Directors - Boustead Holdings Berhad

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Additional Disclosure (Pursuant to the Listing Requirements) The information set out below is disclosed in accordance with the Listing Requirements of Bursa Malaysia: 1. UTILISATION OF PROCEEDS RAISED FROM CORPORATE PROPOSAL 144 There were no proceeds received during the current financial year. 2. SHARE BUY-BACKS DURING THE FINANCIAL YEAR The Company did not carry out any share buy-backs exercise during the financial year ended 31 December 2006. 3. OPTIONS, WARRANTS OR CONVERTIBLE SECURITIES EXERCISED The Company did not issue any warrants or convertible securities for the financial year ended 31 December 2006. However, as at 31 December 2006, the Company had issued 6.18 million ordinary shares of RM0.50 each in the Company pursuant to the exercise of options granted under ESOS as set out in Note 26 of the Annual Report. 4. AMERICAN DEPOSITORY RECEIPTS (ADR) / GLOBAL DEPOSITORY RECEIPT (GDR) The Company has not sponsored any ADR/GDR programme during the financial year ended 31 December 2006. 5. SANCTIONS/PENALTIES There were no sanctions and/or penalties imposed on the Company and its Subsidiaries, Directors and Management by the relevant regulatory bodies during the financial year ended 31 December 2006. 6. NON-AUDIT FEES Group Company RM’000 RM’000 Non-audit fees paid to external auditors for the financial year ended 31 December 2006 25 25 7. VARIATION IN RESULT There was no profit estimation, forecast and projection made or released by the Company during the financial year ended 31 December 2006.
8. PROFIT GUARANTEE There was no profit guarantees given by the Company and its Subsidiaries during the financial year ended 31 December 2006. 9. REVALUATION POLICY OF LANDED PROPERTIES The Group’s landed properties classified under property, plant and equipment are not revalued, but are reviewed at each balance sheet date to determine if there is any indication of impairment. These landed properties are stated at cost less accumulated depreciation and impairment. For landed properties classified as investment properties, the Group assesses the fair value at the end of each financial year and the change in fair value is taken as gains or losses in the income statement. 10. MATERIAL CONTRACTS (a) During the year, the Group established an Islamic plantation real estate investment trust known as Al-Hadharah Boustead REIT (Boustead REIT). The plantation assets were sold to the Boustead REIT for a total consideration of RM471.9 million and these plantation assets were leased back pursuant to an agreement entered with CIMB Trustee Berhad acting as trustee of Boustead REIT (Ijarah Arrangements). As at year end, the sale of these plantation assets to Boustead REIT (with the exception of Lepan Kabu Estate and Lepan Kabu Oil Mill whereby the beneficial ownership will be transferred to the trustee of Boustead REIT within six month from the date of listing of the fund) totaling RM400.15 million was duly completed and the sale consideration comprising cash of RM219.90 million and 180.25 million new units of Boustead REIT was received on 9 February 2007. The Al-Hadharah Boustead REIT was duly listed on the official list of Bursa Malaysia Securities Berhad on 8 February 2007. (b) Mutiara Rini Sdn Bhd (MRSB), a wholly owned subsidiary of Boustead Properties Berhad had on 14 February 2006 entered into a sale and purchase agreement with Lembaga Tabung Angkatan Tentera (LTAT) for the disposal of 26-storey office tower to be erected on a freehold development land held under H.S.(D) 183247, PT No. 44577, Mukim Sungai Buloh, Daerah Petaling, Negeri Selangor by MRSB to LTAT for a cash consideration of RM168.33 million. (c) On 4 May 2006, the Company’s Subsidiary, Boustead Building Materials Sdn Bhd was awarded a contract by Perbadanan Perwira Harta Malaysia, a wholly-owned corporation of Lembaga Tabung Angkatan Tentera to design, construct, equip, commission and maintain an army hospital for a contract sum of RM119.5 million. The period for the contract is for twelve months from 4 May 2006 and shall expire on 3 May 2007. There were no other material contracts which had been entered into by the Group involving the interest of Directors and major shareholders, either still subsisting at the end of the financial year ended 31 December 2006 or entered into since the end of the previous financial year. 145
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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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Statements of Changes in Equity For
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Statements of Changes in Equity For
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Cash Flow Statements For the year e
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Accounting Policies (c) ASSOCIATES
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Accounting Policies (e) CURRENCY CO
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Accounting Policies (i) DEVELOPMENT
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Accounting Policies (p) FINANCIAL I
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Accounting Policies (r) SEGMENTAL R
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Notes to the Financial Statements 1
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Notes to the Financial Statements 2
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Page 142 and 143: Boustead Group 140 Group Interest %
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Page 152 and 153: Group Property Portfolio 150 Age of
Page 164 and 165: Group Oil Palm Agricultural Statist
Page 166 and 167: Location of Group Plantation Proper
Page 168 and 169: Shareholding Statistics 166 AS AT 3
Page 170 and 171: Statement of Directors’ Interest
Page 172 and 173: Notice of Annual General Meeting NO
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Page 176 and 177: Notice of Annual General Meeting wh
Page 178 and 179: Statement Accompanying Notice of An
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Directors - Boustead Holdings Berhad

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