AR for 2008 - Abterra

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26 ABTERRA Annual Report 2008 REPORT OF THE DIRECTORS For the financial period ended 31 December 2008 3. DIRECTORS’ INTERESTS IN SHARES AND DEBENTURES (CONT’D) Direct interest Deemed interest 1 July 2008 31 December 2008 1 July 2008 31 December 2008 The Immediate Holding Company General Nice Resources (Hong Kong) Ltd. Ordinary shares of HK$1 each Cai Sui Xin - - 79,999,200 79,999,200 Lau Yu 19,999,800 19,999,800 - - The Ultimate Holding Company General Nice Development Ltd. Ordinary shares of HK$1 each Cai Sui Xin 5,000,000 5,000,000 50,000,000 50,000,000 The directors’ interests in the ordinary shares of the Company as at 21 January 2009 were the same as those as at 31 December 2008. 4. DIRECTORS’ CONTRACTUAL BENEFITS Since the end of the previous financial year, no director has received or become entitled to receive a benefit which is required to be disclosed under Section 201(8) of the Singapore Companies Act, by reason of a contract made by the Company or a related corporation with the director or with a firm of which he is a member or with a company in which he has a substantial financial interest, except as disclosed in the financial statements. 5. OPTIONS GRANTED During the financial period, there were no options granted to any person to take up unissued shares in the Company or any subsidiary company. 6. OPTIONS EXERCISED During the financial period, there were no shares of the Company and any subsidiary company issued by virtue of any exercise of option to take up unissued shares. 7. OPTIONS OUTSTANDING At the end of the financial period, there were no unissued shares of the Company and any subsidiary company under option.
ABTERRA 27 Annual Report 2008 REPORT OF THE DIRECTORS For the financial period ended 31 December 2008 8. Audit Committee The members of the Audit Committee comprised the following non-executive and independent directors at the end of the financial period: Gersom G. Vetuz (Chairman) Lim Hui Min John Chew Ban Chuan Victor Mark The Audit Committee carried out its functions in accordance with Section 201B(5) of the Singapore Companies Act, Cap. 50. In performing those functions, the Committee reviewed: • The scope and the results of internal audit procedures with the internal auditor; • The audit plan of the Company’s independent auditor and its report on the weaknesses of internal accounting controls arising from the statutory audit; • The assistance given by the Company’s management to the independent auditor; and • The balance sheet of the Company as at 31 December 2008 and the statement of changes in equity of the Company for the period from 1 July 2008 to 31 December 2008 and the consolidated financial statements of the Group for the financial period from 1 July 2008 to 31 December 2008 before their submission to the Board of Directors, as well as the independent auditor’s report on the balance sheet and the statement of changes in equity of the Company and the consolidated financial statements of the Group. Other functions performed by the Audit Committee are described in the report on corporate governance included in the annual report. The Audit Committee has recommended to the Board that the independent auditor, LTC LLP, be nominated for re-appointment at the forthcoming Annual General Meeting of the Company. 9. Independent AUDITORS The independent auditors, LTC LLP, have expressed their willingness to accept re-appointment. On behalf of the Board of Directors ______________________________ Cai Sui Xin Chairman ______________________________ Lau Yu Chief Executive Officer Singapore, 9 April 2009
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