Full Annual Report 2005 - MAA Group

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Notes To The Financial Statements - 31 December 2005 (continued)47 SIGNIFICANT EVENTS SUBSEQUENT TO THE FINANCIAL YEAROn 21 February 2006, the Company announced the entering into a Joint Venture Agreement with SolidarityCompany BSC (C) (“Solidarity”) (hereinafter referred to as “JV”).The salient terms of the JV are as follows:(i)The parties will form a joint venture company (“NEWCO”) to carry on Takaful business in Malaysia upon receiptof the approval from Bank Negara Malaysia (“BNM”).(ii) NEWCO will have an authorised and paid-up share capital of RM150 million and RM100 million respectively orsuch other amount as may be agreed by the parties.(iii) NEWCO will initially be capitalised in an amount of RM100 million divided into 100 million ordinary shares ofRM1 each in accordance with the proportion of the shareholding set out below.(iv) The equity interest of the Company and Solidarity in NEWCO will be in proportion of 75% and 25% respectively.(v) The paid-up capital of NEWCO will be increased to meet the capital requirement for Takaful operators asdetermined by BNM from time to time.48 COMPARATIVESCertain comparative figures of the Company have been restated to conform with the current year's accountingtreatment.DividendsIn previous years, dividends from subsidiary companies were accrued as income when proposed by the subsidiarycompanies. In accordance with FRS 110, the Company has now changed this accounting policy to recognisingdividend income in the period in the proposed dividends are approved in the annual general meetings of thosesubsidiary companies. Therefore, final dividends due from subsidiary companies are now accrued as income onlyafter approval by the shareholders at the Annual General Meeting and the previously reported figures as restated asfollows:161financialstatements2005As Effects ofpreviously changes Asreported in policy restatedRM'000 RM'000 RM'000CompanyStatement of changes in equity- retained earnings (172,215) 75,600 (96,615)Other debtors- dividends receivables 75,600 (75,600) -
List of Property Investment Held As 31 December 2005No. LOCATION OF PROPERTIES TENURE LAND/ DESCRIPTION/ APPROX. NET BOOK DATE OFBUILT-UP EXISTING USE AGE OF VALUE ACQUISITION (A)/AREA BUILDING (RM'000) REVALUATION (R)(SQ.M)(year)1 Wisma MAA Freehold 1,217 Shophouses 7 1,500 30/3/99 (A)No. 21-5,21-6, Jalan Zabedahfor branch office83000 Batu PahatJohor Darul Takzim2 Menara MAA Freehold 61,105 Office building 3 125,000 26/6/01 (A)No. 15, Jalan Dato Abdullah Tahirfor branch office80300 Johor Bahru and rental incomeJohor Darul Takzim3 12 Units of Condominium Freehold 1,573 Condominiums 9 3,576 23/2/04 (R)Tanjung Puteri Condominiumfor rental incomeNo. 1, Jalan Stulang Laut 2Off Jalan Ibrahim Sultan, Stulang Laut80300 Johor BahruJohor Darul Takzim4 Wisma MAA Leasehold 1,048 Shophouses 9 1,640 10/3/97 (A)No. 11A & 15 for 99 years for branch officeJalan Syed Abdul Hamid Sagaffexpiring on86000 Kluang 2093Johor Darul Takzim5 Wisma MAA Freehold 1,569 Office building 22 1,800 26/11/93 (A)No.34, Jalan Bakrifor branch office84000 MuarJohor Darul Takzim162financialstatements20056 Wisma MAA Freehold 2,362 Shophouses 9 3,130 6/8/94 (A)No.1, 2, 3 & 4, Jalan Emasfor branch officeTaman Batu Hamparand rental income85000 SegamatJohor Darul Takzim7 No.18-E, Jalan Raya Freehold 446 Shophouses 12 290 19/1/97 (A)08300 Gurun for branch officeKedah Darul Amanand rental income8 HS(M) No. 622/96 PT No. 5365A Freehold 534 Shop office under - 330 5/2/04 (R)HS(M) No. 623/96 PT No. 5366constructionHS(M) No. 626/96 PT No. 5369Mukim Sungai SeluangKedah Darul Aman9 Wisma MAA Leasehold 1,570 Shophouses 10 1,100 31/12/96 (A)No. 117 & 118, Jalan Pengkalan for 99 years for branch officeTaman Pekan Baruexpiring on08000 Sungai Petani 19/12/2091Kedah Darul Aman10 Bangunan Wira Security Freehold 5,290 Office building 44 19,000 29/12/94 (A)No. 183, Jalan Ipohfor rental income51200 Kuala Lumpur11 Menara MAA Freehold 71,793 Office building 6 246,779 26/2/04 (R)No. 12, Jalan Dewan Bahasafor head office use50460 Kuala Lumpur and rental income12 Lot 21, Jalan 4/32A Leasehold 3,864 Industrial building 2.7 6,600 19/2/01 (R)Kepong Industrial Area for 60 years for rental incomeBatu 6 1/2 Kepongexpiring on51200 Kuala Lumpur 05/01/203913 1 Unit of Condominium Freehold 279 Condominiums 5 1,187 23/11/04 (A)No. 403 Fernlea Courtfor rental income16, Persiaran Ampang Hilir55000 Kuala Lumpur
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A N N U A L R E P O R T 2 0 0 5
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MAA Buildings (continued)1 2364 567
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Board Of Directors’ Profile123 48
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Board Of Directors’ Profile (cont
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Corporate InformationBOARD OF DIREC
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Corporate Information (continued)GR
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Notice Of Eighth Annual General Mee
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Notice Of Eighth Annual General Mee
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Statement Accompanying Notice Of An
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Penyata Pengerusi (bersambung)22DIV
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Penyata Pengerusi (bersambung)24PEN
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Tinjauan Operasi Perniagaan (bersam
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Chairman’s StatementMAA, always c
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Chairman’s Statement (continued)3
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Highly skilled and professional sta
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34Business Operations Review (conti
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Appraisal Value On The Life Insuran
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Appraisal Value On The Life Insuran
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Statement On Corporate Governance (
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Risk Management (continued)(vii) Cu
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Other Bursa Securities Compliance I
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Federación Latinoamericana de Banc
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Statement Of Internal Control (cont
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financialstatements2005
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Directors’ Report (continued)DIRE
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Directors’ Report (continued)SIGN
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Report Of The Auditors To The Membe
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Balance SheetsAs At 31 December 200
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General Insurance Revenue AccountFo
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Life Fund Balance SheetAs At 31 Dec
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Consolidated Statement Of Changes I
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Company Statement Of Changes In Equ
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Consolidated Cash Flow StatementFor
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Company Cash Flow StatementFor The
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Notes To The Financial Statements -
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Page 112 and 113: Notes To The Financial Statements -
Page 164 and 165: List of Property Investment Held As
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Full Annual Report 2005 - MAA Group

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