailand Hotel & resort operations 50 49 

* Companies not audited by Ler Lum & Co 

b) Amount Due From/To Associated Companies 

The amount due from/to associated companies pertain mainly to fees charged, payments on behalf and advances. The outstanding amounts are 

unsecured, interest free and have no fixed terms of repayment except for RM1,351,073 which is subject to interest at a rate of 12% per annum. 

The investments are quoted shares of corporations within and outside Malaysia, stated at cost. The cost and market value of the 

quoted investments are as follows: 

Cost 

Within Malaysia 


Market value 

Within Malaysia 


Group Company 

1999 1998 1999 1998 

RM RM RM RM 

43,427,708 38,983,883 847,014 4,039,287 

106,134 106,134 106,134 106,134 

43,533,842 39,090,017 953,148 4,145,421 

93,111,735 26,932,465 1,393,800 2,346,095 

52,747 17,359 52,747 17,359 

93,164,482 26,949,824 1,446,547 2,363,454

114 

12 Development Expenditure 

Freehold land, at cost 

Leasehold land, at cost 

Development expenditure 

13 Contracts Work-In-Progress 

Progress payments received and receivable 

Contracts work-in-progress 


Included in the development expenditure are current charges/(credits): 

Auditors’ remuneration 

Rental of premises 

Term loan interest 

Fixed deposit interest 

Rental income 

Current charges/(credits) in the contracts work-in-progress include: 

Depreciation on fixed assets 

Hiring of motor vehicles 

Hiring of plant, machinery & equipment 

Interest expenses 

- bankers acceptances, trust receipts, hire purchase & others 

Other rental 


Gain on foreign exchange 

Hiring of plant & machinery income 

Group 

1999 1998 

RM RM 

19,000,000 - 

8,045,032 28,155,032 

102,596,179 79,373,428 

129,641,211 107,528,460 

3,300 5,600 

- 2,370 

3,888,223 2,063,350 

- (162,620) 

- (9,000) 

Group 

1999 1998 

RM RM 

(1,169,589,377) (1,318,145,810) 

1,444,411,635 1,469,184,544 

274,822,258 151,038,734 

2,300,700 3,475,943 

1,919 64,830 

30,462 1,902,305 

42,505,667 4,431,237 

300 96,444 

59,600 147,104 

- (17,802) 

(66,528) (41,729)

14 Stocks 

Completed units 

Finished goods 

Work-in-progress 

Raw materials 

Consumable stores 

15 Property Development Projects 

Freehold land - at cost 

- at valuation 

Leasehold land - at cost 

Development expenditure 

Add: Profit recognised on projects 

Less: Progress billings 


Less: Provision for inventory obsolescence 

Included in the development expenditure are current charges of: 

Bank interest 

Rental of equipment & furniture 


Group 

1999 1998 

RM RM 

7,451,606 4,352,922 

2,419,303 3,242,605 

47,362 46,519 

6,669,566 9,692,189 

89,160,386 41,176,193 

105,748,223 58,510,428 

(301,682) - 

105,446,541 58,510,428 

Group 

1999 1998 

RM RM 

3,698,120 3,698,120 

4,350,000 6,022,909 

15,548,335 18,368,895 

23,596,455 28,089,924 

14,175,203 86,514,684 

107,657 32,094,325 

14,282,860 118,609,009 

(8,897,350) (112,461,383) 

5,385,510 6,147,626 

28,981,965 34,237,550 

192,110 1,703,308 

952 - 

22,450 -

116 

16 Trade Debtors 

Trade debtors 

Less: Provision for doubtful debts 

17 Other Debtors, Deposits & Prepayments 

Other debtors, deposits & prepayments 

Less: Provision for doubtful debts 


Included in prepayments is an amount of RM24,862,045 being prepaid interest in relation to the RM500 million 8.50% Redeemable 

Non-Guaranteed Unsecured Bonds 1999/2004. The prepaid interest will be amortised over 60 months commencing from July 1999. 

18 Amount Due From/To Related Companies 

Group 

1999 1998 

RM RM 

337,365,979 216,723,395 

(3,451,555) (4,884,713) 

333,914,424 211,838,682 

Group Company 

1999 1998 1999 1998 

RM RM RM RM 

429,679,726 70,308,806 192,386,740 21,287,349 

(260,750) (175,750) - - 

429,418,976 70,133,056 192,386,740 21,287,349 

The amount due from/to related companies pertain mainly to trade receivables/payables, advances and payments on behalf. These are 

unsecured, interest free and have no fixed terms of repayment.

19 Fixed Deposits 

Licensed banks 

Licensed finance companies 

Other corporation 


Fixed deposits of certain subsidiaries amounting to RM74,388 (1998: RM27,293) have been pledged to a financial institution for bank 

guarantee facility granted to the subsidiaries. 

Included in the Group’s fixed deposits are: 

i) RM1,031,750 (1998: RM306,000) being monies received from the exercise of warrants of the Company and one of the 

subsidiaries to subscribe for the ordinary shares in the Company and the subsidiary respectively; and 

ii) RM Nil (1998: RM94,000,000) being monies received from the exercise of Transferable Subscription Rights of the Company to 

subscribe for the ordinary shares in the Company. 

The funds will be utilised for the repayment of the Bonds upon their maturity. 

20 Cash & Bank Balances 

Group Company 

1999 1998 1999 1998 

RM RM RM RM 

2,715,109,265 3,037,935,231 503,369,883 928,068,124 

649,056,442 506,848,469 50,831,650 116,440,494 

901,617 - - - 

3,365,067,324 3,544,783,700 554,201,533 1,044,508,618 

Included in the Group’s Cash & Bank balances is an amount of RM5,936 (1998: RM946) being monies received from the exercise of 

warrants of the Company and one of the subsidiaries to subscribe for the ordinary shares in the Company and the subsidiary 

respectively. The funds will be utilised for the repayment of the Bonds upon their maturity. 

21 Property Maintenance Fund 

Included in property maintenance fund accounts are current charges/(credits): 


Rental of equipment 

Fixed deposit interest received 

Other interest received 

Rental income 

Group 

1999 1998 

RM RM 

55,841 66,659 

- 985 

(46,864) (74,027) 

(34,383) (23,802) 

(30,860) (13,240)

118 

22 Hire Purchase Creditors 

Balance at year end 

Less: Hire purchase interest in suspense 

Represented by: 

Repayable within one year 

Repayable after one year and up to two years 

Repayable after two years and 

up to three years 

23 Holding Company 


Group Company 

1999 1998 1999 1998 

RM RM RM RM 

10,660,121 29,509,818 26,193 230,481 

1,640,747 4,528,822 3,410 38,208 

9,019,374 24,980,996 22,783 192,273 

8,360,526 16,367,351 22,783 169,490 

658,848 7,482,173 - 22,783 

- 1,131,472 - - 

9,019,374 24,980,996 22,783 192,273 

The Company regards Yeoh Tiong Lay & Sons Holdings Sdn Bhd, a company incorporated in Malaysia as its holding company. 

The amount due to holding company pertains mainly to payments on behalf and advances. The outstanding amount is unsecured, interest 

free and has no fixed terms of repayment. 

24 Bank Borrowings 

Term loans 

Revolving credits & Time loans 

Repayable within one year 

Repayable after one year and up to five years 

Repayable after five years and up to ten years 

Repayable after ten years and up to fifteen years 

Group Company 

1999 1998 1999 1998 

RM RM RM RM 

1,421,881,597 1,477,982,263 - - 

791,998,000 754,698,000 609,455,000 609,455,000 

2,213,879,597 2,232,680,263 609,455,000 609,455,000 

945,332,316 894,515,001 609,455,000 609,455,000 

715,944,742 748,865,185 - - 

518,254,539 588,260,077 - - 

34,348,000 1,040,000 - - 

2,213,879,597 2,232,680,263 609,455,000 609,455,000


Group 

Amount 

1999 1998 

RM RM 

- 100,278 

- 5,000,000 

2,353,253 3,722,047 

1,183,850 1,292,798 

109,394 100,450 

3,840,000 6,080,000 

1,188,000,000 1,313,000,000 

791,998,000 754,698,000 

8,392,934 15,871,690 

168,654,166 97,475,000 

49,348,000 35,340,000 

2,213,879,597 2,232,680,263 

Company 

Amount 

1999 1998 

RM RM 

609,455,000 609,455,000 

Securities 

- A legal mortgage of the freehold properties of subsidiaries 

- Assignment of all rights under a joint-venture agreement between one of the 

subsidiaries and Dewan Bandaraya Kuala Lumpur 

- A charge of the leasehold properties of a subsidiary 

- Letter of comfort from the Company 

- A legal charge over the freehold land & building of a subsidiary 

- Corporate guarantee by the Company. 

- Assignment of a subsidiary’s freehold land and buildings 

- A charge on the helicopter of a subsidiary 

- Corporate guarantee by the Company 

- By fixed and floating charges over all assets of a subsidiary, both present and 

future 

- Clean 

- Corporate guarantee by the Company 

- A first & floating charge over all of the assets of two of the subsidiaries 

- An assignment by two of the subsidiaries of all their rights, titles and interests 

under all project contracts and construction contracts 

- An assignment of Debt Service Reserve Account (“DSRA”) maintained by two of 

the subsidiaries 

- A first party first fixed charge over the leasehold land and projects of two of the 

subsidiaries to be erected thereon 

- A debenture creating a first fixed and floating charge over two of the subsidiaries’ 

present & future assets 

Securities 

- Clean 

The Group’s term loans are repayable by monthly, quarterly and semi-annual instalments. One of the term loans amounting to 

RM1,187,500,000 bears interest at a fixed rate of 10% while the other term loans carry interest at rates which vary from 0.125% 

p.a. to 1.75% p.a. above the respective financial institutions’ prevailing Cost Of Funds or Base Lending Rate.

120 

25 Block Discount Payables 

Owing to financial institutions 

Less: Unexpired charges 


The block discount facilities are secured by a pledge on lease and hire purchase receivables. 

26 Bankers Acceptances, Trust Receipts & Bank Overdrafts 

Group 1999 

Secured 

Unsecured 

Group 1998 

Unsecured 

The bankers acceptances and bank overdrafts of the subsidiaries are secured by a corporate guarantee by the Company. 

Interest charges on trust receipts and bank overdrafts during the year ranged between 1.00% p.a. to 2.00% p.a. above the respective 

financial institutions’ Base Lending Rate. 

27 Dividends 

Group 

1999 1998 

RM RM 

2,454,837 7,576,817 

143,267 660,207 

2,311,570 6,916,610 

Bankers Trust Bank 

Acceptances Receipts Overdrafts 

RM RM RM 

- - 78,790,024 

13,079,857 1,476,733 5,539,297 

13,079,857 1,476,733 84,329,321 

13,525,493 1,230,626 95,552,754 

Included herein is an amount of RM42,910 (1998: RM242,270) being dividends declared in prior years and unclaimed as at end of the 

financial year.

28 Goodwill On Consolidation 

Goodwill arising on consolidation 

Capital reserve on consolidation 

29 Deferred Expenditure 

Preliminary expenses 

Pre-operating expenses 


Included in pre-operating expenses are current charges of: 

Auditors’ remuneration 

- current year 

- under/(over)-provision in previous year 


Group 

1999 1998 

RM RM 

108,545,489 74,748,310 

(1,597,074) (1,597,074) 

106,948,415 73,151,236 

Group 

1999 1998 

RM RM 

223,159 233,164 

1,866,246 1,706,112 

2,089,405 1,939,276 

7,050 8,213 

1,000 (400) 

730 960

122 

30 Share Capital 

Authorised: 


As at beginning of the year 

- 3,000,000,000 (1998: 1,000,000,000) ordinary shares of 

50 sen each 

Created during the year 

- NIL (1998: 2,000,000,000) ordinary shares of 50 sen each 

As at end of the year 

- 3,000,000,000 ordinary shares of 50 sen each 

Issued and Fully Paid: 


- 1,214,678,519 (1998: 785,592,983) 

ordinary shares of 50 sen each 

Issued and credited as fully paid during the year 

Bonus Issue 1: 2 

- NIL (1998: 395,079,073) ordinary shares of 50 sen each 

Exercise of Transferable Subscription Rights 


Special Issue 


Exercise of Employees Share Option Scheme 

- 15,000 (1998: NIL) ordinary shares of 50 sen each 

Exercise of Warrants 

- 1,000 (1998: 191,300) ordinary shares of 50 sen each 


- 1,214,694,519 (1998: 1,214,678,519) ordinary shares of 

50 sen each 

Company 

1999 1998 

RM RM 

1,500,000,000 500,000,000 

- 1,000,000,000 

1,500,000,000 1,500,000,000 

607,339,260 392,796,492 

- 197,539,537 

- 2,282,581 

- 14,625,000 

7,500 - 

500 95,650 

607,347,260 607,339,260

31 Share Premium 



Premium arising from: 

Bonus and TSRs issue expenses 

Bonds/Warrants issue expenses 

Capitalised for Bonus Issue 

Shares issued upon exercise of Employees 

Share Option Scheme 

Special issue 

Shares issued upon exercise of TSRs 

Shares issued upon exercise of Warrants 


32 Capital Reserve 

Arising from Bonus Issue created out of post-acquisition profit 

As at beginning and end of the year 

Arising from the redemption of preference shares 


Capitalised from retained profit due to redemption 

of preference shares by one of the subsidiaries 


Share of share issue expenses in a subsidiary 


Written off against capital reserves 


Company 

1999 1998 

RM RM 

742,776,204 822,996,111 

- (746,820) 

- (1,128,995) 

- (197,539,536) 

41,550 - 

- 111,442,500 

- 7,121,654 

3,300 631,290 

742,821,054 742,776,204 

Group 

1999 1998 

RM RM 

19,010,737 19,010,737 

2,451,239 1,336,771 

882,049 1,114,468 

3,333,288 2,451,239 

(459,409) - 

- (459,409) 

(459,409) (459,409) 

21,884,616 21,002,567

124 

33 Non-Distributable Reserves 

Exchange differences 


Exchange differences 


34 Bonds 

Repayable within one year: 

4% Redeemable Bank Guaranteed Unsecured 

Bonds 1994/1999 

3% Redeemable Unsecured Bank 

Guaranteed Bonds 1993/1998 

Repayable after one year: 

4% Redeemable Bank Guaranteed Unsecured 

Bonds 1994/1999 

Zero Coupon Convertible Bonds due 2002 

Zero Coupon Redeemable Unsecured 

Bonds 1997/2002 

8.50% Redeemable Non-Guaranteed 

Unsecured Bonds 1999/2004 


The 4% Redeemable Bank Guaranteed Unsecured Bonds 1994/1999 with 16,791,250 Warrants were constituted under a Trust Deed 

and Deed Poll both dated 16 August, 1993 and 30 November, 1994 respectively. 

The Zero Coupon Convertible Bonds due 2002 were constituted under a Trust Deed dated 15 August, 1995. 

Group 

1999 1998 

RM RM 

59,955,784 40,200 

(16,819,032) 59,915,584 

43,136,752 59,955,784 

Group Company 

1999 1998 1999 1998 

RM RM RM RM 

40,000,000 - - - 

- 91,000,000 - 91,000,000 

40,000,000 91,000,000 - 91,000,000 

- 40,000,000 - - 

44,240,708 44,240,708 44,240,708 44,240,708 

300,000,000 300,000,000 300,000,000 300,000,000 

500,000,000 - 500,000,000 - 

844,240,708 384,240,708 844,240,708 344,240,708 

884,240,708 475,240,708 844,240,708 435,240,708 

The Zero Coupon Redeemable Unsecured Bonds 1997/2002 with 79,015,814 Warrants were constituted under a Trust Deed and Deed 

Poll both dated 20 September, 1997. 

The 8.50% Redeemable Non-Guaranteed Unsecured Bonds 1999/2004 with 303,775,911 Warrants were constituted under a Trust 

Deed and Deed Poll both dated 28 June, 1999 and 31 July, 1999 respectively.


4% Redeemable Bank Guaranteed Unsecured Bonds 1994/1999 

The Bonds carry interest at the fixed rate of 4% per annum which are payable annually in arrears and have a maturity period of five 

years from the date of issue. 

The redemption and purchase of the Bonds may be made in the following manner: 

a) Redemption 

Unless previously purchased as provided below, the subsidiary shall redeem the Bonds at 100% of its nominal value on 8 

December, 1999 and may not, subject to the provisions of conditions (b) and (c) below redeem them in whole or in part prior 

to that date. 

b) Purchase 

The subsidiary may at any time purchase or otherwise acquire the Bonds (and such Bonds purchased or acquired shall be 

deemed not to remain outstanding) at any price in the open market or otherwise. 

c) Cancellation 

All the Bonds which are purchased or redeemed, shall forthwith be cancelled (together with all interest accrued cancelled 

therewith). All the Bonds so cancelled may not be reissued or resold. 

The details of the Warrants are as disclosed in Note 9(a) to the Accounts. 

Zero Coupon Convertible Bonds Due 2002 

The Bonds having a principal amount of US$50,000,000 carry no interest and have a maturity period of 7 years from the date of 

issue. 


a) Redemption AtThe Option of The Bondholders 

The Bonds may be redeemed in whole or part in US dollar at the option of the Bondholders at their principal amount plus a 

payment of interest at 40.38% of their principal amount on 15 August, 2000. 

b) Redemption At The Option of The Company 

The Bonds may be redeemed in US dollar at the option of the Company in whole but not in part at their principal amount plus 

a payment of interest at 40.38% of the principal amount at any time on or after 15 August, 1998. 

c) Purchase 

The Company or any of its subsidiaries may at any time and from time to time purchase Bonds at any price in the open market 

or otherwise. 

d) Cancellation 

All Bonds which are redeemed or converted or purchased by the Company or its subsidiaries will forthwith be cancelled. 

e) Conversion 

Each Bond (in integral multiples of US$5,000) will at the option of the Bondholder be convertible on or after 28 September, 

1995 to 8 August, 2002 or 7 days before date of redemption, into ordinary shares of the Company at current conversion price 

of RM5.00 (initial conversion price was RM14.52 per share) with a fixed rate of exchange on conversion of RM2.4585 : 

US$1.00.

126 

f) Redemption At Maturity 


Unless previously purchased and cancelled, redeemed or converted, the Bonds will be redeemed at their principal amount on 

15 August, 2002 at an amount of RM12,292.50 for each US$5,000 principal amount of the Bonds. 

Zero Coupon Redeemable Unsecured Bonds 1997/2002 

The Bonds having a principal amount of RM300,000,000 carry no interest and have a maturity period of 5 years from the date of 

issue. 


a) Redemption and Purchase 

i) Unless previously purchased as provided below, the Company shall redeem the Bonds at its nominal amount of RM1.00 

only each on the maturity date ie 20 September, 2002 and may not subject to the provisions of Condition (b) below redeem 

them in whole or in part prior to that date. 

ii) The Company or any of its subsidiaries may at any time purchase or otherwise acquire the Bonds (and such Bonds 

purchased or acquired shall be deemed not to remain outstanding) at any price by way of private treaty. 

iii) All Bonds which are purchased or redeemed shall forthwith be cancelled. In the event the Company wishes to cancel any 

Bonds which have been purchased by the Company, the Company shall, in accordance with the provisions of the Code of 

Conduct and Market Practices for Malaysia Bond Market and the Depository Paying Agency Agreement instruct the 

Authorised Depository Institution and the Central Depository to make the necessary entries in their records. 

b) Early Redemption At The Option of The Company 

i) The Company may, on giving not less than thirty (30) days prior notice to the Bondholders of its intention to redeem part or 

all of the then outstanding Bonds at its nominal value or at a premium as the Company may at its absolute discretion 

determine by stipulating in the said notice the date, time and place and manner for redemption of the same. 

ii) In the case of any partial redemption, the Directors of the Company shall have the full power to make such provisions as 

they may consider appropriate in relation to fractions (including provisions whereby, in whole or in part, fractional 

entitlements are aggregated and purchased in lieu of redemption pro tanto or are disregarded or are rounded up) so as to 

ensure that after such redemption no Bond is held otherwise than in values or multiples of RM1.00. 

The Warrants were offered to the existing shareholders on a non-renounceable basis in the proportion of one Warrant for every ten 

ordinary shares held at a price of RM1.275 per Warrant. 

As at 30 June, 1999, there were 78,823,514 Warrants outstanding which entitled the holders to the allotment of one ordinary share 

in the Company for every Warrant held at a current subscription price of RM2.95 per share. 

The Warrants may be exercised by the holders at any time up to five years commencing on 22 September, 1997 and expiring on 20 

September, 2002. 

At the Extraordinary General Meeting held on 2 November, 1999, the shareholders and warrant holders have approved the 

extension of the expiry date of these Warrants from 20 September, 2002 to 21 September, 2007; thereafter the outstanding Warrants 

will cease to be valid for any purpose.


8.5% Redeemable Non-Guaranteed Unsecured Bonds 1999/2004 

The Bonds carry interest at the rate of 8.50% per annum, which are payable semi-annually in arrears and which are redeemable on 

or before the fifth anniversary of date of Bonds issued. 


a) Redemption At Maturity 

Unless previously redeemed, repurchased, cancelled as provided below, the Company shall redeem the Bonds at 100% of its 

nominal value together with unpaid interest on the surrender of the Bond Certificate. 

b) Purchase 

The Company may at any time and from time to time purchase the Bonds at any price in the open market or by way of private 

treaty. 

c) Cancellation 

All the Bonds which are purchased or redeemed, shall forthwith be cancelled (together with all interest accrued cancelled 

therewith). All the Bonds so cancelled may not be reissued or resold. 

The Warrants were offered to the existing shareholders on a non-renounceable basis in the proportion of one Warrant for every four 

ordinary shares held at a price of RM0.50 per Warrant. As at 30 June, 1999, there were 303,775,911 Warrants issued which when 

allotted will entitle the holders to the allotment of one ordinary share in the Company for every Warrant held at a subscription price 

of RM5.45 per share (current subscription price is RM4.54 per share), subject to adjustments under the terms and conditions set out 

in the Deed Poll. The Initial Exercise Price of the Warrants will be increased annually by a premium of 5% over the prior year’s 

exercise price at every anniversary of the issue date of the Warrants commencing the fifth anniversary but excluding the tenth 

anniversary. 

Furthermore, this step-up pricing mechanism, with effect from the fifth anniversary of the issue date of the Warrants, shall only be 

effective provided the Warrants are “in-the-money” (the prior year’s exercise price together with the 5% premium on the prior year’s 

exercise price should be lower that the five days weighted average of the Company’s shares on the Market Day immediately prior to 

the relevant anniversary date). 

The Warrants may be exercised by the holders at any time up to ten years commencing on 13 September, 1999 and expiring on 26 

June, 2009; thereafter the outstanding Warrants will cease to be valid for any purpose.

128 

35 Deferred Accured Liabilities 


The deferred liabilities comprise custom duties, sales and withholding taxes which are payable as follows: 

Payable within one year 

(included in other creditors and accruals) 

Payable after one year 

Group 

1999 1998 

RM RM 

57,729,664 67,184,814 

17,341,482 33,592,407 

75,071,146 100,777,221 

The duties and taxes are payable on an instalment basis from 1996 to 2001 with interest accruing on the outstanding amounts at 

4% per annum.

36 Contingent Liabilities - unsecured 


a) The Company has given corporate guarantees amounting to RM500,553,820 (1998: RM422,493,820) to financial institutions for 

facilities granted by the financial institutions to its subsidiaries as follows: 

Block discounting/hire purchase facility 

Bank overdrafts 

Letters of credit/trust receipts/bankers acceptances/ 

shipping guarantees 

Revolving loans/advances 

Suppliers credit facility 

Bankers guarantees: 

Advance payment bonds/performance bonds, 

pre-bid bonds and other related guarantees 

Block discounting/hire purchase facility 

Bank overdrafts 

Letters of credit/trust receipts/bankers acceptances/ 

shipping guarantees 

Revolving loans/advances 

Suppliers credit facility 

Bankers guarantees: 

Advance payment bonds/performance bonds, 

pre-bid bonds and other related guarantees 

b) A subsidiary has contingent liabilities in respect of supply of goods granted by a supplier to a fellow subsidiary to the extent of 

RM500,000 (1998: RM500,000). 

c) An unsecured claim for RM713,142 (1998: RM713,142) in relation to consultancy services has not been provided for in the 

subsidiary's accounts. The directors of the subsidiary are of the opinion that the subsidiary is not liable for the amount claimed. 

d) A subsidiary has a contingent liability of RM578,877 (1998: RM Nil) in respect of trade disputes. 

Total Amount 

Guaranteed 

1999 1998 

RM RM 

23,400,000 28,740,000 

37,600,000 42,100,000 

88,100,000 142,600,000 

130,230,000 56,530,000 

500,000 5,500,000 

220,723,820 147,023,820 

500,553,820 422,493,820 

Amount Utilised 

1999 1998 

RM RM 

2,512,412 6,916,610 

18,649,387 33,503,068 

14,055,041 57,267,167 

104,523,850 52,876,040 

500,000 350,621 

94,498,410 98,701,404 

234,739,100 249,614,910 

e) A subsidiary is subject to a claim for damages in the amount of RM930,000 (1998: RM Nil), plus interest and costs. The trial has 

commenced and is expected to be completed in 1999.

130 

37 Capital Commitments 

Contracted but not provided for 

Purchase commitment 

Lease rental on sublease of land 

38 Segment Information 

Construction 

Manufacturing & trading 

Property development, management services, 

hotel operation & others 

Power generation 

Profit from associated companies 

Construction 




Construction 




Power generation 


Group 

1999 1998 

RM RM 

46,590,036 39,552,569 

16,135,375 5,218,000 

21,140,781 23,533,606 

Turnover Profit Before 

Taxation 

1999 1998 1999 1998 

RM’000 RM’000 RM’000 RM’000 

324,179 390,755 28,150 3,639 

208,937 363,683 11,299 4,031 

237,169 259,645 154,630 164,424 

1,127,046 1,122,480 511,778 424,922 

1,897,331 2,136,563 705,857 597,016 

(13) (4) 

(1,992) 3,355 

(496) (3,921) 

703,356 596,446 

Assets Employed 

1999 1998 

RM’000 RM’000 

1,214,787 942,705 

623,746 577,651 

3,911,742 3,546,445 

3,707,378 3,483,492 

9,457,653 8,550,293

39 Comparative Figures 


Certain comparative figures have been reclassified to conform with current year’s presentation. 

40 Significant Event 

YTL Land Sdn Bhd, a wholly-owned subsidiary of the Company had on 20 October, 1998 entered into an agreement with Mayang 

Sari Sdn Bhd, Medan Canggih Sdn Bhd, Crescent Hotels Sdn Bhd, Punca Makmur Sdn Bhd, and Taiping Consolidated Berhad for 

the purchase of Lot 10 Shopping Centre, Star Hill Shopping Centre and JW Marriott Hotel for a total purchase consideration of 

RM323 million. 

41 Subsequent Events 

a) At an Extraordinary General Meeting convened on 1 July, 1999, one of its subsidiaries, YTL Cement Berhad has extended the 

exercise period of its Warrants from 8 December, 1999 to 8 December, 2004. 

b) At Extraordinary General Meetings convened on 2 November, 1999 and 24 August 1999, the shareholders of the Company and 

its subsidiary, YTL Power International Berhad respectively have both approved a Bonus Issue in the proportion of one (1) new 

ordinary share for every five (5) existing ordinary shares held. 

c) At an Extraordinary General Meeting convened on 2 November, 1999, the Company has extended the expiry date of its 

Warrants from 20 September, 2002 to 21 September, 2007. 

d) One of the subsidiaries, YTL Power International Berhad has at an Extraordinary General Meeting convened on 17 November, 

1999 approved an issue of RM750 million nominal value of 7.0% Fixed Rate Seven-Year Redeemable Non-Guaranteed 

Unsecured Bonds 1999/2006. The Bonds are to be issued with the rights to the provisional allotment of 572,166,338 Warrants 

at an offer price of RM0.50 per Warrant on a non-renounceable basis to the shareholders of the subsidiary on the basis of one 

(1) Warrant for every four (4) ordinary shares held. The said issue is subject to approval by the Securities Commission. 

e) On 17 November, 1999 the Company has disposed of 114,433,267 ordinary shares in YTL Power International Berhad to CLP 

Power International Limited for a total consideration of RM387,928,775.

132 

Class of shares: 50 sen ordinary shares 

Voting rights: 1 vote per share 

Analysis of Shareholdings 

Size of Holding 

1 - 500 

501 - 1000 

1001 - 5000 

5001 - 10000 

10001 - 100000 

100001 - 1000000 

1000001 & above 

Twenty Largest Shareholders 

Name 

STATEMENT OF SHAREHOLDINGS 

Yeoh Tiong Lay & Sons Holdings Sdn Bhd 

Lembaga Tabung Angkatan Tentera 

Employees Provident Fund Board 

Mayban Nominess (Tempatan) Sdn Bhd 

- Pledged Sec A/C For Yeoh Tiong Lay & Sons Holdings Sdn Bhd 

Chase Malaysia Nominees (Asing) Sdn Bhd 

- Emerging Markets Growth Fund 

UOBM Nominess (Asing) Sdn Bhd 

- A/C Steeloak International Limited 

Seri Yakin Sdn Bhd 

UOBM Nominees (Asing) Sdn Bhd 

- A/C Flawless Beauty Limited 

Law Chin Wat 


- A/C Water City Limited 


- A/C Jamaican Gold Limited 


- A/C Windchime Developments Limited 


- A/C Orchestral Harmony Limited 

Malaysia Nominees (Tempatan) Sendirian Berhad 

- Great Eastern Life Assurance (Malaysia) Berhad 

Cartaban Nominees (Asing) Sdn Bhd 

- American Variable Insurance International Series 

as at 31 October 1999 

No of % No of % 

Shareholders Shares 

758 11.70 271,581 0.02 

1,563 24.13 1,516,149 0.12 

2,399 37.03 6,904,320 0.57 

614 9.48 4,843,994 0.40 

859 13.26 27,405,053 2.26 

219 3.38 64,931,759 5.34 

66 1.02 1,109,252,950 91.29 

6,478 100.00 1,215,125,806 100.00 

No of Shares % 

486,221,992 40.01 

172,319,950 14.18 

70,345,400 5.79 

67,500,000 5.55 

25,145,900 2.07 

20,565,863 1.69 

20,022,920 1.65 

17,880,000 1.47 

17,372,000 1.43 

17,014,000 1.40 

16,565,000 1.36 

14,047,000 1.16 

13,447,000 1.11 

11,212,000 0.92 

10,000,000 0.82 

(cont’d)

STATEMENT OF SHAREHOLDINGS 


- A/C Velvet Properties Limited 


- A/C Tien Shia International Limited 

Tan Sri Dato’ Francis Yeoh Sock Ping 

Cartaban Nominees (Asing) Sdn Bhd 

- Japan Securities Clearing Corporation 

Permodalan Nasional Berhad 

Substantial Shareholders 

Yeoh Tiong Lay & Sons Holdings Sdn Bhd 

Lembaga Tabung Angkatan Tentera 


Puan Sri Datin Seri Tan Kai Yong @ Tan Kay Neong 



Yeoh Soo Min 



Yeoh Soo Keng 

Yeoh Seok Kah 

Employees Provident Fund Board 

The Capital Group Companies Inc 

as at 31 October 1999 

* Deemed interested by virtue of their interest in Yeoh Tiong Lay & Sons Holdings Sdn Bhd and their spouses. 

No of Shares % 

9,700,000 0.80 

9,431,605 0.78 

7,156,440 0.59 

6,774,000 0.56 

4,612,067 0.38 

1,017,333,137 83.72 

No of Shares Held 

Direct % Indirect % 

553,721,992 45.57 - - 

172,289,950 14.18 - - 

3,721,875 0.31 555,544,492* 45.72 

1,822,500 0.15 557,443,867* 45.88 

7,156,440 0.59 554,179,442* 45.61 

2,184,445 0.18 554,044,717* 45.60 

2,583,085 0.21 553,798,992* 45.58 

2,159,690 0.18 555,363,457* 45.70 

1,830,575 0.15 555,545,867* 45.72 

2,181,500 0.18 553,766,492* 45.57 

904,500 0.07 554,084,242* 45.60 

72,567,400 5.97 - - 

44,491,000 3.66 - - 

133

134 

LIST OF PROPERTIES 

as at 30 June 1999 

Location Tenure Land Area Description and 

Existing Use 

Lot 6416 & 6435, Mukim Johol Freehold 119.28 ha Oil palm plantation 

State of Negeri Sembilan 

Lot 8907, 8909, 8911 to 8915, 8931 & 11170/1 Freehold 38.26 ha Industrial land with 1 storey 

Mukim Bagan Serai, District of Kerian, State of Perak brick factory 

Lot 964, 976, 2181, 3169/4 & 3802/3 Freehold 22.43 ha Agricultural land/Industrial land 

Mukim Port Dickson, State of Negeri Sembilan 

Lot 876 (Mukim Pontain) Lot 1055 (Mukim Endau) Freehold 6.07 ha Agricultural land 

Lot 736 (Mukim Bebar) Daerah Rompin, 

State of Pahang 

Lot 3434, Mukim Kapar, Kelang, State of Selangor Freehold 3.71 ha Industrial and with 3 single 

storey factory units 

Lot 1387, Mukim Kuala Paka, Freehold 2.04 ha Property development 

Dungun, State of Terengganu 

HS(D) 60573/LotA/607573, Mukim Kuala Lumpur Leasehold 0.809 ha Industrial land with 

batching plant 

QT(R), 23/PTKS 3/33/65 Lot 9, Mukim Kuala Selangor, Leasehold 4,046.86 sq.m. Vacant land 

Daerah Kuala Selangor, State of Selangor 

Lot 20 to 29, Section 1, Pekan Sungai Buloh, Leasehold 4,026.00 sq.m. Commercial land 

State of Selangor 

Geran CL 015379478 Kota Kinabalu, State of Sabah Leasehold 3,936.30 sq.m. 4 storey office building 

Lot 37, Sek 20, Town of Petaling Jaya, Leasehold 3,318.42 sq.m. Industrial land with one storey 

State of Selangor building 

Lot 1316, Mukim Ampang, Daerah Gombak, Freehold 3,036.14 sq.m. Property development 

Federal Territory of Kuala Lumpur 

Lot 30, 31, 32 and 62 to 66, Mukim Tanjong Karang, Freehold 2,590.41 sq.m. Commercial land 

Daerah Kuala Selangor, State of Selangor



Built Up Area (sq.m.) Approximate Age of Lease Expiry Date Net Book Value 

Buildings (Years) as at 30 June 1999 

RM ‘000 

- - - 2,000 

6,013.2 16 - 4,913 

- - - 2,183 

- - - 200 

13,183 1 - 6,707 

- - - 152 

- - Year 2067 1,157 

- - Year 2028 126 

- - Year 2023 451 

1,798.4 14 Year 2034 1,669 

2,092.30 22 Year 2058 2,556 

- - - 1,500 

- - - 950 

135

136 




Existing Use 

Lot 4935, Mukim Kapar, Kelang, State of Selangor Freehold 1,024.35 sq.m. Industrial land/store 

8th Floor, Menara Aetna Universal, Freehold 832.78 sq.m. Office space 

Jalan Raja Chulan, Federal Territory of Kuala Lumpur 

Lot 2228 to 2229, CT 13478/13479 Section 41, Freehold 287.44 sq.m. 5 storey office building 

Town of Kuala Lumpur 

Lot 665, 668 to 673 and 768 Mukim Kuala Lumpur Freehold 288.19 sq.m. 8 units of 2 storey shophouses 

Lot 21 to 22, Mukim Kelang, Freehold 392.88 sq.m. Vacant land 

Daerah Kelang, State of Selangor 

G19584/4/1069-4-4 parcel no 1069-4-4 Freehold 279.64 sq.m. 3rd floor of a 4 storey 

Wilayah Persekutuan shophouse 

CT 4253, Lot 73, Section 17 Town of Kuala Lumpur Freehold 229.84 sq.m 3 storey shophouse building 

Lot 254, Section 19, Town of Kuala Lumpur Freehold 148.65 sq.m. 1 storey residential building 

Geran 10020/M1/18/2/Lot 41276, 299-19-2 Freehold 139.36 sq.m. Condominium Apartment 

Menara Bangsar, Kuala Lumpur 

CT 7404/Lot 70, Section 13 Town of Kuala Lumpur Freehold 123.40 sq.m. 5 1 

/2 storey office building 

CT 26285, Lot 42845, Mukim Ulu Kinta, Freehold 130.06 sq.m. 2 storey shophouse 

Ipoh, State of Perak 

14th Floor, Seasons Tower, Jalan Horley, Freehold 104.05 sq.m. Apartment 

Federal Territory of Kuala Lumpur 

HS(D) 2099, PT2136/120, Mukim & District Freehold 83.41 ha Vacant land 

of Bentong, State of Pahang 

Lot No PT2467 HS(D) 340, Leasehold 16.187 ha Power plant 

Mukim of Kuala Paka, Terengganu 

Lot No PT64062, HS(D) 69515, Mukim of Plentong, Johor Leasehold 2.0577 ha Power plant





RM ‘000 

- 7 - 8,652 

832.78 14 - 5,951 

703.8 17 - 2,863 

2,117.50 Pre-War - 3,935 

- - - 192 

288.5 24 - 380 

689.5 Pre-war - 2,000 

148.7 Pre-war - 382 

139.4 13 - 392 

598.8 31 - 2,050 

243.6 13 - 107 

104.5 15 - 236 

- - - 62,434 

- 4 Year 2018 1,928,233 

- 4 Year 2018 986,626 

137

138 




Existing Use 

Geran 44701, Lot 20213, Bandar Johor Bahru, Johor Freehold 2,079 sq.m. 15 units of apartments 

known as Indera Putera Courts 

HS(M) 776, PT 799, Mukim of Ulu Kelang Freehold 353 sq.m. 4 units of apartments 

known as Tudor Courts 

Pajakan Negeri No 10023/Lot 45609 Leasehold 4,237 sq.m. Industrial land 

Mukim of Kuala Lumpur 

Lot No 38, Section 12, Phase 1A, Pulau Indah Leasehold 1 ha Vacant land 

Industrial Park, Pulau Indah, Mukim Klang, Selangor 

(part of alienated land subject to subdivision of 

individual title) 

HS(M) 8968, PT No 11816, Mukim of Kapar, Freehold 153 sq.m. Single terrace house 

District of Klang, Selangor 

Geran 15978, Lot 14, 924 Mukim Kuala Lumpur, P3, Freehold 549 sq.m. Single storey detached house 

Jalan Maarof, Bangsar 59000 Kuala Lumpur 

Grant No 25142/3/4, Lot 1806-1808, Freehold 25 acres Vacant land 

Mukim of Serendah, Daerah Hulu Selangor 

No Lot 948, Mukim Port Dickson, Freehold 0.7588 ha Agriculture land 

Daerah Port Dickson, Tanjong Gelam 

No 1, Clifton Place, London SW 10, Hollywood Road, Freehold * Residential 

Kensington, Title No NGI 692081 

Fairwinds, London Road, Virgina Water, Title No SY461901 Freehold * Residential 

Lane’s End, Portnall Drive, London Road, Freehold * Residential 

Title No SY 394312 

Rooms 2610-2611, Peregrine Tower Leasehold 3,144 sq.ft Office space 

Lippo Centre, Hong Kong 

Land known as Site 7 on the piece of land covered Leasehold * Resort known as Layan 

by SorKor 1, No 423 located at Cheng Talay, Headland Resort 

Sub district Thalong District, Phuket Province, Thailand





RM ‘000 

2,079 14 - 4,632 

353 10 - 396 

- - Year 2067 1,951 

- - Year 2094 2,224 

153 4 - 191 

137 4 - 1,610 

- - - 1,526 

- - - 30 

2,400 sq.ft 8 - 2,586 

* 69 - 2,634 

* * - 3,665 

3,144 sq.ft 12 Year 2059 14,221 

- - 3 consecutive periods of 1,229 

30 years upon grant of 

master lease 

139

140 




Existing Use 

Title deed no 8874, Tambol Samsen Nai (North) Freehold 177 sq.m. Office condominium 

Amphur Payathai (Babsue), Bangkok 

PN 11008, Lot 1247, Section 67, Town and Leasehold 10,138 sq.m. 6 storey shopping complex 

District of Kuala Lumpur known as Lot 10 and an annexe 

block of office 

Part of Grant No 28678, Lot No 1267, Section 67, Freehold 12,342 sq.m. 28 storey hotel as JW Marriott 

Town and District of Kuala Lumpur and 7 storey shopping complex 

known as Star Hill 

G 19584, Pelan 1069-4-5 Lot 1069, Freehold 149 sq.m. 3rd floor of 4 storey shophouse 

Section 57, Kuala Lumpur 

Lot 2124/U3, Mukim 2 Tanglin, Singapore Freehold 1,692 sq.m. 3 units of apartments 

Lot 3821/U65, Mukim 4, Ulu Pandan, Singapore 

GRN 26745/Lot 106 & GRN 27144/Lot 107, Freehold 7,963 sq.m. 72 units of condominium 

Bandar Kuala Lumpur known as Vistana Apartments 

Unit F-02-1, F-02-2 & F-02-4 Phase 1, Pantai Hillpark, Leasehold 390 sq.m. 3 units of condominium 

Jalan Pantai Dalam, Kuala Lumpur known as Pantai Hillpark 

Sublease from Klang Port Authority Leasehold 40,469 sq.m. Slag cement plant 

(pending issue of Document of Title of the said land) 

Sublease of part of a land held under master title Leasehold 20,235 sq.m. Slag cement plant 

HS (D) 238642, PT: D119841, Mukim Plentong, 

Daerah Johor Bahru, Negeri Johor 

HS(D)2099, PT 2134/118, Mukim & District of Bentong, Freehold 1.02 ha Vacant land 

State of Pahang 

Parcel No M1-D, M2-J, K2-B & K2-K, Freehold 5,888 sq. ft 4 units of condominium 

Kampong Warisan, Kuala Lumpur known as Kampong Warisan 

* Details not stated on titles





RM ‘000 

177 7 - 1,105 

60,147 9 Year 2076 91,285 

122,151 2 - 249,171 

149 24 - 220 

1,692 5 - 3,514 

7,963 6 - 15,227 

390 7 Year 2090 477 

6,752 3 Year 2024 60,003 

7,796 3 Year 2018 71,157 

- - - 27,996 

5,888 sq.ft 1 - 1,295 

141

FORM OF PROXY 

I/ We, NRIC No: 

(Full Name in BLOCK CAPITALS) 

of 

being a member of YTL Corporation Berhad hereby appoint the Chairman of the Meeting or failing him, 

(Full Name in BLOCK CAPITALS) 

(Address) 

as my proxy to vote on my behalf at the Annual General Meeting of the Company to be held at Salon A, Lower Level 3, JW Marriott 

Hotel Kuala Lumpur,183 Jalan Bukit Bintang, 55100 Kuala Lumpur on Tuesday, 21st day of December, 1999 at 11.45am at any 

adjournment thereof and to vote as indicated below. 

Please indicate with an ‘X’ in the appropiate spaces provided below how you wish your vote to be cast. If you do not do so, your proxy 

shall vote as he thinks fit, or at his discretion, abstain from voting. 

No Resolution For Against 

1 Adoption of Reports and Accounts 

2 Declaration of First and Final Dividend 

3 Re-election of YBhg Dato’ Yeoh Seok Hong, JP 

4 Re-election of YBhg Mej Jen (B) Dato’ Haron bin Mohd Taib 

5 Re-election of Tuan Syed Abdullah bin Syed Abd Kadir 

6 Re-election of YBhg Tan Sri Dato’ Seri (Dr) Yeoh Tiong Lay 

7 Re-election of YBhg Dato’ (Dr) Yahya bin Ismail 

8 Approval of the payment of Directors’ Fees 

9 Re-appointment of Messrs. Ler Lum & Co as Company Auditors. 

10 Authorisation for Directors to Allot and Issue Shares 

Dated this day of 1999. 

Signature of shareholder: 

No of shares held: 

Notes: 

1 If you wish to appoint as your proxy some other person than the Chairman of the Meeting, please insert in BLOCK CAPITALS the 

full name of the person of your choice, delete the words “the Chairman of the Meeting or failing him” and initial against the 

amendments. 

2 This form of proxy and the Power of Attorney or other authority (if any) under which it is signed or notarily certified an office copy 

thereof must be lodged at the Registered Office, 11th Floor, Yeoh Tiong Lay Plaza, 55 Jalan Bukit Bintang, 55100 Kuala Lumpur not 

less than 48 hours before the time appointed for the Meeting. 

3 In the case of a corporation, this proxy should be executed under its Common Seal or under the hand of some officer of the 

corporation duly authorised in writing on its behalf. 

4 Unless voting instructions are indicated in the spaces provided above, the proxy may vote as he thinks fit. 

of

Designed by Werk-Haus, Malaysia

YTL Corporation Berhad 92647-H 

Yeoh Tiong Lay Plaza, 55 Jalan Bukit Bintang, 55100 Kuala Lumpur, Malaysia 

Telephone 603 242 6633 Facsimile 603 241 2703 E-mail ctrl@ytl.com.my

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