Change - S P Setia Berhad

140
Annual report 2008
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2008
49. OTHER COMMITMENTS
Group
Company
2008 2007 2008 2007
RM’000 RM’000 RM’000 RM’000
Commitments to purchase development land in
(see note 21)
– Contracted
– Mukim of Pulai, District of Johor Bahru – 204,561 – –
– Mukim of Dengkil, District of Sepang – 150,240 – –
– Mukim 10 and 12, District of Barat Daya 61,080 – – –
– Bandar and Daerah Kuala Lumpur 14,481 21,451 – –
– Approved but not contracted – 7,940 – –
Contractual commitment to subscribe for preference
shares in an existing jointly controlled entity – – – 16,100
Contractual commitment for acquisition of investment
properties 5,128 – – –
Contractual commitment for acquisition of property,
plant and equipment 3,185 47,468 – –
83,874 431,660 – 16,100
50. CONTINGENT LIABILITIES (unsecured)
Group
Company
2008 2007 2008 2007
RM’000 RM’000 RM’000 RM’000
Guarantees given to banks to secure banking
facilities granted to subsidiary companies – – 843,934 948,641
Guarantees given to banks for performance
bonds granted to subsidiary companies – – 12,917 16,640
Guarantees given to the suppliers of goods
for credit terms granted to subsidiary companies – – 3,722 2,628
Guarantees given to banks for performance
bonds granted to jointly controlled entities 240 – 800 –
Guarantees given to banks to secure banking
facilities granted to jointly controlled entities 40,200 15,000 334,474 92,000
40,440 15,000 1,195,847 1,059,909
Additionally, the Company has given a guarantee to the holders of 131,250,000 preference shares issued on 13 October 2004 by
BE–SSB, for the prompt payment of dividends on the preference shares. The guarantee is enforceable after the third anniversary
of the date of issue of the preference shares in respect of dividends payable for the first 3 years; after the sixth anniversary
in respect of dividends payable for the fourth, fifth and sixth year; and after the seventh anniversary in respect of the dividend
payable for the seventh year.
The accrued dividend, net of tax, subject to the guarantee up to 31 October 2008 amounted to RM11,066,558 (2007 : RM7,723,728).