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Directors’ Report (cont’d) Share capital On 26 January 2011, a total of 25,000,000 new ordinary shares of the Company were allotted and issued in conjunction with the secondary listing of the Company’s shares in Singapore Exchange Securities Trading Limited (SGX-ST). This resulted in the increase of the enlarged issued and paid-up share capital of the Company to RM100,000,000, comprising 100,000,000 ordinary shares of RM1.00 each. On 27 January 2011, the secondary listing was completed following the listing of and quotation for the entire enlarged issued and paid-up share capital of the Company of RM100,000,000 comprising 100,000,000 ordinary shares of RM1.00 each on the Main Board of SGX-ST. The new ordinary shares issued during the financial year ranked pari passu in all respects with the existing ordinary shares of the Company. Directors The name of the directors of the Company in office since the date of the last report and at the date of this report are: Mr. Norman Ip Ka Cheung (Chairman) Dato’ Seri Dr Mohd. Ajib Anuar (Executive Director) En. Razman Ariffin * Mr. Yeo Eng Kwang Madam Ong Lee Keang, Maureen @ Mrs. Maureen Leong * Mr. Chew Kwee San Mr. Lim Sit Chen Lam Pak Ng * Mr. Mark Christopher Greaves * Being members of Audit Committee as at the date of this report In accordance with Article 101 of the Articles of Association of the Company, Dato’ Seri Dr Mohd. Ajib Anuar, Mr. Chew Kwee San and Mr. Lim Sit Chen Lam Pak Ng retire by rotation at the forthcoming Annual General Meeting. Dato’ Seri Dr Mohd. Ajib Anuar and Mr. Chew Kwee San, being eligible offer themselves for re-election whilst Mr. Lim Sit Chen Lam Pak Ng has advised of his intention to retire and therefore does not seek re-election. Directors’ benefits Neither at the end of the financial year, nor at any time during that year, did there subsist any arrangement to which the Company was a party, whereby the directors might acquire benefits by means of 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 a benefit (other than benefits included in the aggregate amount of emoluments received or due and receivable by the directors as shown in the financial statements or the fixed salary of a full-time employee of the Company as disclosed in Note 4 to the financial statements) by reason of a contract made by the Company or a related corporation with any director or with a firm of which he is a member, or with a company in which he has a substantial financial interest, other than as disclosed in Note 37 to the financial statements. MALAYSIA SMELTING CORPORATION (43072-A) • ANNUAL REPORT 2011 69
Directors’ Report (cont’d) Directors’ interests According to the register of directors’ shareholdings, the interests of directors in office at the end of the financial year in shares in the holding company, the Company and its related corporations during the financial year were as follows: Holding Company The Straits Trading Company Limited 70 Building on Success: Developing Resources for the Future Number of ordinary shares of SGD1 each 1 January 31 December 2011 Bought Sold 2011 Direct interest Mr. Norman Ip Ka Cheung 23,640 – – 23,640 Indirect interest Mr. Norman Ip Ka Cheung 25,644 – – 25,644 The Company Number of ordinary shares of RM1 each 1 January 31 December 2011 Bought Sold 2011 Direct interest Mr. Norman Ip Ka Cheung 250,000 – – 250,000 Dato’ Seri Dr Mohd. Ajib Anuar 800,000 9,000 – 809,000 En. Razman Ariffin 67,000 – – 67,000 Mr. Lim Sit Chen Lam Pak Ng – 5,000 – 5,000 Indirect interest Dato’ Seri Dr Mohd. Ajib Anuar – 200,000 – 200,000 Mr. Chew Kwee San – 460,000 – 460,000 Mr. Mark Christopher Greaves – 10,000 – 10,000 None of the other directors in office at the end of the financial year had any interest in shares in the holding company, the Company or its related corporations during the financial year. Other statutory information (a) Before the income statements and statements of financial position of the Group and of the Company were made out, the directors took reasonable steps: (i) to ascertain that proper action had been 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 had been written off and that adequate provision had been made for doubtful debts; and (ii) to ensure that any current assets which were unlikely to realise their value as shown in the accounting records in the ordinary course of business had been written down to an amount which they might be expected so to realise. (b) At the date of this report, the directors are not aware of any circumstances which would render: (i) the amount written off as bad debts or the amount of provision for doubtful debts in the financial statements of the Group and of the Company inadequate to any substantial extent; and (ii) the values attributed to current assets in the financial statements of the Group and of the Company misleading.
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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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184 To: The Company Secretary MALAY
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