2000 Annual Report - Kian Joo Can

annual repor t 

2 0 0 0 

(Incorporated In Malaysia) 

(3186-P)

contents 

2 Notice Of Annual General Meeting 

4 Corporate Information 

5 Corporate Structure 

6 Five Year Financial Highlights 

8 Terms of Reference of the Audit Committee 

10 Chairman’s Statement 

13 Financial Statements 

46 List of Properties 

48 Analysis of Shareholdings 

51 Proxy Form 

1

Notice of 

annual general meeting 

NOTICE IS HEREBY GIVEN that the 43rd Annual General Meeting of Kian Joo Can Factory Berhad will be held 

at the conference room, Lot 6, Jalan Perusahaan 1, 68100 Batu Caves, Selangor on Wednesday, 20th June 2001 at 3.00 

p.m. for the purpose of transacting the following businesses - 

1. To receive and adopt the Directors’ Report, Financial Statements and Auditors’ 

Report for the year ended 31st December 2000. 

2. To sanction the declaration of a final tax exempt dividend of 10% in respect of 

financial year ended 31st December 2000. 

3. To approve the Directors’ fee of RM185,000 for financial year ended 31st December 

2000. (1999: RM85,000) 

(Resolution 1) 



4. To re-elect the following directors retiring by rotation in accordance with Article 104 - 

a) Y.A.M. Tunku Dato’ Seri Nadzaruddin Ibni Tuanku Ja’afar 

b) YBhg Dato’ Anthony See Teow Guan 



5. To re-elect YBhg Dato’ Ismail Bin Lebai Kamat, the director appointed during 

the year and retiring in accordance with Article 108. 


6. To re-appoint Messrs Ernst & Young as Auditors of the Company and to authorise 

the Directors to fix their remuneration. 


7. To transact any other ordinary business of the Annual General Meeting. 

2

Notice of 

annual general meeting (Cont’d) 

By Order of the Board, 

Chia Kwok Why 

Secretary 

Batu Caves, Selangor 

Date : 28th May 2001 

Notes:- 

1. A member entitled to attend and vote at the Annual General Meeting is entitled to appoint a proxy to attend and vote instead of him. 

A proxy need not be a member of the Company. 

2. The proxy form duly completed should reach the registered office of the Company Lot 10, Jalan Perusahaan 1, 68100 Batu Caves, 

Selangor, not later than 48 hours before the time for holding the meeting or any adjournment thereof. 

3

Corporate 

information 

DIRECTORS 

Y.A.M. Tunku Naquiyuddin Ibni Tuanku Ja’afar (Chairman) 

Y.A.M. Tunku Dato’ Seri Nadzaruddin Ibni Tuanku Ja’afar 

Y.A.M. Raja Dato’ Seri Ashman Shah Ibni Sultan Azlan Shah 

See Teow Chuan (Managing Director) 

Dato’ Anthony See Teow Guan (Executive Director) 

See Teow Koon (Executive Director) 

See Tiau Kee (Executive Director) 

See Ean Seng 

Dato’ Ismail Bin Lebai Kamat (Appointed on 9.1.2001) 

Tan Sri Datuk Gnanalingam s/o Gunanath Lingam (Alternate director to Y.A.M. Raja Dato' Seri Ashman Shah Ibni 

Sultan Azlan Shah) 

AUDIT COMMITTEE 

Dato’ Ismail Bin Lebai Kamat (Non-Executive Director) (Chairman) 

Y.A.M. Raja Dato’ Seri Ashman Shah Ibni Sultan Azlan Shah (Non-Executive Director) 

See Ean Seng (Non-Executive Director) 

SECRETARY 

Chia Kwok Why 

(MAICSA 7005833) 

AUDITORS 

Ernst & Young 

Public Accountants 

SOLICITORS 

Shearn Delamore & Co. 

16th Floor, Wisma Hamzah Kwong Hing 

1, Leboh Ampang 

50100 Kuala Lumpur 

Shook Lin & Bok 

20th Floor, Arab-Malaysian Building 

55 Jalan Raja Chulan 


Wan Nadhri Tan & Goh 

Suite 153, 15th Floor 

Wisma Mirama 

Jalan Wisma Putra 


BANKERS 

HSBC Bank Malaysia Berhad 

Bumiputra-Commerce Bank Berhad 

Citibank Berhad 

Deutsche Bank (Malaysia) Berhad 

Public Bank Berhad 

OCBC (Malaysia) Berhad 

RHB Bank Berhad 

Alliance Bank Malaysia Berhad 

Bank of Tokyo-Mitsubishi (Malaysia) Berhad 

Overseas Union Bank (Malaysia) Berhad 

Phileo Allied Bank (Malaysia) Berhad 

Arab Malaysian Bank Berhad 

Affin Bank Berhad 

Malayan Banking Berhad 

Hong Leong Bank Berhad 

EON Bank Berhad 

REGISTRARS 

Kian Joo Services Sdn. Bhd. 

Lot 10, Jalan Perusahaan 1 

68100 Batu Caves 

Selangor Darul Ehsan 

Tel : 03-61896322 

Fax : 03-61898185 

REGISTERED OFFICE 




Tel : 03-61896322 

Fax : 03-61898185 

4

Corporate 

structure 

(Incorporated in Malaysia) 

(3186-P) 

100% 

FEDERAL METAL PRINTING 

FACTORY SDN. BHD. 

19% 

100% 

BINTANG SERIBU SDN. BHD. 

100% 

METAL-PAK (M) SDN. BHD. 

81% 

100% 

GREAT ASIA TIN CANS FACTORY 

CO. SDN. BHD. 

100% 

KJ CAN (JOHORE) SDN. BHD. 

100% 

KJ CAN (SELANGOR) SDN. BHD. 

(formerly known as Guolene Metal Can 

Sdn Bhd) 

100% 

KIAN JOO PACKAGING 

SDN. BHD. 

60% 

KJM ALUMINIUM CAN 

SDN. BHD. 

54.8% 

BOX-PAK (MALAYSIA) 

BERHAD 

100% 

MULTI-PET SDN. BHD. 

50% 

KIAN JOO-SOUTHCORP 

SDN. BHD. 

100% 

INDASTRI KIAN JOO SDN. BHD. 

100% 

CANCO ENGINEERING & 

MACHINERY SDN. BHD. 

100% 

KIAN JOO SERVICES SDN. BHD. 

5

Five Year 

financial highlights 

2000 1999 1998 1997 1996 

RM’000 RM’000 RM’000 RM’000 RM’000 

Turnover 494,536 425,517 425,012 438,151 445,397 

Profit Before Taxation 33,034 49,684 76,345 85,357 95,192 

Profit After Taxation And 

Minority Interest 23,969 52,920 52,060 55,392 70,303 

Dividend Rate 20% 40% 40% 40% 40% 

Dividend Net 11,572 23,144 23,144 23,144 23,142 

Paid-up Capital 57,860 57,860 57,860 57,860 57,860 

Shareholders’ Equity 462,776 459,706 429,930 401,014 368,766 

Total Tangible Assets 723,587 664,958 704,282 619,659 562,183 

Total Borrowings 156,462 94,131 153,627 91,107 93,345 

Earnings Per Share (Sen) 20.71 45.73 44.99 47.87 60.75 

Net Assets Backing Per Share 4.00 3.97 3.72 3.47 3.19 

Borrowings/Shareholders’ Equity (%) 34 20 36 23 25 

6

Five Year 

financial highlights (Cont’d) 

(RM'000) 

Profit Before Taxation 

Profit After Taxation 

and Minority Interest 

Total Tangible Assets 

Turnover 

7

Terms of Reference of 

the audit committee 

The Audit Committee shall be governed by the following terms of reference. 

Composition Of Audit Committee 

The Committee shall be appointed by the Board from its members and shall consist of not less than 3 members of 

whom a majority shall not:- 

a) be executive directors of the company or any related corporation; 

b) comprise a spouse, parent, brother, sister, son or adopted son, daughter or adopted daughter of an executive 

director of the company or of any related corporation; or 

c) comprise persons having a relationship which, in the opinion of the Board, would interfere with the exercise 

of independent judgment in carrying out the functions of the Committee. 

The Committee shall elect a chairperson from among its members who is not an executive director or employee of the 

company or any related corporation. 

In the event that a member of the Committee resigns, dies or for any other reason ceases to be a member with the 

result that the number of members is reduced below 3, the Board of Directors shall, within 3 months of that event, 

appoint such number of new members as may be required to make up the minimum number of 3 members. 

Terms Of Membership 

Members of the Committee shall be appointed for an initial term of 3 years after which they will be eligible for 

reappointment. 

Meetings 

The Committee shall meet at least three times a year. In addition, the chairperson shall convene a meeting of the 

Committee if requested to do so by any member, the management or the internal or external auditors to consider any 

matter within the scope and responsibilities of the Committee. 

The minutes of the meetings of the Audit Committee shall be tabled at Board Meetings to inform the Board of the 

activities of the Audit Committee. 

Attendance At Meetings 

The group financial controller, the head of internal audit, and a representative of the external auditors shall normally 

attend meetings. However, the Committee may invite any person to be in attendance to assist in its deliberations. 

Secretary To Audit Committee 

Any one of the company secretaries shall be the secretary of the Committee and shall be responsible for drawing up 

the agenda in consultation with the chairperson. The agenda together with relevant explanatory papers and documents 

shall be circulated to committee members prior to each meeting. 

8

Terms of Reference of 

the audit committee (Cont’d) 

The secretary shall be responsible for keeping the minutes of the meeting of the Committee, circulating them to 

committee members and for ensuring compliance with KLSE requirements. 

Quorum 

A quorum shall consist of a majority of committee members who are non-executive directors. 

Authority 

The committee is authorized by the Board to investigate any activity within its terms of reference. It has free access to 

all information and documents it requires for the purpose of discharging its functions and responsibilities. The audit 

committee is also authorized to obtain outside legal or other independent professional advice as it considers necessary. 

Duties and Responsibilities 

The duties and responsibilities of the committee shall be: 

• to review the company’s and the group’s half-yearly and annual financial statements before submission to the 

Board. The review shall focus on:- 

– any changes in accounting policies and practices 

– major judgmental areas 

– significant audit adjustments from the external auditors 

– the going-concern assumption 

– compliance with accounting standards 

– compliance with stock exchange and legal requirements. 

• to review with the external auditors their plan, scope and nature of audit for the company and 

the group. 

• to assess the adequacy and effectiveness of the systems of internal control and accounting control procedures 

of the company and the group by reviewing the external auditors’ management letters and management 

response. 

• to hear from the external auditors problems and reservations arising from their interim and final audits. 

• to review the internal audit plan, consider the major findings of internal audit, fraud investigations and 

actions and steps taken by management in response to audit findings. 

• to review any related party transactions that may arise within the company or the group. 

• to consider the appointment of the external auditors, the terms of reference of their appointment, and any 

question of resignation or dismissal. 

• to undertake such other responsibilities as may be agreed to by the Committee and the Board. 

• to report to the Board its activities, significant results and findings. 

9

Chairman’s 

statement 

On behalf of the Board of Directors of 

KIAN JOO CAN FACTORY BERHAD, 

I am pleased to present the Annual Report and 

Accounts for the year ended 

31st December 2000. 

PERFORMANCE & FINANCIAL REVIEWS 

Y.A.M. Tunku Naquiyuddin Ibni Tuanku Ja'afar 

The performance of the Group was affected by the continued depressed 

market due to the economic slowdown in 2000 and more imported 

cans from Singapore, Indonesia and Thailand. Prices had to be reduced 

to compete with the imported cans to sustain market shares. As a result, 

despite an increase in turnover of 16% to RM494.536 million from 

RM425.517 million in 1999, the Group profit before tax for 2000 was 

reduced to RM33.034 million from RM49.684 million previously. 

This is mainly due to higher raw material cost and reduced selling 

prices. After taking into account of taxation for 2000 the net profit 

attributable to shareholders was reduced to RM23.969 million 

compared to RM52.920 million in 1999, a decrease of 54%. The 

earnings per share for the Group was reduced to 21 sen from 46 sen 

previously. 

10

Chairman’s 

statement (Cont’d) 

At the company’s level the operating profit before tax was RM26.917 million from a turnover of RM115.919 million 

compared to RM43.672 million profit from a turnover of RM123.961 in 1999. The profit attributable to shareholders 

at company level was RM26.988 million compared to RM41.104 million in 1999. 

The joint-ventured company, KJM Aluminium Can Sdn Bhd, that produces 2-piece aluminium retortable slim cans 

continues to perform badly due to poor sales and negative exports. This company is expected to incur further losses 

for the next 2 years. However, the corrugated carton and PET bottles division continued to contribute positively to 

the Group’s profit. 

GROUP HIGHLIGHTS 

In July 2000, the Group purchased from Guolene Packaging Industries Berhad, a subsidiary of Hong Leong Industries 

Berhad all the 35,250,000 ordinary shares of Guolene Metal Can Sdn Bhd (GMC), the second largest can maker for 

a consideration sum of RM13.75 million. The Group also paid off GMC inter-company loan of RM28,312,500 and 

assumed the banking facilities granted by Maybank Berhad. 

This purchase will allow the Group to gain market share and to position positively in the market. 

DIVIDENDS 

The Directors had recommended a second and final dividend of 10% (tax exempt) amounting to RM5.786 million 

to shareholders in respect of the 2000 financial year. Together with the interim 10% tax exempt paid on 10 November 

2000, the total dividend paid and proposed for 2000 is 20% amounting to RM11.572 (1999 - 40% tax exempt). The 

proposed dividend is subject to shareholders’ approval and upon approval will be paid on 9 July 2001. 

11

Chairman’s 

statement (Cont’d) 

CURRENT YEAR’S PROSPECT 

Barring unforeseen circumstances, the Board of Directors expects profit for the current year to be affected by the 

anticipated lower contribution from the general cans division. 

APPRECIATION 

On behalf of the Board, I would like to take this opportunity to thank our customers, suppliers, bankers, management, 

staff and shareholders for their continued strong support and confidence in the Group despite the difficult economic 

condition. 

Y.A.M. Tunku Naquiyuddin Ibni Tuanku Ja’afar 

CHAIRMAN 

Date : 28 February 2001 

12

14 Directors’ Report 

19 Statement by Directors 

19 Statutory Declaration 

20 Report of the Auditors to the Members 

21 Balance Sheets 

22 Income Statements 

23 Consolidated Statement of Changes in Equity 

23 Statement of Changes in Equity 

24 Consolidated Cash Flow Statement 

26 Cash Flow Statement 

27 Notes to the Financial Statements 

13

Directors’ Report 

The Directors have pleasure in presenting their report together with the audited financial statements of the Group and of 

the Company for the year ended 31 December 2000. 

PRINCIPAL ACTIVITIES 

The principal activities of the Company are that of manufacturing and distribution of tin cans. 

The principal activities of the Group include the manufacturing and distribution of tin cans, 2-piece aluminium beverage 

cans, polyethelene terephalate products and corrugated fibreboard cartons, provision of engineering services, letting of 

property and provision of share registration and management services. 

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

FINANCIAL RESULTS 

Group 

RM’000 

Company 

RM’000 

Profit after taxation 22,009 26,988 

Minority interest 1,960 - 

______________________________________________________________________________________________ 

Profit after taxation and minority interest 23,969 26,988 

Dividends (11,572) (11,572) 

______________________________________________________________________________________________ 

Retained profit for the year 12,397 15,416 

______________________________________________________________________________________________ 

There were no material transfers to or from reserves or provisions during the year. 

In the opinion of the Directors, the results of the operations of the Group and of the Company during the financial year 

have not been substantially affected by any item, transaction or event of a material and unusual nature. 

DIVIDENDS 

The dividends paid or declared by the Company since the date of the last report were as follows:- 

In respect of the financial year ended 31 December 1999 

as shown in the Directors' Report of that financial year:- 

RM'000 

Final dividend of 10% and a special dividend of 20%, 

______________________________________________________________________________________________ 

both tax exempt 17,358 

In respect of the financial year ended 31 December 2000: 

Interim dividend of 10%, tax exempt 5,786 

______________________________________________________________________________________________ 

The Directors now recommend a final dividend of 10%, tax exempt, amounting to RM5,786,000 in respect of the current 

financial year. 

SIGNIFICANT EVENT DURING THE YEAR 

Significant event during the year is disclosed in Note 29 to the financial statements. 

14

Directors’ Report (Cont’d) 

DIRECTORS 

The names of the Directors of the Company in office since the date of the last report and at the date of this report are:- 

Y.A.M. Tunku Naquiyuddin Ibni Tuanku Ja’afar 

Y.A.M. Tunku Dato’ Seri Nadzaruddin Ibni Tuanku Ja’afar 

Y.A.M. Raja Dato’ Seri Ashman Shah Ibni Sultan Azlan Shah 

See Teow Chuan 

Dato’ Anthony See Teow Guan 

See Teow Koon 

See Tiau Kee 

See Ean Seng 

Dato’ Ismail Bin Lebai Kamat (Appointed on 9.1.2001) 

Tan Sri Datuk Gnanalingam s/o Gunanath Lingam 

(Alternate director to Y.A.M. Raja Dato’ Seri Ashman Shah Ibni Sultan Azlan Shah) 

In accordance with Article 104 of the Company’s Articles of Association, Y.A.M. Tunku Dato’ Seri Nadzaruddin Ibni 

Tuanku Ja’afar and Dato’ Anthony See Teow Guan retire by rotation and, being eligible, offer themselves for re-election. 

Y.Bhg. Dato’ Ismail Bin Lebai Kamat, the director appointed during the year, retires at the Annual General Meeting in 

accordance with Article 108, and being eligible, offers himself for 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 is a party, whereby Directors might 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 benefits (other than 

a benefit included in the aggregate amount of emoluments received or due and receivable by the Directors shown in the 

financial statements or the fixed salary of a full-time employee of the Company) by reason of a contract made by the 

Company or a related corporation with any Director or with a firm of which the Director is a member or with a company 

in which the Director has a substantial financial interest required to be disclosed by Section 169(8) of the Companies Act 

1965. 

DIRECTORS’ INTEREST IN SHARES 

The following Directors who held office at the end of the financial year had, according to the register required to be kept 

under Section 134 of the Companies Act 1965, an interest in shares and debentures of the Company and its related 

corporations, as stated below:- 

Number of ordinary shares of RM0.50 each 

At 

At 

The Company 1.1.00 Bought Sold 31.12.00 

Y.A.M. Tunku Naquiyuddin 9,750 80,000 - 89,750 

Ibni Tuanku Ja’afar * 1,020,000 - - * 1,020,000 

Y.A.M. Raja Dato’ Seri Ashman Shah 

Ibni Sultan Azlan Shah 498,755 - - 498,755 

Mr. See Teow Chuan 190,309 69,000 - 259,309 

* 42,741,276 168,000 - * 42,909,276 

15


DIRECTORS’ INTEREST IN SHARES (Cont’d) 


At 

At 


Dato’ Anthony See Teow Guan 50,470 200,000 - 250,470 

* 42,941,276 - 200,000 * 42,741,276 

Mr. See Teow Koon 15,744 - - 15,744 

* 42,851,746 5,000 - * 42,856,746 

Mr. See Ean Seng 42,605 10,000 - 52,605 

* 1,453 - - * 1,453 

Mr. See Tiau Kee * 42,741,276 - - * 42,741,276 

Tan Sri Gnanalingam s/o Gunanath 

Lingam (alternate to Y.A.M. Raja 

Dato’ Seri Ashman Shah 

Ibni Sultan Azlan Shah) 36,000 - 4,285 31,715 

* 1,400,285 - 1,400,000 * 285 


At 

At 

Subsidiary 1.1.00 Bought Sold 31.12.00 

Box-Pak (Malaysia) Berhad 

Y.A.M. Tunku Naquiyuddin 86,000 - - 86,000 

Ibni Tuanku Ja'afar * 1,683,000 - - * 1,683,000 

Y.A.M. Tunku Dato’ Seri Nadzaruddin 

Ibni Tuanku Ja'afar 1,573,000 - - 1,573,000 

Y.A.M. Raja Dato’ Seri Ashman 

Shah Ibni Sultan Azlan Shah 10,000 - - 10,000 

Mr. See Teow Chuan 11,000 - - 11,000 

Dato’ Anthony See Teow Guan 7,000 - - 7,000 

Mr. See Ean Seng 24,000 5,000 - 29,000 

* 34,000 - - * 34,000 

16


DIRECTORS’ INTEREST IN SHARES (Cont’d) 

Number of warrants 

At 

At 


Y.A.M. Tunku Naquiyuddin Ibni 

Tuanku Ja’afar 100 200 - 300 

Y.A.M. Raja Dato’ Seri Ashman Shah 

Ibni Sultan Azlan Shah 66,500 - - 66,500 

Mr. See Teow Chuan 37,000 - - 37,000 

* 5,698,835 - - * 5,698,835 

Dato’ Anthony See Teow Guan 25,353 - - 25,353 

* 5,698,835 - - * 5,698,835 

Mr. See Teow Koon 15,353 - - 15,353 

* 5,698,835 - - * 5,698,835 

Mr. See Ean Seng 26,500 7,000 - 33,500 

* 200 - - * 200 

Mr. See Tiau Kee * 5,698,835 - - * 5,698,835 

* Denotes indirect interest 

See Teow Chuan, Dato’ Anthony See Teow Guan, See Teow Koon and See Tiau Kee are deemed to have interest in the 

shares of the subsidiary companies to the extent Kian Joo Can Factory Berhad has an interest by virtue of their interests in 

the Company as disclosed above. 

OTHER STATUTORY INFORMATION 

(a) Before the balance sheets and income statements of the Group and of the Company were made out, the Directors took 

reasonable steps:- 

(i) 

(ii) 

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 

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) 

(ii) 

the amount written off for bad debts or the amount of the provision for doubtful debts in the Group and the 

Company inadequate to any substantial extent; and 

the values attributed to current assets in the financial statements of the Group and of the Company misleading. 

17


OTHER STATUTORY INFORMATION (Cont’d) 

(c) At the date of this report, the Directors are not aware of any circumstances 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. 

(d) At the date of this report, the Directors are not aware of any circumstances not otherwise dealt with in this report or 

financial statements of the Group and of the Company which would render any amount stated in the financial 

statements misleading. 

(e) As at the date of this report, there does not exist:- 

(i) 

(ii) 

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 liabilities of any other person; or 

any contingent liability in respect of the Group and of the Company which has arisen since the end of the 

financial year. 

(f) In the opinion of the Directors:- 

(i) 

(ii) 

no contingent liability 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 will or may affect the ability of the Group or 

of the Company to meet its obligations as and when they fall due; and 

no item, transaction or event of a material and unusual nature has arisen in the interval between the end of the 

financial year and the date of this report which is likely to affect substantially the results of the operations of the 

Group or of the Company for the financial year in which this report is made. 

AUDITORS 

The auditors, Ernst & Young, have expressed their willingness to continue in office. 

On behalf of the Board, 

SEE TEOW CHUAN ) 

) 

) 

) DIRECTORS 

) 

Y.A.M. TUNKU DATO’ SERI NADZARUDDIN ) 

IBNI TUANKU JA'AFAR ) 

Batu Caves, Selangor Darul Ehsan 

28 February 2001 

18

Statement by Directors 

Pursuant to Section 169(15) of the Companies Act 1965 

We, SEE TEOW CHUAN and Y.A.M. TUNKU DATO' SERI NADZARUDDIN IBNI TUANKU JA'AFAR, being two 

of the Directors of KIAN JOO CAN FACTORY BERHAD, do hereby state that in the opinion of the Directors, the 

financial statements set out on pages 21 to 45 are drawn up in accordance with approved accounting standards in Malaysia 

so as to give a true and fair view of:- 

(i) the state of affairs of the Group and of the Company as at 31 December 2000 and of the results of the business of the 

Group and of the Company for the year then ended; and 

(ii) the cash flows of the Group and of the Company for the year ended 31 December 2000. 

On behalf of the Board, 

SEE TEOW CHUAN ) 

) 

) 

) DIRECTORS 

Y.A.M. TUNKU DATO' SERI NADZARUDDIN ) 

IBNI TUANKU JA'AFAR ) 

Batu Caves, Selangor Darul Ehsan 


Statutory Declaration 

Pursuant to Section 169(16) of the Companies Act 1965 

I, SEE SIEW CHOO, being the Officer primarily responsible for the financial management of KIAN JOO CAN 

FACTORY BERHAD, do solemnly and sincerely declare that the financial statements set out on pages 21 to 45 are in my 

opinion 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 by 

the abovenamed SEE SIEW CHOO 

at Kuala Lumpur in the Federal 

Territory on 28 February 2001 

SEE SIEW CHOO 

Before me, 

19

Report of the Auditors to the Members of 

Kian Joo Can Factory Berhad 

We have audited the financial statements set out on pages 21 to 45. These financial statements are the responsibility of the 

Company's Directors. Our responsibility is to express an opinion on these financial statements based on our audit. 

We conducted our audit in accordance with approved standards on auditing in Malaysia. These standards require that we 

plan and perform the audit to obtain reasonable assurance that the financial statements are free of material misstatement. 

An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. 

An audit also includes assessing the accounting principles used and significant estimates made by the Directors, as well as 

evaluating the overall financial statements presentation. We believe that our audit provides a reasonable basis for our 

opinion. 

In our opinion:- 

(a) the financial statements are properly drawn up in accordance with the provisions of the Companies Act 1965 and 

approved accounting standards in Malaysia so as to give a true and fair view of:- 

(i) 

(ii) 

the state of affairs of the Group and of the Company as at 31 December 2000 and of the results and cash flows 

of the Group and of the Company for the year then ended; and 

the matters required by Section 169 of the Companies Act 1965 to be dealt with in the financial statements. 

(b) the accounting and other records and the registers required by the Act to be kept by the Company and by its subsidiary 

companies have been properly kept in accordance with the provisions of the Act. 

We are satisfied that the financial statements of the subsidiary companies that have been consolidated with the Company's 

financial statements are in form and content appropriate and proper for the purposes of the preparation of the consolidated 

financial statements and we have received satisfactory information and explanations required by us for those purposes. 

The Auditors' Reports on the financial statements of the subsidiary companies were not subject to any qualification and 

did not include any comment required to be made under Section 174(3) of the Companies Act 1965. 

ERNST & YOUNG AF: 0039 

Public Accountants 

Ong Seng Pheow 1021/3/01(J/PH) 

Partner 

Kuala Lumpur, Malaysia 


20

Balance Sheets 

as at 31 December 2000 

Group 

Company 

2000 1999 2000 1999 

Note RM'000 RM'000 RM'000 RM'000 

(Restated) 

(Restated) 

PROPERTY, PLANT AND 

EQUIPMENT 3 390,193 341,769 58,815 61,544 

SUBSIDIARY COMPANIES 4 - - 104,354 32,275 

ASSOCIATED COMPANIES 5 18,435 20,572 11,620 14,172 

INVESTMENT 6 600 750 600 750 

GOODWILL ON 

CONSOLIDATION 7 - - - - 

DEFERRED EXPENDITURE 8 - - - - 

CURRENT ASSETS 

Stocks 9 123,226 106,636 28,860 34,269 

Trade debtors 10 139,803 136,016 21,731 24,066 

Other debtors, deposits and 

prepayments 11 15,548 12,179 32,168 28,034 

Deposits with licensed 

banks 22,212 26,162 1,000 1,006 

Cash and bank balances 13,570 20,874 469 7,343 

314,359 301,867 84,228 94,718 

CURRENT LIABILITIES 

Trade creditors 20,297 19,373 7,623 7,882 

Other creditors and accruals 12 30,828 19,619 6,493 1,504 

Hire purchase creditor 13 9 - - - 

Bank borrowings (unsecured) 14 35,909 14,593 792 1,578 

Taxation 1,055 990 - 34 

Proposed dividends 5,786 17,358 5,786 17,358 

93,884 71,933 20,694 28,356 

NET ______________________________________________________________________________________________ 

CURRENT ASSETS 220,475 229,934 63,534 66,362 

______________________________________________________________________________________________ 

629,703 593,025 238,923 175,103 

FINANCED BY:- 

SHARE CAPITAL 15 57,860 57,860 57,860 57,860 

SHARE PREMIUM 266 266 266 266 

RESERVES 16 404,650 401,580 129,884 114,468 

______________________________________________________________________________________________ 

462,776 459,706 188,010 172,594 

MINORITY INTEREST 41,486 46,805 - - 

HIRE PURCHASE 

CREDITOR 13 35 - - - 

TERM LOANS 

(UNSECURED) 17 120,509 79,538 50,000 - 

DEFERRED ______________________________________________________________________________________________ 

TAXATION 18 4,897 6,976 913 2,509 

______________________________________________________________________________________________ 

629,703 593,025 238,923 175,103 

The annexed notes form an integral part of these financial statements. 

21

Income Statements 

for the year ended 31 December 2000 

Group 

Company 


Note RM'000 RM'000 RM'000 RM'000 

(Restated) 

REVENUE 19 494,536 425,517 115,919 123,961 

Other operating income 7,364 9,436 32,372 34,676 

Changes in inventories of 

finished goods and 

work-in-progress 3,669 (2,576) 853 (212) 

Raw materials and 

consumables used (298,394) (235,228) (79,127) (76,838) 

Staff costs (62,720) (52,456) (21,640) (17,165) 

Depreciation of property, 

plant and equipment (34,579) (34,696) (5,514) (5,873) 

Other ______________________________________________________________________________________________ 

operating expenses (71,841) (54,619) (14,985) (12,672) 

PROFIT FROM 

OPERATIONS 20 38,035 55,378 27,878 45,877 

Finance costs 21 (8,642) (9,199) (961) (2,205) 

Share of profits from 

associated companies 3,641 3,505 - - 

PROFIT BEFORE 

TAXATION 33,034 49,684 26,917 43,672 

TAXATION 22 (11,025) (45) 71 (2,568) 

PROFIT AFTER TAXATION 22,009 49,639 26,988 41,104 

MINORITY INTEREST 1,960 3,281 - - 

PROFIT ATTRIBUTABLE 

______________________________________________________________________________________________ 

TO SHAREHOLDERS 23,969 52,920 26,988 41,104 

EARNINGS PER SHARE 23 

__________________________________________________________________ 

- Basic 21 sen 46 sen 

DIVIDEND PER SHARE 24 10 sen 20 sen 

__________________________________________________________________ 


22

Consolidated Statement of Changes in Equity 

For the Year Ended 31 December 2000 

Distributable 

Non-distributable reserves reserve 

Reserve 

Share Share Revaluation Capital on Retained 

capital premium reserve reserve consolidation profit Total 

Note RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 

At 1 January 1999 57,860 266 12,357 4,480 4,814 350,153 429,930 

Net profit for the year 

-As previously reported - - - - - 54,674 54,674 

-Prior year adjustment 25 (a) - - - - - (1,754) (1,754) 

-As restated 52,920 52,920 

______________________________________________________________________________________________ 

Dividends 24 - - - - - (23,144) (23,144) 

At 31 December 1999 

(as restated) 57,860 266 12,357 4,480 4,814 379,929 459,706 

Goodwill ______________________________________________________________________________________________ 

written-off 7 - - (4,513)* - (4,814)* - (9,327) 

57,860 266 7,844 4,480 - 379,929 450,379 

Net profit for the year - - - - - 23,969 23,969 

Dividends 24 - - - - - (11,572) (11,572) 

______________________________________________________________________________________________ 

At 31 December 2000 57,860 266 7,844 4,480 - 392,326 462,776 

______________________________________________________________________________________________ 

* This represents losses not recognised in the income statement 

The annexed notes form an integral part of these financial statements 

Statement of Changes in Equity 


Nondistributable 

Distributable 

reserve reserve 

Share Share Revaluation Retained 

capital premium reserve profit Total 

Note RM'000 RM'000 RM'000 RM'000 RM'000 

At 1 January 1999 - As previously reported 57,860 266 24,092 94,232 176,450 

Prior year adjustment 25(b) - - (21,816) - (21,816) 

______________________________________________________________________________________________ 

As restated 57,860 266 2,276 94,232 154,634 

Net profit for the year - - - 41,104 41,104 

Dividends ______________________________________________________________________________________________ 

24 - - - (23,144) (23,144) 

At 31 December 1999 (as restated) 57,860 266 2,276 112,192 172,594 

Net profit for the year - - - 26,988 26,988 

Dividends 24 - - - (11,572) (11,572) 

______________________________________________________________________________________________ 

At 31 December 2000 57,860 266 2,276 127,608 188,010 

______________________________________________________________________________________________ 


23

Consolidated Cash Flow Statement 


CASH FLOWS FROM OPERATING ACTIVITIES 

2000 1999 

Note RM'000 RM'000 

Receipt from customers 501,333 403,685 

Payment to suppliers (313,263) (232,961) 

Payment of operating expenses (146,099) (97,254) 

Other ______________________________________________________________________________________________ 

receipts 1,814 3,405 

Cash generated from operations 43,785 76,875 

Interest paid (8,601) (8,802) 

Income tax paid (14,516) (26,836) 

______________________________________________________________________________________________ 

Net cash generated from operating activities 20,668 41,237 

______________________________________________________________________________________________ 

CASH FLOWS FROM INVESTING ACTIVITIES 

Acquisition of a subsidiary company 

net of cash acquired (a) (11,944) - 

Dividend received from an associated company 3,750 5,000 

Purchase of property, plant and equipment (b) (18,751) (37,032) 

Proceeds from disposal of property, plant 

and equipment 616 98 

Proceeds from disposal of investment 150 - 

Proceeds from disposal of an associated company 4,196 - 

Interest ______________________________________________________________________________________________ 

received 1,870 5,166 

Net cash used in investing activities (20,113) (26,768) 

______________________________________________________________________________________________ 

CASH FLOWS FROM FINANCING ACTIVITIES 

Repayment of bank borrowings (51,531) - 

Proceeds from subscription of shares by minority 

shareholders in a subsidiary company - 8,000 

Payment to hire purchase creditor (2) - 

Redemption of bonds - (80,000) 

Proceeds from term loan and bankers’ acceptances 67,986 19,260 

Dividends paid (23,144) (23,144) 

Dividends paid to minority shareholders of a 

subsidiary company (2,600) (2,601) 

Decrease/(increase) ______________________________________________________________________________________________ 

in associated companies’ indebtedness 1,510 (1,772) 

Net cash used in financing activities (7,781) (80,257) 

______________________________________________________________________________________________ 

NET DECREASE IN CASH AND CASH 

EQUIVALENTS (7,226) (65,788) 

CASH AND CASH EQUIVALENTS 

BROUGHT FORWARD 37,071 102,859 

______________________________________________________________________________________________ 


______________________________________________________________________________________________ 

CARRIED FORWARD (c) 29,845 37,071 

24

Consolidated Cash Flow Statement (Cont’d) 


NOTE 

2000 

RM'000 

(a) Analysis of the effects of subsidiary company acquired:- 

Net assets acquired: 

Property, plant and equipment 64,547 

Stocks 12,010 

Debtors 11,200 

Creditors (53,077) 

Bank borrowings (term loan) (32,063) 

______________________________________________________________________________________________ 

Cash and bank balances net of bank overdraft 398 

Net assets acquired 3,015 

Goodwill arising from acquisition 

of subsidiary 9,327 

______________________________________________________________________________________________ 

Total purchase consideration discharged by cash 12,342 

Less : Cash and cash equivalents acquired (398) 

______________________________________________________________________________________________ 

11,944 

______________________________________________________________________________________________ 

(b) Included in purchase of property, plant and equipment during the year was RM18,751,000 (1999: RM37,032,000) 

fully paid for in cash and RM45,000 (1999: RM Nil) was financed through hire purchase arrangement. 

(c) Cash and cash equivalents comprise the following:- 


RM'000 RM'000 

Cash and bank balances 13,570 20,874 

Deposits with licensed banks 22,212 26,162 

______________________________________________________________________________________________ 

Bank overdrafts (Note 14) (5,937) (9,965) 

29,845 37,071 

______________________________________________________________________________________________ 


25

Cash Flow Statement 


CASH FLOWS FROM OPERATING ACTIVITIES 


Note RM'000 RM'000 

Receipt from customers 118,398 124,773 

Payment to suppliers (74,240) (79,459) 

Payment of operating expenses (31,292) (30,048) 

Other ______________________________________________________________________________________________ 

receipts 849 2,915 

Cash generated from operations 13,715 18,181 

______________________________________________________________________________________________ 

Interest paid (961) (2,205) 

Income tax paid (6,118) (9,358) 

______________________________________________________________________________________________ 

Net cash generated from operating activities 6,636 6,618 

______________________________________________________________________________________________ 

CASH FLOWS FROM INVESTING ACTIVITIES 

Dividend received from subsidiary companies 24,613 23,985 

Dividend received from an associated company 3,750 5,000 

Purchase of property, plant and equipment (a) (2,846) (3,507) 

Proceeds from disposal of property, plant and 

equipment 233 21 

Proceeds from disposal of investment 150 - 

Proceeds from disposal of an associated company 4,196 - 

Investment in subsidiary company (12,342) (12,000) 

Interest ______________________________________________________________________________________________ 

received 980 4,082 

Net cash generated from investing activities 18,734 17,581 

______________________________________________________________________________________________ 

CASH FLOWS FROM FINANCING ACTIVITIES 

Redemption of bonds - (80,000) 

Proceeds from term loan 50,000 - 

Dividends paid (23,144) (23,144) 

Decrease/(increase) in associated companies’ indebtedness 1,417 (1,657) 

(Increase)/decrease ______________________________________________________________________________________________ 

in inter-company indebtedness (59,737) 4,769 

Net cash used in financing activities (31,464) (100,032) 

______________________________________________________________________________________________ 

NET DECREASE IN CASH AND CASH EQUIVALENTS (6,094) (75,833) 


BROUGHT FORWARD 6,771 82,604 

______________________________________________________________________________________________ 


CARRIED FORWARD (b) 677 6,771 

______________________________________________________________________________________________ 

NOTE 

(a) Purchase of property, plant and equipment during the year was fully paid for in cash. 

(b) Cash and cash equivalents comprise the following:- 


RM'000 RM'000 

Cash and bank balances 469 7,343 

Bank overdrafts (Note 14) (792) (1,578) 

______________________________________________________________________________________________ 

Deposits with licensed banks 1,000 1,006 

______________________________________________________________________________________________ 

677 6,771 


26

Notes to the Financial Statements 

31 December 2000 

1. GENERAL 

The registered office and principal place of business is located at Lot 10, Jalan Perusahaan 1, 68100 Batu Caves, 

Selangor Darul Ehsan. 

The principal activities of the Company are that of manufacturing and distribution of tin cans. 

The principal activities of the Group are that of manufacturing and distribution of tin cans, 2-piece aluminium 

beverage cans, polyethelene terephalate products and corrugated fibreboard cartons, provisions of engineering services, 

letting of property and provision of share registration and management services. 

The financial statements are expressed in Ringgit Malaysia. 

The number of employees as at 31 December 2000 for the Group is 2,161 (1999 : 2,142) and for the Company is 

721 (1999 : 747) respectively. 

2. SIGNIFICANT ACCOUNTING POLICIES 

(a) Basis of Accounting 

The financial statements of the Group and of the Company are prepared under the historical cost convention 

and comply with approved accounting standards issued by the Malaysian Accounting Standards Board 

(“MASB”). In the financial statements for the year ended 31 December 1998, the Group and the Company 

applied certain transitional provisions in International Accounting Standard 16 (Revised), Property, Plant and 

Equipment, by virtue of which a reporting enterprise which does not adopt a policy of revaluation is allowed to 

retain carrying amounts on the basis of their previous revaluations subject to continuity in depreciation policy 

and the requirement to write an asset down to its recoverable amount. Accordingly, the valuations of these assets 

have not been updated and their carrying amounts are stated as deemed cost. 

(b) Basis of Consolidation 

The consolidated financial statements incorporate the financial statements of the Company and all its subsidiary 

companies. All the subsidiary companies are consolidated using the acquisition method of accounting except 

those acquisitions of subsidiary companies which meet the criteria for merger accounting under Malaysian 

Accounting Standard No. 2, Accounting for Acquisitions and Mergers, are accounted under that method. 

(i) Under the acquisition method of accounting, the results of subsidiary companies acquired or disposed during 

the year are included from the date of acquisition or up to the date of disposal. At the date of acquisition, 

the fair values of the subsidiary companies’ net assets are determined and these values are reflected in the 

consolidated financial statements. 

The difference between the acquisition cost and the fair value of assets acquired is reflected as goodwill or 

reserve on consolidation as appropriate. 

Goodwill on consolidation is written off against reserve. 

(ii) Under the merger method of accounting, the results of the subsidiary companies are presented as if the 

companies had been combined through the current and previous financial years. 

All significant intra-group transactions are eliminated in the consolidated financial statements. 

27

Notes to the Financial Statements (Cont’d) 


2. SIGNIFICANT ACCOUNTING POLICIES (Cont’d) 

(c) 

Associated Companies 

Associated company is a company in which the Company has a long term equity interest of between 20 and 50 

percent and where it exercises significant influence through Board representation. 

The Group equity-accounts for its share of post-acquisition results and reserves of associated companies based on 

the latest audited or management financial statements of the companies concerned. 

The Group’s share of results and reserves of associated companies acquired or disposed is included in the 

consolidated financial statements from the date of acquisition and up to the date of disposal. 

(d) Depreciation of Property, Plant and Equipment 

All property, plant and equipment are stated at cost/deemed cost. 

Freehold land and capital work-in-progress are not depreciated. Leasehold land is amortised to write off the value 

of leasehold land over the unexpired lease terms ranging from 23 to 90 years. All other property, plant and 

equipment are depreciated on a straight line basis calculated to write off the assets over their estimated useful lives 

at the following annual rates:- 

Buildings 2 

Motor vehicles 20 

Furniture, fittings and equipment 10 - 33 1/3 

Plant, machinery and equipment 6 2/3 - 10 

% 

(e) 

Investment 

Investment in subsidiary companies and other long term investment are stated at cost. They are written down 

only when the Directors are of the opinion that there is a permanent diminution in value. 

This represents a change in accounting policy where previously, investment in subsidiary companies was stated 

at valuation and/or at cost. The effect arising from such change in accounting policy is further disclosed in Note 

25(b) to the financial statements. 

(f) 

Deferred Expenditure 

Deferred expenditure comprise pre-operating expenses and are charged out to the income statement when they 

are incurred. 

This represents a change in accounting policy where previously, pre-operating expenses are capitalised and 

amortised on a straight line basis over a period of 3 years upon commencement of operations. The effect arising 

from such change in accounting policy is further disclosed in Note 25(a) to the financial statements. 

(g) Stocks 

Stocks are stated at the lower of cost and net realisable value after adequate provision has been made for damaged, 

obsolete and slow moving items. 

Raw materials comprise the purchase price including duties and other attributable expenses and are determined 

using the first-in first-out basis. Work-in-progress and finished goods comprise the cost of materials, labour and 

appropriate production overheads and are based on standard cost, which approximates actual cost. In arriving at 

net realisable value, due allowance is made for all obsolete and slow moving items. 

28



2. SIGNIFICANT ACCOUNTING POLICIES (Cont’d) 

(h) Debtors 

Known bad debts are written off and specific provision is made for any debts considered to be doubtful of 

collection. 

(i) 

Transactions in Foreign Currencies 

Transactions in foreign currencies are recorded in Ringgit Malaysia at the exchange rates ruling at the time of the 

transaction or at contracted rates, where applicable. Foreign currency assets and liabilities are reported in Ringgit 

Malaysia at the exchange rates ruling at the balance sheet date. All gains and losses are included in the income 

statement. 

(j) 

Hire Purchase Transactions 

The cost of assets acquired under hire purchase agreements are included in property, plant and equipment. The 

depreciation policy on these assets is similar to that of the Company’s other assets as set out in 2(d) above. 

Outstanding obligations due under the hire purchase agreements after deducting finance costs are included as 

liabilities in the financial statements. The finance costs of the hire purchase rentals are charged to the income 

statement over the period of the respective agreements. 

(k) Provisions 

Provisions are recognised when the Company or the Group has present obligations as a result of the past event, 

and it is probable that an outflow of resources embodying economic benefits will be required to settle the 

obligations and a reliable estimate can be made of the amount of the obligations. 

(l) 

Retirement Benefits 

The Group has a defined retirement scheme and provision is made at contracted rates for benefits that would 

become payable on the retirement of eligible employees. 

(m) Deferred Taxation 

Deferred taxation is provided on timing differences using the liability method except where it can be 

demonstrated with reasonable probability that the tax deferrals will continue in the foreseeable future. Deferred 

tax benefits are recognised only if there is a reasonable expectation of realisation. 

(n) Revenue Recognition 

Revenue from sale of goods is recognised when the goods are delivered. 

Rental income is recognised on the accrual basis unless collectibility is in doubt, in which case they are recognised 

on a receipt basis. 

Revenue from registration and management services are recognised when the services are rendered. 

Interest income from deposits is recognised on an accrual basis. 

Dividend income from subsidiary and associated companies are recognised as and when they are declared or 

proposed while dividends from other investments are recognised when received. 

(o) Cash and Cash Equivalents 

Cash and cash equivalents represent cash and bank balances, deposits with licensed banks and bank overdrafts. 

29



3. PROPERTY, PLANT AND EQUIPMENT 

GROUP 

Leasehold land and 

Freehold buildings Plant 

land and Long Short and 

buildings term term machinery 

COST RM'000 RM'000 RM'000 RM'000 

At 1 January 79,035 72,692 3,374 386,270 

Arising from 

acquisition of a 

subsidiary 10,727 13,154 - 69,682 

Additions 61 255 171 10,408 

Disposals - - - (1,314) 

Reclassification 

to sundry stocks - - - 2,109 

At 31 December 89,823 86,101 3,545 467,155 

ACCUMULATED DEPRECIATION 

At 1 January 1,340 9,478 548 202,086 

Arising from 

acquisition of a 

subsidiary - 3,663 - 25,579 

Charge for the year 829 1,519 88 28,485 

Disposals - - - (1,073) 

At 31 December 2,169 14,660 636 255,077 

NET BOOK VALUE 

At 31 December 2000 87,654 71,441 2,909 212,078 

At 31 December 1999 77,695 63,214 2,826 184,184 

ANALYSIS OF COST 

At deemed cost 

(or valuation) in 

- 1990 740 40,930 1,100 - 

- 1996 - 23,705 - - 

At cost 89,083 21,466 2,445 467,155 

89,823 86,101 3,545 467,155 

The net book value of freehold land and buildings and leasehold land and buildings, had the properties been 

disclosed at historical cost less depreciation, would have been:- 

At 31 December 2000 

Cost 323 40,726 729 

Accumulated depreciation - (8,104) (257) 

___________________________________________________________________________ 

Net book value 323 32,622 472 

___________________________________________________________________________ 

30



Furniture, 

fittings 

Capital 

and Motor work-inequipment 

vehicles progress 2000 1999 

RM'000 RM'000 RM'000 RM'000 RM'000 

20,231 7,036 2,146 570,784 537,205 

715 59 - 94,337 - 

4,811 794 2,296 18,796 37,032 

(61) (778) - (2,153) (220) 

- - (2,109) - (3,233) 

25,696 7,111 2,333 681,764 570,784 

10,739 4,824 - 229,015 194,470 

518 30 - 29,790 - 

2,712 946 - 34,579 34,696 

(33) (707) - (1,813) (151) 

13,936 5,093 - 291,571 229,015 

11,760 2,018 2,333 390,193 - 

9,492 2,212 2,146 - 341,769 

- - - 42,770 42,770 

- - - 23,705 23,705 

25,696 7,111 2,333 615,289 504.309 

25,696 7,111 2,333 681,764 570,784 

31



3. PROPERTY, PLANT AND EQUIPMENT (Cont’d) 

COMPANY Leasehold land and Plant 

Freehold buildings machinery 

land and Long Short and 

buildings term term equipment 

COST RM'000 RM'000 RM'000 RM'000 

At 1 January 23,437 20,289 2,274 55,255 

Additions - - 171 1,806 

Disposals - - - - 

At 31 December 23,437 20,289 2,445 57,061 

ACCUMULATED DEPRECIATION 

At 1 January 642 2,780 333 40,837 

Charge for the year 133 310 64 3,541 

Disposals - - - - 

At 31 December 775 3,090 397 44,378 

NET BOOK VALUE 

At 31 December 2000 22,662 17,199 2,048 12,683 

At 31 December 1999 22,795 17,509 1,941 14,418 

ANALYSIS OF COST 

At deemed cost 

(or valuation) in 

- 1990 740 20,060 - - 

At cost 22,697 229 2,445 57,061 

23,437 20,289 2,445 57,061 

The net book value of freehold land and buildings and leasehold land and buildings, had the properties been 

disclosed at historical cost less depreciation, would have been:- 

At 31 December 2000 

Cost 323 40,726 729 

Accumulated depreciation - (8,104) (257) 

___________________________________________________________________________ 

Net book value 323 32,622 472 

___________________________________________________________________________ 

Included in property, plant and equipment are assets acquired under hire purchase arrangements for the Group with 

a net book value of RM52,148 (1999 : RM Nil). 

The leasehold land and buildings of the Group and of the Company revalued in 1990 and 1996 on an open market 

value basis are now regarded as deemed cost as allowed by the transitional provisions of International Accounting 

Standard 16 (Revised), Property, Plant and Equipment, issued by the Malaysian Accounting Standards Board. 

The tax effect in connection with the surplus arising from the revaluation of freehold land and buildings and leasehold 

land and buildings is not disclosed as there is no intention to dispose off these properties in the foreseeable future. 

32



Furniture, 

fittings 

Capital 

and Motor work-inequipment 

vehicles progress 2000 1999 

RM'000 RM'000 RM'000 RM'000 RM'000 

8,124 3,586 37 113,002 109,518 

291 358 220 2,846 3,507 

- (351) - (351) (23) 

8,415 3,593 257 115,497 113,002 

4,243 2,623 - 51,458 45,587 

994 472 - 5,514 5,873 

- (290) - (290) (2) 

5,237 2,805 - 56,682 51,458 

3,178 788 257 58,815 - 

3,881 963 37 - 61,544 

- - - 20,800 20,800 

8,415 3,593 257 94,697 92,202 

8,415 3,593 257 115,497 113,002 

33



4. SUBSIDIARY COMPANIES 

Company 


RM'000 RM'000 

Quoted shares, at cost 19,155 16,729 

Unquoted shares, at cost 62,088 38,000 

81,243 54,729 

Quoted shares, at valuation - 6,854 

Unquoted shares, at valuation - 29,134 

Prior year adjustment (Note 25(b)) - (21,816) 

- 14,172 

Amount owing by subsidiary companies 145,628 67,285 

Amount owing to subsidiary companies (122,517) (103,911) 

104,354 32,275 

Market value of quoted shares 43,441 64,942 

The amounts owing by/(to) subsidiary companies are unsecured and non-interest bearing and have no fixed terms of 

repayment. 

The details of the subsidiary companies are set out in Note 31 to the financial statements. 

5. ASSOCIATED COMPANIES 

Group 

Company 


RM'000 RM'000 RM'000 RM'000 

Unquoted shares, at cost 10,000 11,135 10,000 11,135 

Share of post acquisition 

reserves (a) 6,772 6,264 - - 

(b) 16,772 17,399 10,000 11,135 

Amounts owing by 

associated companies 1,663 3,173 1,620 3,037 

18,435 20,572 11,620 14,172 

The amounts owing by associated companies are trade related and non-interest bearing. 

(a) Share of post-acquisition 

reserves 

As at 1 January 6,264 4,464 - - 

Share of profit after tax 2,726 3,700 - - 

8,990 8,164 - - 

Less: Eliminated upon 

disposal of 

investment (2,218) 

Dividend receivable - (1,900) - - 

As at 31 December 6,772 6,264 - - 

34



5. ASSOCIATED COMPANIES (Cont’d) 

(b)Group’s interest in associated companies: 

Group 


RM'000 RM'000 

Group’s share of net tangible assets (NTA) 16,772 18,937 

Less : Exchange reserve on translation of NTA of an 

associated company not accounted for - (1,538) 

The details of the associated companies are set out in Note 31 to the financial statements. 

16,772 17,399 

6. INVESTMENT 

Group/Company 


RM'000 RM'000 

Debentures at cost (unquoted) 600 750 

7. GOODWILL ON CONSOLIDATION 

Group 


RM'000 RM'000 

At 1 January - - 

Arising from acquisition of a subsidiary company 9,327 - 

Written off against 

- Reserve on consolidation (Note 16) (4,814) - 

- Revaluation reserve (Note 16) (4,513) - 

- - 

8. DEFERRED EXPENDITURE 

Group 

Company 


RM'000 RM'000 RM'000 RM'000 

Pre-operating expenses, 

at cost - 3,629 - - 

Accumulated Amortisation 

At 1 January - - - - 

Charge for the year - 706 - - 

- 706 - - 

Prior year adjustment 

(Note 25(a)) - 2,923 - - 

- 3,629 - - 

At 31 December - - - - 

35



9. STOCKS 

Group 

Company 


RM'000 RM'000 RM'000 RM'000 

Raw materials 

- at cost 65,945 61,371 16,231 22,299 

- at net realisable value 12,124 8,191 - - 

Work-in-progress 

- at cost 9,942 9,606 6,682 6,265 

- at net realisable value 1,485 1,915 - - 

Finished goods 

- at cost 21,858 18,595 5,947 5,705 

- at net realisable value 4,643 2,322 - 

Sundry stocks 

- at cost 6,358 4,636 - - 

Goods in transit 

- at cost 871 - - - 

123,226 106,636 28,860 34,269 

10. TRADE DEBTORS 

Group 

Company 


RM'000 RM'000 RM'000 RM'000 

Trade debtors 140,353 137,011 21,731 24,210 

Provision for doubtful debts (550) (995) - (144) 

139,803 136,016 21,731 24,066 

11. OTHER DEBTORS, DEPOSITS AND PREPAYMENTS 

Group 

Company 


RM'000 RM'000 RM'000 RM'000 

Other debtors 12,286 5,564 6,786 (79) 

Provision for doubtful debts (137) - - - 

12,149 5,564 6,786 (79) 

Deposits and prepayments 2,499 1,965 366 268 

Dividends receivable 900 4,650 25,016 27,845 

15,548 12,179 32,168 28,034 

Included in other debtors is an amount recoverable from Inland Revenue Board for the Group of RM8,362,000 

(1999 : RM4,562,000) and for the Company of RM5,187,000 (1999 : RM Nil). 

36



12. OTHER CREDITORS AND ACCRUALS 

Group 

Company 


RM'000 RM'000 RM'000 RM'000 

Other creditors 6,896 7,537 1,067 371 

Accrued expenses 11,176 9,614 2,026 1,133 

Provision 10,038 310 3,400 - 

Amounts due to minority 

shareholders of subsidiary 

company 2,718 2,158 - - 

30,828 19,619 6,493 1,504 

Provision includes provision for retirement benefits for the Group of RM5,800,000 (1999:RM Nil) and for the 

Company of RM3,400,000 (1999:RM Nil). 

13. HIRE PURCHASE CREDITOR 

Group 

Company 


RM'000 RM'000 RM'000 RM'000 

Amount repayable: 44 - - - 

Amount payable more than 

12 months (35) - - - 

Amount payable within 

12 months 9 - - - 

The commitment terms of more than one year under hire purchase agreement are summarised as follows:- 

Gross amounts payable within: 

Group 

Company 


RM'000 RM'000 RM'000 RM'000 

1 year after balance sheet date 12 - - 

More than 1 year but not 

later than 2 years 12 - - - 

More than 2 years but 

not later than 5 years 33 - - - 

57 - - - 

Less : Unexpired interest (13) - - - 

44 - - - 

Less : Portion payable 

within 12 months (9) - - - 

35 - - - 

37



14. BANK BORROWINGS (UNSECURED) 

Group 

Company 


RM'000 RM'000 RM'000 RM'000 

Bank borrowings: 

- Bankers’ acceptances 20,837 2,958 - - 

- Bank overdrafts 5,937 9,965 792 1,578 

- Term loans 

- current portion 

(Note 17) 9,135 1,670 - - 

35,909 14,593 792 1,578 

The bank overdrafts of the Group are secured by a negative pledge on the assets of certain subsidiary companies. 

The bank overdrafts bear interests at 7.05% to 10.05% (1999 : 7.30% to 8.15%) per annum. Bankers’ acceptances 

bear interests at rates between 2.85% to 3.50% (1999 : 3.20% to 3.70%) per annum. 

15. SHARE CAPITAL 

Number of 

Ordinary shares 

of RM0.50 each 

Group/Company 


Note RM'000 RM'000 RM'000 RM'000 

Authorised: 

Ordinary shares of 

RM0.50 each 200,000,000 200,000,000 100,000 100,000 

Issued and fully paid: 

Ordinary shares of 

RM0.50 each 115,720,117 115,720,117 57,860 57,860 

16. RESERVES 

Group 

Company 


RM'000 RM'000 RM'000 RM'000 

Non-distributable reserves: 

Reserves arising from 

revaluation of: 

Land and buildings 12,357 12,357 2,276 2,276 

Goodwill written-off 7 (4,513) - - - 

7,844 12,357 2,276 2,276 

Quoted and unquoted shares 

in subsidiary companies - - - 21,816 

Prior year adjustment 25(b) - - - (21,816) 

Restated after prior 

year adjustment - - - - 

Capital reserve (Note a) 4,480 4,480 - - 

Reserve on consolidation 4,814 4,814 - - 

Goodwill written-off 7 (4,814) - - - 

- 4,814 - - 

Distributable reserve: 

Income statement 

(Note b) 392,326 379,929 127,608 112,192 

At 31 December 404,650 401,580 129,884 114,468 

38



16. RESERVES (Cont’d) 

Note 

(a) The capital reserve arose as a result of capitalisation of retained profit and revaluation reserve by Box-Pak 

(Malaysia) Berhad, a subsidiary company in 1996. 

(b)Income statement 

Group 

Company 


Note RM'000 RM'000 RM'000 RM'000 

At 1 January 379,929 350,153 112,192 94,232 

Retained profit for the year 

(as previously reported) 

12,397 31,530 15,416 17,960 

Prior year adjustment 25(a) - (1,754) - - 

Retained profit for the year 

(as restated) 12,397 29,776 15,416 17,960 

At 31 December 

(as restated) 392,326 379,929 127,608 112,192 

The Company has approximately RM25,758,000 (1999 : RM32,535,000) tax exempt income available for 

distribution as tax exempt dividend. Based on estimated tax credits available, the entire retained profit of the 

Company is available for distribution by way of cash dividends without incurring additional tax liability. 

17. TERM LOANS (UNSECURED) 

Group 

Company 


RM'000 RM'000 RM'000 RM'000 

Term loan I at 0.5% above the 

bank's base lending rate 

repayable by sixty monthly 

instalments commencing 

1 March 2000 8,330 10,000 - - 

Term loan II at 0.5% above the 

bank's base lending rate 

repayable by sixty 

monthly instalments 

commencing 1 July 2001 71,314 71,208 - - 

Term loan at 6.30% repayable 

by bullet repayment on 

29 September 2003 50,000 - 50,000 - 

129,644 81,208 50,000 - 

Less : Amounts repayable 

within 12 months 

- current portion 

(Note 14) (9,135) (1,670) - - 

120,509 79,538 50,000 - 

39



17. TERM LOANS (UNSECURED) (Cont’d) 

The commitment terms of more than one year under term loan agreements are summarised as follows:- 

Amounts payable within: 

Group 

Company 


RM'000 RM'000 RM'000 RM'000 

1 year after balance sheet 

date 9,135 1,670 - - 

More than 1 year but not 

later than 2 years 16,267 9,125 - - 

More than 2 years but not 

later than 5 years 104,242 70,413 50,000 - 

129,644 81,208 50,000 - 

A memorandum of deposit of titles on the freehold land owned by a subsidiary company has been executed with the 

financier for the term loans I and II. 

The term loans bear interest at 6.30% to 7.30% (1999 : 7.30% to 8.15%) per annum. 

18. DEFERRED TAXATION 

Group 

Company 


RM'000 RM'000 RM'000 RM'000 

At 1 January 6,976 7,667 2,509 2,509 

Transfer to income 

statement (Note 22) (2,079) (691) (1,596) - 

At 31 December 4,897 6,976 913 2,509 

19. REVENUE 

Revenue of the Group and of the Company represent the invoiced value of goods sold less trade discounts and returns. 

20. PROFIT FROM OPERATIONS 

Group 

Company 


RM'000 RM'000 RM'000 RM'000 

This is arrived at after charging:- 

Directors' emolument payable 

to directors of 

- holding company 2,829 2,256 1,122 981 

- subsidiary companies who are not 

directors of the holding company 793 774 - - 

Directors' fees payable 

to directors of 

- holding company 247 150 185 85 

- subsidiary companies who are not 

directors of the holding company 55 58 - - 

Directors' benefits in kind payable to 

directors of subsidiary companies 

who are not directors of the 

holding company 9 4 - - 

40



20. PROFIT FROM OPERATIONS (Cont’d) 

Group 

Company 


RM'000 RM'000 RM'000 RM'000 

Auditors' remuneration 

- current year 147 125 38 32 

- under/(over) provision in 

prior year 13 (2) 6 - 

Rental on 

- buildings 470 730 49 90 

- machinery 864 873 298 328 

Provision for doubtful debts 330 156 - 144 

Provision for retirement 

benefits (Note (a)) 5,875 - 3,457 - 

Provision for slow 

moving stocks 1,221 - 194 - 

Deferred expenditure 

written-off (Note 8) - 3,629 - - 

Stocks written-off 831 - - - 

Bad debts written-off 193 - 192 - 

and crediting :- 

Gain on disposal of property, 

plant and equipment 276 29 172 - 

Gain on disposal of 

investment in an 

associated company 843 - 3,061 - 

Dividend income 

- from quoted subsidiary - - 4,388 4,388 

company 

- from unquoted subsidiary 

companies - - 21,146 21,146 

- from associated company - - - 2,639 

Interest income 1,788 5,144 980 4,082 

Rental receivable 2,267 2,299 807 815 

Recovery of bad debt 

written-off 92 - - - 

Note (a) 

Included in provision for retirement benefits is amount payable to Directors of RM4,884,000 (1999 : RM Nil) for 

the Group and RM3,071,000 (1999 : RM Nil) for the Company. 

21. FINANCE COSTS 

Group 

Company 


RM'000 RM'000 RM'000 RM'000 

Interest on:- 

- term loans 7,238 5,881 880 - 

- bank overdrafts 429 678 81 68 

- bonds - 2,137 - 2,137 

- bankers' acceptances and 

trust receipts 916 175 - - 

Others 59 328 - - 

8,642 9,199 961 2,205 

41



22. TAXATION 

Group 

Company 


RM'000 RM'000 RM'000 RM'000 

Taxation based on results 

for the year: 

Malaysian taxation 

- current year 12,970 - 1,525 2,009 

- deferred taxation (Note 18) (2,079) (691) (1,596) - 

10,891 (691) (71) 2,009 

Share of taxation of 

associated companies 915 (195) - - 

11,806 (886) (71) 2,009 

(Over)/under provision 

in prior years (781) 931 - 559 

11,025 45 (71) 2,568 

The effective tax rate of the Group is higher than the statutory tax rate mainly due to certain expenses being disallowed 

for tax purposes and non availability of Group tax relief in respect of losses incurred by certain subsidiary companies. 

The effective tax rate of the Company is lower than the statutory tax rate mainly due to certain dividend income being 

tax exempt income. 

As at 31 December 2000, unutilised reinvestment allowances, unabsorbed capital allowances and unutilised tax losses 

of the Group amounted to approximately RM4,933,000 (1999 : RM4,933,000), RM12,446,000 (1999: RM35,182,000) 

and RM17,604,000 (1999 : RM14,266,000) respectively, which are available for set-off against future taxable income 

subject to agreement of the Inland Revenue Board. 

23. EARNINGS PER SHARE 

(a) The basic earnings per share is calculated by dividing the Group's profit after taxation and minority interest of 

RM23,969,000 (1999 : RM52,920,000) by the weighted average number of ordinary shares in issue during the 

year of 115,720,117 (1999: 115,720,117). 

(b)The fully diluted earnings per ordinary share for the financial year ended 31 December 2000 is not disclosed as 

the effect arising from the possible exercise of warrants is anti-dilutive. 

As at 31 December 2000, the Company has 15,379,029 (1999 : 15,379,029) warrants which remained 

unexercised. The warrants shall expire on 22 May 2002. 

24. DIVIDENDS 

Group/Company 


RM'000 RM'000 

Interim dividend of 10%, tax exempt 5,786 5,786 

Proposed dividends:- 

- final dividend of 10%, tax exempt 5,786 5,786 

- special dividend of 20%, tax exempt - 11,572 

11,572 23,144 

The dividend per share is calculated by dividing the dividends declared for the year of RM11,572,000 (1999 : 

RM23,144,000) by the number of ordinary shares in issue at year end of 115,720,117 (1999 : 115,720,117). 

42



25. PRIOR YEAR ADJUSTMENTS 

(a) In previous years, pre-operating expenses are amortised on a straight line basis over a period of 3 years upon 

commencement of business operations of a subsidiary company. 

During the year, the Group changed its accounting policy in line with the requirement of MASB Standard No. 1, 

Presentation of Financial Statements. The change in accounting policy has resulted in adjustments to decrease the 

Group's retained profit brought forward by RM1,754,000 and minority interest by RM1,169,000. 

Had the change in accounting policy not been adopted, the Group's profit before taxation for the year would have 

been as follows:- 


RM'000 RM'000 

Profit before taxation as reported 33,034 49,684 

(Decrease)/increase without change 

in accounting policy (1,210) 2,923 

31,824 52,607 

(b)In prior years, certain investments in subsidiary companies was stated at valuation while others were stated at cost. 

During the year, the Company changed its accounting policy to state all investments in subsidiary companies at 

cost. The change in accounting policy has resulted in adjustment to decrease the Company's revaluation reserve 

brought forward by RM21,816,000. 

Had the change in accounting policy not been adopted, the Company's revaluation reserve would have been as 

follows:- 


RM'000 RM'000 

Revaluation reserve as reported 2,276 2,276 

Increase without change in accounting policy 21,816 21,816 

24,092 24,092 

26. SIGNIFICANT INTER-COMPANY TRANSACTIONS 

Company 


RM'000 RM'000 

Sales to subsidiary companies 37,585 41,239 

Rental receivable from subsidiary companies 792 792 

Purchases from subsidiary companies 9,619 16,592 

Rental payable to subsidiary company 12 12 

The above transactions were entered into in the normal course of business on terms that the Directors consider 

comparable to those had the transactions been entered into with third parties. 

27. CONTINGENT LIABILITIES 

Company 


RM'000 RM'000 

Guarantees given to financial institutions for credit 

facilities granted to subsidiary companies (unsecured) - 4,574 

43



28. COMMITMENTS 

Group 

Company 


RM'000 RM'000 RM'000 RM'000 

Capital expenditure 

approved and contracted for 4,914 962 270 - 

29. SIGNIFICANT EVENT 

On 1 July 2000, the Company completed its acquisition of the entire issued and paid up capital of KJ Can (Selangor) 

Sdn. Bhd. (formerly known as Guolene Metal Can Sdn. Bhd.) comprising 35,250,000 ordinary shares of RM1.00 

each from Guolene Packaging Industries Berhad for a cash consideration of RM12.342 million. The purchase 

consideration was reduced from a previous agreed sum of RM13.750 million after a succcessful claim against the 

vendor under the warranty clause of the Sale and Purchase Agreement. 

30. SEGMENTAL REPORTING 

Profit/(loss) 

Total 

Turnover before taxation assets employed 

2000 1999 2000 1999 2000 1999 

RM'000 RM'000 RM'000 RM'000 RM'000 RM'000 

(Restated) 

Manufacturing 

- general cans 225,166 215,188 6,607 32,870 269,539 220,124 

- aluminium cans 195,380 148,738 16,492 5,682 340,697 330,911 

Corrugated cartons 52,186 42,152 7,094 7,092 78,151 80,955 

Polyethelene 

terephalate 

products 20,784 18,576 2,793 4,042 30,592 28,323 

Property 120 20 82 (30) 1,013 961 

Others 900 843 (34) 28 3,595 3,684 

31. SUBSIDIARY AND ASSOCIATED COMPANIES 

494,536 425,517 33,034 49,684 723,587 664,958 

Details of the Company's subsidiary and associated companies are listed below:- 

Country of Nature of 

Company Incorporation Business Equity Interest Held 


% % 

Metal-Pak (Malaysia) Sdn. Bhd. Malaysia Can manufacturer 100 100 

Box-Pak (Malaysia) Berhad Malaysia Corrugated fibre 54.85 54.85 

board carton 

manufacturer 

Canco Engineering & Malaysia Industrial and mechanical 100 100 

Machinery Sdn. Bhd. 

engineering services 

44



31. SUBSIDIARY AND ASSOCIATED COMPANIES (Cont’d) 

* 

* 

Country of Nature of 

Company Incorporation Business Equity Interest Held 


% % 

Indastri Kian Joo Sdn. Malaysia Letting out of 100 100 

Bhd. 

factory building 

Great Asia Tin Cans Malaysia Can manufacturer 100 100 

Factory Co. Sdn. Bhd. 

Bintang Seribu Sdn. Bhd. Malaysia Tinplate cutting operations 100 100 

Multi-Pet Sdn. Bhd. Malaysia Polyethelene terephalate 100 100 

products manufacturer 

Kian Joo Packaging Sdn. Bhd. Malaysia 2-piece aluminium beverage 100 100 

can manufacturer 

KJ Can (Selangor) Sdn. Bhd. Malaysia Can manufacturer 100 - 

(formerly known as Guolene 

Metal Can Sdn. Bhd.) 

Federal Metal Printing Malaysia Metal printing and can 100 100 

Factory Sdn. Bhd. 

manufacturer 

KJM Aluminium Can Sdn. Bhd. Malaysia 2-piece aluminium 60 60 

retortable can manufacturer 

KJ Can (Johore) Sdn. Bhd. Malaysia Can manufacturer 100 100 

Kian Joo Services Sdn. Bhd. Malaysia Share registration and 100 100 

management services 

Kian Joo - Southcorp. Sdn. Bhd. Malaysia Polyethelene terephalate 50 50 

products manufacturer 

Kian Joo Can Factory (S) Pte. Ltd. Singapore Under members' voluntary - 46 

liquidation 

* Associated companies not audited by Ernst & Young 

32. COMPARATIVE FIGURES 

The presentation of the financial statements for the current year has been changed to adopt the format as prescribed 

in MASB Standard No. 1, Presentation of Financial Statements. Accordingly, the presentation of comparative figures 

has also been changed to conform with current year's presentation, where necessary. 

The comparative figures for investment in subsidiary companies, deferred expenditure, retained profit, profit 

attributable to shareholders and earnings per share have been restated, as appropriate, to reflect the changes in 

accounting policies as explained in Notes 2(e), 2(f) and 25 to the financial statements. 

45

List of Properties 


Age of NBV as at 31.12.2000 

Area Expiry Buildings Land Building 

Location Description (sq.m.) Tenure Date (Years) RM'000 RM'000 

Lot PT 2 Factory 11,713 Leasehold 05.09.2074 20 3,237 2,811 

Jalan Perusahan 4 

Building 

Batu Caves 

Lot No. 28833 To 28836 Factory 9,919 Freehold – 06 2,801 1,541 

Batu Caves, Selangor Building 

Lot No. 28829 To 28832 Factory 16,895 Freehold – 05 4,771 4,362 

Batu Caves, Selangor Building 

Lot 6 Factory 8,514 Leasehold 05.09.2074 12 2,304 2,897 


Building 




Building 




Building 


Lot PT 765, Land for 1,963 Freehold – – 740 - 

Mukim of Kuala Lumpur Development 

Wilayah Persekutuan 

Lot No. 3846, Land for 4,249 Leasehold 27.06.2049 – 198 - 

Chembong, Rembau 

Development 

Negeri Sembilan 

PLO 456 Land for 12,140 Leasehold 04.09.2021 – 766 - 

Pasir Gudang Ind Estate Development 

Johor 

Lot 123, Phase 3 Land for 12,553 Freehold – – 2,254 - 

Arab-Malaysian Ind Park Development 

Nilai, Negeri Sembilan 

Lot 146 Land for 9,007 Freehold - - 1,803 - 









Lot 22 & 24, Sec 16 Factory 3,902 Leasehold 31.10.2070 28 1,011 636 

Town of Shah Alam 

Building 

Selangor 

Lot 21, Sec 16 Factory 1,951 Leasehold 31.10.2070 16 512 313 


Building 

Selangor 

46

List of Properties (Cont’d) 


Age of NBV as at 31.12.2000 

Area Expiry Buildings Land Building 

Location Description (sq.m.) Tenure Date (Years) RM'000 RM'000 

PT No. 14350 Factory 19,777 Freehold – 02 4,258 9,698 

Mukim of Damansara Building 

Shah Alam, Selangor 

Lot 10, Lorong 2A Factory 6,028 Leasehold 14.05.2088 23 824 1,075 

Cheras Jaya Ind Estate Building 

Balakong, Selangor 

Lot 135, Factory 11,427 Leasehold 12.06.2073 24 2,206 2,472 

Jalan Kawat 15/18 

Building 

Tapak Perusahaan 

Shah Alam 


Selangor 

Lot No. 3, Factory 12,140 Leasehold 16.07.2074 09 2,371 3,688 

Jalan Kawat 15/18 

Building 

Tapak Perusahaan 

Shah Alam 


Selangor 

Lot 18, Factory 7,641 Leasehold 04.11.2080 09 1,524 1,957 

Jalan Pengapit 15/19 

Building 

Shah Alam, Selangor 


Jalan Perusahaan 2 

Building 



Jalan Perusahaan 2 

Building 


2736 & 2737 Factory 5,344 Leasehold 13.07.2036 22 260 607 

Mukim of Ulu Kinta Building 

District of Kinta, Perak 

733 Jalan Tampoi Factory 

81200 Johor Bahru Building 16,709 Freehold - 32 8,000 4,031 

23 Jalan Dewani, Shophouse 180 Freehold - 20 - 547 

Lorong 1, Johor Baru 

Lot 104, 105 & 106 Factory 39,603 Freehold - 3 8,575 19,129 

Arab-Malaysian Ind Park Building 


HS (D) 80122 PT No 5141 Factory 31,142 Freehold - 8 5,800 9,162 

Mukim Damansara 

Building 

Daerah Petaling 

47

Analysis of Shareholdings 

as at 26 April 2001 

Authorised Share Capital : RM100,000,000 

Issued & Fully Paid-Up Capital : RM57,860,058.50 sen 

Class of Shares : Ordinary Shares of RM0.50 sen each 

Voting Rights : One vote per ordinary share 

Number of Shareholders : 3,422 

DISTRIBUTION OF SHAREHOLDINGS 

Size of No. of % of No. of % of Issued 

Shareholdings Holders Holders Shares Held Capital 

Less than 500 33 0.96 6,518 0.01 

500 - 5,000 2,697 78.81 5,236,688 4.52 

5,001 - 10,000 274 8.01 2,241,457 1.94 

10,001 - 100,000 335 9.79 10,610,714 9.17 

100,001 - 1,000,000 72 2.11 21,094,464 18.23 

Above 1,000,000 11 0.32 76,530,276 66.13 

3,422 100.00 115,720,117 100.00 

THIRTY LARGEST SHAREHOLDERS AS AT 26 APRIL 2001 

No. of % of Issued 

Name Shares Capital 

1. Kian Joo Holdings Sdn. Bhd. – In Liquidation 42,741,276 36.94 

2. Employees Provident Fund Board 16,995,000 14.69 

3. Malaysia National Insurance Berhad 3,852,000 3.33 

4. Permodalan Nasional Berhad 2,137,000 1.85 

5. Arab-Malaysian Nominees (Tempatan) Sdn. Bhd. 

Arab-Malaysian Trustee Bhd. for Pacific Pearl Fund 2,079,000 1.80 

6. Lembaga Tabung Haji 1,873,000 1.62 

7. Malaysia Nominees (Tempatan) Sdn. Bhd. 

Amanah SSCM Asset Management Bhd. Amanah Smallcap Fund 1,866,000 1.61 

8. Malaysia Assurance Alliance Berhad 1,533,000 1.32 

9. Amanah Raya Nominees (Tempatan) Sdn. Bhd. 

Amanah Saham Wawasan 2020 1,506,000 1.30 

10. Perbadanan Nasional Berhad 1,160,000 1.00 

11. Amanah Raya Nominees (Tempatan) Sdn. Bhd. 

Amanah Saham Malaysia 1,143,000 0.99 

12. Universal Trustee (Malaysia) Berhad 

Mayban Balanced Trust Fund 975,000 0.84 

13. Universal Trustee (Malaysia) Berhad 

Mayban Unit Trust Fund 906,000 0.78 

14. Lembaga Tabung Angkatan Tentera 850,000 0.73 

15. HSBC Nominees (Tempatan) Sdn. Bhd. 

Pledged Securities Account for H.N. Holdings Sdn. Bhd. 809,500 0.70 

48

Analysis of Shareholdings (Cant’d) 

as at 26 April 2001 

THIRTY LARGEST SHAREHOLDERS AS AT 26 APRIL 2001 (Cont’d) 

No. of % of Issued 

Name Shares Capital 

16. Mr See Leong Chye @ Sze Leong Chye 726,593 0.63 

17. Tan Ching Ching 648,000 0.56 

18. BBMB Securities Nominees (Tempatan) Sdn. Bhd. 

Petroliam Nasional Berhad 619,000 0.53 

19. Mayban Nominees (Tempatan) Sdn. Bhd. 

Mayban Trustees Berhad for MBF Balanced Fund 550,000 0.48 

20. John Hancock Life Insurance (Malaysia) Berhad 500,000 0.43 

21. Mr Yong Har Chye 500,000 0.43 

22. CIMSEC Nominees (Tempatan) Sdn. Bhd. 

Carlsberg Brewery Malaysia Berhad 500,000 0.43 

23. Bidor Tahan Estates Sdn. Bhd. 500,000 0.43 

24. YAM Raja Dato’ Seri Ashman Shah Ibni Sultan Azlan Shah 498,755 0.43 

25. Kurnia Insurans (Malaysia) Berhad 456,000 0.39 

26. Koperasi Permodalan Felda Berhad 413,000 0.36 

27. HSBC Nominees (Asing) Sdn. Bhd. 

BOB HK Branch for The Archipelago Fund 406,000 0.35 

28. Mdm Lew Man Yai @ Lew Moon Wai 394,889 0.34 

29. Rengo Malay Estate Sdn. Bhd. 375,000 0.32 

30. Chan Wan Moi 350,000 0.30 

SUBSTANTIAL SHAREHOLDERS 

1. Kian Joo Holdings Sdn. Bhd. – In Liquidation 42,741,276 36.94 

2. Employees Provident Fund Board 16,995,000 14.69 

3. Malaysia National Insurance Berhad 3,852,000 3.33 

49

50 

Notes

Proxy Form 

I/We 

(Full Name In Capital Letters) 

of 

(Address) 

being a member of Kian Joo Can Factory Berhad hereby appoint *The Chairman of the meeting or 

of 

him 

(Full Name) 

(Address) 

(Full Name) 

or failing 

of 

(Address) 

as my/our proxy to vote for me/us and on my/our behalf at the Annual General Meeting of the Company to be held 

at the conference room, Lot 6, Jalan Perusahaan Satu, 68100 Batu Caves, Selangor, Malaysia on Wednesday, 

20 June 2001 at 3.00 p.m. and at any adjournment thereof. 

Please indicate with an “X” in the space provided below how you wish your votes to be cast on the resolutions specified 

in the Notice of Meeting. 

RESOLUTIONS FOR AGAINST 

1. Adoption of Accounts and Reports (Resolution 1) 

2. Declaration of Final Dividend (Resolution 2) 

3. Approval of Directors’ Fees (Resolution 3) 

4. Election of Directors: 

(a) Y.A.M. Tunku Dato’ Seri Nadzaruddin 

Ibni Tuanku Ja’afar (Resolution 4) 

(b)YBhg Dato’ Anthony See Teow Guan (Resolution 5) 

5. To re-elect YBhg Dato’ Ismail Bin Lebai 

Kamat, the director appointed during 

the year and retiring in accordance 

with Article 108. (Resolution 6) 

6. Re-Appointment of Ernst & Young as 

Auditors and authorising Directors to 

fix their remuneration (Resolution 7) 

Subject to any voting instruction so given, the proxy/proxies will vote, or abstain from voting on the resolution as he 

may think fit. 

Signed this day of 2001 

Signature of Member(s) 

* Delete if not applicable 

Notes: 

1. A member entitled to attend and vote at the Annual General Meeting is entitled to appoint a proxy to attend and vote instead of him. A proxy need not 

be a member of the Company. 

2. The proxy form duly completed should reach the registered office of the Company Lot 10, Jalan Perusahaan 1, 68100 Batu Caves, Selangor, not later than 

48 hours before the time for holding the meeting or any adjournment thereof. 

51

fold 

Affix 

stamp 

here 

The Secretary 

KIAN JOO CAN FACTORY BERHAD (3186-P) 




fold

2000 Annual Report - Kian Joo Can

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