Directors - Boustead Holdings Berhad

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Notes to the Financial Statements 30. LONG TERM BORROWINGS (cont’d.) 124 The RCBs which were issued on a conventional basis have a nominal value of RM80 million with a tenure of 5 years from the issue date. The RCBs may be converted at the option of the holder, at the conversion price of RM4.13 per share into a maximum of 19,370,460 new BProp shares at any time after issuance to the maturity date. BProp may redeem all but not part of the RCBs at any time on or after the expiry of 21/2 years from the issue date at an accreted value which is subject to a 130% trigger (30% above the conversion price). At maturity, the RCBs shall be redeemed at approximately 127% of the issue price. The RCBs carry a coupon rate of 4% per annum which is payable semi-annually in arrears. The Serial Bonds which were issued by the Company at a nominal value of RM250 million carry a rating of AAA(bg). The Serial Bonds were issued in four series with tenures ranging from 4 years to 7 years, and bear interest at annual interest rates ranging from 5.2% to 5.9% which is payable semi-annually in arrears. The BGRCB which were issued by the Company at a nominal value of RM100 million carry a rating of AAA/s. The BGRCB has a tenure of 7 years and carries a coupon of 4.5% per annum which is payable semi-annually in arrears. The BGRCB may be converted into shares (Boustead Shares) of Boustead Holdings Berhad, at the option of the holder, based on a conversion price of RM1.95 per share into a maximum of 51,282,051 new Boustead Shares at any time commencing from the issue date to the maturity date. The Company may redeem all but not part of the BGRCB at any time on or after the expiry of 3 years from the issue date at an accreted value, subject to the market price of the existing Boustead Shares traded on Bursa Malaysia being at least 130% of the conversion price. The BGRCB that remain outstanding upon maturity in August 2011 shall be redeemed at 120% of the nominal value. The new Boustead Shares to be allotted and issued upon conversion of the BGRCB will rank pari passu in all respects with the existing ordinary shares of the Company other than as may be specified in a resolution approving the distribution of dividends prior to its conversion.
31. PAYABLES Group Company 2006 2005 2006 2005 RM’000 RM’000 RM’000 RM’000 Current: Trade payables 362,435 339,130 682 435 Accrued interest 20,475 17,447 11,444 8,132 Accrued expenses 82,548 86,388 2,001 1,774 Deposit received 40,461 31,975 –– –– Advanced subsidies from government –– 38,250 –– –– Retention sum 7,171 29,550 –– –– Other payables 87,112 116,020 2,575 533 Amounts due to Subsidiaries –– –– 597,083 587,136 Amounts due to Associates 458 12,498 396 849 Amounts due to related companies 3,548 3,753 –– –– Amount due to holding corporation 3,621 3,611 3,621 3,611 607,829 678,622 617,802 602,470 Non-current: Deposit from tenants 20,012 16,840 –– –– Redemption premium 24,628 19,189 7,002 7,227 44,640 36,029 7,002 7,227 Amounts due to Subsidiaries are unsecured, bear interest at a weighted average rate of 8.3% (2005: 8.3%) per annum and have no fixed terms of repayment. Amounts due to the Associates and related companies are trade balances which are unsecured and interest free with repayment in accordance with normal trading terms. The amount due to holding corporation is unsecured and interest free. 125
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www.boustead.com.my Boustead Holdin
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annual report
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Standing from left Y. BHG. LT. GEN.
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Y. BHG. TAN SRI DATO’ LODIN WOK K
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Y. BHG. DATUK AZZAT KAMALUDIN Non-I
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Corporate Calendar FINANCIAL YEAR 1
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En Hussin Abdul Jalil Boustead Esta
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Puan Azizah Aris Boustead Emasewa P
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Audit Committee Report Attendance N
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ACTIVITIES DURING THE FINANCIAL YEA
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THE BOARD OF DIRECTORS IS COMMITTED
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The composition of the Board and th
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Remuneration Committee The Board ha
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Internal Control The information on
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RISK MANAGEMENT The Board recognise
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MONITORING AND REVIEW OF THE ADEQUA
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2006 2005 2004 2003 2002 Gearing Bo
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It is often said that change is the
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AL-HADHARAH BOUSTEAD REIT The key h
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OUTLOOK AND PROSPECTS Barring unfor
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Chief Executive’s Review Each yea
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The Al-Hadharah Boustead REIT has b
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Financial Highlights Average Prices
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As one of the leading GLCs and key
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Financial Highlights 1,750 1,400 1,
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This shopping and dining haven was
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Financial Highlights 1,500 1,200 90
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Patrol vessel undergoing sea trial
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Financial Highlights 3,500 2,800 2,
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95 Hospital Angkatan Tentera under
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Financial Highlights 1,000 800 600
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University of Nottingham Malaysia C
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Directors’ Report The Directors h
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Directors’ Report DIRECTORS’ IN
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Directors’ Report OTHER STATUTORY
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Auditors’ Report TO THE MEMBERS O
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Balance Sheets As at 31 December 20
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Notice of Annual General Meeting wh
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Boustead Management Services Sdn Bh
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Directors - Boustead Holdings Berhad

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