BERJAYA GROUP BERHAD Laporan Tahunan

Strength In DiversityBERJAYA GROUP BERHAD(Company No. 7308-X)Laporan Tahunan1999ANNUAL REPORTGROUP

OUR MISSIONTo generate consistently profitablereturns for our shareholders frominvestments in core business activities:• By providing direction, financialresources and management support foreach operating unit; • Throughestablishing a major market presence foreach activity; • Through dynamic andinnovative management, teamwork anda commitment to excellence.

Table ofC O N T E N T SBERJAYA GROUP2 Board of Directors3 Corporate Information4 Audit Committee (terms of reference)5 Corporate Profile6 Group Addresses10Corporate Structure13 Group Financial Summary15 Financial Highlights16 Chairman’s Statement25 Review of Operations69 Financial Statements135 List of Properties163 Statistics on Shareholdings165 Notice of Annual General Meeting166 Notice of Entitlement Date and Dividend Payment167 Form of ProxyStrength In DiversityThe corporate logo comprises the wordBERJAYA and a symbol made up of closelyinterwoven Bs. It is set in rich cobalt blue.BERJAYA means “success” in Bahasa Malaysiaand reflects the success and Malaysiancharacter of the Group’s traditional corebusinesses. The intertwining Bs of the symbolrepresent our strong foundations and theconstant synergy taking place within theGroup. Each B faces a different direction,depicting the varied strengths of thecompanies that make up the Berjaya Group.Taken in totality, the corporate logo signifiesStrength in Diversity.1

OARD OF DIRECTORS2Board ofD I R E C T O R STAN SRI DATO’ TAN KOK PINGExecutive DirectorFREDDIE PANG HOCK CHENGExecutive DirectorTAN SRI DATO’ SERI VINCENT TAN CHEE YIOUNChairman/Chief Executive OfficerDATO’ THONG KOK KHEEDirectorTAN SRI DATUK ABDULRAHIM BIN HAJI DINExecutive DirectorKHAW OOI TONGExecutive DirectorDATO’ SULEIMAN BINMOHD NOORDirectorDATO’ DANNY TAN CHEE SINGManaging DirectorROBERT YONG KUEN LOKEExecutive DirectorROBIN TAN YEONG CHINGExecutive DirectorADAM BIN BACHEKDirectorCHAN KIEN SINGExecutive DirectorDATO’ ISMAIL BIN OSMANExecutive Director

CorporateI N F O R M A T I O NAudit CommitteeChairman/Independent Non-Executive DirectorDato’ Suleiman bin Mohd NoorNon-Independent DirectorRobert Yong Kuen LokeIndependent Non-Executive DirectorAdam bin BachekSecretariesSu Swee Hong (MAICSA No. 0776729)Lum Yuet Mei (MAICSA No. 0773324)RegistrarBerjaya Registration Services Sdn BhdLot C1-C3, Block C2nd Floor, KL Plaza179 Jalan Bukit Bintang55100 Kuala LumpurTel: 03-245 0533AuditorsArthur Andersen & CoPublic AccountantsRegistered OfficeLevel 17, Menara Shahzan Insas30 Jalan Sultan Ismail50250 Kuala LumpurTel: 03-935 8888Principal BankersArab-Malaysian Bank BerhadArab-Malaysian Finance BerhadArab-Malaysian Merchant Bank BerhadAseambankers Malaysia BerhadBank Bumiputra Malaysia BerhadMalayan Banking BerhadMalaysia Building Society BerhadMulti-Purpose Bank BerhadOCBC Bank (M) BerhadPerwira Affin Merchant Bank BerhadPhileoAllied Bank (Malaysia) Berhad3

AuditC O M M I T T E ET E R M S O F R E F E R E N C E41. ObjectivesThe primary objective of the audit committee is to assist the board of directors in fulfilling its responsibilitiesrelating to accounting and reporting practices of the Company and its subsidiary companies.In addition, the audit committee shall:a) Oversee and appraise the quality of the audits conducted both by the Company’s internal and externalauditors;b) Maintain open lines of communication between the board of directors, the internal auditors and theexternal auditors for the exchange of views and information, as well as to confirm their respective authorityand responsibilities; and,c) Determine the adequacy of the Group’s administrative, operating and accounting controls.2.CompositionThe audit committee shall be appointed by the directors from among their number (pursuant to a resolution ofthe board of directors) and shall be composed of not fewer than three members of whom a majority shall notbe:a) Executive directors of the Company or any related corporation;b) A spouse, parent, brother, sister, son or adopted son, daughter or adopted daughter of an executive directorof the Company or any related corporation; or,c) Any person having a relationship which, in the opinion of the board of directors, would interfere with theexercise of independent judgement in carrying out the functions of the audit committee.The members of the audit committee shall elect a chairman from among their number who is not an executivedirector or employee of the Company or any related corporation.If a member of the audit committee resigns, dies or for any other reason ceases to be a member with the resultthat the number of members is reduced to below three, the board of directors shall, within three months ofthat event, appoint such number of new members as may be required to make up the minimum number ofthree members.3.FunctionsThe functions of the audit committee are as follows:a) Review the audit plan with the external auditors;b) Review the system of internal accounting controls with the external auditors;c) Review the audit report with the external auditors;d) Review the assistance given by the Company’s officers to the external auditors;e) Review the scope and results of internal audit procedures;f ) Review the balance sheets and profit and loss accounts of the Company, and the Group;g) Review any related party transactions that may arise within the Company or the Group;h) To nominate a person or persons as the external auditors; andi) Identify and direct any special projects or investigations deemed necessary.4.AccessThe audit committee shall have unrestricted access to both the internal and external auditors and to seniormanagement of the Company and the Group.The audit committee shall also have the ability to consult independent experts where they consider it necessaryto carry out their duties.5.MeetingsThe audit committee shall meet at least thrice a year and such additional meetings as the chairman shall decidein order to fulfil its duties. In addition, the chairman may call a meeting of the audit committee if a request ismade by any committee member, the Company’s chief executive, or the internal or external auditors.The company secretary shall act as secretary of the audit committee and shall be responsible, in conjunctionwith the chairman, for drawing up the agenda and circulating it, supported by explanatory documentation tocommittee members prior to each meeting.The secretary shall also be responsible for keeping the minutes of meetings of the audit committee, andcirculating them to committee members and to the other members of the board of directors.A quorum shall consist of a majority of committee members.

CorporateP R O F I L EThe Berjaya Group of Companies’ history dates back to 1984 when our Chief Executive Officer,Tan Sri Dato’ Seri Vincent Tan Chee Yioun acquired a major controlling stake in the share capitalof Berjaya Industrial Berhad (originally known as Berjaya Kawat Berhad, now known asRekaPacific Berhad) from the founders, Broken Hill Proprietary Ltd, Australia and National Iron& Steel Mills, Singapore. The shareholding change also resulted in a major change in thedirectorate, direction and dynamic growth of Berjaya.In October 1988, following a major restructuring, Berjaya Group Berhad (then known as Inter-Pacific Industrial Group Berhad) became the holding company of Berjaya Industrial Berhad.Inter-Pacific Industrial Group Berhad was incorporated as Raleigh Berhad in 1967 as a bicyclemanufacturer. In 1969, the Company gained official listing on the Kuala Lumpur StockExchange.Through the entrepreneurial leadership of Tan Sri Dato’ Seri Vincent Tan, the Group has beentransformed into a diversified entity through partnerships, acquisitions, joint-ventures and newstart-ups.Today, with a total employee strength of over 21,000, the Group is engaged in the following corebusinesses:• Financial Services;• Consumer Marketing and Direct Selling;• Vacation Timeshare, Hotels, Resorts & Recreation Development;• Property Investment and Development; and• Gaming and Lottery Management.The Berjaya Group of Companies’ financial growth, highlighted below reflects Tan Sri Dato’ SeriCorporateVincent Tan’s vision and stewardship over the past 15 years.PROFILE30.4.99 30.4.84 15 Years’ AnnualisedMillion Million IncreaseRM US$ RM US$ (%)Turnover 7,272.5 1,913.8 55.2 14.5 872Pre-tax Profit 304.8 80.2 0.7 0.2 2,896Shareholders’ Funds 2,643.5 695.7 20.9 5.5 837Total Capital Funds 4,258.2 1,120.6 23.1 6.1 1,222Total Assets 12,501.6 3,289.9 66.0 17.4 1,256Total No. of Employees 21,066 450Exchange rate : US$1.00 = RM3.805

GroupA D D R E S S E SFINANCIAL SERVICESINTER-PACIFIC SECURITIES SDN BHDLevel 7, Menara Shahzan Insas50250 Kuala LumpurTel: 03-244 1888ENG SECURITIES SDN BHDINTER-PACIFIC FUTURES SDN BHD95, Jalan Tun Abdul Razak80000 Johor BahruJohor Darul TakzimTel: 07-223 1211/222 0088BERJAYA GENERAL INSURANCEBERHAD18 th Floor, Office BlockPlaza Berjaya, 12 Jalan Imbi55100 Kuala LumpurTel: 03-241 3323PRIME CREDIT LEASING SDN BHDLevel 12, Menara Shahzan Insas50250 Kuala LumpurTel: 03-935 8888HOTELS, RESORTS &RECREATION DEVELOPMENTMALAYSIAN HOTELS, RESORTS &RECREATION DEVELOPMENTBERJAYA TIOMAN BEACH RESORTTIOMAN ISLAND GOLF CLUBPulau TiomanP.O. Box 4, 86807 MersingJohor Darul TakzimTel: 09-419 1000BERJAYA LANGKAWI BEACH & SPARESORTKarong Berkunci 200Teluk Burau07000 LangkawiKedah Darul AmanTel: 04-959 1888BERJAYA REDANG BEACH RESORTBERJAYA REDANG GOLF & SPARESORTPulau RedangP.O. Box 126, Main Post Office20928 Kuala TerengganuTerengganu Darul ImanTel: 09-697 3988BERJAYA PALACE HOTEL1, Jalan Tangki, KaramunsingLocked Bag 7888997 Kota Kinabalu, SabahTel: 088-211 911BERJAYA GEORGETOWN HOTEL‘One-Stop Midlands Park’488D, Jalan Burmah10350 Pulau PinangTel: 04-227 7111KELAB DARUL EHSANTaman Tun Abdul RazakJalan Kerja Air Lama68000 Ampang JayaSelangor Darul EhsanTel: 03-457 2333BUKIT KIARA EQUESTRIAN &COUNTRY RESORTJalan Bukit KiaraOff Jalan Damansara60000 Kuala LumpurTel: 03-254 1222BUKIT JALIL GOLF & COUNTRYRESORTJalan 3/155B, Bukit Jalil57000 Kuala LumpurTel: 03-958 0600STAFFIELD COUNTRY RESORTBatu 13Jalan Seremban-Kuala Lumpur71700 MantinNegeri Sembilan Darul KhususTel: 03-816 6117BUKIT BANANG GOLF & COUNTRYCLUB1, Persiaran GemilangBandar Banang Jaya83000 Batu PahatJohor Darul TakzimTel: 07-428 6001DESA WATERPARKTaman Danau DesaOff Jalan Kelang Lama58100 Kuala LumpurTel: 03-711 8338NAGARIA SUPERBOWLLot 4.01 – 5.01, Podium BlockPlaza Berjaya, 12 Jalan Imbi55100 Kuala LumpurTel: 03-244 5366OVERSEAS HOTELS, RESORTS &RECREATION DEVELOPMENTBERJAYA HOTEL, SUVACnr. Malcolm & Gordon StreetsP.O. Box 112, SuvaFijiTel: 679-312 300BERJAYA BEAU VALLON BAY BEACHRESORT & CASINOP.O. Box 550, VictoriaMahe, SeychellesTel: 248-247 141BERJAYA MAHE BEACH RESORTP.O. Box 540, Port GlaudMahe, SeychellesTel: 248-378 451BERJAYA PRASLIN BEACH RESORTAnse Volbert, Praslin, SeychellesTel: 248-232 222BERJAYA MOUNT ROYAL BEACHHOTEL36, College AvenueMount Lavinia, Sri LankaTel: 941-714001BERJAYA LE MORNE BEACH RESORT& CASINOLe MorneCase NoyaleMauritiusTel: 230-683 6800BERJAYA EDEN PARK HOTEL35/39, Inverness TerraceBayswater, London W2 3JSUnited KingdomTel: 44-171 221 2220KISHKINTA THEME PARK82, Varadarajapuram, DharkasWard No. 2Tambaran, Madras600 044 IndiaTel: 044-236 72106

GroupA D D R E S S E SVACATION TIMESHARE & TRAVELBERJAYA VACATION CLUB BERHADLevel 19, Menara Shahzan Insas30, Jalan Sultan Ismail50250 Kuala LumpurTel: 03-935 1940BERJAYA AIR SDN BHD(Reservation & Ticketing)Level 19, Menara Shahzan Insas30, Jalan Sultan Ismail50250 Kuala LumpurTel: 03-935 1940INTER-PACIFIC TRAVEL & TOURSSDN BHD2, Jalan Baba, Off ChangkatThambi Dollah55100 Kuala LumpurTel: 03-245 2828PROPERTY INVESTMENT &DEVELOPMENTMarketing Officefor properties marked *Level 15Menara Shahzan Insas30, Jalan Sultan Ismail50250 Kuala LumpurTel: 03 - 935 8088/8188(E-mail: pcgoh@berjaya.com.my)BERJAYA INDUSTRIAL PARK *Jalan Kebun, Shah AlamSelangor Darul EhsanGREENFIELDS APARTMENTS *Bukit Jalil, Kuala LumpurPETALING INDAH CONDOMINIUMS *Jalan Sungai Besi, Kuala LumpurBUKIT TAR *Taman Tun Abdul RazakSelangor Darul EhsanROBSON CONDOMINIUMS *Jalan 2/87D, Robson HeightsKuala LumpurSRI PELANGI SHOPS/APARTMENTS/CONDOMINIUMS *Jalan Genting Klang, SetapakKuala LumpurTAMAN KINRARA IV *Puchong, Kuala LumpurCEMERLANG HEIGHTS *Gombak, Selangor Darul EhsanSEPUTEH HEIGHTS *Taman Seputeh, Kuala LumpurPESONA FARMLANDS *Rantau Panjang, Batang BerjuntaiSelangor Darul EhsanBERJAYA TIOMAN SUITESTioman IslandPahang Darul MakmurBANDAR BANANG JAYABANANG JAYA HOMESTEADS LAND74 & 75, Jalan GemilangTaman Bandar Banang Jaya83000 Batu PahatJohor Darul TakzimTel: 07 - 428 8678/8722KIM’S PARK BUSINESS CENTREBandar PenggaramBatu PahatJohor Darul TakzimTel: 07 - 428 8678/8722MENARA GREENVIEWDESA UNIVERSITYMarketing Office:Level 17, Penas TowerMidlands Park Centre488A, Jalan Burmah10350 Pulau PinangTel: 04 - 227 4188SRI DAGANGAN KUANTANBUSINESS CENTREBERJAYA MEGAMALLMarketing Office:Lot 3-18, 3rd FloorJalan Tun IsmailSri Dagangan25000 KuantanPahang Darul MakmurTel: 09 - 508 8188WORLD SQUARE PTY LTDLevel 12A, 97-99 Bathurst StSydney NSW 2000, AustraliaTel: 61 - 29 261 4401BERJAYA HOLDINGS (HK) LIMITED2301, Wing On House71, Des Voeux Road, CentralHong KongTel: 852 - 2877 6616KL PLAZABox 333, S382nd Floor, KL Plaza179, Jalan Bukit Bintang55100 Kuala LumpurTel: 03 - 248 7288KOTA RAYA COMPLEXLot 3.07ALevel 3, Kota Raya ComplexJalan Cheng Lock50000 Kuala LumpurTel: 03 - 241 2562PLAZA BERJAYA12, Jalan Imbi55100 Kuala LumpurTel: 03 - 241 2240WISMA COSWAY901-902, Wisma CoswayJalan Raja Chulan50200 Kuala LumpurTel: 03 - 248 2722CONSUMER MARKETING &DIRECT SELLING/SERVICESSINGER (MALAYSIA) SDN BHDTHE CATALOG SHOP SDN BHD2, Jalan 13/1, Section 1346200 Petaling JayaSelangor Darul EhsanTel: 03-757 5658COSWAY (M) SDN BHD2 nd Floor, Wisma CoswayJalan Raja Chulan50200 Kuala LumpurTel: 03-248 1077KIMIA SUCHI SDN BHDNo. 21, Jalan TUDMSubang New Village40000 Shah AlamSelangor Darul EhsanTel: 03-747 6268PT BERJAYA COSWAY INDONESIAJalan Raya Barat BoulevardBlok VI No. 16-17Kelapa GadingPermai, Jakarta Utara14240 IndonesiaTel: 00-6221-452 22557

GroupA D D R E S S E S8COSWAY PHILIPPINES INCUnit-1 Building 3, Jannov Plaza2295 Pasong Tamo ExtensionMakati City, The PhilippinesTel: 00-632-812 8111COSWAY DO BRASIL LTDARua Sao Paulo144 - AlphavilleBarueri-SP-LEP06465-130BrazilTel: 00-55-11-7295 5300COSWAY (THAILAND) CO., LTD9th Floor, SCB Park Plaza,West Tower 218 Ratchadapisek RoadLadyao JatujakBangkok 10900Tel: 00-662-937 6177COSWAY DE MEXICO S.A. DE C.V.Insurgentes Sur, No. 587Col NapolesMexico, DF 03810Tel: 00-52-5-669 0009UNZA (MALAYSIA) SDN. BHD.Lot 529Persiaran Subang PermaiSubang Jaya47500 Petaling JayaSelangor Darul EhsanTel: 03-731 5588UNZA COMPANY PTE LTD#03-11, TradeMart Singapore60 Martin RoadSingapore 239065Tel: 02-732 5611UNZA CATHAY LIMITEDRoom 1905-0619th Floor Asian House1, Hennessy RoadWanchai, Hong KongTel: 852-2529 1191UNZA VIETNAM CO. LTD7, VSIP Street 4Vietnam Singapore Industrial ParkThuan An DistrictBinhduong Province SRVTel: 65-8439 7213DONGGUAN UNZA CONSUMERPRODUCTS LTDSi Huan Road, Zhu ShanFu Cheng, DongguanGuangdongPeople’s Republic of ChinaTel: 769-225 3905BERJAYA HVN SDN BHD85,87 & 89, Jalan 3/93Taman Miharja55200 Kuala LumpurTel: 03-982 6688DIRECT VISION SDN BHD713, 7th Floor,Block F, Phileo Damansara I9 Jalan 16/1146350 Petaling JayaSelangor Darul EhsanTel: 03-460 7763BERJAYA CARLOVERS (M) SDN BHDNo. 7, Jalan 8/23ATaman Danau KotaOff Jalan Genting Kelang53300 Kuala LumpurTel: 03-411 6882CARLOVERS CARWASH LIMITEDLevel 1135 Victoria AvenueChatswoodNSW 2067, AustraliaTel: 294-170 977VIDEO EZY (M) SDN BHDSuite 14A-14B, 14th FloorPlaza BerjayaNo. 12, Jalan Imbi55100 Kuala LumpurTel: 03-245 5002VIDEO EZY AUSTRALASIA PTY LTDVIDEO EZY INTERNATIONAL LTDLevel 1, 22-30 Oak StreetRoseHillNSW 2124 AustraliaTel: 61(2)-9635 4700HYUMAL MOTOR SDN BHDLot 7968, Batu 5Jalan Kelang Lama58000 Kuala LumpurTel: 03-793 6629QUASAR CARRIAGE SDN BHDLot 16, Jalan 19/1, Section 1946300 Petaling JayaSelangor Darul EhsanTel: 03-754 9988INTER-PACIFIC COMMUNICATIONSSDN BHD8A, Jalan Telawi 2, Bangsar Baru59100 Kuala LumpurTel: 03-282 4268TAIGA FOREST PRODUCTS LTDSuite 1001-4330Kingsway, BurnabyB.C. V5H 3X6 CanadaTel: 1604-438 1471GAMING & LOTTERYMANAGEMENTSPORTS TOTO MALAYSIA SDN BHDLevel 10, Menara Shahzan Insas50250 Kuala LumpurTel: 03-248 9888BERJAYA LOTTERY MANAGEMENT(HK) LIMITEDBERJAYA INTERNATIONAL CASINOMANAGEMENT (HK) LIMITED2301, Wing On House71, Des Voeux Road, CentralHong KongTel: 852-2877 6616INTERNATIONAL LOTTERY &TOTALIZATOR SYSTEMS, INC2131, Faraday AvenueCarlsbad, USATel: 760-931400PRIME GAMING PHILIPPINES, INC.PHILIPPINE GAMING MANAGEMENTCORPORATION29 th Floor, Rufino Pacific Tower6784, Ayala Cor. Herrera StreetMakati, Metro ManilaPhilippinesTel: 632-811 0065BERJAYA RACING MANAGEMENT SDNBHDLevel 14, Menara Shahzan Insas30, Jalan Sultan Ismail50250 Kuala LumpurTel: 03-248 7833

GroupA D D R E S S E SRESTAURANTSROADHOUSE GRILL, INC6600N, Andrews AvenueSuite 160, Fort LauderdaleFlorida 33309, USATel: 954-489 9699BERJAYA COFFEE COMPANY (M)SDN BHDBERJAYA ROASTERS (M) SDN BHDBERJAYA ROADHOUSE GRILLSDN BHDLot 1.05, 1st Floor, Podium BlockPlaza Berjaya, 12, Jalan Imbi55100 Kuala LumpurTel: 03-242 2266ROASTERS ASIA PACIFIC (M) SDN BHDSuite 14A-14B Office BlockPlaza Berjaya12, Jalan Imbi55100 Kuala LumpurTel: 03-245 2633INDUSTRY/TECHNOLOGY/INFRASTRUCTUREBERJAYA LERUN INDUSTRIES BERHAD29 & 31, Jalan TPP 5/17Taman Perindustrian PuchongSection 5, 47000 Kuala LumpurTel: 03-571 0222/100FINEWOOD FOREST PRODUCTS SDNBHDLot 1, PKNS Industrial AreaLocked Bag 223, Pandamaran42009 Port KlangSelangor Darul EhsanTel: 03-368 9139BERJAYA WOOD FURNITURE (M) SDNBHDTuanku Jaafar Industrial EstateSungai Gadut71450 Negeri SembilanDarul KhususTel: 06-677 4360MANUFACTURING SERVICESSENDIRIAN BERHADLot 529, Persiaran Subang PermaiSubang Jaya, 47500 Petaling JayaSelangor Darul EhsanTel: 03-731 5588GRAPHIC PRESS GROUP SDN BHDLot 6486, Jalan Medan 3Taman MedanMukim Petaling46000 Petaling JayaSelangor Darul EhsanTel: 03-793 9988DUNHAM-BUSH (MALAYSIA) BHDLot 8, Jalan P/7, Seksyen 13Kawasan Perusahaan Bangi43650 Bandar Baru BangiSelangor Darul EhsanTel: 03-825 9688DUNHAM-BUSH INDUSTRIES SDN BHDSub Lot 6 & 8, 5755, CT9985Kidamai Industrial ParkJalan Sungai ChuaBukit Angkat43000 KajangSelangor Darul EhsanTel: 03-833 9898DUNHAM-BUSH INC.101 Burgess RoadHarrisonburg VA 22801 USATel: 540-434 0711DUNHAM-BUSH LIMITEDEuropean HeadquartersDownley Road, HavantHantsUnited KingdomPO9 2JDTel: 44-170 547 7700DUNHAM-BUSH (EUROPE) PLCHawksworth Industries EstateSwindon, Wiltshire SN2 1DZUnited KingdomTel: 3133-453 5010DUNHAM-BUSH YANTAI CO. LTDGongjiado Zhifu DistrictYantai, Shandong ProvincePeople’s Republic of China2640002Tel: 86-535-653 4241/6BERJAYA BANDARTEX SDN BHDBERJAYA KNITEX SDN BHDBERJAYA SOUTEX SDN BHD583, 3 rd Milestone, Jalan Kluang83000 Batu Pahat,Johor Darul TakzimTel: 07-431 3303SHINCA SDN BHDBayan Lepas Free Trade ZonePhase 3, 11900 Pulau PinangTel: 04-643 3236INDUSTRI OTOMOTIF KOMERSIAL (M)SDN BHDLot 38, Mukim Padang Meha09400 Padang Serai, KulimKedah Darul AmanTel: 04-485 1888NEW PANTAI EXPRESSWAY SDN BHD51A Jalan Petaling Utama 77th Mile, Jalan Klang Lama46000 Petaling JayaSelangor Darul EhsanTel: 03-794 6414IRIS TECHNOLOGIES (M) SDN BHDIRIS Smart TechnologiesComplexLot 8 & 9, Jalan DTechnology Park MalaysiaBukit Jalil57000 Kuala LumpurTel: 03-966 0788HEALTHCARE/EDUCATIONGRIBBLES PATHOLOGY (MALAYSIA)SDN BHD2 nd Floor, Wisma KTNo. 14 Jalan 19/146300 Petaling JayaSelangor Darul EhsanTel: 03-757 7752GRIBBLES PATHOLOGY (VIC) PTY LTD14 Yarra StreetPrivate Bay 1800South YarraVictoria 3141, AustraliaTel: 613-982 7777UNITED APPROACH SDN BHD(KOLEJ ANTARABANGSA BERJAYA)49-51, Jalan 52/18New Town Centre46200 Petaling JayaSelangor Darul EhsanTel:03-754 46029

CorporateS T R U C T U R EO F O P E R A T I N G C O M P A N I E S A S A T 3 S E P T E M B E R 1 9 9 9INDUSTRYCONSUMER MARKETING& DIRECT SELLINGINVESTMENTHOLDING & OTHERSVACATION TIMESHARE, HOTELS, RESORTS &RECREATION DEVELOPMENTPROPERTY INVESTMENT & DEVELOPMENTGAMING & LOTTERY MANAGEMENTFINANCIAL SERVICESBERJAYA GROUP BERHADFinewood Forest Products100%Sdn BhdBerjaya Wood Furniture (M)100%Sdn BhdBerjaya LeRun Industries100%BerhadGraphic Press Group Sdn56.8%BhdBerjaya Carlovers (M) Sdn100%BhdBerjaya Coffee Company100%(M) Sdn BhdQuasar Carriage Sdn Bhd95% Shinca Sdn Bhd20% Hyumal Motor Sdn Bhd† Iris Technologies (M) Sdn† COSWAY CORPORATION50.5%72.9%BhdBERHAD††35%Industri Otomotif Komersial(M) Sdn BhdDUNHAM-BUSH (MALAYSIA)62.3%BHDDunham-Bush Industries100%Sdn Bhd85.4% Topaire Sdn BhdTopgroup Polacel100%Sdn BhdAnemostat Topgroup86.5%Sdn Bhd100% Ventiair Sdn Bhd85%Dunham-Bush Sales &100%Services Sdn Bhd60%60%Dunham-Bush International100%Pte Limited, SingaporeDunham-Bush International100%Limited, Hong KongDunham-Bush Holdings100%(HK) Limited55%Topgroup Data-AireSdn BhdTopaire Sales & ServicesSdn BhdTopgroup M&E ServiceSdn BhdDunham-Bush YantaiCo Limited, The People’sRepublic of ChinaDunham-Bush International100%(Cayman) Limited100% Dunham-Bush Inc, USADUNHAM-BUSH (EUROPE)65.7%PLC, UNITED KINGDOMDunham-Bush Limited,100%United Kingdom†South Pacific Textiles (S)100%Pte Ltd100% Berjaya Bandartex Sdn Bhd100% Berjaya Knitex Sdn Bhd100% Berjaya Soutex Sdn Bhd70%Topgroup Parts & Services(Kuantan) Sdn BhdDunham-Bush Sales &100% Services (S) Pte Limited,SingaporeDunham-Bush International100%(Europe) B.V., The NetherlandsTop-Aire Air Conditioning100%(China) Limited, Hong Kong90%Dunham-Bush ServicesCompany Limited,Hong KongDunham-Bush De Mexico100%S.A. De C.V.Hartford Compressors100%Inc, USA†††70%30%Inter-Pacific TradingSdn Bhd100% Singer (Malaysia) Sdn Bhd100% The Catalog Shop Sdn Bhd80%Unza Cathay Limited,100%Hong Kong70%85%72%Berjaya Unza Holdings(BVI) LimitedUnza Company Pte100%Limited, SingaporeUnza Indochina Pte LtdUnza (China) Limited,100%Hong KongDongguan Unza Consumer100% Products Limited, ThePeople’s Republic of China70.3% UNZA HOLDINGS BERHAD100% Unza (Malaysia) Sdn Bhd100% UAA (M) Sdn BhdManufacturing Services100%Sendirian Berhad50.1% Berjaya HVN Sdn Bhd100% Direct Vision Sdn Bhd100% Cosway (M) Sdn BhdCosway (Philippines) IncCosway Do Brasil Ltda,100%BrazilCosway (Thailand) Co. Ltd†CARLOVERS CARWASH72.7%LIMITED, AUSTRALIATAIGA FOREST PRODUCTS59.9%LTD, CANADABERJAYA HOLDINGS (HK)44.4%LIMITED60%60%▲50%Inter-Pacific100%Communications Sdn Bhd▲70%Video Ezy Australasia PtyLimited, AustraliaVideo Ezy InternationalLimitedGribbles Pathology (Vic) PtyLimited, AustraliaBerjaya Registration100%Services (M) Sdn BhdGribbles Pathology(Malaysia) Sdn Bhd50.1% United Approach Sdn Bhd60.6% ROADHOUSE GRILL, INC, USA100% Roasters Asia Pacific (HK) Limited100% Roasters Asia Pacific (M) Sdn Bhd100% Berjaya Vacation Club BerhadBerjaya Vacation Club (Cayman) Limited100%• Berjaya Eden Park, London, United Kingdom100% Berjaya Vacation Club (UK) LimitedBerjaya Redang Beach Resort Sdn Bhd99.4% • Berjaya Redang Golf & Spa Resort• Berjaya Redang Beach Resort100% Redang Island Golf & Country Club BerhadBerjaya Langkawi Beach Resort Sdn Bhd100%• Berjaya Langkawi Beach & Spa ResortBerjaya Resort (Sabah) Sdn Bhd100%• Berjaya Palace Hotel, Kota KinabaluBerjaya Mahe Beach Resort Limited100%• Berjaya Mahe Beach Resort, SeychellesBerjaya Beau Vallon Bay Beach ResortLimited100%• Berjaya Beau Vallon Bay Beach ResortHotel & Casino, SeychellesBerjaya Hotels & Resort (Mauritius) Limited100% • Berjaya Le Morne Beach Resort& Casino, MauritiusWaidroka Trust Estates Limited100%• Berjaya Hotel, Suva, Fiji20%50%Anse Volbert Hotel Limited• Berjaya Praslin Beach Resort, SeychellesBerjaya Mount Royal Beach Hotel Limited92.6% • Berjaya Mount Royal Beach Hotel,Sri LankaBerjaya Georgetown Hotel (Penang)Sdn Bhd• Berjaya Georgetown Hotel, P. PinangSinar Merdu Sdn Bhd100%• KL Court & KL Heights, Kuala Lumpur100% Berjaya Roasters (M) Sdn Bhd100% Berjaya Roadhouse Grill Sdn Bhd50%81.8% BERJAYA LAND BERHADIndah Corporation Berhad100% • Bukit Banang Golf & Country Club,Batu PahatBukit Kiara Resort Berhad100% • Bukit Kiara Equestrian & CountryResort, Kuala LumpurSports Toto Bowling Sdn Bhd100%• Nagaria Superbowl80%94%99%70%50%51%40%Inter-Pacific Travel & Tours Sdn BhdTioman Island Resort Berhad• Berjaya Tioman Beach ResortBerjaya Golf Resort Berhad• Bukit Jalil Golf & Country Resort,Kuala LumpurBerjaya Air Sdn BhdTioman Pearl Sdn BhdStaffield Country Resort Berhad• Staffield Country Resort,Negeri Sembilan100% Berjaya Property Management Sdn BhdKDE Recreation Berhad• Kelab Darul EhsanNavodaya Mass Entertainments Limited,India• Kishkinta Theme Park, MadrasFlexiwang Sdn Bhd100%• KL Plaza 1 Stop Food Garden100% Eminent Capital Sdn Bhd40%Berjaya Engineering & Construction (HK)LimitedPROPERTY INVESTMENT & DEVELOPMENTGemilang Cergas Sdn Bhd100%• Pines Condominiums, Kuala LumpurSecuriservices Sdn Bhd100% • Petaling Indah Condominiums,Kuala Lumpur100%Berjaya Land Development Sdn Bhd• Kelang Lama Business Park,Kuala Lumpur• Gemilang Indah Apartments,Kuala Lumpur• Medan Indah, Kota Tinggi• Taman UPC, Ayer Hitam• Bandar Banang Jaya, Batu Pahat• Robson Condominiums, Kuala LumpurSelat Makmur Sdn Bhd100%• Seputeh Heights, Kuala LumpurIndra Ehsan Sdn Bhd100%• Taman Cemerlang, Gombak, SelangorSri Panglima Sdn Bhd100%• Taman Kinrara IV, Puchong, Kuala LumpurCerah Bakti Sdn Bhd70% • Menara Greenview, Pulau Pinang• Desa University, Pulau PinangKlasik Mewah Sdn Bhd100%• Sri Indah Court, Johor BahruKota Raya Development Sdn Bhd100%• Kota Raya Complex, Kuala LumpurNural Enterprise Sdn Bhd100%• Plaza Berjaya, Kuala LumpurNoble Circle (M) Sdn Bhd100%• KL Plaza, Kuala Lumpur96.7% New Pantai Expressway Sdn BhdStephens Properties Sdn Bhd100%• Wisma Cosway, Kuala LumpurAmat Muhibah Sdn Bhd52.6%• Desa WaterPark, Kuala LumpurCempaka Properties Sdn Bhd• Sri Dagangan Kuantan Business100%Centre, Kuantan• Berjaya Megamall, KuantanSemangat Cergas Sdn Bhd100%• Ixora Apartments, Kuala LumpurTiram Jaya Sdn Bhd100% • Sri Pelangi Apartments/Condominiums, Kuala Lumpur80%Pakar Angsana Sdn Bhd• Berjaya Industrial Park, Shah Alam,SelangorB.T. Properties Sdn Bhd100% • Kim’s Park Business Centre,Batu Pahat, JohorTaman TAR Development Sdn Bhd100%• Bukit TAR, AmpangWorld Square Pty Limited37.5%• World Square, Sydney, Australia†International Lottery & Totalizator38.5%Systems, Inc, USA† Berjaya Racing Management100%Sdn Bhd†52% BERJAYA SPORTS TOTO BERHAD††Berjaya Lottery Management100%(HK) Limited68.5% PRIME GAMING PHILIPPINES, INCPhilippine Gaming Management100%Corporation100% Sports Toto Malaysia Sdn BhdBerjaya International Casino100%Management (HK) LimitedBerjaya International Casino100%Management (Seychelles) Limited†▲BHLB Pacific Trust Management20%Berhad†66.89% BERJAYA CAPITAL BERHADListed companiesCombined interest100% Prime Credit Leasing Sdn Bhd70%40%Berjaya General Insurance BerhadFirst Taz Money Brokers Sdn Bhd89.5% Inter-Pacific Capital Sdn Bhd100% Inter-Pacific Securities Sdn Bhd100% Eng Securities Sdn Bhd100% Inter-Pacific Futures Sdn BhdPending completion of disposalCosway De Mexico S.A.100%De C.V.82% Kimia Suchi Sdn Bhd10 11 12

GroupF I N A N C I A L S U M M A R YAfter Change in Shareholding * Before Change in Shareholding *1999 1999 1998 1997 1996 1995 1994 1993 1992 1991 1990 1989 1988 1987 1986Description US$’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000Turnover 1,913,823 7,272,528 7,449,109 6,351,690 5,117,809 3,475,385 2,438,072 1,842,620 1,841,882 1,451,530 1,123,717 328,708 18,852 18,662 29,896Profit/(Loss) Before Taxation 80,200 304,759 342,384 699,020 283,574 281,864 325,361 146,043 102,585 131,180 100,843 41,133 (521) (1,148) 8,213Profit/(Loss) After Taxation 73,100 277,780 233,354 498,037 146,796 177,845 205,487 73,534 44,469 78,324 61,613 21,760 (923) (3,389) 1,700Profit/(Loss) After Taxationand Minority Interest (28,908) (109,851) 4,738 223,638 (7,242) 36,005 87,788 14,851 2,472 24,670 25,377 11,250 (923) (3,388) 1,790Extraordinary Items - - - - 77,193 87,616 156,505 186,550 6,270 55,817 81,300 3,319 (11,539) (29,107) (4,915)Profit/(Loss) Attributable To Shareholders (28,908) (109,851) 4,738 223,638 69,951 123,621 244,293 201,401 8,742 80,487 106,677 14,569 (12,462) (32,495) (3,161)Share Capital 336,034 1,276,929 1,215,762 877,214 847,904 513,858 499,882 406,131 358,635 358,635 343,728 326,228 72,495 72,495 72,495Reserves 359,632 1,366,601 1,424,412 1,009,911 826,061 555,985 484,323 252,403 108,914 141,341 68,947 (20,406) (18,587) (5,548) 26,946Shareholders’ Fund 695,666 2,643,530 2,640,174 1,887,125 1,673,965 1,069,843 984,205 658,534 467,549 499,976 412,675 305,822 53,908 66,947 99,441ICULS 4,814 18,292 140,699 807,984 49,709 - 10,848 100,920 89,659 - - - - - -Minority Interests 420,100 1,596,381 1,050,388 827,150 1,298,636 1,031,692 664,090 992,271 384,958 630,462 253,098 39,822 1 4 5Capital Funds 1,120,580 4,258,203 3,831,261 3,522,259 3,022,310 2,101,535 1,659,143 1,751,725 942,166 1,130,438 665,773 345,644 53,909 66,951 99,446Insurance Reserves 10,992 41,770 955,969 822,121 653,075 537,462 440,809 341,649 311,355 247,126 218,688 6,295 - - -Deferred Taxation 34,522 131,184 123,457 71,328 43,580 35,370 35,888 27,338 31,640 32,880 8,262 5,158 13 5,462 5,473Long Term Liabilities 1,005,837 3,822,180 3,704,095 2,675,705 1,693,191 971,734 903,966 518,772 670,572 605,476 363,140 294,947 - - 4,000Current Liabilities 1,117,963 4,248,261 5,219,784 5,374,092 4,410,481 3,024,020 2,541,384 2,790,730 2,251,379 1,196,884 879,294 419,714 30,973 37,814 26,1683,289,894 12,501,598 13,834,566 12,465,505 9,822,637 6,670,121 5,581,190 5,430,214 4,207,112 3,212,804 2,135,157 1,071,758 84,895 110,227 135,087Fixed Assets 710,876 2,701,328 2,468,317 1,888,518 1,744,561 1,384,115 1,026,544 778,220 828,919 720,247 228,002 111,822 11,972 13,597 13,144Intangible Assets 697,596 2,650,863 2,812,364 2,535,334 1,016,178 602,328 478,968 278,637 369,873 299,488 213,240 329,308 - - 3Investments & Long Term Receivables 475,790 1,808,005 2,538,659 2,337,279 2,337,054 1,782,702 1,388,703 1,659,603 1,603,731 937,697 741,125 197,689 47,087 39,062 34,225Current Assets 1,405,632 5,341,402 6,015,226 5,704,374 4,724,844 2,900,976 2,686,975 2,713,754 1,404,589 1,255,372 952,790 432,939 25,836 57,568 87,715Total Assets 3,289,894 12,501,598 13,834,566 12,465,505 9,822,637 6,670,121 5,581,190 5,430,214 4,207,112 3,212,804 2,135,157 1,071,758 84,895 110,227 135,087Net Assets Per Share (US$/RM) 0.54 2.07 2.17 2.15 1.97 2.08 1.97 1.62 1.30 1.39 1.20 0.94 0.74 0.92 1.37Net Earnings/(Loss) Per Share (cents/sen) (2.3) (8.8) 0.5 26.3 (1.0) 7.1 18.8 4.0 0.7 7.0 7.7 6.5 (1.3) (4.6) 2.6Net Earnings/(Loss) Including ExtraordinaryItems Per Share (cents/sen) (2.3) (8.8) 0.5 26.3 9.2 24.5 52.5 53.8 2.4 22.7 32.4 8.4 (17.2) (44.8) (4.9)Dividend Rate (%) 3.0 3.0 † 3.0 12.5 10.0 12.0 12.0 12.0 12.0 5.0 10.0 6.0 - - 7.5Net Dividend Amount (US$’000/RM’000) 10,081 38,308 21,466 75,808 59,354 43,460 41,404 32,155 27,974 11,656 22,258 12,723 - - 3,262Note:Figures for 1986-1988 are for the 12 months ended 31 January; figures for 1989 are for the 15 months period ended 30April; figures for 1990-1998 are for the 12 months ended 30 April. Where additional shares are issued, the earnings pershare are calculated on a weighted average number of shares.Exchange rate: US$1.00=RM3.80* Change in shareholding relates to the major change in directorate and direction of the Company.† Tax exempt dividend1314

FinancialH I G H L I G H T SRM MillionTurnoverRM MillionProfit Before Tax8,0007,0006,3527,4497,2738007006996,0005,0005,1186005004,0003,0002,0001,00003019193291,1241,4511,8421,8432,4383,475868788899091929394959697989940030020010008(1)(0.5)41101131103146325282284Financial HIGHLIGHTS8687888990919293949596973423059899RM Million3,0002,5002,0001,5001,0005000996754Shareholders’ Fund3064135004686599841,0701,6741,8872,6402,64486 87 88 89 90 91 92 93 94 95 96 97 98 99RM Million4,5004,0003,5003,0002,5002,0001,5001,0005000996754Capital Funds34666611309421,7521,6592,1023,0223,5223,8314,25886 87 88 89 90 91 92 93 94 95 96 97 98 99RM Million14,00012,00010,000Total Assets9,82312,46513,83512,5028,0006,0004,0003,2134,2075,4305,5816,6702,0000135110851,0722,13586 87 88 89 9091929394959697989915

Chairman’s STATEMENTA Toto drawin progress.Pool-bar atthe BerjayaTioman BeachResort,Malaysia.Cosway’srange ofproducts.Sri PetalingCondominiums,Kuala Lumpur.Viewing galleryat Inter-PacificSecurities.16

A SportsToto outlet.Healthsupplementsfrom Cosway.C H A I R M A N ’ S S T A T E M E N TPenyata PengerusiThe performance of the Malaysian economy in 1998 was adversely affected bythe deflationary impact of the financial crisis that beset the region since mid-1997. To contain the severity of the economic contraction, the Governmentimplemented a series of measures to insulate the Malaysian economy and weare proud to note that our Government’s relentless efforts and determinationin turning the country around is working and have put it back on the growthtrack. We are seeing some positive signs of recovery in some sectors of theeconomy particularly in the second quarter of 1999. Despite the difficultbusiness environment experienced by the Group during the year under review,we are pleased to note that certain sectors of the Group have begun to showsome signs of improvement in their performance together with the recoveringeconomy.FINANCIAL RESULTS For the financial year under review, theGroup recorded a turnover of RM7.27 billion, representing a decline of 2.4%from the RM7.45 billion recorded in the preceding year.P E N Y A T A P E N G E R U S I Prestasi ekonomi Malaysia pada tahun 1998 terjejasdengan hebat akibat kesan krisis kewangan yang melanda rantau ini sejakpertengahan tahun 1997. Sebagai usaha mengawal penguncupan drastik ekonomi, dandemi melindungi ekonomi negara, Kerajaan telah melaksanakan pelbagai langkah dimana hasil daripada keazaman dan usaha gigih Kerajaan untuk memulihkan ekonomi,negara kini bangkit kembali untuk menikmati pertumbuhan seterusnya. Tanda-tandapositif ke arah pemulihan ini dapat dilihat dalam beberapa sektor ekonomi terutannyapada suku kedua tahun 1999. Meskipun menghadapi persekitaran perniagaan yangsukar pada tahun di bawah kajian, kami berasa bangga apabila prestasi beberapasektor dalam Kumpulan telah mula menunjukkan tanda-tanda yang menggalakkanseiring dengan pemulihan ekonomi negara.K E P U T U S A N K E W A N G A N Bagi tahun kewangan di bawah kajian, Kumpulanmencatatkan perolehan sebanyak RM7.27 bilion, penyusutan 2.4% daripada RM7.45bilion yang dicatatkan pada tahun sebelumnya.Penyusutan dalam perolehan ini adalah disebabkan oleh penjualan PrudentialAssurance Malaysia Berhad (“PAMB”) di mana Kumpulan hanya menyatukan sebulanperolehan bagi tahun kewangan.17

Taiga ForestProductsLtd, Canada,a wholesaledistributorof lumberand panelproducts.A RoadhouseGrill restaurantin USA.C H A I R M A N ’ S S T A T E M E N TPenyata PengerusiThe reduction in turnover was mainly attributed to the disposal of PrudentialAssurance Malaysia Berhad (“PAMB”) in which the Group only consolidatedone month of turnover for the financial year.A weak property market and dismal performance of the stock market for most partof the financial year affected our Property and Stockbroking businesses as well.Despite the substantial gain made from the disposal of PAMB of RM606million, Group pre-tax profit declined by 12.3% from RM342.4 million in theprevious year to RM304.8 million. The decline was mainly due to provisionsmade for diminution in value for some of our offshore and domesticinvestments and realised losses incurred from partial disposal of investments insubsidiary companies. The poor performance of some of our overseasoperations and start-up losses incurred in our overseas direct selling businessesand higher interest expenses had also negated the Group’s profitability.In spite of the difficult business environment experienced in the year underreview, our gaming business operated through Sports Toto Malaysia Sdn Bhd,Kelembapan pasaran hartanah dan prestasi pasaran saham yang kurangmemberangsangkan bagi hampir keseluruhan tahun kewangan turut menjejaskanperniagaan-perniagaan Hartanah dan Broker saham kami.Walaupun memperolehi keuntungan besar hasil penjualan PAMB sebanyak RM606juta, keuntungan sebelum cukai Kumpulan susut 12.3% daripada RM342.4 juta padatahun sebelumnya kepada RM304.8 juta. Penyusutan ini adalah disebabkan olehperuntukan yang dibuat bagi menampung rosot nilai beberapa pelaburan luar pesisirdan domestik serta kerugian daripada penjualan sebahagian pelaburan kami dalamanak-anak syarikat. Prestasi beberapa operasi kami di luar negara yang kurangmemberangsangkan dan kerugian awal dalam perniagaan-perniagaan jualan langsungkami di luar negara ditambah dengan perbelanjaan faedah yang lebih tinggi juga turutmenjejaskan keuntungan Kumpulan.18Meskipun menghadapi persekitaran perniagaan yang sukar pada tahun di bawahkajian, perniagaan pertaruhan kami yang dikendalikan melalui Sports Toto MalaysiaSdn Bhd, perniagaan-perniagaan pengguna yang dikendalikan melalui Cosway (M) SdnBhd dan kumpulan syarikat Unza, pengedaran produk kayu dan panel yang

Cosway’s rangeof cosmetics andcostumejewellery.Trading areaat Inter-PacificSecurities.C H A I R M A N ’ S S T A T E M E N TPenyata Pengerusiconsumer businesses operated through Cosway (M) Sdn Bhd and Unza groupof companies, wholesale distribution of lumber and panel products operatedthrough Taiga Forest Products Ltd and our overseas restaurant businessoperated through Roadhouse Grill Inc were able to maintain their profitability.DIVIDEND The Directors have recommended a final tax exemptdividend of 3% per share for the financial year ended 30 April 1999 for theapproval of shareholders at the forthcoming Annual General Meeting.CORPORATE DEVELOPMENTS During the year, the Groupcontinued with its restructuring exercise to further consolidate and to reducethe overall gearing level of the Group. In August 1998, Berjaya Groupproposed a Rights Issue of approximately RM607.88 million of 5%Irredeemable Convertible Unsecured Loan Stocks (“ICULS”) on the basis ofRM1.00 nominal amount ICULS with four warrants for every two existingordinary shares held in Berjaya Group. The ICULS would immediately raiseRM607.88 million on issue and the warrants if fully exercised would have thepotential to raise a further RM2.43 billion over a tenure period of 10 years.dikendalikan secara borong melalui Taiga Forest Products Ltd dan perniagaanperniagaanrestoran kami di luar negara yang dikendalikan melalui Roadhouse Grill Inctelah berjaya mengekalkan keuntungan mereka.D I V I D E N Lembaga Pengarah mengesyorkan dividen akhir dikecualikan cukaisebanyak 3% sesaham bagi tahun kewangan berakhir 30 April 1999, tertakluk kepadakelulusan para pemegang saham di Mesyuarat Agung Tahunan yang akan datang.P E M B A N G U N A N K O R P O R A T Dalam tahun di bawah kajian, Kumpulanmeneruskan langkah penyusunan semula yang telah dilaksanakan sebelum ini bagimenyatukan dan mengurangkan lagi tahap pinjaman yang tidak berbayar Kumpulan secarakeseluruhan. Pada Ogos 1998, Kumpulan Berjaya mencadangkan Terbitan Hak yangdianggarkan berjumlah RM607.88 juta pada kadar 5% Stok Pinjaman Tanpa CagaranBoleh Tukar Tidak Boleh Tebus (“ICULS”) pada kadar RM1.00 asas jumlah nominal ICULSdengan empat waran bagi setiap dua saham biasa sedia ada yang dipegang dalamKumpulan Berjaya. ICULS tersebut dengan segera akan menghasilkan terbitan sebanyakRM607.88 bilion dan waran sekiranya dilaksanakan sepenuhnya mempunyai potensi untukmenghasilkan sejumlah RM2.43 bilion lagi dalam tempoh 10 tahun.19

Unza’sENCHANTEURproducts withits new andattractivepackaging.SAFI brand fromUnza with a morecontemporary andimpactful designpackaging.C H A I R M A N ’ S S T A T E M E N TPenyata PengerusiSubsequently, the Securities Commission approved the Rights Issue ofRM640 million of ICULS with 2.56 billion warrants. The Rights Issue isexpected to be completed in October 1999.In March 1999, Berjaya Land Berhad (“BLand”) proposed a conversionof up to RM900 million of its existing bank loans into New ICULS andNew Shares in BLand to reduce its borrowings. It was proposed thatRM100 million of the bank borrowings be converted into New Shares,while the balance of up to RM800 million be converted into 5% ICULSwith a 10-year tenure. Subsequent to the year end, in June 1999, BLandfurther announced an increase in the aggregate quantum of theProposed Debt Conversion from RM900 million to approximatelyRM1.2 billion to cater for new participation from additional creditors.Following the approval by the Securities Commission on the proposal inAugust 1999, the issue price of new BLand shares for the proposedconversion of approximately RM100 million of borrowings into equityhas been fixed at RM1.55 and the conversion price of the ICULS atRM1.60.Suruhanjaya Sekuriti seterusnya meluluskan Terbitan Hak sebanyak RM640 juta ICULSdengan waran 2.56 bilion. Terbitan Hak dijangka selesai pada Oktober 1999.Pada Mac 1999, Berjaya Land Berhad (“BLand”) mencadangkan penukaran pinjamanbanknya yang sedia ada sehingga RM900 juta kepada ICULS Baru dan Saham Barudalam BLand bagi mengurangkan pinjamannya. Mengikut cadangannya, pinjaman bankberjumlah RM100 juta ditukarkan kepada Saham Baru, manakala baki sehingga RM800juta lagi ditukarkan kepada kadar 5% ICULS bagi tempoh 10 tahun. Selepas akhirtahun, pada Jun 1999, BLand seterusnya mengumumkan peningkatan dalam kuantumagregat Cadangan Penukaran Hutang daripada RM900 juta kepada kira-kira RM1.2bilion untuk memenuhi penyertaan baru pemiutang tambahan. Dengan kelulusanSuruhanjaya Sekuriti untuk cadangan tersebut pada Ogos 1999, harga terbitan sahambaru BLand bagi cadangan penukaran pinjaman kira-kira RM100 juta kepada ekuitiditetapkan pada kadar RM1.55 dan harga penukaran ICULS pada kadar RM1.60.20Kumpulan juga mengambil keputusan menjual kepentingannya dalam perniagaanutamanya dan perniagaan-perniagaan lain selepas akhir tahun kewangan. Pada Julai1999, Kumpulan mengajukan cadangan untuk menjual sejumlah 40 juta saham biasa

KL Plaza,Kuala Lumpur.C H A I R M A N ’ S S T A T E M E N TPenyata PengerusiThe Group also made strategic decisions to further divest its stakes in bothcore and non-core businesses after the financial year end. In July 1999, theGroup proposed to dispose a total of 40 million ordinary shares representing11.7% of the issued and paid-up share capital of Cosway Corporation Berhadfor a total cash consideration of RM84 million. This would reduce the Group’sinterest in Cosway Corporation from 72.9% to 61.2%.Other proposals in the pipeline include the disposal of the entire 50% stake inAdvance Medical Technology Pty Ltd, holding company of GribblesPathology Group of Companies, and 21.5% stake in Gribbles Pathology (M)Sdn Bhd for a total cash consideration of RM178 million.The proceeds from the above proposed disposals, debt conversion andproposed Rights Issue would mainly go towards reducing the overall Groupdebt to a more comfortable level.YEAR 2000 DISCLOSURE The Group is pleased to announcethat all companies within the Group will be Year 2000 ready by the end ofyang merupakan 11.7% daripada modal saham terbitan dan berbayar CoswayCorporation Berhad melalui pertimbangan tunai berjumlah RM84 juta. Ini akanmengurangkan kepentingan Kumpulan dalam Cosway Corporation daripada 72.9%kepada 61.2%.Cadangan-cadangan lain yang sedang dalam perancangan adalah menjual semua 50%kepentingan dalam Advance Medical Technology Pty Ltd, syarikat induk KumpulanSyarikat Gribbles Pathology dan 21.5% kepentingan dalam Gribbles Pathology (M) SdnBhd melalui pertimbangan tunai berjumlah RM178 juta.Hasil daripada cadangan-cadangan penjualan di atas, penukaran hutang dan cadanganTerbitan Hak akan disalurkan bagi mengurangkan seluruh hutang Kumpulan ke tahapyang lebih selesa.P E N D E D A H A N T A H U N 2 0 0 0 Kumpulan dengan sukacitanyamengumumkan bahawa semua syarikat dalam Kumpulan akan mematuhi persediaanTahun 2000 sebelum akhir Oktober 1999. Bagi perniagaan-perniagaan pertaruhan danbroker saham ‘on-line’ yang kritikal, Kumpulan telah melaksanakan rancangan luar21

Bukit Jalil Golf& CountryResort, KualaLumpur.Bukit Jalil Golf &Country Resort,Kuala Lumpur.C H A I R M A N ’ S S T A T E M E N TPenyata PengerusiOctober 1999. For the on-line critical businesses in gaming and stockbroking,the Group has in place contingency plans for continued operations in theevent of Year 2000 failures. For the non on-line critical systems, the Group hasprepared manual procedures in case of Year 2000 failures. The total estimatedcost for the Year 2000 project for the entire Group is estimated to beapproximately RM20.0 million.STRATEGY FOR THE FUTURE AND PROSPECTS OurGroup being one of the fastest growing and largest conglomerates in Malaysiais engaged in successful core businesses such as gaming, direct selling, financialservices, property development, vacation timeshare and hotels and resortsdevelopment.Our huge distribution network, strong brand names, superior qualityproducts and strong foundation that we have built over the last 15 yearsremain the key to our success. The Group’s main earnings contributor, SportsToto Malaysia, is the second largest Number Forecast Operator with thelargest network of 681 outlets throughout the country. Our direct sellingjangka bagi menjamin kelancaran operasi sekiranya berlaku sebarang masalah Tahun2000. Manakala bagi sistem kritikal bukan ‘on-line’, Kumpulan telah menyediakanprosedur-prosedur manual sebagai langkah persediaan menghadapi sebarang masalahTahun 2000. Kos projek Tahun 2000 untuk seluruh Kumpulan dianggarkan menelanbelanja RM20.0 juta.S T R A T E G I D A N P R O S P E K M A S A D E P A N Sebagai salah sebuahkonglomerat terbesar dan paling pantas berkembang di Malaysia, Kumpulan kamiterlibat dalam perniagaan-perniagaan utama yang berjaya seperti pertaruhan, jualanlangsung, perkhidmatan kewangan, pembangunan hartanah, percutian perkongsianmasa serta pembangunan hotel dan pusat peranginan.22Rangkaian pengedaran kami yang begitu meluas, jenama-jenama unggul, produkberkualiti dan asas kukuh yang sudah berakar umbi sejak 15 tahun lalu merupakankunci kepada kejayaan kami. Penyumbang utama kepada perolehan Kumpulan, SportsToto Malaysia merupakan Pengendali Nombor Ramalan kedua terbesar denganrangkaian terbesar yang mempunyai 681 cawangan di seluruh negara. Syarikat jualanlangsung kami, Cosway (M) Sdn Bhd merupakan syarikat jualan langsung terunggul di

BerjayaLangkawiBeach & SpaResort,Malaysia.Berjaya TiomanBeach Resort,Malaysia -clubhouse.C H A I R M A N ’ S S T A T E M E N TPenyata Pengerusicompany, Cosway (M) Sdn Bhd is a leading direct selling company inMalaysia with over 300 stockist centres throughout the country. Ourproducts’ strong branding coupled with aggressive and innovative marketingplans have made us market leaders in consumer marketing. Our vacationtimeshare company, Berjaya Vacation Club, has emerged as the leadingvacation timeshare company in the country and continues to register growthin membership and sales despite operating in a difficult environment. Ourhotels and resorts which are strategically located, are making good progress inachieving a more significant market presence and market penetration bothlocally and internationally.Given the reach of our network and the successful and well-managedbusinesses together with our focused approach, the prospects for the Groupremain good.Austerity and synergistic measures, which have been carried out across theGroup since the downturn, have put us on a stronger footing to recover withthe recovering economy.Malaysia yang mempunyai lebih 300 pusat stokis di seluruh negara. Produk kami yangberjenama unggul serta rancangan pemasaran yang giat dan berinovatif banyakmenyumbang kepada kejayaan kami sebagai peneraju pasaran dalam pemasaranpengguna. Syarikat percutian perkongsian masa kami, Berjaya Vacation Club, munculsebagai syarikat percutian perkongsian masa yang unggul di negara ini dan terusmencatatkan peningkatan dalam keahlian dan penjualan meskipun menghadapipersekitaran yang sukar. Rangkaian hotel dan pusat peranginan kami yang secarastrategik terus berkembang pesat dengan memantapkan lagi kedudukan pasaran kamidan memperluaskan pasaran baik di dalam mahupun di luar negara.Berdasarkan rangkaian kami yang luas dan kejayaan perniagaan yang dikendalikandengan cekap serta pendekatan kami yang fokus, masa depan Kumpulan adalahdijangka cerah.Langkah-langkah berhemat dan sinergistik yang telah dilaksanakan di segenapperingkat Kumpulan sejak dilanda kegawatan ekonomi telah memantapkan lagikedudukan kami untuk melangkah seiring dengan pemulihan ekonomi negara.23

Berjaya RedangBeach Resort,Malaysia.Pool view ofBerjaya LangkawiBeach & SpaResort, Malaysia.C H A I R M A N ’ S S T A T E M E N TPenyata PengerusiWith the Group’s on-going efforts in maintaining its market position in itscore businesses and taking into account the improving economic conditions,the Board believes that barring any unforeseen circumstances, the Group’sperformance for the current year will show an improvement.APPRECIATION On behalf of my fellow Board members, I would liketo commend the management and staff for their unwavering strength andsupport shown towards the Group throughout this difficult period. I wouldlike to urge everyone to continue to keep up the good work and remainfocused as we move into the new millennium with greater challenges ahead ofus. I also wish to thank our shareholders, business partners, financiers,regulatory authorities, customers and suppliers for their continued support.TAN SRI DATO’ SERI VINCENT TAN CHEE YIOUNChairman/Chief Executive Officer13 September 1999Hasil usaha-usaha giat Kumpulan dalam mengekalkan kedudukan pasaran perniagaanutamanya serta berdasarkan pemulihan ekonomi, melainkan berlaku keadaan-keadaanyang tidak dijangka, Lembaga Pengarah yakin Kumpulan mampu mempamerkanprestasi yang lebih baik pada tahun semasa.P E N G H A R G A A N Bagi pihak ahli Lembaga Pengarah, saya ingin menghulurkanpenghargaan kepada pihak pengurusan dan kakitangan atas kecekalan dan sokonganpadu terhadap Kumpulan sepanjang tempoh yang sukar ini. Saya ingin menggesaanda semua agar meneruskan segala usaha gigih anda selama ini dan memusatkantumpuan anda apabila melangkah ke alaf baru yang penuh dengan pelbagai cabaranhebat. Saya juga ingin mengucapkan terima kasih kepada para pemegang saham,sekutu niaga, pembiaya, penguasa kerajaan, pelanggan dan pembekal atas sokonganberterusan mereka.TAN SRI DATO’ SERI VINCENT TAN CHEE YIOUNPengerusi/Ketua Pegawai Eksekutif13 September 199924

Reviewof OPERATIONSTinjauan OperasiGaming & LotteryMANAGEMENTGAMING & LOTTERYMANAGEMENTP E N G U R U S A N P E R T A R U H A N& L O T E R IMalaysia 1998 and 1999 haveboth been challenging years for thebusiness community as a whole. TheNumber Forecast Operators(“NFO”) industry, though moreresilient when compared to manyother industry sectors, was not sparedby the financial crisis. Whiletransaction volumes continued torise, average bet sizes decreased asconsumers became more cautiouswith their spending pattern. TheNFO industry contracted withoperators registering negative turnovergrowth rates of between 4% to 7%.Against this background, it iscommendable that Sports TotoMalaysia Sdn Bhd’s (“Sports Toto”)turnover growth rate fellmarginally lower only by0.5% from RM2.16 billion inthe previous year to RM2.15billion for the year under review.Profit before tax was howeverlower at RM413.6 million, adecrease of 7.7% from RM448.1million recorded in the previous yearmainly due to the increase in gamingM a l a y s i a Masyarakat perniagaanmenyifatkan tahun 1998 dan 1999sebagai tahun yang amat getir danmencabar. Sungguhpun industri nomborramalan agak kukuh berbanding dengansektor lain, Pengendali Nombor Ramalan(“NFO”) tidak terlepas daripada kesankegawatan ekonomi. Jumlah urusniagaterus meningkat tetapi jumlahpertaruhan purata merosot keranapengguna lebih berhati-hati untukmembelanjakan wang mereka. IndustriNFO telah menguncup dan parapengusaha mencatat kadar pertumbuhannegatif antara 4% ke 7%.Namun demikian, perolehan Sports TotoMalaysia Sdn Bhd (“Sports Toto”) hanyasusut sebanyak 0.5%, daripada RM2.16bilion pada tahun sebelumnyakepada RM2.15 bilion padatahun dalam kajian.Bagaimanapun, keuntungansebelum cukai merosot sebanyak7.7%, daripada RM448.1 juta pada tahunsebelumnya kepada RM413.6 juta. Puncautama kemerosotan ini ialah kenaikancukai pertaruhan dan duti pertaruhan poolyang berkuatkuasa pada 1 November 1998.25

R E V I E WO F O P E R A T I O N SA Toto draw beingconducted in fullview of the publicin Malaysia.Berjaya Sports Toto wasvoted one of the tenbest-managed companiesin Malaysia for 1998/99by Asiamoney magazine.tax and pool betting duty whichcame into force on 1 November1998.In a concerted effort to mitigate theimpact of the increase in taxes andduties on profit margins, the industryplayers unanimously agreed to revisethe prize structure of the 4-Digitgame effective 1 April 1999. Thefirst prize payout was revised whicheffectively reduced the prize payoutratio of the 4-Digit game by about2%. Sales were initiallyaffected by the reducedprize monies butrecovered to normallevels in May 1999.During the year, thecompany purchased an additional 300terminals bringing the total numberof terminals from 1,900 to 2,200.The additional terminals would beused to meet the increasing demandfor the company’s range of productsand to reduce turnaround timeduring peak sales hours.Sports Toto is now poised to ride onthe recovery of the country’seconomy as the NFO industry islikely to be one of the first to benefitdue to the low average bet placed onthe products.Dalam usaha untuk mengurangkankesan kenaikan cukai dan duti ke atasmargin keuntungan, semua pihak yangterlibat dalam industri ini sebulat suarabersetuju untuk menukar struktur hadiahpermainan 4-Digit, berkuatkuasa pada 1April 1999. Bayaran untuk hadiahpertama telah dikurangkan, dan ini telahmengurangkan nisbah bayaran hadiahpermainan 4-Digit sebanyak kira-kira2%. Langkah ini pada mulanyamenjejaskan perniagaan, tetapi jualanpulih semula pada bulan Mei 1999.Pembelian 300 terminaltambahan pada tahundalam kajian telahmeningkatkan jumlahterminal daripada 1,900kepada 2,200 unit. Terminal tambahanini akan digunakan untuk memenuhipermintaan yang semakin meningkatdan mengurangkan masa pusing gantipada waktu sibuk.Sports Toto sudah bersedia merebutpeluang-peluang daripada pemulihanekonomi negara, kerana industri NFOdijangka menjadi salah satu daripadaindustri pertama yang akan mendapatmanfaat daripada pemulihan ekonomi,memandangkan jumlah pertaruhanpurata ke atas produknya adalah kecil.26

R E V I E WO F O P E R A T I O N SOverseas In the Philippines,draws for the existing four gameswhich are held six days a week wererevised with the Megalotto 6/45 and4-Digit games held every Monday,Wednesday and Friday while theLotto 6/42 and 6-Digit games areheld every Tuesday, Thursday andSaturday.A fifth game, called Superlotto 6/49,is currently on the drawing board forlaunching in the current financialyear.To date, over 1,200 terminals havebeen installed in more than 700outlets in Manila and other cities inthe provinces of Luzon. Anadditional 400 terminals purchasedduring the year under review arebeing prepared for installation in thecurrent financial year.In Ghana, draws for the Super 5/90and 6/40 Jackpot games are heldweekly on Tuesdays and Wednesdaysrespectively.There are currently over 100 off-linePC-based terminals installed in thecapital city of Accra and other nearbycities.L u a r N e g a r a Di Filipina, cabutanyang diadakan enam hari semingguuntuk empat permainan yang sedia adatelah diubah. Cabutan untuk Megalotto6/45 dan permainan 4-Digit diadakansetiap Isnin, Rabu dan Jumaat, manakalacabutan untuk Lotto 6/42 dan permainan6-Digit diadakan setiap Selasa, Khamisdan Sabtu.Permainan kelima, yang dinamakanSuperlotto 6/49, dijangka akan dilancarkandalam tahun kewangan semasa.Sehingga kini, lebih 1,200 terminal telahdipasang di lebih 700 buah cawangan diManila dan bandar raya lain di daerahLuzon. Sejumlah 400 terminal tambahanyang dibeli pada tahun dalam kajiansedang disediakan untuk dipasang padatahun kewangan semasa.Di Ghana, cabutan untuk permainanSuper 5/90 dan Jackpot 6/40 masingmasingdiadakan pada hari Selasa danRabu setiap minggu.Buat masa ini, lebih 100 terminalberasaskan PC luar talian telah dipasangdi Accra, ibu negara Ghana dan bandarbandarberhampiran.A Draw being conductedin the Philippines.Communication Control Console,which controls the entire datacommunication network.27

Reviewof OPERATIONSTinjauan OperasiFinancialSERVICES28STOCKBROKINGInter-Pacific Capital SdnBhd recorded a turnover of RM66.4million, a decrease of 44.3% ascompared to RM119.3 million in theprevious financial year. This wasmainly attributable to the weak stockmarket conditions, especially duringthe first half of the financial year.Pre-tax profit recorded a decline fromRM250.1 million in the previous yearto RM38.5 million for the year underreview. This was mainly due to theexceptional gain of RM176.8 millionmade from the sale of asubsidiary company, UnitedTraders Securities Sdn Bhdin the previous year.Triggered by the regionalcurrency crisis, the Malaysianeconomy went through unprecedentedchanges and challenges during thepast year. The sharp depreciation ofthe Ringgit during the third quarterof the last financial year whichresulted in tight liquidity conditionsand high interest rates, adverselyaffected businesses and investors’confidence. The stockbroking industrywent through an equally traumaticperiod. Sharp reduction in tradingvolumes and prolonged decline inP E R K H I D M A T A N K E W A N G A NB R O K E R S A H A MI n t e r - P a c i f i c C a p i t a l S d nB h d mencatatkan perolehan sebanyakRM66.4 juta, penyusutan 44.3%berbanding RM119.3 juta pada tahunsebelumnya disebabkan oleh keadaanpasaran saham yang lembap terutamadalam separuh pertama tahun kewangan.Keuntungan sebelum cukai mencatatkanpengurangan daripada RM250.1 jutadalam tahun sebelumnya kepada RM38.5juta bagi tahun di bawah kajian. Iniberpunca daripada keuntungan luar biasasebanyak RM176.8 juta hasil daripadapenjualan anak syarikat, UnitedTraders Securities Sdn Bhd padatahun sebelumnya.Pada tahun lalu, pelbagaiperubahan dan cabaran barumewarnai ekonomi Malaysia akibatkrisis kewangan serantau. Kejatuhanmendadak nilai Ringgit dalam suku ketigatahun kewangan lepas yang mengakibatkankeadaan kecairan yang ketat dan kadarfaedah yang tinggi telah menjejaskanperniagaan dan menggugat keyakinan parapelabur. Industri broker saham juga turutmenerima tamparan hebat. Kemerosotanjumlah perdagangan secara mendadak dankejatuhan berlanjutan harga saham yangdisenaraikan di BSKL menyebabkan IndeksKomposit Kuala Lumpur (“KLCI”) jatuh

R E V I E WO F O P E R A T I O N Sprices of shares listed on the KLSEcaused the Kuala Lumpur CompositeIndex (“KLCI”) to plunge to a low of262.4 points on 1 September 1998from 626.0 points at the end of April1998. However, the selectiveexchange and other capital controlmeasures introduced by theGovernment in September 1998 tostabilise the economy have put thecountry back on the growth path.The resultant lower interest rates andimproved liquidity has improvedbusiness sentiment and investors’confidence. This helped spur activityin the stock market with the KLCInow having surpassed 700 points.Our two stockbroking subsidiaries,Inter-Pacific Securities Sdn Bhdwhich is based in Kuala Lumpur andEng Securities Sdn Bhd in JohorBahru recorded satisfactory profitsdespite the extremely volatile anddepressed stock market conditions.In the derivatives market, Inter-Pacific Futures Sdn Bhd, withoperations located in Johor Bahruand Kuala Lumpur recorded anincrease in turnover and profit.Inter-Pacific Capital continues tofocus on its core stockbroking andfutures broking businesses. To expandits operations and to increase itsrevenue, it is continually takingproactive steps to increase its remisiermenjunam kepada 262.4 mata pada 1September 1998 daripada 626.0 mata padaakhir April 1998. Walau bagaimanapun,hasil daripada penetapan kadar pertukarandan langkah-langkah kawalan modal yangdiperkenalkan oleh Kerajaan pada bulanSeptember 1998, ekonomi negara kembalistabil dengan mempamerkan prestasi yangmenggalakkan ke arah pertumbuhansemula. Ini membawa kepada kadar faedahyang lebih rendah dan peningkatan dalamkecairan, sekali gus memperbaiki sentimenpasaran dan memulihkan keyakinanpelabur. Ekoran itu, aktiviti pasaran sahamkembali rancak di mana KLCI kini telahberjaya melepasi 700 mata.Dua anak syarikat broker saham kami,Inter-Pacific Securities Sdn Bhd yangberpusat di Kuala Lumpur dan EngSecurities Sdn Bhd di Johor Bahruberjaya mencatatkan keuntunganyang memberangsangkan meskipunmenghadapi keadaan pasaran yang turunnaik dan lembap. Begitu juga denganInter-Pacific Futures Sdn Bhd yangberoperasi di Johor Bahru dan KualaLumpur yang mampu mencatatkanpeningkatan dalam perolehan dankeuntungan walaupun pasaran jelasmerosot.Inter-Pacific Capital terus menumpukanperhatian terhadap perniagaan brokersahamnya yang utama dan perniagaanbroker saham akan datang. Pelbagailangkah proaktif terus dilaksanakandalam memperluaskan asas remiser danEng Securities’ officebuilding in Johor Bahru.Inter-Pacific Securities’viewing gallery.29

R E V I E WO F O P E R A T I O N SAt Berjaya GeneralInsurance, webelieve in efficientand reliable serviceto the customers.30and futures brokers’ representativebase. In view of the country’simproving economy and theencouraging increase in volume oftransactions on the KLSE and TheKuala Lumpur Options and FinancialFutures Exchange, Inter-PacificCapital anticipates that its operatingresults for the financial year ending 30April 2000 will be much improved.GENERAL INSURANCEBerjaya General InsuranceBerhad For the year under review,the company’s gross written premiumcontracted by RM20.4 million fromRM184.8 million to RM164.4million, reflecting a decline of11.04% due mainly to the effect ofthe economic slowdown. Net writtenpremium however, decreased at aslower rate of 9.1% from RM103.6million to RM94.2 million due to apositive increase in retention ratiofrom 56.1% to 57.3%. Despite thereduction in business volume, thecompany achieved an underwritingprofit of RM10.4 million,representing a growth of 33% againstthe RM7.8 million underwritingprofit recorded in the previous year.This was attributable to an improvedclaims ratio as the companycontinued to remain prudent in itsapproach towards underwriting andjudicious control of managementexpenses. Together with investmentand other income of RM15.7 millionand after providing for additionalprovision for diminution in value ofinvestment of RM7.1 million, thecompany recorded an operating profitbefore taxation of RM19.0 millionbroker saham pada masa akan datangbagi memperkembangkan operasinyadan menambahkan hasil. Berdasarkanpemulihan ekonomi negara dan jumlahurus niaga di BSKL dan ‘Bursa Opsyendan Kewangan Hadapan Kuala Lumpur’yang memperlihatkan peningkatan yangmenggalakkan, Inter-Pacific Capitaldijangka mempamerkan keputusanoperasi yang memberangsangkan bagitahun kewangan berakhir 30 April 2000.I N S U R A N S A MB e r j a y a G e n e r a l I n s u r a n c eB e r h a d Bagi tahun di bawah kajian,premium bertulis kasar syarikat susutRM20.4 juta atau 11.0% daripadaRM184.8 juta kepada RM164.4 juta.Walau bagaimanapun, premium bertuliskasar jatuh pada kadar yang lebihrendah sebanyak 9.1% daripada RM103.6juta kepada RM94.2 juta disebabkanoleh peningkatan positif dalam nisbahsimpanan daripada 56.1% kepada57.3%. Meskipun jumlah perdaganganmerosot, syarikat berjaya mengutipkeuntungan tajajamin sebanyak RM10.4juta iaitu peningkatan 33% berbandingRM7.8 juta yang dicatatkan sebelum ini.Pencapaian yang membanggakan inibanyak dibantu oleh peningkatan nisbahtuntutan, selaras dengan amalanberhemat yang dilaksanakan untuktajajamin dan langkah bijak dalammengawal perbelanjaan pengurusan.Beserta pelaburan dan pendapatan lainsebanyak RM15.7 juta dan selepasmengambil kira peruntukan tambahanuntuk rosot nilai pelaburan sebanyakRM7.1 juta, syarikat mencatatkankeuntungan operasi selepas cukaisebanyak RM19.0 juta berbandingkerugian operasi sebanyak RM36.7 jutapada tahun sebelumnya.

R E V I E WO F O P E R A T I O N Scompared to an operating loss ofRM36.7 million registered last year.The establishment of the healthinsurance department to writehospitalisation and medical insuranceproved timely and fruitful. Theproducts catering for the currenthigh cost of medical treatment arealso well-received. The latest productnamely ‘B-Health Plus’ whichprovided additional top-up protectionfor the existing Berjaya GroupEmployee Scheme also proved to bepopular.The company recognised the need toensure that Year 2000 complianceissues would not adversely impact itsoperations. To address this, thecompany undertook an assessment ofall its computer software using theBritish Standard Institute DISCPD2000-1, “Definition of Year 2000Conformity Requirements”. Fromthe results of the exercise, thecompany is proud to announce thatits computer hardware and softwareused for electronic data processinghave achieved Y2K readiness. Inaddition, the company has formulateda business resumption contingencyplan to ensure that there is businesscontinuity and to minimisebusiness interruptionin the event of Year2000 failure covering allpossible scenarios.Liquidity in the monetary market isexpected to remain high whichwould result in declining interestrates. This is expected to affect ourinvestment income in terms ofinterest earned from fixed deposits.However, with the increasingactivities and renewed confidence inthe stock market, we also expectbetter returns from our investment inquoted equities. With positive signsof economic recovery on the horizon,we expect the demand for insuranceproducts to increase which augurswell for the insurance industry.Penubuhan jabatan insurans kesihatanuntuk menajajamin insurans hospital danperubatan adalah tepat pada masanyadan nyata membuahkan hasil. Produkprodukyang diperkenalkan untukmembiayai kos rawatan perubatan jugatelah mendapat sambutan yang baik.Produk terbaru iaitu ‘B-Health Plus’ yangmenyediakan perlindungan tambahanuntuk Skim Kakitangan Kumpulan Berjayasedia ada turut mendapat sambutan yangmenggalakkan.Syarikat sedar bahawa isu pematuhanTahun 2000 tidak boleh dipandangringan kerana ianya boleh menjejaskanoperasi syarikat. Bagi mengatasi isutersebut, syarikat telah menjalankanpenilaian terhadap semua perisiankomputernya dengan menggunakan‘British Standard Institute DISC PD2000-1’, “Definition of Year 2000 ConformityRequirements”. Berpandukan keputusanpenilaian tersebut, syarikat denganbangganya mengumumkan bahawaperkakasan dan perisian syarikatnya yangdigunakan untuk memproses dataelektronik adalah menepati persediaanY2K. Selain itu, syarikat turutmerumuskan satu rancangan luar jangkaperniagaan bagi menjamin kelancaranoperasi perniagaannya danmengurangkan sebarang gangguan yangmungkin dihadapi menjelang Tahun2000.Pasaran kewangan dijangkaterus memperlihatkankecairan yang tinggi, sekaligus membawa kepada kadarfaedah yang lebih rendah. Keadaan inidijangka boleh menjejaskan pendapatanpelaburan kami bagi faedah daripadadeposit tetap. Walau bagaimanapun,melalui peningkatan aktiviti dankebangkitan semula keyakinan dalampasaran saham, kami menjangka akanmemperolehi pulangan yang lebih baikhasil daripada pelaburan kami dalamekuiti disebut harga. Terdapat tandatandayang menunjukkan ekonomiMalaysia akan kembali pulih selepas inidan dengan itu, permintaan untuk produkinsurans dijangka meningkat. Inimerupakan satu petanda baik kepadaindustri insurans.31

R E V I E WO F O P E R A T I O N SPrinting machinesunder lease fromPrime Credit Leasing.Machinery financed byPrime Credit Leasing.HIRE PURCHASE ANDLEASINGPrime Credit Leasing SdnBhd Operating revenue for thefinancial year declined significantlyby 30% from RM35.2 million toRM24.8 million due to tight liquiditycoupled with the high cost of fundwhich collectively hindered thecompany from competing favourablyto maintain its market share.However, the company recorded apre-tax profit of RM252,000 duringthe year, a turnaround from a pre-taxloss of RM691,000 in the previousyear. This was mainly due to a lowerprovision for doubtful debt coupledwith lower realised losses incurred onthe disposal of quoted shares duringthe year.With the Malaysian economy on therecovery path, the company willcontinue to concentrate on providingmachinery financing to themanufacturing sector which is themajor contributor for the economy.The company will also intensify itsmotor vehicles and consumerdurables financing as well as sharefinancing in view of declininginterest rates and rising liquidity.S E W A B E L I D A N P A J A K A NPrime Credit Leasing Sdn Bhd Hasiloperasi bagi tahun kewangan merosot30% daripada RM35.2 juta kepadaRM24.8 juta ekoran daripada kecairanyang ketat ditambah dengan kos danayang tinggi. Keadaan ini menyebabkansyarikat tidak dapat memberi sainganhebat dalam mengekalkan penguasaanpasarannya.Walau bagaimanapun, syarikat berjayamencatatkan keuntungan sebelum cukaisebanyak RM252,000 dalam tahunkewangan, satu pencapaian berbandingkerugian sebelum cukai sebanyakRM691,000 pada tahun sebelumnya. Iniberikutan peruntukan yang lebih rendahbagi hutang ragu beserta kerugianditunaikan yang lebih rendah berikutanpelupusan saham disebut harga dalamtahun kewangan.Ekonomi Malaysia mula melangkah kefasa pemulihan dan sejajar dengan ini,syarikat akan terus menitikberatkanpenyediaan pembiayaan jentera untuksektor pembuatan yang merupakanpenyumbang utama kepada ekonomi.Syarikat juga akan turut melipatgandakanpembiayaan kenderaan bermotor danpembiayaan barangan pengguna yangtahan lama serta pembiayaan sahamberdasarkan kadar faedah yang lebihrendah dan peningkatan kecairan.32

Reviewof OPERATIONSTinjauan OperasiHotels, Resorts &Recreation DEVELOPMENTHOTELS AND RESORTSDEVELOPMENTBerjaya Hotels & Resorts (“BHR”)continues its relentless pursuit to beone of the best home grown “owneroperated”hospitality chains inMalaysia. During the year underreview, BHR maintained its upwardgrowth trend and improved itsperformance despite the difficultbusiness conditions. The tourismindustry was adversely affected notonly by the economic turmoil andhaze but also by the “LaNina” and “El Nino”weather phenomenon, thewater rationing crisis andthe Japanese Encephalitisand Nipah Virus outbreak.Due to the declining touristarrivals in Malaysia from 6.2million in 1997 to 5.5million in 1998, both theGovernment and theprivate sector have taken proactiveactions to compete against otherregional destinations to attract theelusive foreign tourist dollar. BHRventured into new markets andrepeatedly launched innovative andcreative “value for money” packagesbacked by excellent services. Thesestrategies and our proactiveHOTEL, RESORT & PEMBANGUNANR E K R E A S IBerjaya Hotels & Resorts (“BHR”) terusgiat melaksanakan pelbagai usaha untukturut tersenarai dalam rangkaianperkhidmatan perhotelan terbaik dalamnegara yang “dikendalikan sendiri” diMalaysia. Dalam tahun di bawah kajian,BHR mengekalkan aliran peningkatanpertumbuhannya dan pada masa yangsama memperbaiki lagi prestasinyameskipun berhadapan dengan keadaanperniagaan yang sukar. Industripelancongan terjejas dengan teruk bukanhanya disebabkan oleh kegawatanekonomi dan jerebu, malah akibatfenomena cuaca “La Nina” dan “El Nino”,krisis pencatuan air dan wabak JapaneseEncephalitis serta Virus Nipah.Berikutan kemerosotan bilanganpelawat yang mengunjungiMalaysia dari 6.2 juta padatahun 1997 kepada 5.5 jutapada tahun 1998, kedua-duasektor Kerajaan dan swastatelah melaksanakan langkahlangkahproaktif untuk menyaingidestinasi-destinasi serantau lain demimenarik dolar pelancong asing. BHRtelah menceburi pasaran-pasaran barudan sentiasa melancarkan pakej-pakejinovatif dan kreatif “nilai untuk wang”dengan menawarkan perkhidmatan yangunggul. Strategi-strategi ini besertalangkah-langkah proaktif yang telah33

R E V I E WO F O P E R A T I O N STinjauan OperasiBerjaya Langkawi Beach& Spa Resort, Malaysia -a chalet-styled room.Berjaya Mahe BeachResort, Seychelles.34Berjaya Praslin BeachResort, Seychelles.implementation helped retain and insome properties improve occupancies.Austerity measures implementedthroughout the Group also helpedimproved the bottom line. Ouroverseas hotels in Seychelles,Mauritius, Fiji, Sri Lanka andLondon also continued to do well.BHR has the distinction to hostprestigious international events. InNovember 1998, Berjaya MaheBeach Resort in Seychelleshosted the Miss World1998 where Ms. Lina Teohfrom Malaysia emerged asthe 2nd Runner Up. BerjayaLangkawi Beach & Spa Resorthosted the Le Tour De Langkawisuccessfully for the fourth yearrunning, the APEC meeting and theLangkawi International Dialogue.VACATION TIME-SHAREWith the restructuring programmeof placing Berjaya Hotels & Resortsproperties under the umbrella ofBerjaya Vacation Club (“BVC”), theClub managed to enhance its imageas one of the most credible timesharecompanies in Malaysia.BVC again captured one of the mostprestigious awards in the industry,The Gold Crown Resort 1998 statusfor Berjaya Tioman Suites. Theaward is given based on members’comments on the Club’s services andhas only been given to less than 5%of the total of 3,600 resorts underthe club affiliation with ResortCondominiums International (“RCI”).RCI is the world’s largest vacationexchange company with more than 3million members.dilaksanakan membantu mengekalkandan dalam beberapa hartanah meningkatkankadar penginapan. Langkah berhematyang telah dilaksanakan di semuaperingkat Kumpulan turut membantumeningkatkan hasil keuntungan.Rangkaian hotel kami di luar negaraiaitu Seychelles, Mauritius, Fiji, Sri Lankadan London juga terus memperlihatkanprestasi yang memuaskan.BHR memiliki pelbagai keistimewaan dankelebihan tersendiri sebagai tuanrumah acara antarabangsa.Pada bulan November 1998,Berjaya Mahe Beach Resort diSeychelles dipilih menjadi tuan rumahpertandingan ratu cantik Miss World 1998di mana peserta dari Malaysia, Cik LinaTeoh telah berjaya memenangi tempatkedua. Berjaya Langkawi Beach & SpaResort dengan jayanya menjadi tuanrumah Le Tour De Langkawi selamaempat tahun berturut-turut dan turutdipilih sebagai tuan rumah mesyuaratAPEC dan Dialog Antarabangsa Langkawi.P E R C U T I A N P E R K O N G S I A NM A S A Melalui program penyusunansemula di mana hartanah Berjaya Hotels& Resorts kini berada di bawah BerjayaVacation Club (“BVC”), BVC berjayamenaikkan imejnya sebagai salah sebuahdaripada syarikat perkongsian masa yangpaling unggul di Malaysia.BVC sekali lagi berjayamenggondol salah satuanugerah industri yang palingberprestij, The Gold Crown Resort 1998bagi Berjaya Tioman Suites. Anugerah iniditerima berdasarkan komen ahli-ahlimengenai perkhidmatan Kelab dan hanyadiberikan kepada kurang 5% daripadasemua 3,600 pusat peranginan di bawahpenggabungan BVC dengan ResortCondominiums International (“RCI”). RCImerupakan syarikat pertukaran percutian

Despite the economic slowdown in1998, BVC still manage to stage acredible performance by increasingits membership base to more than7,000 compared to 5,000 a yearearlier.CLUBS AND RECREATIONOur golf and recreation clubs had adifficult year in view of the economicslowdown. Throughout Malaysia,golf and recreation clubs had beenoffering various creative “value formoney” packages in order to attractnew memberships. Our clubs did notonly have to compete with otherclubs but also with other hotels andrestaurants for the food and beveragebusiness.Bukit Kiara Equestrian and CountryResort continued in its effort tobuild its image as one of Malaysia’spremier equestrian resorts and is apopular venue for VIP functions andsocial events. The Club’s membershipat the financial year end stood atapproximately 4,400.Bukit Jalil Golf & Country Resort,with an international standard 18-hole golf course, and strategicallylocated in the heart of the MultimediaSuper Corridor continued to recordan impressive growth in membershipduring the financial year. With therecruitment of 760 new membersduring the year, the club has reacheda membership of approximately4,400. In November 1998, theclub’s joint-efforts with StandardChartered Bank Malaysia to launchterbesar di dunia dengan lebih 3 jutaorang ahli.Meskipun menghadapi kegawatanekonomi pada tahun 1998, BVC masihmampu mempamerkan prestasi yangmemuaskan apabila berjaya menambahkanjumlah keahliannya kepada lebih 7,000ahli berbanding 5,000 ahli pada tahunsebelumnya.K E L A B D A N R I A D A H Kelab-kelabgolf dan riadah menempuhi pelbagaicabaran pada tahun di bawah kajianakibat kegawatan ekonomi. Kelab-kelabgolf dan riadah di seluruh Malaysia telahmenawarkan pelbagai pakej kreatif “nilaiuntuk wang” bagi menarik ahli-ahli baru.Kelab kami bukan sahaja terpaksabersaing dengan kelab-kelab lain malahdengan hotel-hotel dan restoran-restoranlain yang turut mengendalikanperniagaan makanan dan minuman.Bukit Kiara Equestrian & Country Resortmeneruskan usahanya untuk menaikkanimejnya sebagai salah sebuah pusatperanginan dengan kelengkapanmenunggang kuda terulung di Malaysia.Kelab ini juga sentiasa menjadi pilihandalam menganjurkan majlis-majlis VIPdan keraian sosial. Kelab kini mempunyaikira-kira 4,400 orang ahli pada akhirtahun kewangan.Bukit Jalil Golf & Country Resort yangmenyediakan padang golf 18 lubang danterletak di lokasi strategik di tengahtengahKoridor Raya Multimedia,terus mencatatkan pertumbuhanmemberangsangkan dari segi keahliandalam tahun kewangan. Dengankemasukan 760 ahli baru dalam tahun dibawah kajian, jumlah ahli kelab kinidianggarkan kira-kira 4,400 orang. PadaR E V I E WO F O P E R A T I O N STinjauan OperasiKelab Darul Ehsan, KualaLumpur - pool view.Beautiful chalets at Berjaya TiomanBeach Resort, Malaysia.Bukit Jalil Golf & CountryResort, Kuala Lumpur.35

R E V I E WO F O P E R A T I O N SBerjaya Tioman Suites inTioman Island, Malaysia.Desa WaterPark, Kuala Lumpur -a family entertainment parkoffering a whole range of waterrecreation facilities.the Bukit Jalil-Standard CharteredBank Membership Card to providegreater value-added services to itsmembers.In spite of the increasing number ofgolf clubs having 18 and 36 holes,Kelab Darul Ehsan continued tomaintain its popularity serving aniche to the commercial andresidential clientele in Ampangtownship. The Club’s membershipstood at approximately 4,200 at thefinancial year end. There were variousmembership drives implementedthroughout the year to encouragethe new neighbouringresidents to join theclub.The Tioman Island GolfClub located on TiomanIsland, Pahang with aninternational standard 18-hole golf course is affiliatedwith 14 other clubs in the region.The membership strength stood at1,700 at the financial year end.bulan November 1998, kelab telahberganding bahu dengan StandardChartered Bank Malaysia melancarkanKad Keahlian Bukit Jalil-StandardChartered Bank dalam usahanyamenyediakan perkhidmatan tambah nilaiyang lebih unggul kepada ahli-ahlinya.Walaupun bilangan kelab golf yangmenyediakan padang golf 18 lubang dan36 lubang kian bertambah, Kelab DarulEhsan masih menjadi pilihan ramaidengan menawarkan perkhidmatankepada pelanggan komersil dan penghuniperbandaran Ampang. Kelab kinimempunyai kira-kira 4,200 ahli padaakhir tahun kewangan. Pelbagai kempenkeahlian turut dianjurkan sepanjangtahun bagi menggalakkanpenghuni baru berdekatanmenganggotai kelab.Tioman Island Golf Club, terletakdi Pulau Tioman, Pahang dandilengkapi padang golf18 lubang bertarafantarabangsa telah bekerjasamadengan 14 kelab lain di rantau ini.Keahliannya mencecah bilangan 1,700orang bagi akhir tahun kewangan.36Desa WaterPark, one of KualaLumpur’s largest family entertainmentwater themeparks, is located on a13.6-acre site. The water themeparkwhich offers a full range of waterrecreation facilities opened its doorto the public on 27 July 1998.Amongst the popular rides offered bythe park are Thunderbolt - the firstgravity-defying water coaster in Asia,Surf Shack, Splash Out, Super Tubeand etc.Desa WaterPark merupakan salah sebuahtaman tema air hiburan sekeluarga yangterbesar di Kuala Lumpur dan terletak ditapak seluas 13.6 ekar. Taman air yangmenawarkan kemudahan-kemudahanriadah air sepenuhnya ini dibuka kepadaorang ramai pada 27 Julai 1998. Antarapermainan yang paling digemari di tamantersebut adalah Thunderbolt - permainan‘roller coaster’ melawan air pertama diAsia, Surf Shack, Splash Out, Super Tubedan lain-lain lagi.

Reviewof OPERATIONSTinjauan OperasiProperty Investment& DEVELOPMENTPROPERTY INVESTMENTP E L A B U R A N & P E M B A N G U N A NH A R T A N A HThe Group’s commercial propertieslocated in the golden triangle ofKuala Lumpur namely WismaCosway, KL Plaza, Plaza Berjayaand Kompleks Kota Rayaexperienced lower occupancy ratesof between 67% to 75% during theyear compared to the rates ofbetween 79% to 100% in theprevious year. The decline was dueto the economic downturn that hasresulted in some non-renewal andtermination of the rental contracts.P E L A B U R A N H A R T A N A HHartanah komersil Kumpulan yangterletak di segi tiga emas Kuala Lumpuriaitu Wisma Cosway, KL Plaza, PlazaBerjaya dan Kompleks Kota Rayamenikmati kadar penginapan yang lebihrendah di antara 67% hingga 75% dalamtahun di bawah kajian berbanding diantara 79% hingga 100% pada tahunsebelumnya. Kemerosotan ini adalahdisebabkan oleh kegawatan ekonomiyang mengakibatkan beberapa kontrakpenyewaan tidak diperbaharui semuladan ada yang ditamatkan terus.Berjaya Megamall, Kuantan hasachieved 71% occupancy rate sinceits opening at the end of June 1998.The occupancy rate is expected toreach 81% by year 1999/2000. Thegrowth would be driven by ouraggressive and innovative marketingstrategies in leasing retail shops andan active advertising and promotionprogramme. Special arrangementswere also made with Star Cruiseand other tourism agenciesto position Berjaya Megamall as aone-stop shopping mall for cruisetourists coming to the East Coast.Berjaya Megamall, Kuantan berjayamencatatkan kadar penginapan 71%sejak pembukaannya pada akhir bulanJun 1998. Kadar penginapan dijangkamencecah paras 81% menjelang tahun1999/2000 melalui pelaksanaan strategistrategipemasaran baru dan agresifdalam pajakan kedai-kedai runcit danprogram pengiklanan dan promosi yanggiat dijalankan. Persiapan-persiapan khasturut diadakan melalui kerjasama denganStar Cruise dan agensi-agensi pengiklananlain untuk membolehkan Berjaya Megamallmuncul sebagai sebuah pusat membelibelahpersinggahan untuk pelancongpelancongyang menggunakan pelayaranpersiaran untuk mengunjungi Pantai Timur.Wisma Cosway,Kuala Lumpur37

R E V I E WO F O P E R A T I O N SPlaza Berjaya,Kuala Lumpur.BerjayaMegamall,Kuantan.PROPERTY DEVELOPMENTThe country’s economic slowdownand currency turmoil have resulted ina drastic reduction in propertytransaction. However, towards late1998 and early 1999, the Government’ssupport in the implementation ofvarious policies and incentives to spurthe property sector especially theresidential sub-sector of the propertymarket has helped tremendously.For the financial year ended1998/99, the Property Division hasbeen concentrating their resources onthe planning and procuring of thenecessary government approvals anddevelopment of some of the landbank.The Property Division alsoparticipated in the “Home OwnershipCampaign” in December 1998 whichwas organised by the Government.During the one month campaignwhich was a roaring success, theProperty Division sold 113 units ofhousing stocks with a total sales valueof about RM20.6 million.ON-GOING PROJECTSThe majority of the on-going projectscurrently undertaken by the PropertyDivision is concentrated in the KlangValley. For the financial year ended1998/99, the Property Divisioncompleted 620 units of theproperties. Currently, there are about700 units of properties under variousstages of construction and about 86%of these units are due for completionbefore the new millennium.P E M B A N G U N A N H A R T A N A HKegawatan ekonomi dan krisiskewangan negara telah menyebabkanurusniaga pasaran hartanah merosotdengan drastik. Walau bagaimanapun,menjelang akhir tahun 1998 dan awaltahun 1999, hasil sokongan danpelaksaan pelbagai dasar dan insentifoleh Kerajaan bagi membantu sektorhartanah khasnya sektor kecil hartanahtelah banyak membantu memulihkankeadaan.Bagi tahun kewangan 1998/99, sumberBahagian Hartanah digunakan bagimembantu usaha mereka dalammemperolehi kelulusan Kerajaan danmembangunkan beberapa kawasan hakmilik mereka.Bahagian Hartanah turut mengambilbahagian dalam ‘Kempen PemilikanRumah’ yang telah dianjurkan olehKerajaan pada bulan Disember 1998.Semasa kempen selama sebulan yangtelah mendapat sambutan hangattersebut, Bahagian Hartanah berjayamenjual sebanyak 113 unit stokperumahan dengan nilai jualan yangdianggarkan berjumlah RM20.6 juta.P R O J E K S E D A N G D I J A L A N K A NKebanyakan projek Bahagian Hartanahyang sedang dijalankan adalah tertumpudi Lembah Klang. Bagi tahun kewangan1998/99, Bahagian Hartanah berjayamenyiapkan 620 unit hartanah. Padamasa ini, kira-kira 700 unit hartanahsedang dalam pelbagai peringkatpembinaan dan kira-kira 86% daripadaunit-unit ini dijangka siap sebelum alafbaru.38

R E V I E WO F O P E R A T I O N SGreenfields Apartments, a residentialdevelopment situated in the KlangValley was launched in late 1995.Phase 1 (326 units) has beencompleted and Phase 2 (156 units) isexpected to be completed by the endof 1999. About 91% of the 482 unitslaunched were sold for a total salesvalue of RM93.7 million.Our first industrial development,Berjaya Industrial Park Phase 1,located in Jalan Kebun, Kelang,consists of 36 industrial lotsspreading over a nett land area of104.25 acres, was completed in 1998.Within the same development, 112units of single-storey link houseswere launched since May 1998 and todate about 86% have been sold.FUTURE DEVELOPMENTSBerjaya Land has approximately3,000 units of property under itsportfolio which are categorised in themedium-cost price range. We are atthe final stage of procuring approvalsfor another approximately 1,500 units.From our market observation and theencouraging take-up rates for theterrace houses in Berjaya IndustrialPark, conventional terrace housingdevelopment with pricing belowRM250,000 is the preferred type ofproperties. Hence, we are planning tolaunch the remaining 405 units ofdouble-storey terrace houses inGreenfields Apartments, sebuah projekpembangunan kediaman yang terletak diLembah Klang telah dilancarkan padaakhir tahun 1995. Fasa 1 (326 unit) telahdisiapkan manakala Fasa 2 (156 unit)dijangka siap menjelang akhir tahun1999. Kira-kira 91% daripada 482 unit yangtelah dilancarkan berjaya dijual dengannilai jualan sebanyak RM93.7 juta.Projek pembangunan perindustrianpertama kami, Taman PerindustrianBerjaya Fasa 1 yang terletak di JalanKebun, Klang dan terdiri daripada 36 lotperindustrian yang meliputi kawasanseluas lebih 104.25 ekar berjayadisiapkan pada tahun 1998. Di bawahprojek pembangunan yang sama, 112unit rumah berkembar satu tingkat telahdilancarkan sejak bulan Mei 1998 dansetakat ini, kira-kira 86% telahpun dijual.P E M B A N G U N A N A K A N D A T A N GBerjaya Land kini memiliki kira-kira3,000 unit hartanah kos sederhanadalam portfolionya. Kami kini dalamproses akhir untuk memperolehikelulusan bagi kira-kira 1,500 unit lagi.Berdasarkan pemerhatian dan tinjauanpasaran serta peningkatan kadar rumahteres yang menggalakkan di TamanPerindustrian Berjaya, pembangunanrumah teres biasa di bawah paras hargaRM250,000 ternyata menjadi pilihan.Oleh itu, kami bercadang untukmelancarkan penjualan 405 unit rumahteres berkembar di Taman PerindustrianBerjaya secara berperingkat-peringkat.Blueberry double-storey linkhouses at Berjaya IndustrialPark launched in 1999.Greenfields Apartments at BukitJalil, Kuala Lumpur.39

R E V I E WO F O P E R A T I O N STinjauan OperasiRobsonCondominiums,Kuala Lumpur.Mulberry double-storey linkhouses at Berjaya IndustrialPark launched in 1999.Berjaya Industrial Park in stages. Thetotal sales value of these units is aboutRM77.7 million.The other significant project which isscheduled to be launched before thenew millennium is the 1,240 units ofSpringfields apartments at Bukit JalilGolf & Country Resort. With itslocation in an established resort andclose proximity to the LRT station,we are confident that this project willgenerate a sales value of aboutRM140.0 million.MARKET OUTLOOK The oversupply of commercial property in themarket is expected to dampen theprogress of the Group’s investment inthis sub-sector of the propertymarket. However, the residentialsector, which appears to havebottomed out, is heading for bettertimes. The improved marketsentiment with lower interest ratescoupled with the maximumlending rates given for loans forlow and medium cost residentialproperties will be an added boostfor the residential propertymarket.Anticipating a growingdemand for medium cost propertiesand the available 3,000 units ofmedium cost properties scheduled tobe launched this year, the PropertyDivision is all geared up to capture amajor market share.Nilai jualan unit-unit ini dianggarkanberjumlah RM77.7 juta.Projek penting yang turut dijadualkanuntuk dilancarkan sebelum alafbaru adalah 1,240 unit pangsapuriSpringfields di Bukit Jalil Golf & CountryResort. Berdasarkan lokasinya di pusatperanginan yang sudah mencipta namadan kedudukannya yang berdekatandengan stesen LRT, kami percayabahawa projek ini akan menghasilkannilai jualan yang dianggarkan berjumlahRM140.0 juta.T I N J A U A N P A S A R A N Hartanahkomersil yang berlebihan di pasarandijangka memalapkan perkembanganpelaburan Kumpulan dalam sektorkecil pasaran hartanah ini. Walaubagaimanapun, sektor kediaman yangkelihatan jatuh ke paras yang palingrendah, kini didapati semakin pulih.Peningkatan sentimen pasaran ditambahdengan kadar faedah yang lebihrendah serta kadar pinjaman yangmaksimum untuk hartanah kediamankos rendah dan sederhana akanmenggalakkan lagi pasaranhartanah kediaman.Seiring dengan permintaanyang dijangka meningkat bagihartanah kos sederhana danhartanah kos sederhana sedia adasebanyak 3,000 unit yang dijadualkandilancarkan pada tahun ini, BahagianHartanah kini bersiap-sedia untukmenguasai bahagian utama pasaran.40

Reviewof OPERATIONSTinjauan OperasiConsumer Marketing& DIRECT SELLINGCosway (M) Sdn Bhd continued toshow improved results despite theeconomic downturn. Turnover rose by8% and profit before tax increased by14%. The commendable performancewas attributed to the successfulintroduction of new products andcontinuous growth in our membershipbase. The growth in membership wasattributed to improvements madeto the marketing plan and rebatevouchers introduced for newmembers and renewals.Four new redemptioncentres were opened duringthe year in Kota Bharu, Kuching,Seremban and Kuala Terengganu,bringing the total redemptioncentres to 14 throughout Malaysia.For the coming year, we plan to set upfour more centres in Malaysia.Our international operations wereadversely affected by the regionaleconomic meltdown. Inroads intonew markets in Brazil, Mexico andThailand were badly hampered byweak consumer spending, higherproduct costs and stiff competition.As a result, revenues were notsufficient to cover the start-up costs ofthese operations.P E M A S A R A N P E N G G U N A &J U A L A N L A N G S U N GCosway (M) Sdn Bhd terus mempamerkankeputusan yang menggalakkan sekalipunmenghadapi kegawatan ekonomi.Perolehan naik 8% manakala keuntungansebelum cukai meningkat 14%. Prestasiyang membanggakan ini adalah hasildaripada kejayaan produk-produkyang baru diperkenalkan danpeningkatan keahlian dengankemajuan dalam rancanganpemasaran dan baucarpotongan untuk ahli-ahli barudan ahli yang mendaftar semula.Empat pusat baru Penebusan telahdibuka dalam tahun kajian di KotaBharu, Kuching, Seremban dan KualaTerengganu. Ini menjadikan jumlah pusattersebut di seluruh Malaysia 14kesemuanya. Bagi tahun akan datang,kami bercadang untuk menubuhkanempat lagi pusat sedemikian di Malaysia.Operasi kami di luar negara terjejasdengan teruk akibat kegawatan ekonomiserantau. Usaha kami untuk menembusipasaran-pasaran baru di Brazil, Mexicodan Thailand menempuhi pelbagaihalangan berikutan kemerosotanperbelanjaan pengguna, kos produkyang lebih tinggi dan persaingan yang41

R E V I E WO F O P E R A T I O N STinjauan OperasiPersonal care products from Cosway.42Fruit and vegetable juicecomplex from Cosway.For the coming financial year, weanticipate continuous strong salesgrowth for our Malaysian operationsand a slightly improved performancefrom our international operations.In an unprecedented high interestrates regime in the country prior tothe imposition of selective capitalcontrols, Singer (Malaysia) Sdn Bhd’sbusiness was put to severe test for thefirst time in many years. Theeconomic crisis caused a drastic dropin consumer consumption and tradingconditions were extremely challenging.Household electrical products and thedomestic furniture industry suffered adecline in sales despite the variouspromotional programmes conductedby market players to maintaintheir competitiveness.Like many other marketplayers who reported lowerturnovers and reducedmargins, Singer registered an8% drop in turnover for the yearunder review. While we expected theyear to be very challenging, weembarked on austerity measures toreduce operational expenditure. Othermeasures were also taken to improveefficiency and productivity tomaintain our competitiveness in themarket.Amid the difficult business conditions,we stepped up our support for oursales force by intensifying ouradvertising and sales promotionhebat. Ekoran itu, hasil yang diperolehiadalah tidak mencukupi bagi menampungkos awal operasi-operasi ini.Bagi tahun kewangan akan datang,operasi kami di Malaysia dijangka terusmempamerkan pertumbuhan yangmantap dengan turut memperlihatkansedikit peningkatan dalam prestasioperasi di luar negara.Dengan penetapan kadar faedah yangtinggi dalam negara sebelumpelaksanaan kawalan modal terpilih,perniagaan Singer (Malaysia) Sdn Bhdmenghadapi cabaran hebat buatpertama kali sejak beberapa tahun.Penggunaan ke atas barangan penggunamerosot secara drastik manakalakeadaan perniagaan begitu mencabarakibat kegawatan ekonomi.Penjualan barangan elektrikkegunaan rumah dan industriperabot domestik telahmerosot walaupun pelbagaiprogram promosi telahdijalankan oleh peserta-pesertapasaran bagi mengekalkan kelebihandaya saing mereka.Seperti kebanyakan peserta-peserta laindalam pasaran yang mencatatkanperolehan yang lebih rendah dankemerosotan margin keuntungan, Singermencatatkan penyusutan 8% dalamperolehan pada tahun di bawah kajian.Sebelum ini kami memang menjangkatahun kajian adalah tahun yangmencabar di mana pelbagai langkahberhemat telah dilaksanakan bagimengurangkan perbelanjaan operasi.Pelbagai langkah lain turut dilaksanakan

R E V I E WO F O P E R A T I O N Sprogrammes. New innovativeapproaches were adopted in our effortto build our brand and reinforce ourrelationship with our customers inline with our philosophy “Singer IsYour Friend For Life”.Our continuous efforts in improvingthe company’s business in orderto attain optimum operationalefficiency marked another milestonewhen a fully-integrated computersystem linking all Singer shops to thehead office was successfullyimplemented in July 1998. For ourconcerted effort, we were awardedthe Best IT OrganisationAward for 1998 byPersatuan IndustriKomputer Malaysia(PIKOM).Anticipating the evolvement of amore challenging market place wherecompetitiveness is the key tocorporate success, we took theopportunity during the economicslowdown to hold training andworkshop sessions for all levels ofemployees to enhance their businessand administrative skills. To createawareness in the provision of friendlyand warm services to customers, welaunched a courtesy campaign,“Service With A Smile” involving theentire organisation including oursales agents.Aided by the renewed confidence ofeconomic recovery and thegovernment’s call to start spending inorder to kickstart consumer activitiesbagi meningkatkan kecekapan dantahap produktiviti demi mengekalkankelebihan daya saing kami dalampasaran.Kami telah melipatgandakan sokonganbagi bahagian penjualan kamidengan memperhebatkan lagi programpengiklanan dan promosi jualan. Kamiturut mengambil pendekatan baru yangberinovatif dalam usaha membangunkanjenama kami dan memperkukuhkanhubungan dengan para pelanggansejajar dengan falsafah “Singer RakanAnda Sepanjang Masa”.Satu detik bersejarah telahdicatatkan dengan pelaksanaansistem komputer bersepadusepenuhnya yangmenghubungkan semuakedai Singer dengan ibupejabat pada Julai 1998hasil usaha gigih bagi meningkatkantahap perniagaan kumpulan ke arahmencapai kecekapan optimum operasi.Kami telah berjaya memperolehiAnugerah Organisasi Terbaik IT bagitahun 1998 daripada Persatuan IndustriKomputer Malaysia (PIKOM) atas usahapadu kami ini.Berdasarkan jangkaan kami tentangperkembangan pasaran yang lebihmencabar di mana persaingan merupakankunci kepada kejayaan korporat, kamimemanfaatkan kegawatan ekonomidengan menganjurkan sesi latihan danbengkel untuk para pekerja dari semuaperingkat bagi meningkatkan kemahiranperniagaan dan pentadbiran mereka.Bagi memupuk kesedaran tentangkeperluan menyediakan perkhidmatanmesra kepada para pelanggan, kami telahmelancarkan satu kempen ramah mesraA dining setfrom Singer.Singer’s range ofelectrical products.43

R E V I E WO F O P E R A T I O N STinjauan Operasi44DOREMI Aroma baby care products.to stimulate the overall country’seconomy, the outlook for electricaland furniture demand appearsencouraging. As a market leader inthe credit instalment sales business,Singer will continue to forge aheadand take strategic measures to buildon our strength in moving into thenew millennium.UNZA GROUP OF COMPANIESDespite the difficult businessconditions brought about by thefinancial crisis, the group was able toachieve a token growth of 0.5% insales. This included the negativeimpact of a significant reversal of salesin the Singapore market, which wasbrought about by a change in themethod of accounting for sales.Similarly, profit before tax ofRM11.11 million achieved were lowerthan the previous year due mainly tothe financial crisis and also thereversal of sales in Singapore.Allowing for these two factors, thegroup’s underlying profit before taxdeclined by 18.3%, which contrastswith the apparent 60% declinerecorded in the actual accounts.Despite operating under very difficultconditions, our Malaysian operationsachieved a turnover of RM129million, a decrease of only 1.3%compared to the previous year’sturnover of RM130.7 million. Whiledomestic sales contracted by 3%during the year, exportsincreased by 6%. Profitbefore tax however fell by10% due to higher cost ofgoods arising from theweakened Ringgit and keencompetition resulting inhigher promotional expensesincurred during the year.Austerity measures initiatedduring the year however enabled thecompany to reduce overhead expensesby 7% compared to the previous year.We maintained an aggressivemarketing programme via promotionsin all outlets throughout the year and“Perkhidmatan Disertai Senyuman” yangmelibatkan seluruh organisasi termasukwakil-wakil jualan kami.Melalui keyakinan pemulihan ekonomidan seruan Kerajaan agar mula berbelanjabagi mendorong aktiviti pengguna untukmerangsang ekonomi negara secarakeseluruhan, prospek bagi permintaanbarangan elektrik dan perabot kelihatancerah. Sebagai peneraju pasaran dalamperniagaan jualan ansuran kredit, Singerakan terus mara ke hadapan di sampingmelaksanakan pelbagai langkah strategikbagi memantapkan lagi kekuatan kamidalam melangkah ke alaf baru.K U M P U L A N S Y A R I K A T U N Z AMeskipun menghadapi keadaan perniagaanyang sukar akibat krisis kewangan,kumpulan mampu mencatatkan sedikitpertumbuhan jualan sebanyak 0.5%. Initermasuk kesan negatif daripadapenyongsangan jualan yang ketara dipasaran Singapura yang disebabkan olehperubahan dalam kaedah perakaunanbagi penjualan. Keuntungan sebelumcukai sebanyak RM11.11 juta yangdicatatkan adalah lebih rendah berbandingtahun sebelumnya akibat krisis kewangandan juga penyongsangan jualan diSingapura. Berdasarkan dua faktor ini,keuntungan sebelum cukai kumpulansusut 18.3% yang jelas berbeza denganpenyusutan 60% yang dicatatkan dalamakaun sebenar.Walaupun mengendalikan operasi dalamkeadaan perniagaan yang begitu sukar,operasi kami di Malaysia mencatatkanperolehan sebanyak RM129 juta,turun 1.3% sahaja berbandingperolehan sebanyak RM130.7juta yang dicatatkan sebelum ini.Penjualan domestik menguncup3% dalam tahun kajian manakalaeksport naik 6%. Bagaimanapun,keuntungan sebelum cukai jatuh10% berikutan kos baranganyang lebih tinggi akibat kejatuhannilai Ringgit dan persaingan hebat yangmembawa kepada perbelanjaan promosiyang lebih tinggi pada tahun di bawahkajian. Langkah-langkah berhemat yangmula dilaksanakan pada tahun kajianwalau bagaimanapun berjaya membantukumpulan mengurangkan perbelanjaan

R E V I E WO F O P E R A T I O N STinjauan Operasilaunched two new brands. DOREMIaroma baby care, a unique range ofbaby toiletry product containscarefully selected natural essential oilsto soothe, calm and relax the baby andmother was launched in July 1998.ENTRE NOUS women’s fragrancewas introduced in February 1999 intwo eau de toilette variants, SpringDebut and Summer Passion. Bothperfumes have been specially createdto denote “The Very Essence ofPassion” and packaged in customdesigned acid-etched glass bottleswith snap-on satin silver finish baseand cap. Additional new productswere introduced for ROMANO,CHAGALE and COUNTERAGE.These included a new talc anddeodorant variant for ROMANO,body firming creme forCOUNTERAGE and new shades forCHAGALE.Two key brands were relaunched.ENCHANTEUR was given a faceliftwith more attractive label designs andimproved packaging and the SAFIbrand was given a contemporary andimpactful design.On the international front, theBerjaya Unza Holdings Grouprecorded a turnover of RM98.18million, an increase of 5.3% over theprevious year. Growth was lower dueto the impact of the financial crisisparticularly in more developedmarkets like Singapore and HongKong whereas in China and Vietnam,consumer demand was sustainedalbeit with sharp reductions in marketgrowth rates.Two significant new line extensionswere launched during the year -VIGOR Bright, a concentrateddetergent with a high performanceformula which restores colour andbrightness to clothes was launched inHong Kong and the EVERSOFTWhite skin lightening care range wasintroduced to the China market.ENCHANTEUR and EVERSOFToverhed sebanyak 7% berbanding tahunsebelumnya.Kami terus menjalankan programpemasaran yang giat dengan mengadakanpromosi di kesemua cawangan kamisepanjang tahun di samping melancarkandua jenama baru. Rangkaian wangianpenjagaan bayi yang unik DOREMImengandungi minyak asas semula jadiyang dipilih dengan teliti untuk keselesaanbayi dan ibu telah dilancarkan pada Julai1998. Pada Februari 1999, dua jenispewangi wanita ENTRE NOUS telahdiperkenalkan iaitu “Spring Debut” dan“Summer Passion”. Kedua-dua pewangiini dicipta khas untuk menggambarkan“Keghairahan Sempurna” dan bolehdidapati dalam botol kaca berukirdengan tapak dan penutup bersadursatin perak yang disertakan penyentap.Rangkaian jenama ROMANO, CHAGALEdan COUNTERAGE turut memperkenalkanproduk tambahan. Ini termasuk bedakdan deodoran baru ROMANO, krimmenegangkan badan COUNTERAGE danwarna-warna baru CHAGALE.Pelancaran semula dua jenama terbesarKumpulan turut dijalankan. ENCHANTEURberwajah baru dengan label yang lebihmenarik dan pakej yang lebih sempurna.Sementara itu, reka bentuk barubarangan SAFI adalah lebih moden danmenarik.Bagi pasaran luar negara, KumpulanBerjaya Unza Holdings telah mencatatkanperolehan sebanyak RM98.18 juta,peningkatan 5.3% berbanding tahunsebelumnya. Pertumbuhan adalah lebihrendah berikutan kesan krisis kewangankhasnya di pasaran-pasaran maju sepertiSingapura dan Hong Kong manakala diChina dan Vietnam, permintaanpengguna adalah mapan sekalipun kadarpertumbuhan pasaran jatuh mendadak.Dua barangan baru telah dilancarkandalam tahun kajian - VIGOR Bright,serbuk pencuci dengan formula unggulyang mengembalikan warna danmengelakkan kepudaran pakaian telahdilancarkan di Hong Kong manakalarangkaian penjagaan kulit EVERSOFT‘White skin lightening’ telah diperkenalkandi pasaran China. ENCHANTEUR danDASHING’s rangeof products.45

R E V I E WO F O P E R A T I O N STinjauan OperasiUnza Vietnam’s factory inthe Vietnam SingaporeIndustrial Park, the firstoutside Ho Chi Minh City.First production ofENCHANTEUR shampoorolls off the line.had registered a slight decline in theiroverall performance whilst ourdetergent brand in Hong Kong,VIGOR, recorded excellent growth.EVERSOFT mencatatkan sedikitkemerosotan dalam prestasi keseluruhanmanakala serbuk pencuci jenama kami diHong Kong, VIGOR mencatatkanpertumbuhan unggul.During the year, the group investedS$2.1 million for a 70% shareholdingin Unza Indochina Pte Ltd inSingapore. Unza Vietnam CompanyLtd, a wholly-owned subsidiary ofUnza Indochina Pte Ltd, commencedoperations in Vietnam on 1 May1999. We have also commenced theprocess of integrating our Hong Kongand China operations under a singlemanagement team in order to obtainoperational synergies. Unza Indochinais managing our business across Indo-China and to date progress has beenmost encouraging.The economic environmenthas improved substantially inrecent months and this hasprovided the opportunity forthe group to compete in themarket place with renewedvigour. We believe we haveseen the worst of theeconomic crisis and that marketconditions and consumer spendingwill steadily increase from hereon.With Unza Indochina coming onstream, we expect our sales tocontinue growing for the financialyear ending 30 April 2000.Dalam tahun di bawah kajian, kumpulantelah melabur sebanyak S$2.1 juta untukpegangan saham 70% dalam UnzaIndochina Pte Ltd di Singapura. UnzaVietnam Company Ltd, anak syarikatmilik penuh Unza Indochina Pte Ltd mulamenjalankan operasinya pada 1 Mei1999. Kami juga mula mengendalikanproses penggabungan operasi kami diHong Kong dan China di bawah satukumpulan pengurusan bagi menyerapkansinergi ke dalam operasi kami. UnzaIndochina sedang mengendalikan operasiperniagaan kami di Indochina dansetakat ini perkembangannyaadalah menggalakkan.Persekitaran ekonomi mulamenampakkan peningkatanyang ketara sejak kebelakanganini dan ini memberi peluangkepada kumpulan untukbersaing dalam pasaran dengansemangat baru. Kami percayakrisis ekonomi yang paling buruksudahpun berlalu dan selepas inikeadaan pasaran serta perbelanjaanpengguna akan mula memperlihatkanpeningkatan. Dengan bermulanyaoperasi Unza Indochina, penjualan kamidijangka terus meningkat bagi tahunkewangan berakhir 30 April 2000.46ENCHANTEUR’srange of products.During the year under review, BerjayaHVN Sdn Bhd’s turnover contractedby 26% as compared to the previousyear. The lower turnover was mainlyDalam tahun di bawah kajian, perolehanBerjaya HVN Sdn Bhd menguncup 26%berbanding tahun sebelumnya.Perolehan yang lebih rendah ini adalah

R E V I E WO F O P E R A T I O N Sdue to the discontinuation of theChina Star entertainment (HongKong Chinese drama serial)programme, rampant video CD piracyand the overall weaker consumerspending. A weaker Ringgit hadtranslated to higher product andoperating costs for the distributionbusiness.On the overall development of thevideo industry, positive measures wereundertaken by the Malaysiangovernment and the entertainmentindustry. In order to ensure thesuccessful implementation of theMultimedia Super Corridor (“MSC”),the government has identified curbingpiracy as the top priority. An Anti-Piracy Task Force comprisingenforcement personnel from theMinistry of Trade and Industry,FINAS, the Censorship Board, ThePolice Force, Customs Departmentand Dewan Bandaraya Kuala Lumpurwas formed. The objective of this bodyis to serve as a one-stop centre tocontrol piracy. On the industry front, agroup of video distributors andretailers, film exhibitors anddistributors, broadcasters and VCDmanufacturers worked together toform VIFIM (Video and FilmIndustries Malaysia). The objective ofVIFIM is to lobby support from thegovernment and to work hand in handwith the Motion Picture Associationberikutan tamatnya program hiburanChina Star (siri drama Cina Hong Kong),video CD yang dicetak rompak denganberleluasa dan kemerosotanperbelanjaan pengguna secarakeseluruhannya. Kejatuhan nilai Ringgittelah membawa kepada kos produk danoperasi yang lebih tinggi bagiperniagaan pengedaran.Meninjau pembangunan industri videosecara keseluruhannya, pelbagai langkahpositif telah dilaksanakan oleh KerajaanMalaysia dan industri hiburan. Bagimemastikan kejayaan pelaksanaanKoridor Raya Multimedia (“MSC”),kerajaan berusaha membendungkegiatan cetak rompak. Pasukan PetugasAnti Cetak Rompak yang terdiri daripadapenguatkuasa Kementerian Perdagangandan Industri, FINAS, Lembaga Penapisan,Pasukan Polis, Jabatan Kastam danDewan Bandaraya Kuala Lumpur telahditubuhkan. Matlamatnya adalahbertindak sebagai badan utama dalammembendung kegiatan cetak rompak.Di peringkat industri, sekumpulanpengedar dan penjual video, merekayang terbabit dalam penayangan danpengedaran filem, penyiar dan pengeluarVCD berganding bahu menubuhkanVIFIM (Industri Video dan FilemMalaysia). Matlamat VIFIM adalahmendapatkan sokongan kerajaan danbekerjasama dengan Motion PictureAssociation of America (MPA) danPasukan Petugas Anti Cetak Rompakbagi mengatasi masalah cetak rompak.Ini adalah perkembangan positif ke arahA Berjaya Video outlet.Latest releasesfrom Berjaya HVN.47

R E V I E WO F O P E R A T I O N STinjauan OperasiA CatalogShop outlet.Promotional leafletsfrom The Catalog Shop.of America (MPA) and the Anti-Piracy Task Force to overcome piracyproblems. We view these asencouraging developments towardsestablishing a more regulated videoand film market in Malaysia.On the retailing front, we haverationalized our retail operationswhere more focus will be placed onthe sale of video CDs as opposed toaudio products. Piracy of audioproducts in the MPEG3 formatscontinued to affect the sales oforiginal music CD. After a year ofrationalization, the retail operation isnow poised to face more challenges inthe new millennium.On the distribution front, BerjayaHVN continues to pursue new videodistribution business in order tomaintain its position as the largestdistributor of English Languagevideos in Malaysia. The company hasrecently been appointed by LyrickStudio as the exclusive videodistributor for the popular children’seducational programme “BarneyHome Video” for both Malaysia andSingapore.Barring unforeseen circumstances,with the corrective steps taken by themanagement through rationalisationof our retail operations and pursuingnew distribution business and theimproving economy, we expect betterresults for the financial year 1999/2000.pembentukan pasaran video dan filemyang terkawal di Malaysia.Dari segi jualan runcit, kami telahmenyusun semula operasi jualan runcitkami dengan menumpukan perhatianterhadap penjualan video CD berbandingbarangan audio. Kegiatan mencetakrompak barangan audio dalam formatMPEG3 terus menjejaskan penjualan CDmuzik yang original. Selepas setahunpenyusunan semula ini dilaksanakan,operasi jualan runcit kini bersiap sediauntuk menghadapi cabaran yang lebihhebat menjelang alaf baru.Dari segi pengedaran pula, BerjayaHVN terus menjalankan perniagaanpengedaran video baru demimengekalkan kedudukannya sebagaipengedar terbesar video dalam BahasaInggeris di Malaysia. Baru-baru ini, LyrickStudio telah melantik syarikat sebagaipengedar eksklusif video programpendidikan kanak-kanak yang digemariramai, “Barney Home Video” untukpasaran Malaysia dan Singapura.Melainkan berlaku perkara yang tidakdijangka di samping pelaksanaan langkahlangkahsewajarnya oleh pihakpengurusan melalui penyusunan semulaoperasi jualan runcit dan pengendalianperniagaan pengedaran baru sertapemulihan ekonomi, tahun kewangan1999/2000 dijangka mempamerkankeputusan yang lebih memberangsangkan.The Catalog Shop meneruskan peranannyasebagai syarikat runcit berkualiti yangmengeluarkan barangan elektrik dan48

R E V I E WO F O P E R A T I O N SThe Catalog Shop continues its rolein complementing Singer Malaysia’soperations as a quality retailer inmulti-branded electrical products andhome furniture. Despite the economicdownturn, the company performedsatisfactorily in achieving a turnovergrowth of 9% over the previous year.The commendable result has rankedthe company among the top fiveelectrical retailer chains in thecountry.Part of our strategy during the yearwere to open satellite stores insteadof megastores. In line with thisstrategy, we added foursatellite stores in Ampang,Sungei Way, Kota Bharuand Seremban in the firstquarter of 1999 bringingour outlets nearer to ourtarget customers. Resultsshown by these new satellite storeswere extremely positive and boostedby these performances, we plan toembark on our next phase ofdevelopment in opening another tensatellite stores during the currentfinancial year. With these additionalstores, we will have 23 outletsspanning across major townsthroughout the country.In the coming year, our services willcontinue to come in the form ofsourcing suitable products andbrands at better prices that caters tothe needs of our customers. Toupgrade our position in the marketplace, we will intensify our marketinginitiatives and promotional activitiesand revamping merchandise mix. Wewill also continue to place emphasison staff training and developmentprogrammes to enhance ourcompetitive edge.Berjaya Coffee Company (M) SdnBhd, a wholly-owned subsidiary ofthe Group was established in May1998 and granted the licence for theexclusive rights to develop andoperate Starbucks retail stores inperabot rumah pelbagai jenama yangmenyokong operasi Singer Malaysia.Meskipun menempuhi kegawatanekonomi, syarikat memperlihatkan prestasiyang memuaskan dengan mencatatkanpeningkatan 9% dalam perolehanberbanding tahun sebelumnya. Keputusanyang menggalakkan tersebut turutmenyenaraikan syarikat dalam lingkunganlima rangkaian pengendali jualan runcitbarangan elektrik terkemuka di negara ini.Sebahagian daripada strategi kami dalamtahun kajian adalah membuka gedungkecil selain gedung besar yang sediaada. Sejajar dengan strategi ini, kamimenambah empat lagi gedung kecil diAmpang, Sungei Way, KotaBharu dan Seremban padasuku pertama tahun 1999iaitu berdekatan denganpelanggan sasaran kami.Gedung-gedung baru ini telahmempamerkan keputusan yangamat positif dan berdasarkan prestasi ini,kami bercadang untuk memulakan fasapembangunan seterusnya denganmembuka sepuluh lagi gedungsedemikian dalam tahun kewangansemasa. Dengan adanya gedung-gedungtambahan ini, cawangan kami di bandarbandarutama di seluruh negara kiniberjumlah 23 kesemuanya.Dalam tahun akan datang, perkhidmatankami akan terus dikendalikan denganmenitikberatkan pengeluaran produk danjenama yang sesuai pada hargaberpatutan bagi memenuhi keperluanpara pelanggan. Kami akanmelipatgandakan lagi aktiviti pemasarandan promosi kami serta mengubahsuairangkaian barangan dagangan kami bagimeningkatkan kedudukan kami dalampasaran. Kami juga akan terusmenumpukan perhatian terhadapprogram latihan dan pembangunankakitangan bagi menambahkan kelebihandaya saing kami.Berjaya Coffee Company (M) Sdn Bhd,anak syarikat milik penuh Kumpulantelah ditubuhkan pada Mei 1998 danberjaya memperolehi lesen untukhak eksklusif menubuhkan danmengendalikan cawangan Starbucks di49

R E V I E WO F O P E R A T I O N SA Kenny Rogers Roastersrestaurant in Bangsar,Kuala Lumpur.Starbucks Coffeeoutlet at KL Plaza.Malaysia. The company opened itsfirst Starbucks retail location inMalaysia on 17 December 1998 at theKL Plaza, Kuala Lumpur followed bythe second on 8 May 1999 at JalanTelawi 3 in Bangsar, Kuala Lumpur.The company plans to openanother 8 stores mainly in theKlang Valley by April 2000.The Starbucks stores offer acomplete menu of internationallyacclaimed coffee beverages, a selectionof more than 20 varieties and blendsof the finest arabica coffee beans;freshly baked local pastries anddesserts; and a wide selection of coffeebrewing equipment and accessories.Malaysia. Syarikat membuka cawanganStarbucks yang pertama di Malaysiapada 17 Disember 1998 di KL Plaza,Kuala Lumpur diikuti dengan pembukaancawangan kedua pada 8 Mei 1999 diJalan Telawi 3 di Bangsar, Kuala Lumpur.Syarikat merancang untuk membuka8 lagi cawangan terutamanya diLembah Klang menjelang April2000.Restoran Starbucks menawarkanmenu minuman kopi lengkap yangmenjadi kegemaran ramai di seluruhdunia dengan lebih 20 pilihan dancampuran biji kopi ‘arabica’ terbaik;pastri yang dibakar segar dan hidanganpencuci mulut serta pelbagai pilihanperalatan dan aksesori membuat kopi.The principal company, StarbucksCoffee Company which is listed onNASDAQ, USA is the leadingretailer, roaster and brand of specialtycoffee in North America. StarbucksCoffee International has over 2,500retail locations worldwide includingJapan, Hawaii, Singapore, thePhilippines, Taiwan, Thailand, theUnited Kingdom, New Zealand,South Korea and China. Malaysiarepresents its ninth Pacific Rimmarket.Berjaya Roasters (M) Sdn Bhd, thefranchise holder for Kenny RogersRoasters restaurant in Malaysia has todate opened a total of 21 outletsspanning across major towns in thecountry. Its 21st outlet opened in July1998 in Berjaya Megamall Kuantan,Syarikat utama kami, Starbucks CoffeeCompany yang tersenarai di NASDAQ,Amerika Syarikat merupakan syarikatjualan runcit terunggul dan jenama kopiistimewa di Amerika Utara. StarbucksCoffee International mempunyai lebih2,500 cawangan runcit di serata duniatermasuk Jepun, Hawaii, Singapura,Filipina, Taiwan, Thailand, UnitedKingdom, New Zealand, Korea Selatandan China. Malaysia merupakan pasarankesembilan Pacific Rim.Berjaya Roasters (M) Sdn Bhd yangmemegang francais bagi restoran KennyRogers Roasters di Malaysia sehinggakini telah membuka sebanyak 21cawangan di bandar-bandar utamaseluruh negara. Cawangannya yang ke-21telah dibuka pada Julai 1998 di BerjayaMegamall Kuantan dan merupakanrestoran Kenny Rogers Roasters pertama50

R E V I E WO F O P E R A T I O N Sis the first Kenny Rogers Roastersoutlet in the East Coast. To furthercreate customers’ awareness andincrease its market share, the companyhas introduced several new productson the menu to suit local taste. Theseinclude Fresh Fruits with Ice-Creamas dessert, Steamed Vegetables as ahot side dish, Flamin’ Wings- a spicy roasted chickenwings, Golden Vanillamuffin - a localisedmuffin and ChickenSpaghetti with a specialspicy sauce. In line with itstagline, “Less salt, less fat, lesscalories”, the company will continueto promote its roasted rotisseriechicken as a distinctive healthyalternative to fried chicken and otherquick-service restaurants. Thecompany plans to open another fiveoutlets by the Year 2000.Roasters Asia Pacific (HK) Limited,awholly-owned subsidiary of theGroup, holds the master franchiserights for Kenny Rogers Roasters inthe Asia-Pacific region. Currentlythere are 56 outlets operating inMalaysia, the Philippines, Singapore,China and Indonesia throughfranchised and company-ownedoperations.Another subsidiary of the Group,Roadhouse Grill, Inc, is the owner,operator and franchisor of a chain offull service restaurants under thetrademark name of “RoadhouseGrill”. It is one of the largestoperators of the roadhouse-stylecasual dining restaurant concept inthe USA. As at April 1999, therewere 56 company-owned, threefranchised and one licensedRoadhouse Grill restaurants locatedin Alabama, Arkansas, Florida,Georgia, Louisiana, Mississippi,Nevada, New York, Ohio, SouthCarolina and Tennessee. Of the 56company-owned restaurants, 31 arelocated in Florida and one of its threedi Pantai Timur. Bagi memupukkesedaran pelanggan serta meningkatkanpenguasaan pasaran, syarikat telahmemperkenalkan beberapa menu baru,sesuai dengan selera tempatan. Initermasuk ‘Fresh Fruits with Ice-Cream’sebagai pencuci mulut, ‘SteamedVegetables’ sebagai hidangan panassampingan, ‘Flamin’ Wings’ - kepakayam dipanggang pedas, ‘GoldenVanilla muffin’ - mufin mengikutselera tempatan dan ‘ChickenSpaghetti’ dengan sospedas istimewa. Sejajardengan slogannya,“Kurang garam, kuranglemak, kurang kalori”, syarikat akanterus mempromosikan ayam panggang‘rotisserie’ sebagai pilihan makanan yangsihat dan istimewa selain ayam gorengdan restoran-restoran makanan segeralain. Syarikat bercadang untuk membukalima lagi restoran menjelang Tahun 2000.Roasters Asia Pacific (HK) Limited adalahanak syarikat milik penuh Kumpulanyang memegang hak induk francais bagiKenny Rogers Roasters di rantau AsiaPasifik. Buat masa ini, syarikat memiliki56 cawangan yang beroperasi diMalaysia, Filipina, Singapura, China danIndonesia melalui operasi-operasifrancais dan operasi milik syarikat.Satu lagi anak syarikat Kumpulan,Roadhouse Grill, Inc, memiliki,mengendali dan memegang francaisrangkaian perkhidmatan restoran yangmenyeluruh dengan menggunakan nama“Roadhouse Grill”. Ianya merupakansalah sebuah pengendali terbesarrestoran yang berkonsepkan kedaimakan kasual di Amerika Syarikat. PadaApril 1999, terdapat 56 buah restoranRoadhouse Grill milik syarikat, tiga buahdikendalikan secara francais dan sebuahrestoran berlesen di Alabama, Arkansas,Florida, Georgia, Louisiana, Mississippi,Nevada, New York, Ohio, South Carolinadan Tennessee. Daripada 56 buahrestoran yang dimiliki oleh syarikat, 31daripadanya terletak di Florida dan salahsatu daripada tiga restoran francaisnyaadalah terletak di Kuala Lumpur,Malaysia, dan dikendalikan melaluiThe interior view of a Roadhouse Grillrestaurant is designed to appeal to abroad range of customers.51

R E V I E WO F O P E R A T I O N SA CarLovers carwash outlet inAustralia.52franchised restaurants is located inKuala Lumpur, Malaysia, operatedthrough Berjaya Roadhouse GrillSdn Bhd. The other two franchisedrestaurants are located in Las Vegas,Nevada in the USA.Roadhouse Grill restaurants offer adiverse, moderately priced lunch anddinner menu highlighting exhibitioncooking of steaks and other grilledentries. The restaurant feature dailyfresh baked yeast rolls, appetizers andhomemade ice cream, as signatureitems. The Roadhouse Grill conceptis family oriented and is designed toappeal to a broad range of customersincluding singles, couples, familiesand senior citizens. Guest satisfactioncomes from a pleasant restaurantatmosphere and is served with highqualityfood and beverage by friendlyand efficient employees.The company’s expansion strategythrough financial year 2000 is toincrease its presence in markets whereRoadhouse Grill restaurants nowexist. Their expansion plan includesopening another 20 company-ownedrestaurants in Atlanta, Georgia, Ohio,North and South Carolina andUpstate New York in the coming year.CarLovers Carwash Limited, asubsidiary listed on the AustralianStock Exchange is the world’s largestand fastest growing chain of selfserveand automatic carwashes andruns a total of 93 sites in Australiawhere 62 are company-owned and 31are franchised. The CarLoversCarwash concept uses innovativesystems that are changing the wayBerjaya Roadhouse Grill Sdn Bhd. Dualagi restoran francais terletak di LasVegas, Nevada di Amerika Syarikat.Restoran Roadhouse Grill menawarkanpelbagai menu hidangan tengah hari danmakan malam dengan harga berpatutandan para pengunjung dapat melihatdemonstrasi memasak daging stik danmakanan lain yang turut dipanggang.Restoran ini menyediakan roti yis yangdibakar segar, pembuka selera dan aiskrim yang dibuat sendiri sebagaihidangan istimewanya. KonsepRoadhouse Grill adalah hidangan untukkeluarga bagi memenuhi selera ramaipelanggan sama ada golongan bujang,pasangan, keluarga dan warga tua. Parapengunjung berasa puas hati apabilamengunjungi restoran yang menawarkansuasana menyenangkan dan menikmatimakanan dan minuman enak yangdisediakan oleh kakitangan yang mesradan cekap.Strategi syarikat dalam memperluaskanaktivitinya pada tahun kewangan 2000adalah memperkembangkan pasaranrestoran Roadhouse Grill. Rancanganperluasan ini termasuk membuka 20 lagirestoran milik syarikat di Atlanta,Georgia, Ohio, North dan South Carolinaserta bahagian utara New York padatahun akan datang.CarLovers Carwash Limited, anak syarikatyang tersenarai di Bursa Saham Australiaadalah syarikat terbesar dan paling majuyang menawarkan perkhidmatan cuciankereta automatik dan layan diri. Ianyamemiliki 93 cawangan di Australia dimana 62 daripadanya adalah miliksyarikat dan 31 lagi difrancaiskan.Konsep CarLovers Carwash adalahberdasarkan sistem inovatif, mengubahcara orang ramai mencuci kereta mereka

R E V I E WO F O P E R A T I O N Speople wash their cars andincorporates technologicallyadvanced equipment that usesenvironmentally friendly detergentsand energy efficient lighting.CarLovers International Limitedholds the global master franchise forCarLovers carwash concept exceptAustralia. On-going research atexisting CarLovers Carwash sitesin Australia has provided thefranchisees with high qualityinformation on services,communication mix, frequency of useand the characteristics of the users.These results provide invaluablebackground to plan and support allour marketing programs andexpansion plans to enable us toexpand our carwash operations intoAsia.Berjaya CarLovers (M) Sdn Bhd holdsthe master franchise for CarLovers’self-serve and automatic carwash inMalaysia. Besides operating an outletwhich is located in Jalan GentingKlang, Kuala Lumpur, the companyalso distributes CarLovers Car Careproducts and Medo air freshenersfrom the USA. Plans are in thepipeline to set up franchise outlets inthe Klang Valley and Penang by theend of 1999.Internationally, the sale of CarLoverscar care products through Cosway(M) Sdn Bhd continues to grow andare now being sold in Malaysia,Indonesia, the Philippines, Thailandand Brazil.Another subsidiary, Video EzyAustralasia Pty Ltd, is involved inthe franchise business of renting andleasing video and computer games inAustralia and New Zealand. VideoEzy has continued to dominate andexpand and during the year underreview, the company has openedanother 60 new stores making a totalof 550 stores in Australia and NewZealand. Video Ezy has establisheddan menggabungkan peralatan teknologiterkini yang menggunakan sabun pencuciyang tiada kesan negatif kepada alamsekitar dan lampu yang menjimatkanbekalan tenaga.CarLovers International Limited memilikifrancais induk di peringkat global untukkonsep cucian kereta CarLovers kecualidi Australia. Langkah kami menjalankanpenyelidikan di tapak-tapak CarLoversCarwash sedia ada di Australia telahmembuahkan hasil dengan memperolehimaklumat penting mengenaiperkhidmatan, kepelbagaian komunikasi,kekerapan penggunaan dan perwatakanpengguna. Hasil penyelidikan inibertindak sebagai asas dalam merancangdan memperhebatkan lagi semuaprogram pemasaran dan rancangan kamiuntuk memperluaskan operasi cuciankereta di rantau Asia.Berjaya CarLovers (M) Sdn Bhdmemegang francais induk bagi cuciankereta automatik dan layan diri CarLoversdi Malaysia. Selain mengendalikancawangan yang terletak di Jalan GentingKlang, Kuala Lumpur, syarikat juga turutmengedarkan barangan penjagaan kereta‘CarLovers Car Care’ dan penyegar udaraMedo dari Amerika Syarikat. Perancanganjuga sedang dibuat untuk menubuhkanlebih banyak lagi cawangan francais diLembah Klang dan Pulau Pinang sebelumakhir tahun 1999.Di peringkat antarabangsa, penjualanbarangan penjagaan kereta CarLoversmelalui Cosway (M) Sdn Bhd terusmencatatkan peningkatan dan kinisedang dijual di Malaysia, Indonesia,Filipina, Thailand dan Brazil.Satu lagi anak syarikat, Video EzyAustralasia Pty Ltd, terlibat dalamperniagaan francais yang merangkumipenyewaan permainan video dankomputer di Australia dan New Zealand.Video Ezy terus menguasai danmemperluaskan aktivitinya dan dalamtahun di bawah kajian, syarikat telahmembuka 60 cawangan baru. Dengan inibilangan cawangan syarikat di Australiadan New Zealand berjumlah 550kesemuanya. Video Ezy telahAn interior view of aVideo Ezy outlet.53

R E V I E WO F O P E R A T I O N SA Video Ezy outlet in Australia.54itself as the most innovative videoretail chain in the world and remainsthe largest and most successful videochain operator in these countries.Video Ezy International Ltd holdsthe master franchise for Video Ezy’sconcept worldwide except forAustralia and New Zealand. Thecompany has so far securedfranchisees in Malaysia and Thailand.Through Video Ezy (M) Sdn Bhd,our Malaysian operations continuedto grow with the opening of its 12thstore in Taipan Triangle Subang Jayain May 1999. The new store caters tothe surrounding residents by offeringthem fantastic value-for-moneyproducts in a brightly lit andcomfortable environment. Itsinnovative concept of no depositmembership continues to frustratethe competition and attract the videoviewing audience to its extensivelibrary of more than 15,000 moviesin any one rental store. With thecomprehensive crackdown on thepirates VCD market and theimminent passing of the OpticalDiscs Manufacturing Control Bill bythe Government, the video and VCDrental market looks set for a renewedupward growth trend.Since our opening in Thailand inMarch this year, our expansion hasbeen rapid with more than 70 storesopened to date. Video Ezy has alsotaken over an existing video retailchain and these stores which havebeen converted to the Video Ezyconcept have reported a two-foldmemantapkan kedudukannya sebagairangkaian video paling berinovatif didunia dan kekal sebagai pengendalirangkaian video terbesar dan palingberjaya di negara-negara ini.Video Ezy International Ltd memegangfrancais induk bagi konsep Video Ezy diperingkat antarabangsa kecuali diAustralia dan New Zealand. Setakat ini,syarikat telah menjalankan operasifrancais di Malaysia dan Thailand.Melalui Video Ezy (M) Sdn Bhd, operasikami di Malaysia terus memperlihatkanpertumbuhan dengan pembukaancawangan yang ke-12 di Taipan Triangle,Subang Jaya pada Mei 1999. Cawanganbaru ini dibuka untuk memenuhikeperluan penduduk sekitar denganmenawarkan produk tambah nilai yanghebat dalam persekitaran yang terangdan selesa. Berdasarkan konsep inovatiftanpa perlu membayar deposit untukmenjadi ahli, syarikat berjaya menyaingipersaingan dan menarik orang ramaimenyewa video dengan menawarkanlebih 15,000 pilihan filem di setiapcawangan kedainya. Dengan tindakankeras dan menyeluruh terhadap kegiatancetak rompak VCD dan Rang KawalanPengeluaran Cakera Optik yang bakaldiluluskan oleh Kerajaan, pasaran sewavideo dan VCD kini bersiap sedia untukkembali menikmati pertumbuhan yangmenggalakkan.Sejak pembukaan kami di Thailand padaMac tahun ini, kami telah mempamerkankemajuan yang pesat di mana lebih 70cawangan telah dibuka sehingga kini.Video Ezy juga turut mengambilalihrangkaian penyewaan video sedia adadengan memperkenalkan konsep VideoEzy. Kedai-kedai ini telah mencatatkan

R E V I E WO F O P E R A T I O N Sincrease in turnover. Video Ezy’slong term expansion plans include aprojected 200 to 300 stores inThailand.Plans are in the pipeline to expandthe Video Ezy chain to Fiji, a smallbut promising market and the firststore is scheduled to open inNovember 1999.In Mexico, Video Ezy is currentlyconducting negotiations with acompany which has a retail networkof over 1,000 stores. If thenegotiations are successful, this couldprove to be a launching pad into theBrazilian market which, afterAustralia, are the second biggestvideo watchers in the world.Other markets being considered forfuture expansion include Singapore,The Philippines and Britain.Taiga Forest Products Ltd (“Taiga”),a company listed on the TorontoStock Exchange, Canada is thelargest independent Canadianbuilding products distributor,specialising in the wholesaledistribution of lumber and panelproducts.peningkatan dalam perolehan sebanyakdua kali ganda. Rancangan perluasanjangka panjang Video Ezy termasukmenubuhkan 200 hingga 300 cawangandi Thailand.Rancangan sedang dibuat untukmemperluaskan rangkaian Video Ezy keFiji, pasaran kecil tetapi mempunyaimasa depan yang cerah. Cawanganpertama dijangka dibuka pada November1999.Di Mexico, Video Ezy kini sedangmengadakan rundingan dengan sebuahsyarikat yang mempunyai rangkaian yangmeliputi lebih 1,000 cawangan. Sekiranyarundingan ini berjaya, ianya akanbertindak sebagai pemangkin dalammenembusi pasaran Brazil yangmempunyai bilangan penonton videokedua terbesar di dunia selepas Australia.Pasaran-pasaran lain yang turutdipertimbangkan untuk aktiviti perluasanpasaran kami termasuklah Singapura,Filipina dan Britain.Taiga Forest Products Ltd (“Taiga”),syarikat yang tersenarai di Bursa SahamToronto, Kanada merupakan pengedarbebas produk binaan terbesar di Kanadadengan kepakaran dalam pengedaranproduk kayu dan panel yangdikendalikan secara borong.Taiga, largest Canadian building product distributor,specialising in distribution of lumber and panel products.55

R E V I E WO F O P E R A T I O N S56Taiga ForestProducts Ltd,Canada.For the financial year under review,Taiga has recorded an increase of17% in sales due to the excellenteconomic conditions in NorthAmerica and strong levels of demandfor building products in the USAand Canadian markets. Rising pricesand improved margins for Taiga’score lumber and panel products werealso key factors in the year-on-yearimprovement in sales and earnings.Panel products performedparticularly well in 1998 and a wellbalancedmix of pressure-treatedwood, engineered wood products andallied building products alsocontributed to the year’s strongresults. Taiga’s strong distributionnetwork played a major role in itssuccess and growth. Its strategiclocation provides the essential linksbetween manufacturers with largevolume of products to sell, andretailers or industrial customers withsmaller, but wider-ranging needs.Taiga maintains large, balancedproduct inventories at 14 distributioncentres located coast-to-coast acrossCanada to meet market demandfor “just-in-time” inventory. Thecompany’s product mix is focused onthe products that represent close to80% of the building products sales.The company is also a significantdistributor of lumber and panelproducts to USA markets, andoperates two re-load centres to servecustomers in this market.The outlook for Taiga for 1999/2000remains positive. The NorthAmerican economy continues to bevery strong with low interest rates,little inflation, and a high level ofconsumer confidence. Residentialrenovation and repairs spending andhousing starts are expected tocontinue to grow. Sales volume oflumber, panel and allied lines areexpected to remain strong in NorthAmerica as Taiga continues to focuson the distribution of all major linesfrom its 14 distribution centres andtwo USA oriented re-load centresBagi tahun kewangan di bawah kajian,Taiga mencatatkan peningkatan17% dalam penjualan berikutankeadaan ekonomi yang begitumemberangsangkan di Amerika Utaraditambah dengan permintaan yang amatmenggalakkan untuk produk binaan dipasaran Amerika Syarikat dan Kanada.Kenaikan harga dan peningkatan marginkeuntungan bagi produk utama kayu danpanel edaran Taiga juga merupakanfaktor penting yang mendorong kepadapeningkatan penjualan dan pendapatanpada tahun kajian. Produk panelmenunjukkan prestasi yang begitumembanggakan pada tahun 1998 dancampuran produk seimbang yangmerangkumi produk kayu rawatantekanan, produk kayu terekabentuk danproduk binaan berkaitan juga turutmenyumbang kepada keputusanmantap pada tahun kajian. Rangkaianpengedaran Taiga yang kukuhmemainkan peranan penting dalammembantu kejayaan dan pertumbuhannya.Kedudukannya yang strategik menjadiasas penting dalam hubungan antarapara pengeluar yang menghasilkanproduk dalam kuantiti yang besar untukdijual, dan dengan pengendali runcitatau pelanggan industri yang mempunyaikeperluan yang lebih kecil tetapiberbagai-bagai. Taiga memiliki inventoriproduk yang besar dan seimbang di 14buah pusat pengedaran yang terletak diserata Kanada bagi memenuhipermintaan inventori “tepat padamasanya”. Syarikat menekankaninventori produk yang mewakili hampir80% daripada penjualan produk binaan.Syarikat juga adalah pengedar pentingproduk kayu dan panel untuk pasaranAmerika Syarikat dan mengendalikan duapusat punggahan semula bagi memenuhikeperluan pelanggan dalam pasaran ini.Masa depan Taiga terus kelihatan cerahbagi tahun 1999/2000. Keadaan ekonomidi Amerika Utara terus mantap dengankadar faedah yang rendah, inflasi yangsedikit dan keyakinan tinggi parapengguna. Perbelanjaan mengubahsuaidan membaiki kediaman juga dijangkaterus meningkat. Jumlah penjualan kayu,panel dan produk berkaitan di AmerikaUtara dijangka terus kukuh seiring

R E V I E WO F O P E R A T I O N Sacross the country. With theexpectation of a high level of salesactivity, and our new treating plantsadding greater profit to our bottomline, we are anticipating anothergood year for Taiga.Gribbles Pathology (M) Sdn Bhd(“Gribbles Malaysia”), a jointventurebetween Berjaya Group andGribbles Australia is engaged in theprovision of medical pathologyservices to doctors and hospitals,using state-of-the-art instrumentation,computerisation and testingprocedures. Gribbles Australiaoperates the largest private medicalpathology group, handling in excessof 9,000 patient samples a day withtwo main laboratories, 22 regionallaboratories and over 100 licensedcollection centres in three statesnamely South Australia, Victoria andNew South Wales.In 1998, Gribbles Malaysia opened12 Collection Centres throughoutMalaysia bringing the totaloperational sites nationwide to 21facilities. The company has managedto secure contracts with HealthcareManagement Groups such asMedfiche, International MedicareGroup and Lion Best which operatehealthcare card memberships offeringdengan langkah Taiga memusatkantumpuan terhadap pengedaran produkutama daripada 14 buah pusatpengedaran dan dua pusat punggahansemula ke seluruh Amerika Syarikat.Berdasarkan aktiviti penjualan yangdijangka pesat di samping loji rawatanbaru kami yang menyumbangkankeuntungan lebih besar, Taiga dijangkamengulangi pencapaian membanggakanini pada tahun akan datang.Gribbles Pathology (M) Sdn Bhd(“Gribbles Malaysia”), usahasama diantara Kumpulan Berjaya dan GribblesAustralia menawarkan perkhidmatanpatologi perubatan kepada doktor danhospital dengan menggunakan peralatan,sistem komputer dan prosedur ujianyang terkini. Gribbles Australiamenguruskan kumpulan patologiperubatan swasta terbesar denganmengendalikan lebih 9,000 sampelpesakit sehari. Syarikat memiliki duamakmal utama, 22 makmal serantau danlebih 100 pusat kutipan berlesen di tigalokasi iaitu Australia Selatan, Victoriadan New South Wales.Pada tahun 1998, Gribbles Malaysia telahmembuka 12 Pusat Kutipan di seluruhnegara. Dengan ini syarikat mempunyai21 tapak operasi di seluruh negara.Syarikat berjaya memperolehi kontrakdaripada Kumpulan PengurusanPenjagaan Kesihatan seperti Medfiche,Kumpulan Medicare Antarabangsa danGribbles Pathology provides medicalpathology services to doctors and hospitals.57

R E V I E WO F O P E R A T I O N SGribbles’ laboratoryin Petaling Jaya.customers free annual GeneralHealth Screening profile. Othercontracts secured include PAP SmearScreening from three StateGovernment hospitals namely PulauPinang, Melaka and Sabah andgeneral health screening fromMatshushita, Texas Instruments,KLIA and MAS Catering and a hostof other corporate clients.In February 1999, the companysuccessfully took over themanagement and operations of theSouthern Hospital laboratory inMelaka adding to the previouslysecured contract work at AdventistHospital in Pulau Pinang andHospital Fatimah in Ipoh. Thecompany also provides modems andits proprietory software programme,“PathDirect” to doctors, whichenables them to electronically accessGribbles’ database for their patients’results. This value-added servicehelps to speed up the delivery processfor test results and as at April 1999,about 600 doctor sites were enabledwith PathDirect.As the economy continues to recover,the prospects for Gribbles areassured. Three GovernmentHospitals contracts for PAP SmearScreening have again been awarded,with the prospect of other Statesfollowing suit. Other new HealthcareManagement contracts includeIntegrated Healthcare ManagementSdn Bhd, Koperasi SerbagunaPekerja-Pekerja Malaysia Bhd andAIA United Healthcare. Two newCollection Centres opened in Julyand August this year, furtheraugmenting Gribbles regionalservices throughout Malaysia.Lion Best yang mengendalikan keahliankad penjagaan kesihatan yangmenawarkan profil PemeriksaanKesihatan Umum secara percuma.Kontrak-kontrak lain yang berjayadiperolehi termasuk Pemeriksaan PAPSmear daripada tiga buah HospitalKerajaan di Pulau Pinang, Melaka danSabah serta pemeriksaan kesihatanumum daripada Matshushita, TexasInstruments, KLIA dan MAS Catering danpelbagai pelanggan korporat lain.Pada Februari 1999, syarikat telahberjaya mengambilalih pengurusan danoperasi makmal Hospital Southern diMelaka selain kontrak-kontrak kerjasebelum ini di Hospital Adventist, PulauPinang dan Hospital Fatimah di Ipoh.Syarikat juga menyediakan modem danprogram perisian komputer, “PathDirect”untuk membolehkan para doktormemasuki pangkalan data elektronikGribbles untuk mendapatkan keputusanpesakit mereka. Perkhidmatan tambahnilai ini membantu mempercepatkan lagiproses mendapatkan keputusan ujiandan pada April 1999, PathDirectmempunyai 600 laman doktor.Seiring dengan fasa pemulihan ekonomi,Gribbles dijangka memperlihatkanprestasi yang meyakinkan. Syarikatberjaya memperolehi tiga kontrakPemeriksaan PAP Smear daripadaHospital Kerajaan dan tawaran-tawarandari hospital negeri lain dijangkaditerima selepas ini. Lain-lain kontrakbaru di bawah Healthcare Managementtermasuk Integrated HealthcareManagement Sdn Bhd, KoperasiSerbaguna Pekerja-Pekerja Malaysia Bhddan AIA United Healthcare. Dua PusatKutipan baru dibuka pada Julai dan Ogostahun ini, sekali gus memperluaskan lagiperkhidmatan Gribbles di seluruhMalaysia.58

Reviewof OPERATIONSTinjauan OperasiINDUSTRYDunham-Bush (Malaysia) Bhdregistered a turnover of RM450.9million, a decline of about 2%compared to RM459 millionregistered in the previous financialyear. The decline in turnover wasmainly attributable to a weak demandin the Asia-Pacific region due to theeconomic crisis. The group alsorecorded a larger pre-tax loss ofRM25.8 million compared to aprevious loss of RM7.9 millionmainly due to the dismalperformances of our subsidiaries inthe USA and UK. The loss alsoincluded exceptional items related tochanges in the accounting rule in theUK which resulted in our UKoperation writing down the carryingvalue of assets (building and land) tomarket value.Our Malaysian operations howeverachieved commendable results andgenerated a turnover of RM129million and profit before tax ofRM13 million in spite of thedifficult trading conditions. Withthe commissioning of a new factoryin Kajang and various positivemeasures implemented by thegovernment to improve the economy,we believe that our MalaysianINDUSTRIDunham-Bush (Malaysia) Bhdmencatatkan perolehan sebanyakRM450.9 juta, penyusutan kira-kira 2%berbanding sebanyak RM459 juta yangdicatatkan pada tahun kewangansebelumnya. Penyusutan dalamperolehan ini adalah disebabkan olehkelembapan permintaan di rantau Asia-Pasifik akibat kegawatan ekonomi.Kumpulan turut mencatatkan kerugiansebelum cukai yang lebih besar sebanyakRM25.8 juta berbanding kerugiansebanyak RM7.9 juta sebelum ini.Kerugian ini tidak dapat dielakkan ekoranprestasi mengecewakan anak-anaksyarikat kami di Amerika Syarikat danUnited Kingdom. Kerugian ini turutmeliputi perkara luar biasa berbangkitdaripada pindaan peraturan perakaunandi United Kingdom yang membawakepada penyusutan nilai aset anaksyarikat kami di United Kingdom(bangunan dan tanah) mengikut nilaipasaran.Meskipun menghadapi pelbagairintangan akibat krisis ekonomi Asia,operasi di Malaysia masih mampumencatatkan keuntungan yangmenggalakkan dan menghasilkanperolehan sebanyak RM129 juta dankeuntungan sebelum cukai sebanyak59

R E V I E WO F O P E R A T I O N STinjauan Operasi60Dunham-Bush WCTA-180 SteamPowered Absorption Chiller inHarrisonburg, Virginia.operations would continue tospearhead the growth of the groupin the future. During the year, thegroup also introduced a newnetworking system linking its twofactories in Malaysia through theintroduction of a 128 kbps leasedline backed by an ISDN line. Thenew system would contribute towardslower production costs in Malaysia.We anticipate that our Malaysianoperations would continue to remainprofitable in the coming financialyear as the Malaysian and regionaleconomy recovers from the 1997crisis.Meanwhile, we are taking firm stepsand measures to reduce the losses ofour subsidiaries in the USA byrestructuring the management ofthese subsidiaries. We are alsomoving the manufacturing oflabour-intensive products from theUSA to Mexico to take advantage ofthe lower labour costs there. We areeliminating the manufacturing ofunprofitable product lines to enablethe USA operations to focus on thebetter margin compressorised -chiller products. The company is alsopursuing the possibility of selling offits large Harrisonburgmanufacturing facility and land bankand relocate the operation to asmaller leased facility.With our continuous efforts andinvestments in research anddevelopment, new hi-tech factoriesand development of human resources,we are confident that the groupwould achieve its aim to become aglobal player and return toprofitability in the next financial year.The Group’s involvement in themanufacturing and sale of woodproducts is through FinewoodForest Products Sdn Bhd andBerjaya Wood Furniture (M) SdnBhd. During the year, FinewoodForests Products Sdn Bhd registeredRM13 juta. Melalui pengendalian operasidi kilang baru kami di Kajang danpelaksanaan pelbagai langkah positifoleh Kerajaan demi memulihkanekonomi, kami percaya operasi diMalaysia akan terus menerajuipertumbuhan kumpulan pada masa akandatang. Dalam tahun di bawah kajian,kumpulan turut memperkenalkan satusistem rangkaian baru yangmenghubungkan dua kilang kami diMalaysia melalui talian pajakan 128 kbpsdengan sokongan talian ISDN. Sistembaru ini dijangka bakal menyumbangkepada kos pengeluaran yang lebihrendah di Malaysia. Operasi kamidi Malaysia dijangka akan terusmencatatkan perolehan dan keuntunganyang memuaskan pada tahun kewanganakan datang sejajar dengan pemulihanekonomi Malaysia dan serantau selepaskrisis tahun 1997.Sementara itu, pelbagai langkah tegastelah diambil bagi mengurangkankerugian anak-anak syarikat kami diAmerika Syarikat dengan menyusunsemula pengurusan anak-anak syarikattersebut. Kami juga turut memindahkanaktiviti pengeluaran produk yangmembabitkan penggunaan tenaga buruhsecara intensif ke Mexico sebagailangkah mengurangkan kos tenaga buruh.Kami turut menghentikan pengeluaranproduk yang tidak menghasilkankeuntungan dan memastikan bahawaoperasi kami di Amerika Syarikat mampumemperbaiki margin produk penyejukpemampat.Syarikat kini sedang giatmengkaji rancangan untuk menjualkawasan dan kilang Harrisonburg besarmiliknya dan menempatkan semulaoperasi ke kawasan pajakan yang lebihkecil.Melalui strategi-strategi kami yangmembabitkan usaha dan pelaburan dalampenyelidikan dan pembangunan, kilangkilangbaru berteknologi tinggi danpembangunan sumber manusia, kamiyakin kumpulan mampu merealisasikanmatlamatnya untuk muncul sebagaipencabar utama di peringkat global danbakal menikmati kembali keuntungandalam tahun kewangan akan datang.

an increase in turnover and profit duethe successful introduction of twonew products namely Solid Strip WoodFlooring and Wood-Based GardenProducts. However, the results werenegatively affected by the increase infreight charges as well as the increasein insurance costs and high expensesin maintenance and repair.Our plant which is comprehensivelyequipped with a full range of facilitiesamong others include 15 chambers ofkiln dryers, optimising saw, fingerjointer,laminators, moulders,tenoners and a new German-madestrip flooring line has now ranked thecompany amongst the top five in themoulding industry in Malaysia.About 98% of our products areexported and key markets includeUnited Kingdom, Europe and the FarEast. The outlook for the nextfinancial year remains a challengingone in view of the depressed globalmarket for moulded forest productsand the overall slowdown in globalgrowth. We will continue to expandour range of flooring products andpenetrate a broader market baseespecially in Europe as well as expandour garden items in the Far East,American and European markets.Kumpulan bergiat dalam pengeluarandan penjualan produk kayu melaluiFinewood Forest Products Sdn Bhd danBerjaya Wood Furniture (M) Sdn BhdDalam tahun kajian, Finewood ForestsProducts Sdn Bhd mencatatkanpeningkatan dalam perolehan dankeuntungan hasil kejayaan dua produkyang baru diperkenalkan iaitu ‘SolidStrip Wood Flooring’ dan ‘Wood-BasedGarden Products’. Walau bagaimanapun,keputusan yang dicatatkan ini terjejasakibat kenaikan caj pengangkutan sertakenaikan kos insurans dan perbelanjaanyang tinggi dalam kerja-kerjamenyelenggara dan membaiki.Loji kami adalah serba lengkap denganperalatan dan kemudahan menyeluruhyang antaranya meliputi 15 kebukpengering tanur, gerigi optimum,penyambung cabang, penyalut, pembuatacuan, ‘tenoner’ dan kepingan jaluranlantai baru buatan Jerman. Berikutan itu,syarikat turut tersenarai dalamlingkungan lima syarikat unggul industripengacuan di Malaysia. Kira-kira 98%daripada produk kami dieksport ke luarnegara di mana pasaran-pasaran utamatermasuklah United Kingdom, Eropah danTimur Jauh. Tahun kewangan akan datangdijangka menghadapi pelbagai cabaranberdasarkan kemerosotan pasaran globaluntuk produk kayu dari acuan danpertumbuhan global yang lembap secarakeseluruhannya. Kami akan terusR E V I E WO F O P E R A T I O N STinjauan OperasiRepresentatives from our worldwidedistributors visiting Dunham-Bush’sfactory in Kajang, Malaysia.61

R E V I E WO F O P E R A T I O N STinjauan OperasiWood manufacturingprocess atFinewood’s plant.A range of wood-basedbuilding products fromFinewood.62Berjaya Knitex-Knitting process.Meanwhile, Berjaya Wood Furniture(M) Sdn Bhd has been restructuredand recommenced operation in June1998 after two years of inactivity.The company currently developsvarious types of furniture likecomputer tables, utility tables andindustrial components and plans todevelop additional products withdesigns that cater to the needs of the21st century. Current exports aremainly to the Far East and Americanmarkets. In recent months, severalkey orders have started to come in,making the outlook for the currentfinancial year to be more positive.The textile division of the Group isvertically integrated with yarnspinning operation under BerjayaSoutex Sdn Bhd, knitted fabricmaking operation under BerjayaKnitex Sdn Bhd and garmentmaking operation under BerjayaBandartex Sdn Bhd.Profit before tax for BerjayaBandartex Sdn Bhd and BerjayaKnitex Sdn Bhd registered markedincreases especially the former due tocost saving measures that had beenput in place, low incidence of airfreightingresulting from betterplanning and control, a dedicatedworkforce, lower interest expensesand a stable exchange rate. Despitechalking up an increase in turnover,Berjaya Soutex Sdn Bhd however,recorded a slightly lower profit inview of higher raw materials cost duememperkembangkan rangkaian produklantai kami dan menembusi pasaran yanglebih luas khasnya di Eropah sertamemperluaskan barangan kegunaantaman di pasaran Timur Jauh, AmerikaSyarikat dan Eropah.Sementara itu, Berjaya Wood Furniture(M) Sdn Bhd telah disusun semula danmula mengendalikan semulanya operasipada Jun 1998 selepas dua tahun tidakberoperasi. Syarikat kini sedang membinapelbagai jenis perabot seperti mejakomputer, meja serba guna dankomponen perindustrian dan pada masayang sama, merancang untukmenghasilkan produk tambahan denganreka bentuk yang menepati keperluanabad ke-21. Kebanyakan eksport semasaadalah ke pasaran Timur Jauh danAmerika. Sejak beberapa bulankebelakangan ini, beberapa pesananpenting mula diterima dan dengan ini,prospek bagi tahun kewangan semasadijangka lebih memberangsangkan.Bahagian tekstil Kumpulan adalahbersepadu sepenuhnya di mana operasipintalan benang diletakkan di bawahpengendalian Berjaya Soutex Sdn Bhd,operasi membuat fabrik yang dikaitadalah di bawah Berjaya Knitex Sdn Bhddan operasi membuat pakaian di bawahBerjaya Bandartex Sdn Bhd.Berjaya Bandartex Sdn Bhd dan BerjayaKnitex Sdn Bhd mencatatkan peningkatanyang ketara dalam keuntungan sebelumcukai khasnya Berjaya Bandartex Sdn Bhdekoran pelaksanaan langkah-langkahpenjimatan kos, kadar penggunaanpengangkutan udara yang rendah hasil

to the unfavourable exchange rateduring the first half of the financialyear and lower selling prices for thesecond half of the financial year.The major export markets of BerjayaBandartex Sdn Bhd are still theEuropean Union and USA.Considering the current customerprofile, the USA market willhenceforth be the dominant marketand will continue to grow in view ofthe strong US dollar which makeimports cheaper. This coupled withthe prevailing vibrant USA economywill help to sustain the present levelof high consumer demand. Besidesconcentrating to build up ourexisting customers in the EuropeanUnion, the company will at thesame time explore fornew customers.Together with therecovering economy and arobust export market, theperformance of the textiledivision in the next financialyear will be better.Shinca Sdn Bhd is principallyinvolved in the manufacturing andassembling of consumer electronicsproducts and computer monitors.The company was awarded the ISO9002 certification by SIRIMMalaysia in 1995 and achieved theChina CCIB Quality AssessmentCertification in 1999. Shinca alsoprovides contract manufacturing formulti-national companies in electronicassemblies and manufacturing suchas Sony, Sharp-Roxy, Acer andNikko and OEM for computermonitors. The company alsospecialises in the manufacture andassembly of audio products, PCBand mecha deck.For the financial year ended 30 April1999, Shinca made the highest everprofit of RM2.2 million since itsperancangan dan pengawalan yang lebihbaik, tenaga kerja yang berdedikasi,perbelanjaan faedah yang lebih rendahdan kadar pertukaran yang stabil.Meskipun memperlihatkan peningkatandalam perolehan, Berjaya Soutex Sdn Bhdbagaimanapun mencatatkan keuntunganyang rendah sedikit memandangkankenaikan kos bahan mentah berikutankadar pertukaran yang negatif dalamseparuh pertama tahun kewangan sertaharga jualan yang lebih rendah padaseparuh kedua tahun kewangan.Pasaran eksport utama Berjaya BandartexSdn Bhd masih lagi Kesatuan Eropah danAmerika Syarikat. Berdasarkan keperluansemasa pelanggan, Amerika Syarikatdijangka bakal menjadi pasaran utamadan akan terus berkembang berikutankedudukan kukuh nilai dolar AmerikaSyarikat yang menyebabkan importmenjadi lebih murah. Faktor inidi samping pertumbuhanpesat ekonomi AmerikaSyarikat akan membantumengekalkan tahap permintaanpengguna yang tinggi buatmasa ini. Selain menumpukanperhatian untuk meningkatkan asaspelanggan sedia ada di Kesatuan Eropah,pada masa yang sama syarikat juga akancuba menarik pelanggan-pelanggan baru.Seiring dengan pemulihan ekonomi dankemantapan pasaran eksport, prestasibahagian tekstil dijangka lebih memuaskanpada tahun akan datang.Shinca Sdn Bhd terlibat dalampengeluaran dan pemasangan baranganelektronik dan monitor komputer untukpengguna. Syarikat berjaya menerima sijilperakuan ISO 9002 oleh SIRIM Malaysiapada tahun 1995 dan memperolehi SijilPenilaian Kualiti CCIB China pada tahun1999. Shinca turut menawarkan kontrakkepada syarikat-syarikat multi-nasionaluntuk mengeluar dan memasang baranganelektronik seperti Sony, Sharp-Roxy, Acerdan Nikko serta OEM untuk monitorkomputer. Syarikat juga merupakan pakardalam mengeluar dan memasangbarangan audio, PCB dan dek mekanikal.R E V I E WO F O P E R A T I O N STinjauan OperasiBerjaya Soutex - Spinning process.Shinca - Mecha deck assembling.63

R E V I E WO F O P E R A T I O N STinjauan OperasiShinca -Assemblingof computermonitors.64incorporation in 1987. Thecontributing factor was the increasein export sales from RM1 million toRM5 million to Wells-Gardner,USA, during the year. Lower directlabour and other overheads costs alsocontributed to the increase in profit.To be more competitive in theindustry, Shinca plans to move intohigher value added processes andhigh technology products. Shincaalso plans to introduce SurfaceMount Technology with capabilitiesof mounting Chip Scale Packaging,Ball Grid Arrays and Flip Chipscomponents; and venture intomanufacturing and assembling ofcomputer peripheral and IT relatedproducts to further widen itscustomer base.The economic downturn hadaffected the performance of BerjayaLe Run Industries Berhad,manufacturer and distributor of awide range of quality bicycles underpopular brands such as Le Run,Yokohama, Champion and Nishiki.As a result, the company recorded a20% decline in sales mainly due to aweak consumer market, high interestrates and high import componentcosts. The decline was also due to thedumping of stock by other localbicycle manufacturers, which werebadly affected by the downturn.However the company tookadvantage of the weakeningMalaysian Ringgit to tap new exportmarkets particularly in Japan andSingapore and this strategy hadBagi tahun kewangan berakhir 30 April1999, Shinca berjaya mempamerkanperolehan paling unggul pernahdicatatkan sebanyak RM2.2 juta sejakmula diperbadankan pada tahun 1987.Faktor yang menyumbang kepadapencapaian ini adalah kenaikan jualaneksport kepada RM5 juta daripada RM1juta kepada Wells-Gardner, AmerikaSyarikat dalam tahun kajian. Kos buruhdan kos-kos overhed lain yang lebihrendah turut menyumbang kepadapeningkatan keuntungan.Shinca berhasrat untuk mengendalikanproses yang lebih berkualiti dan produkberteknologi tinggi agar dapat menyaingisaingan dalam industri. Shinca jugabercadang untuk memperkenalkanTeknologi ‘Surface Mount’ yang berupayamelekapkan ‘Chip Scale Packaging’, ‘BallGrid Arrays’ dan komponen ‘Flip Chips’serta turut bergiat dalam pengeluarandan pemasangan peranti persisiankomputer serta produk yang berkaitandengan IT untuk memperluaskan lagiasas pelanggannya.Kegawatan ekonomi telah menjejaskanprestasi Berjaya Le Run IndustriesBerhad, pengeluar dan pengedarpelbagai rangkaian basikal berkualitidan berjenama seperti Le Run,Yokohama, Champion dan Nishiki.Berikutan kemerosotan pasaran, kadarfaedah yang tinggi dan kos tinggikomponen yang diimport, penjualansusut 20% ditambah dengan lambakanstok oleh pengeluar basikal tempatanakibat kegawatan ekonomi.Walau bagaimanapun, syarikatmemanfaatkan kejatuhan nilai Ringgitdengan menceburi pasaran eksport barukhasnya di Jepun dan Singapura. Strategi

R E V I E WO F O P E R A T I O N STinjauan OperasiTop-of-the-linebicycles from LeRun.translated into an increase of 15% inexport sales.ini membuahkan hasil dengan peningkatan15% dalam jualan eksport.We also expanded into nontraditionaldistribution networks suchas the giant USA toy stores andToys ‘R’ Us, and The Catalog ShopMegastores. As the market leader ofbicycle distribution in Malaysia, wewill continue to expand our dealers’network and customer base throughaggressive marketing strategies,establish our own niche segmentin the domestic market as well asmove aggressively into theexport market. Our futureexport markets includeAsia, European Union,Australia, New Zealand and theG-15 countries. As the economyrecovers, the prospect of the industryis good and we anticipate that oursales in the coming financial year willbe better.Kami turut memperluaskan aktivitidengan menyertai rangkaian pengedaranbaru seperti gedung mainan di AmerikaSyarikat, Toys R Us dan The Catalog ShopMegastores. Sebagai peneraju pasaranpengedaran basikal di Malaysia, kamiakan terus memperluaskan rangkaianwakil jualan kami dan asas pelangganmelalui strategi pemasaran yang giat,membentuk segmen kami sendiridalam pasaran domestik sertaberusaha dengan giat menceburipasaran eksport. Pasaran eksportyang bakal diterokai termasukAsia, Kesatuan Eropah,Australia, New Zealand dannegara-negara G-15. Prospekindustri dijangka cerah hasil pemulihanekonomi dan kami meramalkan aktivitipenjualan kami pada tahun kewanganakan datang bakal menunjukkan prestasiyang lebih baik.Through United Approach Sdn Bhd,we own and manage an educationalestablishment known as BerjayaInternational College or KolejAntarabangsa Berjaya, aiming atproviding quality education at anaffordable price to all Malaysians whoaspire for higher education. Thevision of the College is to providehighly qualified and capable graduateswho will be thinkers, movers andmolders of society in Malaysia andthe region. It also aims to promoteand facilitate inter-country cooperationand cultural exchange.Melalui United Approach Sdn Bhd, kamimemiliki dan menguruskan pusatpendidikan yang dikenali sebagai BerjayaInternational College atau KolejAntarabangsa Berjaya demi menyediakanpendidikan berkualiti yang mampudibayar oleh orang ramai yang inginmendalami pendidikan tinggi. WawasanKolej adalah melahirkan siswazahberkelayakan tinggi yang mampu menjadipemikir, penggerak dan pembentukmasyarakat di Malaysia dan rantau ini.Matlamat Kolej juga adalah menggalakkandan mengeratkan kerjasama danpertukaran budaya masyarakat berbilangbangsa dan keturunan.Students enquiring aboutcourses offered byKolej Antarabangsa Berjayain Petaling Jaya.65

Reviewof OPERATIONSTinjauan OperasiSocialRESPONSIBILITYThe Group continued to carry outits social responsibility diligentlynotwithstanding the economicslowdown prevailing in the countryduring the year. The needy and theless fortunate continued to benefitfrom the success of the Group’soperations.Kumpulan sentiasa menunaikantanggungjawab sosialnya meskipunmenghadapi kegawatan ekonomi yangmelanda negara dalam tahun di bawahkajian. Golongan yang serba kekurangandan kurang bernasib baik terusmenikmati ganjaran daripada kejayaanoperasi Kumpulan.In the financial year, BHR hasembarked on various communityprojects in keeping with its objectiveto be a good corporate citizen. Theseinclude “gotong-royong” projects toclean up towns and beaches, helpingthe less fortunate, fund raisingprojects for worthy causes like TabungBarisan Bertindak Kosovo and JEHumanitarian Fund, environmentprojects and other charitable activities.Dalam tahun kewangan, BHR memulakanpelbagai projek kemasyarakatan sejajardengan matlamatnya sebagai wargakorporat yang prihatin. Ini termasukprojek-projek “gotong-royong” bagimembersihkan bandar dan kawasanpantai, membantu golongan yang kurangbernasib baik, kutipan derma untuktujuan kebajikan seperti Tabung BarisanBertindak Kosovo dan TabungKemanusiaan JE, projek alam sekitar danaktiviti-aktiviti amal yang lain.Bukit Kiara Equestrian and CountryResort had also sponsored variouscharity events including the “Riding forDisabled” and the Malaysian Society ofRheumatology’s Arthritis Day.Bukit Kiara Equestrian and CountryResort juga turut menaja pelbagai majlisamal termasuk “Menunggang untukGolongan Kurang Upaya” dan HariArtritis Persatuan Reumatologi.66Goodwill visit to the children’sward at Universiti Hospital,organised by Sports Toto.Sports Toto has also simultaneouslyput in its concerted effort in fulfillingits social responsibilities to the countryduring the year by contributingSports Toto juga turut menjalankanusaha bersepadu untuk menunaikantanggungjawab sosialnya kepada negaradalam tahun di bawah kajian dengan

generously towards various charitableactivities, sponsorships and donations.Among these are the CancerlinkFoundation, Malaysian LiverFoundation, Monfort Boys Town,Mount Miriam Hospital, NationalKidney Foundation, PertubuhanPendidikan Anak-Anak YatimSelangor (Rumah Bakti), PertubuhanKebajikan Anak-Anak Yatim Miskin,Kelang (Peyakin), St. John AmbulansMalaysia, the Little Sisters of the Poorand the JE Humanitarian Fund bycarrying out four special Toto Draws.Under Sports Toto’s “We Care”charity programme, the companyorganized the Chinese New Year AngPow Donation for the eleventh yearand brought joy to 13,000 needysenior citizens at 46 distributioncentres throughout the country.Similar donation activities were alsocarried out during the Hari Raya andDeepavali celebrations. Orphans atPeyakin were treated to a BerbukaPuasa dinner during the celebration ofHari Raya and a pleasure trip to DesaWaterpark was organized for theunder-privileged children during theChinese New Year celebration.menyampaikan sumbangan yang besarkepada pelbagai aktiviti amal, tajaandan derma. Antaranya termasuk YayasanCancerlink, Yayasan Jantung Malaysia,Monfort Boys Town, Mount MiriamHospital, Yayasan Buah PinggangKebangsaan, Pertubuhan PendidikanAnak-Anak Yatim Selangor (RumahBakti), Pertubuhan Kebajikan Anak-AnakYatim Miskin, Klang (Peyakin), St. JohnAmbulans Malaysia, ‘Little Sisters of thePoor’ dan Tabung Kemanusiaan JEdengan mengadakan empat CabutanKhas Toto.Melalui program kebajikan “KamiPrihatin” Sports Toto, syarikat telahmenganjurkan Derma Ang Pau TahunBaru Cina buat kali kesebelas berturutturutdi 46 buah pusat pengedaranseluruh negara untuk meraikan 13,000warga tua yang kurang bernasib baik.Aktiviti-aktiviti sumbangan derma jugaturut diadakan sempena sambutan HariRaya dan Deepavali. Kami turutmeraikan anak-anak yatim di Peyakindengan mengadakan majlis BerbukaPuasa sempena sambutan Hari Raya. Disamping itu, satu lawatan ke DesaWaterPark turut dianjurkan untuk kanakkanakyang kurang bernasib baiksempena perayaan Tahun Baru Cina.R E V I E WO F O P E R A T I O N STinjauan OperasiMinister of National Unity and SocialDevelopment, YB Datin PadukaZaleha Ismail handing out a packet ofgoodies to a senior citizen during therecent Chinese New Year Ang PowDonation Drive by Sports Toto.Chinese New Year Ang Pow Donation Drivelaunched in Kuala Lumpur in February 1999.67

R E V I E WO F O P E R A T I O N STinjauan OperasiA donation to thePaediatric AIDSFund from BerjayaCoffee Company.A charitable run organised byBerjaya Hotels & Resorts inSeychelles.Sports Toto sponsoredthe Karate-DoCompetition ‘99.In the field of sports promotion anddevelopment, Sports Toto contributedRM45.9 million to the NationalSports Council during the year. Manyother deserving sporting activities alsocontinued to receive the company’ssupport and contribution. Theseinclude the Malay Mail Big Walk,International Penang Bridge Run,Larian Hijau, Conquer the EmpireTower, National Day Xiangqicompetition, etc.Sports Toto menyumbangkan sebanyakRM45.9 juta kepada Majlis SukanNegara sebagai sumbangannya bagimenggalakkan aktiviti dan pembangunansukan. Banyak pihak lain yang jugabergiat dalam aktiviti sukan turutmenerima sokongan dan sumbangandaripada syarikat. Antaranya termasukMalay Mail Big Walk, LarianAntarabangsa Jambatan Pulau Pinang,Larian Hijau, Conquer the Empire Tower,pertandingan Hari Kebangsaan Xiangqidan lain-lain lagi.Staff from Berjaya Hotels &Resorts brings joy to theless fortunate.68In support ofthe Commonwealth Games 1998.

70 Directors’ Report77 Statement by Directors77 Statutory Declaration78 Report of the Auditors to the Members79 Balance Sheets80 Profit & Loss Accounts81 Consolidated Cash Flow Statement83 Notes to the AccountsFINANCIAL STATEMENTS

Directors’R E P O R TFOR THE YEAR ENDED 30 APRIL 1999The directors have pleasure in submitting their report together with the audited accounts of the Company and ofthe Group for the financial year ended 30 April 1999.PRINCIPAL ACTIVITIESThe principal activities of the Company consist of investment holding and provision of management services.The principal activities of the subsidiary and associated companies are described in Note 36 to the accounts.RESULTSGroupRM’000CompanyRM’000Profit before taxation 304,759 40,138Taxation (26,979) 49277,780 40,187Minority interests (387,631) -(Loss)/Profit attributable to shareholders (109,851) 40,187Retained profits brought forward 541,686 475,717Profit available for appropriation 431,835 515,904Transfer from reserves 3,653 -Accretion of interest in subsidiary companies 44,806 -Dividends (38,308) (38,308)Retained profits carried forward 441,986 477,596DIVIDENDSThe amount of dividends paid or declared by the Company since 30 April 1998 were as follows:RM’000In respect of the financial year ended 30 April 1998 as proposed in the directors’ report of that year -Final dividend of 1 sen per share, less 28% tax paid on 19 February 1999 8,753The directors recommend a first and final tax exempt dividend of 3 sen per share, amounting to approximatelyRM38,308,000 in respect of the current financial year. The proposed final dividend of 3% per share is based on theCompany’s issued and paid-up share capital of 1,276,929,000 ordinary shares of RM1.00 each as at 30 April 1999.RESERVES AND PROVISIONSThere were no material transfers to or from reserves or provisions during the financial year other than asdisclosed in Notes 22 and 24 to the accounts.BAD AND DOUBTFUL DEBTSBefore the profit and loss accounts and balance sheets were made out, the directors took reasonable steps toascertain that action had been taken in relation to the writing off of bad debts and the making of provision fordoubtful debts and satisfied themselves that all known bad debts had been written off and that adequateprovision had been made for doubtful debts.At the date of this report, the directors are not aware of any circumstances which would render the amountwritten off for bad debts or the amount of provision for doubtful debts in the accounts of the Company and ofthe Group inadequate to any substantial extent.70

Directors’R E P O R TFOR THE YEAR ENDED 30 APRIL 1999CURRENT ASSETSBefore the profit and loss accounts and balance sheets were made out, the directors took reasonable steps toensure that any current assets which were unlikely to be realised in the ordinary course of business includingtheir values as shown in the accounting records of the Company and of the Group have been written down to anamount which they might be expected so to realise.At the date of this report, the directors are not aware of any circumstances which would render the valuesattributed to the current assets in the accounts of the Company and of the Group misleading.VALUATION METHODSAt the date of this report, the directors are not aware of any circumstances which have arisen which renderadherence to the existing methods of valuation of assets or liabilities of the Company and of the Groupmisleading or inappropriate.CONTINGENT AND OTHER LIABILITIESAt the date of this report, there does not exist:-(a)(b)any charge on the assets of the Company or of the Group which has arisen since the end of the financialyear which secures the liabilities of any other person; orany contingent liability of the Company or of the Group which has arisen since the end of the financial year,other than in respect of underwriting commitments made in the ordinary course of business by thestockbroking subsidiary companies of the Group.No contingent or other liability has become enforceable or is likely to become enforceable within the period oftwelve months after the end of the financial year which, in the opinion of the directors, will or may substantiallyaffect the ability of the Company or of the Group to meet their obligations when they fall due.For the purpose of the paragraph, contingent or other liabilities do not include liabilities arising from contracts ofinsurance underwritten in the ordinary course of business of an insurance subsidiary company of the Group.CHANGE OF CIRCUMSTANCESAt the date of this report, the directors are not aware of any circumstances not otherwise dealt with in this report orthe accounts of the Company or of the Group which would render any amount stated in the accounts misleading.ITEMS OF AN UNUSUAL NATUREThe results of the operations of the Company and of the Group during the financial year were not, in theopinion of the directors, substantially affected by any item, transaction or event of a material and unusual nature,other than as disclosed in Note 26 to the accounts.There has not arisen in the interval between the end of the financial year and the date of this report any item,transaction or event of a material and unusual nature likely, in the opinion of the directors, to affect substantiallythe results of the operations of the Company or of the Group for the financial year in which this report is made.SIGNIFICANT EVENTS DURING THE FINANCIAL YEARSignificant events during the financial year are disclosed in Note 34 to the accounts.SUBSEQUENT EVENTSSignificant events subsequent to the end of the financial year are disclosed in Note 35 to the accounts.71

Directors’R E P O R TFOR THE YEAR ENDED 30 APRIL 1999ISSUE OF SHARESDuring the financial year, the Company increased its authorised share capital from 2,000 million to 5,000 millionordinary shares of RM1.00 each by the creation of 3,000 million ordinary shares of RM1.00 each and issued61,167,000 new ordinary shares of RM1.00 each arising from the conversion of RM122,334,000 6% IrredeemableConvertible Unsecured Loan Stocks 1996/2001 (“BGB ICULS”) at the rate of RM2.00 nominal value of BGBICULS for one fully paid ordinary share.STAFF SHARE OPTION SCHEMEThe Berjaya Group Berhad Staff Share Option Scheme was approved by the shareholders at an ExtraordinaryGeneral Meeting on 22 February 1990 and became effective on 12 April 1990. The main features of the StaffShare Option Scheme are as follows:-(a)(b)(c)(d)(e)Eligible staff are those who are confirmed employees including full-time Executive Directors of theCompany and its non-listed subsidiary companies.The options granted may be exercised at any time within a period of five years from the date of offer of theoptions except for options granted based on length of service which can only be exercised after two yearsfrom the date of offer.The options may be exercised in respect of such lesser number of ordinary shares provided that the numbershall be in multiples of 1,000 shares. Such partial exercise of the options shall not preclude the holders fromexercising the options as to the balance of the ordinary shares.The exercise price for each ordinary share under the option scheme shall be the average of the meanmarket quotation of the shares as shown in the Daily Official List issued by the Kuala Lumpur StockExchange for the five market days preceding the respective date of offer or at the par value of the ordinaryshares of the Company whichever is higher.The maximum amount of shares that may be offered under the Scheme shall not be more than ten percentum of the enlarged issued and paid-up ordinary share capital of the Company at any point of timeduring the existence of the Scheme.The Staff Share Option Scheme which expired on 4 April 1995 was renewed for a further five years to 4 April2000 at an Extraordinary General Meeting of the Company held on 20 March 1995.The movement in the options to take up unissued new ordinary shares of RM1.00 each is as follows:-Number of ordinaryshares under optionAt 1 May 1998 23,457,000Granted and accepted net of forfeitureon resignations during the financial year 12,649,000Lapsed during the financial year (661,000)35,445,000Exercised during the financial year -At 30 April 1999 35,445,00072

Directors’R E P O R TFOR THE YEAR ENDED 30 APRIL 1999The cumulative options exercised and their remaining unexercised options as at 30 April 1999 are as follows:-Number of ordinaryshares of RM1.00 eachOptionprice perordinaryshare ofRM1.00eachCumulativeoptions Optionsexercised unexercised RMFirst offer 3,637,000 - 1.59Second offer 1,425,500 - 1.38Third offer 2,234,500 - 1.05Fourth offer 2,398,000 - 2.12Fifth offer 2,326,000 1,885,000 2.54Sixth offer 1,195,000 5,017,000 1.84Seventh offer 2,427,000 5,977,000 1.59Eighth offer - 9,000,000 2.10Ninth offer - 13,566,000 1.0015,643,000 35,445,000DIRECTORSThe directors who served since the date of the last report are:Tan Sri Dato’ Seri Tan Chee YiounDato’ Tan Chee SingTan Sri Dato’ Tan Kok PingTan Sri Datuk Abdul Rahim bin Haji DinRobert Yong Kuen LokeChan Kien SingFreddie Pang Hock ChengKhaw Ooi TongRobin Tan Yeong ChingDato’ Thong Kok KheeDato’ Suleiman bin Mohd NoorAdam bin BachekRaja Ahmad Aminollah bin Raja Abdullah (resigned on 20.5.1999)DIRECTORS’ BENEFITSDuring and at the end of the financial year, no arrangements subsisted to which the Company is a party, with theobject of enabling directors of the Company to acquire benefits by means of the acquisition of shares in ordebentures of the Company or any other body corporate other than the options granted to full-time ExecutiveDirectors of the Company pursuant to the Staff Share Option Scheme.Since the end of the previous financial year, no director has received or become entitled to receive a benefit(other than a benefit included in the aggregate amount of emoluments received or due and receivable by thedirectors as shown in the accounts and the share options granted as mentioned above) by reason of a contractmade by the Company or a related corporation with the director or with a firm of which he is a member, or with acompany in which he has a substantial financial interest, except for those benefits which may be deemed to havearisen by virtue of those contracts, agreements and transactions entered into in the ordinary course of businessby the Company and its subsidiary companies with the companies in which the directors are deemed to havesubstantial financial interest as disclosed in Note 31 to the accounts.73

Directors’R E P O R TFOR THE YEAR ENDED 30 APRIL 1999DIRECTORS’ INTERESTSAccording to the register of directors’ shareholdings, the interests of directors in office at the end of the financialyear in shares and debentures of the Company and its related corporations were as follows:Direct interestsThe Company:Number of ordinary shares of RM1.00 eachAt 1.5.98 Acquired Disposed At 30.4.99Tan Sri Dato’ Seri Tan Chee Yioun 509,240,966 7,203,499 - 516,444,465Dato’ Tan Chee Sing 43,058,000 - 6,249,000 36,809,000Tan Sri Dato’ Tan Kok Ping 12,696,000 - - 12,696,000Robert Yong Kuen Loke 297,000 - - 297,000Chan Kien Sing 125,000 50,000 - 175,000Freddie Pang Hock Cheng 36,000 9,500 - 45,500Dato’ Suleiman bin Mohd Noor 230,000 - 29,000 201,000Khaw Ooi Tong - 5,000 - 5,000Number of options over ordinary sharesof RM1.00 eachAt 1.5.98 Granted Lapsed At 30.4.99Tan Sri Datuk Abdul Rahim bin Haji Din 175,000 163,000 - 338,000Robert Yong Kuen Loke 425,000 - 114,000 311,000Chan Kien Sing 425,000 - 69,000 356,000Freddie Pang Hock Cheng 436,000 - - 436,000Khaw Ooi Tong 171,000 - - 171,000Robin Tan Yeong Ching 84,000 84,000 - 168,000Raja Ahmad Aminollah bin Raja Abdullah 192,000 - - 192,000Number of 6% Irredeemable Convertible UnsecuredLoan Stocks 1996/2001 of RM1.00 eachAt 1.5.98 Acquired Converted At 30.4.99Tan Sri Dato’ Seri Tan Chee Yioun 19,999,998 - 19,999,998 -Chan Kien Sing 100,000 - 100,000 -Khaw Ooi Tong 10,000 - 10,000 -Subsidiary companies:Number of ordinary shares of RM1.00 eachBerjaya Land Berhad: At 1.5.98 Acquired Disposed At 30.4.99Tan Sri Dato’ Seri Tan Chee Yioun 23,417,561 131,000 - 23,548,561Dato’ Tan Chee Sing 180,750 - - 180,750Robert Yong Kuen Loke 576,000 - 159,000 417,000Number of WarrantsExercised/At 1.5.98 Acquired Expired At 30.4.99Tan Sri Dato’ Seri Tan Chee Yioun 5,000 - 5,000 -Dato’ Tan Chee Sing 49,135 - 49,135 -Number of 6% Irredeemable Convertible UnsecuredLoan Stocks 1996/2001 of RM1.00 eachAt 1.5.98 Acquired Disposed At 30.4.99Dato’ Tan Chee Sing 138,583 - - 138,583Robert Yong Kuen Loke 21,000 - 21,000 -Number of ordinary shares of RM1.00 eachCosway Corporation Berhad: At 1.5.98 Acquired Disposed At 30.4.99Tan Sri Dato’ Seri Tan Chee Yioun 6,237,000 1,051,000 - 7,288,000Robert Yong Kuen Loke 80,000 - - 80,00074Number of 6% Redeemable Convertible UnsecuredLoan Stocks 1993/1998 of RM1.00 eachAt 1.5.98 Acquired Redeemed At 30.4.99Tan Sri Dato’ Seri Tan Chee Yioun 2,000 - 2,000 -

Directors’R E P O R TFOR THE YEAR ENDED 30 APRIL 1999DIRECTORS’ INTERESTS (CONTINUED)Direct interests (continued)Subsidiary companies:Number of Transferable Subscription RightsCosway Corporation Berhad (continued): At 1.5.98 Acquired Expired At 30.4.99Tan Sri Dato’ Seri Tan Chee Yioun 5,520 - 5,520 -Number of ordinary shares of RM1.00 eachBerjaya Sports Toto Berhad: At 1.5.98 Acquired Disposed At 30.4.99Tan Sri Dato’ Seri Tan Chee Yioun 3,926,666 315,000 - 4,241,666Dato’ Tan Chee Sing 523,582 - - 523,582Tan Sri Dato’ Tan Kok Ping 4,000,000 - - 4,000,000Robert Yong Kuen Loke 45,000 - - 45,000Number of options over ordinary sharesof RM1.00 eachAt 1.5.98 Granted Lapsed At 30.4.99Tan Sri Dato’ Tan Kok Ping 500,000 300,000 500,000 300,000Number of ordinary shares of RM1.00 eachUnza Holdings Berhad: At 1.5.98 Acquired Disposed At 30.4.99Tan Sri Dato’ Seri Tan Chee Yioun 162,000 - - 162,000Berjaya Capital Berhad:Dato’ Tan Chee Sing 86,332 - - 86,332Tan Sri Dato’ Tan Kok Ping 10,000 - - 10,000Robert Yong Kuen Loke 316,000 - 148,000 168,000Chan Kien Sing 10,000 - - 10,000Freddie Pang Hock Cheng 10,000 - - 10,000Khaw Ooi Tong 10,000 - - 10,000Raja Ahmad Aminollah bin Raja Abdullah 10,000 - - 10,000Indirect interests by virtue of shares held bycompanies in which the directors are interestedThe Company:Number of ordinary shares of RM1.00 eachAt 1.5.98 Acquired Disposed At 30.4.99Tan Sri Dato’ Seri Tan Chee Yioun 177,712,246 1,599,500 - 179,311,746Dato’ Tan Chee Sing 12,475,000 - - 12,475,000Subsidiary companies:Number of ordinary shares of RM1.00 eachBerjaya Land Berhad: At 1.5.98 Acquired Disposed At 30.4.99Tan Sri Dato’ Seri Tan Chee Yioun 602,241,447 7,333,000 30,859,000 578,715,447Number of WarrantsAt 1.5.98 Acquired Expired At 30.4.99Tan Sri Dato’ Seri Tan Chee Yioun 568,000 1,484,000 2,052,000 -Number of ordinary shares of RM1.00 eachCosway Corporation Berhad: At 1.5.98 Acquired Disposed At 30.4.99Tan Sri Dato’ Seri Tan Chee Yioun 206,796,667 55,765,879 9,530,000 253,032,546Number of 6% Redeemable Convertible UnsecuredLoan Stocks 1993/1998 of RM1.00 eachAt 1.5.98 Acquired Disposed/ At 30.4.99Converted/RedeemedTan Sri Dato’ Seri Tan Chee Yioun 15,636,640 416,000 16,052,640 -Number of Transferable Subscription RightsAt 1.5.98 Acquired Exercised/ At 30.4.99ExpiredTan Sri Dato’ Seri Tan Chee Yioun 65,000 63,016,000 63,081,000 -75

Directors’R E P O R TFOR THE YEAR ENDED 30 APRIL 1999DIRECTORS’ INTERESTS (CONTINUED)Indirect interests by virtue of shares held by companiesin which the directors are interested (continued)Subsidiary companiesNumber of ordinary shares of RM1.00 eachBerjaya Sports Toto Berhad: At 1.5.98 Acquired Disposed At 30.4.99Tan Sri Dato’ Seri Tan Chee Yioun 365,322,382 11,240,333 74,867,333 301,695,382Unza Holdings Berhad:Tan Sri Dato’ Seri Tan Chee Yioun 9,954,000 1,366,000 912,000 10,408,000Dunham-Bush (Malaysia) Bhd:Tan Sri Dato’ Seri Tan Chee Yioun 26,766,358 662,000 - 27,428,358Number of 5% Irredeemable Convertible UnsecuredLoan Stocks 1997/2002 of RM1.00 eachAt 1.5.98 Acquired Disposed At 30.4.99Tan Sri Dato’ Seri Tan Chee Yioun 11,824,742 7,000 - 11,831,742Number of ordinary shares of RM1.00 eachBerjaya Capital Berhad: At 1.5.98 Acquired Disposed At 30.4.99Tan Sri Dato’ Seri Tan Chee Yioun 441,612,942 22,689,000 23,026,000 441,275,942Cerah Bakti Sdn Bhd:Tan Sri Dato’ Tan Kok Ping 75,000 - - 75,000By virtue of his interests in the shares of Berjaya Group Berhad, Tan Sri Dato’ Seri Tan Chee Yioun is also deemedinterested in the shares of all the subsidiary companies of the Company to the extent the Company has an interest.None of the other directors in office at the end of the financial year had any interest in shares and debentures inthe Company or its related corporations during the financial year.AUDITORSArthur Andersen & Co. retire and have indicated their willingness to accept re- appointment.Signed on behalf of the Board in accordance with aresolution of the directorsTAN SRI DATO’ SERI TAN CHEE YIOUNTAN SRI DATUK ABDUL RAHIM BIN HAJI DINKuala LumpurDated: 28 August 199976

StatementB Y D I R E C T O R SWe, TAN SRI DATO’ SERI TAN CHEE YIOUN and TAN SRI DATUK ABDUL RAHIM BIN HAJI DIN,being two of the directors of BERJAYA GROUP BERHAD, do hereby state that, in the opinion of the directors,the accompanying balance sheets of the Company and of the Group as at 30 April 1999 and the related profit andloss accounts of the Company and of the Group and cash flow statement of the Group for the year then ended,together with the notes thereto, give a true and fair view of the state of affairs of the Company and of the Group asat 30 April 1999 and of the results of the Company and of the Group and cash flows of the Group for the year thenended, and have been properly drawn up in accordance with applicable approved accounting standards.Signed on behalf of the Board in accordance with aresolution of the directorsTAN SRI DATO’ SERI TAN CHEE YIOUNTAN SRI DATUK ABDUL RAHIM BIN HAJI DINKuala LumpurDated: 28 August 1999StatutoryD E C L A R A T I O NI, ROBERT YONG KUEN LOKE, the director primarily responsible for the financial management ofBERJAYA GROUP BERHAD, do solemnly and sincerely declare that the accompanying balance sheets of theCompany and of the Group as at 30 April 1999 and the related profit and loss accounts of the Company and ofthe Group and cash flow statement of the Group for the year then ended, together with the notes thereto are, tothe best of my knowledge and belief correct, and I make this solemn declaration conscientiously believing thesame to be true and by virtue of the provisions of the Statutory Declarations Act, 1960.Subscribed and solemnly declared by the abovenamed )ROBERT YONG KUEN LOKE at Kuala Lumpur in )Wilayah Persekutuan on 28 August 1999 ) ROBERT YONG KUEN LOKEBefore me:Commissioner for OathsAli B. IsaKuala Lumpur77

Auditors’R E P O R TTo the Shareholders of Berjaya Group BerhadWe have audited the accounts of BERJAYA GROUP BERHAD (the Company) and the consolidated accountsof BERJAYA GROUP BERHAD AND ITS SUBSIDIARIES (the Group) as at 30 April 1999. These accountsare the responsibility of the Company’s directors. Our responsibility is to express an opinion on these accountsbased on our audit.We conducted our audit in accordance with approved Standards on Auditing in Malaysia. Those standardsrequire that we plan and perform the audit to obtain reasonable assurance about whether the accounts are freefrom material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts anddisclosures in the accounts. An audit also includes assessing the accounting principles used and significantestimates made by the directors, as well as evaluating the overall accounts presentation. We believe that ouraudit provides a reasonable basis for our opinion.In our opinion,(a)(b)the accounts give a true and fair view of the state of affairs of the Company and of the Group as at 30 April1999 and of the results of the Company and of the Group and cash flows of the Group for the year thenended, and have been properly drawn up in accordance with the provisions of the Companies Act, 1965 andapplicable approved accounting standards; andthe accounting and other records and the registers required by the Act to be kept by the Company and thesubsidiaries of which we have acted as auditors have been properly kept in accordance with the provisions ofthe Act.We have considered the accounts and the auditors’ reports of all the subsidiaries of which we have not acted asauditors, as indicated in Note 36 to the accounts, being accounts that have been included in the consolidated accounts.We are satisfied that the accounts of the subsidiaries that have been consolidated with the Company’s accountsare in form and content appropriate and proper for the purposes of the preparation of the consolidated accountsand we have received satisfactory information and explanations required by us for these purposes.The auditors’ reports on the accounts of the subsidiaries were not subject to any qualification nor any adversecomment made under subsection (3) of Section 174 of the Act.Arthur Andersen & Co.No. AF 0103Public AccountantsWong Kang HweeNo. 1116/1/2000 (J)Partner of the Firm28 August 199978

BalanceS H E E T SAT 30 APRIL 1999GroupCompanyNote 1999 1998 1999 1998RM’000 RM’000 RM’000 RM’000CURRENT ASSETSCash and bank balances 3 171,150 129,158 139 115Deposits with financial institutions 4 195,176 359,755 - -Debtors 5 2,469,210 3,003,845 4,129,578 3,142,223Stocks 6 734,555 794,743 - -Development properties 7 1,771,311 1,727,725 - -5,341,402 6,015,226 4,129,717 3,142,338CURRENT LIABILITIESCreditors 8 2,248,978 2,066,882 2,810,878 1,663,785Short term borrowings 9 1,702,741 2,538,726 224,442 308,080Bonds and convertible unsecured loan stocks 10 - 235,056 - -Taxation 258,234 370,367 - -Proposed dividend 38,308 8,753 38,308 8,7534,248,261 5,219,784 3,073,628 1,980,618NET CURRENT ASSETS 1,093,141 795,442 1,056,089 1,161,720LONG TERM RECEIVABLES 11 3,395 139,168 - -FIXED ASSETS 12 2,701,328 2,468,317 3,804 5,130OTHER INVESTMENTS 13 647,178 1,123,940 42,965 56,128INVESTMENT PROPERTIES 14 582,550 663,530 3,409 3,409CONCESSION ASSET 15 149,436 - - -ASSOCIATED COMPANIES 16 425,446 496,510 46,799 46,545SUBSIDIARY COMPANIES 17 - 115,511 1,335,417 1,213,618INTANGIBLE ASSETS 18 2,650,863 2,812,364 - 587LONG TERM BORROWINGS 19 (3,286,940) (2,855,779) - (25)OTHER LONG TERM LIABILITIES 20 (535,240) (848,316) (205) (681)DEFERRED TAXATION(131,184) (123,457) - -4,299,973 4,787,230 2,488,278 2,486,431FINANCED BYShare capital 21 1,276,929 1,215,762 1,276,929 1,215,762Reserves 22 1,366,601 1,424,412 1,211,349 1,148,335SHAREHOLDERS’ FUNDS 2,643,530 2,640,174 2,488,278 2,364,097IRREDEEMABLE CONVERTIBLEUNSECURED LOAN STOCKS 23 18,292 140,699 - 122,334MINORITY INTERESTS 1,596,381 1,050,388 - -CAPITAL FUNDS 4,258,203 3,831,261 2,488,278 2,486,431INSURANCE RESERVES 24 41,770 955,969 - -4,299,973 4,787,230 2,488,278 2,486,431The accompanying notes are an integral part of these balance sheets.79

ProfitA N D L O S S A C C O U N T SFOR THE YEAR ENDED 30 APRIL 1999GroupCompanyNote 1999 1998 1999 1998RM’000 RM’000 RM’000 RM’000TURNOVER 25 7,272,528 7,449,109 32,252 65,637PROFIT BEFORE TAXATION26 304,759 342,384 40,138 50,327Taxation 27 (26,979) (109,030) 49 (9,503)PROFIT AFTER TAXATION277,780 233,354 40,187 40,824Minority interests (387,631) (228,616) - -(LOSS)/PROFIT ATTRIBUTABLETO SHAREHOLDERS (109,851) 4,738 40,187 40,824RETAINED PROFITS BROUGHTFORWARD 541,686 575,114 475,717 456,359PROFITS AVAILABLE FORAPPROPRIATION431,835 579,852 515,904 497,183Transfer from reserves 3,653 7,610 - -Accretion/(dilution) of interest insubsidiary companies 44,806 (24,310) - -Dividends 28 (38,308) (21,466) (38,308) (21,466)RETAINED PROFITS CARRIEDFORWARD 22 441,986 541,686 477,596 475,717sen sen(Loss)/Earnings Per Share 29 (8.8) 0.580The accompanying notes are an integral part of these accounts.

ConsolidatedC A S H F L O W S T A T E M E N TFOR THE YEAR ENDED 30 APRIL 19991999 1998RM’000 RM’000OPERATING ACTIVITIESReceipts from customers/operating revenue 7,265,343 7,282,646Payment to suppliers, prize winners and operating expenses (5,941,137) (6,039,300)Payment for pool betting duties, gaming tax,royalties and other government contributions (415,752) (414,179)Payment of taxes net of tax refunds (150,412) (174,273)Other receipts/(payments) 8,541 (65,160)Net cash flow from operating activities 766,583 589,734INVESTING ACTIVITIESSales of fixed assets and properties 85,292 93,901Sales of investments in subsidiary companies 1,311,819 791,120Sales of investments in associated companies 2,985 143,303Sales of government securities and treasury bills 21,730 152,470Sales of other investments 1,643 451,300Acquisition of fixed assets and properties (465,043) (489,985)Acquisition of investments in subsidiary companies (178,293) (1,005,955)Acquisition of investments in associated companies (5,791) (100,112)Acquisition of government securities and treasury bills (21,088) (201,974)Acquisition of other investments (99,564) (598,213)Interest received 53,860 81,392Dividends received 6,332 13,125Interest paid (632,352) (751,857)Net (placement)/receipt on fixed and call deposits (7,950) 24,074Other net receipts/(placements) arising from investments 26,814 (226,457)Net cash flow from investing activities 100,394 (1,623,868)FINANCING ACTIVITIESIssuance of share capital - 1,431Issuance of share capital to minority shareholders of subsidiary companies 5,598 54,490Redemption of 9% CULS 1992/1997 - (615)Bank borrowings and loan finance 813,105 1,903,867Loan/capital issuing expenses - (5,945)Repayment of borrowings and loans (1,314,924) (1,009,111)Payment of hire purchase/lease liabilities (26,623) (39,746)Receipts on behalf of clients/dealers 3,091 85,710(Payment of)/proceeds from other borrowings (264,381) 53,614Dividends paid (8,753) (58,767)Dividends paid to minority shareholders of subsidiary companies (59,870) (143,204)Net cash flow from financing activities (852,757) 841,724NET CASH INFLOW/ (OUTFLOW) 14,220 (192,410)EFFECT OF EXCHANGE RATE CHANGES 323 7,966OPENING CASH AND CASH EQUIVALENT 251,033 435,477CLOSING CASH AND CASH EQUIVALENT 265,576 251,03381

ConsolidatedC A S H F L O W S T A T E M E N TFOR THE YEAR ENDED 30 APRIL 1999 (CONTINUED)Analysis of the effects of subsidiary companies acquired and disposed :-1999 1999Subsidiary Subsidiarycompanies companiesacquired disposedRM’000 RM’000Fixed assets 110,226 11,901Investment and investment properties 51,897 732,893Concession asset 146,777 -Copyrights and other intangibles 58,780 -Long term receivables - 204,038Debtors 19,555 63,380Stocks 8,183 -Deposits and cash at bank 14,550 146,876Creditors (133,556) (79,089)Taxation (2,140) (1,802)Short and long term liabilities (81,950) (953,339)Minority interests (74,327) (35,489)Reserve on consolidation (14,388) -Goodwill on consolidation 125,951 27,424Net assets acquired/disposed 229,558 116,793Less: Cash and cash equivalent of companies acquired/disposed (1,933) (7,786)Balance of purchase consideration (14,780) -Non cash consideration (160,625) -Purchase/sales of shares in subsidiary companies 126,073 531,996Receipts from disposal in previous years - 65,000Exceptional gain - 605,816Cash flow on acquisition/disposal (net of cash in subsidiarycompanies acquired/disposed) 178,293 1,311,819CASH AND CASH EQUIVALENTThe cash and cash equivalent comprise the following:1999 1998RM’000 RM’000Cash and bank balances 171,150 129,158Deposits with financial institutions 195,176 359,755366,326 488,913Less: Deposits placement by the insurance companies (100,750) (237,880)265,576 251,03382The accompanying notes are an integral part of this statement.

NotesT O T H E A C C O U N T S30 APRIL 19991 PRINCIPAL ACTIVITIESThe principal activities of the Company consist of investment holding and provision of management services.The principal activities of the subsidiary and associated companies are described in Note 36 to the accounts.2 SIGNIFICANT ACCOUNTING POLICIES(a) Basis of accountingThe accounts are prepared under the historical cost convention modified by the revaluation of certainland and buildings held as fixed assets or investment properties and, except as referred to in Note 5 andNote 25 to the accounts, comply with applicable approved accounting standards. In the currentfinancial year, the Group applied certain transitional provisions in International Accounting Standard 16(Revised), Property, Plant and Equipment by virtue of which a reporting enterprise which does notadopt a policy of revaluation is allowed to retain revalued amounts on the basis of their previousrevaluation (subject to continuity in depreciation policy and the requirement to write an asset down toits recoverable amount).(b) Basis of consolidationThe consolidated accounts incorporate the accounts of the Company and all its subsidiary companiesmade up to the end of the financial year, except for Taiga Forest Products Ltd., a Canadian listedforeign subsidiary company, whose financial year end is 31 March 1999. Approval from the Registrar ofCompanies has been obtained for this differing year end. All the subsidiary companies are consolidatedusing the acquisition method of accounting except that acquisition of the subsidiary companies whichmeet the criteria for merger accounting are accounted for under that method.(c) Goodwill on consolidationGoodwill arising on consolidation represents the excess of the purchase price over the fair value of thenet assets of subsidiary companies at the date of acquisition less proportionate amounts written off forsubsequent disposals of investments in subsidiary companies. It is retained in the consolidated balancesheet at written down cost. Further write-downs are provided only when the directors are of the opinionthat there is a permanent diminution in value.(d) Associated companiesThe Group treats as associated companies those companies in which a long term equity interest ofbetween 20% to 50% is held and where the Group is in a position to exercise significant influencethrough Board representation.Premium or discount on acquisition, which is the difference between the purchase consideration forshares in the associated companies and the share of net assets at the date of acquisition, is not amortised.However, the premium on acquisition is written down where in the opinion of the directors, there hasbeen a permanent diminution in value.The Group’s share of profits less losses of associated companies is included in the consolidated profitand loss account and the Group’s interest in associated companies is stated at cost plus adjustments toreflect changes in the Group’s share of the net assets of the associated companies. Where an associatedcompany’s financial year is not coterminous with that of the Group, the associated company’s results areequity accounted using the latest audited accounts and supplemented by management accounts up tothe Group’s financial year end.83

NotesT O T H E A C C O U N T S30 APRIL 19992 SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)(e) Income recognition(i) Leasing and hire purchase transactionsIncome from leasing and hire purchase transactions is recognised on the ‘sum-of-digits’ method overthe term of the lease and hire purchase periods.(ii) InsurancePremium income from general insurance business is recognised based upon the issuance of insurancepolicies except for premium for treaty business which is recognised based on date of receipt of theaccounts. Premiums in respect of risks incepted for which policies have not been issued as of balancesheet date are being accrued for. Premium income was recognised net of all reinsurances withpremium income from life insurance business in the previous financial year being recognised asincome when due.The insurance results are determined after taking full account, inter alia, of unexpired risks andoutstanding claims.(iii)Development propertiesProfit from the sale of development properties is recognised on the ‘percentage of completion’method. Anticipated losses are recognised immediately in the profit and loss account.(iv)Dividend incomeDividend income from investments in subsidiary and associated companies is accounted for on theaccrual basis. Income from other investments is accounted for on the receipt basis and, in the case ofan insurance subsidiary, on the basis of the dates dividends are declared by the investee companies.(v) Brokerage fees and commissionsIncome from brokerage is recognised upon execution of contracts while underwriting commission isrecognised upon completion of the corporate exercises concerned.(vi)Entrance feesEntrance fees from members joining the resorts and recreation clubs are recognised on the accrualbasis. Where the main facilities are not immediately available for members’ use, only a portion ofthe entrance fees calculated in proportion to those facilities available is recognised and theremaining portion deferred until the main facilities are ready.(vii) Enrolment fees80% of the enrolment fees from members joining the vacation club are recognised as income uponsigning of the membership agreement and the remaining 20% is treated as deferred membershipfees which are recognised over the membership period.(viii)Sale of consumer durablesSales are recognised upon the delivery of products and revenue from incidental services renderedare recognised upon its completion. Revenue from hire purchase sales is arrived at after adjustingfor the net increase or decrease in unearned carrying charges calculated on a straight-line basis.84Interest income from equal payment scheme is accrued for when sales are made and recognisedwhen instalment payments are received.

NotesT O T H E A C C O U N T S30 APRIL 19992 SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)(e) Income recognition (continued)(ix)Lottery equipment lease rentalRevenue from the lease of lottery equipment is recognised based on a percentage of gross receiptsfrom lottery tickets sales, net of taxes.(f)Currency conversion and translationTransactions in foreign currencies during the year are converted into Ringgit Malaysia at rates ofexchange approximating those ruling at the transaction dates or at contracted rates, where applicable.Foreign currency monetary assets and liabilities at the balance sheet date are translated into RinggitMalaysia at rates of exchange approximating those ruling at that date or at contracted rates, whereapplicable. All exchange gains or losses are dealt with in the profit and loss accounts. The accounts offoreign subsidiary companies have been translated into Ringgit Malaysia at the rates of exchange rulingat the balance sheet date. Exchange differences on translation of the net assets of foreign subsidiarycompanies are dealt with through an exchange fluctuation reserve.(g) InvestmentsInvestments in subsidiary, associated companies and other long term investments are stated at cost.Such investments are only written down when the directors are of the opinion that there is permanentdiminution in their value.Investment of the unit-linked business were stated at market value. Any increase or decrease in valueof investment was taken to the revenue account.Malaysian Government Securities and Cagamas Bonds are stated at cost adjusted for amortisation ofpremiums and accretion of discounts, where applicable, to their respective maturity dates.Investments in quoted shares and marketable securities held by the insurance subsidiary companies arestated at the lower of cost and market value, determined on an aggregate basis.(h) Investment propertiesThe Group regards investment properties as land and buildings that are held for their investmentpotential and rental income. Investment properties are not depreciated. It is the policy of the Group torevalue its investment properties every five years or such shorter period as may be considered to beappropriate, based upon the advice of professional valuers and appraisers.Surplus arising from revaluation is credited to revaluation reserve at the discretion of the directors.Deficit in excess of the revaluation reserve arising from previous revaluation is charged to the profit andloss account.(i)Development propertiesDevelopment properties are stated at cost plus attributable profit less progress billings. Cost includesland cost, incidental costs of acquisition, development expenditure and capitalised interest costsrelating to the development.(j)Interest capitalisationInterest incurred on borrowings related to fixed assets, development properties and investmentproperties are capitalised during the period activities to plan, develop and construct the assets areundertaken. Capitalisation of borrowing costs ceases when the assets are ready for their intended use.85

NotesT O T H E A C C O U N T S30 APRIL 19992 SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)(k) Leased assetsThe cost of assets acquired under finance lease agreements are capitalised. The depreciation policy onthese assets is similar to that of the Group’s other assets as set out in (l) below. Outstanding obligations dueunder the lease agreements after deducting finance expenses are included as liabilities in the accounts.The finance expenses of the lease rentals are charged to the profit and loss accounts over the period ofthe respective agreements.Lease rental incurred on operating leases are charged to the profit and loss accounts in the year theybecome payable.(l)Fixed assets and depreciationHotel properties comprise hotel land, building and integral plant and machinery. It is the Group’s practiceto maintain these properties at a high standard and condition such that residual values are at least equalto book values and consequently, depreciation would be insignificant. Accordingly, no depreciation isprovided on freehold hotel properties or long leasehold hotel properties with unexpired lease tenure of50 years or more. The related maintenance expenditure is dealt with in the profit and loss account.To establish whether the residual value of the hotel properties are at least equal to their respectivebook values, all hotel properties are appraised by independent professional valuers at least once inevery five years based on open market value. Surplus arising from revaluation is credited to revaluationreserve at the discretion of the directors. Deficit in excess of the revaluation reserve arising fromprevious revaluation is charged to the profit and loss account.Freehold land, long leasehold land with unexpired lease tenure of 50 years or more, and capital workin-progressare not depreciated. On all other assets, depreciation is provided on a straight-line basiscalculated to write off the cost of each asset over its estimated useful life. The principal annual rates ofdepreciation are:Leasehold landBuildingsOver the period of the leaseOver 50 years or the duration ofthe lease whichever is shorterPlant and equipment 7.5% - 50%Renovation, equipment, furniture and fittings 5% - 50%Motor vehicles 10% - 25%Aircraft, vessels and others 5% - 25%Golf course development expenditure 1% - 1.75%The initial cost of linen, silverware, cutlery and kitchen utensils is capitalised and subsequentreplacements are charged to the profit and loss account as and when incurred.(m) StocksStocks of raw materials, work-in-progress and finished goods are stated at the lower of cost and netrealisable value. Cost, in the case of work-in-progress and finished goods, comprises raw materials,direct labour and an attributable proportion of production overheads. Cost is determined on the first-infirst-out, the weighted average cost method, standard cost basis, which approximates actual cost, or byspecific identification.Stocks of completed houses are stated at the lower of cost and net realisable value. Cost includes therelevant cost of land, development expenditure and related interest cost incurred during thedevelopment period.86Trading account securities comprising quoted investments are stated at the lower of cost and marketvalue on an aggregate basis.

NotesT O T H E A C C O U N T S30 APRIL 19992 SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)(n) Hire purchase debtorsIn accordance with trade practice, all hire purchase debtors are classified as current assets irrespectiveof when payments are due.(o) Insurance reservesLife insurance fundAn actuarial valuation of the life insurance fund was made in accordance with the provision of theInsurance Act, 1996 at the end of the last financial year. The amount of surplus to be allocated toshareholders arising from such actuarial valuation was determined by the directors in accordance withthe subsidiary company’s Articles of Association. This amount as determined was recognised in theprevious year’s profit and loss account.General insurance fundThe reserves for unexpired risks (“RUR”) represent the portion of premium income not yet earned atthe balance sheet date. RUR is calculated as follows :- Marine cargo, aviation cargo and inland transit policies.25% of premium written less deductible reinsurances.- Other policiesGeneral Malaysian policiesThe 1/24th method is applied to premium written less deductible reinsurances.Overseas inward treaty policiesThe 1/8th method is applied to premium written less deductible reinsurances.The RUR at balance sheet date is reduced by the corresponding deferred acquisition cost (“DAC”)based on the method prescribed by Bank Negara Malaysia (“BNM”). The method prescribed by BNMpermits only certain specified reinsurances to be deductible in calculating the RUR and in addition,restricts the amount of DAC to an amount not exceeding a prescribed percentage of the RURcalculated on BNM’s basis.(p) Bad and doubtful debtsAll known bad debts are written off while doubtful debts are provided for, based on estimates ofpossible losses which may arise from non-collection.For general insurance sector, a general provision is made on the balance of trade debts exceeding sixmonths in accordance with the accounting guidelines, BNM GPI/3 issued by Bank Negara Malaysia.(q) Acquisition costsAcquisition costs, which are costs directly incurred in securing premiums on insurance policies, net ofincome derived from reinsurers in the course of ceding of premiums to reinsurers, are charged to therevenue accounts in the period in which they are incurred.(r) ClaimsFull provision is made for the estimated cost of all claims together with related expenses lessreinsurance recoveries, in respect of claims notified but not paid at balance sheet date, using the bestavailable information at that time. Provision is also made for outstanding claims together with relatedexpenses incurred but not reported at balance sheet date, using a mathematical method of estimation.87

NotesT O T H E A C C O U N T S30 APRIL 19992 SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)(s) Provision for retirement benefitsRetirement benefits for employees under defined benefit plans are provided for based on independentactuarial valuations. Contributions relating to defined contribution plans are charged to the profit andloss account when incurred.Retirement benefits for employees of a foreign subsidiary company are accrued for in accordance withthe provisions of that foreign country’s retirement law.(t)Deferred taxationDeferred taxation is provided under the liability method for all material timing differences betweenaccounting income and taxable income except where there is reasonable evidence that these timingdifferences will not reverse in the foreseeable future. Debit balances in the deferred taxation accountare not carried forward except when their realisability is beyond doubt.(u) Deferred expenditureExpenditure incurred prior to the date of commencement of operations of subsidiary companies hasbeen capitalised as deferred expenditure. The expenditure is amortised over a period not exceedingfive years from the date of commencement of operations.Development expenditure are incurred in respect of software packages and on specific products. Thesewill be amortised over three years upon completion of individual projects or over eight years uponcommencement of sales of the related products. Development expenditure relating to aborted projectswill be written off.Deferred expenditure includes cost incurred on the technology and transfer of technical know-how.The cost are amortised over a period of eight years on a straight-line basis.Other deferred expenditure consists of expenses incurred in connection with the issue of bonds,redeemable convertible unsecured loan stocks (“CULS”), irredeemable convertible unsecured loanstocks (“ICULS”) and secured guaranteed floating rate notes (“FRN”) and are amortised over theperiod of the bonds, CULS, ICULS and FRN concerned.(v) Trademarks and copyrightsTrademarks and copyrights purchased are stated at cost and are written down only when the directorsare of the opinion that there is a permanent diminution in value.(w)Concession assetConcession asset represents costs incurred in connection with the New Pantai Highway Projectawarded by the Government for the exclusive rights and authority to design, construct, manage andoperate and maintain the highway. The concession asset will be amortised over the concession periodupon completion of the project and commencement of the collection of toll revenue.(x) Year 2000 compliance costsYear 2000 compliance costs are costs specifically associated with modifying existing internal-usesoftware and hardware for the Year 2000 compliance. Year 2000 compliance costs are recognised as anexpense as and when these costs are incurred except that costs which represent an enhancement of theexisting software and related hardware beyond its originally assessed standard of performance arecapitalised as part of the related asset if such costs can be measured reliably.88

NotesT O T H E A C C O U N T S30 APRIL 19993 CASH AND BANK BALANCESIncluded in cash and bank balances of the Group are cash at bank held under the Housing DevelopmentAccount of RM10,215,000 (1998: RM13,303,000) pursuant to Section 7A of the Housing Developers(Control and Licensing) Act, 1966 and client’s monies held in trust amounting to RM2,375,000 (1998:RM3,311,000).4 DEPOSITS WITH FINANCIAL INSTITUTIONSGroup1999 1998RM’000 RM’000Deposits with:Licensed banks 124,975 167,358Licensed finance companies 56,733 183,045Other financial institutions 13,468 9,352195,176 359,755Deposits amounting to RM100,750,000 (1998: RM237,880,000) are placed by the insurance subsidiarycompanies of the Group and RM18,999,000 (1998: RM1,225,000) are client’s monies held in trust.5 DEBTORSGroupCompany1999 1998 1999 1998RM’000 RM’000 RM’000 RM’000Trade debtors 903,125 873,059 - -Money lending debtors 94,389 98,819 - -Loans receivable 363 107,346 258 -Other debtors, deposits andprepayments 531,226 654,343 66,323 48,052Deposits and advances paid forconstruction and acquisitions ofproperties and companies 17,530 12,403 - -Tax recoverable 312,659 291,740 67,721 60,569Amounts due from subsidiary companies - - 3,997,389 3,035,715Amounts due from associated companies 158,890 267,994 1 1Sinking fund (Notes) - 202,367 - -Leasing debtors 22,810 20,225 - -Unearned carrying charges (2,993) (1,975) - -19,817 18,250 - -Hire purchase debtors 652,980 677,670 - -Unearned carrying charges (73,819) (104,802) - -579,161 572,868 - -2,617,160 3,099,189 4,131,692 3,144,337Provision for doubtful debts (147,950) (95,344) (2,114) (2,114)2,469,210 3,003,845 4,129,578 3,142,223Included in loans receivable are amounts totalling RM Nil (1998: RM106,764,000) which are secured bylife insurance policies and mortgages on properties.Amounts due from subsidiary companies are stated net of provisions of RM9,068,000 (1998: RM9,068,000).89

NotesT O T H E A C C O U N T S30 APRIL 19995 DEBTORS (CONTINUED)Leasing and hire purchase debtors include amounts which are receivable after twelve months. This treatmentdoes not comply with International Accounting Standard No. 13 which requires that, under the format inwhich the Group’s balance sheet is presented, the non-current portion should be reflected separately.Notes :Sinking fund investments as stated in the previous year represent deposits with licensed finance companies.(a) Under the provisions of the Trust Deed dated 31 January 1994 made by a subsidiary company and theTrustee for the holders of the 5% Redeemable Unsecured Bonds 1994/1999 (“Bonds”) as disclosed inNote 10(a) to the accounts, the subsidiary company had established and maintained a sinking fund tosecure the repayment of the full amount of the original Bonds outstanding at maturity date on 10 April1999. The sinking fund has subsequently been utilised for the full redemption of the outstanding Bonds.(b) Under the provisions of the Trust Deed dated 15 July 1993 made by a subsidiary company and theTrustee for the holders of the 5% Redeemable Unsecured Bonds 1993/1998 (“Bonds”) and 6%Redeemable Convertible Unsecured Loan Stocks 1993/1998 (“CULS”) as disclosed in Note 10(b) and(c) to the accounts, the subsidiary company had established and maintained a sinking fund to securethe repayment of the full amount of the original Bonds and CULS outstanding at maturity date on 15September 1998. The sinking fund has subsequently been utilised for the full redemption of theoutstanding Bonds and CULS.6 STOCKSGroup1999 1998RM’000 RM’000Raw materials 119,104 123,165Work-in-progress 41,437 38,007Finished goods 528,840 527,124Ticket stocks, stores and consumables 9,163 18,094Completed houses 19,056 22,324Trading account securities 30,455 98,029748,055 826,743Provision for diminution in value oftrading account securities (13,500) (32,000)734,555 794,743Trading account securities, which principally represent investment in shares quoted in Malaysia, have amarket value of RM18,094,000 (1998: RM66,737,000) as at 30 April 1999.As at 30 April 1999, trading account securities with a book value of RM27,933,000 (1998: RM51,553,000)and market value of RM17,207,000 (1998: RM33,739,000) are pledged to the financial institutions for creditfacilities granted to the subsidiary companies.90

NotesT O T H E A C C O U N T S30 APRIL 19997 DEVELOPMENT PROPERTIESGroup1999 1998RM’000 RM’000Freehold land 1,172,218 1,224,572Leasehold land 207,301 178,380Development expenditure 560,433 559,876Interest capitalised 243,719 191,316Attributable profits 174,678 166,4432,358,349 2,320,587Progress billings (582,540) (591,840)Transfer to stocks (4,498) (1,022)1,771,311 1,727,725Properties costing RM981,698,000 (1998: RM1,090,197,000) have been pledged to financial institutions forcredit facilities granted to subsidiary companies.8 CREDITORSGroupCompany1999 1998 1999 1998RM’000 RM’000 RM’000 RM’000UnsecuredTrade creditors 592,005 444,971 - -Other creditors and accruals 1,220,727 1,397,264 7,052 29,027Amount payable for acquisition of- subsidiary company 15,006 - - -- properties 62,150 150,115 - -Amounts due to subsidiary companies - - 2,803,327 1,634,202Amounts due to associated companies 50 407 8 2SecuredBlock discounting creditors- portion repayable within 12 months (Note 20) 25,164 29,083 - -Unexpired interest (3,958) (5,659) - -21,206 23,424 - -Hire purchase and leasing creditors (Note 20) 52,834 50,701 491 554Floating Rate Notes (Note 20) 285,000 - - -2,248,978 2,066,882 2,810,878 1,663,785Included in other creditors and accruals of life insurance business is an amount to be transferred toshareholders’ funds of RM Nil (1998: RM24,742,000).The amounts due to subsidiary companies are unsecured, interest bearing and have no fixed terms ofrepayment.The amount in respect of block discounting creditors is secured by assignment of the rights under leasingand hire purchase agreements.Included in other creditors and accruals is an amount of RM153,448,000 (1998: RM305,996,000) beingmargin facilities obtained by the Group.91

NotesT O T H E A C C O U N T S30 APRIL 19999 SHORT TERM BORROWINGSGroupCompany1999 1998 1999 1998RM’000 RM’000 RM’000 RM’000SecuredLong term loans- portion repayable within12 months (Note 19) 107,699 383,113 25 50Short term loans 508,235 717,025 - -Bank overdrafts 421,906 395,591 59,188 133,651Revolving credits 424,695 598,890 165,229 174,379Trade financing facilities 30,277 204,763 - -1,492,812 2,299,382 224,442 308,080UnsecuredLong term loans- portion repayable within12 months (Note 19) 2,150 1,450 - -Bank overdrafts 92,026 109,606 - -Revolving credits 9,000 4,000 - -Trade financing facilities 106,753 124,288 - -209,929 239,344 - -1,702,741 2,538,726 224,442 308,080The secured bank overdrafts, revolving credits, short term loans and trade financing facilities are secured byway of fixed charges on certain landed properties of the Group, certain quoted investments of the Groupand the Company, or fixed and floating charges over the other assets of certain subsidiary companies.The borrowings bear interest at rates ranging from 1% to 2.75% (1998: 1% to 4%) per annum above thefinancial institutions’ applicable lending rates for the Group and from 1% to 2% (1998: 1% to 2%) perannum above the financial institutions’ applicable lending rates for the Company.10 BONDS AND CONVERTIBLE UNSECURED LOAN STOCKSGroup1999 1998RM’000 RM’000Unsecured5% Redeemable Unsecured Bonds 1994/1999 withDetachable Warrants (Note a) - 147,7495% Redeemable Unsecured Bonds 1993/1998 withDetachable Transferable Subscription Rights (Note b) - 73,5986% Redeemable Convertible Unsecured Loan Stocks1993/1998 (Note c) - 13,709- 235,05692

NotesT O T H E A C C O U N T S30 APRIL 199910 BONDS AND CONVERTIBLE UNSECURED LOAN STOCKS (CONTINUED)Notes:(a) 5% Redeemable Unsecured Bonds 1994/1999 with Detachable WarrantsThe 5% Redeemable Unsecured Bonds 1994/1999 (“Bonds”) at nominal value of RM1.00 each areconstituted by a Trust Deed dated 31 January 1994 made by a subsidiary company, Berjaya LandBerhad and the Trustee for the holders of the Bonds. Interest on the Bonds is payable semi-annually inarrears. The Bonds matured on 10 April 1999 and was fully redeemed subsequently by utilisation of thesinking fund as disclosed in Note 5(a) to the accounts.The Warrants, which were quoted on the Kuala Lumpur Stock Exchange, are constituted by a Deed Polldated 31 January 1994 made by the subsidiary company and the Trustee for holders of the Warrants.Each Warrant will entitle its registered holders to subscribe for one ordinary share of RM1.00 each inthe subsidiary company at a subscription price of RM3.60 per share. Pursuant to the issue of the BerjayaLand Berhad 6% Irredeemable Convertible Unsecured Loan Stocks 1996/2001, the subscription pricewas adjusted to RM3.11 per share as provided in the Deed Poll. As at 10 April 1999, the rights attachedto the remaining unexercised Warrants, amounting to 18,434,553 units, have also expired.(b) 5% Redeemable Unsecured Bonds 1993/1998 with Detachable Transferable Subscription RightsThe 5% Redeemable Unsecured Bonds 1993/1998 (“Bonds”) at nominal value of RM1.00 each areconstituted by a Trust Deed dated 15 July 1993 made by a subsidiary company, Cosway CorporationBerhad, and the Trustee for holders of the Bonds. Interest on the Bonds is payable semi-annually inarrears. The Bonds matured on 15 September 1998 and was fully redeemed subsequently by utilisationof the sinking fund as disclosed in Note 5(b) to the accounts.The Transferable Subscription Rights (“TSRs”), which are quoted on the Kuala Lumpur StockExchange, are constituted by a Deed Poll dated 15 July 1993 made by the subsidiary company and theTrustee for holders of the TSRs. Each TSR will entitle its registered holders to subscribe for oneordinary share of RM1.00 each in the subsidiary company at a subscription price of RM4.70 per share.Pursuant to the issue of the Cosway Corporation Berhad’s Rights and Special Issue, the subscriptionprice was adjusted to RM4.25 per share as provided in the Deed Poll. As at 15 September 1998, theunexercised TSRs, amounting to 47,148,534 units, have also expired and ceased to be exercisable.(c) 6% Redeemable Convertible Unsecured Loan Stocks 1993/1998The 6% Redeemable Convertible Unsecured Loan Stocks 1993/1998 (“CULS”) at nominal value ofRM1.00 each are constituted by a Trust Deed dated 15 July 1993 made by a subsidiary company,Cosway Corporation Berhad, and the Trustee for holders of the CULS. Interest on the CULS ispayable semi-annually in arrears. The CULS matured on 15 September 1998.The registered CULS holders will be entitled to convert the CULS into ordinary shares of thesubsidiary company at a conversion price of RM4.70 per share on the basis of RM1.00 nominal amountof CULS together with an additional cash of RM3.70 during the 5-year exercise period. Pursuant to theissue of the Cosway Corporation Berhad’s Rights and Special Issue, the conversion price was adjustedto RM4.25 per share as provided in the Deed Poll. As at 15 September 1998, the unconvertedCULS, amounting to 13,599,245 units, was redeemed by utilisation of the sinking fund as disclosed inNote 5(b) to the accounts.93

NotesT O T H E A C C O U N T S30 APRIL 199911 LONG TERM RECEIVABLESIncluded in long term receivables are amounts totalling RM Nil (1998: RM101,656,000) which are securedby life insurance policies and mortgages on properties.12 FIXED ASSETSGroupDisposal/Write- Acquisi- deconso- Foreignback/ Reclassi- tion of lidation currencyAt (Write- fication/ subsi- of subsi- transla- At1.5.98 Additions Disposals off) Transfers diaries diaries tions 30.4.99Valuation/Cost RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000At ValuationFreehold landand buildings 16,950 - - - 54,036 11 - - 70,997Long leaseholdhotel properties 242,959 404 (6) - - - - - 243,357Long leasehold landand buildings 256,274 206 (11,268) (17,586) - - - 753 228,379Short leasehold landand buildings 187 - - - - - - - 187At CostFreehold landand buildings 496,017 25,780 (30,903) - 3,729 - - (6,772) 487,851Freehold hotelproperties 192,292 - (364) - - - - 188 192,116Long leasehold hotelproperties 257,528 75 (30) - (944) - - (1,966) 254,663Long leasehold landand buildings 314,212 44,982 (2,826) - (20,748) - - 3,082 338,702Short leasehold landand buildings 3,759 1,102 - - 1,718 62,086 - - 68,665Plant and equipment 414,380 57,232 (6,099) (8,928) 29,090 23,191 - 3,329 512,195Renovation,equipmentfurniture andfittings 417,833 51,576 (5,580) (1,963) (1,176) 41,631 (19,909) 454 482,866Motor vehicles 85,682 4,397 (5,590) (241) (1,987) 2,608 (1,496) (382) 82,991Aircraft, vesselsand others 62,138 245 (142) - 1,956 - (1) 606 64,802Golf coursedevelopmentand expenditure 65,853 - - - - - - - 65,853Capital work-inprogress185,369 187,394 (7,935) - (62,503) - - 198 302,5233,011,433 373,393 (70,743) (28,718) 3,171 129,527 (21,406) (510) 3,396,14794

NotesT O T H E A C C O U N T S30 APRIL 199912 FIXED ASSETS (CONTINUED)Write-Disposal/back/ Acquisi- deconso- ForeignCharge down Reclassi- tion of lidation currencyAt for the (Write- fication/ subsi- of subsi- transla- At1.5.98 year Disposals off) Transfers diaries diaries tions 30.4.99Accumulated Depreciation RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000At ValuationFreehold landand buildings 3,749 306 - - 1,348 - - - 5,403Long leasehold landand buildings 19,710 4,519 (1,491) (3,701) 71 - - 104 19,212Short leasehold landand buildings 75 5 - - - - - - 80At CostFreehold landand buildings 31,546 9,262 (792) 8,543 (380) - - (171) 48,008Long leasehold landand buildings 29,502 14,666 (58) 46 (1,010) 243 - 214 43,603Short leasehold landand buildings 319 1,182 - - 646 1,283 - - 3,430Plant and equipment 176,605 56,321 (3,505) (221) (49) 2,169 - 815 232,135Renovation,equipment,furnitureand fittings 208,894 49,927 (2,737) (1,786) (573) 11,491 (8,445) (130) 256,641Motor vehicles 50,536 12,291 (3,843) (184) (1,564) 1,342 (912) (201) 57,465Aircraft, vesselsand others 19,610 4,290 (107) - 1,511 - - 184 25,488Golf coursedevelopmentexpenditure 2,570 784 - - - - - - 3,354Capital workin-progress- - - - - - - - -543,116 153,553 (12,533) 2,697 - 16,528 (9,357) 815 694,819At30.4.99RM’000Net Book ValueAt ValuationFreehold land and buildings 65,594Long leasehold hotel properties 243,357Long leasehold land and buildings 209,167Short leasehold land and buildings 107At CostFreehold land and buildings 439,843Freehold hotel properties 192,116Long leasehold hotel properties 254,663Long leasehold land and buildings 295,099Short leasehold land and buildings 65,235Plant and equipment 280,060Renovation, equipment, furniture and fittings 226,225Motor vehicles 25,526Aircrafts, vessels and others 39,314Golf course development expenditure 62,499Capital work-in-progress 302,5232,701,32895

NotesT O T H E A C C O U N T S30 APRIL 199912 FIXED ASSETS (CONTINUED)GroupDisposal/Write- Acquisi- deconso- Foreignback/ Reclassi- tion of lidation currencyAt (Write- fication/ subsi- of subsi- transla- At1.5.97 Additions Disposals off) Transfers diaries diaries tions 30.4.98Valuation/Cost RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000At ValuationFreehold landand buildings 421 31 - - (393) 16,891 - - 16,950Long leaseholdhotel properties 236,118 6,754 (147) - (120) - - 354 242,959Long leasehold landand buildings 67,563 1,018 (7,155) - - 198,936 (2,2,38) (1,850) 256,274Short leasehold landand buildings 187 - - - - - - - 187At CostFreehold landand buildings 343,608 46,224 (11,642) (2,572) 31,918 39,135 (17,874) 67,220 496,017Freehold hotelproperties 125,000 - - - 12,245 1,333 - 53,714 192,292Long leaseholdhotel properties 229,836 2,078 - - 3,707 - - 21,907 257,528Long leasehold landand buildings 278,797 10,265 (314) (2,355) 47,704 6,528 (49,217) 22,804 314,212Short leasehold landand buildings 1,486 - - - - 1,542 - 731 3,759Plant and equipment 239,347 49,754 (6,755) (164) (1,775) 173,268 (72,272) 32,977 414,380Renovation,equipment,furnitureand fittings 341,692 52,506 (12,154) (1,274) 1,500 20,742 (11,701) 26,522 417,833Motor vehicles 78,002 13,725 (9,024) (30) (273) 7,678 (5,446) 1,050 85,682Aircraft, vesselsand others 108,944 930 (64,088) 7,322 (733) 3,421 - 6,342 62,138Golf coursedevelopmentand expenditure 64,779 1,074 - - - - - - 65,853Capitalwork-in-progress 107,161 168,118 (204) - (100,968) 342 - 10,920 185,3692,222,941 352,477 (111,483) 927 (7,188) 469,816 (158,748) 242,691 3,011,43396

NotesT O T H E A C C O U N T S30 APRIL 199912 FIXED ASSETS (CONTINUED)Disposal/Write- Acquisi- deconso- ForeignCharge back/ Reclassi- tion of lidation currencyAt for the (Write- fication/ subsi- of subsi- transla- At1.5.97 year Disposals off) Transfers diaries diaries tions 30.4.98Accumulated Depreciation RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000At ValuationFreehold landand buildings 86 246 - (392) - 3,809 - - 3,749Long leasehold landand buildings 1,902 1,697 - (1,329) - 18,109 (411) (258) 19,710Short leasehold landand buildings 71 4 - - - - - - 75At CostFreehold landand buildings 15,557 7,588 (373) 2,066 - 3,360 (1,264) 4,612 31,546Long leasehold landand buildings 28,522 9,322 (45) (598) - 861 (12,670) 4,110 29,502Short leasehold landand buildings 132 69 - - - 46 - 72 319Plant and equipment 71,383 36,765 (5,226) 1,170 (797) 80,992 (18,837) 11,155 176,605Renovation,equipment,furnitureand fittings 153,059 44,726 (3,212) (1,440) 159 13,043 (5,813) 8,372 208,894Motor vehicles 41,126 13,442 (5,809) (249) 300 4,514 (3,555) 767 50,536Aircraft, vesselsand others 20,822 6,136 (11,246) 1 337 1,554 - 2,006 19,610Golf coursedevelopmentexpenditure 1,763 806 - - 1 - - - 2,570Capital workin-progress- - - - - - - - -334,423 120,801 (25,911) (771) - 126,288 (42,550) 30,836 543,116At30.4.98RM’000Net Book ValueAt ValuationFreehold land and buildings 13,201Long leasehold hotel properties 242,959Long leasehold land and buildings 236,564Short leasehold land and buildings 112At CostFreehold land and buildings 464,471Freehold hotel properties 192,292Long leasehold hotel properties 257,528Long leasehold land and buildings 284,710Short leasehold land and buildings 3,440Plant and equipment 237,775Renovation, equipment, furniture and fittings 208,939Motor vehicles 35,146Aircrafts, vessels and others 42,528Golf course development expenditure 63,283Capital work-in-progress 185,3692,468,31797

NotesT O T H E A C C O U N T S30 APRIL 199912 FIXED ASSETS (CONTINUED)At 1.5.98 Additions Disposals At 30.4.99Company RM’000 RM’000 RM’000 RM’000CostRenovation, equipment, furniture and fittings 5,076 199 68 5,207Motor vehicles 5,553 39 203 5,38910,629 238 271 10,596Accumulated DepreciationRenovation, equipment, furniture and fittings 2,308 644 36 2,916Motor vehicles 3,191 856 171 3,8765,499 1,500 207 6,792At 30.4.99RM’000Net Book ValueRenovation, equipment, furniture and fittings 2,291Motor vehicles 1,5133,804At 1.5.97 Additions Disposals At 30.4.98Company RM’000 RM’000 RM’000 RM’000CostRenovation, equipment, furniture and fittings 4,445 660 29 5,076Motor vehicles 4,709 1,007 163 5,5539,154 1,667 192 10,629Accumulated DepreciationRenovation, equipment, furniture and fittings 1,661 654 7 2,308Motor vehicles 2,417 933 159 3,1914,078 1,587 166 5,499At 30.4.98RM’000Net Book ValueRenovation, equipment, furniture and fittings 2,768Motor vehicles 2,3625,130Long leasehold land comprises leasehold interests with an unexpired term in excess of 50 years.Long leasehold land and buildings and long leasehold hotel properties of the Group stated at valuationswere revalued in 1992 by the directors based on valuations carried out by professional valuers. As allowedby the transitional provisions of International Accounting Standard 16 (Revised), Property, Plant andEquipment, issued by the Malaysian Accounting Standards Board, these assets have continued to be statedat their prior years’ valuations. In 1996, the hotel properties with a net book value of RM466,046,000 at 30April 1996 were appraised by firms of professional valuers giving a valuation of RM526,689,000 based onopen market value basis which resulted in a revaluation surplus of RM60,643,000. As a matter of prudence,the directors did not recommend for the surplus to be incorporated in the accounts.98

NotesT O T H E A C C O U N T S30 APRIL 199912 FIXED ASSETS (CONTINUED)The cost of fixed assets acquired under finance leases and hire purchase agreements amounted toRM125,119,000 (1998: RM132,745,000) for the Group and RM2,842,000 (1998: RM4,333,000) for the Company.Included in the cost of capital work-in-progress is interest capitalised amounting to RM4,138,000 (1998:RM1,827,000).Properties and aircraft costing RM1,085,938,000 (1998: RM1,044,218,000) have been pledged to financialinstitutions for facilities granted to subsidiary companies.The depreciation of fixed assets of the Group as disclosed in Note 26 includes depreciation charge of RMNil (1998: RM1,127,000) relating to subsidiary companies disposed of during the year.The depreciation charge of the Group for the year includes:-(i) RM592,000 (1998: RM348,000) capitalised as part of deferred expenditure by a subsidiary company;(ii) RM Nil (1998: RM2,264,000) attributable to the life assurance subsidiary company which is included aspart of the life assurance revenue account; and(iii) RM Nil (1998: RM3,868,000) in respect of depreciation charge by certain subsidiary companies beforethey became members of the Group.13 OTHER INVESTMENTSGroupCompany1999 1998 1999 1998RM’000 RM’000 RM’000 RM’000Quoted investments in Malaysia- shares 429,238 498,283 - -- unsecured loan stocks 6,895 19,994 - -- unit trust - 20,000 - -- TSR, options 6,152 7,444 - -Quoted investments outside Malaysia- shares 52,814 51,542 - -495,099 597,263 - -Malaysian Government Securities 46,746 237,793 - -Malaysian Government Guaranteed loan 3,000 4,594 - -Unquoted shares 143,028 129,393 42,354 49,667Unquoted guaranteed bonds 9,768 171,289 - -Treasury bills - 43,738 - -Debentures in unquoted corporations 1,000 1,000 - -Loan stocks in unquoted corporations 6,911 6,911 6,461 6,461Golf clubs corporate memberships 775 880 - -706,327 1,192,861 48,815 56,128Provision for diminution in value (59,149) (68,921) (5,850) -647,178 1,123,940 42,965 56,128Market value:Quoted investments in Malaysia- shares 167,354 246,067 - -- unsecured loan stocks 5,050 18,191 - -- unit trust - 17,318 - -- TSR, options 4,878 4,506 - -Quoted shares outside Malaysia 15,508 63,054 - -Malaysian Government Securities 48,144 228,020 - -99

NotesT O T H E A C C O U N T S30 APRIL 199913 OTHER INVESTMENTS (CONTINUED)Investments with a total book value of RM137,287,000 (1998: RM695,332,000) are held by the insurancesubsidiary companies of the Group.As at 30 April 1999, investment in quoted shares in Malaysia with a book value of RM141,465,000 (1998:RM73,952,000) and market value of RM55,588,000 (1998: RM16,617,000) are pledged to the financialinstitutions for credit facilities granted to a subsidiary company.Provision for diminution in value of certain quoted investments have not been made as the directors areof the opinion that the diminution is not permanent in nature.14 INVESTMENT PROPERTIESGroupCompany1999 1998 1999 1998RM’000 RM’000 RM’000 RM’000Freehold land and buildings- at valuation 282,166 281,577 - -- at cost 272,918 341,423 - -Leasehold land and buildings- at cost 27,466 40,530 3,409 3,409582,550 663,530 3,409 3,409The freehold land and buildings were revalued by the directors on 22 May 1990 based on independentprofessional valuations. In 1996, the investment properties with a net book value of RM362,124,000 at 30April 1996 were re-appraised to give a valuation of RM553,490,000 based on open market value onan existing use basis by independent firms of professional valuers which resulted in a revaluationsurplus of RM191,366,000. As a matter of prudence, the directors did not recommend that the surplus beincorporated in the accounts.Investment properties at cost or valuation amounting to RM358,517,000 (1998: RM335,808,000) havebeen pledged to financial institutions for credit facilities granted to subsidiary companies.Included in the cost of the freehold land and buildings is interest capitalised during the developmentperiod of RM10,691,000 (1998: RM8,946,000).15 CONCESSION ASSETIncluded in the concession asset are:Group1999 1998RM’000 RM’000Interest received (5) -Directors’ fees 250 -Directors’ remuneration 377 -Rental of premises 226 -Depreciation 137 -Hire purchase interest 30 -Interest on short term loan 8,316 -100

NotesT O T H E A C C O U N T S30 APRIL 199916 ASSOCIATED COMPANIESGroupCompany1999 1998 1999 1998RM’000 RM’000 RM’000 RM’000Quoted shares - outside Malaysia 64,755 187,560 - -Unquoted shares 420,018 447,435 46,799 46,545Group’s share of post acquisition reserves (21,391) (63,270) - -463,382 571,725 46,799 46,545Provision for diminution in value (37,936) (75,215) - -425,446 496,510 46,799 46,545Market value :Quoted shares - outside Malaysia 23,332 36,909 - -The Group’s interest in the associated companies is represented by:Share of net assets 304,125 301,354Premium on acquisition 121,321 195,156425,446 496,510Provision for diminution in value of certain investment in quoted shares outside Malaysia has not beenmade as the directors are of the opinion that the diminution is not permanent in nature.The Group’s equity interest in the associated companies, their respective principal activities and countriesof incorporation are shown in Note 36.17 SUBSIDIARY COMPANIESGroupCompany1999 1998 1999 1998RM’000 RM’000 RM’000 RM’000Unconsolidated subsidiary company 346,532 346,539 - -Unquoted shares at cost - - 1,299,021 1,171,298Provision for diminution in value (346,532) (231,028) (203,234) (203,234)- 115,511 1,095,787 968,064Quoted shares at cost - - 239,630 245,554- 115,511 1,335,417 1,213,618Market value of quoted shares - - 383,397 314,300The results of operations and net assets of Roasters Corp., a company incorporated in Florida, U.S.A, ofwhich the Group has 73.5% equity interest, has not been consolidated because the company has beenplaced under voluntary reorganisation pursuant to Chapter 11 Reorganisation Protection in the UnitedStates Federal Court (“US Federal Court”) in which the Group has lost its management control over theaffairs of the company during the previous financial year.101

NotesT O T H E A C C O U N T S30 APRIL 199917 SUBSIDIARY COMPANIES (CONTINUED)A scheme of arrangement (“Nathan’s plan”) was confirmed by the US Federal Court during the financialyear. Under Nathan’s plan, Roasters Asia Pacific (HK) Limited, a wholly owned subsidiary company of theGroup, will continue to operate as master franchisor for the Asia Pacific region and favourable terms offranchise fee and royalty are awarded for its future operations under the revised Master DevelopmentAgreement. However, the Group in return, will waive its rights to any existing outstanding debt andrelease any lien and security interest against Roasters Corp.The Group’s equity interests in the subsidiary companies, their respective principal activities and countriesof incorporation are shown in Note 36.18 INTANGIBLE ASSETSGroupCompany1999 1998 1999 1998RM’000 RM’000 RM’000 RM’000Goodwill arising on consolidation 2,449,297 2,670,024 - -Trademarks and copyrights 98,853 69,466 - -Deferred expenditure 102,713 72,874 - 5872,650,863 2,812,364 - 58719 LONG TERM BORROWINGSGroupCompany1999 1998 1999 1998RM’000 RM’000 RM’000 RM’000SecuredTerm loans 1,935,017 1,892,737 25 75Portion repayable within 12 months includedunder short term borrowings (Note 9) (107,699) (383,113) (25) (50)1,827,318 1,509,624 - 25Revolving credits 1,163,097 1,033,870 - -2,990,415 2,543,494 - 25UnsecuredTerm loans 202,175 205,535 - -Portion repayable within 12 months includedunder short term borrowings (Note 9) (2,150) (1,450) - -200,025 204,085 - -Revolving credits 96,500 108,200 - -296,525 312,285 - -3,286,940 2,855,779 - 25The secured borrowings are secured on quoted and unquoted shares held by the Group and the Companyor fixed and floating charges over the assets of certain subsidiary companies.The term loans are repayable over a period not exceeding five years and bear interest at rates which varyaccording to the respective financial institutions’ prevailing applicable lending rates ranging from 1% to2.75% (1998: 1% to 4%) per annum.102

NotesT O T H E A C C O U N T S30 APRIL 199920 OTHER LONG TERM LIABILITIESGroupCompany1999 1998 1999 1998RM’000 RM’000 RM’000 RM’000SecuredBlock discounting creditors (Note a) 52,423 76,302 - -Portion repayable within 12 monthsincluded under creditors (Note 8) (25,164) (29,083) - -27,259 47,219 - -Unexpired carrying charges (3,374) (6,100) - -23,885 41,119 - -Hire purchase and leasing creditors 149,915 146,605 696 1,235Portion repayable within 12 monthsincluded under creditors (Note 8) (52,834) (50,701) (491) (554)97,081 95,904 205 681Floating Rate Notes (Note b) 562,400 560,700 - -Portion repayable within 12 monthsincluded under creditors (Note 8) (285,000) - - -277,400 560,700 - -398,366 697,723 205 681UnsecuredAgency deposits 28,470 26,093 - -Provision for retirement benefits 3,443 19,545 - -Club members’ deposits (Note c) 50,875 53,501 - -Deferred income 54,086 51,454 - -Notes:136,874 150,593 - -535,240 848,316 205 681(a) The amount in respect of block discounting creditors and hire purchase and leasing creditors aresecured by corporate guarantee of the subsidiary companies and assignment of the rights under leasingand hire purchase agreements.(b) The Floating Rate Notes (“FRN”) at nominal value of USD250,000 each are constituted by a TrustDeed dated 6 May 1997, made by a subsidiary company, Berjaya Group Capital (Cayman) Limited(“Issuer”) and the Trustee for the holders of the FRN. The interest rate is 1.4 per cent plus the Londoninterbank offer rate, on the Interest Determination Date. Interest on the FRN is payable quarterly inarrears. The FRN is secured against quoted investments of the Group and guaranteed by the Company.During the financial year, certain terms of the FRN have been amended to facilitate an earlyredemption of the FRN by the Issuer. The redemption terms have been amended to allow the Issuerto redeem at least half of the FRN by end of December 1999 and the outstanding balance by end ofDecember 2000. In connection to the aforesaid amendment, the interest rate shall be at 2.5 per centplus the London interbank offer rate with effect from 18 December 1998.103

NotesT O T H E A C C O U N T S30 APRIL 199920 OTHER LONG TERM LIABILITIES (CONTINUED)(c) Club members’ deposits represent amounts paid by members to certain subsidiary companies formembership licences issued to use and enjoy the facilities of the subsidiary companies’ recreationalclubs. The monies are refundable to the members at their request upon expiry of prescribed terms fromthe dates of issuance of the licences.21 SHARE CAPITALOrdinary shares of RM1.00 eachGroup and Company1999 1998RM’000 RM’000AuthorisedAt 1 May 2,000,000 2,000,000Created during the year 3,000,000 -At 30 April 5,000,000 2,000,000Issued and fully paidAt 1 May 1,215,762 877,214Issued during the year from conversion of ICULS 61,167 337,777Staff Share Options exercised - 771At 30 April 1,276,929 1,215,76222 RESERVESGroupCompany1999 1998 1999 1998RM’000 RM’000 RM’000 RM’000Non distributableShare premium 733,753 672,618 733,753 672,618Capital reserves 147,598 149,329 - -Foreign currency translation reserve 43,264 60,779 - -DistributableProfit and loss account 441,986 541,686 477,596 475,7171,366,601 1,424,412 1,211,349 1,148,335Group andGroupCompanyForeigncurrencytranslation Capital Sharereserve reserves premiumRM’000 RM’000 RM’000Movement in reservesAt beginning of the financial year 60,779 149,329 672,618Exchange difference on translationof net assets of foreign subsidiary companiesand associated companies (19,586) - -Reserves on acquisition of shares in subsidiarycompanies - 3,993 -Share premium arising fromissuance of new shares - - 61,167Share issue expenses - - (32)Transfer from/(to) profit and loss account 2,071 (5,724) -104At end of the financial year 43,264 147,598 733,753

NotesT O T H E A C C O U N T S30 APRIL 199922 RESERVES (CONTINUED)Transfer to profit and loss account represents the realisation of reserves on disposal and dilution ofsubsidiary companies and associated companies.Subject to the agreement of the Inland Revenue Board, the Company has sufficient tax credit underSection 108 of the Income Tax Act 1967 and tax exempt income under the Income Tax (Amendment) Act,1999 to frank the payment of dividend of RM62,504,000 out of its retained profits as dividends in future.Should the entire retained profits be franked as dividends, the Company will have a Section 108 charge ofapproximately RM116,226,000.23 IRREDEEMABLE CONVERTIBLE UNSECURED LOAN STOCKSGroupCompany1999 1998 1999 1998RM’000 RM’000 RM’000 RM’0006% Irredeemable Convertible Unsecured LoanStocks March 1996/2001 (Note a) 7,934 8,000 - -6% Irredeemable Convertible Unsecured LoanStocks December 1996/2001 (Note b) - 122,334 - 122,3345% Irredeemable Convertible Unsecured LoanStocks June 1997/2002 (Note c) 10,358 10,365 - -Notes(a) 6% Irredeemable Convertible Unsecured Loan Stocks March 1996/200118,292 140,699 - 122,334The 6% Irredeemable Convertible Unsecured Loan Stocks 1996/2001 (“BLB ICULS”) at nominalvalue of RM1.00 each were constituted by a Trust Deed dated 17 January 1996 made by a subsidiarycompany, Berjaya Land Berhad and the Trustee for the holders of the BLB ICULS. The main featuresof the ICULS were as follows:-• The BLB ICULS shall be convertible into fully paid ordinary shares of the subsidiary companyduring the period from 27 March 1996 to the maturity date at 26 March 2001 at the rate of RM2.35nominal value of BLB ICULS or at the rate of RM2.00 nominal value of the BLB ICULS andRM0.35 in cash for one fully paid ordinary share of RM1.00 each.• Upon conversion of the BLB ICULS into new ordinary shares, such shares should rank pari passu inall respects with the ordinary shares of the subsidiary company in issue at the time of conversionexcept that they would not be entitled to any dividend or other distributions declared in respect of afinancial period prior to the financial period in which the BLB ICULS are converted or any interimdividend declared prior to the date of conversion of the BLB ICULS.• The interest on the BLB ICULS is payable semi-annually in arrears.As at 30 April 1999, the Group did not hold any unit of BLB ICULS.(b) 6% Irredeemable Convertible Unsecured Loan Stocks December 1996/2001The Company’s 6% Irredeemable Convertible Unsecured Loan Stocks 1996/2001 (“BGB ICULS”) atnominal value of RM1.00 each were constituted by a Trust Deed dated 11 October 1996 madebetween the Company and the Trustee for the holders of the BGB ICULS. The main features of theBGB ICULS were as follows:-• The BGB ICULS shall be convertible into fully paid ordinary shares of the Company during theperiod from 17 December 1996 to the maturity date at 16 December 2001 at the rate of RM2.00nominal value of BGB ICULS for one fully paid ordinary share of RM1.00 each.105

NotesT O T H E A C C O U N T S30 APRIL 199923 IRREDEEMABLE CONVERTIBLE UNSECURED LOAN STOCKS (CONTINUED)(b) 6% Irredeemable Convertible Unsecured Loan Stocks December 1996/2001 (continued)• Upon conversion of the BGB ICULS into new ordinary shares, such shares should rank pari passu inall respects with the ordinary shares of the Company in issue at the time of conversion except thatthey would not be entitled to any dividend or other distributions declared in respect of a financialperiod prior to the financial period in which the BGB ICULS are converted or any interim dividenddeclared prior to the date of conversion of the BGB ICULS.• The interest on the BGB ICULS is payable semi-annually in arrears.During the financial year, all the remaining BGB ICULS of approximately 122.334 million wereconverted into approximately 61.167 million new ordinary shares of the Company at the conversionprice of RM1.00 per new ordinar share for every RM2.00 nominal amount of BGB ICULS.(c) 5% Irredeemable Convertible Unsecured Loan Stocks June 1997/2002The 5% Irredeemable Convertible Unsecured Loan Stocks 1997/2002 (“DBM ICULS”) at nominalvalue of RM1.00 each were constituted by a Trust Deed dated 28 April 1997 made by a subsidiarycompany, Dunham-Bush (Malaysia) Bhd and the Trustee for the holders of the DBM ICULS. Themain features of the DBM ICULS were as follows:-• The DBM ICULS shall be convertible into fully paid ordinary shares of the subsidiary companyduring the period from 18 June 1997 to the maturity date at 17 June 2002 at the rate of RM13.80nominal value of DBM ICULS or at the rate of RM1.00 nominal value of the DBM ICULS andRM12.80 in cash for one fully paid ordinary share of RM1.00 each.• Upon conversion of the DBM ICULS into new ordinary shares, such shares should rank pari passuin all respects with the ordinary shares of the subsidiary company in issue at the time of conversionexcept that they would not be entitled to any dividend or other distributions declared in respect of afinancial period prior to the financial period in which the DBM ICULS are converted or any interimdividend declared prior to the date of conversion of the DBM ICULS.• The interest on the DBM ICULS is payable semi-annually in arrears.As at 30 April 1999, the Group holds 11,641,242 (1998: 11,634,242) units with a market value of RM12,356,000(1998: RM5,817,000) and these have been eliminated against the total DBM ICULS outstanding.24 INSURANCE RESERVESGroup1999 1998RM’000 RM’000General insurance fund 41,770 44,508Life insurance fund - 911,46141,770 955,969106

NotesT O T H E A C C O U N T S30 APRIL 199925 TURNOVERTurnover (including share of associated companies’ turnover as disclosed in Note 30) for the Grouprepresents the invoiced value of sales of the Group’s products and services, progress billings on sale ofproperties, lease rentals, rental of properties, interest income from hire purchase and loan financing, grossinsurance premiums, gross stake collections from the sale of Toto betting tickets and brokerage andunderwriting commission on securities contracts and new issue of shares.Turnover of the Company represents gross dividends from subsidiary companies, associated companies and otherinvestments, management fees receivable from subsidiary companies and share administration fee income.Information on cost of sales has not been disclosed as required by International Accounting Standard No. 2,Inventories. Due to the diversified nature of the Group, the directors are of the opinion that suchdisclosure would be of little value to the users of the accounts.26 PROFIT BEFORE TAXATIONGroupCompany1999 1998 1999 1998RM’000 RM’000 RM’000 RM’000Profit before taxation is arrived at after charging:Directors’ remuneration (Note)- emoluments 28,850 30,711 2,192 3,103- fees 1,038 2,159 36 36Auditors’ remuneration 4,049 4,309 77 82Depreciation of fixed assets 152,961 115,448 1,499 1,587Hire of plant and machinery 2,818 4,125 - -Rental of land and buildings 52,665 57,575 367 441Rental of operating lease 10,998 8,751 - -Interest expense 563,237 500,495 31,723 63,862Interest payable to subsidiary companies - - 284,026 163,485Amortisation of intangible assets 26,050 20,840 587 145Toto betting royalty 64,644 64,943 - -Contribution to National Sports Council 45,898 49,215 - -Bad and doubtful debts 64,759 46,956 2,703 -Loss on disposal of associated companies - 1,489 - -Loss on disposal of other investments - 61,474 - -Provision for diminution in value ofinvestments in subsidiary companies 110,568 45,449 - -Provision for diminution in value ofinvestments in associated companies 6,443 21,052 - -Provision for diminution invalue of other investments 22,015 74,254 5,850 -Provision for amounts due froma subsidiary company 74,723 - - -Provision for loss on discontinuanceof business - 3,246 - -Provision for loss on exchange - 22,502 2,327 12,236107

NotesT O T H E A C C O U N T S30 APRIL 199926 PROFIT BEFORE TAXATION (CONTINUED)GroupCompany1999 1998 1999 1998RM’000 RM’000 RM’000 RM’000and crediting:Gross dividends from- subsidiary companies quoted in Malaysia - - 19,170 31,921- unquoted subsidiary companies - - 10,973 31,935- investments quoted in Malaysia 3,455 8,112 40 -- unquoted investments 421 63 421 -Interest receivable from subsidiary companies - - 349,313 209,716Other interest income 62,436 82,557 1,627 4,335Income from rental of land and buildings 9,928 10,480 34 16Gain on disposal of fixed assets 4,238 32,808 31 90Gain on disposal of subsidiary companies 533,674 382,029 2,673 12,231Gain on disposal of associated companies 7,931 - - -Gain on disposal of investments 1,976 - - 15,504Gain on disposal of properties (net of tax) 13,942 17,904 - -Gain on foreign exchange 3,956 - - -Write back of provision for diminutionin value of subsidiary companies - - - 2,550Forfeiture of deposit for disposal of investments - 10,469 - -and including the Group’s share of results of associated companies :-Group1999 1998RM’000 RM’000Share of profits less losses before taxation (21,464) 10,556Less: Attributable holding costs (30,883) (103,908)(52,347) (93,352)Note:The estimated money value of benefits-in-kind received by the directors was RM421,000 (1998: RM364,000)for the Group and RM184,000 (1998: RM196,000) for the Company.27 TAXATIONGroupCompany1999 1998 1999 1998RM’000 RM’000 RM’000 RM’000In Malaysia:Current taxation (25,589) 132,428 - 18,650Deferred taxation 6,302 474 - -Associated companies 1,948 2,538 - -In respect of prior years 1,849 (30,855) (49) (9,147)(15,490) 104,585 (49) 9,503Outside Malaysia:Current taxation 22,451 10,119 - -Deferred taxation (101) (2,278) - -Associated companies 23,850 (3,335) - -In respect of prior years (3,731) (61) - -42,469 4,445 - -10826,979 109,030 (49) 9,503

NotesT O T H E A C C O U N T S30 APRIL 199927 TAXATION (CONTINUED)There is no tax charge for the current financial year for the Company as the tax is waived in accordancewith the Income Tax (Amendment) Act, 1999. The chargeable income of RM94,918,000 on which the taxis waived shall be credited to an exempt account from which tax exempt dividends can be declared,subject to agreement with the Inland Revenue Board.The tax at source on dividend income from the operating subsidiary companies is recorded as an amountrecoverable by the Group, therefore resulting in a credit to the Group’s profit and loss account.As at 30 April 1999, the Company has tax losses of approximately RM1,587,000 (1998: RM1,750,000) andunutilised capital allowances of approximately RM6,705,000 (1998: RM5,984,000) which can be used tooffset against future taxable profits subject to the agreement of the Inland Revenue Board.As at 30 April 1999 the Company has a potential deferred tax benefit of approximately RM2,217,000(1998: RM2,125,000), arising principally from tax losses carried forward and unutilised capital allowances,the effects of which are not included in the accounts as there is no assurance beyond any reasonabledoubt that future taxable income will be sufficient to allow the benefit to be realised.28 DIVIDENDSGroup and Company1999 1998RM’000 RM’000Underprovision of dividend in previous year due toenlargement of share capital - 40Interim paid:Nil (1998: 2 sen gross per share, less 28% tax) - 12,673Proposed final:3 sen per share tax exempt(1998: 1 sen gross per share, less 28% tax) 38,308 8,75338,308 21,46629 (LOSS)/EARNINGS PER SHARELoss per share is calculated by dividing the Group’s loss after taxation and minority interests ofRM109,851,000 (1998: profit after taxation and minority interests of RM4,738,000) by the weightedaverage number of 1,243,164,000 shares (1998: weighted average number of 910,554,000 shares) of theCompany in issue during the financial year.The fully diluted loss per share for the current year has not been computed as the Group showed basicloss per share for the year.109

NotesT O T H E A C C O U N T S30 APRIL 199930 SEGMENTAL ANALYSISGroupProfit/(loss)Totalbefore assetsTurnover taxation employedRM’000 RM’000 RM’0001999Financial services 283,830 63,034 1,058,386Manufacturing 722,195 (19,606) 801,828Infrastructure - - 189,642Property investment and development 137,942 21,635 2,650,273Hotel, resort and recreation 760,512 629 1,825,943Toto betting and related activities 2,195,411 443,423 1,909,513Marketing of consumer products and services 2,883,869 29,813 1,853,6556,983,759 538,928 10,289,240Associated companies 256,754 (21,464) 425,4467,240,513 517,464 10,714,686Investment holding and others 32,015 (212,705) 1,786,9127,272,528 304,759 12,501,5981998Financial services 784,470 40,961 2,388,821Manufacturing 743,759 5,318 731,218Property investment and development 171,062 44,832 2,589,253Hotel, resort and recreation 629,261 (4,305) 1,950,281Toto betting and related activities 2,188,238 454,575 1,789,851Marketing of consumer products and services 2,593,795 46,412 1,526,0867,110,585 587,793 10,975,510Associated companies 296,645 10,556 496,5107,407,230 598,349 11,472,020Investment holding and others 41,879 (255,965) 2,362,5467,449,109 342,384 13,834,566Segmental information by geographical locations is not provided.31 SIGNIFICANT RELATED PARTY TRANSACTIONS110GroupCompany1999 1998 1999 1998RM’000 RM’000 RM’000 RM’000Acquisition of propertiesfrom a director related company 43,496 - - -Purchase of marketable securitiesfrom a company related tocertain directors of the Company - 63,604 - -Management fees receivablefrom subsidiary companies - - 509 1,781Progress payments to a director relatedcompany in connection with theacquisition of properties which arebeing constructed 71,929 29,255 - -

NotesT O T H E A C C O U N T S30 APRIL 199931 SIGNIFICANT RELATED PARTY TRANSACTIONS (CONTINUED)The purchase consideration for the properties is based on valuation determined by an independent firmof professional valuers.Details of significant intercompany acquisitions and disposals of assets completed during the financialyear are included in Note 34(A).32 CAPITAL COMMITMENTSGroupCompany1999 1998 1999 1998RM’000 RM’000 RM’000 RM’000Capital expenditureFixed assets- approved and contracted for 20,109 12,778 - -- approved but not contracted for 24,652 31,439 - -Infrastructure project- approved and contracted for 476,474 - - -521,235 44,217 - -Commitments for investments inother corporations 37,500 53,650 - -Balance of purchase considerationfor the acquisition of properties 110,535 247,578 - -Obligations under ongoingunderwriting agreements 4,800 - - -Undrawn portion of loans committedto third parties by an insurance subsidiary - 951 - -Contracts placed for Year 2000 compliance 1,295 - 292 -675,365 346,396 292 -Balance of purchase consideration for the acquisition of properties is in relation to the acquisition from adirector related company. The purchase consideration for the properties are based on valuation determinedby an independent firm of professional valuers.Details of significant commitments for acquisition of properties and investments are included in Notes34(B), 35(A) and 35(B) to the accounts.33 CONTINGENT LIABILITIESGroupCompany1999 1998 1999 1998RM’000 RM’000 RM’000 RM’000SecuredPerformance and tender bonds guaranteed bygeneral insurance subsidiary company 8,391 9,916 - -UnsecuredGuarantees given to financial institutions forfacilities granted to related companies - - 920,777 943,4368,391 9,916 920,777 943,436111

NotesT O T H E A C C O U N T S30 APRIL 199934 SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR(A)COMPLETED EVENTS(1) On 28 May 1998, Berjaya Lottery Management (HK) Limited (“BLM”), then a subsidiary companyof the Company and an associated company of Berjaya Sports Toto Berhad (“BToto”), completedthe disposal of its entire 40% equity interest in Philippine Gaming Management Corporation(“PGMC”) to Prime Gaming Philippines, Inc (“Prime Gaming”) for a total consideration ofPHP208.0 million or approximately RM20.3 million, satisfied by the issuance of 20.8 million newcommon shares of PHP10 each at par in Prime Gaming and the assignment to Prime Gaming of thelong term debt of PHP329,485,588 owing by PGMC to BLM for a total consideration ofPHP329,485,588 or approximately RM32.9 million satisfied by the issuance of 32,948,558 newcommon shares of PHP10 each at par in Prime Gaming. Upon completion of the disposal, BLMowns approximately 54.04 million shares or 54.3% in Prime Gaming. Concurrently, the other PGMCstockholders holding the balance of 60% equity interests have also entered into similar agreementswith Prime Gaming. As a consequence, Prime Gaming became a subsidiary of BLM whichindirectly increased the effective interest in PGMC via Prime Gaming from 40% to 54.3%.Prime Gaming is a public company that is listed on the Philippine Stock Exchange.(2) On 4 June 1998, Berjaya Capital Berhad (“BCapital”) completed the divestment of its entireshareholdings of 68,830,000 ordinary shares of RM1.00 each, representing 68.83% of the issued andpaid-up share capital of Prudential Assurance Malaysia Berhad for a total cash consideration ofRM722.715 million.(3) On 29 June 1998, the Company and BToto announced that BLM has entered into a ConditionalSale and Purchase Agreement with International Lottery & Totalizator Systems Inc. (“ILTS”) forthe disposal of 20,800,000 common shares representing approximately 20.90% equity interest inPrime Gaming for a proposed sale consideration of PHP364.0 million (approximately RM36.4million) or at PHP17.5 per share. The sale consideration will be satisfied by the issuance of3,791,667 new common shares of ILTS at a proposed issue price of USD2.40 per share. This willincrease BLM’s stake in ILTS from 36.61% to 38.68%.However, on 11 March 1999, ILTS announced that the Prime Gaming shareholders, who are partiesto the Conditional Sale and Purchase Agreement, terminated the proposed transaction.(4) On 13 July 1998, Berjaya Land Berhad (“BLand”) announced that it has disposed of a total of50,000,000 ordinary shares of RM1.00 each representing 8.74% of the issued and paid-up sharecapital of BToto via private placement through a stockbroker on 7 July 1998 at a placement price ofRM6.05 per BToto share for an aggregate cash consideration of approximately RM300.7 million.(5) On 17 July 1998, Cosway Corporation Berhad (“CoswayCorp”) announced the rescission of theproposed sale to Tengku Dato’ Adnan Bin Tengku Mansor of 46.5 million ordinary sharesrepresenting 30% of the issued and paid-up share capital of Cosway (M) Sdn Bhd (“Cosway”), thena 94%-owned subsidiary company of CoswayCorp for a total cash consideration of approximatelyRM162.8 million, in view of the difficult economic and financial environment then.(6) On 20 July 1998, BLM completed its further acquisition of 14,132,314 Prime Gaming shares for atotal consideration of PHP247.3 million or approximately RM26.3 million resulting in BLM’s equityinterest in Prime Gaming being increased from 54.30% to 68.50%.(7) On 22 September 1998, Berjaya Vacation Club Berhad (“BVC”), a wholly owned subsidiarycompany of BLand, completed the acquisition of 56.02 acres of commercial leasehold land inMukim of Bentong, Negeri Pahang Darul Makmur for a total cash consideration of approximatelyRM19.5 million from Bukit Tinggi Resort Berhad (“BTRB”).112

NotesT O T H E A C C O U N T S30 APRIL 199934 SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR (CONTINUED)(A)COMPLETED EVENTS (CONTINUED)(8) On 26 September 1998, the Company announced that its various subsidiary companies haveconverted/exercised a total of RM15,091,486 nominal amount of 6% Redeemable ConvertibleUnsecured Loan Stocks 1993/1998 (“Cosway CULS”) and 35,361,000 Transferable SubscriptionRights (“Cosway TSRs”) into 50,452,486 new ordinary shares of RM1.00 each in CoswayCorp on thefollowing basis :-(a) For Cosway CULS, by tendering RM1.00 nominal amount of Cosway CULS and RM3.25 cashfor one new ordinary share in CoswayCorp; and(b) In respect of Cosway TSRs, by paying cash of RM4.25 per share for the subscription of one newordinary share in CoswayCorp for every one Cosway TSR held.(9) On 30 November 1998, the Company announced that it has been informed by TranswaterCorporation Berhad that the latter no longer wishes to proceed with the previously announcedproposals to acquire :(i) 80% equity interest in Tioman Island Resort Berhad (“TIRB”) held by BLand for a total cashconsideration of approximately RM137.7 million;(ii) 4,000,000 ordinary shares of RM1.00 each representing 100% equity interest in the issued andpaid-up share capital of Kota Raya Development Sdn Bhd held by BLand for a total cashconsideration of approximately RM38.2 million via TIRB; and(iii)4 pieces of contiguous freehold land measuring on aggregate approximately 5,438.69 acres inMukim of Sungei Tinggi and Batang Berjuntai, Selangor Darul Ehsan from Eminent CapitalSdn Bhd (“ECSB”), a wholly owned subsidiary company of the Company, for a cashconsideration of approximately RM435.1 million via TIRB.(10)On 30 November 1998, the Company announced that the Conditional Sale and PurchaseAgreement entered into by ECSB with BLand on 1 December 1997 for the disposal of 3,787.65acres of freehold land in Mukim of Sungei Tinggi for a cash consideration of approximatelyRM303.0 million has lapsed due to non-fulfillment of certain conditions. Both parties have mutuallyagreed to rescind the said agreement.(11)On 8 December 1998, CoswayCorp completed the acquisition of 6,510,000 ordinary shares ofRM1.00 each representing 4.2% in Cosway from Mr Chuah Choong Heong at a price of RM1.23 pershare for a cash consideration of approximately RM8 million. As a result of this acquisition, Coswaybecame a wholly owned subsidiary company of CoswayCorp.(12)On 11 December 1998, the Company completed the early conversion of the remainingRM81,674,031 6% Irredeemable Convertible Unsecured Loan Stocks 1996/2001 (“BGB ICULS”)representing approximately 9.63% of the total original BGB ICULS issue of RM847,903,852. A totalof 40,660,000 BGB ICULS was converted during the year but prior to the early conversion. TheBGB ICULS was issued on 16 December 1996 and due to mature on 15 December 2001.(13)On 11 December 1998, the Company announced that it has received an offer from Tan Sri Dato’Seri Vincent Tan Chee Yioun to sell his interest in Intan Utilities Berhad (“Intan”) held via VistaMeranti Sdn Bhd (“Vista”) and IMD Sdn Bhd (“IMD”) to the Company, to be satisfied by an issueof new ordinary shares of RM1.00 each and new warrants in the Company.The proposed offer involves :(a) the proposed subscription by the Company of 9,998 new shares at par in Magna Pertiwi Sdn Bhd(“Magna”), presently a wholly owned subsidiary company of Vista which will have a 21.01%stake in Intan, for RM9,998 cash; and113

NotesT O T H E A C C O U N T S30 APRIL 199934 SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR(CONTINUED)(A)COMPLETED EVENTS (CONTINUED)(b) an undertaking to repay on behalf of Magna RM55,120,090 being the total amounts which willbe owed by Magna to both Vista and IMD pursuant to Magna’s acquisitions of a total of11,248,998 Intan shares, representing a 21.01% stake in Intan at a price of RM4.90 per Intanshare (“Proposed Repayments”). The Proposed Repayments will be satisfied by an issue of atotal of 55,120,090 new shares of the Company together with 55,120,090 new Warrants.On 25 June 1999, the Company announced that both parties had decided not to proceed with theabove proposals.(14)On 18 December 1998, BLand obtained its shareholders’ approval for the acquisition of approximately96.67% equity in New Pantai Expressway Sdn Bhd (formerly known as Maxtro Engineering Sdn Bhd)(“NPE”) comprising 14,500,000 ordinary shares of RM1.00 each for a cash consideration of RM53.65million or at RM3.70 per ordinary share. NPE entered into a 30-year Concession Agreement with theGovernment to design, build, operate and transfer an intra-urban toll highway in the Klang Valleyknown as the New Pantai Highway which will cover approximately 20 km between Subang Jaya,Federal Highway, Jalan Bangsar and Kuala Lumpur Seremban Expressway.(B)EVENTS PENDING COMPLETION(1) On 13 August 1998, the Company announced the proposed rights issue of IrredeemableConvertible Unsecured Loan Stocks (“BGB ICULS 1999/2009”) with four Warrants attached. Therights ratio is RM1.00 nominal amount for every two ordinary shares held. Each RM1.00 nominalvalue of BGB ICULS 1999/2009 can be converted into one ordinary share of RM1.00 each at theConversion Price of RM1.00. Each RM1.00 nominal value of BGB ICULS 1999/2009 will comeattached with four warrants which will entitle its holders to subscribe for further shares in theCompany at the Exercise Price of RM1.00. The tenure of BGB ICULS 1999/2009 and Warrant isten years. The remaining BGB ICULS 1999/2009 at the end of its tenure will automatically beconverted into new Berjaya Group Berhad shares at the Conversion Price of RM1.00. The BGBICULS 1999/2009 issue will raise approximately RM607.88 million in long term capital immediatelywhilst the Warrants may potentially raise a further RM2.43 billion over the period of its tenure.On 9 December 1998, the Company received the approval from the Securities Commission for therights issue of up to RM650,193,139 nominal amount of BGB ICULS 1999/2009 with up to2,600,772,556 detachable warrants on the basis of RM1.00 nominal amount of ICULS with fourWarrants attached for every two existing ordinary shares of RM1.00 each held. The total BGBICULS 1999/2009 to be issued are 640,025,128 with 2,560,100,512 detachable warrants based on theshare capital in issue at that time.All approvals have been obtained and the closing date for subscription is 24 September 1999.(2) On 23 January 1999, BLand announced the proposed acquisition by Semangat Cergas Sdn Bhd(“SCSB”), a wholly owned subsidiary company of BLand, of approximately 136.55 acres ofleasehold land (expiring on 1 August 2092) from BTRB for a total consideration of RM27.65 million(“Proposed Acquisition”).As an integral part of the terms and conditions of the Proposed Acquisition, BTRB shall uponfinalisation of the Proposed Acquisition, undertake to purchase or procure the sale of at leastRM26.63 million worth of developed properties from the BLand group.Hence, SCSB will finance the Proposed Acquisition from the proceeds of sale of at least RM26.63million worth of properties, and only if required, any nominal differences shall be funded frominternal funds.114

NotesT O T H E A C C O U N T S30 APRIL 199934 SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR(CONTINUED)(B)EVENTS PENDING COMPLETION (CONTINUED)(3) On 3 March 1999, BLand announced the proposed conversion of some of BLand Group’s existingbank loans into new BLand Irredeemable Convertible Unsecured Loan Stocks (“BLB ICULS1999/2009”) and shares (“Proposed Debt Conversion”). An aggregate amount of approximatelyRM900 million, comprising loans and interests to be capitalised, which were granted for investmentpurposes only, are considered in the Proposed Debt Conversion.Upon the completion of the Proposed Debt Conversion, BLand proposes to implement an offer forsale of BLB ICULS 1999/2009 to all the shareholders of BLand other than the Company, theholding company of BLand. The consensus of the lenders will be sought to participate in theProposed Offer For Sale (“POFS”) proportionately to the number of ICULS held by them.As an integral part of the Proposed Debt Conversion exercise, BLand will enter into “put” and“call” options for the BLB ICULS 1999/2009 while the Company has also agreed to enter into“put” and “call” options for the BLand shares, to the lenders over a period of five years to facilitatethe lender’s divestment of the ICULS and shares.On 30 April 1999, BLand announced that several creditors have agreed in principle to convert theirrespective debts into BLB ICULS 1999/2009. The terms of the BLB ICULS 1999/2009 to be issuedto the creditors will be similar to those BLB ICULS 1999/2009 to be issued to the financialinstitutions except that there will not be any “put” and “call” arrangements and the creditors will notbe involved in the Proposed Offer for Sale. It is expected that not more than RM50 million of thecreditors’ debts will be involved in this exercise and these debts together with the bank loans wouldnot exceed RM900 million of debts to be converted into BLB ICULS 1999/2009 and ordinary shares.On 4 June 1999, BLand announced an increase in the aggregate quantum of the Proposed DebtConversion from RM900 million to approximately up to RM1.2 billion to cater for new participationfrom additional lenders and creditors. This will mainly involve two of the operating companieswithin BLand Group, namely, NPE and Dian Kristal Sdn Bhd.On 13 August 1999, BLand announced that the Securities Commission (“SC”) approved theProposed Debt Conversion on 9 August 1999. One of the main conditions of the SC approval is thatthe issue price of the new BLand shares be fixed based on the 5-day weighted average market priceof the BLand shares on a date after SC’s approval and the BLB ICULS 1999/2009 to be fixed at apremium over the share issue price. As such, a total of 64,516,129 new BLand shares will be issued,at an issue price of RM1.55 per share, for the Proposed Debt Conversion and these BLand shareswill be the subject of the above “put” and “call” option to be entered into by the Company. Theissue price of the BLB ICULS 1999/2009 will be RM1.00 but the conversion price will be atRM1.60, being a premium to the aforesaid share issue price.The Company has proposed to assume the put option, previously proposed to be granted by BLand,in respect of the remaining BLB ICULS after the POFS and BLand will assign its call option to theCompany. The indicative bases for the POFS shall be RM3.00 nominal amount of BLB ICULS fortwo existing BLand shares held or RM4.70 nominal amount of BLand ICULS 1996/2001 held on anentitlement date to be announced in due course.All approvals from the relevant authorities have been obtained for the Proposed Debt Conversionand it is now pending shareholders’ approval.(4) On 30 April 1999, BLand announced the proposal to establish a new employees’ share optionscheme (“Proposed New ESOS”) of up to 10 per centum (10%) of the issued and paid-up sharecapital at any one time during the existence of the Proposed New ESOS for the benefit of eligibleexecutive directors and employees of BLand and its non-listed Malaysian incorporated subsidiarycompanies which are not dormant. The Proposed New ESOS will succeed the previous employees’share option scheme which has expired on 4 March 1999.115

NotesT O T H E A C C O U N T S30 APRIL 199935 SIGNIFICANT EVENTS SUBSEQUENT TO THE BALANCE SHEET DATE(A)COMPLETED EVENT(1) On 10 August 1999, the Company announced that its wholly owned subsidiary companies, JuaraSejati Sdn Bhd and Bizurai Bijak (M) Sdn Bhd and the Company had disposed of a total of66,336,000 ordinary shares of RM1.00 each representing 11.73% of the equity in BCapital in theopen market during the period from 23 December 1998 to 27 July 1999 for a net consideration ofapproximately RM124 million.(B)EVENTS PENDING COMPLETION(1) On 26 July 1999, the Company announced that its wholly owned subsidiary company, GarimaHoldings Sdn Bhd has agreed to dispose of a total of 40.0 million ordinary shares of RM1.00 eachrepresenting approximately 11.7% of the issued and paid-up share capital of CoswayCorp to YangBahagia Dato’ Samsudin bin Abu Hassan for a total cash consideration of RM84.0 million or atRM2.10 per share.(2) On 6 August 1999, the Company announced that its wholly owned subsidiary company, BerjayaGroup (Aust) Pty Ltd and itself have entered into a Share Sale Agreement with inter alia, RevescoLimited and Suncall Investments for the proposed divestment of the group’s interest in the entire50% stake in Advance Medical Technology Pty Ltd, the holding company for the GribblesPathology group of companies and trusts; and a 21.5% stake in the enlarged share capital of GribblesPathology (M) Sdn Bhd collectively for a total gross consideration of AUD71.32 million orapproximately RM178.3 million.(3) On 15 August 1999, the Company announced the following proposed acquisitions :-(i) 2,040,000 ordinary shares of RM1.00 each representing 51% equity interest in Danau KerjayaSdn Bhd (“DKSB”) for a total consideration of RM8.44 million or at approximately RM4.14 pershare, and the advancement of proportionate shareholders’ loan of approximately RM8.56million. DKSB owns two parcels of irregular-shaped freehold land, measuring approximately12.91 acres within the exclusive Damansara Heights area in Kuala Lumpur.(ii) 3,570,000 ordinary shares of RM1.00 each representing 51% equity interest in Cosda (M) SdnBhd (“CMSB”) for a total consideration of RM2.08 million or at approximately RM0.58 pershare, and the advancement of proportionate shareholders’ loan of approximately RM12.92million. CMSB owns thirty-one parcels of adjoining land totalling approximately 53.74 acres inthe vicinity of Batu Ferringhi, Penang.(4) On 16 August 1999, the Company announced that Carlovers Carwash Limited (“Carlovers”), a 72%owned subsidiary company of the Group, intend to acquire from Berjaya Group (Aust) Pty Ltd, awholly owned subsidiary company of the Group, its 60% stake in Video Ezy Australasia Pty Ltd(“Video Ezy”). The acquisition is currently subject to an independent valuation of the 60% interestin Video Ezy and approval from directors and shareholders of both companies as well as theregulatory bodies concerned.Carlovers is a public company that is listed on the Australian Stock Exchange.116

NotesT O T H E A C C O U N T S30 APRIL 199936 LIST OF SUBSIDIARIES AND ASSOCIATED COMPANIESEquityCountry ofinterestName incorporation held Principal activities1999 1998% %SUBSIDIARIES:Subsidiaries of the CompanyBerjaya Bandartex Sdn Bhd Malaysia 100.0 100.0 Garment manufacturer.Berjaya Capital Berhad Malaysia 78.2a 79.4 Investment holding.Berjaya Carlovers (M) Sdn Bhd Malaysia 75.0 75.0 Operator of self-servicecarwash centres.Berjaya Coffee Company (M) Sdn Bhd Malaysia 100.0 - Operation of coffee outlets.Berjaya Corporation (Cayman) Limited Cayman Islands 100.0 100.0 Investment holding.Berjaya Corporation (S) Pte Ltd # Singapore 100.0 100.0 Marketing agent.Berjaya Cosway (Overseas) Sdn Bhd Malaysia 100.0 100.0 Provision of managementservices.Berjaya Education Sdn Bhd Malaysia 60.0 60.0 Provision of education andprofessional training services.Berjaya Group Capital (Cayman) Limited Cayman Islands 100.0 100.0 Investment holding.Berjaya Group(Cayman) Limited Cayman Islands 100.0 100.0 Investment holding.Berjaya Knitex Sdn Bhd Malaysia 100.0 100.0 Knitted fabrics manufacturer.Berjaya LeRun Industries Berhad Malaysia 100.0 100.0 Manufacture and sale ofbicycles and accessories.Berjaya Premier Restaurants Sdn Bhd Malaysia 100.0 100.0 Investment holding.Berjaya Registration Services Sdn Bhd Malaysia 100.0 100.0 Shares registration services.Berjaya Retail Sdn Bhd Malaysia 100.0 100.0 Dormant.Berjaya Roadhouse Grill Pte Ltd# Singapore 100.0 100.0 Dormant.Berjaya Roadhouse Grill Sdn Bhd Malaysia 100.0 100.0 Service restaurant operator.Berjaya Roasters (M) Sdn Bhd Malaysia 100.0 100.0 Mid-casual dining restaurantoperator.Berjaya Ross Systems Sdn Bhd Malaysia 100.0 100.0 Investment holding.Berjaya Software Services Sdn Bhd Malaysia 100.0 100.0 Dormant.Berjaya Soutex Sdn Bhd Malaysia 100.0 100.0 Investment holding,manufacture and sale of yarn.Berjaya Synthetic Fibre Sdn Bhd Malaysia 100.0 100.0 Dormant.Berjaya Systems Integrators Sdn Bhd Malaysia 100.0 100.0 Dormant.Berjaya Wood Furniture (Malaysia) Malaysia 100.0 100.0 Manufacture and sale ofSdn Bhdfurniture.Bizurai Bijak (M) Sdn Bhd Malaysia 100.0 100.0 Investment holding.Bukit Pinang Leisure Sdn Bhd Malaysia 100.0 100.0 Property development.Cosway Corporation Berhad* Malaysia 71.4b 69.2 Investment holding.Espeetex Sdn Bhd Malaysia 100.0 100.0 Investment holding.E.V.A. Management Sdn Bhd Malaysia 100.0 100.0 Provision of(formerly known as Southmanagement services.Pacific Spinners Sdn Bhd)a - The total equity interests held by the Group is 78.2% and it is held by the following group companies(i) Berjaya Group Berhad 42.49 %(ii) Juara Sejati Sdn Bhd 16.26 %(iii) Bizurai Bijak (M) Sdn Bhd 19.15 %(iv) Garima Holdings Sdn Bhd 0.31 %b-The total equity interests held by the Group is 71.4% and it is held by the following group companies(i) Garima Holdings Sdn Bhd 49.73%(ii) Juara Sejati Sdn Bhd 17.52%(iii) Bizurai Bijak (M) Sdn Bhd 4.13%117

NotesT O T H E A C C O U N T S30 APRIL 199936 LIST OF SUBSIDIARIES AND ASSOCIATED COMPANIES (CONTINUED)EquityCountry ofinterestName incorporation held Principal activities1999 1998% %Subsidiaries of the Company (continued)Finewood Forest Products Sdn Bhd Malaysia 100.0 100.0 Manufacture and sale ofmoulded timber and otherrelated timber products.Flywheel Rubber Works Sdn Bhd Malaysia 85.0 85.0 Property investment.Garima Holdings Sdn Bhd* Malaysia 100.0 100.0 Investment holding.Graphic Press Group Sdn Bhd Malaysia 60.0 60.0 Printing and packaging.Gribbles Pathology (Malaysia) Sdn Bhd Malaysia 70.0 70.0 Investment holding andprovision of pathology services.Inai Jaya Sdn Bhd Malaysia 100.0 100.0 Investment holding.Inter-Pacific Communications Sdn Bhd Malaysia 100.0 100.0 Advertising and public relations.Inter-Pacific Development Sdn Bhd Malaysia 100.0 100.0 Investment holding.Inter-Pacific Financial Services Sdn Bhd Malaysia 100.0 100.0 Dormant.Inter-Pacific Trading Sdn Bhd Malaysia 70.0 70.0 General trading.IRIS Technologies (M) Sdn Bhd Malaysia 50.5c - Smartcard design andmanufacturing.Juara Sejati Sdn Bhd Malaysia 100.0 100.0 Investment holding.Kalimas Sendirian Berhad Malaysia 100.0 100.0 Property development.Knitwear Fashion (Kedah) Sdn Bhd Malaysia 100.0 100.0 Property investment andrental of property.Ralmal Development Sdn Bhd Malaysia 100.0 100.0 Property investment.Rangkaian Sejahtera Sdn Bhd Malaysia 100.0 100.0 Investment holding.Sesistem Angkut Sdn Bhd Malaysia 100.0 100.0 Transportation servicesand investment holding.Shinca Sdn Bhd* Malaysia 95.0 95.0 Manufacture of computermonitors and related productsand assembling and testingof audio, visual andcommunication products.South Pacific Textiles Industries Singapore 100.0 100.0 Garment export agency.(Singapore) Pte Ltd#Teras Mewah Sdn Bhd Malaysia 100.0 100.0 Investment holding.United Approach Sdn Bhd Malaysia 60.0 60.0 Operation of a private college.Wangsa Tegap Sdn Bhd Malaysia 100.0 100.0 Property investment andrental of properties.Subsidiaries of Berjaya Capital BerhadPrudential Assurance Malaysia Berhad Malaysia - 68.8 Life insurance.Berjaya General Insurance Berhad* Malaysia 70.0 70.0 General insurance.Cahaya Nominees (Tempatan) Sdn Bhd* Malaysia 100.0 100.0 Nominee services.Inter-Pacific Capital Sdn Bhd Malaysia 89.5 89.5 Investment holding.Prime Credit Leasing Sdn Bhd* Malaysia 100.0 100.0 Hire purchase, lease andloan financing.Rantau Embun Sdn Bhd Malaysia 100.0 100.0 Dormant.The Tropical Veneer Company Berhad Malaysia 100.0 100.0 Dormant.Subsidiaries of Inter-Pacific Capital Sdn BhdAmbilan Imej Sdn Bhd Malaysia 99.9 99.9 Property investment.Inter-Pacific Futures Sdn Bhd Malaysia 100.0 100.0 Futures brokers.118c - The total equity interests held by the Group is 50.5% and it is held by the following group companies(i) Berjaya Group Berhad 40.00%(ii) Bizurai Bijak (M) Sdn Bhd 10.45%

NotesT O T H E A C C O U N T S30 APRIL 199936 LIST OF SUBSIDIARIES AND ASSOCIATED COMPANIES (CONTINUED)EquityCountry ofinterestName incorporation held Principal activities1999 1998% %Subsidiaries of Inter-Pacific Capital Sdn Bhd (continued)Inter-Pacific Management SdnBhd Malaysia 100.0 100.0 Dormant.Inter-Pacific Securities Sdn Bhd Malaysia 100.0 100.0 Stockbroking.Embun Bebas Sdn Bhd Malaysia 100.0 100.0 Dormant.Eng Securities Sdn Bhd Malaysia 100.0 100.0 Stockbroking.Subsidiaries of Inter-Pacific Securities Sdn BhdInter-Pacific Equity Nominees (Asing) Sdn Bhd Malaysia 100.0 100.0 Nominee services.Inter-Pacific Equity Nominees Malaysia 100.0 100.0 Nominee services.(Tempatan) Sdn BhdInter-Pacific Portfolio Managers Sdn Bhd Malaysia 100.0 100.0 Fund management.Subsidiaries of Eng Securities Sdn BhdEng Nominees (Asing) Sdn Bhd Malaysia 100.0 100.0 Nominee services.Eng Nominees (Tempatan) Sdn Bhd Malaysia 100.0 100.0 Nominee services.Subsidiaries of Berjaya Corporation (Cayman) LimitedBerjaya Corporation Netherlands 100.0 100.0 Dormant.(Netherlands Antilles) N. V.AntillesBerjaya Trading (UK) Ltd# United Kingdom 100.0 100.0 Investment holding.J.L. Morison Son & Jones (Malaya) Sdn Bhd Malaysia 100.0 100.0 Dormant.Lindwood Holdings Limited British 100.0 100.0 Investment holding.Virgin IslandsTexan Apparel, Inc United States - 100.0 Dormant.of AmericaUnited Berjaya (USA) Inc United States - 100.0 Dormant.of AmericaSubsidiaries of Berjaya Group (Cayman) LimitedBerjaya Forest Products (Cayman) Limited Cayman Islands 100.0 100.0 Investment holding.Berjaya Group Equity (Cayman) Limited Cayman Islands 100.0 100.0 Investment holding.Berjaya Investment (Cayman) Limited Cayman Islands 100.0 100.0 Investment holding.Berjaya Manufacturing (HK) Limited* Hong Kong 100.0 100.0 Dormant.Berjaya Roasters (UK) Limited# United Kingdom 100.0 100.0 Dormant.Berjaya Timber Industries (Guyana) Ltd* Guyana 100.0 100.0 Timber logging.Berjaya Wood Marketing (Cayman) Limited Cayman Islands 100.0 100.0 Dormant.Carlovers Carwash Limited* Australia 55.0 55.0 Operation of self-servicecarwash centres.Carlovers International Limited Cayman Islands 51.0 51.0 Owner, operator and franchisorof “Carlovers Carwash”.Carlovers Specialty Products Pte Ltd * Australia 51.0 51.0 Trading and distribution of“Carlovers” car care products.Roadhouse Grill Inc.* United States 62.2 60.6 Owner, operator and franchisor ofof America“Roadhouse Grill Restaurants.”Roadhouse Grill Asia Pacific (HK) Limited* Hong Kong 100.0 100.0 Owner, operator and franchisorof the “Roadhouse GrillRestaurant” chains in AsiaPacific region.Roasters Asia Pacific (HK) Limited # Hong Kong 100.0 100.0 Owner, operator and franchisorof the “Kenny Rogers RoastersRestaurant” chain for AsiaPacific region.119

NotesT O T H E A C C O U N T S30 APRIL 199936 LIST OF SUBSIDIARIES AND ASSOCIATED COMPANIES (CONTINUED)EquityCountry ofinterestName incorporation held Principal activities1999 1998% %Subsidiaries of Berjaya Group (Cayman) Limited (Continued)Roasters Corp.* United States 73.5 73.5 Dormant.of AmericaSTAR Harbour Timber Company Limited * Solomon Islands 100.0 100.0 Dormant.Syntax Limited* Hong Kong 100.0 100.0 Dormant.Taiga Forest Products Ltd* Canada - 59.9 Wholesale distribution oflumber and panel products.Wireless Telecom Limited Cayman Islands 55.0 55.0 Marketing of satellite andwireless communicationproducts.Subsidiary of Berjaya Forest Products (Cayman) LimitedTaiga Forest Products Ltd* Canada 59.9 - Wholesale distribution oflumber and panel products.Subsidiaries of Berjaya Group Equity (Cayman) LimitedHealthcare Holdings (Cayman) Limited Cayman Islands 100.0 100.0 Investment holding.Berjaya Group (Aust) Pty Ltd# Australia 100.0 100.0 Investment holding.Video Ezy International Ltd Cayman Islands 60.0 60.0 Investment holding.Subsidiary of Berjaya Group (Aust) Pty LtdVideo Ezy Australasia Pty Limited * Australia 60.0 60.0 Investment holding.Subsidiary of Carlovers International LimitedCarlovers International Services Australia 100.0 100.0 Provision of managementPty Ltd *services.Subsidiaries of Roadhouse Grill Asia Pacific (HK) LimitedRoadhouse Grill Asia Pacific (M) Sdn Bhd Malaysia 100.0 100.0 Provision of managementservices.Roadhouse Grill Asia Pacific (Cayman) Cayman Islands 100.0 100.0 Investment holding.LimitedSubsidiaries of Roasters Asia Pacific (HK) LimitedRoasters Asia Pacific (M) Sdn Bhd Malaysia 100.0 100.0 Provision of managementservices.Roasters Asia Pacific (Cayman) Limited Cayman Islands 100.0 100.0 Investment holding.Subsidiaries of Berjaya LeRun Industries BerhadBerjaya Cycles Sdn Bhd Malaysia 100.0 100.0 Manufacture and sale ofbicycles and accessories.LeRun Metal Products Sdn Bhd Malaysia 99.0 99.0 Property investment.Subsidiaries of Berjaya Premier Restaurants Sdn BhdNadi Klasik Sdn Bhd Malaysia 100.0 100.0 Restaurant operator.Fortune Court Restaurant Sdn Bhd Malaysia 66.9 66.9 Dormant.Premimas Sdn Bhd Malaysia 100.0 100.0 Dormant.Subsidiary of Berjaya Ross Systems Sdn BhdPowerful Impact Sdn Bhd Malaysia 100.0 100.0 Dormant.120

NotesT O T H E A C C O U N T S30 APRIL 199936 LIST OF SUBSIDIARIES AND ASSOCIATED COMPANIES (CONTINUED)EquityCountry ofinterestName incorporation held Principal activities1999 1998% %Subsidiaries of Berjaya Soutex Sdn BhdOriental Garment Sdn Bhd Malaysia 100.0 100.0 Investment holding andgarment manufacturer.Qualinit Sendirian Berhad Malaysia 60.0 60.0 Dormant.South Pacific Textile (HK) Limited# Malaysia 100.0 100.0 Dormant.Subsidiaries of Oriental Garment Sdn BhdCartel Corporation Sdn Bhd Malaysia 100.0 100.0 Trading in garments.Sanwa Garment Sdn Bhd Malaysia 100.0 100.0 Dormant.Texan (M) Sdn Bhd Malaysia 100.0 100.0 Trading in garments.Texan (S) Pte Ltd* Singapore 100.0 100.0 Dormant.Subsidiary of Bukit Pinang Leisure Sdn BhdBukit Pinang Rel Sdn Bhd Malaysia 100.0 100.0 Dormant.Subsidiaries of Finewood Forest Products Sdn BhdFinewood Trading Sdn Bhd Malaysia 100.0 100.0 Trading of furniture andtimber.Finewood Marketing (UK) Ltd* United Kingdom 70.0 70.0 Commission agents.Subsidiaries of Cosway Corporation BerhadBerjaya HVN Sdn Bhd* Malaysia 50.2 50.2 Distribution, sale and rentalof audio/visual homeentertainment products.Berjaya Sound Entertainment Sdn Bhd* Malaysia 100.0 100.0 Sale of karaoke laser discs andvideo tapes.Berjaya Unza Holdings (BVI) Limited* British 80.0 80.0 Investment holding.Virgin IslandsCosway (M) Sdn Bhd* Malaysia 100.0 94.0 Direct selling of cosmeticsperfumery, fashion jewelleryand other consumer products.Noble Creation Sdn Bhd* Malaysia 100.0 100.0 Investment holding.Noble Karaoke Equipment Sdn Bhd* Malaysia 100.0 100.0 Investment holding.Rapid Computer Centre (SEA) Sdn Bhd* Malaysia 95.5 95.5 Dormant.Singer (Malaysia) Sdn Bhd* Malaysia 100.0 100.0 Marketing and selling ofconsumer durable products oncash, credit and hire purchaseterms under the “Singer”trademark.Tegas Kinta Sdn Bhd* Malaysia 100.0 100.0 Property investment.The Catalog Shop Sdn Bhd* Malaysia 100.0 100.0 Retailing of consumerproducts on cash andequal payment scheme.Subsidiary of Berjaya HVN Sdn BhdDirect Vision Sdn Bhd* Malaysia 100.0 100.0 Sale and rental ofaudio/visual homeentertainment products.121

NotesT O T H E A C C O U N T S30 APRIL 199936 LIST OF SUBSIDIARIES AND ASSOCIATED COMPANIES (CONTINUED)EquityCountry ofinterestName incorporation held Principal activities1999 1998% %Subsidiary of Noble Creation Sdn BhdUnza Holdings Berhad* Malaysia 56.0d 62.1 Investment holding.Subsidiaries of Berjaya Unza Holdings (BVI) LimitedUnza Cathay Limited* Hong Kong 100.0 100.0 Trading in personal care andhousehold products.Unza Company Pte Ltd* Singapore 100.0 100.0 Trading in personal care andhousehold products.Unza (China) Limited* Hong Kong 100.0 100.0 Investment holding.Unza Indochina Pte Ltd* Singapore 70.0 - Investment holding andtrading of personal careand household products.Subsidiary of Unza (China) LimitedDongguan Unza Consumer Products Ltd* People’s 100.0 100.0 Manufacture of personalRepublic of Chinacare and household products.Subsidiary of Unza Indochina Pte LtdUnza Vietnam Company Ltd* Vietnam 100.0 - Manufacturing and marketingof personal care and householdproducts.Subsidiaries of Cosway (M) Sdn BhdCosway (Cayman) Limited* Cayman Islands 100.0 100.0 Investment holding.Cosway (S) Pte Ltd* Singapore 100.0 100.0 Dormant.Juara Budi Sdn Bhd* Malaysia 100.0 100.0 Investment holding.Kimia Suchi Sdn Bhd* Malaysia 82.0 82.0 Manufacture and tradingof washing detergents.Rank Distributors Sdn Bhd* Malaysia 60.0 60.0 Trading in pharmaceuticalproducts.Subsidiaries of Cosway (Cayman) LimitedCosway Argentina S.R.L.* Argentina 90.0 90.0 Dormant.Cosway Colombia Ltda.* Colombia 90.0 90.0 Dormant.Cosway De Mexico, S.A. De C.V.* Mexico 95.0 90.0 Direct selling of consumerproducts.Cosway De Venezuela C.A.* Venezuela 90.0 90.0 Dormant.Cosway Do Brasil Ltda.* Brazil 99.0 99.0 Direct selling ofconsumer products.Cosway International Limited# Hong Kong 100.0 100.0 Dormant.Cosway, Inc. United States 100.0 100.0 Dormant.of AmericaCosway Peru, S.R, Ltda.* Peru 96.0 96.0 Dormant.Cosway (Philippines) Inc.* Philippines 95.0 85.0 Direct selling and tradingof consumer products.Cosway Portugal Imports and Exports Ltd* Portugal 90.0 90.0 Dormant.Cosway (UK) Limited United Kingdom 100.0 100.0 Dormant.d - The total equity interests held by the Group is 68.9% and it is held by the following group companies(i) Noble Creation Sdn Bhd 56.00%(ii) Bizurai Bijak (M) Sdn Bhd 10.37%(iii) Berjaya Land Development Sdn Bhd 2.59%122

NotesT O T H E A C C O U N T S30 APRIL 199936 LIST OF SUBSIDIARIES AND ASSOCIATED COMPANIES (CONTINUED)EquityCountry ofinterestName incorporation held Principal activities1999 1998% %Subsidiary of Juara Budi Sdn BhdStephens Properties Sdn Bhd* Malaysia 100.0 100.0 Investment holding.Subsidiary of Stephen Properties Sdn BhdStephens Properties Management Malaysia 100.0 100.0 Property managementCorporation Sdn Bhd*services.Subsidiary of Kimia Suchi Sdn BhdKimia Suchi Marketing Sdn Bhd* Malaysia 100.0 100.0 Trading in washing detergents.Subsidiaries of Unza Holdings BerhadManufacturing Services Sendirian Bhd* Malaysia 100.0 100.0 Manufacturing of personalcare and household products.Unza (Malaysia) Sdn Bhd* Malaysia 100.0 100.0 Marketing of personal careand household products.Subsidiaries of Unza (Malaysia) Sdn BhdAslam (M) Sdn Bhd* Malaysia 100.0 100.0 Dormant.Care Concept (M) Sdn Bhd* Malaysia 100.0 100.0 Dormant.UAA (M) Sdn Bhd* Malaysia 100.0 100.0 Distributor of personal careand household products.Subsidiary of Noble Karaoke Equipment Sdn BhdDunham-Bush (Malaysia) Bhd* Malaysia 57.8e 57.4 Investment holding.Subsidiaries of Dunham-Bush (Malaysia) BhdAnemostat Topgroup Sdn Bhd* Malaysia 86.5 86.5 Manufacturing and trading ofair diffusion, air distribution,air filtration and soundattenuation products.Dunham-Bush International Limited * Hong Kong 100.0 100.0 Investment holding.(formerly known as Dunham-BushAir-Con Equipment (HK) Limited)Dunham-Bush Holdings (HK) Limited * Hong Kong 100.0 100.0 Investment holding.Dunham-Bush Industries Sdn Bhd* Malaysia 100.0 100.0 Manufacture and tradingin air-conditioning andrefrigeration equipmentfor commercial andindustrial application.Dunham-Bush International Pte Ltd * Singapore 100.0 100.0 Distribution and tradingin air-conditioning andrefrigeration equipmentfor commercial andindustrial application.Dunham-Bush International Cayman 100.0 100.0 Investment holding.(Cayman) Limited*Islandse - The total equity interests held by the Group is 58.0% and it is held by the following group companies(i) Noble Karaoke Equipment Sdn Bhd 57.80%(ii) Juara Sejati Sdn Bhd 0.19%123

NotesT O T H E A C C O U N T S30 APRIL 199936 LIST OF SUBSIDIARIES AND ASSOCIATED COMPANIES (CONTINUED)EquityCountry ofinterestName incorporation held Principal activities1999 1998% %Subsidiaries of Dunham-Bush (Malaysia) Bhd (continued)Dunham-Bush Sales & Malaysia 100.0 100.0 Sale, distribution andServices Sdn Bhd*installation of largecommercial airconditioningandrefrigeration equipment.Dunham-Bush Yantai Co Ltd * People’sRepublic 55.0 55.0 Manufacture and trading inof Chinaair-conditioning andrefrigeration equipment forcommercial and industrialapplication.Topaire Sdn Bhd* Malaysia 85.4 85.4 Manufacture and trading insmall commercial andresidential air-conditioningproducts.Topgroup Data-Aire Sdn Bhd* Malaysia 85.0 85.0 Manufacture and trading inenvironmentally closedcontrolled air-conditioningequipment for specialapplications.Topgroup M&E Service Sdn Bhd* Malaysia 60.0 60.0 Air-conditioning servicesand sale of spare parts.Topgroup Polacel Sdn Bhd* Malaysia 100.0 100.0 Design, engineering andmanufacture of wet coolingtowers of mechanicaldraft type for commercialand industrial applications.Topaire Sales & Services Sdn Bhd* Malaysia 60.0 60.0 Trading and servicing ofcommercial and residential airconditioningand refrigerationequipment.Ventiair Sdn Bhd* Malaysia 100.0 100.0 Manufacture and tradingin ventilation products.Subsidiaries of Dunham-Bush International Limited(formerly known as Dunham-Bush Air-Con Equipment (HK) Limited)Dunham-Bush Services Hong Kong 90.0 90.0 Servicing, repairing andCompany Limited*retro-fitting of airconditioningequipmentand systems.Top-Aire Air-Conditioning Hong Kong 100.0 100.0 Sale and distribution of(China) Limited*Subsidiaries of Dunham-Bush International Pte Ltdair-conditioning andrefrigeration equipment.Dunham-Bush Sales & Singapore 100.0 100.0 Sale, distribution andServices (S) Pte Ltd*installation of commercialand residential airconditioningand refrigerationproducts.124

NotesT O T H E A C C O U N T S30 APRIL 199936 LIST OF SUBSIDIARIES AND ASSOCIATED COMPANIES (CONTINUED)EquityCountry ofinterestName incorporation held Principal activities1999 1998% %Subsidiaries of Dunham-Bush International Pte Ltd (continued)Dunham-Bush International Netherlands 100.0 100.0 Sale, distribution and(Europe) BV*installation of commercial andresidential air- conditioningand refrigeration products.Subsidiaries of Dunham-Bush International (Cayman) LimitedDunham-Bush Inc* United States 100.0 100.0 Investment holding,of Americamanufacture and trading ofcommercial and industrialheating, ventilation andair-conditioning products.Dunham-Bush (Europe) PLC* United Kingdom 51.0 51.0 Investment holding.Subsidiaries of Dunham-Bush (Europe) PLCDunham-Bush Limited* United Kingdom 100.0 100.0 Manufacture and sale ofcommercial and industrialheating, ventilating, airconditioningand refrigerationequipment.Leasecross Limited * United Kingdom - 100.0 Dormant.Santric Limited * United Kingdom 100.0 100.0 Manufacture and sale ofstainless steel sanitary ware.Subsidiary of Topgroup M&E Service Sdn BhdTopgroup Parts & Services(Kuantan) Malaysia 70.0 70.0 Air-conditioning servicesSdn Bhd*and sale of spare parts.Subsidiary of Dunham-Bush IncHartford Compressors Inc* United States 100.0 100.0 Manufacture and trading inof Americacommercial and industrialheating, ventilation, airconditioningand refrigerationequipment.Subsidiary of Singer (Malaysia) Sdn BhdBiofield Sdn Bhd* Malaysia 100.0 100.0 Property investment andrental of property.Subsidiaries of Gribbles Pathology (Malaysia) Sdn BhdGribbles Veterinary Services Sdn Bhd Malaysia 100.0 100.0 Veterinary services.Gribbles Environmental Health Services Malaysia 100.0 100.0 Environmental healthSdn Bhdservices.Gribbles Cytology Services Sdn Bhd Malaysia 70.0 70.0 Cytology services.Subsidiaries of Inter-Pacific Development Sdn BhdInter-Pacific Construction Sdn Bhd Malaysia 100.0 100.0 Dormant.Razal Sdn Bhd Malaysia 100.0 100.0 Dormant.Subsidiary of Inter-Pacific Trading Sdn BhdPacific Horseland (M) Sdn Bhd Malaysia 70.0 70.0 Sale of equestrian accessories.125

NotesT O T H E A C C O U N T S30 APRIL 199936 LIST OF SUBSIDIARIES AND ASSOCIATED COMPANIES (CONTINUED)EquityCountry ofinterestName incorporation held Principal activities1999 1998% %Subsidiaries of IRIS Technologies (M) Sdn BhdIRIS Information Technology Malaysia 100.0 - Marketing of contact andSystems Sdn Bhdcontactless smarttechnology based products.Confidential Matter Limited* Hong Kong 100.0 - Dormant.Subsidiary of Rangkaian Sejahtera Sdn BhdEminent Capital Sdn Bhd Malaysia 100.0 100.0 Property investment anddevelopment.Subsidiary of Teras Mewah Sdn BhdBerjaya Land Berhad* Malaysia 63.2f 63.9 Investment holding.Subsidiaries of Berjaya Land BerhadAlam Baiduri Sdn Bhd* Malaysia 100.0 100.0 Investment holding.Amat Muhibah Sdn Bhd* Malaysia 52.6 52.6 Property development.Amat Teguh Sdn Bhd* Malaysia 100.0 100.0 Property development.Angsana Gemilang Sdn Bhd* Malaysia 100.0 100.0 Property investment.Awan Suria Sdn Bhd* Malaysia 100.0 100.0 Property management.Bahan Cendana Sdn Bhd* Malaysia 100.0 100.0 Property investment.Berjaya Air Sdn Bhd* Malaysia 99.3 99.0 Charter and schedule flightoperator.Berjaya Enamelware Sdn Bhd* Malaysia 100.0 100.0 Property investment andrental of property.Berjaya Facilities Management Sdn Bhd* Malaysia 100.0 100.0 Facilities management services.Berjaya Golf Resort Berhad* Malaysia 94.0 94.0 Property development andinvestment and operatorof golf and recreation club.Berjaya Guard Services Sdn Bhd* Malaysia 100.0 100.0 Provision of security services.Berjaya Holiday Cruise Sdn Bhd* Malaysia 86.4 86.4 Dormant.Berjaya Hotels & Resorts (Mauritius) Ltd* Mauritius 100.0 100.0 Hotel and resort operator.Berjaya Hotels & Resorts Republic of 100.0 100.0 Management company for(Seychelles) Limited* Seychelles Berjaya Praslin Beach Resort.Berjaya Kawat Industries Sdn Bhd* Malaysia 100.0 100.0 Property investment andrental of properties.Berjaya Land Development Sdn Bhd* Malaysia 100.0 100.0 Property development andinvestment holding.Berjaya Leisure Capital (Cayman) Limited Cayman Islands 100.0 100.0 Investment holding.Berjaya Leisure (Cayman) Limited Cayman Islands 100.0 100.0 Investment holding andtrading.Berjaya Megamall Management Sdn Bhd* Malaysia 100.0 100.0 Property management.Berjaya Property Management Sdn Bhd* Malaysia 100.0 100.0 Investment holding.Berjaya Racing Management Sdn Bhd* Malaysia 60.0 60.0 Promotion and conduct ofhorse racing, totalisatorsand other related activities.f - The total equity interests held by the Group is 82.4% and it is held by the following group companies(i) Teras Mewah Sdn Bhd 63.20%(ii) Juara Sejati Sdn Bhd 15.62%(iii) Bizurai Bijak (M) Sdn Bhd 3.25%(iv) Espeetex Sdn Bhd 0.34%126

NotesT O T H E A C C O U N T S30 APRIL 199936 LIST OF SUBSIDIARIES AND ASSOCIATED COMPANIES (CONTINUED)EquityCountry ofinterestName incorporation held Principal activities1999 1998% %Subsidiaries of Berjaya Land Berhad (continued)Berjaya Sports Toto Berhad* Malaysia 51.0g 62.4 Investment holding.Berjaya Theme Park Management Sdn Bhd Malaysia 100.0 100.0 Management of theme park.Berjaya Vacation Club Berhad* Malaysia 100.0 100.0 Time sharing vacation operator.Berjaya Watersports Sdn Bhd* Malaysia 100.0 100.0 Dormant.BL Capital Sdn Bhd* Malaysia 100.0 100.0 Investment holding.B.T. Properties Sdn Bhd* Malaysia 100.0 100.0 Property development andmanagement.Budi Impian Sdn Bhd* Malaysia 100.0 100.0 Dormant.Bukit Kiara Resort Berhad* Malaysia 100.0 100.0 Developer and operator ofequestrian and recreational club.Bumisuchi Sdn Bhd* Malaysia 100.0 100.0 Investment holding.Cempaka Properties Sdn Bhd* Malaysia 100.0 100.0 Property development andinvestment.Cerah Tropika Sdn Bhd* Malaysia 51.0 51.0 Investment holding.Cergas Jati Sdn Bhd* Malaysia 100.0 100.0 Property investment.Dayadil Sdn Bhd* Malaysia 100.0 100.0 Investment holding.Flexiwang Sdn Bhd* Malaysia 100.0 - Operator of food court.Gateway Benefit Sdn Bhd* Malaysia 100.0 100.0 Investment holding.Gemilang Cergas Sdn Bhd* Malaysia 100.0 100.0 Property investment.Immediate Capital Sdn Bhd* Malaysia 100.0 100.0 Investment holding.Indah Corporation Berhad* Malaysia 100.0 100.0 Developer and operator ofgolf resort and propertydevelopment.Ishandal Sdn Bhd* Malaysia 100.0 100.0 Investment holding.Junjung Delima Sdn Bhd* Malaysia 100.0 100.0 Resort development.Klasik Mewah Sdn Bhd* Malaysia 100.0 100.0 Property investment.Kota Raya Development Sdn Bhd* Malaysia 100.0 100.0 Investment and rental ofproperty.Leisure World Sdn Bhd* Malaysia 100.0 100.0 Dormant.New Pantai Expressway Sdn Bhd* Malaysia 96.7 - Design, construct, operation(formerly known as Maxtroand maintenance of theEngineering Sdn Bhd)New Pantai Highway.Nada Embun Sdn Bhd* Malaysia 100.0 100.0 Property investment.Noble Circle (M) Sdn Bhd* Malaysia 100.0 100.0 Investment and rental ofproperty.Nural Enterprise Sdn Bhd* Malaysia 100.0 100.0 Investment and rental ofproperty.g - The total equity interests held by the Berjaya Land Berhad group is 51.0% and it is held by thefollowing group companies(i) Gateway Benefit Sdn Bhd 27.90%(ii) Berjaya Land Berhad 15.83%(iii) Immediate Capital Sdn Bhd 7.25%(iv) Berjaya Land Development Sdn Bhd 0.04%The total equity interests held by the Group is 51.9% and the additional equity interest are held by thefollowing group companies(i) Garima Holdings Sdn Bhd 0.60%(ii) Juara Sejati Sdn Bhd 0.16%(iii) Espeetex Sdn Bhd 0.14%(iv) Berjaya Group Equity (Cayman) Limited 0.03%127

NotesT O T H E A C C O U N T S30 APRIL 199936 LIST OF SUBSIDIARIES AND ASSOCIATED COMPANIES (CONTINUED)EquityCountry ofinterestName incorporation held Principal activities1999 1998% %Subsidiaries of Berjaya Land Berhad (continued)Pakar Angsana Sdn Bhd* Malaysia 80.0 80.0 Property development.Pearl Crescent Sdn Bhd* Malaysia 100.0 100.0 Property investment.Pelangi Istimewa Sdn Bhd* Malaysia 100.0 100.0 Property investment.Pembinaan Stepro Sdn Bhd* Malaysia 100.0 100.0 Dormant.Punca Damai Sdn Bhd* Malaysia 100.0 100.0 Dormant.Regnis Industries (Malaysia) Sdn Bhd* Malaysia 52.5 52.5 Property investment andrental of property.Securiservices Sdn Bhd* Malaysia 100.0 100.0 Property development.Semakin Sinar Sdn Bhd* Malaysia 51.0 51.0 Dormant.Semangat Cergas Sdn Bhd* Malaysia 100.0 100.0 Property development.Sports Toto Bowling Sdn Bhd* Malaysia 100.0 100.0 Bowling alley operator.Sports Toto (Fiji) Ltd* Republic of Fiji 100.0 100.0 Investment holding.Stephens Properties Holdings Sdn Bhd* Malaysia 100.0 100.0 Dormant.Stephens Properties Plantations Sdn Bhd* Malaysia 100.0 100.0 Dormant.Stepro Software Services Sdn Bhd* Malaysia 100.0 100.0 Dormant.Sundowners Holdings Sdn Bhd* Malaysia 100.0 100.0 Dormant.Tekun Permata Sdn Bhd* Malaysia 100.0 100.0 Property investment.Tioman Island Resort Berhad* Malaysia 80.0 80.0 Property development andoperator of resort hotel.Tioman Pearl Sdn Bhd* Malaysia 70.0 70.0 Development of hoteland resort.Tiram Jaya Sdn Bhd* Malaysia 100.0 100.0 Property development.Wangsa Sejati Sdn Bhd* Malaysia 52.6 52.6 Dormant.Wisma Stephens Management Malaysia 100.0 100.0 Investment holding.Co Sdn Bhd*Subsidiary of Berjaya Holiday Cruise Sdn BhdUniversal Summit Limited* British 100.0 100.0 Investment holding.Virgin IslandsSubsidiaries of Berjaya Hotels and Resorts (Mauritius) LtdBerjaya Casino Limited* Mauritius 100.0 100.0 Casino operation.Berjaya Services Limited* Mauritius 100.0 100.0 Provision of limousine services.Subsidiaries of Berjaya Land Development Sdn BhdIndra Ehsan Sdn Bhd* Malaysia 100.0 100.0 Property development.Kim Rim Enterprise Sdn Bhd* Malaysia 100.0 100.0 Property development.Selat Makmur Sdn Bhd* Malaysia 100.0 100.0 Property development.Sri Panglima Sdn Bhd* Malaysia 100.0 100.0 Property development.128Subsidiaries of Berjaya Leisure (Cayman) LimitedBerjaya Leisure Enterprise (Cayman) Cayman Islands 51.0 51.0 Investment holding.LimitedBerjaya International Casino Management Republic of 60.0 60.0 Casino operators.(Seychelles) Limited*SeychellesBerjaya Mount Royal Beach Hotel Limited* Sri Lanka 92.6 92.6 Owner and operator of hotel.Berjaya Properties (HK) Limited* Hong Kong 60.0 60.0 Dormant.Berjaya Theme Parks (HK) Limited* Hong Kong 60.0 60.0 Dormant.Berjaya World (HK) Limited* Hong Kong 51.0 51.0 Dormant.Inter-Pacific Acquisition Corp United States - 100.0 Dormant.of AmericaNatural Gain Investments Limited# Hong Kong 100.0 100.0 Property investment.Sports Toto (USA) Inc United States - 100.0 Dormant.of America

NotesT O T H E A C C O U N T S30 APRIL 199936 LIST OF SUBSIDIARIES AND ASSOCIATED COMPANIES (CONTINUED)EquityCountry ofinterestName incorporation held Principal activities1999 1998% %Subsidiaries of Berjaya Property Management Sdn BhdKDE Recreation Berhad Malaysia 51.0 51.0 Developer and operator of golfand recreational club.Taman TAR Development Sdn Bhd* Malaysia 100.0 100.0 Property development.Subsidiaries of Berjaya Sports Toto BerhadBerjaya Sports Toto (Cayman) Limited Cayman Islands 100.0 100.0 Investment holding.Berjaya Wellesley Hotel Sdn Bhd* Malaysia 100.0 100.0 Dormant.FEAB Equities Sdn Bhd* Malaysia 100.0 100.0 Dormant.FEAB Industries Sdn Bhd* Malaysia 100.0 100.0 Dormant.FEAB Land Sdn Bhd* Malaysia 100.0 100.0 Property development.FEAB Properties Sdn Bhd* Malaysia 100.0 100.0 Property development.Magna Mahsuri Sdn Bhd* Malaysia 100.0 100.0 Property investment.Sports Toto Malaysia Sdn Bhd* Malaysia 100.0 100.0 Toto betting operations.Subsidiary of Berjaya Sports Toto (Cayman) LimitedBerjaya Lottery Management (HK) Hong Kong 51.5 - Management of social lotteryLimitedªoperation and investmentholding.Subsidiary of Berjaya Lottery Management (HK) LimitedPrime Gaming Philippines, Inc* Philippines 68.5 - Investment holding.Subsidiary of Prime Gaming Philippines Inc.Philippine Gaming Management Philippines 100.0 - Leasing of on-line lotteryCorporation*equipment and accessories.Subsidiary of FEAB Land Sdn BhdFEAB Realty Sdn Bhd* Malaysia 100.0 100.0 Property development.Subsidiaries of Sports Toto Malaysia Sdn BhdSports Toto Apparel Sdn Bhd* Malaysia 100.0 100.0 Dormant.Sports Toto Computer Sdn Bhd* Malaysia 100.0 100.0 Dormant.Sports Toto Products Sdn Bhd* Malaysia 100.0 100.0 Trading in sports equipmentand related products.Subsidiaries of Berjaya Vacation Club BerhadBerjaya Beau Vallon Bay(Cayman) Limited* Cayman Islands 100.0 100.0 Investment holding.Berjaya Hospitality Services Sdn Bhd* Malaysia 100.0 100.0 Management of hotel services.Berjaya Hotels & Resorts (HK) Limited* Hong Kong 60.0 60.0 Investment holding.Berjaya International Casino Management Hong Kong 80.0 80.0 Investment holding.(HK) Limited*Berjaya Langkawi Beach Resort Sdn Bhd* Malaysia 100.0 100.0 Hotel and resort operation.Berjaya Mahe Beach (Cayman) Limited* Cayman Islands 100.0 100.0 Investment holding.Berjaya Praslin Beach (Cayman) Limited* Cayman Islands 100.0 100.0 Investment holding.Berjaya Redang Beach Resort Sdn Bhd* Malaysia 99.4 99.4 Hotel and resort operation.Berjaya Resort Management Malaysia 100.0 100.0 Resort management.Services Sdn Bhd*Berjaya Resort (Sabah) Sdn Bhd* Malaysia 100.0 100.0 Hotel operator.Berjaya Vacation Club (Cayman) Limited* Cayman Islands 100.0 100.0 Investment holding.Berjaya Vacation Club (Philippines) Inc* Philippines 100.0 100.0 Buying, selling and marketingof vacation club membershipsunder a time-sharing concept.Dian Kristal Sdn Bhd* Malaysia 100.0 100.0 Property investment.Redang Village Resort Sdn Bhd* Malaysia 51.0 51.0 Resort development.Sinar Merdu Sdn Bhd* Malaysia 100.0 100.0 Investment and rental ofproperty.129

NotesT O T H E A C C O U N T S30 APRIL 199936 LIST OF SUBSIDIARIES AND ASSOCIATED COMPANIES (CONTINUED)EquityCountry ofinterestName incorporation held Principal activities1999 1998% %Subsidiary of Berjaya Beau Vallon Bay (Cayman) LimitedBerjaya Beau Vallon Bay Beach Republic of 100.0 100.0 Hoteliers.Resort Limited*SeychellesSubsidiaries of Berjaya Hotels & Resorts (HK) LimitedBerjaya Hotels & Resorts (Cayman) Cayman Islands 100.0 100.0 Licence to recruit memberLimited*hotels under the BestWestern names and marks.Berjaya Shenyang International People’s Republic - 60.0 Developer and operator of golfGolf Club Limited of China and recreational club.Subsidiary of Berjaya Mahe Beach (Cayman) LimitedBerjaya Mahe Beach Resort Limited* Republic of 100.0 100.0 Hoteliers.SeychellesSubsidiaries of Berjaya Redang Beach Resort Sdn BhdRedang Island Golf and Country Malaysia 100.0 100.0 Operator of golf andClub Berhad*recreational club.Redang Island Resort (S) Pte Ltd * Singapore 100.0 100.0 Marketing agent of golf andrecreational club.Redang Travel & Tours Sdn Bhd* Malaysia 100.0 100.0 Dormant.Subsidiaries of Berjaya Vacation Club (Cayman) LimitedBerjaya Vacation Club (Japan) Limited* Japan 100.0 100.0 Dormant.Berjaya Vacation Resort (S) Pte Ltd* Singapore 100.0 100.0 Dormant.Berjaya Vacation Club (UK) Limited* United Kingdom 100.0 100.0 Hoteliers.Subsidiary of Bumisuchi Sdn BhdSempurna Bahagia Sdn Bhd * Malaysia 66.7 66.7 Investment holding.Subsidiary of Cerah Tropika Sdn BhdPenstate Corp Sdn Bhd* Malaysia 100.0 100.0 Property development.Subsidiary of Dayadil Sdn BhdImej Jasa Sdn Bhd* Malaysia 100.0 100.0 Investment holding.Subsidiaries of Imej Jasa Sdn BhdBahagia Jiwa Sdn Bhd* Malaysia 100.0 100.0 Investment holding.Muara Tebas Sdn Bhd* Malaysia 100.0 100.0 Investment holding.Subsidiary of Kota Raya Development Sdn BhdKota Raya Complex Management Sdn Bhd* Malaysia 100.0 100.0 Property management.Subsidiary of Noble Circle (M) Sdn BhdNoble Circle Management Sdn Bhd* Malaysia 100.0 100.0 Property management.Subsidiary of Nural Enterprise Sdn BhdAras Klasik Sdn Bhd* Malaysia 100.0 100.0 Property management .Subsidiary of Sports Toto (Fiji) LimitedWaidroka Trust Estates Limited* Republic 100.0 100.0 Developer and operatorof Fijiof hotel.Subsidiary of Wisma Stephens Management Co Sdn BhdWujud Jaya Sdn Bhd* Malaysia 100.0 100.0 Property development.130

NotesT O T H E A C C O U N T S30 APRIL 199936 LIST OF SUBSIDIARIES AND ASSOCIATED COMPANIES (CONTINUED)EquityCountry ofinterestName incorporation held Principal activities1999 1998% %Subsidiary of Wujud Jaya Sdn BhdWujud Jaya Development Sdn Bhd* Malaysia 100.0 100.0 Property development.Subsidiaries of Tioman Island Resort BerhadBerjaya Hotels & Resorts Singapore 100.0 100.0 Hotel booking and(Singapore) Pte Ltd*marketing agent.Tioman Golf Management Sdn Bhd* Malaysia 100.0 100.0 Management of golf course.Tioman Recreation Centre Sdn Bhd* Malaysia 100.0 100.0 Management of recreation andsports club.Tioman Travel & Tours Sdn Bhd* Malaysia 100.0 100.0 Hire of boats, launches andrecreational activities.* Subsidiaries not audited by Arthur Andersen & Co., Malaysia.# Subsidiaries audited by affiliates of Arthur Andersen & Co., Malaysia.ASSOCIATED COMPANIES:Associates of the CompanyBHLB Pacific Trust Management Berhad Malaysia 20.0 20.0 Management of unit trust.Berjaya Racing Management Sdn Bhd Malaysia 20.0 20.0 Promotion and conduct ofhorse racing, totalisatorsand other related activities.Hyumal Motor Sdn Bhd Malaysia 20.0 20.0 Marketing and distribution ofHyundai motor vehicles.Diversified Gain Sdn Bhd Malaysia 50.0 50.0 Investment holding.Industri Otomotif Komersial (M) Sdn Bhd Malaysia 35.0 35.0 Manufacture and marketingof Malaysian nationalcommercial vehicle.IRIS Technologies (M) Sdn Bhd Malaysia - 35.0 Smartcard design andmanufacturing.Le Proton LIMA Sdn Bhd Malaysia 40.0 40.0 Organise trade fairs to promoteMalaysian products throughexhibitions.Quasar Carriage Sdn Bhd Malaysia 30.0 29.0 Distribution of RENAULTheavy trucks, passenger carsand light commercial vehicles.Tunas Cempaka Sdn Bhd Malaysia 49.0 49.0 Duty free shop operator.Associate of Berjaya Capital BerhadFirst Taz Money Brokers Sdn Bhd Malaysia 40.0 40.0 Money broking.(formerly known as Pyemas Sdn Bhd)Associates of Berjaya Group (Cayman) LimitedBerjaya Engineering & Hong Kong 40.0 40.0 Engineering andConstruction (HK) Limitedconstruction.Berjaya Lottery Management Hong Kong 48.5 50.0 Management of social(HK) Limitedlottery operations andinvestment holding.Berjaya Holdings (HK) Limited Hong Kong 37.6h 37.6 Investment holding.h - The total equity interests held by the Group is 44.4% and it is held by the following group companies(i) Berjaya Group (Cayman) Limited 37.60%(ii) Berjaya Leisure (Cayman) Limited 6.80%131

NotesT O T H E A C C O U N T S30 APRIL 199936 LIST OF SUBSIDIARIES AND ASSOCIATED COMPANIES (CONTINUED)EquityCountry ofinterestName incorporation held Principal activities1999 1998% %Associates of Berjaya Group (Cayman) Limited (continued)Berjaya Hotels & Resorts (HK) Limited Hong Kong 40.0 40.0 Investment holding.Berjaya Properties (HK) Limited Hong Kong 40.0 40.0 Dormant.Berjaya Theme Parks (HK) Limited Hong Kong 40.0 40.0 Dormant.Berjaya International Casino Hong Kong 20.0 20.0 Management of casino andManagement (HK) Limitedinvestment holding.Procare (Asia-Pacific) Pte Ltd Singapore 47.0 40.0 Development andmarketing of software inthe healthcare industry.Associates of Berjaya Group Equity (Cayman) LimitedEast Coast Bagel Co. Inc. United States 31.1 31.1 Restaurant operator.of AmericaMario Andretti’s Express Pasta & Co United States 30.0 30.0 Dormant.Limitedof AmericaAssociates of Berjaya Group (Aust) Pty LtdAdvance Medical Technology Pty Limited Australia 50.0 50.0 Investment holding.Gribbles Services Pty Ltd Australia 50.0 - Provision of managementservices.Associate of Inter-Pacific Communications Sdn BhdFirst Cartel (M) Sdn Bhd Malaysia 40.0 40.0 Sports event organiser.Associates of Berjaya Lottery Management (HK) LimitedInternational Lottery & Totalizator United States 38.5 36.6 Manufacturer and distributorSystems, Inc. of America of computerised lotterysystems.Philippine Gaming Management Philippines - 40.0 Leasing of on-line lotteryCorporationequipment and accessories.U-Luck Information Systems Limited Taiwan 28.0 48.0 Provision of managementconsultancy services tolottery operations.Taiwan Berjaya U-Luck Limited Taiwan 26.0 - Dormant.Associate of Carlovers International LimitedBerjaya Carlovers (M) Sdn Bhd Malaysia 25.0 25.0 Operator of self-servicecarwash centres.Associate of Roasters Asia Pacific (HK) LimitedRoasters Korea Co. Ltd Republic 25.0 25.0 Operator of Kenny Rogersof KoreaRoasters Restaurants.Associate of Wireless Telecom LtdHFCL Satellite Communications Ltd India - 25.0 Telecommunications.Associate of Berjaya Corporation (Cayman) LimitedM & A Investments Pte Ltd Singapore 31.4 31.4 Investment holding.Associates of Inai Jaya Sdn BhdRare Output Sdn Bhd Malaysia 50.0 50.0 Property investment.Urusniaga Cemerlang Sdn Bhd Malaysia 30.0 - Property development.132

NotesT O T H E A C C O U N T S30 APRIL 199936 LIST OF SUBSIDIARIES AND ASSOCIATED COMPANIES (CONTINUED)EquityCountry ofinterestName incorporation held Principal activities1999 1998% %Associates of Cosway (M) Sdn BhdBeaute Distributors Sdn Bhd Malaysia 50.0 50.0 Trading in consumer products.Cosway (Overseas) Sdn Bhd Malaysia 50.0 50.0 Dormant.Associates of Cosway (Cayman) LtdCosway Overseas Co Ltd Thailand 49.0 49.0 Investment holding.Cosway (Thailand) Co Ltd Thailand 49.0 49.0 Trading in consumer products.Associate of Cosway Overseas Co LtdCosway (Thailand) Co Ltd Thailand 47.0 47.0 Trading in consumer products.Associate of Dunham-Bush International Limited(formerly known as Dunham-Bush Air-Con Equipment (HK) Limited)Top-Aire Air Conditioning (HK) Limited Hong Kong 30.0 30.0 Dormant.Associate of Dunham-Bush International (Cayman) LimitedDunham-Bush De Mexico S.A. De C.V. Mexico 50.0 50.0 Dormant.Associate of Dunham-Bush IncDunham-Bush De Mexico S.A. De C.V. Mexico 50.0 50.0 Dormant.Associate of Rank Distributors Sdn BhdCoswin (M) Sdn Bhd Malaysia 40.0 40.0 Trading in consumer products.Associates of Berjaya Land BerhadBJ Bowl Sdn Bhd Malaysia 20.0 20.0 Manager and operatorof bowling alley.Centreplus Sdn Bhd Malaysia 30.0 30.0 Property development.Flexiwang Sdn Bhd Malaysia - 40.0 Operator of food court.Jaya Bowl Sdn Bhd Malaysia 20.0 20.0 Manager and operatorof bowling alley.Natural Avenue Sdn Bhd Malaysia 46.0 i 30.0 Investment holding.Palzon Sdn Bhd Malaysia 30.0 30.0 Property development.Rentas Padu Sdn Bhd Malaysia 50.0 50.0 Investment holding.Resort Cruises (S) Pte Ltd Singapore 49.0 49.0 Transportation.Staffield Country Resort Berhad Malaysia 50.0 50.0 Developer and operatorof golf resort.Associates of Berjaya Leisure (Cayman) LimitedAsian Atlantic Holdings Limited British 24.5 24.5 Investment holding.Virgin IslandsBerjaya Asset (Cayman) Limited Cayman Islands 40.0 40.0 Investment holding.Inter-Capital Holdings Pte Ltd Singapore 50.0 50.0 Investment holding.Navodaya Mass Entertainments Limited India 40.0 40.0 Developer and operatorof theme park.Portsworth Holdings Pte Ltd Singapore 50.0 50.0 Investment holding.World Square Pty Ltd Australia 37.5 37.5 Property development.i - The total equity interests held by the Group is 46.0% and it is held by the following group companies(i) Berjaya Land Berhad 16.00%(ii) Sempurna Bahagia Sdn Bhd 15.00%(iii) Bahagia Jiwa Sdn Bhd 7.50%(iv) Muara Tebas Sdn Bhd 7.50%133

NotesT O T H E A C C O U N T S30 APRIL 199936 LIST OF SUBSIDIARIES AND ASSOCIATED COMPANIES (CONTINUED)EquityCountry ofinterestName incorporation held Principal activities1999 1998% %Associates of Berjaya Vacation Club BerhadBerjaya Butterworth Hotel (Penang) Malaysia 30.0 30.0 Hotel developer.Sdn BhdBerjaya Georgetown Hotel (Penang) Malaysia 50.0 50.0 Hotel owner and operator.Sdn BhdAssociate of BL Capital Sdn BhdRegnis Industries (Malaysia) Sdn Bhd Malaysia 30.0 30.0 Property investment andrental of property.Associate of Berjaya Praslin Beach (Cayman) LimitedAnse Volbert Hotel Limited Republic of 20.0 20.0 Hotel operation andSeychellesmanagement.Associate of Berjaya International Casino Management (HK) LimitedBerjaya International Casino Management Republic of 40.0 40.0 Management of casino(Seychelles) Limited Seychelles and investment holding.Associate of Indah Corporation BerhadJayawan Holdings Sdn Bhd Malaysia 40.0 40.0 Dormant.Associate of Ishandal Sdn BhdSempurna Bahagia Sdn Bhd Malaysia 33.3 33.3 Investment holding.Associates of Tioman Island Resort BerhadTioman Ferry Services Sdn Bhd Malaysia 50.0 50.0 Ferry services.Tioman Island Resort Ferries (S) Pte Ltd Singapore 30.0 30.0 Ferry services.Associate of Wisma Stephens Management Co Sdn BhdVilla Genting Berhad Malaysia - 30.0 Property developmentand management.Associate of Sports Toto Properties Sdn BhdStaffield Marketing Services Sdn Bhd Malaysia 50.0 50.0 Dormant.Associates of Berjaya Sports Toto BerhadBerjaya Racing Management Sdn Bhd Malaysia 20.0 20.0 Promotion and conduct ofhorse racing, totalisators andother related activities.Malaysian Lamps Sdn Bhd Malaysia 20.0 20.0 Dormant.Associates of Berjaya Sports Toto (Cayman) LimitedBerjaya Lottery Management (HK) Limited Hong Kong - 50.0 Management of sociallottery operations andinvestment holding.Suncoast Limited British Virgin 48.0 48.0 Investment holding.Islands37 CURRENCYAll amounts are stated in Ringgit Malaysia unless otherwise stated.38 COMPARATIVE FIGURES134Certain comparative figures have been reclassified to conform with current year’s presentation.

List ofP R O P E R T I E SAS AT 30 APRIL 1999EstimatedAge ofNet BookBuildings Description / ValueTitle/Location Tenure (Years) Size Existing Use RM‘000Lot 493 GM98 Mukim Hulu Kelang Freehold N/A 5 Land for 3,166Off Jalan Hulu Kelang acres residentialGombak, Selangor Darul Ehsandevelopment(Adjoining Taman Hillview)12-01, Berjaya Star City Freehold U/C 101,686 Commercial 48,996Jalan Imbi sq ft office premisesKuala LumpurLot 1151 Grant No.5873 Freehold 12 9,924 Commercial land 15,442Section 57 sq ft with 3-storey32 Jalan Sultan Ismail commercial buildingKuala Lumpurfor rental (withbasement floor)Lot PBT 1992 HS(D) 4868 Freehold N/A 1.75 Land proposed 3,122Bandar Penggaram acres for commercialDaerah Batu Pahatcomplex (underJohor Darul Takzimconstruction)Lot 1369, Bandar Penggaram Freehold N/A } 7 Shop office & } 15,123Jalan Mohd Akil, Batu Pahat } acres commercial }Johor Darul Takzim } complex (under }} construction) }} }Lot 1368 HS(D) 18785 Leasehold } Shop office & }Bandar Penggaram 99 years } commercial }Daerah Batu Pahat expiring on } complex (under }Johor Darul Takzim 19/08/2083 } construction) }} }Lot 764, 1446, 1447, 1575 Freehold } Shop office & }Geran No. 13669, 18440 } commercial }18445 & 18532 } complex (under }Bandar Penggaram } construction) }Daerah Batu Pahat } }Johor Darul Takzim } }Lot Nos. 1087, 1088 & 1089 Leasehold >25 5,768 4-storey 13,001Seksyen 57 99 years sq ft shop / officeMukim & Daerah Kuala Lumpur expiring on building42-2, 42-2A, 42-2B, 42-2C 8/9/2069 for rentalJalan Sultan IsmailKuala LumpurLot 6617, Deran 27045 Freehold 11 12,056 Land with 198Mukim Simpang Kanan sq ft dwellingDaerah Batu PahathouseJohor Darul Takzim(No. 160-3, Jalan KluangBatu Pahat, Johor Darul Takzim)Lot 2552, Grant No. 3327 Freehold 15 9 Office and 3,943Mukim Simpang Kanan acres factoryDaerah Batu PahatbuildingJohor Darul TakzimLand(Lot 293, 3 miles, Jalan KluangBatu Pahat, Johor Darul Takzim)135

List ofP R O P E R T I E SAS AT 30 APRIL 1999EstimatedAge ofNet BookBuildings Description / ValueTitle/Location Tenure (Years) Size Existing Use RM‘000Lot 6303 SM156, Lot 6304 SM155 Freehold 5 9,634 7 units of 556Lot 6305 SM154, Lot 6306 SM153 sq ft industrialLot 6307 SM152, Lot 6308 SM157workshopLot 6309 SM151buildingMukim Tampin TengahDaerah Tampin, Bandar TampinNegeri Sembilan Darul KhususParcel No. V588, V589 Freehold 23 10.0434 Beach 71,894V3699, V8369 & V8370 acres resort hotelBeau Vallon Bay Beach(184 rooms)West Coast of Mahe IslandSeychellesFlat 19 Long 2 1,517 Luxury 2,8421 Porchester Gate leasehold sq ft apartmentBayswater Roadexpiring inLondon W2 3HNyear 2985United KingdomLot 36A, HS(M) 2/1984 Leasehold 9 9 Land with 6,283Mukim Sungai Seluang 99 years acres a factoryDaerah Kulim expiring on buildingKedah Darul Aman 12/05/83(Lot 35A Kulim Industrial Estate)Lot 3, Lorong 2/1 Leasehold 12 5 Warehouse 4,018Solok Hishammuddin 1 expiring in acresKawasan Selat Klang Utama year 2084Klang, Selangor Darul EhsanLot 128 & 129 Freehold 1 5,270 Shoplot 1,620Sri Dagangan Kuantan Business Centre sq ft for rentalJalan Tun Ismail, KuantanPahang Darul Makmur13th, 14th & 15th Floor Freehold 12 21,209 Office 9,332Plaza Berjaya, Jalan Imbi sq ft premisesKuala Lumpurfor rental16th & 17th Floor Freehold 12 16,114 Office 6,034Plaza Berjaya, Jalan Imbi sq ft premisesKuala Lumpur18th,19th & 20th Floor Freehold 12 24,038 Office 9,073Plaza Berjaya, Jalan Imbi sq ft premisesKuala LumpurLot PT No.4792, 4793, 4794 Freehold N/A 265,472 Land 66,8784796, 4801, 4804, 4813, 4814 sq m for mixedHS(D) No 81310, 81309, 81310development81311, 81315, 81318, 80322, 80323Mukim Petaling, Kuala Lumpur136Lot PT No.4805, 4806 Freehold 6 594,186.885 Club house and 104,997HS(D) No 81319, 81320 sq m golf houseMukim Petaling, Kuala Lumpur

List ofP R O P E R T I E SAS AT 30 APRIL 1999EstimatedAge ofNet BookBuildings Description / ValueTitle/Location Tenure (Years) Size Existing Use RM‘000Lot PT No.4797, 4800, 4802 Freehold N/A 83,061 Land for 19,8394803, 4811, HS(D) No 81312 sq m mixed813214, 81316, 81317, 81321 developmentMukim Petaling, Kuala LumpurLot 46-56 Section 88A Freehold N/A 192,549 Land for 146,521Lot 112-115, 120 Section 43 sq m mixedWilayah PersekutuandevelopmentCL 015405428 / 105405437 Leasehold N/A 18.5 Resort land } 2,588CL 015405446 / 015405455 99 years acres }CL 015405491 / 105405508 expiring on }Lot 4,5,6,7,11 & 12 31/12/2078 }CL 015438632 Lot 9 expiring on }Gaya Island, Sabah 31/12/2079 }}NT 76054 (7605) Leasehold N/A 18.48 Resort land }6397 & 6395 99 years acres }Lot 107, 74 & 72 expiring on }NT 013063968 (6396) Lot 73 1/7/78 }Gaya Island, Sabah expiring on }31/12/2091 }Lot G69 & G70 Centre Point Leasehold 12 G69- Shoplots 821Kota Kinabalu Sabah 99 years 442.24 sq ft for rentalexpiring on G70-14/12/2000 484.74 sq ftLe Morne Leasehold 4 14.9 Beach hotel 76,714South-West Coast of Mauritius 60 years acres and casinoMauritius expiring in (200 guestyear 2050rooms)Lot PT 101900, 101901, 101903-101908 Leasehold N/A 19.11 Industrial 4,628HS(D) KA 4991,4992, 4994-4999 expiring on acres land forMukim of Hulu Kinta 17/10/2089 rentalDaerah Kinta, Perak Darul Ridzuan(Lot 60,61,63-68IGB International ParkJalan Kuala Kangsar, IpohPerak Darul Ridzuan)Parent Lot 264, Title No. GM 2256 Freehold 10 2,454 Land with a 702Section 98, Kuala Lumpur sq ft 4 1/2-storeyWilayah Persekutuanshophouse(No. 133 Indah UPC, 3 1/2 milesfor rentalJalan Klang Lama, Kuala Lumpur)Lot 470 HS(D) 38111 Freehold 22 2,250 Land with 119Section 94, Kuala Lumpur sq ft a 2-storeyWilayah Persekutuanlinked house(60, Jalan Taman Seputeh Satu for rentalTaman Seputeh, Kuala Lumpur)Lot 93 & 94 Freehold 11 14,026 1 unit of 942Geran No. 4470 & 4471 sq ft 3 1/2-storeyDaerah Melaka TengahshophouseKawasan Bandar 1, Melakafor rental(No. 481 Jalan Tengkera, Melaka)137

List ofP R O P E R T I E SAS AT 30 APRIL 1999EstimatedAge ofNet BookBuildings Description / ValueTitle/Location Tenure (Years) Size Existing Use RM‘000Lot 2829, GM308 Freehold N/A 9,500 Land with 71Mukim Simpang Kanan sq ft 3 tubeBatu Pahat, Johor Darul TakzimwellsLot 228, Grant 14953 Freehold N/A 6.5 Shophouses/ 766Kota Tinggi, Johor Darul Takzim acres Commercial(Taman Medan IndahcomplexKota Tinggi, Johor Darul Takzim)for saleMukim Simpang Kanan Freehold N/A 40.4371 Land with 4,708Daerah Batu Pahat acres residentialJohor Darul Takzim& commercial(Banang Estate)developmentLot 5593, EMR 4282 Freehold N/A 9.72 Land for 361Mukim Sri Gading, Off 94km JB acres mixedBatu Pahat Main RoaddevelopmentBatu Pahat, Johor Darul Takzim(Taman UPC, Air Hitam)Lot 7448 Mukim Sri Gading Freehold N/A 18.36 Vacant 948Johor Darul Takzim acres residential(Taman UPC, Air Hitam)& commercialdevelopmentlandLot 6010-6019, Taman UPC Freehold 13 13,860 9 units of 1,002(excld. Lot 6015) Air Hitam sq ft shophouse forJohor Darul Takzimsale or rentalPTD 6268, HSD 18755 Freehold N/A 17,488 Petrol kiosk 612Air Hitam, Johor Darul Takzimsq ftPT 22882, Banang Jaya Freehold 6 3,850 Single 93Batu Pahat sq ft storey terraceJohor Darul Takzimresidentialhouse for saleor rentalLot 22614-22618, Geran 912-916 Freehold 9 10,242 5 units of 4,656Kuala Lumpur sq ft 3-storey(44-52 Jalan Maarof, Bangsar Baru shophouses /Kuala Lumpur)officesLot 224 Section 98 Freehold 7 2.56 Condo / Shops / 2,716Title GM 1200 acres ApartmentsJalan Kelang Lamafor saleKuala LumpurCondominium(Gemilang Apartments &Sold : 194 unitsKelang Lama Business Park)Unsold : 4 unitsShopsSold : 62 unitsUnsold : 1 unitsApartmentSold : 20 unitsUnsold : 10 units138

List ofP R O P E R T I E SAS AT 30 APRIL 1999EstimatedAge ofNet BookBuildings Description / ValueTitle/Location Tenure (Years) Size Existing Use RM‘000Lot 103, 104 & 105 Freehold 3 3.843 Condominium 3,466GM 915, 1743 & 1166 Section 94 acres for saleRobson HeightsBlock AKuala LumpurSold : 115 unitsUnsold : 23 unitsBlock BSold : 138 unitsUnsold : 6 unitsLot 47 Section 98 Freehold N/A 9,937.13 Land proposed 274Geran 12677 sq ft for car parkJalan Kelang Lamaadjacent toKuala Lumpur Lot 224(3rd mile, Jalan Kelang LamaKuala Lumpur)Robson Heights Freehold N/A 3.63125 Vacant 6,180Kuala Lumpur acres land forLot 1886-1889 Section 94developmentLot 10, Subang Hi-Tech Industrial Park Freehold N/A 6.5309 Vacant land 8,468Selangor Darul Ehsan acres for rentalLot 24225 & 24226 Freehold 2 5,720 2 units of 271Banang Jaya, Phase 1A sq ft 2-storeyBatu PahatshophouseJohor Darul Takzimfor office use(No. 74 & 75, Jalan Gemilang)Lot PT278 Leasehold 6 70 Land with 400 117,044Mukim Padang Matsirat expiring on acres rooms chaletsDaerah Langkawi 30/04/2054 and buildingsPulau Langkawifor resortKedah Darul Amanoperations29 & 31, Jalan TPP 3/17 Freehold 2 16,800 Land 2,074Puchong, Seksyen 5 sq ft with sales47100 Puchong & storingSelangor Darul Ehsanpurpose(Provisional LotsSD-291 & SD-292)Flat 54, Hyde Park Towers 999 years 20 Approxi- Apartment 2,216London expiring on mately for investmentUnited Kingdom 01/01/2976 2,500sq ftFlat 35, Bishops Courts , Bishops, 125 years 11 1,184 Apartment 1,650Porchester Terrace and Garage Bay 34 expiring on sq ft for investmentLondon, United Kingdom 02/09/2113Lot 2059 C, Lot 2061 C Leasehold N/A 5,723 2 units of 650Street 2, Fortune Hill Villas expiring in sq ft 3-storeyXi Zhen, Qiao Xing Da Dao year 2064 bungalowXiao Lo Dong Lu Duanfor rentalPanyu, Guangdong ProvinceGuang Zhou139

List ofP R O P E R T I E SAS AT 30 APRIL 1999EstimatedAge ofNet BookBuildings Description / ValueTitle/Location Tenure (Years) Size Existing Use RM‘000Lot 68, No. 99, Chen Du Shi Leasehold N/A 3,500 1 unit 973Ren Min Nan Ru expiring in sq ft 2-storeyShi Tuan year 2065 bungalow forJin Xiu Hua Yuanoffice andCheng Dustaff quartersLot 163 & Lot 164 Leasehold N/A 7,930 2 units 315Bei Guang Bie Shu Cu expiring in sq ft bungalow forSan Chi year 2067 office andSu Zhoustaff quartersParcel J141 & J1530 Freehold 12 18.4557 Beach hotel (173 52,799Situated at Port Glaud acres guest rooms inclusiveSouth East Coast of Mahe Islandof 6 suites andSeychelles1 presidential suite)36 College Avenue Freehold 13 1.2 Beach resort 1,333Mount Lavinia acres hotelSri Lanka(90 rooms)No. 36/4, 36/5 & 36 Freehold 13 0.955 Beach 5,853De Saram Road acre resortMount LaviniahotelSri LankaGM 1 Lot 1, GM 2 Lot 2 Freehold N/A 54.35 Land for }GM 3 Lot 128, GM 4 Lot 129 acres development }GM 126 Lot 3, Lot 213 Geran 6440 of resort }& Lot 4 Geran 6615 }Redang Island }Terengganu Darul Naim }}GM PN 1384 Lot 5 & GM PN 1384 N/A 2.12 Land for }GM PN 1339 Lot 212 Lot 5- acres development } 53,722Redang Island Leasehold of resort }Terengganu Darul Naim expiring in }year 2067 }GM PN 1339 }Lot 212 }Leasehold }expiring in }year 2070 }PT 289K-293K Freehold >3 655 Beach 104,450Teluk Dalam & Teluk Siang acres resortRedang Island(252 rooms)Terengganu Darul NaimNo. 41,41-1,41-2 Leasehold 11 2,848 3-storey 401Jalan 11/34A 99 years sq ft terraceKepong Enterpreneurs Park expiring on shophouseJalan Kepong, Kuala Lumpur 10/01/2087 for storagepurposes140CL No: 015098745 Leasehold 12 1.52 Hotel building 24,595Kota Kinabalu, Sabah expiring in acres (160 guest(Berjaya Palace Hotel) year 2098 rooms)

List ofP R O P E R T I E SAS AT 30 APRIL 1999EstimatedAge ofNet BookBuildings Description / ValueTitle/Location Tenure (Years) Size Existing Use RM‘000Part of TL 1843 Leasehold N/A 40,075.2 Carpark 2,184Kota Kinabalu, Sabah expiring in sq ft of hotel(Berjaya Palace Hotel) year 20652, Jalan Telawi 5 Freehold 9 3,113 1 unit of 3,113Bangsar Baru sq ft shophouse59100 Kuala Lumpur for use asrestaurant42, 42A, 42B, 42C Leasehold 27 1,500 1 unit of 2,559Lot 1085, Jalan Sultan Ismail expiring on sq ft shophouse50250 Kuala Lumpur 8/9/2069 for use asrestaurant42-1, 42-1A, 42-1B, 42-1C Leasehold 27 1,500 42-1 and 42-1A- 2,559Lot 1085, Jalan Sultan Ismail expiring on sq ft restaurant50250 Kuala Lumpur 08/09/2069 42-1B and 42-1CrentedoutPajakan Negeri 6485, P.T. 6, Sek 27 Leasehold N/A 5,136 Vacant 3,390Mukim Petaling Jaya expiring on sq ft bungalowSelangor Darul Ehsan 10/04/2060(No. 48, Jalan UtaraPetaling Jaya)Lot G61-G67, Grd Floor Freehold U/C 3,123 7 units of 2,389Bayan Shopping Mall sq ft shop lotBayan Bayfor use asPulau PinangrestaurantsPT 2526 HS(D) 7653 Freehold 25 3R. Land 493(Lot 1328 & Lot 4329) 34.5P together3th Milestonewith officeJalan Kluangbuilding83000 Batu Pahat (Soutex I)Johor Darul TakzimLot 2939 Freehold 23 15 Land 5,369Geran 21858 acres together5th Milestonewith officeJalan Kluang& factory83000 Batu Pahat buildingJohor Darul Takzim(Soutex II)Lot 2939 Freehold 19 - New 2,768Geran 21858factory5th MilestonebuildingJalan Kluang(Soutex III)83000 Batu PahatJohor Darul TakzimLot 4668 CT 2290 Freehold 10 0.7 Land together 699No.119 Jalan Kluang acre with residentialBatu Pahatuse (staffJohor Darul Takzimquarters)141

List ofP R O P E R T I E SAS AT 30 APRIL 1999EstimatedAge ofNet BookBuildings Description / ValueTitle/Location Tenure (Years) Size Existing Use RM‘000Lot 3221 PTD 16156 Freehold 10 - 2 units 403HS(D) 17881 & 17882shophouseNo.3 & 4 Jalan Kerisfor rentalTaman Pasifik SelatanBatu PahatJohor Darul Takzim35/39 Inverness Terrace Freehold N/A Approxi- Hotel 49,1691-4 Inverness Place mately buildingLondon, Uinted Kingdom 40,000 (137 rooms)sq ftUnit #04-05, 06, 09-12, 12A Freehold >7 711.39 Holiday 1,063Menara Greenview, Pulau Pinang sq m accommodationfor membersUnit # C 145, 146, 158, 170, 171 Freehold 12 25,994 Holiday 7,465179, 199, 600-608, 702, 703 sq ft accommodationKuala Lumpur Plaza Condominiumfor membersJalan Bukit Bintang, Kuala LumpurParcel 3.2 Type A Block D 3rd Floor Freehold >7 530 Holiday 89Kemang Indah Condominium sq ft accommodationPort Dicksonfor membersNegeri Sembilan Darul KhususUnit #A1/A2/A3/A3A/ Leasehold 17 #4555: Holiday 1,347Unit #2/20, 3583 1,258 sq ft accommodationAwana Condominium #2/12: for membersGenting Highlands835 sq ftPahang Darul Makmur #2/20:835 sq ft#3583:1,258 sq ftUnit #A3-3, A5-2, A5-7, 3A-3 Leasehold N/A 10,150 Holiday 811#C2-15, 16, 17, 18, #C3-3, 8 expiring in sq ft accommodation#C5-2, 7, Meranti Park year 2094 for membersBukit Tinggi(underPahang Darul Makmurconstruction)Part of PT No 12183 Leasehold N/A 56.02 Vacant 16,631HS(D) 11008, Mukim and expiring on acres commercialDistrict of Bentong 01/08/2092 landPahang Darul Makmur142Tuanku Jaafar Industrial Estate Freehold 10 Land: Land with 12,70571450 Sungai Gadut 380,447 factorySerembansq ftNegeri Sembilan Darul KhususBuilding:212,221sq ft

List ofP R O P E R T I E SAS AT 30 APRIL 1999EstimatedAge ofNet BookBuildings Description / ValueTitle/Location Tenure (Years) Size Existing Use RM‘000No. 2 Jalan 13/1 Seksyen 13 Leasehold 7 205,847 Land with 11,63546200 Petaling Jaya 99 years sq ft 3- storeySelangor Darul Ehsan expiring on office and06/01/2060 warehousePortion of parent lot :- Leasehold 7 69.845 Equestrian 59,982PT3301, Lot 879 & 70 years acres & countrypart of lots 880 & 35329 expired on resort andMukim of Kuala Lumpur 24/03/2159 polo field(District of Wilayah Persekutuan)(Bukit Kiara Equestrian &Country Resort, Jalan Bkt KiaraKuala Lumpur)Lot 102 Freehold N/A 12.5 Land for 9,433No.394 Bukit Bendera acres developmentPulau Pinangof Hill Resort(Title 27853)ProjectLot 000925 TS10 North East District Freehold 7 1,819 Land with 195HS(D) Section 10 sq ft 3-storeyGeorgetownshophousePulau PinangNo. 86, Kajang Road10150 Pulau PinangPT 33018, 32863, 32878 Freehold N/A 6.43 Land for 9,71832850-32862 acres commercialPT 32864-32876developmentMukim Kuala KuantanKuantanPahang Darul MakmurPT 32760-32773 Freehold N/A 2.2 Land for 3,94132774-32789, 32819-32849 acres residential &Mukim Kuala KuantancommercialKuantandevelopmentPahang Darul MakmurPT 32921, 32922 Freehold 1 5.46 Shopping mall 127,770Mukim Kuala Kuantan acres for rentalKuantanPahang Darul MakmurLot 5202 Ct 5755 Freehold N/A 45.66 Land for 10,483Mukim Kuala Kuantan acres development(Sri Dagangan Kuantan)Jalan Tun Ismail, KuantanPahang Darul MakmurLot 67 Geran 11506 Section 5 Freehold N/A 343,852 Condominium 2,456Georgetown sq ft Sold : 224North East District Unsold : 12Off Jalan Mesjid Negeri, Pulau Pinang(Menara Greenview)143

List ofP R O P E R T I E SAS AT 30 APRIL 1999EstimatedAge ofNet BookBuildings Description / ValueTitle/Location Tenure (Years) Size Existing Use RM‘000Lot 3454 GM (First Grade) Freehold N/A 4.95 Condominium 1,134248 Mukim 13, Jalan Sungei Dua acres Sold : 145North East District, Pulau Pinang Unsold : 3(Desa University)Lot 1861 GM 9185 Freehold N/A 23.31 Land for 2,843Lot 24, 25, 905, 927, 1241 acres developmentEMR 8, 9, 890, 905, 1212Mukim BeserahKuantan, Pahang Darul MakmurNo 9 & 10, Storey 2 Leasehold 4 2,590 Retail lots / 711Block D, Greenlane Heights 99 years sq ft Stockist &Pulau Pinang expiring in redemptionyear 2095centreNo 11, Storey 2 Leasehold 4 2,055 Retail lot / 547Block D, Greenlane Heights 99 years sq ft Stockist &Pulau Pinang expiring in redemptionyear 2095centrePlot 4, Jalan Ng Weng Hup Leasehold 3 1,755 Land with 2-storey 243Taman Pertama, Ipoh 99 years sq ft commercial shoplot-Perak Darul Ridzuan expiring in stockist & redemptionyear 2094centre29 Jalan Manis 4 Leasehold 21 1,539 Single storey 654Taman Segar, Kuala Lumpur expiring in sq ft shophouse - stockistyear 2077& training centreBandar Baru Permas Jaya Freehold 3 2,624 sq ft 4-storey 5,238Johor Bahru 1,920 sq ft shop office-Johor Darul Takzim 1,920 sq ft stockist &PTD : 100315, PTD : 100453 1,920 sq ft redemptionPTD : 100454, PTD : 100456 2,624 sq ft centrePTD : 100457Lot 4, Jalan Damai Off Km 5 Leasehold 26 1,336 Land with 3-storey 473Jalan Tuaran, Kota Kinabalu expiring in sq ft shophouse - stockistSabah year 2072 & redemption centreLot PTB 4544 Freehold 1 1,650 3-storey shop offices - 901Kim’s Park Business Centre sq ft stockist & redemptionBatu Pahat, Johor Darul TakzimcentreLot 3, Block C1 Freehold U/C 174,420 Industrial land - for 12,160Bukit Jelutong Industrial Park sq ft construction ofShah Alam, Selangor Darul Ehsanwarehouse complexLot S10, MWE Kepong Leasehold 36 1,600 4-storey shop office - 1,029Commercial Park, 21, Jalan 2-33B expiring in sq ft stockist & redemptionKuala Lumpur year 2023 centre144Sublot 1186 of Lot 90 Leasehold 7 1,356 4-storey shop office - 886Block 9 MCLD expiring in sq ft stockist & redemptionMini Waterfront Business Centre year 2052 centreJalan Bendahari, MiriSarawak

List ofP R O P E R T I E SAS AT 30 APRIL 1999EstimatedAge ofNet BookBuildings Description / ValueTitle/Location Tenure (Years) Size Existing Use RM‘000Apartmento-R.Cauaxi Freehold 26 2,965 Residential 636152-ap. 1304-Barueri sq ft apartmentSao PaoloBrazilLoja 1-Pavimento Freehold 26 4,495 Single storey 1,432R. Rio Grande do Norte 919 sq ft shophouse /Balo Horizonie-MGStockist centreBrazilLot 3, 4 and 5 Freehold 26 94,852 Single storey 10,379R. Sao Paulo 144-Barueri sq ft industrial building /Sao PaoloWarehouse &Braziloffice complexLoja 12-Tenco-Blcco D Freehold 26 8,383 2-storey 1,306Quadra 716-Asa Norto sq ft shophouse /Setor Com/Resie. NorieStockist centreBrasiliaBrazilBerjaya Star City Freehold U/C 117,328 338 units 62,532No.1 Jalan Imbi sq ft of serviceKuala Lumpursuites (underconstruction)No 9, Puncak Ria Lima MK 17 Freehold 7 2,422 3- storey 321Batu Ferringhi sq ft town house11100 Pulau Pinang for rental81-16-2 Puncak Ria Lima MK 17 Freehold 6 2,325 Condominium 307Batu Ferringhi sq ft for rental11100 Pulau Pinang81-16-7 Puncak Ria Lima MK 17 Freehold 5 2,325 Condominium 326Batu Ferringhi sq ft for rental11100 Pulau Pinang101 Burgess Road Freehold 34 Land: Land with 37,531Harrisonburg 39.78 factoryVirginia, USA acres buildingBuilding: cum573,264 office andsq ft warehouseLot 6 & 8, Kidamai Industrial Park Freehold 1 Land: Industrial land 34,975Mukim 6, 43600 Kajang 11.84 with factorySelangor Darul Ehsan acres building cumBuilding: office and200,392 warehousesq ftNo. C402 to C420 (19 Units) Freehold 4 592 Low cost 505Lot 6750 & Lot 6559 sq ft flatsTaman Kajang Utama each for staff43000 Kajang quartersSelangor Darul Ehsan145

List ofP R O P E R T I E SAS AT 30 APRIL 1999EstimatedAge ofNet BookBuildings Description / ValueTitle/Location Tenure (Years) Size Existing Use RM‘000Lots 6, 8, 10 Jalan P/7 Leasehold 11 Land: Industrial 2,321Kaw. Perusahaan Bangi expiring on 3 acres land withLot 43650 Bandar Baru Bangi Lot 6: Building: factorySelangor Darul Ehsan 16/10/2019 88,921 building cumLot 8 & 10: sq ft office and25/02/2018 warehouseLot 12, Jalan P/7 Leasehold 7 Land: Industrial land 6,870Kaw. Perusahaan Bangi expiring on 1 acre with factory43650 Bandar Baru Bangi 29/09/2086 Building: building cumSelangor Darul Ehsan 82,936 office andsq ft warehouseLot 14, Jalan P/7 Leasehold 6 Land: Industrial land 6,237Kaw. Perusahaan Bangi expiring on 2.05 acres with factory43650 Bandar Baru Bangi 29/09/2086 Building: building cumSelangor Darul Ehsan 112,332 office andsq ft warehouseEuropean Headquarters Freehold 22 Land: Land with 18,749Dowley Road, 8.35 acres factoryHavant, Hampshire Building: building cumEngland PO92JD 107,219 office andUnited Kingdom sq ft warehouseMinyak Estate (5 lots) Freehold N/A 16,451 Land for 774,283Sungei Tinggi Estate (27 lots) acres developmentand Nigel Gardner &Bukit Tagar Estate (6 lots)Mukim of Sungei Tinggiand Batang BerjuntaiDistrict of Ulu SelangorKuala SelangorSelangor Darul EhsanSuite 804, 806, 808, 810 Freehold 22 3,257 Office lots / 8738th Floor Merlin Tower sq ft DisasterJalan Meldrumrecovery80000 Johor Bahru facilityJohor Darul TakzimcentreSuite 1001-1005, & 1010 Freehold 22 5,341 Office lots / 1,56610th Floor Merlin Tower sq ft ArchiveJalan Meldrumcentre80000 Johor BahruJohor Darul Takzim95, Jalan Tun Abdul Razak Freehold 12 Land: Land with 17,66880000 Johor Bahru 21,964 5 1/2-storeyJohor Darul Takzim sq ft officeBuilding: premises38,615sq ft146

List ofP R O P E R T I E SAS AT 30 APRIL 1999EstimatedAge ofNet BookBuildings Description / ValueTitle/Location Tenure (Years) Size Existing Use RM‘000PTD 24829 HS(D) 24658 Freehold N/A 57.1 Land 10,969Mukim Simpang Kanan acres for mixedDaerah Batu Pahatdevelopment(Banang Jaya Estate, Johor) for rental /Johor Darul TakzimvacantLot 174 TS 18 Freehold 59 4,826 3 units of 2-storey 180North East District, Pulau Pinang sq ft shophouses(74,76 & 78 Rope Walk, Pulau Pinang) for rentalPTD 24828 HS(D) 24657 Freehold N/A 79.3 Land for 13,115Mukim Simpang Kanan acres mixedDaerah Batu PahatdevelopmentJohor Darul Takzim(Banang Jaya Estate, Johor)EMR 2072, Lot 1291, GM 1576 Freehold 7 9.375 Land with 2,925Lot 1115, GM 1427 acres factoryEMR 2759, Lot 2160, GM 1579buildingEMR 2760, Lot 2161, GM 545Klang, Selangor Darul EhsanLot B HS(D) 20468 PT 6486 Leasehold 3 29.94 Land with 6,965Mukim Petaling 99 years acres factorySelangor Darul Ehsan expiring on building(Lot 6486 Taman Medan 01/10/2084Petaling JayaSelangor Darul Ehsan)Lot 3000 Mukim Petaling Freehold N/A 6.739 Proposed for 354District of Kuala Lumpur acres developmentWilayah Persekutuanof 408 apartmentsLot 706 Freehold N/A 6.018 Land for 101Mukim of Rengam acres residential &Batu PahatcommercialJohor Darul TakzimdevelopmentBanang Jaya Development Freehold N/A 825.28 Land for 34,828Mukim of Simpang Kanan acres mixedDistrict of Batu PahatdevelopmentJohor Darul TakzimLot 1293 and 1294 Freehold N/A 9.98 Land held for 470QT(M) 29 & 30 acres developmentMukim of MachapJohor Darul TakzimLot 1295-1298 Freehold N/A 19.98 Land held for 880QT(M) 31-34 acres developmentMukim of MachapJohor Darul Takzim147

List ofP R O P E R T I E SAS AT 30 APRIL 1999EstimatedAge ofNet BookBuildings Description / ValueTitle/Location Tenure (Years) Size Existing Use RM‘000PTD 21447-21463, PTD 21479-21943 Freehold N/A 169.92 Land held for 28,862PTD 27874, PTD 27880 acres developmentPTD 27880A, PTD 29714-29716PTD 29667-29713, PTD 29719-29738PTD 27894, Mukim of Simpang KananJohor Darul TakzimPT 5100 HS(D) 18536 Leasehold 3 66.4 Land for 34,495Mukim Setapak 99 years acres residential &Off 10 KM Jalan Gombak expiring on commercialGombak, Selangor Darul Ehsan 12/04/2088 development(Taman Cemerlang)Lot PT 6172, HS(D) 41626 Freehold 12 2,138 3 1/2-storey 318Mukim of Sungai Buluh sq ft shophouse /District of Petaling JayaofficeSelangor Darul Ehsan(40 Jalan SS21/35Damansara UtamaPetaling Jaya)Lots 22612 & 22613 Freehold 9 2,040 3-storey 1,667Geran Nos. 910 & 911 sq ft shophouse /Mukim of Kuala Lumpur 2,095 officesq ft40 Jalan 10/32 Leasehold 6 2,800 2-storey light 302Taman Jinjang Baru expiring in sq ft industrialKuala Lumpur year 2086 building -archive centre7-0-8 Block B Leasehold 3 5,500 4-storey 1,135Danau Business Centre expiring in sq ft shop houseJalan 3/1097, Tmn Danau Desa year 2083 facility58100 Kuala Lumpur centreLot 4924 (PT 11526) Leasehold N/A 60 Land for 4,485Mukim of Hulu Kelang expiring on acres developmentDistrict of Gombak 17/06/2078Taman Abdul RazakAmpang JayaSelangor Darul EhsanLot 4916 (PT 1927) & Leasehold 13 67.176 Club house 45,6585871 (PT 2055) expiring on acres and golfMukim of Hulu Kelang 17/06/2078 courseDistrict of GombakTaman Tun Abdul RazakAmpang JayaSelangor Darul Ehsan148

List ofP R O P E R T I E SAS AT 30 APRIL 1999EstimatedAge ofNet BookBuildings Description / ValueTitle/Location Tenure (Years) Size Existing Use RM‘000PTD 16157 HS(D) 17883 Freehold 15 0.18 5 units of 1,030PTD 16157 HS(D) 17885 acre 3-storeyPTD 16157 HS(D) 17888 (7,840 shophousePTD 16157 HS(D) 17890 sq ft) for rentalPTD 16157 HS(D) 17892Mukim Simpang KananDaerah Batu Pahat, Johor(No. 5, 7 10, 12 & 15, 2 1/4 milesJalan Kluang, Taman Pacific SelatanBatu Pahat, Johor Darul Takzim)No. 76, Mukim 17 Freehold N/A 9.76 Land held for 2,065Lot 471 & 472 acres developmentTanjung BungahNouth East DistrictPulau PinangHS (M) 8377, PT No 514 Leasehold 36 87,120 1 1/2- storey 5,267Kampung Baru Subang expiring in sq ft factory &Selangor Darul Ehsan year 2053 sales officeB4/19 (Unit 5544) Freehold >17 1,258 Resort 260Awana Condominium sq ft apartmentGenting Highlandsfor rentalPahang Darul MakmurB4/21 (Unit 6542) Freehold >17 2,044 Resort 596Awana Condominium sq ft apartmentGenting Highlandsfor rentalPahang Darul MakmurB3/19 (Unit 4544) B Block, 3rd Floor Freehold >17 1,258 Resort 394Awana Condominium sq ft apartmentGenting Highlandsfor rentalPahang Darul MakmurB4/22 (Unit 6541) Freehold >17 2,007 Resort 394Awana Condominium sq ft apartmentGenting Highlandsfor rentalPahang Darul MakmurLot PTB 13484 Title HS(D) Freehold >9 41,676 24 units of 5,74074361 Daerah Johor Bahru sq ft 4-storeyJohor Darul Takzimapartment(Sri Indah Courtfor rentalJalan Abdul SamadJohor BahruJohor Darul Takzim)Lot 1165 Geran 5868, Section 57 Freehold >17 1,546.34 1 unit of 301Daerah Kuala Lumpur sq ft apartment(Lot 17.01 17th FloorWisma Cosway, Kuala Lumpur)149

List ofP R O P E R T I E SAS AT 30 APRIL 1999EstimatedAge ofNet BookBuildings Description / ValueTitle/Location Tenure (Years) Size Existing Use RM‘000Lot 22605, Geran 903 Freehold 10 2,061 1 units of 848Mukim Kuala Lumpur sq ft 3-storeyWilayah Persekutuanshop / Office(20 Jalan Telawi 2 for rentalBangsar Baru, Kuala Lumpur)Unit 15A-33-6 Scots Tower Freehold >5 2,588 1 unit of 1,045Kuala Lumpur sq ft Condo forMont’ Kiara Pinesrental (Penthouse)Lot 37720 Title PN 9989 Leasehold N/A 33,706 3-storey detached 10,875Mukim Kuala Lumpur 99 years sq ft house under(8 Lorong Duta 2 expiring on constructionTaman Duta, Kuala Lumpur) 21/09/2072Lot 848 HS(D) 32073 Freehold 16 11,999 Land with a 819Mukim Kuala Lumpur sq ft bungalow(2 Jalan DerumunBukit DamansaraKuala Lumpur)Lot PT 2 HS(M) 349 Freehold >12 14,000 Land with a 2,093Mukim Ampang, Kuala Lumpur sq ft 2-storey(15 Lingkungan U Thant, Kuala Lumpur) bungalowLot 513 QT(R) 12505 Freehold 16 6,053 Land with a 379(8 Lorong Limau Kasturi, Bangsar sq ft 2-storeyKuala Lumpur)bungalowPT 1151 HS(D) 32355 Freehold >12 10,838 Land with 1,438Mukim & Daerah Kuala Lumpur sq ft a 2-storey(33 Jalan Beka, Damansara Heights bungalowKuala Lumpur)Lot 45798 HS(D) 45065 Freehold >12 14,221 Land with 1,453Mukim Kuala Lumpur sq ft a 2-storeyWilayah Persekutuanbungalow &(74 Jalan Setiakasih a swimmingDamansara HeightspoolKuala Lumpur)Lot LG147 Freehold 22 570 1 unit of 687Lower Ground Floor sq ft shoplotSungei Wang Plazafor rentalKuala LumpurLot LG147-1 Freehold 22 594 1 unit of 687Lower Ground Floor sq ft shoplotSungei Wang Plazafor rentalKuala LumpurLot 72 QT(R) 3923 Leasehold >17 5,400 Land with 354Petaling Jaya 99 years sq ft a 2-storeySelangor Darul Ehsan expiring on bungalow(72 Jalan 14/29, Petaling Jaya 30/07/2061 for rentalSelangor Darul Ehsan)150

List ofP R O P E R T I E SAS AT 30 APRIL 1999EstimatedAge ofNet BookBuildings Description / ValueTitle/Location Tenure (Years) Size Existing Use RM‘000Lot 8 Subang Hi-Tech Industrial Park Freehold >5 48,748 1-storey 5,141Subang Jaya sq ft factory withSelangor Darul Ehsan3-storey(Payang Indah Sdn Bhd)office forrentalPT 41327, HSD 44079 Freehold N/A 1,500 4-Storey 739Mukim & District of Klang sq ft shop / officeTaman Bayu Perdana, KlangunderSelangor Darul EhsanconstructionNo.B21-12, 21st Floor, Block B Freehold 5 35,000 1 single storey 6,926Lot 3, Section 51A, Jalan 225 99 years sq ft detached factoryPetaling Jaya expiring on for rentalSelangor Darul Ehsan 23/06/2065Plot 36 Kawasan Perindustrian Leasehold 47 257,550 Leasehold land 2,626Bandar Baru Aman 60 years sq ft and building -Jitra, Kedah expiring in Factoryyear 2044buildingHS(D) 4/1984, Lot No. 36Mukim of NagaDistrict of Kubang PasuKedah Darul AmanLot 23-25, Lot 70-77 Freehold >12 } 26,888 & Retail lots } 11,075Kota Raya Complex } 12,992.03 for sale or }Jalan Cheng Lock } sq ft rental }Kuala Lumpur } }} }Lot 119, 125 Leasehold } }Kota Raya Complex expiring on } }Jalan Cheng Lock 13/02/2072 } }Kuala Lumpur } }Lot 3267 EMR 1563 Leasehold 8 0.56 Factory 107Mukim Simpang Kanan 50 years acre buildingDaerah Batu Pahat expiring on for rentalJohor Darul Takzim 30/04/2023(Batu 1´ Jalan Minyak BekuBatu PahatJohor Darul Takzim)11th Floor, Berjaya Star City Freehold U/C 106,027 1 floor of office space 47,728No.1, Jalan Imbi (strata titles) in an integratedKuala Lumpurcommercial(Proposed Address)development (underconstruction)151

List ofP R O P E R T I E SAS AT 30 APRIL 1999EstimatedAge ofNet BookBuildings Description / ValueTitle/Location Tenure (Years) Size Existing Use RM‘000Lot 529, Of Persiaran Subang Permai Freehold 7 115,024 Land and building / 8,832Subang Jaya sq ft factory office,47500 Petaling Jaya warehouse andSelangor Darul Ehsandistribution centreBerjaya Star City Freehold N/A 107,028 1 floor of office 30,26113th Floor sq ft space of anNo.1, Jalan ImbiintegratedKuala Lumpurcommercialdevelopment (underconstruction)Lot 845 to 833, 955 & 1217 Freehold 12 446,103 Podium block 133,450CT 17922 to 17960 & sq ft restaurant blockGeran 8335, Section 67& car park forDaerah Kuala LumpurrentalWilayah Persekutuan(KL Plaza, Jalan Bukit BintangKuala Lumpur)HS(D) 80653, No PT57 Freehold 13 67,855 Land with office 36,795Lot 1223, 1224 & 1225 Seksyen 67 sq ft & residential blockGeran 9934, 9935 & 9936& shoppingDaerah Kuala Lumpurcomplex(Plaza Berjaya, 12 Jalan Imbifor rentalKuala Lumpur)210 TS10 North East District Freehold 7 0.1755 Land with 1,287Penang & HS(D) 1& 2, Sek 10 acre factoryGeorgetown, Pulau Pinang88-92 Kajang RoadPulau PinangLot 15802 Geran 1223, (Old Lot 58) Freehold N/A 370.975 Land for mixed 64,736Mukim & Daerah Kelang acres developmentSelangor Darul Ehsan(Beaumont Estate)Lot 6 Ct 9445 Section 89 Freehold >17 51,727 Residential land 6,251Daerah Kuala Lumpur sq ft with detached(317 Jalan Ampang building for rentalKuala Lumpur)Lot 117 CT 12610 Freehold >10 43,560 Land with 9,575Section 89A sq ft detachedDaerah Kuala Lumpurbuilding(187A Jalan Ampang for rentalKuala Lumpur)Lot 1744 & 1745 Mk 17 Freehold N/A 227,274 Vacant 4,528Daerah Seberang Perai Tengah sq ft developmentPulau Pinangland152Lot 1740, 1741, 1742, 1743, 1746 Freehold N/A 1,641,478 Vacant1748, 1749 & 1750, Mukim 17 sq ft developmentDaerah Seberang Perai TengahlandPulau Pinang

List ofP R O P E R T I E SAS AT 30 APRIL 1999EstimatedAge ofNet BookBuildings Description / ValueTitle/Location Tenure (Years) Size Existing Use RM‘000Lot 767, 1252, 1253 & 1755 Freehold N/A 255,618.79 VacantMk 17 Daerah Seberang Perai Tengah sq ft developmentPulau PinanglandLot No. 734, Section 57 Freehold 11 0.53125 Commercial land 36,036(No. 25, Jalan Sultan Ismail acre with 1-storey50250 Kuala Lumpur) showroomLot 6, Jalan 217 Leasehold 36 1.27 Land held for 12,972Section 51, Petaling Jaya expiring on acres developmentSelangor Darul Ehsan 09/04/2056(Lot 58 Section 20, Petaling Jaya)Longwood Freehold 3 Land: Land with 9,8532300 West State Rd. 434 3.4 acres restaurantLongwood Building: buildingFlorida 32779, USA7,500 sq ftOrange Park Freehold 3 Land: Land with 7,4271650 Wells Road 2.6 acres restaurantOrange Park Building: buildingFlorida 32073, USA6,800 sq ftColumbia O’Neil Freehold 3 Land: Land with 6,018215 O’Nell Court 2.35 acres restaurantColumbia Building: buildingSC 29223, USA8,400 sq ftColumbia/Irmo Freehold 3 Land: Land with 3,682301, Park Terrace 2.5 acres restaurant buildingIrmoBuilding:SC, USA6,800 sq ftBradenton Freehold 4 Land: Land with 6,2025051 14th Street W 2.2 acres restaurant buildingBradentonBuilding:Florida 34207, USA10,000sq ftKissimmee Freehold 4 Land: Land with 7,8474155 W. Vine Street 3 acres restaurant buildingKissimmeeBuilding:Florida 34741, USA7,500 sq ftJacksonville Freehold 4 Land: Land with 6,2199743, Old St Augustine Road 1.8 acres restaurant buildingJacksonvilleBuilding:Florida 32257, USA8,300 sq ftOcala Freehold 4 Land: Land with 7,1252015 SW 17th Street 1.58 acres restaurant buildingOcalaBuilding:Florida 34471, USA7,500 sq ftTallahassee Freehold 4 Land: Land with 8,4082226 N. Monroe Street 2.33 acres restaurant buildingTallahasseeBuilding:Florida 32303, USA7,500 sq ft153

List ofP R O P E R T I E SAS AT 30 APRIL 1999EstimatedAge ofNet BookBuildings Description / ValueTitle/Location Tenure (Years) Size Existing Use RM‘000North Palm Beach Freehold 3 Land: Land with 7,577200 Yacht Club Drive 1.9 acres restaurant buildingPalm BeachBuilding:Florida 33408, USA8,500 sq ftFt. Myers Freehold 3 Land: Land with 8,8458771 College Parkway 2.6 acres restaurant buildingFt. MyersBuilding:Florida 33919, USA6,800 sq ftGreenville Freehold 3 Land: Land with 8,739317 Haywood road 2.5 acres restaurantGreenville Building: buildingSC 29607, USA6,800 sq ftLot PT No 4627, 4625, 4626 Leasehold 5 11.82 Land for 8,846Mukim Petaling 99 years acres residentialJalan Sungai Besi expiring on developmentKuala Lumpur 13/10/2079(Petaling Indah)HS(D) 67288 Lot 57 Freehold N/A 6,867 Vacant 352Mukim Petaling sq ft developmentJalan Sungai BesilandKuala LumpurLot 1882, 1883, 1926, 1927 Freehold N/A 3.725 Vacant 3,570Title GM 1768, 1769, 1770 & 1771 acres developmentRobson HeightslandKuala LumpurLot 1896,1901 & 1914 Mukim of KL, FT Freehold N/A 5.11280 Vacant 10,179Lot 111, Sec 94, KL, FT acres developmentRobson HeightslandKuala LumpurLot 109, 1884-1885, 1890-1895 Freehold N/A 26.1625 Vacant 22,7931898-1900, 1913, 1915-1917, 1919-1925 acres development1180, 1068-1069, 958-959, 981, 107 land811 & EMR 4654, 1071, 1828, 850962, 741, 1829, 1075, 1076, 10801018, 1081-1084, Section 94Daerah Kuala LumpurRobson HeightsKuala LumpurLot 1897 Title GM 712, Section 94 Freehold N/A 0.91875 Vacant 800Daerah Kuala Lumpur acre developmentRobson HeightslandKuala LumpurLot 107 Title GM 895 Freehold N/A 1.53125 Vacant 1,067Kuala Lumpur acres developmentRobson HeightslandKuala Lumpur154

List ofP R O P E R T I E SAS AT 30 APRIL 1999EstimatedAge ofNet BookBuildings Description / ValueTitle/Location Tenure (Years) Size Existing Use RM‘000Lot 1886 - 1889 Freehold N/A 3.6213 Vacant 6,327Title GM 802, 803, 809 & 829 acres developmentRobson HeightslandKuala LumpurHS(D) 789, PT 4 Mukim of KL Leasehold N/A 2.791 Vacant 16,626Fairview Condominium 99 years acres developmentJalan Tun Razak expiring on landSection 62 18/03/2074Kuala LumpurHS(D) 791, PT 6 MuKim of KL Leasehold >5 131,432 Condominium 2,788Ixora Apartments 99 years sq ft blocksJalan Tun Razak, Section 62 expiring on Sold: 303 unitsKuala Lumpur 18/03/2074 Unsold: 1 unitPart of Lot PT 12182 & 12183 Leasehold N/A 5,948,292 Vacant 27,650Mukim and Daerah of Bentung 99 years sq ft developmentPahang Darul Makmur expiring on land13/10/2079Plot 160, Lot No: 007171 Plot 160: } 11 Plot 160: Land with } 4,121Phase 1 Bayan Lepas FTZ Leasehold } 1.18 factory }Bayan Lepas expiring on } acres building }11900 Pulau Pinang 22/05/2050 } }} }Plot 163, Lot No:7497 Plot 163: } Plot 163: }Phase 1 Bayan Lepas FTZ Leasehold } 1.52 }Bayan Lepas expiring on } acres }11900 Pulau Pinang 10/12/2050 } }Lot 845 to 833, 955 & 1217 Freehold 12 179,132 114 units of 60,119CT 17922 to 17960 & Geran 8395 sq ft apartments withSection 67, Kuala Lumpurclubhouse knownWilayah Persekutuanas KL Court &(KL Plaza, Jalan Bukit BintangKL HeightsKuala Lumpur)for rentalLot 7, Grant 62233 Freehold 8 2,128 Land with a 246Section 4, Daerah Kulim sq ft 2-storeyKedah Darul Aman shophouse -(47, Jalan Raya, Kulim showroom &Kedah Darul Aman)sales officeLot 9, G 11361, Section 16 Freehold 7 1,355 Land with a 106Sungai Petani, Daerah Kuala Muda sq ft 2-storeyKedah Darul Aman shophouse -(19, Jalan Merbok showroom &Sungai Petanisales officeKedah Darul Aman)Lot 5642, PN 407 Leasehold 7 1,400 Land with a 200Mukim & Daerah Kota Setar 99 years sq ft 2-storeyKedah Darul Aman expiring on shophouse -(3, Kompleks Sukan 27/09/2085 showroom &Jalan Sungai Koroksales officeAlor Setar, Kedah Darul Aman)155

List ofP R O P E R T I E SAS AT 30 APRIL 1999EstimatedAge ofNet BookBuildings Description / ValueTitle/Location Tenure (Years) Size Existing Use RM‘000Alor Star 1 Shop Freehold 4 1,399 Land with a 2502, Komplek Sukan sq ft 2-storeyLebuh Raya Sultan Abdul Halim shophouse -05400 Alor Star showroom &Kedah Darul Amansales officeLot 1895 & 329, HS(D) 1342 Freehold 9 4,959 Land with 672Mk1 & HS(D) 2182 Mk1 sq ft 2-storeyDaearh Seberang Perai Tengah shophouse -Pulau Pinangshowroom &(2 Jalan Kurau regional officeTaman Chai Leng, Prai)Lot 4119 & 4120 Freehold 9 1,400 Land with 100Geran No. 22404 & 22405 sq ft 2-storeyDaerah Larut & Matang, Mukim Kemunting shophouse -Taiping, Perak Darul Ridzuanshowroom &(362 Jalan Kamunting, Taiping sales officePerak Darul Ridzuan)Lot 325 CT 6035 Freehold 9 4,800 Land with 255Lot 326 CT 2255 sq ft 2-storeyKampar, Perak Darul Ridzuan shophouse -(78 & 80 Jalan Gopeng, Kampar showroom &Perak Darul Ridzuan)sales officeLot 12198S HS(D)KA 1148/76 Freehold 7 1,600 Land with 236Ipoh, Daerah Kinta sq ft 3-storeyPerak Darul Ridzuan shophouse -(545 Jalan Pasir Puteh showroom &31650 Ipoh, Perak Darul Ridzuan) sales officeLot 268 CP 12601 Freehold 7 2,409 Land with 270Bagan Serai sq ft 2 1/2-storeyDaerah Krian shophouse -Perak Darul Ridzuanshowroom &(Lot 268 Jalan Besarsales officeBagan Serai, Perak Darul Ridzuan)Lot 131 PT 1092 QTHS(D)KN 84 Leasehold 8 1,400 Land with 178Mukim Parit Buntar 99 years sq ft 2-storeyDaerah Krian expiring on shophouse -Perak Darul Ridzuan 19/04/2089 showroom &(8 Medan Hentian sales officePusat Bandar BaruParit Buntar, Perak Darul Ridzuan)Lot 416 G 17421 Freehold 6 2,136 Land with 280Simpang Ampat sq ft 4-storeyDistrict of Lower Perak shophouse -Perak Darul Ridzuanshowroom &(34 Jalan Mohd Ali, Sitiawan sales officePerak Darul Ridzuan)156

List ofP R O P E R T I E SAS AT 30 APRIL 1999EstimatedAge ofNet BookBuildings Description / ValueTitle/Location Tenure (Years) Size Existing Use RM‘000PT 7720 HS(M) 5726 Leasehold 8 1,400 Land with 109Mukim Sungai Buluh 99 years sq ft 2-storeyBandar Baru, Sungai Buluh expiring on shophouse -Selangor Darul Ehsan 13/03/2087 showroom &(Lot 2090 Jalan 3/1sales officeBandar Baru, Sungai Buluh47400 Selangor Darul Ehsan)Lot 10601 HS(M) 8795 Leasehold 6 1,938 Land with 140Mukim Kajang 99 years sq ft 2-storeyBandar Baru Bangi expiring on shophouse -Selangor Darul Ehsan 08/07/2086 showroom &(11A Jalan 6C/5 sales officeBandar Baru Bangi43560 Selangor Darul Ehsan)6, Jalan 217 Leasehold N/A 2,842 Vacant landPetaling Jaya 99 years sq ft with TenagaSelangor Darul Ehsan expiring in substationyear 2045Lot 1 & 2 Ground Floor Freehold 5 Lot 1: 2 units of ground 481Block C, Sri Pelangi, Phase 2 1,598 sq ft floor shoplots -Jalan Genting Klang Lot 2: showroom &Setapak, Kuala Lumpur 1,572 sq ft sales officePT 20 HS(D) 4808 Freehold 7 1,775 Land with 247Pekan Bahau, Daerah Jempol sq ft 2-storeyNegeri Sembilan Darul Khusus shophouse -(14 Jalan Dato’ Besar, 72100 Bahau showroom &Negeri Sembilan Darul Khusus)sales officeLot 16192 GM 451 Freehold 9 2,196 Land with 273Daerah Seremban sq ft 3-storeyNegeri Sembilan Darul Khusus shophouse -(507 Jalan Tuanku Antah regional &70100 Seremban sales officeNegeri Sembilan Darul Khusus)Lot PTB 1375 HS(D) 7453 Freehold 8 1,540 Land with 121Kota Tinggi sq ft 2-storeyJohor Darul Takzim shop/office -(3 Jalan Indah, Medan Indah showroom &81900 Kota Tinggi sales officeJohor Darul Takzim)PTD 6484 HS(M) 1382 Freehold 11 1,760 Land with 160Mukim Ulu Benut sq ft 3-storeyJohor Darul Takzim shophouse -(27 Jalan Kijang showroom &Taman Mohd Yassinsales office86200 Simpang RenggamJohor Darul Takzim)157

List ofP R O P E R T I E SAS AT 30 APRIL 1999EstimatedAge ofNet BookBuildings Description / ValueTitle/Location Tenure (Years) Size Existing Use RM‘000Lot 1401 Geran 17004 Freehold 8 1,435 Land with 284Bandar Penggaram sq ft 2-storeyBatu Pahat, Johor Darul Takzim shophouse -(98-3 Jalan Rahmat showroom &83000 Batu Pahat, Johor Darul Takzim) sales officeLot PTD 14303 HS(D) 27321 Freehold 6 2,558 Land with 135Mukim Tanjong Sembrong sq ft 2-storeyDaerah Batu Pahat shophouse -Johor Darul Takzimshowroom &(21 Jalan Kota,Taman Kota sales office83700 Yong Peng, Johor Darul Takzim)Lot PTD 7861 HS(D) 11050 Leasehold 6 1,320 Land with 210Mukim Kesang, Daerah Muar 99 years sq ft 3-storeyJohor Darul Takzim expiring on shophouse -(1-39 Batu 1 Jalan Kesang 19/02/2085 showroom &Tanjung Agas, 84000 Muarsales officeJohor Darul Takzim)Lot 240 & 241, Sri Dagangan Freehold 4 2,860 2 units of 711Kuantan Business Centre sq ft 3-storeyMukim Kuala Kuantan shophouse -25200 Kuantan showroom &Pahang Darul Makmursales officeTitle CI 135319292 Leasehold 7 1,200 Land with 2-storey 238Daerah Keningau, Sabah 99 years sq ft shophouse -(14 Jalan Masak expiring on showroom &89000 Keningau, Sabah) 03/11/2930 sales officeLot 1360 Block 11 Leasehold 8 1,540 Land with 258Muara Tebas Land District expiring on sq ft 3-storeyKuching, Sarawak 31/12/2069 shophouse -(Lot 907 Tabuan Jayashowroom &Commercial Centresales office93350 Kuching, Sarawak)61, Jalan Besar, Jalan Seremban Leasehold 2 1,539 2-storey shoplot - 278Lukut, Port Dickson expiring in sq ft showroom &Negeri Sembilan Darul Khusus year 2093 sales officeLots 335 & 336 Freehold N/A 16,714 2 units of reserve 224Mukim Kuala Kuantan sq m bungalow lotsPahang Darul Makmur(Astana Golf Resort Bungalow)Sri Dagangan Kuantan Business Centre Freehold 5 2,860 2 units of 747Lot A169 & A170 sq ft 3-storey shops/Jalan Tun Ismail (22x65 offices forKuantan, Pahang Darul Makmur sq ft each) rentalLot 367, Section 11 Freehold 6 1,214 1 unit of 760Kuching Town Land District sq ft 4-storeyJalan Kulas, Kuchingshophouse forSarawakrental158

List ofP R O P E R T I E SAS AT 30 APRIL 1999EstimatedAge ofNet BookBuildings Description / ValueTitle/Location Tenure (Years) Size Existing Use RM‘000Lot 19, Bornion Commercial Centre Leasehold 6 3,750 1 unit of shoplot 588Kota Kinabalu expiring in sq ft used as aSabah year 2915 sales office24, Jalan SS2/66 Freehold 27 1,680 1 unit 2-storey 1,364Petaling Jaya sq ft shophouseSelangor Darul Ehsanfor rentalSri Desa Enterpreneur’s Park Freehold 1 6,706 1 unit of 5-storey 1,557Jalan Kuchai Lama sq ft shopofficeKuala Lumpur- vacant719, Jalan Tasek Freehold 10 1,540 1 unit of 213Ipoh, Perak Darul Ridzuan sq ft shophousefor rentalSri Pelangi Shoplot, Lot 12 & 13 Freehold 5 3,049 2 units 493Ground Floor Block C sq ft of shoplotJalan Genting Kelangfor rentalKuala LumpurKim’s Park Business Centre Freehold N/A 2,575 1 unit 3-storey 612PTB 4556, Bandar Penggaram sq ft shopofficeDistrict of Batu PahatunderJohor Darul TakzimconstructionLot PT 1696 & 1697 Leasehold N/A 62.5 Land with 9,226HS(D) 36083 & 36084 99 years acres ongoingMukim Petaling, Off Jalan Puchong expiring on residential &Selangor Darul Ehsan 12/02/2088 commercial(Taman Kinrara, PuchongdevelopmentSelangor Darul Ehsan)Lot 001165 Geran 5868 Freehold 16 642,302 Shopping podium 55,239Wisma Cosway sq ft with shoplots /Jalan Raja ChulanOffices / ApartmentsKuala Lumpurfor rental1400 Chevrier Boulevard Freehold 5 4.0 Land with 1,417Winnipeg MB R3T 1Y6 acres warehouseCanada& office570 Harrop Drive Freehold 31 11.5 Land with 2,736Milton ON L9T 3H2 acres warehouseCanada& office72 National Street Freehold 3 5.0 Land with 1,778Garson ON P3L 1M5 acres warehouseCanada& office7605 67 Street Freehold 30 4.1 Land with 2,332Edmonton AB T6B 1R4 acres warehouseCanada& office1281 Rue Newton Freehold 25 12.0 Land with 2,455Boucherville PQ J4B 5H2 acres warehouseCanada& office159

List ofP R O P E R T I E SAS AT 30 APRIL 1999EstimatedAge ofNet BookBuildings Description / ValueTitle/Location Tenure (Years) Size Existing Use RM‘000105 Rue de Rotterdam Freehold 20 7.0 Condominium for 1,638St Augustin PQ G3A ITI acres business promotionCanada4360 Lorimer Road Freehold 19 1,800 Condominium for 309Whistler BC V0N 1B4 sq ft business promotionCanadaUnit F4 Freehold 28 1,500 Condominium for 3484909, Honoapiilani Hwy sq ft business promotionLahaina HI 96761, USA2260 Calle Conejera Freehold 22 2,200 Condominium for 282Palm Springs 92262 sq ft business promotionUSA320 Ewen Avenue Freehold 30 8.5 Land with 3,718New Westminster BC V3M 5B1 acres warehouse & officeCanada2545 Acland Road Freehold 6 2.5 Land with 1,591Kelowna BC VIX 7J4 acres warehouse & officeCanada3230 54 Avenue SE Freehold 19 4.1 Land with 2,305Calgary AB T2C 0A8 acres warehouse & officeCanadaLot 11527 & 11525 Leasehold N/A 292.68 Land for 46,953HS(D) 18814 & 18812 expiring on acres developmentMukim Hulu Kelang, Gombak 17/06/2078(Taman Tun Adbul RazakSelangor Darul Ehsan)C7-22P Villa Genting Apartment Freehold 8 2,386 Samaworld Parkview 538Resort Lot 11386 HS(D) 10563 sq ft & Hillview Resort -Genting Highlands, BentonginvestmentPahang Darul MakmurPT 101894-PT 101899 & Leasehold N/A 823,871 Industrial land 5,059PT 101912-PT 101914 99 years sq ft for investmentMukim Hulu Kintaexpiring onPerak Darul Ridzuan 17/10/2089(Jalan Kuala Langat, IpohPerak Darul Ridzuan)Sublot VI, part of Lot 7 Section 90 Leasehold 17 1.81 Residential land 1,188Parent Title CT 17211 99 years acres with detachedMukim Kuala Lumpur expiring on building for rentalWilayah Persekutuan 01/10/2020(438 Jalan Tun Razak, Kuala Lumpur)160HS(D) 152, PTPTB(A) Leasehold 3 0.99228 Land with 1,428304, MK 14, Daerah Seberang Perai expiring on acre warehouse6315 Lorong Mak Mandin 4 29/08/2034Kawasan Perusahaan Mak Mandin13400 Perai

List ofP R O P E R T I E SAS AT 30 APRIL 1999EstimatedAge ofNet BookBuildings Description / ValueTitle/Location Tenure (Years) Size Existing Use RM‘0001, 2 & 3 Jalan Permatang Gedong Freehold 3 14,700 Shoplot - 1,903Taman Sejati Indah sq ft showroomMukim Sg Petani& officeDaerah Kuala MudaSungai Petani, Kedah Darul Aman36 & 38 Jalan Ma’arof Freehold 8 7,000 3-storey shophouse - 1,53359000 Bangsar Baru sq ft showroomKuala Lumpur& officeNo 67, Tanjong Pagar Road Leasehold >17 5,000 1 unit of 3-storey 6,714Singapore 088488 99 years sq ft pre-war shophouseexpiring onfor sales and07/04/2091 marketing officeHS(D) 224 PT Tioman 215 Leasehold 12 30 Land for } 146,147Daerah Rompin, Mukim Tioman 99 years acres hotel }Tioman Island expiring on & resort }Pahang Darul Makmur 06/01/2074 operations }}HS(D) 27 P.T. Tioman 224 Leasehold 12 170 Land for }Daerah Rompin, Mukim Tioman 99 years acres hotel }Tioman Island expiring on & resort }Pahang Darul Makmur 05/10/2076 operations }Lot 87 & 86, PT 445 & 446 Leasehold N/A 27 Land for 6,598Kampung Bunut 99 years acres resortMukim Tioman expiring on developmentPahang Darul Makmur 05/10/2089Lot 3371 - 3375 Freehold 3 7.544 Condominium blocks 14,880CT 16057 - 16061 acres Block A :Mukim Setapak Sold : 197Taman Sri Pelangi Unsold : 19Jalan Genting Kelang Block B :Kuala Lumpur Sold : 149Unsold : 83Block C :Sold : 93Unsold : 15Shoplots :Sold : 13No. 4 Lengkok Kikik 2 Freehold 3 3,003 Warehouse 461Taman Inderawasih sq ft cum office18600 Prai, Pulau Pinang62, Jalan Permas 9/13 Freehold 3 3,003 Warehouse 565Bandar Baru Permas Jaya sq ft cum office81750 Johor BahruJohor Darul TakzimHSD 9347, 9355 Leasehold N/A 123.23 Mixed 60,167PT 12818, 12826 expiring on acres developmentMukim & District of Bentong 05/02/2094Pahang Darul Makmur161

List ofP R O P E R T I E SAS AT 30 APRIL 1999EstimatedAge ofNet BookBuildings Description / ValueTitle/Location Tenure (Years) Size Existing Use RM‘000GM 6510, Lot 20723 Freehold 16 1,572 2-storey shophouse / 132Mukim of Kuala Kuantan sq ft Warehousing andPahang Darul Makmurdistribution centreB-3026, Taman Tunas Jaya Phase IVJalan Haji Ahmad, KuantanPahang Darul Makmur26 & 26A, Jalan Pernas 1/3 Freehold 16 Land : Land with a 2-storey 143Bandar Baru Pernas Jaya 1,600 sq ft shophouse /Lot PTD 33608, Mukim of Plentong Building: Warehousing and81750 District of Johor Bahru 2,799 sq ft distribution centreJohor Darul TakzimPT 285, HS(M) 21/82 Leasehold 3 10,540 Land & building / 650Mukim of Bacang 99 years sq ft Warehousing, sales75250 District of Melaka Tengah expiring in office and distributionMelaka year 2081 centreGM 108 Lot 538, Mukim of Damansara Freehold 4 115,024 Land with 5-storey 13,717Daerah Petaling, Selangor Darul Ehsan sq ft office cum warehouseLot 87470 Mukim of Ulu Kinta Leasehold 15 1,400 Land with a 3-storey 162District of Kinta, Perak Darul Ridzuan 99 years sq ft shophouse(10 Jalan Kledang Jaya, 19 Taman Alka expiring onIpoh, Perak Darul Ridzuan) 16/7/2079Lot 45, Silibin Light Industrial Park Leasehold 5 9,600 Semi - detached office 40830100 Ipoh 99 years sq ft cum warehousePerak Darul Ridzuan expiring in / Warehousing,year 2054sales office anddistribution centreLot 538, Jalan Subang 5 Freehold 5 3 Land and building 13,340Off Persiaran Subang, Subang Jaya acres / Factory, office47500 Petaling Jaya warehouse andSelangor Darul Ehsandistribution centreLand on corner of Freehold N/A 13,713.21 Vacant land for 3,098Gordon & Malcom Street sq ft developmentCT 6636, FijiLand on Malcom Street Freehold 21 24,929 Hotel buildingCT 13406, Fiji sq ft (50 guest rooms)Lot 43, 44, 133 and 135, Section 58 Freehold N/A 142,114.5 Vacant land for 113,447Town and District of Kuala Lumpur sq ft developmentGeran 12472, 26879, 26880 Freehold N/A 84,724 Vacant 6,734Lots 4053, (Lot 5291), 4183 sq ft development4184, Mukim and District of Kuala Lumpur landWilayah PersekutuanLot No. 4053, 4183, 4184 Freehold N/A 84,724 Land held for 6,667Kuala Lumpur sq ft development(299, Jalan CherasKuala Lumpur)162

Statistics onS H A R E H O L D I N G SAS AT 3 SEPTEMBER 1999ANALYSIS OF SHAREHOLDINGSNo. ofSize of Shareholdings No. of Shares % Shareholders %1 - 499 51,947 0.01 646 1.07500 - 5,000 102,563,949 8.01 42,508 70.495,001 - 10,000 80,182,030 6.26 9,557 15.8510,001 - 100,000 195,035,554 15.24 7,071 11.73100,001 - 1,000,000 115,909,560 9.05 454 0.75Above 1,000,000 786,483,216 61.43 66 0.111,280,226,256 100.00 60,302 100.0Note:There is only one class of shares in the paid-up capital of the Company. Each share entitles the holder to one vote.TWENTY LARGEST SHAREHOLDERSNo. ofName Shares Held %1. The Central Depository (Pte) Limited 239,776,851 18.732. Syarikat Nominee Bumiputra (Tempatan) Sdn Bhd 124,050,996 9.69- Pledged Securities Account forTan Sri Dato’ Seri Vincent Tan Chee Yioun (3363 Ansa)3. Inter-Pacific Equity Nominees (Tempatan) Sdn Bhd 69,947,235 5.46- Tan Sri Dato’ Seri Vincent Tan Chee Yioun (A/C 88)4. Syarikat Nominee Bumiputra (Tempatan) Sdn Bhd 48,300,000 3.77- Pledged Securities Account forTan Sri Dato’ Seri Vincent Tan Chee Yioun (2553 Ansa)5. Arab-Malaysian Nominees (Tempatan) Sdn Bhd 27,118,549 2.12- Arab-Malaysian Finance Bhd for Berjaya Resource Holdings Sdn Bhd (7/399-9)6. Berjaya Resource Holdings Sdn Bhd 24,189,010 1.897. Chase Malaysia Nominees (Tempatan) Sdn Bhd 21,200,000 1.66- Pledged Securities Account forTan Sri Dato’ Seri Vincent Tan Chee Yioun8. Citicorp Nominees (Asing) Sdn Bhd 17,985,250 1.40- CBHK PBGSGP for Dato’ Tan Chee Sing9. Lengkap Bahagia Sdn Bhd 12,550,000 0.9810. Malaysia Nominees (Tempatan) Sendirian Berhad 12,000,000 0.94- Great Eastern Life Assurance (Malaysia) Berhad (MLF)11. Arab-Malaysian Nominees (Tempatan) Sdn Bhd 10,482,007 0.82- Arab-Malaysian Finance Bhd forTan Sri Dato’ Seri Vincent Tan Chee Yioun (7/623-8)12. Wong Yoke Fong @ Wong Nyok Fing 10,061,750 0.7913. B & B Enterprise Sdn Bhd 9,754,937 0.7614. Amanah Raya Nominees (Tempatan) Sdn Bhd 8,443,000 0.66- Kuala Lumpur Growth Fund15. M & A Investments Pte Ltd 7,351,000 0.5716. Mayban Nominees (Tempatan) Sdn Bhd 6,902,000 0.54- Mayban Trustees Berhad forKuala Lumpur Regular Savings Fund (N14011940100)17. Mayban Nominees (Tempatan) Sdn Bhd 6,675,000 0.52- Mayban Trustees Berhad for Kuala Lumpur Industry Fund (N14011930270)18. Amanah Raya Nominees (Tempatan) Sdn Bhd 6,401,000 0.50- Kuala Lumpur Saving Fund19. Sabah Development Nominees (Tempatan) Sdn Bhd 6,398,000 0.50- Pledged Securities Account for Dato’ Tan Chee Sing20. Arab-Malaysian Nominees (Tempatan) Sdn Bhd 6,370,000 0.50- AMMB International (L) Ltd for Tan Sri Dato’ Tan Kok Ping (7/27-2)675,956,585 52.80163

Statistics onS H A R E H O L D I N G SAS AT 3 SEPTEMBER 1999SUBSTANTIAL SHAREHOLDERS AS PER REGISTEROF SUBSTANTIAL SHAREHOLDERSNo. of Shares HeldName Direct Interest % Deemed Interest %1. Tan Sri Dato’ Seri Tan Chee Yioun (a) 305,035,215 23.83 145,508,246 (b) 11.372. Berjaya Resource Holdings Sdn Bhd 75,094,559 5.87 - -3. B & B Enterprise Sdn Bhd 38,874,687 3.04 30,860,000 (c) 2.414. Dato’ Tan Chee Sing 36,181,000 2.83 679,000 (d) 0.055. Lengkap Bahagia Sdn Bhd 30,860,000 2.41 - -AS BARE TRUSTEES PURSUANT TO SECTION 69P OFTHE COMPANIES ACT, 1965No. of Shares %1. Syarikat Nominee Bumiputra (Tempatan) Sdn Bhd 183,119,960 14.302. Inter-Pacific Equity Nominees (Tempatan) Sdn Bhd 70,158,985 5.483. Citicorp Nominees (Asing) Sdn Bhd 58,384,149 4.564. Chase Malaysia Nominees (Asing) Sdn Bhd 48,033,500 3.755. Arab-Malaysian Nominees (Tempatan) Sdn Bhd 46,106,806 3.606. Chase Malaysia Nominees (Tempatan) Sdn Bhd 39,500,000 3.087. M & A Nominee (Asing) Sdn Bhd 30,000,000 2.348. Mayban Nominees (Tempatan) Sdn Bhd 28,594,107 2.239. Cartaban Nominees (Asing) Sdn Bhd 26,419,200 2.06Notes:(a)Tan Sri Dato’ Seri Tan Chee Yioun, directly and indirectly holds a total of 450,543,461 ordinary sharesrepresenting 35.2% of the issued and paid-up share capital of Berjaya Group Berhad.(b)Deemed interested by virtue of his interest in Berjaya Resource Holdings Sdn Bhd, B & B Enterprise SdnBhd and his deemed interest in Nautilus Corporation Sdn Bhd through B & B Enterprise Sdn Bhd.(c)Deemed interested by virtue of its 100% interest in Lengkap Bahagia Sdn Bhd.(d)Deemed interested by virtue of his deemed interest in Nautilus Corporation Sdn Bhd.164

Notice ofA N N U A L G E N E R A L M E E T I N GNOTICE IS HEREBY GIVEN THAT the Thirty First Annual General Meeting of Berjaya Group Berhad willbe held at Perdana Ballroom, Bukit Jalil Golf & Country Resort, Jalan 3/155B, Bukit Jalil, 57000 Kuala Lumpuron Thursday, 28 October 1999 at 10.30 a.m. for the following purposes:-AGENDA1. To receive and adopt the audited accounts of the Company for the yearended 30 April 1999 and the Directors’ and Auditors’ Reports thereon. RESOLUTION 12. To approve the payment of a final dividend of 3% (tax exempt) in respect ofthe year ended 30 April 1999. RESOLUTION 23. To approve the payment of Directors’ fees. RESOLUTION 34. To re-elect the following Directors:-(a) Encik Adam bin Bachek RESOLUTION 4(b) Dato’ Ismail bin Osman RESOLUTION 55. To re-appoint Messrs Arthur Andersen & Co as Auditors and to authorise theDirectors to fix their remuneration. RESOLUTION 66. As special business:-To consider and, if thought fit, pass the following Ordinary Resolution:-“That, subject always to the Companies Act, 1965, the Articles of Associationof the Company and the approvals of the relevant governmental/regulatoryauthorities, the Directors be and are hereby empowered, pursuant to Section132D of the Companies Act, 1965, to issue shares in the Company from timeto time and upon such terms and conditions and for such purposes as theDirectors may deem fit provided that the aggregate number of shares issuedpursuant to this resolution does not exceed 10% of the issued share capital ofthe Company for the time being and that such authority shall continue in forceuntil the conclusion of the next Annual General Meeting of the Company.” RESOLUTION 7165

Notice of Entitlement Date andD I V I D E N D P A Y M E N TNOTICE IS ALSO HEREBY GIVEN THAT the final dividend of 3% (tax exempt) in respect of the financialyear ended 30 April 1999, if approved by the shareholders at the forthcoming Annual General Meeting, will bepaid on 18 January 2000.The entitlement date shall be fixed on 20 December 1999 and a Depositor shall qualify for entitlement only inrespect of:-a) Shares transferred to the Depositor’s Securities Account before 12.30 p.m. on 20 December 1999 in respectof ordinary transfers.b) Shares bought on the Kuala Lumpur Stock Exchange on a cum entitlement basis according tothe Rules of the Kuala Lumpur Stock Exchange.By Order of the BoardSU SWEE HONGKuala LumpurSecretary 13 October 1999Notes :A member entitled to attend and to vote at a meeting of the Company is entitled to appoint one or more proxiesto attend and vote in his stead. A proxy need not be a member of the Company. The instrument appointing aproxy or proxies, duly completed, must be deposited at the Company’s Registered Office not less than 48 hoursbefore the time set for the meeting or any adjournment thereof.The Ordinary Resolution 7 is proposed pursuant to Section 132D of the Companies Act, 1965 and if passed, willgive the Directors of the Company, from the date of the above Annual General Meeting, authority to issue andallot shares from the unissued share capital of the Company for such purposes as the Directors may deem fit andin the interest of the Company. This authority, unless revoked or varied by the Company in general meeting,will expire at the conclusion of the next Annual General Meeting of the Company.166

Form ofP R O X YI/We . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .I.C. or Company No. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .CDS Account No. . . . . . . . . . . . . . . . . . . . . . . . . . . . .of . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .being a member/members of BERJAYA GROUP BERHAD hereby appoint:. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I.C. No. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .(Name in full)BERJAYA GROUP BERHAD(Company No. 7308-X)(Name in full)(Address)of . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .(Address)(For Nominee Companies only)(New and Old I.C. Nos.)or failing him/her, the Chairman of the Meeting as my/our proxy to vote for me/us on my/our behalf, atthe Thirty First Annual General Meeting of the Company to be held at Perdana Ballroom, Bukit Jalil Golf &Country Resort, Jalan 3/155B, Bukit Jalil, 57000 Kuala Lumpur on Thursday, 28 October 1999 at 10.30 a.m. orany adjournment thereof.This proxy is to vote on the Resolutions set out in the Notice of the Meeting as indicated with an “X” in theappropriate spaces. If no specific direction as to voting is given, the proxy will vote or abstain from voting athis/her discretion.FORAGAINSTORDINARY RESOLUTION 1ORDINARY RESOLUTION 2ORDINARY RESOLUTION 3ORDINARY RESOLUTION 4ORDINARY RESOLUTION 5ORDINARY RESOLUTION 6ORDINARY RESOLUTION 7No. of Shares held......................................Signature of Shareholder(s)Signed this......................................day of ....................................., 1999Note:A member entitled to attend and vote at the meeting is entitled to appoint a proxy/proxies to attend and vote in his/her stead. A proxyneed not be a member of the Company. The instrument appointing a proxy or proxies, duly completed, must be deposited at theRegistered Office of the Company not less than 48 hours before the time fixed for convening the meeting.If the appointor is a corporation, this form must be executed under its common seal or under the hand of its attorney.167

Fold this flap for sealingAffix StampTHE COMPANY SECRETARYBERJAYA GROUP BERHADLEVEL 17, MENARA SHAHZAN INSAS30, JALAN SULTAN ISMAIL50250 KUALA LUMPUR2nd fold here1st fold here

For further information, please contact:The Company SecretaryLevel 18, Menara Shahzan Insas, 30, Jalan Sultan Ismail, 50250 Kuala Lumpur, Malaysia.Tel: (6)03-935 8888 Fax: (6)03-935 8043http://www.berjaya.com.my

®SPORTSMA L A YAISSECURITIES SDN BHDBERJAYA GENERAL INSURANCEBERHADTHE ULTIMATE CARWASHThe SunI N O K O MPHILIPPINE GAMINGMANAGEMENT CORPORATIONINSTANTMILLIONAIRE