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initiatives include the ground breaking of Masjid Mutiara Rini, where the Group has allocated a site and contributed towards its construction, which will be undertaken by the state. The Group also contributed a site for a Chinese School and both these facilities have enabled the Group to create a balanced township for the locale. Property market investors have also been converging into Mutiara Damansara, Selangor as both our residential and commercial properties command an impressive premium in the secondary market. The division’s wide array of different product mix has been incredibly well received by both investors and home owners alike. Our residential properties in the township continue to be well received with high takeup rates for our projects. Our commercial development in Mutiara Damansara continues to break new ground by adding the elements of diversity and a well-planned infrastructure. We have successfully created a new sought after address which has distinguished us from our competitors. Renowned retail names such as Ikea, Ikano, Tesco and the Curve offer shoppers a unique shopping experience with the wide range of retailers who offer complementing products and services. The choices of retailers reflect a synergy and an understanding of consumer needs. The Group’s offering of corporate lots have been released in stages for sale and have been well received, this time round by a wide diversity of Malaysian blue chip and multinational corporations. The division recently concluded the sale of four corporate lots and of late prices for corporate lots have breached the RM200 per sq ft mark and are expected to surpass RM300 per sq ft in early 2005. The projects distinguishing characteristics and special features attract renowned international and home-grown brands such as Mercedes Benz, BMW, Proton, Lexus and UAC to house their flagship offices and showrooms. Through their day-to-day operations, these entities will provide healthy feeder traffic to the Curve and cement Mutiara Damansara’s reputation as a preferred corporate address. Year round attractions at the Curve. 61
62 Up north in Bukit Mertajam, Jernih Rezeki Sdn Bhd saw huge success with the last phase of its development spanning over 36 acres. 94% of the 513 launched units, comprising mostly double storey terrace houses, have been taken up to date. Year 2004 saw the continuation of Boustead Construction Sdn Bhd’s role in providing project management services for the construction project of the University of Nottingham, which is located on a 100-acre plot in Semenyih, Selangor. In addition, the company is also providing the same services to a heritage hotel and office complex along Jalan Conlay in Kuala Lumpur. PROPERTY INVESTMENT The opening of the Curve in the tail-end of 2004 marked exciting beginnings and this development is indeed the focal point in the Mutiara Damansara commercial precinct. This first-of-its-kind lifestyle mall in Malaysia is distinctly unique and sets itself apart from the conventional shopping malls in the country. Detailed market research coupled with years of analysis undertaken by the division confirmed the Curve’s viability in view of the high purchasing power and the refined taste of the surrounding households. In addition, the brands under the banner of the Curve also came under meticulous scrutiny, as Commercial precinct in Mutiara Damansara. these brands which were specially hand-picked are not viewed as rental revenue driven but instead as business partners who share the essence of the Curve’s brand identity. This division delivers consistent rental revenue as strategic investments in key locations within the city make up the Group’s stable of office properties. This stable includes landmarks such as Menara Boustead, Wisma Boustead and Menara Affin, which enjoyed high tenancy rates of 85% and more. On going refurbishment efforts and the expansion of the Group’s wholly-owned Royale Bintang have been the key factors in contributing to the hotel’s
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22 corporate governance 38 chairman
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2 Board of Directors
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4 Directors’ Profile Y. Bhg. Gen.
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6 TOP Y. Bhg. Lt. Gen. (R) Dato’
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8 Y. Bhg. Dato’ (Dr.) Megat Abdul
Page 11 and 12: 10 Corporate Information Directors
Page 13 and 14: 12 Senior Management Team En. Danie
Page 15 and 16: 14 Senior Management Team En. Andre
Page 17 and 18: 16 THE BOARD OF DIRECTORS OF BOUSTE
Page 19 and 20: 18 TERMS OF REFERENCE OF THE AUDIT
Page 21 and 22: 20 ACTIVITIES DURING THE FINANCIAL
Page 23 and 24: 22 corporate governance THE BOARD O
Page 25 and 26: 24 Corporate Governance COMPOSITION
Page 27 and 28: 26 Corporate Governance INFORMATION
Page 29 and 30: 28 Corporate Governance Remuneratio
Page 31 and 32: 30 Corporate Governance DIRECTORS
Page 33 and 34: 32 Statement on Internal Control BO
Page 35 and 36: 34 Statement on Internal Control IN
Page 37 and 38: 36 1,300 1,040 780 520 260 0 Five Y
Page 39 and 40: 38 chairman’s statement DEAR SHAR
Page 41 and 42: 40 ECONOMIC LANDSCAPE On the broade
Page 43 and 44: 42 FINANCIAL PERFORMANCE The facts
Page 45 and 46: 44 Although the privatisation of Bo
Page 47 and 48: 46 In addition, other programmes we
Page 49 and 50: 48 OUTLOOK AND PROSPECTS On a Group
Page 51 and 52: 50 chief executive’s review DEAR
Page 53 and 54: 52 Chief Executive’s Review CORPO
Page 55 and 56: 54 In 2004, the division registered
Page 57 and 58: 56 In addition, our commercial clon
Page 59 and 60: 58 The appeal of this design lies i
Page 61: 60 Year 2004 was an exceptional yea
Page 65 and 66: 64 The division’s contribution of
Page 67 and 68: 66 The division recorded strengthen
Page 69 and 70: 68 TRADING Boustead Global Trade Ne
Page 71 and 72: 70 improving supply and demand tren
Page 73 and 74: 72 Directors’ Report The Director
Page 75 and 76: 74 Directors’ Report DIRECTORS’
Page 77 and 78: 76 Directors’ Report EMPLOYEES’
Page 79 and 80: 78 Directors’ Report OTHER STATUT
Page 81 and 82: 80 Statement by Directors and Statu
Page 83 and 84: 82 Auditors’ Report We are satisf
Page 85 and 86: 84 Balance Sheets For the year ende
Page 87 and 88: 86 Statements of Changes in Equity
Page 89 and 90: 88 Statements of Changes in Equity
Page 91 and 92: 90 Cash Flow Statements For the yea
Page 93 and 94: 92 Accounting Policies (c) ASSOCIAT
Page 95 and 96: 94 Accounting Policies (f) PROPERTY
Page 97 and 98: 96 Accounting Policies (l) EMPLOYEE
Page 99 and 100: 98 Accounting Policies (p) FINANCIA
Page 101 and 102: 100 Notes to the Financial Statemen
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112 Notes to the Financial Statemen
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140 Boustead Group Group Interest %
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142 Boustead Group Group Interest %
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144 Recurrent Related Party Transac
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146 Recurrent Related Party Transac
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148 Group Property Portfolio Age of
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154 Location of Group Plantation Pr
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156 Shareholding Statistics Analysi
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158 ORDINARY BUSINESS NOTICE IS HER
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160 Notice of Annual General Meetin
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Boustead Management Services Sdn Bh
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