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Notes to the Financial Statements (cont’d) For the financial year ended 31 December 2011 40. Segmental information (cont’d) Geographical Information Revenue attributable to geographic areas are based on the location for which the revenue is earned or the business is transacted. Geographical assets are based on the location or operation of the Group’s assets. At 31 December 2011 Revenue (Eliminations)/ Malaysia Indonesia Adjustments Total RM’000 RM’000 RM’000 RM’000 Sales to external customers 3,091,300 7,251 – 3,098,551 Inter-segment sales – 493,462 (493,462) – Total revenue 3,091,300 500,713 (493,462) 3,098,551 Non-current assets 75,551 121,974 – 197,525 At 31 December 2010 Revenue Sales to external customers 2,726,985 11,849 – 2,738,834 Inter-segment sales – 414,066 (414,066) – Total revenue 2,726,985 425,915 (414,066) 2,738,834 Non-current assets 65,261 119,514 – 184,775 Non-current assets information presented above consist of non-current assets other than investment securities, investment in associates and jointly controlled entity, other receivables and deferred tax assets as presented in the consolidated statement of financial position. Information about major customers Revenue from two major customers amount to RM480,266,000 and RM332,232,000 (2010: one major customer amount to RM402,157,000), arising from sales by tin smelting segment. MALAYSIA SMELTING CORPORATION (43072-A) • ANNUAL REPORT 2011 171
Notes to the Financial Statements (cont’d) For the financial year ended 31 December 2011 41. Significant events 172 The following significant events occurred during the financial year ended 31 December 2011: (a) On 7 January 2011, the Company did not exercise its warrants in Asian Mineral Resources Limited (“AMR”) resulting in its shareholding in AMR being diluted from 18.22% to 15.42%. (b) On 17 January 2011, Bursa Malaysia Securities Berhad conditionally approved the listing and quotation of up to 25 million new Company (“MSC”) shares to be issued pursuant to the Proposed Public Issue in relation to the Proposed Secondary Listing in Singapore Exchange Securities Trading Limited (“SGX-ST”). On 21 January 2011, on behalf of MSC, CIMB Bank Berhad, Singapore Branch, announced that the issue price of the public offering shares pursuant to the public issue has been fixed at SGD1.75 per MSC share, or in Ringgit Malaysia equivalent of approximately RM4.165 per MSC share (based on RM/SGD exchange rate of 2.3800). The public issue consists of: i. A public offer of 1,000,000 public offering shares in Singapore; and ii. A placement of 24,000,000 public offering shares to investors, including institutional and other investors in Singapore. On 26 January 2011, a total of 25,000,000 offering shares have been allotted and issued which resulted in the increase of the enlarged issued and paid-up share capital of MSC to RM100,000,000 comprising 100,000,000 MSC shares. On 27 January 2011, the Secondary Listing has been completed following the listing of and quotation for the entire enlarged issued and paid-up share capital of MSC of RM100,000,000 comprising 100,000,000 MSC shares on the Main Board of SGX-ST. (c) On 22 June 2011, the Company disposed of its entire 76.91% interest in Australia Oriental Minerals NL (“AOM”), a company listed on Australian Securities Exchange, comprising a total of 1,677,545,461 ordinary shares at A$0.0016 per share. Following the disposal, AOM ceased to be a subsidiary of the Company and Asiatic Coal Pte Ltd (“ACPL”), an indirect subsidiary of the Company, also ceased to be a subsidiary of the Company following the dilution of its effective interest from 53.07% to 30.0%. On 2 November 2011, the Company disposed of its entire 30% interest in ACPL together with its indirect subsidiary, PT Asiatic Coal Nusantara (“PT ACN”). 42. Subsequent events The following events occurred subsequent to the end of the financial year ended 31 December 2011: (a) On 5 March 2012, the Board of Directors of Malaysia Smelting Corporation Berhad (“MSC”) announced that Asian Mineral Resources Limited (“AMR”), in which MSC currently holds 15.4% equity, has entered into a share subscription agreement with Pala Investments Holdings Limited (“Pala”) whereby Pala will, subject to the satisfaction of certain conditions precedent, subscribe for 71,666,667 new units via placement for total consideration of CDN$4,300,000. Each unit will consist of one common share of AMR and one-half of a common share purchase warrant (“Warrants”) with each whole Warrant carrying the right to subscribe one common share at an exercise price of CDN$0.10 for a period of five years commencing on the closing date of the transaction. This placement will enable AMR to sustain its operations and seek further funding to complete the Ban Phuc Nickel/Copper Project in Vietnam. Concurrently with the above, MSC has entered into a right of first refusal agreement whereby MSC has granted Pala a right of first refusal over MSC’s shareholding in AMR which is currently 31,297,661 shares. Pala and MSC have also entered into a voting and support agreement whereby MSC is unconditionally obligated to vote its shares in favour of the transactions provided for in the subscription agreement of Pala entered into with AMR in connection with the Pala subscription. Until the earlier of the date of closing or termination of the Pala subscription and 6 July 2012, MSC will not be able to dispose of any of its shares or engaging in activities in furtherance of a transaction whereby a third party would acquire any shares of AMR. Building on Success: Developing Resources for the Future
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ANNUAL REPORT 2011 Building on Succ
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viSion To be a successful world-cla
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Corporate Profile Malaysia Smelting
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