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144 Annual report 2008 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2008 53. EVENTS PENDING COMPLETION AS AT YEAR END The following are the status of corporate proposals that have been announced by the Company but not completed as at 31 October 2008: (a) Conditional Shareholders’ Agreement entered into on 20 December 2000 between S P Setia Berhad and YGP Holdings Sdn. Bhd. (“YGP”) to govern the relationship between S P Setia Berhad and YGP (“the Parties”) as proposed shareholders in Pelita Dunia Sdn. Bhd. (“Pelita Dunia”) and to set out the respective rights, duties and obligations of the Parties in relation to the proposed mixed residential and commercial development. On 21 August 2007, a Memorandum of Understanding was entered into between Datuk Bandar Kuala Lumpur and Pelita Dunia, currently a wholly owned subsidiary of S P Setia Berhad, pertaining to the proposed mixed residential and commercial development of the State Lands and Private Lands; To-date, pursuant to the Memorandum of Understanding, Pelita Dunia has paid a compensation of RM3,600,000, through DBKL to squatter families occupying the said lands. (b) (c) (d) (e) Conditional agreement to lease between Bukit Indah (Johor) Sdn Bhd, a wholly owned subsidiary of S P Setia Berhad and Tesco Stores (Malaysia) Sdn Bhd of approximately 9.69 acres of freehold land together with building in the Mukim of Pulai, District of Johor Bahru, State of Johor as announced on 29 October 2007; Cooperation agreement as announced on 3 January 2008 by Setia Saigon East Limited and Setia D-Nine Limited, both wholly owned subsidiaries of S P Setia Berhad and Saigon Hi-Tech Park Development Company to jointly develop a mixed real property development on a parcel of land measuring approximately 32 hectares or 79 acres located in District 9, Ho Chi Minh City, Vietnam; Development agreement entered into by Aeropod Sdn Bhd, a 70% owned subsidiary of S P Setia Berhad and the State Government of Sabah for the proposed development of a piece of land measuring approximately 59.21 acres in Tanjung Aru, Kota Kinabalu, Sabah as announced on 29 January 2008. On 3 November 2008, the parties to the agreement have mutually agreed to extend the period of fulfillment of the conditions precedent for a further period of 3 months to expire on 29 January 2009; Proposed disposal by Bandar Setia Alam Sdn Bhd (“BSA”), a wholly owned subsidiary of S P Setia Berhad, of approximately 30.5 acres of freehold land located within Precinct 1 of the Setia Alam township (“Said Land”) to Greenhill Resources Sdn Bhd, an associated company of BSA, for a total consideration of RM119,572,200 and proposed joint venture between BSA and Lend Lease Asian Retail Investment Fund 2 Limited, a wholesale real estate development fund managed by Lend Lease Investment Management Pte Ltd, for the development of a retail mall on the Said Land, as announced on 2 July 2008. On 30 September 2008, the parties have mutually agreed to extend the period for the fulfillment of the conditions precedent to expire on 31 March 2009. 54. AUTHORISATION FOR ISSUE OF FINANCIAL STATEMENTS These financial statements were authorised for issue on 10 December 2008 by the board of directors.
145 S P Setia Berhad Group STATEMENT BY DIRECTORS Pursuant to Section 169(15) of the Companies Act, 1965 In the opinion of the directors, the financial statements set out on pages 71 to 144 have been drawn up: (a) so as to give a true and fair view of the state of affairs of the Group and of the Company at 31 October 2008 and of their results and cash flows for the year then ended; (b) in accordance with Financial Reporting Standards and the provisions of the Companies Act, 1965. Signed on behalf of the directors in accordance with a directors’ resolution dated 10 December 2008. TAN SRI DATO’ SRI LIEW KEE SIN Director DATO’ VOON TIN YOW Director Kuala Lumpur STATUTORY DECLARATION Pursuant to Section 169(16) of the Companies Act, 1965 I, Yap Kok Weng, being the director primarily responsible for the financial management of, S P Setia Berhad do solemnly and sincerely declare that to the best of my knowledge and belief, the financial statements set out on pages 71 to 144 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 in the Federal Territory ) this 10 December 2008 ) YAP KOK WENG Before me: ROBERT LIM HOCK KEE W092 Commissioner for Oaths
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