The Board is recommending a final dividend of 10 sen per share

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The Group has undertaken a review of its business processes and human resource requirements in light of the new operating environment. A rationalisation of the business units has begun, and the implementation of a voluntary staff separation scheme has resulted in a reduction of over 100 staff at a cost of RM2.8 million. In November, the Company announced that it had reached an agreement with Jardine Cycle & Carriage Limited (formerly known as Cycle & Carriage Limited), one of its substantial shareholders, to acquire the remaining 70% of Cycle & Carriage (Malaysia) Sdn Bhd (“CCM”), our multi-franchised retail dealership associate, subject to Foreign Investment Committee’s approval. The approval was obtained on 25 February 2004 and the acquisition was completed on 23 March 2004. Following completion, CCM becomes a wholly owned subsidiary and will allow the Group to diversify its revenue base through its representation of other motor vehicle brands. During the year, the Company agreed to sell a piece of freehold property at Batu Pahat, Johor at a price of RM2.0 million. The profit on disposal of RM0.6 million has been recognised on completion of the deal in February 2004. Board Changes Datuk Mohamad Hasan resigned as Managing Director on 10 March 2004 following his decision to actively go into politics. Mr Steven Foster, the Director of Operations, has been appointed to succeed Datuk Mohamad. The Board would like to take this opportunity to express our appreciation for Datuk Mohamad’s valuable contribution to the Group during his 10 years with us and we wish him well in his future undertakings. Chairman’s Statement Datuk Hassan Abas decided to step down as Deputy Chairman of the Board on 10 March 2004 and the role taken over by Dato’ Khalid Ismail. The Board wishes to thank Datuk Hassan for his contribution and is pleased that he has agreed to continue as a Director. The Board wish to affirm its commitments to adhere to good corporate governance and will always work towards enhancing the standard of its duties. Acknowledgement We will continue to rely on the invaluable support of our customers, suppliers, dealers and business associates. This, together with the continued dedication and commitment from employees, should ensure we are more than prepared to meet the challenges ahead. Prospects The business environment is expected to remain highly competitive in 2004. The Group’s prospects will be influenced by the consumers’ response to the new vehicle duty structure as well as the relative weakness of the US dollar, to which the Ringgit is pegged, against the Euro and Japanese Yen. Tan Sri Abdul Halim bin Ali Chairman 15 Cycle & Carriage Bintang Berhad Annual Report 2003
Peugeot 607 Kelana Jaya 16 Cycle & Carriage Bintang Berhad Annual Report 2003
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Page 11 and 12: Mazda The turnaround in profitabili
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The Board is recommending a final dividend of 10 sen per share

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