Landscape for Growth - SEGI Investor Relations

Transcription

Landscape for Growth
SEGi Annual Report 2010
Landscape for Growth
SEGi Annual Report 2010
Landscape
for Growth
Let’s begin with the end in mind. It is important to paint in our minds what we
cannot at present see with our eyes.
A picture is worth more than a thousand words. It makes us the leader of our
destiny which will pave the way to securing the future we envision.
This imagination connects us with our unique attributes of quality, passion,
vibrancy and caring. Looking at the larger picture reaffirms who we really are and
moves our ideas into the real world.
We like to think big while also charting the terrain forward with small steps and
larger strides. A solid foundation had been laid for SEGi. It is time that we embark
on a journey of continuous and sustainable growth.
>Vision
We aspire to be the leading educational institution with
global emphasis.
>Mission
To empower learners with educational and training excellence
relevant to industry needs in contributing positively to global
communities.
Poised for
Sustainable
and Continuous
Growth
“The law of harvest is to reap more
than you sow. Sow an act, and you
reap a habit. Sow a habit and you
reap a character. Sow a character
and you reap a destiny.”
James Allen
SEG INTERNATIONAL BHD | Annual Report 2010
Poised for Sustainable and
Continuous Growth
The harvest SEGi Group enjoys today stems from the seeds of success sown
over the past few years. This has set the foundation that prepares the Group for
continuous and sustainable growth for tomorrow.
SEGi has benefited much from the early
learning years where the profitability
of the Group was relatively low. Then,
between 2001 and 2005, the Group offered
predominantly lower ticket and short courses
under different brand names encompassed
within the PRIME and Systematic groups.
Since then, SEGi has grown by leaps and
bounds, by organic growth as well as via a
series of exercises including consolidation
and re-branding.
The next phase of SEGi’s growth story
came about in 2006 when it streamlined
its operations and consolidated into 6 large
campuses, including its flagship campus
in Kota Damansara that offers a complete
learning experience for students. The
full-fledged campus boasts a full range of
2
facilities such as on-campus residence halls,
a sports & recreational complex, as well as
state-of-the-art laboratories and learning
facilities. By way of this consolidation, the
campuses operated under a single “SEGi”
brand name.
SEGi also received a boost with its upgrade
to University College status in June 2008.
This enabled SEGi to introduce a new suite
of homegrown high margin programmes,
translating into higher profitability.
Today, SEGi enters into the third era of
growth, and continues to roll-out new and
innovative niche programmes in medical
sciences, pharmacy, optometry and dentistry,
among others. The Group also reinforced
its hold in the adult learning market by
introducing more part-time and postgraduate programmes with flexible features.
Moreover, SEGi is poised to reap the rewards
from the collaborative arrangements
with overseas institutions that have been
established over recent years. The Group is
inspired to become an international higher
education centre when the transfer of foreign
students from these collaborations begin to
see serious growth.
The Group will continue to forge forward and
strengthen its brand name which reflects
attributes of quality, vibrancy, passion and
caring.
Contents
1
Cover Rationale + Vision & Mission Statements
Poised for Sustainable and Continuous Growth
4
5
6
10
12
Corporate Information
Financial Highlights
Chairman’s Statement
Board of Directors
Directors’ Profile
18
21
25
Messages From Key Management
Top Management Team
Key Academic Team
29
34
36
40
45
49
53
At Our Heart - SEGi Programmes
Strong Foundation - The SEGi Premises
Strategic Collaborations - University & Corporate Partners
Excellence at SEGi
Going Global
Special Projects
Research & Development
56
63
68
70
72
80
81
84
86
88
Making a Difference - Corporate Responsibility Report
2010 at a Glance
Quotes from the Media
Quotes from Analysts
Corporate Governance Statement
Statement of Directors’ Responsibilities
Audit Committee Report
Statement on Internal Control
Notice of Annual General Meeting
Statement Accompanying Notice of
Annual General Meeting
89
153
155
Financial Statements
Group Properties
Analysis of Shareholdings & Warrantholdings
Proxy Form
SEGi Education Network
Corporate
Information
Board of Directors
Company Secretaries
Auditors
Tan Sri Dato’ Seri Megat Najmuddin
Bin Dato’ Seri Dr Haji Megat Khas
Chong Poh Yee
Crowe Horwath
Level 16 Tower C
Megan Avenue II
12 Jalan Yap Kwan Seng
50450 Kuala Lumpur
(MIA 7620)
Independent Non-Executive Chairman
Hew Ling Sze
Dato’ (Dr) Patrick Teoh Seng Foo
(MAICSA 7010381)
Executive Deputy Chairman / President
Dato’ Sri Clement Hii Chii Kok
Registered Office
Tel : +603 2166 0000
Fax : +603 2166 1000
Group Managing Director
Lee Kok Cheng
Executive Director/Chief Executive Officer
Hew Moi Lan
Executive Director/Chief Operating Officer
Datu Haji Putit Bin Matzen
Non-Independent Non-Executive Director
6th Floor, SEGi University College
No. 9, Jalan Teknologi
Taman Sains Selangor
Kota Damansara, PJU 5
47810 Petaling Jaya
Selangor Darul Ehsan
Tel : +603 6287 3752
Fax : +603 6145 2755
Datuk Chee Hong Leong
Independent Non-Executive Director
Amos Siew Boon Yeong
Foo San Kan
Goh Leng Chua
4
Stock Exchange
Listing
Main Market of
Bursa Malaysia Securities Berhad
Registrar
Symphony Share Registrars Sdn Bhd
Level 6, Symphony House
Pusat Dagangan Dana 1
Jalan PJU 1A/46
47301 Petaling Jaya
Selangor Darul Ehsan
Tel : +603 7841 8000
Fax : +603 7841 8151/52
Financial
Highlights
Group Five Years Financial Summary
Revenue
2006
RM’000
2007
RM’000
2008
RM’000
2009
RM’000
2010
RM’000
74,230
86,263
127,407
166,372
217,615
Profit before tax
2,868
2,479
9,884
14,606
54,314
Profit for the year - attibutable to shareholders
2,073
5,156
7,266
10,023
43,059
89,093
89,093
89,093
89,093
125,623
Share capital
Shareholders’ fund
150,774
153,589
158,324
169,155
202,584
Total assets
284,251
309,896
213,910
219,055
263,038
Basic earnings per share (sen)
2.37
6.03
8.70
4.23*
17.40
Proposed gross dividend per share (sen)
2.00
2.00
3.00
3.50
7.00
* Restated for the effects of share split from RM1.00 per ordinary share to RM0.50 per ordinary share and bonus issue of 2:5 completed in July 2010.
Revenue
Profit for the Year
Shareholders’ Fund
(RM’000)
attributable to shareholders (RM’000)
(RM’000)
250,000
50,000
250,000
200,000
40,000
200,000
150,000
30,000
150,000
100,000
20,000
100,000
50,000
10,000
50,000
0
0
0
2006
2007
2008 2009
2010
2006
2007
2008 2009
2010
2006
2007
2008 2009
2010
5
Chairman’s
Statement
Chairman
6
It has been another momentous year for SEG International Bhd (“SEGi”) Group
as we achieved a new record profit of RM43.24 million for the year ended 31
December 2010. This represents a 322% increase from our previous year’s profit
of RM10.02 million. 2010 also marks the beginning of a new phase for the Group
as SEGi is poised to reap the rewards from the seeds of success sown over the
past few years.
On behalf of the Board of Directors, it is my pleasure to present the Annual
Report and Audited Financial Statements of SEGi and the Group for the year
ended 31 December 2010.
The recent Government Transformation Programme has highlighted the
importance of education. Academic excellence among students is vital to
produce a more competitive workforce in line with the country’s vision
to achieve developed nation status by 2020. SEGi is committed to lay the
groundwork for needed education reforms to be aligned with the vision of the
Government to make Malaysia a centre of educational excellence.
FINANCIAL PERFORMANCE
I am proud to report that SEGi continued
with its consistent track record scaling to
greater heights for the year under review.
Our impressive turnover is a testament of
the Groups strong brand positioning and the
desirability of our programmes as well as the
collaborative arrangements with overseas
institutions that have been established over
recent years. These strategic partnerships
have proved fruitful as all parties possess
individual strengths that complement each
other.
The improvement in performance is generally
due to the increase of student enrolments
at the Group’s institutions, particularly for
quality niche programmes.
The Group registered a 31% increase in
revenue (2010: RM217.62 million/2009:
RM166.37 million) and a 272% leap in profit
before tax (2010: RM54.3 million/2009: RM14.6
million) as compared to the corresponding
period in 2009.
The Board of Directors is now recommending
a final single tier dividend of 7.0 sen per
ordinary share of RM0.50 each for the
year ended 31 December 2010 pursuant to
Paragraph 12B of Schedule 6 of the Income
Tax Act, 1967, subject to the shareholders’
approval at the forthcoming Annual General
Meeting (2009: 3.5 sen per ordinary share of
RM1.00 each less income tax at 25%).
The Group’s balance sheet continues to be
healthy with shareholders’ funds of RM202.58
million (2009: RM169.15 million), cash and
bank balances of RM78.83 million (2009:
RM36.90) and a net cash position, indicating
the Group’s capacity and financial strength
to finance future growth.
DIVIDEND
On 13 January 2011, the Board approved and
declared a special dividend of 14.0 sen per
ordinary share of RM0.50 each in respect of
the year ending 31 December 2011 (“Special
Dividend”). The Special Dividend, less income
tax, amounting to RM25,913,944.95, was paid
on 18 February 2011.
Apart from that, I would also like to take
this opportunity to announce that we, SEGi,
promise to reward our valued shareholders
and potential investors with consistent
returns effective 2011. On 24 March 2011,
the Company committed to distribute a
minimum of 50% of the Group profit after
taxation to its shareholders, with effect from
the financial year ending 31 December 2011.
Your Board believes that the dividend payout
of a minimum of 50% of its profit after taxation
is within the Group’s financial capability
considering its future earnings growth.
OPERATIONAL REVIEW
Mindful of the importance of quality
education for children in their early
developing years, the Malaysian Ministry
of Education has identified early childhood
and childcare education (ECCE) as one of
the strategic focuses under the Education
National Key Result Areas (NKRA).
I am pleased to announce that SEGi was
appointed by the Government as the
Champion for Entry Point Project (EPP)
2 to lead the development of integrated
ECCE. With the appointment, SEGi will
lead the initiative in training and developing
high quality early childhood and childcare
practitioners. SEGi will also coordinate the
establishment of teacher training centres
7
that provide pre-service and in-service
ECCE courses recognised by the Malaysian
Qualifications Agency.
A consortium of private ECCE education
and training providers led by SEGi is being
established to fulfil the Government’s target.
The Groups quest for excellence never
ceases. SEGi continues to pursue success
at the highest level by focusing its attention
towards educating future generations. The
Group is undertaking several initiatives
to stimulate growth as well as strengthen
its leadership position in a still intensely
competitive marketplace.
The Group has always
remained committed
to its quest to be a
responsible and caring
citizen. Whilst we
pursue our business
commitments, we
acknowledge our
responsibility to our
stakeholders. We
endeavour to create
a positive impact in
all our operations and
initiatives as well as the
environment we
operate in.
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The Group continues to develop new
programmes which are tailored to meet
industry and market needs, ensuring
they are widely recognised and produce
graduates that are highly sought after by
national and multinational companies.
The Group has come up with a solid long
term strategy to expand its repertoire of
programmes and market range. In 2010, the
Group launched new degree programmes
in environmental technology, information
technology, construction management and
civil engineering. The Group also obtained
approvals from relevant authorities for its biomedical sciences and healthcare including
Bachelor of Medicine, Bachelor of Surgery
(M.B.,B.S.), Bachelor of Optometry (Hons),
Bachelor of Pharmacy and also Master in
Environmental Technology and Management.
SEGi also continues building strong global
connections with the reputable foreign
institutions as well as corporate links
with many large companies to ensure
the programmes offered are recognised
internationally.
CORPORATE DEVELOPMENTS
During the year under review, SEGi
implemented a share split involving the
subdivision of every one (1) existing ordinary
share of RM1.00 each into two (2) ordinary
share of RM0.50 each (“the Share Split”) and
bonus issue of 2:5 (“the Bonus Issue”). The
resulting price adjustment from the Share
Split allowed a wider spread of investors to
participate in SEGi’s growth while the Bonus
Issue was a reward for the shareholders’
continuous support through the years.
SEGi also completed a renounceable rights
issue of five (5)-year 2010/2015 warrants
(“Warrants”) at an issue price of RM0.05
cash per Warrant (“the Rights Issue”). The
Rights Issue provided the shareholders of
SEGi with the opportunity to further increase
their equity participation in the Company at
a pre-determined price over the tenure of the
Warrants.
In January 2011, the Group entered into an
agreement with a property management
company, Oakfine Development Sdn Bhd,
for the expansion of SEGi’s capacity in Ipoh,
Perak Darul Ridzuan. The facility is expected
to be up and running in two (2) years.
In February 2011, the Company proposed a
private placement of up to 10% of the issued
and paid up share capital of SEGi (“the
Proposed Private Placement”). I am pleased
to report that the Proposed Private Placement
was approved by Bursa Malaysia Securities
Berhad on 8 March 2011. The Proposed
Private Placement will serve to increase the
market capitalisation of SEGi and to further
strengthen the consolidated balance sheet
position of SEGi.
New quality niche academic programmes
will be introduced continually by the Group
backed by a strong management and
academic team. It is a goal that the team
of able and dedicated management and
staff remain committed to in unity, purpose
and aim. Together, SEGi will build on past
successes, brave the future and scale to
greater heights.
CORPORATE RESPONSIBILITY
The Group has always remained committed
to its quest of being a responsible and caring
citizen. Whilst we pursue our business
commitments, we acknowledge our
responsibility to our stakeholders and the
greater communities in which we conduct
our business, and we endeavour to create
a positive impact in all our operations and
initiatives. We seek every opportunity to play
a pivotal role for the betterment of the society
at large via our efforts in extending our hands
and heart to numerous charitable causes.
The Group also remains committed to
ensuring the occupational safety and health
of all employees at their workplace through
increased awareness, accountability and
continual training geared towards the
conduct of all activities in an environmentally
responsible, safe and healthy manner. 2011
will also see the implementation of a new
policy, the Whistleblower Policy, intended
to encourage our stakeholders to report
suspected or actual occurrences of illegal,
unethical or inappropriate events, behaviors
or practices without retribution.
The Group believes that the provision of
training and education is crucial in nurturing
future leaders and instilling them with
strong moral and ethical values. We strongly
believe this opportunity should be extended
equally to students of all backgrounds and
that it will help to lay the foundations for the
long journey towards our ultimate objective
of becoming a fully developed country by
the year 2020. Sponsorships for potential
students have been arranged to widen the
talent pool for the Group as well as the
nation.
The Group will continue to emphasise on
environmental awareness and community
spirit and seeks to conduct its business
ethically and responsibly.
FUTURE OUTLOOK
SEGi’s foundation is rooted in our core values
of integrity, synergy, care and innovation. The
results are clearly reflected when the Group
recorded marked improvement in student
numbers and profitability in 2010. This trend is
expected to continue in 2011 and beyond as
the Group has put in place a firm foundation
and strategy for sustainable growth.
ACKNOWLEDGEMENTS
On behalf of the Board, I would like to take
this opportunity to convey my thanks and
appreciation to the management and staff
of the Group for their commitment and
dedication in delivering the results of the
Group. I also wish to acknowledge our valued
shareholders, global partners, students,
regulatory authorities, bankers and business
associates for their unwavering support
and confidence in the Group. It is with your
gracious support that we are able to continue
reaching even greater heights.
I would like to extend our gratitude to Mr
Simon Hue Fook Chuan who retired on
28 June 2010 for his contributions to the
Group. On behalf of the Board of Directors,
I would also like to warmly welcome Datuk
Chee Hong Leong who joined our Board on
21 February 2011. I would like to take this
opportunity to convey my sincere thanks and
appreciation to my fellow board members for
their stewardship and contributions to the
Group.
Chairman
28 March 2011
9
3
1
4
2
Board of
Directors
10
5
6
9
7
10
8
1.
Tan Sri Dato’ Seri Megat Najmuddin Bin Dato’ Seri Dr Haji Megat Khas
2.
3.
Dato’ Sri Clement Hii
4.
Lee Kok Cheng
5.
Hew Moi Lan
6.
7.
8.
9.
Foo San Kan
10. Goh Leng Chua
11
Bin Dato’ Seri Dr Hj Megat Khas
Independent Non-Executive Chairman
-Malaysian-
Executive Deputy Chairman/President
-Malaysian-
Tan Sri Dato’ Seri Megat Najmuddin Bin Dato’ Seri Dr Hj Megat Khas,
aged 67, was appointed to the Board on 2 February 2001 and assumed
the position as Chairman on 27 August 2008. He holds an Honours
Degree in Law from University of Singapore. He practiced law for 14
years until 1986 and since then has concentrated on business as well
as political activities. He was formerly the State Assemblyman of
Kelana Jaya, Selangor for two terms. He is prominent in the corporate
sector and holds several important posts. He is the President of both
the Federation of Public Listed Companies Berhad (“FPLC”) and the
Malaysian Institute of Corporate Governance (“MICG”).
He currently sits as the Non-Executive Chairman of 5 public listed
companies, namely, Tradewinds Corporation Berhad, Asian Pac
Holdings Berhad, Formis Resources Berhad, MajuPerak Holdings
Berhad and SEG International Bhd. He sits as an Independent
Non-Executive Director on the Board of Petroliam Nasional Berhad
(PETRONAS). He was a member of the High Level Finance Committee
of the Ministry of Finance and Capital Market Advisory Council of
the Securities Commission (“CMAC”). He was a member of the 2nd
National Economic Consultative Council (“NECC2”), Bank Negara
Malaysia’s Corporate Debt Restructuring Committee (“CDRC”).
He now sits on UMNO (Ruling Party) Malaysia’s Disciplinary
Committee. He is also active in the Institute of Integrity Malaysia
(“IIM”), Transparency International Malaysia (“TIM”), and is an
Adjunct Professor at Faculty of Law, Universiti Utara Malaysia. He
is currently sits as a member of Bank Negara Malaysia’s Financial
Directors’ Education Steering Committee (“FIDE”) and Advisory Board
of Malaysian Anti-Corruption Commission (“MACC”).
Tan Sri Dato’ Seri Megat Najmuddin also serves as the Chairman of
the Company’s Nominating and Remuneration Committees.
Tan Sri Dato’ Seri Megat Najmuddin attended all the five (5) Board
meetings held during the year ended 31 December 2010.
12
Dato’ (Dr) Patrick Teoh Seng Foo, aged 55, was appointed to the
Board as President on 2 February 2001 and subsequently assumed
the position of Executive Deputy Chairman / President on 27 August
2008. Dato’ (Dr) Patrick Teoh is also a member of the Remuneration
Committee of the Company.
He is a Chartered Accountant of the Malaysian Institute of
Accountants and a Chartered Management Accountant/Fellow
Member of the Chartered Institute of Management Accountants,
United Kingdom. He also holds a Diploma in Commerce from Tunku
Abdul Rahman College.
Dato’ (Dr) Patrick Teoh has wide experience in commerce and
industry, having held senior management positions in multinationals
such as Intel Technology, Woodward & Dickerson Inc and
PricewaterhouseCoopers.
Currently, he is also the Chairman of Eduspec Sdn Bhd, a company
specialising in the promotion and implementation of e-learning and
e-community in schools.
For his contribution to education, Dato’ (Dr) Patrick Teoh was
conferred the Honorary Doctorate in Business Administration by the
University of Abertay Dundee, United Kingdom and is currently acting
as a patron of the University of Abertay Foundation.
In addition, Dato’ (Dr) Patrick Teoh is also the Executive Chairman of
EcoFirst Consolidated Berhad and President of Meda Inc Berhad.
Dato’ (Dr) Patrick Teoh attended all the five (5) Board meetings held
during the year ended 31 December 2010.
Lee Kok Cheng
Executive Director/ Chief Executive Officer
-Malaysian-
-Malaysian-
Dato’ Sri Clement Hii Chii Kok, aged 53, was appointed to the Board
on 3 September 2001 as an Executive Director of the Company and
subsequently assumed the position of Chief Executive Officer on 10
October 2001. On 27 August 2008, he was appointed the Managing
Director/Chief Executive Officer of the Company and in January 2009
was re-designated the Group Managing Director. Dato’ Sri Clement
Hii is also a member of the Remuneration Committee of the Company.
Lee Kok Cheng, aged 51, was appointed to the Board as Executive
Director on 28 June 2005. On 27 February 2009, he assumed his
responsibility as the Group Chief Executive Officer. He is also the
Chairman of Risk Management Committee of the Company.
He graduated with a Bachelor of Laws (Hons) degree from the United
Kingdom. He was conferred the Honorary Doctorate of Business
Administration by the University of Sunderland, United Kingdom, in
early 2006. In 2007, he was conferred an Honorary Doctorate of Laws
by his alma mater, the University of Wolverhampton, United Kingdom.
He is a former senior journalist holding positions in several
newspapers, including Chief Editor of Borneo’s leading English
daily, “The Borneo Post”. He also served in senior positions with
management firms and was appointed a Justice of Peace in 2005.
He was the Executive Deputy Chairman of Star Publications (M) Bhd
for two years, until end of December 2010. Dato’ Sri Clement Hii also
currently holds positions in numerous private limited companies and
charitable foundations. He does not hold any other directorship in
public companies.
Dato’ Sri Clement Hii attended four (4) out of five (5) Board meetings
held during the year ended 31 December 2010.
He obtained the BSc (Hons) Computer Science from Universiti Sains
Malaysia in 1985 and thereafter in 1996 he obtained his Masters
in Business Administration from the University of Dubuque, Iowa,
United States of America. He also holds a Postgraduate Certificate in
Business Research from the University of Newcastle, Australia.
In July 2010, he was honoured an Outstanding Entrepreneur Award at
the Asia Pacific Entrepreneurship Awards.
He joined the Group as Vice President (Operations) in June 2003 and
thereafter was promoted to the position of Chief Operating Officer in
January 2005. During that period he also resumed the position as the
Principal of SEGi College Subang Jaya. In 2007, he started the SEGi’s
flagship campus, Kota Damansara as principal until the campus was
upgraded to University College in 2008.
Prior to this, Kok Cheng has eighteen (18) years of experience in
another educational institution and his last position was the Group
Executive Director of that institution. He was instrumental in
implementing many e-applications to replace paperwork for the
accounting, human resource and information technology functions.
Kok Cheng does not hold any other directorships in public companies.
Kok Cheng attended all the five (5) Board meetings held during the
year ended 31 December 2010.
13
Hew Moi Lan
Executive Director/ Chief Operating Officer
-Malaysian-
-Malaysian-
Hew Moi Lan, aged 50, was appointed to the Board on 20 April 2010.
She is also a member of the Risk Management Committee of the
Company.
Datu Haji Putit Bin Matzen, aged 66, was appointed to the Board on
20 April 2010. He was appointed a member of the Nominating and
Remuneration Committees of the Company on 28 June 2010. He
holds a Bachelor of Science Degree and obtained a professional postgraduate Diploma in Teaching.
She is a fellow member of The Chartered Institute of Management
Accountants, United Kingdom and a Chartered Accountant with the
Malaysian Institute of Accountants. In 2005, she attained her Master
of Business Degree from University of Newcastle, Australia. She is
currently pursuing the Doctor of Philosophy, majoring in Management
Accounting.
Moi Lan was appointed the Chief Operating Officer of the Group
on 27 February 2009. Prior to which, she was the Vice President of
Operations and the principal of SEGi College Kuala Lumpur, one of the
core subsidiary companies of the Group.
Her tenure with the Group dates back to 1986 when she joined
Systematic Business Training Centre, now known as SEGi College
Kuala Lumpur. With more than 20 years of experience in the education
industry, Moi Lan has brought an immense wealth of experience and
knowledge into the running of the Group.
Moi Lan participated in all the five (5) Board meetings held during
the year ended 31 December 2010 and does not hold any other
directorships in public companies.
14
Datu Haji Putit started his career with the Sarawak Education Service
in 1972 and has held various senior positions in the State Education
Department including its Director, and in the Ministry of Education in
Kuala Lumpur. While in service, he pursued other professional courses,
notably in educational management and administration, development,
innovation, testing and examinations and crisis management.
Currently, he is the Independent Non Executive Director of CCK
Consolidated Holdings Bhd, the Vice Chairman of the Sarawak
Branch of the Malaysian Red Crescent Society, President of Malaysian
Historical Society (Sarawak Branch), a Member of the Lembaga
Amanah Kebajikan Masjid Negeri Sarawak, and the President of
Sarawak Islamic Council.
Datu Haji Putit is the major shareholder of the Company by virtue of
his interest in Cerahsar Sdn Bhd pursuant to Section 6A(4)(c) of the
Companies Act, 1965. He attended all the three (3) Board Meetings
held during the year ended 31 December 2010 since his appointment
on 20 April 2010.
-Malaysian-
-Malaysian-
Datuk Chee Hong Leong, aged 47, was appointed to the Board
on 21 February 2011. He is also a member of the Nominating and
Remuneration Committees of the Company.
Amos Siew Boon Yeong, aged 53, was appointed to the Board on 2
February 2001. He qualified as a Certified Public Accountant in 1984
and is currently a member of the Malaysian Institute of Certified
Public Accountants, a Chartered Accountant with the Malaysian
Institute of Accountants and an associate member of the Chartered
Tax Institute of Malaysia. He is also a Certified Financial Planner and
is a member of the Financial Planning Association of Malaysia.
Datuk Chee graduated with a Bachelor of Engineering (Computer)
in 1987 and Master of Business Administration in 1989, both from
McMaster University, Hamilton, Ontario, Canada.
Datuk Chee started his career in 1990 coordinating the development
in corporate and annual strategic plans for the Leisure Holidays Group
of Companies. In 1992, he ventured into various businesses which
involved designing and building individual bungalows for landowners
of various housing projects in the Klang Valley as well as building and
operating a 100,000 sq ft Information Technology Incubation Centre
in University Putra Malaysia. Subsequently, he joined Tanco Resort
Berhad from 1998 – 2002 where he held various positions from General
Manager to Executive Director/Chief Operating Officer. Currently,
he is the Chairman of Kiara Susila Sdn Bhd, a property development
company.
He started his auditing career and professional training with the
accounting firm Coopers & Lybrand in 1978 before establishing his
own practice in 1988. He is currently the sole practitioner of the public
accounting firm Messrs Siew Boon Yeong & Associates. He has vast
experience in auditing, tax planning, corporate finance and financial
planning. He was also involved in numerous assignments on mergers
and acquisitions, debt restructuring and liquidation. He is also a
Director of EcoFirst Consolidated Bhd.
Datuk Chee is the Independent Non-Executive Director of SYF
Resources Berhad and Priceworth International Bhd (formerly known
as Priceworth Wood Products Berhad), all listed on the Main Market
of Bursa Malaysia Securities Bhd, as well as a Director of Speedtoyz
Berhad, a public company.
Amos Siew attended all the five (5) Board Meetings held during the
year ended 31 December 2010.
He is the Chairman of the Audit Committee and also a member of the
Risk Management Committee of the Company.
Datuk Chee did not attend any of the Board meetings held during
the year ended 31 December 2010 as he was only appointed on 21
February 2011.
15
Foo San Kan
Goh Leng Chua
-Malaysian-
-Malaysian-
Foo San Kan, aged 62, was appointed to the Board on 27 February
2007. He is a Chartered Accountant of the Malaysian Institute of
Accountants. He is also a member of the Malaysian Institute of
Certified Public Accountants, a fellow of the Institute of Chartered
Accountants in England and Wales as well as the Chartered Tax
Institute of Malaysia.
Goh Leng Chua, aged 62, was appointed to the Board on 20 April
2010. He is also appointed as member of the Audit Committee of
the Company. He obtained his Bachelor of Laws (Hons) Degree from
Victoria University of Wellington, New Zealand in 1975 and thereafter
in 1977, he obtained his Master of Laws. He also holds a Diploma of
Environmental Management from the University of Auckland, New
Zealand specialising in Environmental Law and Policy, Resource
Management Policy and Strategy and Waste Management.
He was the Country Managing Partner of Ernst & Young Malaysia
from 1997 to 2002 before he retired as a practising accountant. He has
34 years of experience in the accounting profession, the last 30 years
of which were spent in various positions in Ernst & Young including
stints in several offices in East and West Malaysia. During the course
of his career, he was involved in various industrial sectors including
financial services, energy, manufacturing, plantations, property,
construction, leisure and entertainment. His professional experience
covers almost all aspects of the accounting profession, including but
not limited to audit, receivership, liquidation, taxation, secretarial,
corporate advisory and management consultancy and all services
related to the Labuan Offshore Financial Services Authority (LOFSA).
Leng Chua started his professional career as Legal Practitioner in 1976
and became the Councillor of KMC/MBKS in 1981. He is the Business
Advisor in GLC Capital Sdn Bhd and Agritech (Sarawak) Sdn Bhd. He
does not hold any other directorships in public companies.
He has extensive experience in various areas of practice including
estate planning, asset based financing, commercial law, natural
resources and utilities and real estate.
Leng Chua attended all the three (3) Board Meetings held during the
year ended 31 December 2010 since his appointment on 20 April 2010.
He is currently a Director of Symphony House Berhad, Star
Publications (Malaysia) Berhad, OSK Holdings Berhad and Allianz
Malaysia Berhad, listed on the Main Market of Bursa Malaysia
Securities Bhd (“Bursa Malaysia”) and OSK Ventures International
Berhad, listed on the Ace Market of Bursa Malaysia. He is also a
Director of OSK Trustees Berhad, OSK Investment Bank Berhad,
Allianz Life Insurance Malaysia Berhad and Allianz General Insurance
Company (Malaysia) Berhad.
San Kan is a member of the Audit Committee and Remuneration
Committee of the Company.
San Kan attended all the five (5) Board meetings held during the year
16
Save as disclosed above, none of the Directors has:- any family relationship with any director and/or major
shareholder of the Company;
- any conflict of interest with the Company other than those
disclosed in the accompanying financial statements, if any;
and
- any conviction for offences within past ten (10) years other
than traffic offences, if any.
It’s About
Passion
“ Nothing great in the world has ever been accomplished
without passion.”
Georg Wilhelm Friedrich Hegel
1BTtTJPO
1BTtTJPOtBUF
-noun1) A strong desire or compelling
emotion
2) An extreme interest for doing
something
a) SEGi shows passion
in our service and the
delivery of the programmes
-adjective1) expressing or showing strong
feeling
a) SEGi is passionate about
producing the best and
brightest minds
Messages from
Key Management
SEGi is no greenhorn when it comes to growth and I reiterate that SEGi performed
commendably for the financial year 2009 and years previous to this. For 2010, however, I am
proud to declare that SEGi has fared tremendously well. Yet again, SEGi has not only hit but
outdone the target the Group set for itself.
The 30.6% jump in revenue for 2009 appears dwarfed by the leap in 2010. SEGi’s full year
profit after tax for the year ended 31 December 2010 rose an incredible 322 % to RM43.2
million from RM10.2 million.
Revenue during the 2010 period increased 30.8 % to RM217.6 million from RM166.4 million
in the previous year, whereas the net cash flow from operating activities improved to RM65.5
million from RM29.0 million.
This multiple fold growth was made possible by a combination of internal and external
factors. Within the year, SEGi University College had already launched a string of
homegrown programmes on top of value-adding existing diploma and twinning degree
programmes offered by the Group.
The Group also benefited from the expanding market for local tertiary education due to
rising costs abroad, and due to government initiatives for the education sector under the
Economic Transformation Programme (ETP) and the 10th Malaysia Plan. SEGi is actively
involved in the ETP especially as an appointed champion provider of early childhood and
child care training to teachers and care-givers nationwide.
But of course it isn’t always about the profits and bottom line. In 2010, the Group surpassed
previous efforts in terms of Corporate Responsibility (CR). Perhaps the most influential of our
CR initiatives in 2010, and one which had a great positive impact on local communities, was
the launch of our Mobile Clinics project offering free health services to the public throughout
the country.
By capitalising on our strengths and our existing national and international collaborations,
as well as focusing on the development of new and strategic partnerships, SEGi has become
one of the leading institutions in providing quality education.
With these and other ongoing initiatives, SEGi is poised for greater growth in
2011 and beyond.
Lee Kok Cheng
Group Chief Executive Officer
18
Messages from Key Management
I must say I am extremely proud that SEGi has outdone itself for the year 2010. The
numbers show it all as to how well SEGi Education Group has performed. My most sincere
congratulations and gratitude goes out to the leaders and supporters who have made this
achievement possible.
SEGi is poised for sustainable growth over the next 5 years after efforts by the management
to streamline operations and to diversify its programmes, both homegrown and twinning.
New partnerships with established international universities have strengthened the
programmes currently offered at both diploma and degree levels.
SEGi has also recently established the grounding for a branding and transformation exercise
called the Transformation programme which commences in 2011. The Transformation
programme will have no immediate financial impact on SEGi. Instead, it will assist the
Group in achieving targets for the 2011 financial year and beyond. The five main strategic
outcomes we aim to achieve are; produce graduates that are highly employable and soughtafter; offer a holistic student experience; display academic strength; be the best place to
work; and achieve global brand recognition.
The vision held under the Transformation programme is for SEGi to deliver happiness to all
parties involved with SEGi, i.e. the students, shareholders and staff. Most importantly, we
want to improve the quality of our services to the students and the programmes offered.
The implementation of this exercise cuts across every level and section of the organisation
to ensure synergy and effectiveness. This Transformation programme also falls in line with
SEGi’s vision of achieving a top SETARA rating in the near future.
I am positive that with the hardwork, focus and dedication of an exceptional staff
force, SEGi can outshine again in 2011.
Hew Moi Lan
Group Chief Operating Officer
19
Messages from Key Management
2010 was indeed an exciting and momentous year for the Group, filled with much success
and milestones.
SEGi took another step towards becoming a full fledged University in 2010 with the
development and launch of key homegrown high-ticket programmes including Medicine and
Optometry.
In conjunction with the development and implementation of these programmes, SEGi
University College is also proud to have attracted some of the industries best and brightest
minds as well as set in place the extensive infrastructure and integrated curriculum, again
demonstrating our commitment to becoming one of the leading institutions in providing a
“unique competitive advantage” to enhance our communities.
In addition to the development of these programmes, SEGi benefited from numerous
academic and industry collaborations, further strengthening our service and delivery. One
such collaboration was an agreement between SEGi University College and the University
of Abertay Dundee whereby students graduating from our homegrown business and
accounting degree programmes will receive an additional degree parchment issued by the
University of Abertay Dundee, apart from the SEGi degree parchments.
Looking ahead towards 2011, SEGi will continue in its efforts to attain University status. As
such, we are focusing our efforts on SETARA, the MQA Rating System for Higher Education
Institutions in Malaysia, with the vision of attaining the highest rating.
SEGi has always been passionate about producing highly sought-after graduates and in 2011 we
will launch a dedicated career services centre designed to develop soft skill and increase overall
student employability.
Another exciting development in 2011 is our launch of the Research and Innovation
Management Centre (RIMC) intended to improve academic strength and research
capabilities while also tapping into industry resources for R&D funding. With this RIMC in
place, SEGi will be well poised to qualify for its University status.
2010 was an exciting year but 2011 promises to be even more instrumental in the future
development of the University College and the Group as a whole.
Emeritus Professor Dr Muhamad Bin Awang, FASc
Vice Chancellor
20
Top Management
Team
1.
4.
Cheryl Chong Poh Yee
2.
Kang Ching Hong
3.
Bruce Lim Aun Choong
Executive Vice President,
Corporate Planning & Services
Executive Vice President,
Corporate Affairs
Vice President, Group Development
Cheryl Chong joined the Group in 2000 and has
more than 20 years of experience in the fields of
accountancy, financial services and corporate
services. Prior to joining the Group, Cheryl worked
for another main board public listed company in
Malaysia as the Financial Controller and in one
of the top international accounting firms. She is
a Certified Public Accountant with the Malaysian
Institute of Certified Public Accountants and
a Chartered Accountant with the Malaysian
Institute of Accountants. She also holds a Master of
Business Administration (International Business)
Degree from University of Southern Queensland,
Australia.
Kang Ching Hong is a Certified Public Accountant
with the Malaysian Institute of Certified Public
Accountants and a Chartered Accountant with
the Malaysian Institute of Accountants. He has
more than 20 years experience in audit, corporate
finance, merger and acquisitions and business
operations. He has been actively involved
in acquisitions, listings, several successful
restructuring projects and reverse take-over
exercises. Ching Hong was attached to Bluwater
Developments Berhad as the Chief Financial
Officer prior to joining SEG International Bhd
as Executive Vice President, leading Corporate
Affairs Division.
Bruce Lim graduated with an Bachelor of Laws
(Honours) degree from the University of London
and holds a Certificate in Legal Practice. He taught
law at various law schools in Malaysia, Singapore
and Hong Kong for seven years. He then founded
and became CEO of e-Smartlearning, which
developed learning solutions and was responsible
for the expansion of law programmes offered in
Singapore and Hong Kong. He then moved on to
Paramount Corporation Bhd and was involved in
operations, sales and marketing for its Education
Division, before joining SEG International Bhd as
Senior Director, Group Marketing in 2002. Bruce
also enjoyed a two year stint with the Government
at the Ministry of Transport before assuming his
current position in group development with SEGi.
Ir Chew Siang Chye
5.
Lilaine Lee Sook Mun
Vice President, Projects & Infrastructure
Director, Group Human Resource
Chew Siang Chye graduated from Universiti
Malaya with a Bachelor Degree in Civil Engineering
in 1984, and was conferred Professional Engineer
by the Board of Engineers Malaysia in 1994. He
also obtained an MBA majoring in Finance from
The University of Hull and MSc in Transportation
& Logistics from the Malaysia University of
Science and Technology in collaboration with
Massachusetts Institute of Technology. Siang
Chye has actively participated in various projects
and gained extensive experience in design
development, technical & cost planning and
execution, branding propagation, procurement,
facility management and project management.
Lilaine Lee holds a Master of Business
Administration from Oxford Brookes University,
United Kingdom. Prior to joining SEGi, she was
attached to a few Multi-National Companies,
ranging from production house, property and
construction, logistic, manufacturing and multilevel marketing, for more than 20 years during
which the experiences there taught her to be openminded and accepting towards different cultures
and ways of thinking. Lilaine’s philosophy is that
the competitive edge to attract and retain talents
in an organisation is to create a work environment
where employees are valued and respected with
meaningful work.
21
Top Management Team
6.
9.
22
Victor Chan
7.
Dr Hajjah Roswati Binti Rahmat
8.
Chow Kim Wai
Director, Group Marketing & Business
Development
Director, Regulatory Affairs & Curriculum
Development
Head, Internal Audit
Victor Chan graduated in 1981 from Universiti
Malaya with a Bachelor of Arts (Hons) degree
majoring in Geography. He has more than 30 years
of working experience in leading multi-nationals
and local public listed organisations such as
American Express, Yamaha, UPS and EON Bank.
Prior to joining SEGi, he was working with other
leading private tertiary education institutions
where he held management positions in sales,
marketing and business development.
Dr Hajjah Roswati Binti Rahmat holds a Bachelor
of Business Administration from Ohio University,
US, a Master of Business Administration from
Universiti Teknologi MARA and a Doctor of
Business Administration from University of
Newcastle, Australia. Her doctoral research is
on the effectiveness of knowledge sharing in
organisations. Dr Hajjah Roswati Binti Rahmat has
more than 30 years experience in the corporate
sector, including in the field of education. She
is also a Certified Knowledge Management
Facilitator and is a Certified Financial Planner.
Chow Kim Wai graduated with a Bachelor of
Commerce, major in Accounting from Auckland
University, New Zealand in 1996. He also qualified
as Certified Public Accountant in 2001. He was
the Internal Audit Manager of a main board listed
company prior to joining SEGi. Kim Wai has
extensive experience in internal audit and risk
management.
Ng Kim Leng
10. Yong Lit Seng
Senior Manager, Group Finance
Senior Manager, Information Technology
Ng Kim Leng graduated with a Bachelor of
Accounting from Universiti Utara Malaysia. He
is a Chartered Accountant with the Malaysian
Institute of Accountants. His professional
experience including but not limited to audit,
taxation, corporate and management consultancy
and the accounting profession. He was the Head
of Finance and Operations of an engineering and
construction company prior to joining SEGi.
Yong Lit Seng specialises in the design,
implementation and maintenance of computer
network systems, and in the support and
administration of general computer systems.
He has extensive experience in analysis, design,
implementation and evaluation of many aspects of
multimedia computing using new and established
techniques and software tools. He is currently
the Senior Manager, leading the Information
Technology Department.
Top Management Team
11. Adeline P’ng Aih Teang
12. Hew Ling Sze
13. Lawrence Ngu Herng Hwa
Manager, Legal Services
Company Secretary
Principal, SEGi College Kuala Lumpur
Adeline P’ng graduated with a Bachelor of
Laws (Hons) degree from the University of
London in 1999. She holds a Master of Business
Administration. She has extensive experience
in various areas of practice including corporate,
commercial, litigation and various fields of debt
recovery. She is currently leading the Group Legal
Department.
Hew Ling Sze is an Associate of The Institute
of Chartered Secretaries And Administrators,
qualifying in 1996. In 1997, she graduated with
a Master of Business Administration majoring
in International Investment from Universiti
Kebangsaan Malaysia. She led the Corporate
Affairs Department of a main board listed company
and gained exposure in corporate planning. She
has more than eighteen (18) years of experience
in corporate, management consultancy and
secretarial services.
Lawrence Ngu holds a Master in Business
from the University of Newcastle and ICSA
professional qualification. His tenure with SEGi
stretches back to 1993 when he joined the then
Systematic College, Kuala Lumpur (now known
as SEGi College Kuala Lumpur) after serving a
period as Chief Executive of another educational
institution. He then rose in the ranks within SEGi
until assuming his current position three (3) years
ago.
14. Dr Lisa Tan Saw Poh
15. Stella Lau Kah Wai
Principal, SEGi College Subang Jaya
Principal, SEGi College Sarawak
Dr Lisa Tan holds a DBA from University of
South Australia and MBA from the University of
Bath, UK. She also has a Diploma in Education
from Singapore University and B.Sc (Hons) from
the University of London. Dr Lisa has worked
with the Singapore Ministry of Education and
private institutions of higher learning for more
than twenty (20) years and has vast experience
in the field of education and management. Her
experience covers work with governmental
bodies in Malaysia, China, Philippines, Vietnam
and Ghana, Africa.
Stella holds a Bachelor of Arts in Business
Administration and Management Science from
the University of Canterbury, New Zealand.
Stella Lau has been working with SEGi College
Sarawak for more than eleven (11) years, during
which time she has made her way up through the
ranks to her current position as Principal, which
she has held for more than four (4) years.
23
Top Management Team
16. Jeffrey Goh Beng Poh
18. Chong Weng Lian
Principal, Kolej SEGi Seri Kembangan
Vice President, Operations,
SEGi University College
Jeffrey Goh has over 20 years of experience in
Marketing and Management having worked
locally and overseas with leading multinational
organisations. Jeffrey holds a Masters in Business
Administration from The University of Hull, United
Kingdom and a Postgraduate Diploma in Marketing
from the Chartered Institute of Marketing, UK. He
also holds the London Higher Diploma in Marketing
with distinction.
Annuar Zamzury bin Jolis attained his Bachelor of
Applied Science (Hons) Degree from University of
Science Malaysia in 1995. He is the Fellow (FIMI)
member of The Institute of Motor Industry, United
Kingdom and was appointed National Resources
of Industry Expert and External Verification
Officer, Malaysian Skills Certification by Malaysian
Government. Prior to joining SEGi, he was the Chief
Operating Officer of Yayasan Basmi Kemiskinan
and EIC Associates (M) Sdn Bhd, responsible for
the total strategies and control of the operations
and business management functions of the
colleges and training centres.
Chong Weng Lian has more than 28 years
experience working in the education industry.
Prior to joining SEGi, she held senior positions
with numerous Malaysian private institutions of
higher education, including Chief Executive of
Life College from its origin in 2003 to 2010. She
was also a pioneer staff of KDU College from 1983
to 2000, lastly holding the position of Registrar
responsible for overseeing nine (9) departments.
Weng Lian is certified with The Institute of
Chartered Secretaries and Administrators.
19. Adrian Thong Chee Thim
24
17. Annuar Zamzury bin Jolis
Principal, SEGi College Penang
20. Helen Ngu Moi Hiong
Director, Sales & Marketing,
Vice Principal, Operations,
SEGi College Sarawak
Adrian Thong graduated with an MBA from Asia
International Open University and also holds a
BA (Hons) from the University of Wales. He is a
Certified Financial Planner (CFP) with the CFP
Board of Standards, Inc, USA, and also holds the
Capital Markets Services Representative’s Licence
(CMSRL) issued by the Securities Commission of
Malaysia. Adrian has held senior management
positions in the fields of internal auditing, corporate
planning, operations, business development and
marketing in various industries. Prior to joining
SEGi UC, he held the position of General Manager
in M&A Securities Sdn Bhd, a local stock broking
company.
Helen Ngu holds a Master of Business
Administration and a Graduate Diploma in
Business and Management from the University of
Sunshine Coast, Australia. She has been working
with SEGi College Sarawak since October 2005.
Prior to joining SEGi, Helen worked in the area
of operations for large national companies in the
banking, building, manufacturing, housing and
construction industries.
Key Academic
Team
1.
4.
Emeritus Professor Dr Muhamad Bin
Awang, FASc
2.
Professor Dr BC Tan
Vice Chancellor
Deputy Vice Chancellor
(Academic Affairs)
Prof Muhamad Awang received his PhD
specialising in air pollution and vegetation from
the University of Sheffield, the United Kingdom,
in 1979. He was a Professor of Environmental
Sciences at the Faculty of Environmental Studies,
Universiti Putra Malaysia (UPM) and was a Deputy
Vice Chancellor of Academic Affairs at UPM
between June 16, 2000 and April 7, 2005. He is
best known for his teaching and research on Air
Pollution and Tropical Ecosystem Physiology and
Environmental Science Management.
Prof Tan has a PhD from the University of Wales.
He was previously the Professor of Fundamental
Physics and Dean of the Institute for Advanced
Studies in the University of Malaya. His
specialization was in experimental laser physics.
Professor Tan was previously also the Managing
Director of Hong Leong Engineering and CEO of
another educational institution. He was a Fulbright
Scholar and had held Visiting Professorships in
several foreign universities in the UK and the
USA.
Professor Dr Azrin Esmady Ariffin
5.
3.
Dato’ Professor Dr Jamaludin
Mohaiadin
Deputy Vice Chancellor (Student Affiairs)
Dato’ Prof Jamaludin holds a Master of Education
in Project Management and Evaluation and a
Doctor of Education in Instructional Design and
Technology from the University of Pittburgh,
US. He was formally the Deputy Vice Chancellor
of Student Affairs in Universiti Sains Malaysia
(USM). He was also the Director of Center for
Instructional Technology and Multimedia in USM.
Dato’ Professor Jamaludin was also a consultant to
a number of universities in multimedia curriculum
design, establishing instructional technology
centers and academic training programmes.
Professor Dr Atiya Ab Sallam
Foundation Dean, Faculty of Optometry &
Vision Sciences
Foundation Dean, Faculty of Medicine
Prof Azrin attained his Bachelor of Optometry
with Honours in 1984 from the University of New
South Wales in Australia and earned a PhD in
Clinical Optometry in 1993 during a stint at City
University/Moorfields Eye Hospital in London.
Prof Azrin began his academic career at Universiti
Kebangsaan Malaysia in 1985, and was Head of
Optometry Department from 1996 to 2003. He is
also on the Malaysian Optical Council and various
professional committees. His research interest is
in the field of Visual dysfunction in ocular disease,
and he also maintains a clinical interest in the area
of Further Ophthalmic Investigations.
Prof Dr Atiya obtained his Bachelor of Medicine,
Bachelor of Surgery (M.B.,B.S.) from Universiti
Malaya in 1979. He also obtained a Diploma in
Aviation Medicine from the United States Air
Force, a Master of Public Health from Universiti
Malaya and a Master of Science in Medical
Statistics from the University of London. Prof Atiya
has been in education for more than 23 years and
prior to his appointment as Foundation Dean for
the Faculty of Medicine with SEGi University
College, Professor Atiya was a Professor and Head
for the Department of Social and Preventative
Medicine, Faculty of Medicine, Universiti Malaya.
He has served in various academic and research
committees besides supervising PhD students in
medical and health related fields.
25
Key Academic Team
6.
Associate Professor Dr Tey Kim Kuan
Acting Dean, Faculty of Pharmacy
7.
Datuk Dr Fawzia Binti Dato’
Abdullah
8.
Datin Devagey A/P K. Raru
Dean, Faculty of Nursing
Foundation Dean, Faculty of Dentistry
Associate Professor Dr Tey obtained her Bachelor
of Pharmacy in 1991 from University of Bradford
and her Doctor of Philosophy from The University of
London. She has more than 20 years experience as a
pharmacist, having worked with various disciplines
of pharmacy including hospital, community and
industrial pharmacy both in UK and Malaysia. Prior
to joining SEGi, she was attached to International
Medical University, holding the positions of Head
of Department and Programme Coordinator. She
is a member of numerous professional bodies and
committees. She also conducted and supervised
multidisciplinary research in various aspects of
pharmacy practice and pharmacy education.
9.
26
Dr Doris Pamela Alexius
Datuk Dr Fawzia obtained her Bachelor of Dental
Surgery from the University of Signapore and
her Diploma in Dental Public Health from The
Royal College of Surgeons of England. Prior to
joining SEGi, Datuk Dr Fawzia worked with the as
Foundation Dean Ministry of Health for 32 years
and refired, as the Director of the Oral Health
Division. She was also a Member of the Public
Services Commission from 2000 to 2005. Datuk
Dr Fawzia is a member of numerous professional
bodies and her research includes studies into the
oral health of school children.
10. Alfred Wong Kong Wai
Deputy Principal, Academic, SEGi College
Kuala Lumpur
Deputy Principal, Academic, SEGi College
Subang Jaya
Dr Doris Alexius holds a Bachelor of Science in
Zoology from Madras University, India, a Master of
Business Administration in International Business
from RMIT, Australia and a Doctor of Business
Administration from University of Newcastle,
Australia. A science graduate trained in genetics,
microbiology, laboratory technology and biochemistry, she diversified to complete her MBA
to gain a business perspective in managing Allied
Health Science programmes. Her Doctoral research
is on ethics and corporate social responsibility. Dr
Doris Alexius has over 20 years experience as a
tertiary educator and administrator.
Alfred Wong holds a Bachelor of Business
Administration with a major in Information
Systems and a Master of Business Administration
with a major in Finance from the University of
Toledo in the US. Alfred Wong has more than
thirteen (13) years experience in the education
industry and, prior to joining SEGi, worked with
a well known private institution of higher learning
in Malaysia, holding the position of Academic
Director and most recently Dean for the School of
Business.
Datin Devagey holds a Master of Counselling
from Universiti Malaya and a Bachelor of Science
with Honours in Nursing from Anglia University
in the UK, among numerous other nursing and
healthcare qualifications.
Prior to joining SEGi, Datin Devagey held senior
positions in nursing colleges, training centres
and hospitals. She is a member of Nursing Board
Malaysia, Nurses Examination Board and Nursing
Curriculum Committee, as well as other healthcare
associations and committees.
Key Academic Team
11. Alan Tan Sze Ming
12. Dr Steven Baptist
13. Tang Choong Pang
Vice Principal, Academic, SEGi College
Sarawak
Registrar, SEGi College Kuala Lumpur
Head, Examination Unit, SEGi College
Kuala Lumpur
Alan Tan holds a Master in Education with a
major in Curriculum and Instruction from Asia
e-University and a Graduate Diploma in Marketing
from the Chartered Institute of Marketing in the
UK. Alan Tan has been working with SEGi College
Sarawak since 2002 and was appointed as Vice
Principal (Academic) in January 2010. Prior to
working with SEGi, Alan Tan held management
positions with various national and mutlintional
companies driving their marketing initiatives.
Dr Steven Baptist holds a Doctorate from University
Putra Malaysia specialising in Creative Thinking
Development, a double Masters in Chemistry
as well as an Executive MBA from University of
Western Sydney, Hawkesbury, a double degree in
Industrial Chemistry as well as a Law Degree from
University of London. Dr Baptist started off as a
lecturer some years ago teaching at various levels
right up to Masters. While being an educator he
continuously upgraded his skills and knowledge.
In his current position as Registrar, he oversees
the academic programs, in particular government
approvals and accreditation processes.
Tang Choong Pang holds a Master of Business
Administration from Universiti Malaya and a
Graduate Certificate in Tertiary Teaching from
University of Southern Queensland, Australia. He is
a Certified Public Accountant with the Malaysian
Institute of Certified Public Accountants and
a Chartered Accountant with the Malaysian
Institute of Accountants.
Choong Pang has been with SEGi College Kuala
Lumpur for more than nineteen (19) years. Prior to
joining SEGi, he held accounting positions with
large multinational corporations.
14. Lydia Foong Yoke Yean
Dean, Faculty of Education & Social
Sciences, SEGi College Subang Jaya
Lydia Foong has been involved in early childhood
education for 20 years, both locally and in the
UK. She holds a St Nicholas Montessori Diploma,
a Certificate in Montessori Primary Education, a
BEd (Hons) from University of Greenwich, and
an MEd in Management from Universiti Malaya.
She is a member of the Association for Registered
Childcare Providers and National Association
for Childcare and Education, Malaysia. Lydia is
currently spearheading the NKEA project for Early
Child Care and Education Training initiatives as
part of the Economic Transformation Programme,
in which SEGi is appointed champion.
27
It’s About
Quality
“Quality is never an accident; it is always the result of high intention,
sincere effort, intelligent direction and skillful execution; it represents
the wise choice of many alternatives.”
William A. Fostert
2VBMtJtUZ
2VBMtJtUZ
-noun1) Character with respect to
fineness, or grade of excellence
2) An accomplishment of attainment
a) SEGi strives for quality on
everything they do, from
programme content and
delivery to the infrastructure
and facilities
-adjective1) Of or having superior quality
2) Providing services of high quality
or merit
a) SEGi is sought out as an
institution of choice by
students and employers
alike for the high quality of
their programmes and
graduates
At Our Heart SEGi Programmes
At SEGi, students are exposed to a variety of learning methods including
lectures, seminars, workshops and presentations as well as practical experience
in laboratories and on the job. SEGi also draws a large number of top-notch
academics and captains of industries into its community, who serve as academic
advisors, lecturers, examiners and moderators.
SEGi continues to develop new programmes to meet the current and future
demands of the industry. Efforts are undertaken to ensure SEGi’s range and
quality of academic and training programmes are constantly upgraded and
repackaged to remain competitive and to sustain its leadership position in the
private education sector.
Through these efforts, thousands of Malaysian youths and international students
who have undergone studies or training at SEGi, have gone on to write their own
success stories.
PRE-UNIVERSITY
Pre-University programmes are designed to
provide the right foundation for academic
progression. At SEGi, programmes are
complemented with a complete learning
experience, orienting students into a
college environment and preparing them
for graduate studies at university level in
disciplines of business, arts, engineering, IT,
medical and health sciences. Students who
complete their SEGi pre-university studies
are able to gain entry into degrees from over
fifty universities worldwide.
MEDICINE
The SEGi University College Faculty of
Medicine strives to produce medical
professionals who are lifelong learners and
who endeavour to keep abreast of advances
in medicine so as to ensure the community
receives appropriate and effective care. This
is made possible through diverse teaching
and learning experiences that are student and
patient centred promoting holistic care and
emphasising professional and ethical values.
The SEGi University College medical
programme is designed for students who
believe that they can make a difference to
others’ lives through better health by being
safe, caring and exceptional doctors. This
programme prepares aspiring doctors for
a challenging career covering promotive,
preventive, therapeutic and rehabilitative
medicine.
OPTOMETRY & VISION SCIENCES
Optometry & Vision Sciences is responsible
for educating future optometrists, and is
committed to offering quality accredited
programmes that equip graduates with the
knowledge and skills to cope with the ever
growing and evolving scope of practice for
Optometry. The Faculty boasts laboratories
and clinical facilities that are on par with the
leading local and international universities that
offer undergraduate Optometry programmes.
As well as utilising top facilities, students
will be trained by optometrically qualified
full-time lecturers whilst also benefiting from
the expertise of external visiting lecturers
comprising Biomedical Scientists, Medical
Practitioners, Ophthalmic Surgeons and
Practicing Optometrists. The small class sizes
also allow students to enjoy the opportunity
to interact closely with the academic staff.
PHARMACY
Pharmacy is the branch of medical science
concerned with the sources, nature, properties,
preparation and safe effective use of medicinal
drugs. Pharmacists are key professionals in
the healthcare system who formulate and
dispense drugs and work closely with doctors
and patients in providing advice on the
management of a patient's medication.
A degree in pharmacy aims to integrate
scientific, clinical and professional knowledge
with communication skills, providing
graduates with the expertise to contribute
effectively as a pharmacist within the future
healthcare system. Students learn both
chemical and physiological knowledge as
well as pharmacy practice through problembased learning, workshops, seminars and
laboratory work.
DENTISTRY
Good oral hygiene is important for
maintaining not only the health of one’s
mouth and teeth but for overall health, and
the advantage of proper preventative dental
care should not be underestimated. Poor
oral health has been linked to heart and lung
disease, diabetes, stroke, extremely high-birth
29
weight, and premature births, and many
dental practioners will argue that oral health
is a strong indicator of overall well-being.
Dentistry is among the latest additions to the
wide range of study areas available. The Faculty
boasts its own dental clinic with practicing inhouse dentists. Here, students are given handson practical sessions, providing them with an
insight into working with both dentists and
patients alike. The dental clinic comes complete
with a reception, a waiting area and a dental
records room, and is tailored to meet industry
standards, undergoing regular spot checks by
various health agencies. Dental services are
open to students, lecturers and other staff, as
well as to the public.
NURSING
There is a growing demand for health
professionals in Malaysia and worldwide, and
SEGi is poised to respond to such demands
by providing a range of nursing and health
science programmes.
Nursing at SEGi has created significant
impact in the healthcare practice by
imparting to students the scientific basis of
nursing and its application in the holistic
care of patients. This has enabled them
to participate actively and effectively as
members of the healthcare team.
30
For their Nursing Programmes, SEGi has
built strong connections with public and
private hospitals throughout Malaysia and
has received recognition from the Ministry
of Higher Education, Malaysia as well as the
Malaysia Nursing Board.
ALLIED HEALTH SCIENCES
The programmes offered under the Faculty of
Allied Health Science are designed to equip
students to become skilled professionals
within their respective industries with the
aim of advancing the complete performance
of healthcare provided in a growing and
dynamic healthcare setting. The Faculty aims
to address the pressing healthcare workforce
shortage in the region by preparing healthcare
providers to be a skilled, compassionate
and proficient, providing optimal services
to the society at large, and enhancing
their competency through problem-based
learning and well as developing effective
communication and leadership skills.
BUSINESS & MANAGEMENT
Managers and business professionals deal
with a range of complex issues on a daily
basis and are expected to make business
decisions in the face of constant economic
and social change, while adapting and
relating to both local and global market
changes.
Innovative graduates with business
knowledge and savvy skills accelerate
organisational growth and competitiveness.
The Business and Management programmes
available at SEGi aim to produce graduates
capable of managing effectively across
the broad range of disciplines required in
today’s challenging and rapidly changing
business environment. By increasing and
enriching knowledge across a broad range
of business disciplines, students gain a firm
grounding in key management skills and
techniques essential to financial, strategic
and knowledge management.
ACCOUNTANCY & FINANCE
Accountancy & Finance are some of the
world’s fastest growing and most dynamic
industries, encompassing a broad range of
organisations that deal with the management
of money. Today the Accountancy & Finance
fields have many faces and a professional in
either or both areas is expected to undertake
more than just ‘number-crunching’. They are
more often expected to have a variety of skills
relevant to business advising and planning as
well. Due to the wide scope and demand for
such professionals, these degrees are the kind
that can take graduates anywhere.
Accountancy and Finance training
provides substantial skills for organisational
planning and growth. The Accounting
and Finance programmes at SEGi provide
students with the opportunity to develop
important practical skills such as analytical
thinking, problem-solving, team work and
communication. This mix of academic
and practical skills is highly attractive to
employers.
MARKETING
Marketing is a dynamic and expanding
discipline that looks at developing strategies
and tactics used to identify and anticipate
consumer requirements, create strategies
for the development and design of products
and services, and making decisions about
their pricing, promotion and distribution,
resulting in value for both the customer and
the organisation.
In an increasingly competitive business
world, marketing is becoming ever more
recognised as a vital component in ensuring
the growth and success of organisations.
At the same time, marketing cannot simply
be ventured into without any expertise or
planning. Organisations need to develop the
right course of action required to target their
specific market segment in order to grow the
business and effectively market their product
or service.
The Marketing programmes available at
SEGi will provide students with the skills
necessary to analyse market needs, define
target markets, create marketing strategies
and unlock business opportunities in a
competitive environment. The programmes
will also develop students’ practical skills
and knowledge including analytical skills,
problem-solving skills, team-work skills, and
the ability to communicate effectively within
a business environment.
The Human Resource Management (HRM)
programmes available at SEGi are designed
to teach students how to deal with and
manage human resources at the workplace,
developing knowledge across areas including
terms of employment, staff motivation, HR
legal issues, teamwork and payroll. The
programmes available at SEGi are industry
driven and are designed to equip students
with the necessary skills and knowledge
required to pursue a career or further studies.
HUMAN RESOURCE MANAGEMENT
Human resource management is concerned
with the administration and development of
an organisation’s personnel. Arguably the
most important asset of any company, an
organisation’s personnel are the ones who
individually and collectively contribute to the
achievement of its business objectives.
LAW
As a commonwealth country, Malaysia
practices common law system as in the
United Kingdom. As such, SEGi collaborates
with the University of London (UK) to offer
the Bachelor of Laws (LLB) programme,
as well as offering the SEGi homegrown
Diploma in Law.
As more organisations recognise the need to
ensure their people are trained and managed
in ways that support organisational goals,
human resource management is increasingly
becoming an integral part of organisational
strategy. With the increasing significance and
complexity of the human resource functions
and workplace legislation, including workplace
health and safety and employee rights, there
is increasing demand for professionals with a
human resource background.
In a world where degree providers are
rapidly increasing, the University of London
LLB offers the security of an internationally
recognised 'gold standard' established for
over 100 years. The University of London
was the first to offer a degree in English
Law in the 1890s. Upon graduation students
will join a distinguished group of solicitors,
barristers and judges around the world who
began their careers by obtaining their law
degree through the University of London
International Programmes.
31
The Law programmes available at SEGi
are ideal for students who wish to obtain
a qualification of international standing
en route to a successful career as a
practising lawyer. The programmes aim
to promote independent learning, develop
key intellectual transferable skills, develop
critical awareness, and strengthen students’
understanding into the language of law.
TECHNOLOGY & COMPUTING
The world is increasingly dependent upon
the use of technology and information
where technological development and its
adoption by organisations is central for
the transformation of management culture,
lifestyle and the global economy. The art
of representing information by technology
is fast becoming an inexact and blurred
science. The information engineer of the
future must be equipped with the appropriate
skills to meet these challenges.
SEGi’s Technology & Computing programmes
are comprehensive and relevant to industry
and continue to attract top students and
academics. They aim to provide graduates
with the opportunity to apply adaptive skills
and knowledge to a field that is transforming
contantly, especially in the conduct of
everyday business and communications.
32
ENGINEERING
SEGi offers an impressive range of
engineering programmes that focus on a
student-centric environment, where students
interact with teaching staff from Malaysia
as well as staff from our partner universities
worldwide. Students will work in technically
advanced laboratories and workshops at
SEGi campuses, providing them with the
essential tools in the development of skills
and knowledge. SEGi offers an impressive
range of disciplines from Foundation and
Diploma through to Bachelor degrees. Its
students have gone on to write many success
stories and the Faculty is proud to count
more than 200 students who obtained First
Class Honours in engineering from top-notch
universities worldwide.
BUILT ENVIRONMENT
The term ‘built environment’ refers to the
structures, and infrastructure, that are
man-made. This can include everything
from simple housing to entire cities, and
even man-made outdoor environments. Built
environments provide the basic necessities for
human life, and therefore must be functional
and healthy for all. Finding this balance is a
complicated and challenging process, and one
that is consistently being refined.
Built Environment encompasses a variety
of disciplines including architecture,
construction, project management,
environmental design and planning. Students
studying built environment programmes at
SEGi will address professional, industrial and
consultancy activities while also exploring
the relationship between the buildings/
cities and the individuals, communities and
organisations that inhabit them.
CREATIVE ARTS & DESIGN
The Faculty / School of Creative Arts
& Design started as MSC International
College and was set up to be the premier
centre for media, art and design education
and Malaysia. The SEGi Creative Arts and
Design programmes range from being highly
conceptual to those that are deeply practical
requiring a specific skill set. With that said,
creativity is at the core of all that is executed
and taught at SEGi.
Students are not only provided with a
qualification or skill in creative arts and
design, but are prepared to brave the
challenges of the industry when they step
into the working world. SEGi aims to expand
the boundaries of teaching and learning
by using the latest technologies, ensuring
graduates are at the forefront of art and
design industries in the new millennium.
EDUCATION & SOCIAL SCIENCES
Early childhood education applies specialist
knowledge in the teaching and nurturing
of pre-school children and often focuses
on children learning through play. Early
childhood education takes many forms
depending on the beliefs of the educator
or parent and is a crucial part of a child’s
development, affecting how they see
themselves, how they see others and how
they develop thoughts. For this reason it
is imperative that early care programmes
emphasise links with family, home culture,
and home language as well as the educator
themselves.
PSYCHOLOGY
Psychology is both an academic and applied
discipline concerned with the scientific
study of mental processes and behavior.
Psychology seeks to explain thought,
emotion and behaviour in the context of
real life. The SEGi Diploma in Psychology
aims to produce graduates with intellectual
aptitudes, independence and transferable
skills for employment and/or further
studies. Students can also apply the basic
psychological theories and principles to
significant areas of human activities such as
healthcare, education, management, social
welfare, and many more.
HOSPITALITY & TOURISM
There is tremendous growth in the hotel
and tourism industry as businesses and
people are spending more money on leisure
than ever before. Therefore, this sector of
the industry is one of the largest and fastest
creators of employment. There is a need for
educated and trained people who can be
counted on to deliver first class services.
The hospitality and tourism programmes
available at SEGi are designed to equip
students with the skills and knowledge
that are increasingly in demand by today’s
employers. Students will study highly
relevant modules that cover marketing,
destination management, human resources,
information management, planning and
research, among others. During the
programme, students will also develop wider
skills in communication, team work,
problem-solving, use of information
technology and application of numbers,
essential to launch their careers and provide
a framework for lifelong learning.
AMERICAN DEGREE PROGRAM
The Upper Iowa University (UIU) Bachelor
of Science (4+0) program at SEGi University
College provides students with the opportunity
to experience US-styled education. This style
of education focuses heavily on the practical
elements of learning with an emphasis on
classroom interaction between the students
and lecturers as well as group projects,
presentations and field trips outside of the
classroom. The American Degree Program
focuses more on assessing students through
course work and allocates less percentage to
mid-term and final examinations.
PROFESSIONAL COURSES
For those students wishing to complete
professional courses in the fields of business,
commerce or accountancy, SEGi collaborates
with the Association of Chartered Certified
Accountants (ACCA) and the Association
of Business Executives (ABE) to further
enhance their career and development.
Students who wish to complete professional
programmes related to computing and
technology can also undertake any of the
following programmes:
-
The UIU Bachelor of Science (4+0) program
also allows for full completion locally at SEGi
with the flexibility to interchange between
SEGi and UIU’s Fayette Campus in the
United States.
Students studying the UIU Bachelor of
Science (4+0) program can choose from
one of 7 majors including: Management,
Marketing, Finance, Communications,
Business Administration, Human Resource
Management, International Business and
Psychology. Students can also elect to
combine 2 areas of interest as a double major.
POSTGRADUATE STUDIES
Today’s business environment demands
professionals with expert knowledge and
business savvy. Highly acclaimed and
internationally recognised, the postgraduate
programmes offered at SEGi are intended
for enterprising individuals seeking to
holistically combine their expertise with
general management skills. SEGi is a clear
leader in the adult learners segment and
offers flexible and part-time learning modes.
Certified Ethical Hacker (CEH), in
collaboration with EC-Council
Computer Hacking Forensic Investigator
(CHFI), in collaboration with EC-Council
AutoCAD, in collaboration with
Autodesk
Inventor, in collaboration with Autodesk
VOCATIONAL & TRAINING COURSES
SEGi firmly believes that vocational training
is important in complementing academic
programmes and ensures that the relevant
practical training is provided to students.
SEGi’s vocational training programmes
are suitable for students who are not
academically inclined to obtain
skills-based training. Its training centres
provide vocational courses with Sijil
Kemahiran Malaysia (SMK) qualification
from the Skills Development Department or
JPK, in the disciplines of Automotive, AirConditioning Repair & Maintenance, Civil
Draughting, Computer Systems Maintenance,
Information Systems Administration,
Multimedia Design, Graphic Design, Beauty
Therapy, Hotel & Tourism and Business
Administration.
33
Strong Foundation The SEGi Premises
SEGi COLLEGE KUALA LUMPUR
SEGi COLLEGE SUBANG JAYA
SEGi COLLEGE PENANG
From its humble beginnings in 1977, the SEGi
Kuala Lumpur campus has grown from strength
to strength and now offers a wide range of
programmes from foundation to master degree
level in business, accounting, marketing,
hospitality, tourism, IT and health science.
The modern 12-storey Subang Jaya campus,
which opened its doors in January 2006, is
located within the ‘college belt’ of Subang
Jaya and has a capacity to accommodate
6,500 students. The campus comprises
modern facilities, classrooms and laboratories
equipped with the latest technologies.
SEGi College Penang serves as SEGi’s
education hub to students in the Northern
Region of Malaysia. The campus is situated
in Green Hall and comprises modern
facilities and a conducive study environment,
providing students with a more complete
learning experience. Amenities are also
convenient and readily available with
eateries, banks, shopping malls and public
transport located nearby to the college.
The SEGi College Kuala Lumpur campus
is strategically located in the capital
city of Malaysia where students enjoy
cosmopolitan living with easy access
to all modern amenities of the city such
as the Light Rail Transit (LRT), buses,
shopping malls, banks, restaurants, tourist
attractions, entertainment spots and more.
34
SEGi College Subang Jaya offers programmes
in the fields of business and accountancy,
information technology, engineering, built
environment, nursing and hotel & tourism.
SEGi College Subang Jaya is also the lead
centre for creative arts and design, early
childhood education and the increasingly
popular American Degree Program.
SEGi College Penang offers programmes
in business, accounting, marketing, human
resource, early childhood education, mass
communication, information technology,
computing, nursing, hotel management
and tourism.
Strong Foundation - The SEGi Premises
SEGi COLLEGE SARAWAK
SEGi COLLEGE SERI KEMBANGAN
SEGi TRAINING CENTRES
SEGi College Sarawak is positioned as the
gateway for the Group to East Malaysia and
today stands as one of the largest private
colleges in East Malaysia, boasting three
campuses within close proximity of each other.
Since its inception, SEGi College Sri
Kembangan has prepared and educated
thousands of trainees and students for
employment in the fields of business,
accounting, marketing, creative design,
automotive technology, information
technology, hotel management and tourism.
SEGi also has four training centres which are
approved by the National Vocational Training
Council (MLVK). They are located throughout
Malaysia, namely in Seri Kembangan, Pulau
Indah, Kuala Lumpur and Kuching.
The main campus is situated at the heart of the
capital city and provides programmes in the
fields of management, accountancy, hospitality,
law and information technology. The newly
opened Faculty of Nursing and Allied Health
currently offers diplomas in nursing, medical
laboratory technology and environmental
health. The third campus is the Training Centre
where vocational courses are conducted.
With its team of dedicated and highly qualified
lecturers, the college has established itself
as one of the leading providers of quality
education in the national language, particularly
for the Malay speaking market. The college
comprises modern facilities including
computer laboratories, large lecture rooms, an
automotive workshop, an auditorium, hospitality
training rooms and a training kitchen.
SEGi Training Centres currently offer vocational
and training programmes in civil draughting, airconditioning maintenance, electronic servicing,
information systems, computer programming,
multimedia design, graphic design, beauty
therapy, tourism, food and beverage service,
administration and automotive technology.
SEGi UNIVERSITY COLLEGE, KOTA DAMANSARA
The flagship University College campus is strategically located at
a 10-acre site in Kota Damansara. The purpose-built campus has
academic, research and recreational facilities, providing a complete
learning experience for up to 12,000 students, and is located within
city limits nearby to amenities and public transport services.
SEGi University College is the lead centre for the health science programmes,
boasting extensive infrastructure and learning facilities to cater for the medicine,
optometry, pharmacy, dentistry and nursing programmes. The University
College also provides industry driven programmes in business and accounting,
engineering and built environment, computing and technology, hospitality and
tourism, creative arts, as well as the popular American Degree Program.
35
Strategic Collaborations University & Corporate Partners
SEGi has built strong global connections with first-class universities
worldwide as well as corporate links with many large companies, offering
graduates a variety of internationally recognised qualifications and proven
links with industry.
SEGi’s consortium of global partners consists of top-notch universities such as
The University of Sheffield, University of Sunderland, University of Greenwich,
University of Abertay Dundee, Teesside University and University of London
International Programmes from the UK; Upper Iowa University from the US;
University of Southern Queensland from Australia and Wanganui School of
Design from New Zealand.
36
THE UNIVERSITY OF SHEFFIELD is a leading research
university located in Sheffield in South Yorkshire, England, and has thus
far produced five Nobel Prize winners. University guides confirm its
position as one of the UK's leading universities and the University is
constantly ranked amongst the top 20 universities in Britain and Europe
according to The Good University Guide. Recently, the 2010 Virgin
Guide to British Universities affirmed that "Sheffield is a top university
across the board". The University's history stretches back to 1828.
Teaching quality assessments rate the teaching at The University of
Sheffield very highly across a wide range of subjects. Official research
assessments confirm The University’s reputation as a centre for worldclass research in many disciplines.
THE UNIVERSITY OF SUNDERLAND is well recognised as an
innovative, forward-thinking university with high standards of teaching,
research and support. The University has strong links with industry
and business, and works closely with some of the world’s leading
companies.
According to Guardian League Tables 2011, University of Sunderland
was ranked 2nd in tourism and ranked 14th in business and
management studies. In 2010, the University of Sunderland won the
UK's top student experience title at the annual Times Higher Education
(THE) awards 2010. It is the sector's most prestigious national awards.
THE UNIVERSITY OF GREENWICH (UOG) is a British university
located in London, England. The University traces its roots to 1890,
when Britain’s second polytechnic was opened near the Thames at
Woolwich. UOG was awarded University status in 1992.
UOG won the Queen's Anniversary Prizes for Higher and Further
Education in 2008. It also has links with further education colleges in
the Thames Gateway area, including Bexley College and North West
Kent College, and plays a regional role in training teachers, nurses
and social care professionals. It also houses research and consultancy
in architecture, landscape architecture, employment relations, fire
safety, natural resources, social network analysis, education, training,
educational leadership and public services. The University has
established research partnerships with the European Space Agency and
many large pharmaceutical companies.
The University of Abertay Dundee (UAD) has a long history as
one of Scotland’s leading universities. Being among Scotland’s top three
institutions for research funding, UAD has an entrenched reputation for
professionalism in offering career-driven higher education. It received
top ranking by UK’s Quality Assurance Agency when 79% of graduates
gave the ‘thumbs up’ for the University’s teaching methodologies and
learning approaches.
All of UAD’s researchers are also involved in teaching and developing
courses, giving students the chance to learn from world leaders every
day. Combine this with the fact that the University has an average of
one lecturer for every seventeen students and you have one of the best
dedicated universities in Scotland.
37
TEESSIDE UNIVERSITY is a dynamic, energetic and innovative
university which, in a double accolade, won University of the Year and
Outstanding Employer Engagement Initiative in the Times Higher
Education awards in 2009. Located in Middlesbrough, England,
Teesside University has a student body of 27,954 students as of the
2008-09 academic year.
UIU has produced a long and distinguished list of alumni who include
one of the founders of YMCA and a Nobel Peace Prize winner, the
first Speaker of the U.S House of Representatives, a world famous
archeologist and scholar of the Dead Sea Scrolls, and a founder of a
Fortune 500 Company (Target stores), a current and former United
States Senator, just to name a few.
With 80 years of innovative education, Teesside is one of the top
universities in the UK dedicated to delivering quality education. The
Quality Assurance Agency for Higher Education has thus far identified
units of teaching "excellence" in art & design, computer science,
history, social work, sport & exercise, electrical & electronic engineering,
nursing, the Foundation Degree in chemical technology and a number
of subjects allied to medicine.
THE UNIVERSITY OF SOUTHERN QUEENSLAND (USQ),
which was established in 1967, is based in Toowoomba, Queensland.
The University is seen as one of Australia’s leading providers of
education both on-campus and through its distance education option.
With more than 75 per cent of students studying via distance or
online, USQ is at the cutting edge of flexible delivery of resources and
technology.
THE UNIVERSITY OF LONDON is truly one of the great
universities of the world - a federation of 19 world-class Colleges and 10
specialised institutes, with more than 160,000 students. Its reputation for
high academic standards has been built on the outstanding teaching and
research of its Colleges since 1836.
USQ has approximately 27,000 enrolments including over 7,400
international students. More than 100 nationalities are represented
throughout the student population and about 5,000 international
students study USQ programs while remaining in their home countries.
For 153 years, University of London degrees have been accessible
to students all over the world through the University of London
International Programmes. Today, the University of London International
Programmes are truly international in character with over 50,000
students in more than 190 countries.
UPPER IOWA UNIVERSITY (UIU) has been preparing students to
succeed in the classroom and in the world since 1857. That rich history,
coupled with a student-centered mission, has created a springboard
for UIU to become a recognised innovator in offering accredited, quality
programs through flexible, multiple delivery systems, including online
and independent study.
38
WANGANUI SCHOOL OF DESIGN (WSD) is part of The Universal
College of Learning (UCOL), an award winning, government-funded
institute of technology and polytechnic with three campuses in the
lower half of the North Island of New Zealand.
Established in 1987, WSD students have produced over 20 years of
award winning experimental work in new media and graphic design.
This makes WSD one of the highest award winning design schools in
New Zealand, and cements its international reputation for the highest
quality graduates.
It’s About
Vibrancy
“ This is a dream place. The place is soothing for the senses,
creative for the mind, vibrant for the body and sacred for the
soul.”
Margo Teicher
7JtCSBODZ
7JtCSBOU
-noun1) Students are drawn to college life
at SEGi due to its vibrancy
2) SEGi as a community shows
vibrancy in its attitude, teaching
style and environment
-adjective1) Characterised by having vigor
and energy
2) Exciting, lively and full of
enthusiasm
a) SEGi offers a vibrant setting
both inside and outside the
classroom
SE
SEG
EG INTERNATIONAL
INTE
INT
E RN
R NAT
NAT
ATIIONAL BHD | Annual Report 2010
Excellence
at SEGi
“2010 was a year of abundant
success, both for the Group and
its stakeholders. I am immensely
proud of what we have achieved
and, looking ahead to 2011, I
foresee that SEGi is poised for
even greater success.”
Lee Kok Cheng
40
Excellence at SEGi
26 MARCH – 2ND RUNNER UP FOR ADWAVE
INTERNATIONAL COMPETITION
Three students from the Faculty of Creative Arts & Design,
SEGi College Subang Jaya won 2nd runner up in the ADWAVE
2010 short video clip competition on the 26th of March. The
team formed by Miko Pon Lee Min, Chong Soo Hui and Koh
Tsi-En won the 2nd runner up award with their Public Service
Announcement Video entitled ‘Good Old Days’. The Award Winning
Advertisement Exhibition (ADWAVE 2010) is a competition for
students from local public and private institutions of higher learning
from the ASEAN region i.e. Singapore, Thailand, Indonesia
and Malaysia.
24 MARCH – Putra Brand Awards
SEGi University College took the Bronze in the category of Education
& Learning at the Putra Brand Awards gala night. The Award was
presented to Emeritus Professor Dr Muhamad Awang, SEGi University
College Vice Chancellor, in recognition of the SEGi brand and quality.
17 APRIL – 320 MAKE IT TO DEAN’S LIST
320 Students in the pre-university programmes at SEGi University
College did so well in their overall performance that they made
it into the Dean’s List. The Dean’s Award is for students who
achieved a CGPA of 3.5 and above. The management treated the
students to a Hawaiian-themed party on campus.
21 APRIL – DEAN’S LIST AWARD CEREMONY
SEGi College Kuala Lumpur celebrated the academic efforts of 74
Internal Diploma students through a Dean’s List Award Ceremony. The
graduating students were from the Diploma in Accounting, Business
Administration, Marketing, Computer Studies and Nursing programmes.
30 students received the High Achievers Award for attaining a CGPA of
3.7 and above. Yoe Pui Khoon won the Top Student Award with a CGPA
of 3.97. 57 of the award winners are from the Diploma in Accounting.
41
Excellence at SEGi
6 MAY – HSBC YOUNG ENTREPRENEUR
AWARDS 2009/2010
SEGi College Penang students Saw Ye-Yean,
Kong Pui Yong and Fatimah Zahara Abdullah
won the Bronze Award at the national
finals of the HSBC Young Entrepreneur
Awards competition organised by HSBC.
They beat 125 other teams to the award
and won RM5,000 as well as other amazing
prizes including a one-week Malaysian
entrepreneurial tour.
28 JUNE – BEST BUSINESS STUDENT
FROM UNIVERSITY OF SUNDERLAND
Ng Lee Thing from SEGi College Penang
received the Best Student Performance
Award from the University of Sunderland,
UK, for her exceptional achievements in
the Bachelor of Arts (Hons) Accounting and
Financial Management programme.
15 JUNE – SUKMA BRONZE WINNER
Hasanul Hafeez bin Mahboob Ali from SEGi
College Penang won the bronze prize in
fencing at SUKMA 2010, participating in the
Men EPEE team category. He is currently
studying the Diploma in Hotel Management
at the Penang campus.
29 JULY – APEA AWARD
Mr Lee Kok Cheng, CEO of SEGi Education
Group, was honoured with an Outstanding
Entrepreneur Award at the APEA ceremony
recently. Asia Pacific Entrepreneurship
Awards (APEA) are world-class awards
which recognises business leaders who have
shown outstanding performance and ability
in developing successful businesses within
the Asia Pacific region. The Outstanding
Entrepreneur Award is given to enterprising
individuals who have demonstrated
entrepreneurial attributes that make them
role models for emerging entrepreneurs.
42
3 AUGUST – BEST NURSING STUDENT
AWARD
SEGi University College Diploma in Nursing
graduate, Christine Heng Sie Bung, was
awarded the Bronze medal for the Best
Nursing Student Award 2009/2010 by the
Malaysian Nursing Board. She received a
scholarship to study nursing at degree level.
Excellence at SEGi
24 SEPTEMBER – SCHOLARSHIP BY SHEFFIELD
Sarah Anisa, who graduated from the Foundation in Science
programme at SEGi University College with a 4.0 for her final semester
exam results and a 3.91 CGPA, is the only recipient from Malaysia to
be awarded a scholarship by The University of Sheffield which covers
50% of the course fees for the chemical engineering degree.
13 SEPTEMBER – 1ST CLASS HONOURS FOR SABAHAN
Sabahan Tang Yee Chee, who achieved 1st class honours due to her
outstanding grades for the Diploma in Accountancy, flew to UK to
complete the final part of her Bachelor of Arts (Honours) in Accounting
and Finance Management with SEGi University College’s educational
partner, The University of Sunderland.
14 OCTOBER – WINNER OF
DARE TO DREAM CHALLENGE
Amira Nabila and Zulfadhli Ahmad
Nazri, who are 2nd year Bachelor
of Mass Communication students
at SEGi University College, won
the first prize in the Dare to
Dream Challenge organised by
the Ministry of Energy, Green
Technology and Water held in
conjunction with the International
Greentech & Eco Products
Exhibition & Conference 2010.
Amira and Zulfadhli won the first
prize of RM8000 for their Hydrogen
Future Car in the visual arts
category.
15 OCTOBER – ENTREPRENEURSHIP
WINNERS
Brainchild of SEGi Entrepreneurship Council,
the InnoSparks Entrepreneurship Challenge
was aimed at encouraging creativity,
business skills and thinking out of the box.
Participants presented their ideas to a panel
of judges (top executives from OSK, Bursa
Malaysia and University of Abertay Dundee).
The SEGi College Kuala Lumpur team beat
others from leading private and public
universities.
43
Excellence at SEGi
20 NOVEMBER – 16 GRADUATE WITH
1ST CLASS HONOURS UOG DEGREES
16 Graduates were conferred 1st class
honours at the University of Greenwich
(UOG) Graduation Ceremony held at Prince
Hotel and Residence, KL. The 1st class
honours graduates each received a Selangor
pewter plaque for their achievements. This
year a total of 344 graduates from BA (Hons)
Accounting and Finance, BA (Hons) Business
Management, BA (Hons) Marketing and BSc
(Hons) Computing received their degrees.
The BA (Hons) Accounting and Finance
programme saw 279 graduating, 31 from BA
(Hons) Business Management, 5 from BA
(Hons) Marketing and 29 from BSc (Hons)
Computing. The 1st class honours were
for BSc (Hons) Computing and BA (Hons)
Accounting and Finance.
25 NOVEMBER – VIDEO
ANIMATION STUDENT WINS
MULTIPLE AWARDS
Hinzges Tan Soo Yen, a Diploma in Video
Animation student at SEGi College
Subang Jaya, won 3 awards from the
United Nations for her winning video
clip which was broadcast and screened
around the world. She took part in a
contest called PLURAL+ organised
by the United Nations Alliance of
Civilizations (UNAOC) and the International Organisation for Migration (IOM).
The awards she received were the PLURAL + Scalabrini International Migration Network
Award, PLURAL + BakaFORUM Award and PLURAL+ Center for Migration Studies of New York
Award. Soo Yen was one of only two Malaysians who received awards.
44
18 DECEMBER – AZIZULHAKIM IS
SONY HANDYCAM WINNER!
Reality show Detik Bersama Handycam
(Moments with Handycam) participant
Mohamad Azizulhakim Mohd Salleh, 21,
was announced as the winner of the Sony
Handycam competition, winning a cash prize
of RM10,000 and RM25,000 worth of Sony
products. Azizul, who is a Diploma in Video
& Animation graduate from SEGi College
Subang Jaya, took part in the competition on
his own initiative.
Going
Global
SEGi has a large and growing foreign student population from over 48 countries
such as China, Indonesia, Vietnam, Laos, Maldives, Korea, Iran, India and
Europe.
Aside from offering globally recognised qualifications, the location of SEGi
campuses within the major cities in Malaysia also makes them very attractive
for international students.
The presence of international students, not only reflect the prestige and
recognition that SEGi has garnered globally but also lends vibrancy and to the
campus environment.
The Group will continue to seek out venture overseas through collaborations
with reputation international partners who are able to support and understand
the market of the respective source countries.
Montessori Approach as well as how to utilise and create learning
materials for children between 2 and a half to 6 years old.
Ms Carolyn Choo and Ms Rosaline Ng are both very experienced
educators. Carolyn has 20 years’ teaching experience and is a
practical examiner for Montessori Centre International, UK. She has
conducted Montessori workshops and practical examinations in
several ASEAN countries. She is the Head of the Department of Early
Childhood Education at SEGi College Subang Jaya.
Rosaline has 30 years through all levels of education including that
of a Montessori kindergarten. She is a certified Montessori teachertrainer and the Head of Education of the Faculty of Education, Social
& Health Sciences (FOESHS) at SEGi College Subang Jaya.
SCSJ LECTURERS TEACH IN IRAN
Two lecturers from SEGi College Subang Jaya (SCSJ), Ms Carolyn
Choo and Ms Rosaline Ng, were invited to conduct a 12-day
Montessori Teacher Training Workshop to 27 eager teachers,
principals and parents at Tehran, Iran in January 2010. The aim of
the workshop was to teach participants in detail the principles of the
SEGi STRENGTHENS HOMEGROWN DEGREES THROUGH
COLLABORATION
SEGi University College further strengthened the worth and
international recognition of their homegrown business degree
programmes through a Memorandum of Understanding which was
signed with the University of Abertay Dundee (UK).
45
Going Global
Through this agreement, students who graduate from the SEGi
University College homegrown business degree programmes will,
upon successful completion of their degree, receive two parchments
separately issued by SEGi University College and the University of
Abertay Dundee.
Emeritus Professor Dr Muhamad Awang (SEGi University College
Vice Chancellor) and Professor Steven Olivier (University of Abertay
Dundee Pro-Vice Chancellor (Academic Development) signed the
MOU while Mr. Sugumaran Selladurai (Head, School of Business,
Accounting and Management, SEGi University College) and Prof.
Sabine Hotho (Acting Head of Dundee Business School, University of
Abertay Dundee) looked on as official witnesses.
Also present at the signing ceremony were some of SEGi’s top
management, including Dato’ (Dr) Patrick Teoh (President, SEGi
Education Group), Mr. Lee Kok Cheng (Group Chief Executive Officer,
SEGi Education Group) and Ms. Hew Moi Lan (Group Chief Operating
Officer, SEGi Education Group).
The SEGi University College homegrown business degree
programmes covered in this agreement are the 3-year Bachelor of
Business Management (Hons) programmes with specialisations
available in General Management, Financial Management,
Supply Chain Management, Marketing Management and
Human Resource Management, as well as the 4-year Bachelor of
Accounting (Hons) programme.
UNIVERSITY OF LONDON RECOGNISES SEGi AS A
REPUTABLE PARTNER
The University of London (UK) recognises SEGi College Sarawak as
a strong and reputable educational partner and further strengthened
their ties with the College through a second visit to Kuching in 2010.
Two University of London staff members, Professor Jenny Hamilton
(Director, External Undergraduate Laws Programme) and Mr. Simon
Askey (Deputy Director, External Undergraduate Laws Programme),
visited Kuching to discuss future collaborations.
SEGi collaborates with the University of London to offer the Bachelor
of Laws (LLB) programme. The University of London LLB programme
is of internationally recognised 'gold standard' and has been
established for over 100 years. The University of London was the
first to offer a degree in English Law in the 1890s. Upon graduation,
students will join a distinguished group of solicitors, barristers
and judges around the world, each of which began their careers
by obtaining their law degree through the University of London
International Programmes.
The Bachelor of Laws (LLB) degree is the only external law
programme that is recognised for the Malaysian Certificate of Legal
Practice (CLP) course. SEGi College Sarawak is the only private law
school in East Malaysia and has been providing tutorial support for
law students for over two decades.
46
Going Global
full access to The University of Sunderland’s electronic library via
Internet through the Electronic Remote Access (ERA) system.
Sunderland is synonymous with its recognition for quality, teaching
and research. The university has a strong international outlook based
on a long tradition of welcoming students throughout the world from
as many as 70 countries. The academic standard and performance of
the students studying the programme at SEGi is continually assessed
and benchmarked against The University of Sunderland as the course
outline and structure are from the university itself.
SEGi COLLABORATES WITH UNIVERSITY OF GREENWICH
ON CIVIL ENGINEERING PROGRAMMES
In 2010, SEGi University College collaborated with University of
Greenwich (UK) in the development of their homegrown BEng
(Hons) Civil Engineering programme to ensure that, upon successful
completion of the programme, students obtain a Dual Degree from
SEGi University College and the University of Greenwich, UK.
Through this collaboration, graduates of the homegrown Civil
Engineering degree will hold a more internationally recognised
qualification, exposing them to greater opportunities.
“This recognition is definitely a big bonus for our Civil Engineering
students. Even students who wish to remain in Malaysia after they
have completed their studies will benefit from the dual award as
the international recognition also acts to reinforce the quality and
relevance of the programme,” said Emeritus Professor. Dr Muhamad
Awang, SEGi University College Vice Chancellor.
STRENGTHENING FOOTHOLD IN CHINA WITH ACADEMIC
COLLABORATIONS
SEGi Education Group’s (SEGi) international strategy is set to
receive a boost with the academic collaborations with two leading
institutions from China, namely Xinjiang Language Centre and Linyi
Normal University.
THE UNIVERSITY OF SUNDERLAND OFFERS MBA AT SEGi
COLLEGE SARAWAK
In 2010, The University of Sunderland (UK) introduced its Master of
Business Administration (MBA) programme in Kuching, offering working
adults who experience time constraints the opportunity to gain a higher
qualification in line with their current and future work endeavours.
The twinning arrangement with Xinjiang Language Centre will
see SEGi providing its expertise and syllabus in Intensive English
Programme and Foundation courses (“the software”) to be
conducted at Xinjiang Language Centre’s 24 learning institutions to
be set up within the next 12 months in Xinjiang and other provinces
in China such as Hubei and Henan. The upshot in the strategic tieup is that SEGi will be able to tap into the Language Centre’s 20,000
student base who are eyeing quality education beyond the shores
of China after the completion of their initial studies in their home
country.
The MBA is entirely assignment based with one dissertation (research
paper). The comprehensive study materials provide clear guidelines
for students and those who have enrolled for the programme will have
47
Going Global
With a strong brand, quality programmes and full-fledged campus
that promises a complete learning experience for international
students, SEGi is confident of attracting about more than 1,000
students who are scheduled to complete their language studies,
to arrive within the next 12 months, as a result of the new
collaboration. The figure is set to grow exponentially after students
have completed SEGi programmes offered at Xinjiang Language
Centre after that.
SEGi’s international strategy involves academic partnership with
strategic partners overseas who will provide the campus “hardware”
for the students’ initial studies in their home countries. This strategy
reduces the risks associated with high capital investment in
infrastructure overseas.
SEGi is also in final stages of discussions with Linyi Normal
University on a similar collaboration. Linyi is a government-owned
university and is one of the oldest universities in the Shandong
province in China. The university has 6 campuses and at present,
has more than 30,000 full-time students on campus.
Student exchange and joint staff development programmes are also
part of the arrangement.
STRATEGIC ALLIANCE IN THE MIDDLE EAST
SEGi University College stamped its name on the international
education scene recently when played host to a delegation from
Technical and Vocational Training Corporation (TVTC), Saudi Arabia,
who is on a mission to seek suitable partnership in education and
training.
The TVTC delegation is headed by Dr. Saleh Abdulrahman
Alamr (Vice-Governor for Planning and Development), who was
accompanied by Dr. Mazyad Mohammed Almohaileb (Director
General of King Abdullah Scholarship Programme for Technical
Trainers (KASPTT)) and Dr. Abdulaziz Aoluiman Alamr (Director
General for International Cooperation, TVTC). Also present were
officers from the Ministry of Higher Education Malaysia.
48
The delegation from Saudi Arabia is in the country to look into
opportunities for an international partnership with institutions, such
as SEGi, to provide first class education for qualified Saudi students.
TVTC was set up as a central body of the Saudi Arabian Government
responsible for delivering technical and vocational training to develop
the Kingdom’s labour force. TVTC has the King Abdullah Scholarship
Scheme where they extend to graduates of TVTC’s Technical Diploma
Programmes to pursue their studies with institutions such as SEGi
to top-up their qualifications to a Degree. In addition to that, the
graduates will also be groomed to become trainers in TVTC’s new and
existing training facilities after successful completion of their studies.
Special
Projects
It is one of SEGi’s strategy to diversify its operations and establish itself in
various niche segments. The meaning of education is wider than merely
providing tertiary education to school leavers. By moving into other segments,
the Group will be less affected by the intense competition for students.
It will continue to seek out blue oceans by establishing linkages with the
government and with the industry to open up other opportunities for the Group.
SEGi APPOINTED ECCE CHAMPION
SEG International Bhd (SEGi) has recently been appointed by the
Government of Malaysia as the Champion for Entry Point Project
(EPP) 2 under the Education National Key Economic Area (NKEA) to
develop integrated early childhood and childcare education (ECCE) in
the country.
The appointment letter was signed by Deputy Prime Minister cum
Minister of Education, Y.A.B. Tan Sri Muhyiddin Mohd Yassin. SEGi’s
appointment was given on the basis of its expertise and experience
in the area of early childhood and childcare education, as well as its
strong collaboration with international partners such as Montessori
Centre International (MCI), United Kingdom, University of Southern
Queensland, Australia and other industry stakeholders in the
development and provision of ECCE.
With the appointment, SEGi will lead the initiative in training and
developing high quality early childhood and childcare practitioners.
SEGi will also play a lead role in coordinating the establishment of
teacher training centres that provide pre-service and in-service ECCE
courses recognised by the Malaysian Qualifications Agency (MQA).
A consortium of private ECCE education and training providers led by
SEGi is being established to achieve the government’s target.
The government will invest directly in the up-skilling of existing,
and pre-service training for new teachers and ECCE practitioners
by sending and paying for their training at approved private teacher
training centres under the SEGi-led consortium to improve on the
quality and professionalism of the profession.
49
Special Projects
More than 6,500 pre-school teachers had undergone the 3-week
training programme under the off-take agreement between the
Government and approved private teacher training centres late 2010.
Of this figure, SEGi trained the giant share of 2,500 teachers.
According to the Key Performance Indicator (KPI) set by the MoE, the
cumulative figure of pre-school teachers set to receive the training
is 11,000 in 2011, and the figure is set to grow cumulatively to 45,000
people in 2015 and 157,000 people by 2020.
needs of both Perak and Malaysia. It will also stamp Perak as a world
class education destination which will attract students from across the
region.
The MoE also plans to send 1,950 childcare practitioners for training
in 2011 and the figure is expected to cumulate to 19,500 in 2015 and
61,500 in 2020
When completed, the campus is expected to serve up to 8,000
students and will offer numerous job opportunities for the workforce
from Perak.
The purpose-built campus will boast latest facilities, and the complex
will house administrative blocks, student residences, modern lecture
halls, laboratories and condominiums for international students, as
well as residence for staff and visiting expatriate academics.
SEGi MOBILE CLINICS
SEGi University College announced the launch of their Mobile Clinic
project at the main campus in Kota Damansara on 24 August 2010.
PERAK CAMPUS
In collaboration with its academic partners from the United Kingdom,
Australia and the United States, SEGi Group announced that it is set
to invest in a state-of-the-art campus in Ipoh, Perak.
The establishment of the education hub in Perak reflects the initiative
of the State Government in working closely with the consortium of
education providers to ensure that quality education is affordable
and within reach of its people. Students in the State will have access
to locally and internationally recognised twinning programmes and
enjoy substantial savings as compared to studying overseas.
The campus is poised to serve not only students from Perak but is set
to complement Perak’s drive to become the new vibrant and exciting
metropolis of Malaysia and will be linked to meeting the manpower
50
This project saw the introduction of 3 Mobile Clinics offering free
services to the public throughout the country. The services provided
by the Mobile Clinics include general healthcare such as blood tests,
eye and teeth examinations; health promotion and disease prevention
activities; as well as referral to medical and social resources.
Special Projects
Each Mobile Clinic is properly equipped with medical testing and
examination facilities and is manned by SEGi’s students from various
health science disciplines, who are accompanied by SEGi clinical
instructors and medical doctors.
Since August 2010, the Mobile Clinics have visited various locations
throughout Peninsular Malaysia with the aim of providing healthcare
services to individuals in remote areas who may otherwise have not
received adequate services.
The Deputy Minister of Health, Y.B. Datuk Rosnah Shirlin binti Haji
Abdul Rashid Shirlin, was the guest of honour at the event and
officiated the launch through a ceremonious cutting of the ribbon.
CHECK OUT SEGi SPHERE!
SEGi students now have their very own all-in-one portal, through which
they can find a job, get updates from their lecturers, access the e-library
and even do some shopping. And best of all, it can be utilised anytime
and anywhere students have access to the Internet.
SEGi Sphere is a one stop education platform where students can
get direct access to important announcements, course materials and
the latest timetables. To provide students a more personal and fun
experience, SEGi Sphere allows users to customise their desktop and
user information, as well as maintain personal calendars and address
books. SEGi Sphere also makes study and research easily accessible
via online databases and journals through its E-Library.
JobSphere is part of SEGi Sphere where students can find
employment. Job vacancy listings from trusted employers are updated
regularly and students are able to book immediate interview sessions.
Students can also upload their resumes and certificates as well as
personal information for potential employers’ perusal.
Students can buy stuff in the E-Store via this portal with M$ (SEGi
Sphere dollars) and Ringgit Malaysia via credit card. There are also
auctions where students are able to use their M$ to bid for items.
There’s even a loyalty programme built into the system, so whenever
students use this portal they will earn incentives and rewards.
Students can use points called M$ earned through purchases and
participation in activities in the portal to redeem more cool goodies.
51
Special Projects
VALUED CORPORATE PARTNERS
In March 2010, SEGi College Subang Jaya collaborated with UMW,
voted as one of the top 5 companies in Malaysia in 2009 through a
Wall Street Journal survey, to equip their staff with a University of
Sunderland (UK) Executive Diploma in General Management (EDGM).
This programme is focused on the development of potential rank and
file supervisors and executives who do not have tertiary education
and also for those who possess tertiary education but not in line with
the current job function.
SEGi GETS INTERACTIVE ONLINE
In 2010, SEGi launched a truly innovative initiative with the implementation
of an interactive online marketing system, opening up intelligent
communication channels for both SEGi and web visitors. SEGi is the first
educational institution in Malaysia to implement an online interactive
system of this kind.
This interactive system enables SEGi Counsellors to engage in
direct conversations via live web chat and provide web visitors with
real-time counselling, direct promotion, support, sales and service
assistance for enquiries. The system also allows SEGi Counsellors to
upload information such as videos and brochures directly to the web
visitors.
Another unique aspect of the system is that it allows the SEGi
Counsellors to ‘watch’ the web visitors. They can view exactly how
many people are visiting the website at any one time, determine
which page the web visitors are viewing and they can even determine
which country each individual web visitor is from.
52
The EDGM programme was fully sponsored by the respective
company/division within the UMW Group as the programme was
designed and developed specially to meet the aims of UMW, which is
to provide the participants with a blended exposure in academic and
work-based applications.
Research &
Development
SEGi’s research and development efforts are carried out with the purpose of
ensuring the quality of its programmes as well as their relevance to market and
industry needs. Research and development is also essential in increasing the
stock of knowledge amongst our academicians, staff and students, while also
using this knowledge to devise new applications. Research and development is at
the heart of the Group’s medium and long-term growth strategies.
basis so that they cater to new segments of
the market and to stay ahead of competition.
The new programmes developed in 2010
include:
Bachelor of Medicine, Bachelor of
Surgery (M.B.,B.S.) – Awarded by SEGi
University College
Bachelor of Optometry (Hons) – Awarded
by SEGi University College
Doctor of Business Administration –
Awarded by SEGi University College
Bachelor of Engineering (Hons)
Mechanical Engineering – Awarded by
Bachelor of Environmental Technology –
PROGRAMME DEVELOPMENT
The Group seeks to develop cutting edge,
quality programmes that are internationally
recognised as well as being relevant to
industry demands. Continuous research into
market, student and industry needs helps
SEGi design unique programme features and
identify market breakthroughs.
The design of programmes is done with
the purpose of producing skilled and
knowledgeable students that are career-ready
the moment they graduate. The programmes
that are developed and launched not only
comply with standards set by regulatory
bodies, but have received recognition from
industry and professional bodies worldwide.
These innovative and industry driven
programmes are also continuously revised
and upgraded to meet dynamic industry
standards. The Group also repackages its
existing suite of products on an ongoing
Programmes currently in the pipeline include:
Bachelor of Pharmacy (Hons) – Awarded
by SEGi University College
Bachelor of Dental Surgery (BDS) –
Bachelor of Arts (Hons) Interior
Architecture and Design – Awarded by
Bachelor of Arts (Hons) Multimedia
Design – Awarded by SEGi University
College
Bachelor of Arts (Hons) Photography
and Digital Imaging – Awarded by SEGi
University College
Bachelor of Arts (Hons) Visual
Communication Design – Awarded by
53
Research & Development
materials and the latest timetables. The
platform also allows users to customise
their desktop and user information, as well
as maintain personal calendars and address
books. What’s more, SEGi Sphere also makes
study and research easily accessible via its
E-Library containing online databases and
journals, and it allows students to search
for employment opportunities through
JobSphere, a dedicated job placement portal.
In conjunction with the development and
implementation of the new programmes
in 2010, SEGi University College attracted
some of the industries’ best and brightest
minds as well as set in place the extensive
infrastructure and integrated curriculum,
again demonstrating commitment towards
becoming one of the leading institutions in
providing quality programmes.
Among the facilities set in place for the new
programmes were an Anatomy & Dissection
Room, an Anatomy & Pathology Museum,
an Advanced Ophthalmic Care Clinic, SEGi
EyeCare Centre & Optical Dispensary, Pre
Clinical Laboratories, a Binocular Vision &
Paediatric Clinic, Consultation Rooms, a
Corneal Topographer, a Humphrey Visual
Analyser, a Keratometer, a Non-Mydriatic
Fundus Camera and several Human Patient
Simulators.
LOOKING AHEAD TOWARDS 2011
One of the exciting developments in 2011 is
the launch of the Research and Innovation
Management Centre (RIMC) which intends
to improve academic strength and research
capabilities while also tapping into industry
resources for R&D funding. This Centre aims
to develop a community of researchers among
students and staff with the intent of increasing
their stock of knowledge, while also encouraging
them to use this knowledge to devise new
applications and influence the development of
new programmes and applications.
2010 INITIATIVES
Both research and teaching activities are
needed to fulfil a university´s goals. To
support these activities, SEGi encourages
its academic and general staff to participate
in local and international conferences,
forums and training programmes, as well
as competitions, enabling them to further
their own development and skills while also
benefiting the Group, its stakeholders and its
students.
One such internal initiative is the SEGi
Review, a publication developed by the
Group to encourage academic staff to write
and submit research papers in their chosen
fields. The objective of the SEGi Review is
to promote a research culture through the
interchange of knowledge and ideas in the
hope that future research will lead to the
findings and/or inventions being patented
and commercialised. The Group also believes
that by promoting research academic
staff may apply their findings towards the
programmes and academic approaches, thus
producing a better learning outcome.
Another initiative is the implementation of
SEGi Sphere, a complete education platform
where students may get direct access to
important announcements, programme
54
Another area of development and innovation
for the Group is the enhancements made to
SEGi Sphere to utilise it in more innovative
methods of programme and material delivery.
This will include downloadable podcasts of
lectures available online as well as ensuring
more learning and research materials are
available to students.
It’s About
Caring
“ Caring about others, running the risk of feeling, and leaving
an impact on people, brings happiness.”
Harold Kushner
Care
$BStJOH
-noun1) Protecting and looking after
someone or something
2) Showing attention, especially to a
person or the details of a situation
a) The standard of care shown
by SEGi to all its people is
excellent
-adjective1) Demonstrating kindness and
showing concern for others
2) Providing emotional support
a) SEGi is known to be a caring
institution that supports and
encourages its people.
Making a Difference Corporate Responsibility Report
SEGi believes in managing its business in an ethically
and socially responsible manner to the benefit of the
Group, stakeholders and the community at large. Thus,
Corporate Responsibility (CR) is a thread that runs
through everything SEGi does, from delivering the
promise of a quality education, to offering scholarships
to deserving students, and even its ongoing
involvement with the local community.
CR deals with a wide range of areas, and efforts for
it to penetrate and take root throughout the entire
Group will never cease. While the adoption of these
efforts by the Group and the dedication of its people is
continually developing, SEGi will continue to grow its
efforts in being ever more socially responsible.
56
-
SEGi College Penang boosts IT security awareness
Information technology (IT) is an essential element in almost
every facet of life, be it in education, entertainment or business,
and a large majority of the population depend upon it heavily to
function effectively in everyday life. This is why IT security is so
important.
To highlight the significance of IT security, SEGi College Penang
organised a computer security seminar on 4 February 2010 called
‘Drive by Downloads: What business owners should know’.
Organised by Mr. SL Lee and Ms HH Tie from the School of
Degree Studies, the seminar aimed to keep students up-to-date
in terms of knowledge and skills.
MARKETPLACE
SEGi believes that the opportunity to maximise one’s potential
through the fulfilment of studies should be available to students of
all backgrounds. This can be achieved not only by nurturing and
encouraging students in their studies but also by reaching out to
those deserving individuals by offering a range of financial assistance
options.
-
Australian clinical instructor, Mr. Charles Meekings, was invited
by SEGi College Penang to conduct a workshop on Anxiety and
Depression for 42 nurses on the 27 February 2010. The workshop
was held at Cititel Hotel Penang. Nurses from as far as Ipoh
(Hospital Bahagia and Hospital Fatimah Ipoh) and from some
local hospitals (Adventist Hospital, Bagan Serai Specialist and the
Penang General Hospital) attended the workshop.
In 2010, full and partial scholarships, bursaries and contributions
towards education funds were given out to deserving students
who are academically inclined, needy and/or active in co-curricular
activities to pursue tertiary education at SEGi institutions nationwide.
-
SEGi High Achievers’ Scholarship
SEGi Vice Chancellor’s Scholarship
SEGi Sports Scholarship
SEGi – Sheffield Scholarship Fund
The Star Education Fund
Higher Opportunities for Private Education (HOPE) Fund
Inner Wheel Club of Kuala Lumpur Scholarship Programme
Karangkraf – SEGi Education Fund
In line with CR and community consciousness, SEGi University College
regularly hosts Career Exploratory Programme (CEP) and CR Talks
which address a wide range of social and employment related topics.
The aim of the Talks was to help SEGi students and students visiting
from local secondary schools build their knowledge and awareness of
the world around them. Covering both career related topics, such as
grooming for the workplace and developing interview skills, as well as
general social topics, including health and sexual awareness, students
gain valuable insights and knowledge from industry experts.
Anxiety & Depression Talk
The aim of the workshop was to increase awareness of anxiety
and depression, which many patients experience while being
hospitalised or receiving treatment. According to Meekings, it
is crucial for nurses to identify symptoms related to anxiety and
depression early in order to try and prevent them from worsening,
which could lead to suicide or further mental deterioration.
-
Preventing lifestyle diseases
On 19 March 2010, SEGi College Kuala Lumpur students and
other guests listened attentively to the simplest solution for
preventing lifestyle diseases – have healthy habits! The talk
was given by Professor Dr Ananthan Krishnan, a distinguished
Malaysian Consultant Pharmacist, Naturopathist and a Doctor of
Alternative Medicine.
While health is affected by hereditary factors, lifestyle also plays
a major role in one’s health. The speaker spoke in a very lighthearted and entertaining manner on the effects of smoking
and alcohol consumption. Diet, mental stress and personal
relationships also negatively affect the health of youth. He also
57
addressed modern lifestyle diseases such as diabetes, high blood
pressure, kidney and heart conditions, and how these are all
caused by indiscriminate and unhealthy eating habits, especially
the consumption of fast food and soft drinks.
Dr Bell, who is very knowledgeable in the field, boasts years
of experience as a Professor of Environmental Pollution at the
Imperial College in London, as well as currently holding the
position as Chairman of the International Advisory Board of
Worldwide Accreditation Ltd.
-
No Apologies: The Truth About Life, Love & Sex
On 27 March 2010, 44 Nursing students and 10 Young Christian
Fellowship members at SEGi College Kuala Lumpur had the
opportunity to attend the ‘No Apologies’ programme organised
by Focus on the Family. This character based curriculum relayed
a powerful message about pre-marital sex in a simple and
engaging style to the young adults.
It touched on the values of the individual, marriage, the family
and the importance of abstinence from sex before marriage. It
clearly identified the consequences associated with premarital
sexual activity and differentiated love from sex. Although the
curriculum is structured, the workshop was designed to be funfilled and interactive.
-
Dr Bell Gives Green Technology Talk
In conjunction with the launch of the Bachelor of Environmental
Technology, SEGi University College invited Professor Dr Nigel
Bell, who had come all the way from London, to deliver a talk on
Green Technology Management and Environmental Education
based on the Imperial College Experience.
58
SCSJ Photography Talk
On 14 April 2010 the Faculty of Creative Arts & Design (FOCAD)
at the Subang Jaya campus invited 3 very established and
experienced photographers to give a talk on their experiences
and tips for various photography careers. The day also tied in
with the official launch of the FOCAD photo media society called
‘The Black Canvas Republic.’
The special guest speakers on the day were Mohd Syahrin
Abdul Aziz, Zainudin Arshad and Zainal Abdul Halim. Syahrin,
who owns his own photography business, spoke on wedding
photography and how he built his business from ground zero to
successfully creating his own label ‘The Wedding Diaries’. The
second speaker Zainudin, who is currently working at UiTM
and has his own business ‘Dinarshad Studio’, educated the
crowd regarding his work on numerous subjects from executive
portraiture to industrial subjects. Lastly Zainal, a photojournalist
for Reuters, engaged the crowd with stories of how he started off
photography as his hobby and how he turned that passion into a
career in photojournalism.
-
The Young Voice Selangor – the plight of disabled
Students from the American Degree Program Business Ethics
class at SEGi University College (SEGi UC) spent time with 11 of
the 30 members from the Young Voices Selangor (YVS) on 25 June
2010. The YVS members, who visited SEGi UC with the hope of
inspiring students, communicated their feelings to the students
from ADP through one unified voice.
Formed by the National Council of Cheshire Homes in Malaysia,
YVS is an organisation founded by youths supporting the cause
of the disabled. These youths believe in creating and enabling
a more conducive environment for disabled persons to exercise
their rights and lead empowered lives through their message and
their own experience..
-
Bio-inspired Materials for Regenerative Medicine and
Biosensing
Professor Molly Stevens, Professor of Biomedical Materials and
Regenerative Medicine and the Research Director for Biomedical
Materials at Imperial College London, was at SEGi University on
17 May 2010 to deliver a talk entitled ‘Bio-inspired Materials for
Regenerative Medicine and Biosensing’, addressing her research
into the highly interdisciplinary field of tissue engineering and
regenerative medicine.
Professor Stevens shared details of her amazing research work
on bio-inspired nanomaterials for regenerative medicine and
biosensing with the captivated audience. Her work in tissue
engineering and regenerative medicine plays a crucial role in the
creation of replacement body parts. Bio-responsive nanomaterials
are of growing importance with potential applications including
drug delivery, diagnostics and tissue engineering.
-
Homo Sapiens as the Fourth Living Organism
On 4 August 2010 Professor Motonori Hoshi, Professor of Biology
from The Open University of Japan, graced SEGi University
College to deliver an engaging and insightful talk entitled ‘Homo
Sapiens as the Fourth Living Organism’.
The talk, which truly engaged the audience with numerous
questions and standpoints being raised, aimed to explain the
reason why Homo Sapiens should be considered the fourth living
organism while also describing some serious problems to which
the species is facing.
-
Transforming a culture of violence to peace
From 26 to 28 October, the Psychology Club and Soka Gakkai
Malaysia organised an exhibition ‘From a Culture of Violence to
a Culture of Peace: Transforming the Human Spirit’ which was
held at the SEGi University College Multipurpose Hall. The aim of
this exhibition was to highlight various issues present in today’s
society and to focus on changing mindsets and influencing
students to make a difference.
To emphasise their message, they used the Hiroshima and
Nagasaki nuclear bombing as an example to promote world
peace and to encourage the halt to nuclear weapon usage. The
exhibition included video clips showing testimonies of how the
Hiroshima and Nagasaki nuclear bombings decades ago continue
to affect people until today. There was also a signature drive
59
against violence which proved popular with many visitors taking
part in the exhibition, most of whom left their own personal notes
on the Board of Peace.
COMMUNITIES
-
SEGi Launches First Mobile Clinics
SEGi University College announced the launch of its Mobile
Clinic project at the main campus in Kota Damansara on 24
August 2010. This project saw the introduction of 3 Mobile
Clinics offering free services to the public throughout the country,
including general healthcare such as blood tests, eye and teeth
examinations; health promotion and disease prevention activities;
as well as referral to medical and social resources.
-
World Diabetes Day falls on November 14 each year, but the
School of Nursing at SEGi University College decided to extend
it to a 3-day long event from 12 to 15 November 2010. Diabetes
is often influenced by one’s lifestyle and once someone gets
diabetes, there is no turning back. The only solution is to prevent
the onset through a healthy balanced diet that is low in sugar and
carbohydrate content, as well as a regular exercise regime.
To demonstrate how much fun exercise can be, the School of
Nursing organised two morning aerobic workout sessions on
campus for its students as well as SEGi staff. They were then
treated to a talk entitled ‘The Road to Diabetes Mellitus – Can We
Prevent It?’ by guest speaker, Dr Sivanesan Sivananthan. There
were also free blood tests, weight-check and health consultation
booths for students and staff.
60
The Deputy Minister of Health, Y.B. Datuk Rosnah Shirlin Binti
Haji Abdul Rashid Shirlin, was the guest of honour at the event
and officiated the launch.
SEGi World Diabetes Day
-
KURAL Charity Night
KURAL, the Indian Cultural Society of SEGi University College,
organised a charity night entitled ‘Realising Every Dream Charity
Night 2010’ on 23 January to raise funds for the Agathians Shelter
Home. Guests attending the event were treated to a night full of
singing, dancing and musical performances, as well as a breakdance number performed by some young children from Agathian
Shelter Home. The event organisers were so resourceful that they
even managed to get heart-throb and famous local Tamil singer
VZec to croon his top hits.
KURAL managed to get sponsorship from SEGi University
College, Shriez Events, Padang Kota Corner, Gajah Gas System
(M) Sdn Bhd, Memoirs Bridal Gallery, Sri Muda Sweets Savouries
and Florist and Bintang Sidewalk Café for the event activities.
-
The charity drive was initiated with the aim of garnering
awareness among the college students on generosity and of the
benefits of giving to the less fortunate. The funds collected in cash
and kind was donated to Rumah Cahaya Orphanage in Penang.
The programme garnered a total amount of RM2,200 in cash.
SCKL Champions World Social Work Day
On 16 March, 40 SEGi College Kuala Lumpur (SCKL) students
from the Psychology, Sociology and Nursing Departments joined
the Malaysian Association of Social Workers (MASW) and the
Department of Social Welfare Malaysia (DSWM) to celebrate
World Social Work Day. The theme for the occasion was ‘Making
Human Rights Real – The Social Work Competency Agenda’.
-
A fundraising event for the orphanage Rumah Bakti Nursyaheera,
located in Cheras, was organised by American Degree Program
students from the Business Ethics class at SEGi University College.
The students diligently set up a booth at the Dictator’s Stage
in SEGi University College from 27 to 30 September where they
collected both cash and kind from generous staff and students.
A Public Forum was held with the objective of reinforcing awareness
and understanding of human rights in social work practice and to
demonstrate how social workers have always placed human rights
in the foreground of their services to clients. Besides the public
forum, students had the opportunity to visit the booths and learn
of other existing government and non-governmental associations
such as the Department of Social Welfare, Malaysian Association of
Social Workers, Social Institute of Malaysia, Malaysian Mental Health
Association and Malaysian Care.
-
Rumah Bakti Nursyaheera Fundraiser
In a compassionate show of support, the staff and students
donated cash, clothing, books and other household items. They
also supported the drive by purchasing snacks, home-made
brownies, nasi lemak, curry puff and nasi kerabu from the booth.
SEGi Penang ADP Gives Back
The Fayette House at SEGi College Penang (SCPG) organised a
very successful charity programme called SEGi Gives Back 2010
from 26 to 30 April 2010. Activities held in conjunction with the
event included a collection drive, food fair, blood drive, charity
bowling competition and a concert.
The students presented the donations to the home during their visit
on 9 October while also treating the children to a day of fun activities.
-
SCKL Charity Concert
In line with the 1Malaysia theme and spirit, SEGi College Kuala
Lumpur (SCKL) organised a Charity Concert to celebrate unity
and give generously to a worthy cause. The event, held on 23
May 2010, not only provided the students with an avenue to
contribute positively to the community but also allowed students
from different cultures and religions to showcase their talents.
61
The event, which proved to be a great success strengthening the
bonds of students across the college, was graced by SCKL Principal,
Mr. Lawrence Ngu, as well as other staff and students. All proceeds
raised from the concert were donated to charitable causes.
WORKPLACE
SEGi will be taking much larger steps into workplace CR in 2011,
including the implementation of its Whistleblower Policy. This policy
is intended to encourage Board members, staff and others to report
suspected or actual occurrences of illegal, unethical or inappropriate
events, behaviors or practices without retribution.
In addition to this, SEGi has recently embarked on a company-wide
transformation programme which aims to produce highly sought-after
graduates, offer a holistic experience to students, deliver academic
strength, generate global brand recognition and make SEGi the best
place to work.
ENVIRONMENT
-
Go Green with SEGi
SEGi University College held its first ‘Go Green with SEGi’ week
from 12 to 16 April 2010, in conjunction with the launch of the
SEGi Bachelor of Environmental Technology. The CSR initiative
was intended to reduce the Group’s carbon footprint while
increasing environmental awareness and encouraging staff and
students to practice and promote the 3 R’s (Reduce + Reuse +
Recycle).
To celebrate the week-long event, the Group held a host
of activities including tree planting, a green bazaar selling
second-hand items, recycling, carpooling and many more. All
money raised from the week of activities was donated to local
environmental awareness groups for the rehabilitation of the Kota
Damansara Forest.
62
Factors that contribute to job satisfaction can be categorised into two
categories: “hygiene” factors and “motivation” factors. Hygiene factors
are factors that should be a given, and their absence contributes to job
dissatisfaction. These include elements like competitive remuneration,
equitable performance measures and incentive packages. Motivation
factors are factors that are not always a given in the market, but if put
in place, create job satisfaction. This includes elements of autonomy
and independence, training.
As such, SEGi is currently working on improving work environment,
company policies, compensation & benefits, career development,
recognition, achievement and internal relationships in order to make it
the best place to work.
With these initiatives in place, SEGi will become a more enjoyable
work environment while also inculcating staff with responsible and
socially ethical mind-sets and practices.
2010 at
a Glance
14 JANUARY
A Memorandum of Agreement (MOA)
was signed between the Ministry of
Health with SEGi College Subang Jaya,
SEGi College Kuala Lumpur, SEGi College
Penang and SEGi College Sarawak. This
MOA allows each centre to utilise more
Ministry of Health facilities for clinical
training purposes. Nursing students
and other health sciences students
at SEGi Education Group now have
even more options in clinical training
placements. YB Dato’ Sri Liow Tiong
Lai, the Minister of Health was present
to witness the signing ceremony.
25 FEBRUARY
SEGi University College welcomed
the year of the Tiger during a fantastic
Chinese New Year celebration. The SEGi
management treated all staff and students
to an impressive 24 person strong drum
performance, a lion dance stunt show, a
string of loud red fireworks, and of course
the customary sweet mandarin oranges.
16 MARCH
44 Graduates from various departments
in UMW Group cerebrated their success
upon receiving their Executive Diplomas
in General Management offered by SEGi
College Subang Jaya in collaboration with
The University of Sunderland, UK.
This programme focuses on the development
of potential rank and file supervisors
and executives who do not have tertiary
education. It was also made available to
those UMW staff who possess tertiary
education but not in line with their current
job function.
12 APRIL
Emeritus Professor Dr Muhamad Awang announced the launch of
the SEGi home-grown Bachelor of Environmental Technology (Hons)
programme. The three year programme is offered at SEGi’s Kota
Damansara campus under the School of Built Environment.
The programme aims to produce graduates who are literate and
competent in all environmental aspects while being able to develop
creative solutions for environmental problems. Students will be
introduced to a wide range of environmental issues and threats the
world is facing now.
63
2010 at a Glance
24 & 25 APRIL
More than 1000 Diploma students
celebrated their achievements at the
SEGi Education Group Convocation
Ceremony held at the main campus in
Kota Damansara. The students from SEGi
University College, SEGi College Kuala
Lumpur and SEGi College Subang Jaya
received their Diplomas from various
programme areas including; Business
Mass Communication, Information
Technology, Engineering, Early Childhood
Education and Creative Multimedia.
23 MAY
12 to 16 APRIL
SEGi University College organised a
week-long Go Green campaign to create
environmental awareness and environmentally
friendly lifestyle among students. One of
the activities included tree planting at the
Kota Damansara Forest Reserve which the
local and international students thoroughly
enjoyed.
15 JUNE
34 Counsellors from secondary schools in Taiping and Kuala Kangsar
visited the SEGi College Penang campus to learn more about the SEGi
programmes and facilities. The event, organised by Global Education
Training & Services (GETS), kicked of with an informative session to
introduce SEGi, following which the counselors were treated to a tour
of the campus. They were particularly impressed with the library, the
nursing facilities and the hospitality & tourism facilities.
64
In line with the 1Malaysia theme and spirit,
students from SEGi College Kuala Lumpur
organised a Charity Concert. As well as
giving the students an avenue to donate
generously to a worthy cause, the concert
also promoted the strengthening of multiracial bonds between the students and
provided them with the perfect avenue to
showcase their talents.
2010 at a Glance
28 JUNE
24th Annual General Meeting (AGM) was held at SEGi University
College. Declared dividend of 3.5 sen per ordinary shares less income
tax of 25%.
An Extraordinary General Meeting (EGM) was held immediately
after the EGM. SEGi approved a bonus issue of over 71 million new
subdivided shares of RM0.50 each to be credited as fully paid to its
shareholders. The EGM also approved the renounceable rights issue
of more than 124 million 5-year 2010/2015 warrants.
21 JULY
SEGi University College unveiled its new
homegrown Bachelor of Medicine, Bachelor
of Surgery (M.B.,B.S). The programme is
designed to challenge the best and the
brightest minds to learn the science of
medicine and public health, and the art
of compassionate care. The Faculty of
Medicine takes pride in its commitment
to educating the next generation public
health practitioners and is dedicated
to advancing medical knowledge and
humane healing through innovative
educational methods.
24 AUGUST
SEGi University College launched the Mobile
Clinic project at the campus, officiated by
Deputy Minister of Health, Y.B. Datuk Rosnah
Shirlin binti Haji Abdul Rashid Shirlin. Three
Mobile Clinics equipped with medical testing
and examination facilities, manned by doctors,
SEGi’s students from various health science
disciplines and SEGi clinical instructors, to offer
free health services to the public throughout
the country.
1 OCTOBER
The Doctor of Business Administration was
launched at SEGi University College. It is the
first Doctorate level programme offered by
the SEGi Education Group.
The DBA is an integrated coursework and
research programme for management
practitioners and professionals who are
oriented towards making a significant
contribution to practice and/or policy. Its
aim is to facilitate the application of existing
theory and knowledge to major work place
issues.
65
2010 at a Glance
13 OCTOBER
A very large-scaled International Cultural
Day & Night was organised by the SEGi
International Students Society (SISS)
and the Student Affairs Department.
Events included blood donation drive,
international food fair and a gala night
of performances, lucky draws and free
dinner. The KURAL student club ended
up being the winning performance on the
night, staging an intricate a traditional
Indian dance.
1 NOVEMBER
SEGi UC signed a Memorandum of
Agreement with the Ministry of Health
(MOH) for its pharmacy students to undergo
training in 14 government hospitals and
community polyclinics nationwide. Signing
the MOU was Emeritus Professor Dr
Muhamad Awang (Vice Chancellor) and
Y.Bhg. Dato’ Sri Dr Haji Mohd Nasir Bin Mohd
Ashraf (Secretary General, MOH).
24 OCTOBER
460 Fresh graduates from various University
of Sunderland degree programmes collected
their scrolls at the graduation ceremony at
SEGi University College. The first 2 graduates
to step foot on stage were Raymond Ng
Gar Seng and Ng Peng Peng, both of whom
achieved 1st class honours in the BEng
(Hons) Electrical & Electronic Engineering
programme.
29 OCTOBER
CIMA (Chartered Institute of Management
Accountants) officially awarded SEGi
an accreditation letter providing paper
exemptions to graduates of SEGi Diploma in
Accounting and SEGi Bachelor of Accounting
(Hons) programmes.
66
1 NOVEMBER
Classes for Bachelor of Medicine, Bachelor
of Surgery (MBBS) programme started at
SEGi University College today with its
inaugural enrolment of students. The fresh
undergraduates were awarded a laptop each,
compliments from SEGi.
2010 at a Glance
30 NOVEMBER
SEGi Education Group signed a Memorandum of Understanding
(MOU) with the Ministry of Education, appointing SEGi as the main
provider for the training of pre-school teachers and care-givers
nationwide. In total, more than 6,500 pre-school teachers attended the
3-week training programme under the agreement. Of this figure, SEGi
trained the giant share of 2,500 teachers. The project is part of the
Economic Transformation Programme (ETP) or PERMANDU.
3 DECEMBER
SEGi Education Group signed a
Memorandum of Understanding with
Puteri UMNO to offer academic and skillsbased programmes to qualified students at
SEGi College Seri Kembangan throughout
a 5-year period, targeting 5,000 students
for the first intake.
16 DECEMBER
ACCA (Association of Chartered Certified
Accountants) officially awarded SEGi
an accreditation letter providing paper
exemptions to graduates of SEGi Diploma in
Accounting and SEGi Bachelor of Accounting
(Hons) programmes.
6 DECEMBER
The Bachelor of Optometry (Hons)
programme was offered at SEGi University
College, with the inaugural intake on this
date, after many months of preparation for
the launch of this programme.
5 DECEMBER
American Degree Program graduates
received their degrees from Upper Iowa
University President Dr Alan G. Walker during
the UIU graduation ceremony at Prince Hotel
and Residence, Kuala Lumpur. It saw the
attendance of 86 graduates, the largest batch
to date. The Academic Excellence Award
ceremony was held on the same day to
acknowledge high performing students who
achieved GPA of 3.5 for Fall 2009 and Spring
2010 examinations.
67
Quotes from
the Media
3 FEBRUARY, THE STAR
Upper Iowa University is one of the few universities that offers its
twinning students yearly subsidies of at least 50% of total cost when
they study in the United States of America. … The American Degree
Program at SEGi is one of the rare degree programs which allow
students to do double majors in about 4 years only.
4 MARCH, SIN CHEW DAILY
SEGi Education Group is one of the few private education institutions
that assist in the application of government loans as well as provide
its own financial aid to deserving students.
2 APRIL, THE EDGE
SEGi closes at highest in 5 years. … SEG INTERNATIONAL BHD
(SEGi), which saw ECOFIRST CONSOLIDATED BHD ceasing to be a
substantial shareholder, rose one sen yesterday to RM1.73, its highest
close since early May 2005.
3 APRIL, UTUSAN MALAYSIA
“I am also glad that SEGi has such kind and helpful lecturers. I feel
like I’m well taken care of here. I will try my best to represent the SEGi
College KL name well,” said Zuraini Binti Kamaruddin, final year of the
Diploma in Nursing at SEGi College Kuala Lumpur.
68
4 MAY, THE SUN
SEGi College Kuala Lumpur and the University of Greenwich (UOG)
are both more than equipped to provide this Master of Science
programme. It can be safely said that SEGi has close to 30 years of
experience in teaching IT programmes. It started with the opening
of Systematic Institute of Information Technology in 1982. Ever since
then, the SEGi has grown from strength to strength and today offers
programmes from certificate to master level.
2 JUNE, THE STAR
Through its motto ‘Passion Guided, Industry Driven University’, SEGi
strives to ensure that the education provided is industry relevant
and taught with passion. The Faculty of Business and Accountancy
at SEGi has 30 years of experience in producing business and
accountancy graduates. It provides students with not only industryrelevant knowledge and skills, but also personal development,
industrial attachments and increased employability.
20 JULY, THE EDGE
SEGi is the sector’s – and indeed the market’s – top performing stock
this year. It is trading on a historical PER of 50 times, based on 2009
earnings, although 2010 is likely to see better earnings, judging by its
1Q performance.
Quotes from the Media
15 AUGUST, BORNEO POST
Professor Peter Hayball chose to teach with University of Sunderland
and SEGi UC because he believes strongly in the MPharm programme:
“The programme content is outstanding. Unlike traditional pharmacy
undergraduate programmes, the UOS MPharm is a modern 21st
century version where the patient is the primary focus. There is
constant effort in improving the programme to integrate science into
the practice of pharmacy.”
diploma to master level. This year alone will see more than 120 early
childhood education students graduating from SEGi and another 100
students embarking on their teaching practice.
13 SEPTEMBER, BERITA HARIAN
Christine Heng Sie Bung, awarded the Bronze medal for the Best
Nursing Student Award 2009-2010, credits her lecturers and clinical
instructors with an excellent job done in providing quality education.
“They are very experienced and their shared knowledge helped me a
lot during my clinical placements,” she said.
If an investor had bought 1,000 shares in SEGi at RM1 a year ago
and subscribed to its rights issue of warrants in July, the capital
value of his investment would have appreciated by more than 900%.
In addition, two weeks ago, the education group declared a special
dividend of 14 sen per share. …
6 OCTOBER, THE STAR
In order to become an effective optometrist, an undergraduate
would need sufficient clinical training apart from a strong academic
grounding. The 4-year SEGi University College Bachelor of Optometry
(Hons) programme takes care of both.
24 JANUARY, THE EDGE
The year 2010 has been rewarding for shareholders of SEG
International Bhd (SEGi), a stock that had hardly captured the
imagination of analysts or fund managers before.
Corporate exercise aside, SEGi’s earnings have been on an upward
trend for the past five years. For the nine months ended Sept 30, 2010,
SEGi’s profit after tax has tripled to RM31.7 million from RM9.96
million in the previous corresponding period. Earnings per share
expanded to 12.61 sen from 4.21 sen.
7 NOVEMBER, NEW STRAITS TIMES
SEGi University College has again demonstrated the recognition and
quality of their programmes through a Memorandum of Agreement
which was signed with the Ministry of Health Malaysia. This
agreement will enable SEGi University College (SEGi UC) pharmacy
students to undergo teaching and training in 14 government hospitals
and community polyclinics nationwide.
23 DECEMBER, THE STAR PARENTING
As a private education provider, SEGi is very experienced in the area
of early childhood education, offering programmes in the field from
69
Quotes from
Analysts
JF Apex Securities, 9 Feb 2011
The Ministry of Higher Education has set a
target of 200,000 foreign students by 2020
from the current level of ~80,000 students,
which we deem achievable as we believe
that Malaysia does have the potential to
become a regional education hub.
the surge in both ROE and ROA, and lesser
capex is expected.
Kenanga Research, 28 Jan 2011
We believe FY10 will be the “new norm”
and more to come judging from the Group’s
growth strategies.
TA Securities, 21 Feb 2011
The free cash flow of up to RM55-69mn
(equivalent to 22-27 sen per share) could
potentially paid out as special dividend in the
future.
Going forward, SEGi will continue to
introduce more new high margin courses by
leveraging on its homegrown programmes.
We view this move positively as it will allow
the Group to garner better margins.
Going forward, we believe the Group should
be able to maintain this healthy financial
position due to improving profitability, as per
70
Malaysia has a relatively young population
which will serve as an engine of growth for
the education industry.
...with the recent upgrade to University
College in 2008, the Group is able to take on
more students and to roll out higher margin
programmes that should translate into better
profitability.
Throughout long years of hard work, today,
SEGi is well-known for its strength in (i)
caring for and supporting its people, (ii)
having a vibrant and energetic attitude, (iii)
being passionate in service.
SEGi also does not limit itself to local
students. In fact the Group is inspired to
become an international higher education
centre/ campus.
Due to the (i) strong operating cashflow,
(ii) less capex going forward and (iii) low
financial gearing position, we believe the
Group is able to pay out much higher
dividends going forward.
Kenanga Research, 22 Feb 2011
SEGi’s 12MFY10 net profit of Rm43.06m was
3.6% higher than our estimate of RM41.57m.
We understand that the reason for strong
growth was the marked improvement in
student numbers (to ~23.0k from 19.5k). To
Quotes from Analysts
recap, we are convinced that the Group has
just entered a new era and is poised to stage
a re-rating.
SEGi’s revenue has been growing steadily in
the past three years with a CAGR of 34.45%.
The group’s balance sheet remains healthy,
with shareholders fund grew by 14.5% y-o-y
to RM193.79%mil as at 30 Sept 2010. As at 30
Sept 2010, SEGi has zero gearing ratio with a
net cash position.
As there are more upside risks to our future
earnings forecast, chances for an upward
revision in target price are bright.
SEG’s management team comprises people
with high qualifications and vast experience
in professional practice.
RHB Research Institute, 23 March 2011
Our indicative fair value for the stock is
RM4.44, based on target FY11 PER of 17.5x,
a 10% premium over Help’s FY11 PER of
16x. We believe the premium is fair given
SEGi’s superior net profit margin, the wider
array of courses offered and its larger market
capitalisation.
Alliance Research, 9 March 2011
SEGi expects earnings growth of about
5% for the current FYE Dec 31, 2011
from its proposed collaboration with two
China academics. ...the collaboration with
Xinjiang Language Centre and Linyi Normal
University were expected to contribute
positively to the earnings and net assets of
the group for the future years.
of 18.8% from potential capital upside and
potential dividend yield, we maintain Buy on
SEG.
While the fees for the international students
are the same as compared to local students,
the group enjoys tax benefits given that 50%
of the total international student fees are tax
exempt.
SEGi’s revenues have risen steadily since
2007 with a 3-year CAGR of 36.1% driven
by the increase in student enrolment. Its
earnings, however, have seen tremendous
3-year CAGR of 102.9%. In addition, the
group also went through several kitchen
sinking exercises in order to unlock some
value of its assets in FY05-FY09. As such,
SEGi’s balance sheet has remained healthy
and the group’s net cash pile has grown to
RM60.8m in FY10 from RM18.3m in FY09.
While there is no official dividend payout
policy, on average, SEGi has been paying
approximately 23-60% of its earnings as
dividends. As such, we have assumed FY1113 annual gross dividends of 17-30 sen/share,
which translate to gross yields of 3.7-6.5%
and net payout ratios of 49.6-51.0%.
TA Securities, 8 March 2011
We believe the collaboration between SEGi
and University of Abertay Dundee would
translate into substantial cost-savings for
students. Given the potential total return
71
Corporate Governance
Statement
The Board of Directors is
committed to continually
strive for the highest
standards of corporate
governance throughout the
Group as a fundamental
part of discharging its
responsibilities to protect
and enhance shareholders’
values and to build
sustainable business
growth for the Group.
The Board continues
to implement the
recommendations of
the Malaysian Code on
(“the Code”) which
sets out the principles
(“Principles”) and best
practices, as well as the
Guide issued by Bursa
Malaysia Securities
Berhad (“CG Guide”), that
companies may adopt in
their operations towards
achieving the good
governance framework.
72
The Board of Directors is pleased to report to shareholders on the manner in which the Group
has applied the Principles, and the extent to which it has complied with the best practices of the
Code and the CG Guide.
PRINCIPLE A – BOARD OF DIRECTORS
CONSTITUTION OF THE BOARD AND BOARD BALANCE
The Board has overall responsibility for corporate governance, strategic direction and overseeing
investments of the Group and of the Company.
The Board, led by an Independent Non-Executive Chairman, is currently made up of ten
(10) members, of whom five (5) are Independent Non-Executive Directors, one (1) is a NonIndependent Non-Executive Director and four (4) are Executive Directors. The Board members
comprise high calibre individuals who are professionals in their respective fields. They, with
their different backgrounds and specialisations, collectively bring with them a wide range of
experience and expertise primarily in legal, business, financial and academic fields. The mixture
of skills and experience is vital to add value in governing the strategic directions of the Group
and ensuring that the Group continues to be a competitive leader in the education industry. A
brief profile of each Director is presented on pages 12 to 16.
There is a clear division of responsibilities between the Chairman and Group Managing Director
to ensure that there is a balance of power and authority. The Chairman is responsible for ensuring
Board’s effectiveness and conduct whilst the Group Managing Director has overall responsibility
for the operating units, organisational effectiveness and implementation of Board’s policies
and decisions. The Executive Directors have direct responsibility for business operations. The
presence of Independent Non-Executive Directors fulfil a pivotal role in corporate accountability.
Although all the Directors have equal responsibilities for the Group’s operations, the roles of
these Independent Non-Executive Directors are important. They provide independent and
objective views, advice and judgement on issues of strategy, business performance and controls.
The Independent Non-Executive Directors always take account of the interests of the Group,
shareholders and communities in which the Group conducts business as well as the public at
large. The current size of the Board is appropriate and conducive for efficient deliberations at
Board meetings and effective decision making.
BOARD MEETINGS
The Board meets on a scheduled basis, at least once every quarter with additional meetings
held as and when urgent issues and important decisions are required to be made between the
scheduled quarterly meetings. The Board has a formal schedule of matters reserved to it for
decision, including the approval of annual and quarterly results, major acquisitions and disposals,
material contracts or agreements, major capital expenditures and major decisions affecting
business operations and performance of the Group. All Board members carry an independent
judgement when deliberating matters concerning the Group including strategy, operations,
performance, finance, resources and standard of conduct.
Senior management staff and/or external advisors may be invited to
attend the Board meetings to advise the Board on issues under their
respective purview.
During the year ended 31 December 2010, five (5) meetings were held.
A summary of attendance for each of the Board of Directors are as
follows:
Name of Directors
reserved for the Board, recommendations would be highlighted for
the Board’s approval. The chairman of the various committees reports
the outcome of the committee meetings to the Board, and the minutes
of the various committees are enclosed in the board papers at the
following Board meetings.
ŏ
No. of meetings attended
5 out of 5
5 out of 5
4 out of 5
Lee Kok Cheng
5 out of 5
Hew Moi Lan (appointed on 20 April 2010)
4 out of 4
Datu Haji Putit Bin Matzen (appointed on 20 April 2010)
3 out of 3
Datuk Chee Hong Leong (appointed on 21 February 2011)
The Nominating Committee is entrusted with the specific task
of identifying and recommending new nominees to the Board.
However, the Board has the final decision on appointments after
considering the recommendations of the committee.
The committee has a self-appraisal programme to assess the
Directors of the Company on an on-going basis. The duties include
evaluating the effectiveness of the Board as a whole, the various
board committees and reviewing the mix of skills, experience
and expertise of each Director and their contributions to the
effectiveness of the decision-making process of the Board.
The Nominating Committee comprises Non-Executive Directors
as follows:
N /A
5 out of 5
Foo San Kan
5 out of 5
Goh Leng Chua (appointed on 20 April 2010)
3 out of 3
ACCESS TO INFORMATION
Board meetings are structured with a pre-set agenda, whereby prior
to each Board meeting, all Directors are provided with a set of Board
papers containing information relevant to the business of the meeting
to facilitate decision-making. The Board has unrestricted access to all
information pertaining to the Group’s affairs and the services of the
Company Secretaries. If necessary, the Directors are at liberty to seek
independent professional advice on matters relating to the fulfilment
of their roles and responsibilities at the Company’s expense to enable
them to discharge their duties effectively.
BOARD COMMITTEES
The Board assumes responsibility for effective stewardship and
control of the Group. It delegates certain responsibilities to the Board
Committees as described below with clearly defined terms of reference
and the Board receives reports of their proceedings and deliberations.
Where committees have no authority to make decisions on matters
Nominating Committee
Chairman
Member
Member
The committee met twice during the year under review.
ŏ
Remuneration Committee
The Remuneration Committee is responsible for developing the
remuneration policy framework and to make recommendations
to the Board on the remuneration packages of the Directors. The
Executive Directors do not participate in decisions relating to their
remuneration. The Board as a whole determines the remuneration
of the Directors. The individual concern abstains from participating
in decisions in respect of his/her individual remuneration.
73
The Remuneration Committee consists of a majority of NonExecutive Directors as follows:
Chairman
Executive Deputy Chairman/President
Member
Member
Member
Member
Foo San Kan
Member
The Risk Management Committee will update the Audit Committee
regularly on the risk profiles and any risks identified in the Group
effective 2011. The Risk Management Committee is chaired by
the Chief Executive Officer. The other members include at least a
member of the Board, the Chief Operating Officer and key senior
management, as follows:
Lee Kok Cheng
Chief Executive Officer/Executive Director
Chairman
Member
Hew Moi Lan
Chief Operating Officer/Executive Director
Member
Member
Executive Vice President, Corporate Planning and Services
Kang Ching Hong
Executive Vice President, Corporate Affairs
Member
The committee met once during the year under review.
ŏ
Audit Committee
Prior to 2011, the Risk Management Committee reported to the
Board of Directors directly.
The Audit Committee assists the Board in discharging its duty
in maintaining a sound internal control system to safeguard the
shareholders’ investment and the Company’s assets.
The terms of reference and further information on the Audit
Committee are set out in the Report of the Audit Committee.
Re-election
The Audit Committee members are as follows:Amos Siew Boon Yeong
Chairman
Foo San Kan
Member
Goh Leng Chua
Member
The committee is also tasked with the monitoring of risk in the
Group. Risk Management is assisted by a Risk Management
Committee which reports to the Audit Committee.
The Head of Internal Audit attends every Audit Committee meeting.
The minutes of the Audit Committee meetings are tabled to the
Board for noting and action by the Board, where appropriate.
74
In accordance with the Articles of Association of the Company, all
Directors who are appointed by the Board are subject to retirement
and eligible for election by shareholders at the annual general meeting
following their appointment. The remaining Directors will retire at
regular intervals by rotation at least once every three (3) years and shall
be eligible for re-election.
The Nominating Committee conducts annual assessment of the Board
in respect of their skills, experience and contributions, and whether the
Independent Non-Executive Directors are able to discharge their duties
with unbiased and independent judgement. There is no maximum
tenure for Directors as the Board is of the opinion that the ability of a
Director is very much a function of his calibre, qualification, experience
and personal qualities, particularly of his integrity and objectivity,
regardless of his tenure as an Independent Non-Executive Director.
TRAINING AND DEVELOPMENT OF DIRECTORS
Mandatory Accreditation Programme will be organised for the newly
appointed Directors, if necessary. The Directors who have completed the
Mandatory Accreditation Programme continually attended various training
programmes to stay abreast with developments in the market place and
new statutory and regulatory requirements. The Board recognises the
importance of Directors being kept abreast with industry development
and trends. The Directors are also regularly updated on new and relevant
statutory as well as regulatory guidelines from time to time during the
Board meetings. Conferences and seminars which are beneficial to the
Directors were circulated for the Directors’ attention and participation.
The Company regularly identifies relevant training programmes,
either internal or external, for the Directors and members of the Board
Committees. During the year under review, a training titled “Leadership
and the Choice” was organised on 20 April 2010. All the Directors
together with the senior management participated in the session and
deliberated on the challenges normally faced by corporations.
In addition, all Directors also attended education programmes and
seminars in connection to the relevant changes in laws, regulations and
business environment to stay abreast with developments in the market
place. Among the relevant professional programmes attended were as
follows:
ŏ
ŏ
ŏ
ŏ
ŏ
ŏ
ŏ
ŏ
ŏ
ŏ
ŏ
ŏ
ŏ
ŏ
MICG Annual Directors Duties and Governance Conference,
“Towards Boardroom Excellence and Corporate Governance Best
Practices”
National Conference on Procurement Best Practices For The Public
Sector, Statutory Bodies and Government-Linked Companies
Seminar On Harness the Power of Your Communication
MICG National Legal Counsel Forum 2010
Corporate Governance Week by Bursa Malaysia Berhad
National Procurement Guidelines Forum, “Understanding the
integrity pact & the dos and don’ts in government procurement
for the public & private sector”
Indonesia 2010:Market Outlook & Entry Strategy
Competition Law 2010
MICG Updates on regulatory framework and Directors Duties 2010, titled
“What Directors Need to Know”
Leadership: Round table discussion
Workshop on Brand Attributes, Outcomes and Strategies
Briefing on GST
Risk Management of Derivatives What Directors and Senior
Management Should Know
Building Organisational Capability for Strategic Transformation
ŏ
ŏ
ŏ
ŏ
ŏ
ŏ
ŏ
ŏ
Banking Insights
Audit Committee Institute Roundtable Discussion, titled “Going
Forward: Risk & Reform – Implications for Audit Committee
Oversight”
Islamic Institution and Governance
Micro Insurance, The Main Market Opportunity
Board Risk Management Committee for Insurance Companies
Briefing on Derivative Investment
National Tax Conference 2010
Role of Board of Directors and decision making
The Board will continue to evaluate and determine the training needs
of its members on an ongoing basis.
PRINCIPLE B – DIRECTORS’ REMUNERATION
The objective of the Company’s policy on Directors’ remuneration is
to attract and retain Directors of calibre needed for the achievement of
the Company’s strategic objectives. The remuneration is structured so
as to link rewards to the performance for the Executive Directors. The
Non-Executive Directors are paid annual fees for their contributions to
the Company. The details of the remuneration for the Directors of the
Company for the year under review are as follows:
1.
Aggregate remuneration of each Director
Executive Directors
Lee Kok Cheng
Hew Moi Lan
(appointed on 20 April 2010)
Non-Executive Directors
Tan Sri Megat Najmuddin Bin
Dato’ Seri Dr Hj Megat Khas
Foo San Kan
Goh Leng Chua
Simon Hue Fook Chuan
(retired on 28 June 2010)
Salary
RM
Fee
RM
Other
Emoluments
RM
637,500
836,700
756,200
-
85,150
74,460
64,800
684,200
-
78,383
-
82,000
-
-
35,000
55,000
48,000
-
-
35,000
-
-
24,000
-
Note: Other emoluments include benefits-in-kind and statutory contributions.
75
2.
Aggregate remuneration of Directors in respective bands of RM50,000
Range of Remuneration
Number of Directors
Executive
Non-Executive
Below RM50,000
RM50,001 to RM100,000
RM700,001 to RM750,000
RM750,001 to RM800,000
RM800,001 to RM850,000
RM900,001 to RM950,000
1
1
1
1
4
2
-
Note: Successive bands of RM50,000 are not shown entirely as they are not
represented.
PRINCIPLE C – SHAREHOLDERS
i.
Executive Vice President, Corporate Planning & Services
ii.
Kang Ching Hong
Executive Vice President, Corporate Affairs
iii. Hew Ling Sze
Company Secretary
Telephone number
Facsimile number
Email
:
:
:
603-6145 1777
603-6145 2755
[email protected]
The Board has appointed Mr Amos Siew Boon Yeong, a Senior
Independent Non-Executive Director, to whom all concerns regarding
the Company may be conveyed.
Relationship with Shareholders and Investors
Annual General Meeting (“AGM”)
The Board recognises the importance of an effective communication
channel between the Board, shareholders and general public. The Board
acknowledges the need for shareholders and other stakeholders to be
informed of all material business matters affecting the Company.
Recognising the importance of timely dissemination of information to
shareholders and other stakeholders, the Board is committed to ensure
that the shareholders and the general public would have an easy and
convenient access to the Group’s latest financial results, press releases,
annual reports and other corporate information through the following
channels:
ŏ
ŏ
ŏ
The various disclosures and announcementsto Bursa Malaysia
Securities Berhad (“Bursa Securities”) including quarterly and
annual results via www bursamalaysia.com;
The Company’s website at www.SEGi.edu.my; and
The Company’s investor relations website at SEGi.investor.net.my
The Company also conducts corporate briefings and regular meets
with analyst to update them on the latest development of the Company.
Analysts reports are available to the public via the Group’s investor
relations website at SEGi.investor.net.my.
The Group welcomes inquiries and feedbacks from shareholders and
other stakeholders. All queries and concerns regarding the Group may
be conveyed to the following persons:
76
The AGM provides a platform for two-way communication between the
Company and shareholders. The Chairman and the Board encourage
shareholders to attend and participate in the AGM. Shareholders are
given the opportunity to seek clarification on any matters pertaining to
the business and financial performance of the Group.
PRINCIPLE D – ACCOUNTABILITY AND AUDIT
Financial Reporting
The Board aims to present a balanced and understandable assessment
of the Group’s financial performance and prospects to the shareholders,
primarily through its annual financial statements and unaudited interim
results as well as other corporate announcements and the Chairman’s
Statement and other reports in the Annual Report. The Audit Committee
assists the Board in reviewing information disclosed to ensure accuracy
and adequacy.
Internal Control
Information on the Group’s internal control is presented in the Statement
of Internal Control which appears in the ensuing pages of this report.
Relationship with Auditors
Compliance Statement
The role of the Audit Committee in relation to external auditors is
described in the Audit Committee Report set in the ensuing pages
of this Annual Report. The Company has maintained a close and
transparent relationship with its auditors in seeking professional
advice and ensuring compliance with applicable approved accounting
standards in Malaysia.
The Board has taken steps to ensure that the Group has implemented
the best practices as set out in the Code and CG Guide.
Corporate Responsibility
The Group’s corporate responsibility initiatives are explained in our
Corporate Responsibility section in this report.
This statement was approved by the Board of Directors on 24 March
2011.
Other information required by the Bursa Securities Listing
Requirements
1.
Utilisation of Proceeds Raised from Corporate Proposals
The renounceable rights issue of up to 124,729,857 five (5)-year
2010/2015 warrants on the basis of one (1) new warrant for every
two (2) subdivided shares held were issued, at an issue price of
RM0.05 cash per warrant, on 17 August 2010 and subsequently
listed on the Bursa Malaysia Securities Berhad on 19 August
2010. The net proceeds from the proposal have been fully utilised,
breakdown of which was as follows:
Related Party Transactions
An internal compliance framework exists to ensure that the Group
meets its obligations under the Main Market Listing Requirements for
any related party transactions and conflict of interest situation which
may arise within the Company or the Group. The Board, through the
Audit Committee, reviews material related party transactions, if any.
A Director who has an interest in a transaction will abstain from
deliberating and voting on the relevant resolution in respect of such
transaction at the Board meeting.
RM’000
- General working capital
- Corporate proposals expenses
Other than as disclose, there were no proceeds raised from
corporate proposals in the year under review.
Whistle-blowing Policy
The employees are encouraged to report any misfeasance by any
persons in the workplace to the appropriate parties within the Group.
Proper investigations on all allegations or reports from within and
outside the Group will be carried out to ensure that all concerns received
are appropriately accounted for and reported to the right channel.
555
6,236
A list of the significant related party transactions is reported in the notes
to the financial statements for the year ended 31 December 2010.
The Group is introducing a whistle-blowing policy to provide employees
with an accessible avenue to report in good faith of any suspected
wrongdoing which includes suspected fraud, misappropriation of
assets, criminal breach of trust, corruption, questionable or improper
accounting records, misuse of confidential information and acts or
omissions which are deemed to be against the interest of the Company,
laws, regulations or public policies.
5,681
2.
Share Buy-back and Re-sale
During the year ended 31 December 2010, the Company sold
3,000,600 of its treasury shares for a total consideration of
RM3,264,212. The proceeds from the sale of treasury shares were
utilised for working capital purposes.
The Company also bought back 7,184,500 of its own ordinary
shares of RM0.50 each at the total consideration of RM16,692,646.
The shares bought back were held as treasury shares in accordance
with Section 67A of the Companies Act, 1965.
None of the shares purchased were being cancelled during the
year.
77
Details of the movement of treasury shares during the year were as follows:-
Monthly
Breakdown
Purchase/sale
Price
Per Share (RM)
Average Price
Per Share
Total
Highest
RM
RM
0.960
1.050
0.99
(2,056,144)
1.380
1.210
1.31
No. of Shares
Purchased/
(sold)
Lowest
(2,074,900)
(925,700)
Sale of treasury shares
January 2010
February 2010
(3,000,600)
(1,208,068)
(3,264,212)
Note: at 28 February 2010, the treasury shares of the Company was NIL.
Shares bought back
August 2010
807,000
2.400
2.600
2.51
2,028,956
September 2010
4,018,500
2.180
2.500
2.38
9,550,344
October 2010
1,725,200
2.080
2.300
2.20
3,800,557
633,800
2.010
2.090
2.07
November 2010
7,184,500
1,312,789
16,692,646
As at 31 December 2010, the total treasury shares held by the Company was 7,184,500 shares.
3.
Options, Warrants or Convertible Securities
The renounceable rights issue of up to 124,729,857 five (5)-year
2010/2015 warrants (“Warrants”) on the basis of one (1) new warrant
for every two (2) subdivided shares were issued on 17 August 2010
and subsequently listed on the Bursa Malaysia Securities Berhad
on 19 August 2010.
As at 31 December 2010, there were 1,787,100 new ordinary shares
of RM0.50 each issued pursuant to the exercise of Warrants.
Save as disclosed above, there were no options or convertible
securities issue during the year under review.
78
4.
American Depository Receipt (“ADR”) or Global Depository
Receipt (“GDR”) Programme
The Company did not sponsor any ADR or GDR Programme during
the year.
5.
Sanctions and/or Penalties
During the year, there were no major sanctions and/or penalties
imposed on the Company or its subsidiary companies, Directors or
management by the relevant regulatory authorities.
6.
Non-Audit Fees
Non-audit fees of RM8,000.00 were paid to Messrs Crowe Horwath,
the reporting accountants for the corporate exercise of share split
from RM1.00 per ordinary share to RM0.50 per ordinary share,
bonus issue of 2:5 and the renounceable right issue of warrants of
1:2 implemented during the year ended 31 December 2010.
7.
Variation in Results
There was no material variance in results between the audited
results for the year ended 31 December 2010 and the unaudited
results previously announced.
8.
Profit Guarantee
10. Revaluation Policy on Landed Properties
The Company does not have a policy to revalue its landed
properties.
11. Recurrent Related Party Transactions of a revenue or
trading nature
There were no recurrent related party transactions of revenue
nature which required shareholders’ mandate during the year
12. Internal Audit Function
During the year under review, the Company incurred expenses
amounting to RM210,157 for the internal audit function.
There was no profit guarantee given to the Company during the
year under review.
9.
Material Contracts
There were no material contracts entered into by the Company
and its subsidiaries, involving the interest of directors and major
shareholders, either still subsisting at the end of the year or entered
into since the end of the previous year.
79
Statement of Directors’
Responsibilities
in respect of the audited financial statements
The Board is responsible for ensuring that the financial statements of the Group
give a true and fair view of the state of affairs of the Group and of the Company
as at the end of the year, and of their results and cash flows for the year then
ended. The Directors also ensured that the financial statements are drawn up in
accordance with the applicable approved accounting standards in Malaysia and
the provisions of the Companies Act, 1965.
In preparing the financial statements, the Directors have adopted and
consistently applied suitable accounting policies and made reasonable and
prudent judgements.
The Directors are also responsible for taking such steps as are reasonably open
to them to safeguard the assets of the Group and to prevent and detect fraud and
other irregularities.
80
Audit Committee
Report
The Board of Directors is pleased to present the Audit Committee
Report for the year ended 31 December 2010.
Terms of Reference of the Audit Committee
The Audit Committee comprises:
The Audit Committee (“the Committee”) is governed by the terms of
reference that were formally endorsed by the Board on 11 May 2001
and have been reviewed from time to time. The terms of reference are
set out as follows:
-
OBJECTIVES
Foo San Kan
Goh Leng Chua
-
Membership
Chairman, Independent Non-Executive
Director
MEETINGS
During the year under review, a total of five (5) meetings were held
on 24 February 2010, 20 April 2010, 27 May 2010, 18 August 2010 and
23 November 2010. Attendance of each member was as follows:
Audit Committee Members
Foo San Kan
Goh Leng Chua
(appointed on 28 June 2010)
Simon Hue Fook Chuan
(retired on 28 June 2010)
The principal objectives of the Committee are to review the adequacy
and the integrity of the Company’s internal control system and
management information system, including systems for compliance
with applicable laws, regulations, rules, directives and guidelines, as
well as to oversee the conduct of the Company’s businesses.
5/5
5/5
The Committee provides assistance to the Board in fulfilling its fiduciary
responsibilities, particularly in areas related to financial accounting and
reporting practices, as well as operation and management controls. This
is to ensure conformity with good corporate governance, transparency,
integrity and accountability in the conduct of the Group’s activities so
as to safeguard the rights and interests of the shareholders.
2/2
COMPOSITION
3/3
The Committee shall consist of at least three (3) members. All the
Committee members must be non-executive Directors, with a majority
of them being independent. The Chairman shall be an Independent
No. of meetings attended
81
Non-Executive Director. At least one member of the Committee must
be a member of the Malaysian Institute of Accountants or if he is
not, then he must be a person who complies with the requirements
of Paragraph 15.09 of the Main Market Listing Requirements of Bursa
Malaysia Securities Berhad (“Main Market Listing Requirements”).
In the event of any vacancy in the Committee resulting in the noncompliance of subparagraph 15.09(1) of the Main Market Listing
Requirements, the vacancy must be filled within three (3) months.
The term of office and performance of the Committee and each of the
members shall be reviewed by the Board of Directors at least once
every three (3) years to determine whether the Committee and its
members have carried out their duties in accordance with the Terms
of Reference.
MEETINGS
The Committee shall meet not less than four (4) times a year. A quorum
shall consist of two (2) members, with independent directors forming
the majority.
Certain members of senior management shall attend meetings by
invitation of the Committee. The external auditors will be present at
certain meetings to report to the Committee on their audit plan, their
audit report, any major audit findings and any other specific issues. The
Committee also meets at least twice a year with the external auditors
without the management present.
The Secretary shall be responsible for drawing up the agenda and
circulating it, supported by explanatory documentation to the
Committee members prior to each meeting.
The Secretary shall also be responsible for keeping the minutes of the
Committee, and circulating them to each member of the Committee
and of the Board of Directors. The Chairman of the Committee shall
report on each meeting to the Board. The Secretary to the Committee
shall be the Company Secretary.
AUTHORITY
The Committee is authorised by the Board:
[a] to investigate any matter within its terms of reference;
[b] to have the resources which are required to perform its duties;
[c] to have full and unrestricted access to any information pertaining
to the Group and the Company;
82
[d] to have direct communication channels with the external auditors
and person(s) carrying out the internal audit function or activity;
[e] to obtain independent professional or other advice as necessary;
and
[f] to convene meetings with the external auditors, the internal
auditors or both, excluding the attendance of other directors and
employees of the Company, whenever deemed necessary.
FUNCTIONS
The functions of the Committee are as follows:
[a] to review the following and report the same to the Board of
Directors:
i
with the external auditors, the audit plan;
ii
with the external auditors, their evaluation of the system
of internal controls;
iii with the external auditors, their audit report;
iv the assistance given by the Company’s employees to the
external auditors;
v
the adequacy of the scope, functions, competency and
resources of the internal audit function and that it has
the necessary authority to carry out its work;
vi the internal audit programme, processes, the results
of the internal audit work undertaken and whether or
not appropriate actions are taken on the recommendations
of the internal audit function;
vii the quarterly reports and year end financial statements,
prior to the approval by the Board of Directors, focusing
particularly on:
ŏ changes in or implementation of major accounting
policies and practices;
ŏ significant adjustments arising from the audit;
ŏ significant and unusual events; and
ŏ compliance with accounting standards and legal
requirements;
viii any related party transaction and conflict of interest situation
that may arise within the Company or Group including any
transaction, procedure or course of conduct that raises
questions of management integrity;
ix external auditors’ management letter and management’s
responses; and
x
the Risk Management Committee, the risks identified and
the mitigation plans to address the risks.
[b] to consider the appointment of the external auditors, the audit fee
and any questions on resignation or dismissal;
[c] to recommend the nomination of a person or persons as external
auditors; and
[d] such other functions as the Board may from time to time
determine.
ŏ
ŏ
ŏ
Activities during the year
During the year under review, the following were the activities of the
Committee:
ŏ
ŏ
ŏ
ŏ
ŏ
ŏ
ŏ
ŏ
ŏ
ŏ
ŏ
ŏ
Reviewed the external auditors’ scope of work and audit plans
for the year prior to the audit with the representatives from the
external auditors who presented their audit strategy and plan.
Reviewed with the external auditors the results of the audit and
the audit report and considered the major findings by the external
auditors and the management’s responses thereto.
Reviewed the assistance given by the Group employees to the
auditors.
Considered and recommended to the Board for approval the audit
fees payable to the external auditors as disclosed in the notes to
the financial statements.
Reviewed the quarterly reports of the Gourp and year end financial
statements of the Company and the Group before recommending
for the Board’s approval.
Reviewed the related party transactions entered into by the
Company and the Group and the disclosure of such transactions
in the annual report of the Company.
Reviewed the Company’s compliances, in particular the quarterly
reports and year end financial statements, with the provisions
of the Companies Act, 1965, Main Market Listing Requirements,
applicable approved accounting standards in Malaysia and other
relevant legal and regulatory requirements.
Reviewed the Company’s Statement on Internal Control prior to
endorsement by the Board.
Reviewed the effectiveness of the internal audit process, audit
function resource requirements, and assessed the performance of
the internal auditors.
Reviewed the programmes and internal annual audit plan
for the current financial year to ensure adequate scope and
comprehensive coverage of the activities of the Company and
the Group.
Reviewed with the internal auditors, important issues highlighted
including the management’s responses and the follow-up action
plans implemented.
Reviewed the extent of the Group’s compliance with provisions
set out in the Malaysian Code on Corporate Governance (“the
Code”).
Recommended to the Board action plans to address identified gaps
between the Group’s existing corporate governance practices and
the prescribed corporate governance principles and best practices
under the Code.
Met with the external auditors independently without the presence
of the management.
Met with the internal auditors independently without the presence
of the management.
Internal Audit Function
The Audit Committee is supported by the in-house and independent
Internal Audit Department who performs the internal audit function for
the Group. The main role of the Internal Audit Department is to review
the effectiveness of the system of internal control and risk management
within the Group and this is performed with impartiality, proficiency
and due professional care.
It is the responsibility of the Internal Audit Department to provide the
Audit Committee with independent and objective report on the state
of internal control of the various operating units within the Group and
the extent of compliance with the Group’s established policies and
procedures as well as the relevant statutory requirements.
During the year, the Internal Audit Department has performed audits
on the Group’s institutions and corporate departments in accordance
to the approved Internal Audit Plan. The completed audit reports were
presented to the Audit Committee for deliberation and follow-up audits
were also performed to ensure Management had addressed the control
weaknesses accordingly.
The Audit Committee Report was approved by the Board of Directors
on 24 March 2011.
83
Statement on
Internal Control
INTRODUCTION
The Board of Directors (“Board”) is pleased to outline the state of internal control
of the Group for the financial year ended 31 December 2010.
THE BOARD’S COMMITMENT
b.
Key business processes of the Group are governed by the Standard
Operating Procedures to ensure consistency in delivery of quality
academic and support services to students, integrity and timeliness
of the Financial Statements, as well as good governance processes
in engagement of goods and services and payments to suppliers.
The Group is currently implementing ISO certification on the
examination departments of the Group’s key institutions in order
to further enhance the integrity of the examination processes. This
exercise is expected to be completed in Year 2011.
c.
Business strategies, sales targets and budgets are set by Key
Management together with Heads of Business units. These targets
and budgets together with any major operational issues are
regularly monitored and discussed at the Management meetings.
d.
The Executive Directors and Group Senior Management report
to the Board the financial performances of the Group during the
regular Board meetings. Major investments and business strategies
are also discussed and approved by the Board.
e.
A Tender Selection Panel comprising the Group Senior Management
has been formed to evaluate requests for major purchases to
ensure competitiveness, quality and transparency in the sourcing
and recommendations made by the users.
The Board remains committed towards operating a sound internal
control system and has recognised that the system must continually
evolve to support the type of business and size of operations of the
Group. Due to the limitations that are inherent in any system of internal
control, the Board is aware that such system is designed to manage
rather than eliminate the risk of failure to achieve business objectives,
and can provide only reasonable and not absolute assurance against
material misstatement or loss.
ASSURANCE MECHANISM
The Board has reviewed the effectiveness of the Group’s system
of internal controls and risk management processes and the Board
confirms that there is an ongoing process for identifying, evaluating
and managing the significant risks faced by the Group and this process
is regularly reviewed by the Board.
Key elements of which are as follows:
THE MANAGEMENT
a.
84
The planning and management of the Group’s business operations
are well documented in the Group Organisational Chart approved
by the Group Managing Director.
Statement on Internal Control
f.
g.
The Safety and Health Committee has been set up to review the
occupational safety and health procedures within the Group’s
institutions.
THE AUDIT COMMITTEE (AC)
i.
The Board has tasked the AC with established Terms of Reference
to examine the effectiveness of the Group’s system of internal
control. In order to achieve that, the AC ensures the audit scope
in the Internal Auditor covered significant risks areas identified
by the Group. In addition, any major control weaknesses
and management’s commitments pertaining to the audit
recommendations highlighted in the Internal Audit Reports are
being addressed accordingly. The AC had updated the Board on
the status of the Group’s system of internal control in the Board
meetings conducted during the year.
j.
The AC also reviewed the internal control weaknesses raised by
the external auditors during the audit committee meeting and
noted that Management has put in place relevant controls to
rectify the deficiencies.
Key functions such as finance and treasury, legal, human
resource and regulatory matters are controlled centrally to
ensure consistency in the setting and application of policies and
procedures relating to these functions, and reduce duplication of
works, thereby promoting efficiency in the Group.
THE RISK MANAGEMENT COMMITTEE (RMC)
h.
The Board has entrusted the RMC to review the Risk Management
processes within the Group. During the year, two meetings had
been conducted to review and monitor the significant risks and
relevant mitigating controls have been identified and documented
in the Risk Profile. The outcomes of the RMC meetings were
presented to the Board accordingly.
The RMC is assisted by the Risk Management Working Committee
which comprised of Senior Management to monitor and ensure
relevant controls to mitigate significant business risks within
the Group’s institutions and business units in the day to day
operations.
ASSURANCE
The Management, in striving for continuous improvement will put in
place appropriate action plans, where necessary, to further enhance the
Group’s system of internal control.
During the current financial year, there were no major weaknesses of
internal control which resulted in material losses, contingencies or
uncertainties that would require disclosure in the Company’s Annual
Report.
The Statement on Internal Control was approved by the Board of
Directors on 24 March 2011.
85
Notice of Annual
General Meeting
NOTICE IS HEREBY GIVEN that the Twenty-Fifth Annual General Meeting
of SEG International Bhd (“SEGi” or “the Company”) will be held at Level 2,
Right Wing, SEGi University College, No. 9, Jalan Teknologi, Taman Sains
Selangor, Kota Damansara, PJU 5, 47810 Petaling Jaya, Selangor Darul Ehsan on
Wednesday, 4 May 2011 at 10.30 a.m. for the following purposes:AS ORDINARY BUSINESS
1. To receive and adopt the Audited Financial Statements for the year ended 31 December 2010 and the Directors’
and Auditors’ Reports thereon.
2.
(Ordinary Resolution 1)
To declare a first and final single tier dividend of 7.0 sen per ordinary share for the year ended 31 December 2010
as recommended by the Directors in their Report.
3.
To approve the payment of Directors’ fees for the year ended 31 December 2010.
4.
To re-elect the following Directors retiring in accordance with Article 86 of the Company’s Articles of
Association:(a) Dato’ (Dr) Patrick Teoh Seng Foo
(b) Dato’ Sri Clement Hii Chii Kok; and
(c) Lee Kok Cheng
To elect the following Director retiring in accordance with Article 93 of the Company’s Articles of Association
(a) Datuk Chee Hong Leong
To re-appoint Messrs Crowe Horwath as Auditors of the Company and authorise the Directors to fix their
remuneration.
5.
6.
AS SPECIAL BUSINESS
To consider and if thought fit, to pass the following resolutions:7.
Authority to allot and issue shares pursuant to Section 132D of the Companies Act, 1965
“THAT pursuant to Section 132D of the Companies Act, 1965, the Directors be and are hereby empowered to
issue shares in the Company, at any time and upon such terms and conditions and for such purposes as the
Directors may, in their absolute discretion, deem fit, provided that the aggregate number of shares to be issued
pursuant to this resolution in any one financial year does not exceed ten percent (10%) of the issued capital
of the Company for the time being and that the Directors be and are also empowered to obtain approval for
the listing of and quotation for the additional shares so issued on Bursa Malaysia Securities Berhad (“Bursa
Securities”) and that such authority shall continue in force until the conclusion of the next Annual General
Meeting (“AGM”) of the Company.”
8.
Proposed Renewal of Authority for the Purchase by SEG International Bhd (“SEGi”) of its Own Shares (“Proposed
Share Buy-Back”)
“THAT, subject to the provisions of the Companies Act, 1965 (“the Act”) (as may be amended, modified or reenacted from time to time), the Articles of Association of the Company, the Main Market Listing Requirements
of Bursa Securities and any other relevant authorities, the Company be and is hereby authorised to purchase on
the market of the Bursa Securities and/or hold such number of ordinary shares of RM0.50 each in SEGi (“SEGi
Shares”) as may be determined by the Directors from time to time through Bursa Securities upon such terms
86
and conditions as the Directors may deem fit in the interest of the Company provided that the total aggregate
number of shares purchased or to be purchased pursuant to this resolution does not exceed ten percent (10%)
of the total issued and paid-up share capital of the Company for the time being; an amount not exceeding the
Company’s latest audited retained profit of RM58,868,000 and share premium account of RM956,000 as at
31 December 2010, be allocated by the Company for the Proposed Share Buy-Back AND THAT in respect of
each purchase of SEGi Shares, the Directors shall have the absolute discretion to decide whether such shares
purchased are to be cancelled and/or retained as treasury shares and distributed as dividends or resold on the
market of the Bursa Securities or subsequently cancelled;
AND THAT the authority conferred by this resolution shall commence immediately upon the passing of this
resolution and shall continue to be in force until:i.
the conclusion of the next AGM of the Company, at which time it will lapse, unless renewed by an ordinary
resolution passed by the shareholders of the Company in a general meeting;
ii. the expiry of the period within which the next AGM of the Company is required to be held pursuant to
Section 143(1) of the Act (but shall not extend to such extension as may be allowed pursuant to Section
143(2) of the Act); or
iii. revoked or varied by an ordinary resolution passed by the shareholders of the Company in a general
meeting;
whichever is the earlier;
AND THAT the Directors be and are hereby authorised to act and to take all such steps to give full effect to the
Proposed Share Buy-Back and do all such acts and things as they may deem necessary or expedient in the best
interests of the Company.”
9.
To consider any other business of which due notice shall have been given.
NOTICE OF BOOKS CLOSURE
NOTICE IS HEREBY GIVEN that the dividend, if approved, will be paid on 27 May 2011 to shareholders whose
names appear in the Record of Depositors at the close of business on 11 May 2011.
FURTHER NOTICE IS HEREBY GIVEN that a depositor shall qualify for entitlement to the final dividend only in
respect of:a)
shares transferred into the depositor’s securities account before 4.00 p.m. on 11 May 2011 in respect of ordinary
transfers; and
b)
shares bought on Bursa Securities on a cum entitlement basis according to the Rules of the Bursa Securities.
By Order of the Board
CHONG POH YEE (MIA 7620)
HEW LING SZE (MAICSA 7010381)
Secretaries
Petaling Jaya, Selangor
12 April 2011
87
NOTES:
1.
A member entitled to attend and vote at the meeting is entitled to appoint not more than two proxies to attend and vote in his stead. A proxy may but need not be a member of the Company
and the provision of Section 149(1)(b) of the Companies Act, 1965 shall not apply to the Company. A member who is an authorised nominee may appoint at least one proxy in respect of
each securities account it holds.
2.
The Form of Proxy must be deposited at the Registered Office of the Company at 6th Floor, SEGi University College, No. 9, Jalan Teknologi, Taman Sains Selangor, Kota Damansara, PJU 5,
47810 Petaling Jaya, Selangor Darul Ehsan not less than 48 hours before the time and date of the meeting or adjourned meeting.
3.
Explanatory notes on Special Business
a.
Ordinary Resolution 9 - Authority to allot and issue shares pursuant to Section 132D of the Companies Act, 1965
The proposed Ordinary Resolution 9, if passed, will give authority to the Directors of the Company to issue ordinary shares in the Company up to an aggregate amount of not
exceeding ten percent (10%) of the issued share capital of the Company for such purposes as the Directors consider would be in the interest of the Company. This authority, unless
revoked or varied at a general meeting, will expire at the conclusion of the next AGM of the Company.
The general mandate, once approved and renewed, will provide flexibility to the Company for allotment of shares for the proposed private placement of up to ten percent (10%) of the
issued and paid-up share capital of the Company, which was approved by Bursa Securities on 8 March 2011, and/or any possible fund raising activities for the purpose of funding
future investment project(s), working capital and/or acquisition(s).
As at the date of this Notice, no new shares in the Company were issued pursuant to the mandate granted to the Directors at the Twenty-Fourth AGM held on 28 June 2010 and hence
no proceeds were raised therefrom.
b.
Ordinary Resolution 10 - Proposed Renewal of Authority for the Proposed Share Buy-Back
The proposed Ordinary Resolution 10, if passed, will empower the Directors to purchase SEGi shares through Bursa Securities up to an amount not exceeding ten percent (10%) of
the issued and paid-up share capital of the Company. This authority, unless revoked or varied at a general meeting, will expire at the conclusion of the next AGM of the Company.
Detailed information on the Proposed Share Buy-Back is set out in the Statement to Shareholders dated 12 April 2011 which is despatched together with this Annual Report.
Statement Accompanying Notice
of Annual General Meeting
1.
Directors who are standing for election and re-election
at the Twenty-Fifth Annual General Meeting of the
Company
2.
There were five (5) Board meetings held during the financial year
ended 31 December 2010. Details of attendance of the Directors
are set out in the Corporate Governance Statement appearing on
page 73 of the Annual Report.
The Directors retiring at the Twenty-Fifth Annual General
Meeting pursuant to Article 86 of the Company’s Articles of
Association are as follows:
(a) Dato’ (Dr) Patrick Teoh Seng Foo;
Details of Attendance of Directors at Board meetings
3.
Place, Date and Time of Twenty-Fifth Annual General
Meeting
(b) Dato’ Sri Clement Hii Chii Kok; and
(c) Lee Kok Cheng.
The Director retiring at the Twenty-Fifth Annual General Meeting
pursuant to Article 93 of the Company’s Articles of Association is
as follows:
(a) Datuk Chee Hong Leong
Details of Directors who are standing for election and re-election
are set out in the Directors’ Profile appearing on pages 12 to 16 of
the Annual Report.
88
The Twenty-Fifth Annual General Meeting of the Company will
be held at Level 2, Right Wing, SEGi University College, No. 9,
Jalan Teknologi, Taman Sains Selangor, Kota Damansara, PJU 5,
47810 Petaling Jaya, Selangor Darul Ehsan on Wednesday, 4 May
2011 at 10.30 a.m.
Financial
Information
90
95
95
96
98
99
100
103
105
Directors’ Report
Statement by Directors
Statutory Declaration
Independent Auditors’ Report
Statements of Financial Position
Statements of Comprehensive Income
Statements of Changes in Equity
Statements of Cash Flows
Notes to the Financial Statements
Directors’
Report
The directors hereby submit their report and the audited financial statements of the Group and of the Company for the financial year ended
31 December 2010.
PRINCIPAL ACTIVITIES
The Company is principally engaged in the businesses of investment holding and provision of management consultancy services, property
management, rental of premises, business advisory services, and educational and training services whilst the principal activities of the subsidiaries
are set out in Note 5 to the financial statements. There have been no significant changes in the nature of these activities during the financial year.
RESULTS
The Group
RM’000
The Company
RM’000
Profit after taxation for the financial year
43,240
45,829
Attributable to:Owners of the Company
Minority interests
43,059
181
45,829
-
43,240
45,829
DIVIDENDS
Since the end of the previous financial year, the Company paid a final dividend of RM0.035 per ordinary share of RM1.00 each, less income tax at
25%, amounting to RM2,339,000 in respect of the financial year ended 31 December 2009.
The directors now recommend the payment of a final single tier dividend of RM0.07 per ordinary share of RM0.50 each, amounting to RM17,291,000 in
respect of the financial year ended 31 December 2010, subject to the approval of members at the forthcoming Annual General Meeting of the Company.
Subsequent to the financial year end, the Directors declared a special dividend of RM0.14 per ordinary share of RM0.50 each in respect of the
financial year ending 31 December 2011 (“Special Dividend”). The Special Dividend, less income tax at 25%, amounting to RM25,914,000, was paid
on 18 February 2011.
RESERVES AND PROVISIONS
All material transfers to or from reserves and provisions during the financial year are disclosed in the financial statements.
ISSUES OF SHARES AND DEBENTURES
(a) During the financial year, the Company :(i)
completed a share split involving the subdivision of every 1 existing ordinary share of RM1.00 each into 2 ordinary shares of RM0.50 each.
(ii) increased its authorised share capital from RM100,000,000 to RM250,000,000, by way of creation of 300,000,000 ordinary shares of RM0.50
each.
90
Directors’ Report (Continued)
ISSUES OF SHARES AND DEBENTURES (CONTINUED)
(a) During the financial year, the Company (Continued):(iii) increased its issued and paid-up share capital from RM89,093,000 to RM125,623,000 by way of:-
bonus issue of 71,274,000 new subdivided ordinary shares of RM0.50 each credited as fully paid-up on the basis of 2 bonus shares
for every 5 existing subdivided shares held; and
-
issuance of 1,787,100 new ordinary shares of RM0.50 each pursuant to the exercise of warrants.
The new ordinary shares issued rank pari passu in all respects with the existing ordinary shares of the Company.
(b) there were no issues of debentures by the Company.
TREASURY SHARES
During the financial year, the Company purchased and disposed of its issued ordinary shares on the open market under the share buy-back
programme. Details are as follows:-
Lowest
RM
Price per share
Highest
RM
Average
RM
No of
Shares
Par Value
RM
Cost of
Shares
RM’000
Balance at 1 January 2010
Disposal during the financial year
0.97
1.31
1.09
3,000,600
(3,000,600)
1.00
1.00
2,355
(2,355)
Addition during the financial year
2.03
2.60
2.32
7,184,500
0.50
16,693
7,184,500
0.50
16,693
Balance at 31 December 2010
The shares purchased under the share buy-back programme were financed by internally generated funds. The shares purchased were retained
as treasury shares in accordance with Section 67A of the Companies Act 1965 in Malaysia and are presented as a deduction from shareholders’
equity.
During the financial year, 3,000,600 treasury shares were sold for a total consideration of RM3,264,212, resulting in a gain of RM909,423, which was
recognised in the statements of changes in equity. The proceeds from the sale of treasury shares were utilised for working capital purposes.
OPTIONS GRANTED OVER UNISSUED SHARES
During the financial year, no options were granted by the Company to any person to take up any unissued shares in the Company, except for the
renounceable rights issue of 124,729,857 five year 2010/2015 warrants issued on 17 August 2010 (“Warrants”), on the basis of 1 warrant for every 2
existing ordinary shares of RM0.50 each held in the Company at an issue price of RM0.05 each per Warrant. Each Warrant entitles the registered holder
to subscribe for 1 new ordinary share of RM0.50 each in the Company at an exercise price of RM1.00 per share. The Warrants are exercisable at any
time during the five year period will be expiring on 16 August 2015. As at 31 December 2010, there were 122,942,757 unexercised Warrants in issue.
The ordinary shares issued from the exercise of Warrants shall rank pari passu in all respects with the existing issued ordinary shares of the
Company except that they shall not be entitled to any dividends, distributions, rights, allotment and/or any other forms of distribution where the
entitlement date of which precedes the relevant date of the allotment and issuance of the new shares arising from the exercise of Warrants.
91
BAD AND DOUBTFUL DEBTS
Before the financial statements of the Group and of the Company were made out, the directors took reasonable steps to ascertain that action had
been taken in relation to the writing off of bad debts and the making of allowance for impairment losses on receivables, and satisfied themselves
that all known bad debts had been written off and that adequate allowance had been made for impairment losses on receivables.
At the date of this report, the directors are not aware of any circumstances that would require the further writing off of bad debts, or the additional
allowance for impairment losses on receivables in the financial statements of the Group and of the Company.
CURRENT ASSETS
Before the financial statements of the Group and of the Company were made out, the directors took reasonable steps to ascertain that any current
assets other than debts, which were unlikely to be realised in the ordinary course of business, including their value as shown in the accounting
records of the Group and of the Company, have been written down to an amount which they might be expected so to realise.
At the date of this report, the directors are not aware of any circumstances which would render the values attributed to the current assets in the
financial statements of the Group and of the Company misleading.
VALUATION METHODS
At the date of this report, the directors are not aware of any circumstances which have arisen which render adherence to the existing methods of
valuation of assets or liabilities of the Group and of the Company misleading or inappropriate.
CONTINGENT AND OTHER LIABILITIES
The contingent liabilities of the Group and of the Company are disclosed in Note 32 to the financial statements. At the date of this report, there
does not exist:(a) any charge on the assets of the Group and of the Company that has arisen since the end of the financial year which secures the liabilities of
any other person; or
(b) any contingent liability of the Group and of the Company which has arisen since the end of the financial year.
No contingent or other liability of the Group and of the Company has become enforceable or is likely to become enforceable within the period of
twelve months after the end of the financial year which, in the opinion of the directors, will or may substantially affect the ability of the Group and
of the Company to meet their obligations when they fall due.
CHANGE OF CIRCUMSTANCES
At the date of this report, the directors are not aware of any circumstances not otherwise dealt with in this report or the financial statements of the
Group and of the Company which would render any amount stated in the financial statements misleading.
92
ITEMS OF AN UNUSUAL NATURE
The results of the operations of the Group and of the Company during the financial year were not, in the opinion of the directors, substantially
affected by any item, transaction or event of a material and unusual nature.
There has not arisen in the interval between the end of the financial year and the date of this report any item, transaction or event of a material
and unusual nature likely, in the opinion of the directors, to affect substantially the results of the operations of the Group and of the Company for
the financial year.
DIRECTORS
The directors who served since the date of the last report are as follows:TAN SRI DATO’ SERI MEGAT NAJMUDDIN BIN DATO’ SERI DR HAJI MEGAT KHAS
DATO’ (DR) PATRICK TEOH SENG FOO
DATO’ SRI CLEMENT HII CHII KOK
LEE KOK CHENG
HEW MOI LAN
DATU HAJI PUTIT BIN MATZEN
DATUK CHEE HONG LEONG ( APPOINTED ON 21.2.2011)
AMOS SIEW BOON YEONG
FOO SAN KAN
GOH LENG CHUA
SIMON HUE FOOK CHUAN (RETIRED ON 28.6.2010)
DIRECTORS’ INTERESTS
According to the register of directors’ shareholdings, the interests of directors holding office at the end of the financial year in shares in the
Company and its related corporations during the financial year are as follows:Number of Ordinary Shares of RM1 Each
Balance
Prior
At
To Share
1.1.2010
Bought
Sold
Split
DIRECT INTERESTS
TAN SRI DATO’ SERI MEGAT NAJMUDDIN
BIN DATO’ SERI DR HAJI MEGAT KHAS
HEW MOI LAN
INDIRECT INTERESTS
DATO’ (DR) PATRICK TEOH SENG FOO (1)
DATU HAJI PUTIT BIN MATZEN (2)
1,379,600
718,000
-
(1,224,000)
-
155,600
718,000
297
-
123,000
-
297
123,000
20,594,025
-
24,000,000
(20,594,025)
(3,500,000)
20,500,000
93
Balance After
Share Split
DIRECT INTERESTS
TAN SRI DATO’ SERI MEGAT NAJMUDDIN
BIN DATO’ SERI DR HAJI MEGAT KHAS
HEW MOI LAN
INDIRECT INTERESTS
DATU HAJI PUTIT BIN MATZEN
(2)
(1)
Deemed interests through EcoFirst Consolidated Berhad and Sawitani Sdn. Bhd.
(2)
Deemed interests through Cerahsar Sdn. Bhd.
Number of Ordinary Shares of RM0.50 Each
Bonus
At
Issue
Bought
Sold
31.12.2010
311,200
1,436,000
124,480
574,420
9,215,400
(262,900)
-
172,780
11,225,820
594
246,000
237
98,400
-
(112,000)
831
232,400
41,000,000
16,400,000
-
-
57,400,000
Number of 2010/2015 Warrants
At
1.1.2010
Alloted
Sold
At
31.12.2010
-
217,840
1,015,200
(140,200)
-
77,640
1,015,200
DIRECT INTERESTS
By virtue of their interests in shares in the Company, the above directors are deemed interested in the shares of the subsidiaries during the financial
year to the extent that the Company has an interest.
Other than as disclosed, none of the other directors holding office at the end of the financial year had any interest in shares in the Company or its
related corporations during the financial year.
DIRECTORS’ BENEFITS
Since the end of the previous financial year, no director has received or become entitled to receive any benefit (other than a benefit included in the
aggregate amount of emoluments received or due and receivable by directors as shown in the financial statements, or the fixed salary of a full-time
employee of the Company or a related corporation) by reason of a contract made by the Company or a related corporation with the director or with
a firm of which the director is a member, or with a company in which the director has a substantial financial interest.
Neither during nor at the end of the financial year was the Company a party to any arrangements whose object is to enable the directors to acquire
benefits by means of the acquisition of shares in, or debentures of, the Company or any other body corporate.
AUDITORS
The auditors, Messrs. Crowe Horwath, have expressed their willingness to continue in office.
Signed in accordance with a resolution of the Directors dated 24 March 2011
94
Statement
By Directors
We, Tan Sri Dato' Seri Megat Najmuddin Bin Dato' Seri Dr Haji Megat Khas and Dato’ Sri Clement Hii Chii Kok, being two of the directors of SEG
International Bhd., state that, in the opinion of the directors, the financial statements set out on pages 98 to 151, are drawn up in accordance with
Financial Reporting Standards and the Companies Act 1965 in Malaysia so as to give a true and fair view of the state of affairs of the Group and of
the Company at 31 December 2010 and of their results and cash flows for the financial year ended on that date.
The supplementary information set out in Note 38, which is not part of the financial statements, is prepared in all material respects, in accordance
with Guidance on Special Matter No. 1, Determination of Realised and Unrealised Profits and Losses in the Context of Disclosure Pursuant to
Bursa Malaysia Securities Berhad Listing Requirements, as issued by the Malaysian Institute of Accountants and the directive of Bursa Malaysia
Securities Berhad.
Signed in accordance with a resolution of the Directors dated 24 March 2011
Tan Sri Dato' Seri Megat Najmuddin
Bin Dato' Seri Dr Haji Megat Khas
Statutory
Declaration
I, Chong Poh Yee, being the officer primarily responsible for the financial management of SEG International Bhd., do solemnly and sincerely declare
that the financial statements set out on pages 98 to 151 are, to the best of my knowledge and belief, correct, and I make this solemn declaration
conscientiously believing the same to be true and by virtue of the provisions of the Statutory Declarations Act 1960.
Subscribed and solemnly declared by Chong Poh Yee, at Kuala Lumpur in the Federal Territory on this 24 March 2011
Chong Poh Yee
Before me
Kapt (B) Affandi Bin Ahmad
No. W602
Commissioner for Oaths
95
Independent Auditors’ Report
to the members of SEG International Bhd.
Report on the Financial Statements
We have audited the financial statements of SEG International Bhd., which comprise the statements of financial position as at 31 December 2010 of
the Group and of the Company, and the statements of comprehensive income, statements of changes in equity and statements of cash flows of the
Group and of the Company for the financial year then ended, and a summary of significant accounting policies and other explanatory information,
as set out on pages 98 to 151.
Directors’ Responsibility for the Financial Statements
The directors of the Company are responsible for the preparation of financial statements that give a true and fair view in accordance with Financial
Reporting Standards and the Companies Act 1965 in Malaysia, and for such internal control as the directors determine is necessary to enable the
preparation of financial statements that are free from material misstatement, whether due to fraud or error.
Auditors’ Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with approved
standards on auditing in Malaysia. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures
selected depend on our judgement, including the assessment of risks of material misstatement of the financial statements, whether due to fraud
or error. In making those risk assessments, we consider internal control relevant to the Company’s preparation of financial statements that give a
true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion
on the effectiveness of the Company’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the
reasonableness of accounting estimates made by the directors, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the financial statements have been properly drawn up in accordance with Financial Reporting Standards and the Companies Act
1965 in Malaysia so as to give a true and fair view of the financial position of the Group and of the Company as of 31 December 2010 and of their
financial performance and cash flows for the financial year then ended.
Report on Other Legal and Regulatory Requirements
In accordance with the requirements of the Companies Act 1965 in Malaysia, we also report the following:(a) In our opinion, the accounting and other records and the registers required by the Act to be kept by the Company and its subsidiaries of which
we have acted as auditors have been properly kept in accordance with the provisions of the Act.
(b) We have considered the financial statements and the auditors’ reports of the subsidiaries of which we have not acted as auditors, which are
indicated in Note 5 to the financial statements.
(c) We are satisfied that the financial statements of the subsidiaries that have been consolidated with the Company’s financial statements are in
form and content appropriate and proper for the purposes of the preparation of the financial statements of the Group and we have received
satisfactory information and explanations required by us for those purposes.
(d) The audit reports on the financial statements of the subsidiaries did not contain any qualification or any adverse comment made under Section
174(3) of the Act.
96
Independent Auditors’ Report (Continued)
to the members of SEG International Bhd.
The supplementary information set out in Note 38 to the financial statements is disclosed to meet the requirement of Bursa Malaysia Securities
Berhad and is not part of the financial statements. The directors are responsible for the preparation of the supplementary information in accordance
with Guidance on Special Matter No. 1, Determination of Realised and Unrealised Profits or Losses in the Context of Disclosure Pursuant to Bursa
Malaysia Securities Berhad Listing Requirements, as issued by the Malaysian Institute of Accountants (“MIA Guidance”) and the directive of
Bursa Malaysia Securities Berhad. In our opinion, the supplementary information is prepared, in all material respects, in accordance with the MIA
Guidance and the directive of Bursa Malaysia Securities Berhad.
Other Matters
This report is made solely to the members of the Company, as a body, in accordance with Section 174 of the Companies Act 1965 in Malaysia and
for no other purpose. We do not assume responsibility to any other person for the content of this report.
Crowe Horwath
Firm No.: AF 1018
Chartered Accountants
Lee Kok Wai
Approval No.: 2760/06/12 (J)
Chartered Accountant
24 March 2011
Kuala Lumpur
97
Statements of
Financial Position
at 31 December 2010
Note
31.12.2010
RM’000
The Group
31.12.2009
RM’000
01.01.2009
RM’000
5
6
7
8
9
10
11
12
4,760
100,113
2,425
27,679
2,734
3,174
4,777
91,409
91
4,400
27,808
2,459
3,587
451
75,848
156
11,768
30,237
3,837
3,374
67,229
8,137
2,425
1,557
67,019
7,981
91
1,898
140,885
134,531
125,671
79,348
76,989
30
37,572
5,720
78,831
40,065
7,561
36,898
8
35,224
5,462
47,545
63,471
1,249
66,948
79,877
1,536
21,475
122,153
84,524
88,239
131,668
102,888
263,038
219,055
213,910
211,016
179,877
125,623
76,961
89,093
80,062
89,093
69,231
125,623
51,230
89,093
50,873
MINORITY INTERESTS
202,584
899
169,155
839
158,324
623
176,853
-
139,966
-
TOTAL EQUITY
203,483
169,994
158,947
176,853
139,966
10,831
2,487
12,466
1,899
7,840
1,891
6,477
-
9,295
-
13,318
14,365
9,731
6,477
9,295
38,607
7,170
460
-
27,971
6,089
636
-
22,170
22,709
184
169
24,163
3,523
-
27,418
3,198
-
46,237
34,696
45,232
27,686
30,616
59,555
49,061
54,963
34,163
39,911
263,038
219,055
213,910
211,016
179,877
ASSETS
NON-CURRENT ASSETS
Investments in subsidiaries
Investments in associates
Property, plant and equipment
Investment properties
Receivables
Intangible assets
Other investments
Deferred tax assets
CURRENT ASSETS
Inventories
Receivables
Current tax assets
Cash and cash equivalents
13
9
14
TOTAL ASSETS
EQUITY AND LIABILITIES
EQUITY
Share capital
Reserves
LIABILITIES
NON-CURRENT LIABILITIES
Long-term borrowings
Deferred tax liabilities
CURRENT LIABILITIES
Payables
Short-term borrowings
Current tax liabilities
Bank overdraft
TOTAL LIABILITIES
TOTAL EQUITY AND LIABILITIES
15
16
17
20
21
22
The annexed notes form an integral part of these financial statements.
98
The Company
31.12.2010
31.12.2009
RM’000
RM’000
Statements of
Comprehensive Income
for the financial year ended 31 December 2010
Note
REVENUE
23
The Group
2010
2009
RM’000
RM’000
The Company
2010
2009
RM’000
RM’000
217,615
166,372
73,470
37,241
COST OF SERVICES
(56,522)
(47,233)
(3,784)
(5,942)
GROSS PROFIT
161,093
119,139
69,686
31,299
18,315
11,279
2,880
2,102
179,408
130,418
72,566
33,401
DISTRIBUTION EXPENSES
(18,714)
(13,698)
(169)
(272)
ADMINISTRATIVE EXPENSES
(47,930)
(51,856)
(5,962)
(13,852)
OTHER EXPENSES
(57,764)
(49,159)
(17,664)
(16,712)
(1,233)
(1,694)
(837)
(1,045)
547
595
-
-
OTHER INCOME
FINANCE COSTS
SHARE OF RESULTS IN AN ASSOCIATE
PROFIT BEFORE TAXATION
24
54,314
14,606
47,934
1,520
INCOME TAX EXPENSE
25
(11,074)
(4,367)
(2,105)
(1,007)
43,240
10,239
45,829
513
1,329
(963)
25
25
25
25
391
25
25
25
TOTAL COMPREHENSIVE INCOME FOR
THE FINANCIAL YEAR
43,631
10,264
45,854
538
PROFIT AFTER TAXATION ATTRIBUTABLE TO:Owners of the Company
Minority interest
43,059
181
10,023
216
45,829
-
513
-
43,240
10,239
45,829
513
43,450
181
10,048
216
45,854
-
538
-
43,631
10,264
45,854
538
PROFIT AFTER TAXATION
OTHER COMPREHENSIVE INCOME, NET OF TAX
Available-for-sale financial assets:
- gain on fair value changes
Foreign currency translation
Realisation of revaluation reserve
TOTAL COMPREHENSIVE INCOME ATTRIBUTABLE TO:Owners of the Company
Minority interest
EARNINGS PER SHARE:
- Basic
- Diluted
26
26
17.40 sen
13.51 sen
4.23 sen
Not applicable
99
Statements of
Changes in Equity
The Group
Balance at 01.01.2009
Total comprehensive
income for the
financial year
Purchase of own shares
Disposal of own shares
Exchange difference
on retranslation of
net assets of
overseas subsidiary
Transfer to retained
profits on realisation
of revaluation reserve
Dividend
Balance at
31.12.2009/01.01.2010
(balance carried
forward)
Attributable to Equity Holders of the Company
Exchange
Share
Share Revaluation Retained Translation Treasury
Capital Premium
Reserve
Profits
Reserve
Shares
Note RM’000
RM’000
RM’000
RM’000
RM’000 RM’000
27
Minority
Total
Interest Equity
RM’000 RM’000
89,093
35,876
2,002
36,309
(94)
(4,862)
158,324
623
158,947
-
-
-
10,048
501
-
(4)
2,511
10,048
(4)
3,012
216
-
10,264
(4)
3,012
-
-
-
-
(335)
-
(335)
-
(335)
-
-
(25)
-
(1,865)
-
-
(25)
(1,865)
-
(25)
(1,865)
89,093
35,876
1,977
44,993
(429)
(2,355)
169,155
839
169,994
100
Total
RM’000
27
982
(265)
-
893
-
-
956
(35,637)
-
35,637
-
125,623
35,876
35,876
-
89,093
89,093
-
6,147
-
-
(89)
-
6,236
-
-
275
-
-
-
1,329
-
(1,054)
(1,054)
1,952
-
(25)
-
-
-
1,977
1,977
-
85,716
-
(2,339)
909
-
43,084
-
44,062
44,993
(931)
(1,392)
-
-
-
(963)
-
(429)
(429)
-
Attributable To Equity Holders Of The Company
AvailableFor-Sale
Financial
Exchange
Warrant
Asset Revaluation Retained Translation
Reserve Reserve
Reserve
Profits
Reserve
RM’000
RM’000
RM’000
RM’000
RM’000
- as adjusted
Total comprehensive income
for the financial year
Issuance of bonus shares
Issuance of warrants
Issuance of shares from
exercise of warrants
Share issuance expenses
Transfer to retained profits
on realisation of
revaluation reserve
Dividend
Dividend paid to minority
interest
- as previously reported
- effect of adopting FRS 139
The Group (Cont’d)
Share
Share
Capital Premium
Note RM’000
RM’000
Statements of Changes in Equity (Continued)
(16,693)
-
-
(16,693)
2,355
-
-
(2,355)
(2,355)
-
Treasury
Shares
RM’000
202,584
-
(25)
(2,339)
1,786
(16,693)
3,264
(265)
43,450
6,236
167,170
169,155
(1,985)
Total
RM’000
899
(121)
-
-
181
-
839
839
-
203,483
(121)
(25)
(2,339)
1,786
(16,693)
3,264
(265)
43,631
6,236
168,009
169,994
(1,985)
Minority
Total
Interest Equity
RM’000 RM’000
101
Statements of Changes in Equity (Continued)
The Company
Note
on the realisation of
revaluation reserve
Dividend
27
Balance at
31.12.2009/01.01.2010
- as previously reported
- effect of adopting FRS 139
as adjusted
Issuance of bonus shares
Issuance of warrants
Issuance of shares from exercise
of warrants
Share issue expenses
on the realisation of
revaluation reserve
Dividend
27
Share
Capital
RM’000
Share
Premium
RM’000
Warrant
Reserve
RM’000
Revaluation
Reserve
RM’000
Retained
Profits
RM’000
Treasury
Shares
RM’000
Total
Equity
RM’000
89,093
35,876
-
2,002
16,201
(4,862)
138,310
-
-
-
-
501
(4)
2,511
(4)
3,012
-
-
-
-
538
-
538
-
-
-
(25)
-
(1,865)
-
(25)
(1,865)
89,093
-
35,876
-
-
1,977
-
15,375
(931)
(2,355)
-
139,966
(931)
89,093
35,876
-
1,977
14,444
(2,355)
139,035
35,637
-
(35,637)
-
6,236
-
45,854
-
-
45,854
6,236
893
-
982
(265)
(89)
-
-
909
-
(16,693)
2,355
-
1,786
(16,693)
3,264
(265)
-
-
-
(25)
-
(2,339)
-
(25)
(2,339)
125,623
956
6,147
1,952
58,868
(16,693)
176,853
102
Statements of
Cash Flows
Note
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before taxation
The Group
2010
2009
RM’000
RM’000
The Company
2010
2009
RM’000
RM’000
54,314
14,606
47,934
1,520
600
251
338
2,034
7,350
1
67
1,232
(62)
(165)
(40)
(94)
(992)
(672)
(547)
1,180
198
2,468
182
4,132
1,558
6,143
4
2,163
8
1,694
(482)
(26)
(114)
(499)
(252)
(595)
623
344
1
837
(51)
(40)
(43,799)
(2,410)
-
1,180
4,170
2,018
96
314
4
1,045
(26)
(7,437)
(1,630)
-
Operating profit before working capital changes
(Increase)/Decrease in trade and other receivables
Increase/(Decrease) in trade and other payables
63,615
890
10,644
32,368
(1,328)
5,830
3,439
3,192
1,332
1,254
1,302
(347)
CASH FLOWS FROM OPERATIONS
Interest paid
Income tax paid
75,149
(1,232)
(8,443)
36,870
(1,694)
(6,150)
7,963
(837)
(727)
2,209
(1,045)
(884)
NET CASH FROM OPERATING ACTIVITIES CARRIED FORWARD
65,474
29,026
6,399
280
Adjustments for:Allowance for impairment on:
- unquoted bonds
- quoted shares
- investments in associates
- investments in subsidiaries
Goodwill on consolidation written off
Amortisation of development costs
Allowance for impairment losses on receivables
Bad debts written off
Depreciation of property, plant and equipment
Depreciation of investment properties
Property, plant and equipment written off
Inventories written off
Interest expense
Excess of the fair value of net assets acquired over the purchase price
Gain on disposal of property, plant and equipment
Gain on disposal on investment properties
Dividend income
Interest income
Unrealised gain on foreign exchange
Share of profit in an associate
103
Statements of Cash Flows (Continued)
Note
NET CASH FROM OPERATING
ACTIVITIES BROUGHT FORWARD
The Group
2010
2009
RM’000
RM’000
The Company
2010
2009
RM’000
RM’000
65,474
29,026
6,399
280
272
(9,986)
(19)
130
(148)
94
992
11,041
(19,191)
(3,800)
87
(225)
(29)
114
499
(210)
51
(131)
130
4,650
43,049
2,410
(150)
(160)
87
(17,877)
(29)
7,437
1,632
(8,665)
(11,504)
49,949
(9,060)
Proceeds from disposal of own shares
Repayment of hire purchase and finance lease payables
Drawdown of term loan
Repayment of term loans
Proceeds from new shares, net of expenses
Proceeds from issuance of warrants
Dividend paid
Dividend paid to minority interest
3,264
(16,693)
(3,801)
(2,942)
1,521
6,236
(2,339)
(121)
1,177
(4)
(2,570)
(24,659)
(1,865)
-
3,264
(16,693)
(16)
(2,848)
1,521
6,236
(2,339)
-
1,177
(4)
14,000
(21,507)
(1,865)
-
NET CASH FOR FINANCING ACTIVITIES
(14,875)
(27,921)
(10,875)
(8,199)
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS
41,934
(10,399)
45,473
(16,979)
(1)
(79)
-
-
CASH AND CASH EQUIVALENTS, NET OF BANK
OVERDRAFT AT BEGINNING OF THE FINANCIAL YEAR
36,898
47,376
21,475
38,454
OVERDRAFT AT END OF THE FINANCIAL YEAR
78,831
36,898
66,948
21,475
78,831
36,898
66,948
21,475
78,831
36,898
66,948
21,475
CASH FLOWS FROM/(FOR) INVESTING ACTIVITIES
Additional investment in subsidiaries
Proceeds from disposal of property, plant and equipment
Purchase of property, plant and equipment
Net cash outflow on the acquisition of a subsidiary
Investment in an associate
Proceeds from disposal of investment properties
Addition of development costs
Net (advances to)/repayment from subsidiaries
Net (advances to)/repayment from affiliated companies
Dividend received
Interest received
28
29
NET CASH (FOR)/FROM INVESTING ACTIVITIES
CASH FLOWS FOR FINANCING ACTIVITIES
EFFECTS OF FOREIGN EXCHANGE TRANSLATION
ON CASH AND CASH EQUIVALENTS
OVERDRAFT COMPRISE:Cash and cash equivalents
14
104
Notes to the
Financial Statements
1.
GENERAL INFORMATION
The Company is a public company limited by shares and is incorporated under the Companies Act 1965 in Malaysia. The domicile of the
Company is Malaysia. The registered office and principal place of business are as follows:Registered office
:
6th Floor, SEGi University College,
No. 9, Jalan Teknologi, Taman Sains Selangor,
Kota Damansara, PJU 5, 47810 Petaling Jaya,
Selangor Darul Ehsan.
Principal place of business
:
No. 9, Jalan Teknologi, Taman Sains Selangor,
Kota Damansara, PJU 5, 47810 Petaling Jaya,
Selangor Darul Ehsan.
The financial statements were authorised for issue by the Board of Directors in accordance with a resolution of the directors dated 24 March 2011.
2.
PRINCIPAL ACTIVITIES
The Company is principally engaged in the businesses of investment holding and provision of management consultancy services, property
management, rental of premises, business advisory services, educational and training services whilst the principal activities of the subsidiaries are
set out in Note 5 to the financial statements. There have been no significant changes in the nature of these activities during the financial year.
3.
BASIS OF PREPARATION
The financial statements of the Group are prepared under the historical cost convention and modified to include other bases of valuation as
disclosed in other sections under significant accounting policies, and in compliance with Financial Reporting Standards (“FRS”) in Malaysia.
(a) During the current financial year, the Group has adopted the following new accounting standards and interpretations (including the
consequential amendments):
FRSs and IC Interpretations (including the Consequential Amendments)
FRS 4 Insurance Contracts
FRS 7 Financial Instruments: Disclosures
FRS 8 Operating Segments
FRS 101 (Revised) Presentation of Financial Statements
FRS 123 (Revised) Borrowing Costs
FRS 139 Financial Instruments: Recognition and Measurement
Amendments to FRS 1 and FRS 127: Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate
Amendments to FRS 2: Vesting Conditions and Cancellations
Amendments to FRS 7, FRS 139 and IC Interpretation 9
Amendments to FRS 101 and FRS 132: Puttable Financial Instruments and Obligations Arising on Liquidation
Amendments to FRS 132: Classification of Rights Issues and the Transitional Provision in Relation to Compound Instruments
105
Notes to the Financial Statements (Continued)
3.
BASIS OF PREPARATION (CONT’D)
consequential amendments) (Cont’d):
FRSs and IC Interpretations (including the Consequential Amendments)
IC Interpretation 9 Reassessment of Embedded Derivatives
IC Interpretation 10 Interim Financial Reporting and Impairment
IC Interpretation 11: FRS 2 – Group and Treasury Share Transactions
IC Interpretation 13 Customer Loyalty Programmes
IC Interpretation 14: FRS 119 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction
Annual Improvements to FRSs (2009)
The adoption of the above accounting standards and interpretations (including the consequential amendments) did not have any material
impact on the Company’s financial statements, other than the following:
(i)
FRS 7 requires additional disclosures about the Group’s financial instruments. Prior to 1 January 2010, information about financial
statements was disclosed in accordance with the requirements of FRS 132 Financial Instruments: Disclosures and Presentation.
FRS 7 requires the disclosure of qualitative and quantitative information about exposure to risks arising from financial instruments,
including specified minimum disclosures about credit risk, liquidity risk and market risk, including sensitivity analysis to market
risk.
The Group has applied FRS 7 prospectively in accordance with the transitional provisions. Accordingly, the new disclosures have
not been applied to the comparatives and are included throughout the Company’s financial statements for the financial year ended
31 December 2010.
(ii) FRS 101 (Revised) introduces the statement of comprehensive income, with all items of income and expense recognised in profit or
loss, together with all other items of recognised income and expense recognised directly in equity, either in one single statement, or
in two linked statements. The Group has elected to present this statement as one single statement.
The revised standard also separates owner and non-owner changes in equity. The statement of changes in equity includes only
details of transactions with owners, with all non-owner changes in equity presented in the statement of comprehensive income as
other comprehensive income.
In addition, a statement of financial position is required at the beginning of the earliest comparative period following a change in
accounting policy, the correction of an error or the classification of items in the statement.
FRS 101 (Revised) also requires the Group to make new disclosures to enable users of the financial statements to evaluate the Group’s
objectives, policies and processes for managing capital. This new disclosure is made in Note 36(b) to the financial statements.
Comparative information has been re-presented so that it is in conformity with the requirements of this revised standard.
106
3.
consequential amendments) (Cont’d):
(iii) The adoption of FRS 139 (including the consequential amendments) has resulted in several changes to accounting policies relating
to recognition and measurements of financial instruments.
The financial impact to the financial statements is summarised as follows:-
Note
The Group
01.01.2010
RM’000
Retained profits
Remeasurement of other receivables
(aa)
(931)
Available-for-sale reserve
Fair valuation of quoted equity securities
(bb)
(1,054)
(aa) Prior to 1 January 2010, advances to other receivables were recorded at cost. With the adoption of FRS 139, these advances
are now recognised initially at their fair values, which are estimated by discounting the expected cash flows using the current
market interest rate of a loan with similar risk and tenure. Interest income is recognised in profit or loss using the effective
interest method.
(bb) Prior to 1 January 2010, investments in non-current quoted equity securities were stated at cost less allowance for diminution in
value which is other than temporary. With the adoption of this standard, these quoted investments are designated as availablefor-sale financial assets and are measured at their fair values at each reporting date. The adjustment to the previous carrying
amounts is recognised to the fair value reserve.
(iv) The Group has adopted the amendments to FRS 117 Leases pursuant to the Annual Improvements to FRSs (2009). The Group has
reassessed and determined that all leasehold land of the Company are in substance finance leases and has reclassified the leasehold
land to property, plant and equipment. The change in accounting policy has been made retrospectively in accordance with the
transitional provisions of the amendments.
(b) The Group has not applied in advance the following accounting standards and interpretations (including the consequential amendments)
that have been issued by the Malaysian Accounting Standards Board (MASB) but are not yet effective for the current financial year:FRSs and IC Interpretations (including the Consequential Amendments)
Effective date
FRS 1 (Revised) First-time Adoption of Financial Reporting Standards
1 July 2010
FRS 3 (Revised) Business Combinations
1 July 2010
FRS 124 (Revised) Related Party Disclosures
1 January 2012
FRS 127 (Revised) Consolidated and Separate Financial Statements
1 July 2010
Amendments to FRS 1 (Revised): Limited Exemption from
Comparative FRS 7 Disclosures for First-time Adopters
1 January 2011
Amendments to FRS 1: Additional Exemptions for First-time Adopters
1 January 2011
107
3.
(b) The Group has not applied in advance the following accounting standards and interpretations (including the consequential amendments)
that have been issued by the Malaysian Accounting Standards Board (MASB) but are not yet effective for the current financial year
(Cont’d):FRSs and IC Interpretations (including the Consequential Amendments)
Effective date
Amendments to FRS 2: Scope of FRS 2 and Revised FRS 3 (2010)
1 July 2010
Amendments to FRS 2: Group Cash-settled Share-based Payment Transactions
1 January 2011
Amendments to FRS 5: Plan to Sell the Controlling Interest in a Subsidiary
1 July 2010
Amendments to FRS 7: Improving Disclosures about Financial Instruments
1 January 2011
Amendments to FRS 138: Consequential Amendments Arising from Revised FRS 3 (2010)
1 July 2010
Amendments to IC Interpretation 14 Prepayment of a Minimum Funding Requirement
1 July 2011
Amendments to IC Interpretation 9 Scope of IC Interpretation 9 and FRS 3 ( Revised)
1 July 2010
IC Interpretation 4 Determining Whether An Arrangement Contains a Lease
1 January 2011
IC Interpretation 12 Service Concession Arrangements
1 July 2010
IC Interpretation 15 Agreements for the Construction of Real Estate
1 January 2012
IC Interpretation 16 Hedges of a Net Investment in a Foreign Operation
1 July 2010
IC Interpretation 17 Distributions of Non-cash Assets to Owners
1 July 2010
IC Interpretation 18 Transfers of Assets from Customers
1 January 2011
IC Interpretation 19 Extinguishing Financial Liabilities with Equity Instruments Transfers of
Assets from Customers
1 July 2011
Annual Improvements to FRSs (2010)
1 January 2011
The above accounting standards and interpretations (including the consequential amendments) are not relevant to the Group’s operations
except as follows:(i)
FRS 3 (Revised) introduces significant changes to the accounting for business combinations, both at the acquisition date and post
acquisition, and requires greater use of fair values. In addition, all transaction costs, other than share and debt issue costs, will be
expensed as incurred. This revised standard will be applied prospectively and therefore there will not have any financial impact
on the financial statements of the Group for the current financial year but may impact the accounting for future transactions or
arrangements.
(ii) FRS 127 (Revised) requires accounting for changes in ownership interests by the group in a subsidiary, while maintaining control, to
be recognised as an equity transaction. When the group loses control of a subsidiary, any interest retained in the former subsidiary
will be measured at fair value with the gain or loss recognised in profit or loss. The revised standard also requires all losses attributable
to the minority interest to be absorbed by the minority interest instead of by the parent. The Group will apply the major changes of
FRS 127 (Revised) prospectively and therefore there will not have any financial impact on the financial statements of the Group for
the current financial year but may impact the accounting its future transactions or arrangements.
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4.
SIGNIFICANT ACCOUNTING POLICIES
(a) Critical Accounting Estimates And Judgements
Estimates and judgements are continually evaluated by the directors and management and are based on historical experience and
other factors, including expectations of future events that are believed to be reasonable under the circumstances. The estimates and
judgements that affect the application of the Group’s accounting policies and disclosures, and have a significant risk of causing a material
adjustment to the carrying amounts of assets, liabilities, income and expenses are discussed below:(i)
Depreciation of Property, Plant and Equipment
The estimates for the residual values, useful lives and related depreciation charges for the property, plant and equipment are based
on commercial factors which could change significantly as a result of technical innovations and competitors’ actions in response to
the market conditions.
The Group anticipates that the residual values of its property, plant and equipment will be insignificant. As a result, residual values
are not being taken into consideration for the computation of the depreciable amount.
Changes in the expected level of usage and technological development could impact the economic useful lives and the residual
values of these assets, therefore future depreciation charges could be revised.
(ii) Income Taxes
There are certain transactions and computations for which the ultimate tax determination may be different from the initial estimate.
The Group recognises tax liabilities based on its understanding of the prevailing tax laws and estimates of whether such taxes will
be due in the ordinary course of business. Where the final outcome of these matters is different from the amounts that were initially
recognised, such difference will impact the income tax and deferred tax provisions in the period in which such determination is
made.
(iii) Impairment of Non-financial Assets
When the recoverable amount of an asset is determined based on the estimate of the value-in-use of the cash-generating unit to
which the asset is allocated, the Group is required to make an estimate of the expected future cash flows from the cash-generating
unit and also to apply a suitable discount rate in order to determine the present value of those cash flows.
(iv) Amortisation of Development Costs/Intangible Assets
Changes in the expected level of usage and technological development could impact the economic useful lives therefore future
amortisation charges could be revised.
(v) Impairment of Available-for-sale Financial Assets
The Company reviews its available-for-sale financial assets at each reporting date to assess whether they are impaired. The Company
also records impairment loss on available-for-sale equity investments when there has been a significant or prolonged decline in the
fair value below their cost. The determination of what is “significant’ or “prolonged” requires judgement. In making this judgement,
the Company evaluates, among other factors, historical share price movements and the duration and extent to which the fair value
of an investment is less than its cost.
(vi) Impairment of Trade and Other Receivables
An impairment loss is recognised when there is objective evidence that a financial asset is impaired. Management specifically reviews
its loan and receivables financial assets and analyses historical bad debts, customer concentrations, customer creditworthiness,
current economic trends and changes in the customer payment terms when making a judgment to evaluate the adequacy of the
allowance for impairment loss. Where there is objective evidence of impairment, the amount and timing of future cash flows are
estimated based on historical loss experience for assets with similar credit risk characteristics. If the expectation is different from
the estimation, such difference will impact the carrying value of receivables.
109
4.
SIGNIFICANT ACCOUNTING POLICIES (CONT’D)
(a) Critical Accounting Estimates And Judgements (Cont’d)
(vii) Allowance for Inventories
Reviews are made periodically by management on damaged, obsolete and slow-moving inventories. These reviews require judgement
and estimates. Possible changes in these estimates could result in revisions to the valuation of inventories.
(viii) Revaluation of Properties
The Group’s properties which are reported at valuation are based on valuations performed by independent professional valuers.
The independent professional valuers have exercised judgement in determining discount rates, estimates of future cash flows,
capitalisation rate, terminal year value, market freehold rental and other factors used in the valuation process. Also, judgement has
been applied in estimating prices for less readily observable external parameters. Other factors such as model assumptions, market
dislocations and unexpected correlations can also materially affect these estimates and the resulting valuation estimates.
(ix) Fair Value Estimates for Certain Financial Assets and Liabilities
The Group carries certain financial assets and liabilities at fair value, which requires extensive use of accounting estimates and
judgement. While significant components of fair value measurement were determined using verifiable objective evidence, the
amount of changes in fair value would differ if the Group uses different valuation methodologies. Any changes in fair value of these
assets and liabilities would affect profit and equity.
(b) Basis of Consolidation
The consolidated financial statements incorporate the financial statements of the Company and its subsidiaries made up to 31 December 2010.
A subsidiary is defined as company in which the parent company has the power, directly or indirectly, to exercise control over the
financial and operating policies so as to obtain benefits from its activities.
All subsidiaries are consolidated using the purchase method of accounting. Under the purchase method of accounting, the results of
subsidiaries acquired or disposed of are included from the date of acquisition or up to the date of disposal. At the date of acquisition, the
fair values of the subsidiaries’ net assets are determined and these values are reflected in the consolidated financial statements. The cost
of acquisition is measured at the aggregate of the fair value, at the date of exchange, of assets given, liabilities incurred and assumed,
and equity instruments issued by the Group in exchange for control of the acquiree, plus any costs directly attributable to the business
combination.
Intragroup transactions, balances and unrealised gains on transactions are eliminated; unrealised losses are also eliminated unless
cost cannot be recovered. Where necessary, adjustments are made to the financial statements of subsidiaries to ensure consistency of
accounting policies with those of the Group.
Minority interests in the consolidated statement of financial positions consist of the minorities’ share of fair values of the identifiable
assets and liabilities of the acquiree as at the date of acquisition and the minorities’ share of movements in the acquiree’s equity.
Minority interests are presented in the consolidated statement of financial position of the Group within equity, separately from the
Company’s equity holders, and are separately disclosed in the consolidated statement of comprehensive income of the Group.
(c) Intangible Assets
(i)
Goodwill on Consolidation
Goodwill on consolidation represents the excess of the fair value of the purchase consideration over the Group’s share of the fair
values of the identifiable net assets of the subsidiaries at the date of acquisition.
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4.
(c) Intangible Assets (Cont’d)
(i)
Goodwill on Consolidation (Cont’d)
Goodwill is measured at cost less accumulated impairment losses, if any. The carrying value of goodwill is reviewed for impairment
annually. The impairment value of goodwill is recognised immediately in the consolidated income statement. An impairment loss
recognised for goodwill is not reversed in a subsequent period.
If, after reassessment, the Group’s interest in the fair values of the identifiable net assets of the subsidiaries exceeds the cost of the
business combinations, the excess is recognised immediately in the consolidated income statement.
(ii) Research and Development Expenditure
Research expenditure is recognised as an expense when it is incurred.
Development expenditure is recognised as an expense except that expenditure incurred on development projects are capitalised as
long-term assets to the extent that such expenditure is expected to generate future economic benefits. Development expenditure is
capitalised if, and only if an entity can demonstrate all of the following:(a) its ability to measure reliably the expenditure attributable to the asset under development;
(b) the product or process is technically and commercially feasible;
(c) its future economic benefits are probable;
(d) its ability to use or sell the developed asset; and
(e) the availability of adequate technical, financial and other resources to complete the asset under development.
Capitalised development expenditure is transferred at cost to other intangible assets upon completion of the developed project.
(iii) Other Intangible Assets
An intangible asset shall be recognised if, and only if it is probable that the expected future economic benefits that are attributable
to the asset will flow to the entity and that the cost of the asset can be measured reliably. An entity shall assess the probability of the
expected future economic benefits using reasonable and supportable assumptions that represent management’s best estimate of
the set of economic conditions that will exist over the useful life of the asset. An intangible asset shall be measured initially at cost.
The useful lives of intangible assets are assessed to be either finite or indefinite.
Intangible assets with finite lives are amortised over their useful economic lives and assessed for impairment whenever there is an
indication that the intangible assets may be impaired. The amortisation period and the amortisation method for an intangible asset
with a finite useful life is reviewed annually. Changes in the expected useful life or the expected pattern of consumption of future
economic benefits embodied in the asset is accounted for by changing the amortisation period or method, as appropriate, and treated
as changes in accounting estimates. The amortisation expense on intangible assets with finite lives is recognised in the income
statement in the expense category consistent with the function of the intangible asset.
Intangible assets that have been capitalised are amortised on a straight line basis over the period of their expected benefit, but not
exceeding 5 years from the commencement of the commercial production of the products.
Intangible assets with indefinite useful lives are tested for impairment annually either individually or at the cash generating unit level.
Such intangibles are not amortised. The useful life of an intangible asset with an indefinite life is reviewed annually to determine
whether indefinite life assessment continues to be supportable. If not, the change in the useful life assessment from indefinite to
finite is made on a prospective basis.
111
4.
(d) Functional and Foreign Currencies
(i)
Functional and Presentation Currency
The individual financial statements of each entity in the Group are presented in the currency of the primary economic environment
in which the entity operates, which is the functional currency.
The consolidated financial statements are presented in Ringgit Malaysia, which is the Company’s functional and presentation
currency.
(ii) Transactions and Balances
Transactions in foreign currencies are converted into the respective functional currencies on initial recognition, using the exchange
rates approximating those ruling at the transaction dates. Monetary assets and liabilities at the end of the reporting period are
translated at the rates ruling as of that date. Non-monetary assets and liabilities are translated using exchange rates that existed
when the values were determined. All exchange differences are recognised in profit or loss.
(iii) Foreign Operations
Assets and liabilities of foreign operations are translated to RM at the rates of exchange ruling at the end of the reporting period.
Revenues and expenses of foreign operations are translated at exchange rates ruling at date of transaction. All exchange differences
arising on translation are recognised directly in equity.
(e) Financial Instruments
Financial instruments are recognised in the statement of financial position when the Company has become a party to the contractual provisions of
the instruments.
Financial instruments are classified as liabilities or equity in accordance with the substance of the contractual arrangement. Interest, dividends,
gains and losses relating to a financial instrument classified as a liability, are reported as an expense or income. Distributions to holders of financial
instruments classified as equity are charged directly to equity.
Financial instruments are offset when the Company has a legally enforceable right to offset and intends to settle either on a net basis or to realise
the asset and settle the liability simultaneously.
A financial instrument is recognised initially, at its fair value plus, in the case of a financial instrument not at fair value through profit or
loss, transaction costs that are directly attributable to the acquisition or issue of the financial instrument.
Financial instruments recognised in the statement of financial position are disclosed in the individual policy statement associated with
each item.
(i)
Financial Assets
On initial recognition, financial assets are classified as either financial assets at fair value through profit or loss, loans and receivables,
held-to-maturity investments, or available-for-sale financial assets, as appropriate.
•
Financial Assets at Fair Value Through Profit or Loss
Financial assets are classified as financial assets at fair value through profit or loss when the financial asset is either held for
trading or is designated to eliminate or significantly reduce a measurement or recognition inconsistency that would otherwise
arise. Derivatives are also classified as held for trading unless they are designated as hedges.
112
4.
(e) Financial Instruments (Cont’d)
(i)
Financial Assets (Cont’d)
•
Financial Assets at Fair Value Through Profit or Loss (Cont’d)
`
Financial assets at fair value through profit or loss are stated at fair value, with any gains or losses arising on remeasurement
recognised in profit or loss. Dividend income from this category of financial assets is recognised in profit or loss when the
Company’s right to receive payment is established.
•
Held-to-maturity Investments
Held-to-maturity investments are non-derivative financial assets with fixed or determinable payments and fixed maturities
that the management has the positive intention and ability to hold to maturity. Held-to-maturity investments are measured
at amortised cost using the effective interest method less any impairment loss, with revenue recognised on an effective yield
basis.
•
Loans and Receivables Financial Assets
Trade receivables and other receivables that have fixed or determinable payments that are not quoted in an active market are
classified as loans and receivables financial assets. Loans and receivables financial assets are measured at amortised cost using
the effective interest method, less any impairment loss. Interest income is recognised by applying the effective interest rate,
except for short-term receivables when the recognition of interest would be immaterial.
•
Available-for-sale Financial Assets
Available-for-sale financial assets are non-derivative financial assets that are designated in this category or are not classified in
any of the other categories.
After initial recognition, available-for-sale financial assets are remeasured to their fair values at the end of each reporting period.
Gains and losses arising from changes in fair value are recognised in other comprehensive income and accumulated in the fair
value reserve, with the exception of impairment losses. On derecognition, the cumulative gain or loss previously accumulated
in the fair value reserve is reclassified from equity into profit or loss.
Dividends on available-for-sale equity instruments are recognised in profit or loss when the Group’s right to receive payments
is established.
Investments in equity instruments whose fair value cannot be reliably measured are measured at cost less accumulated
impairment losses, if any.
(ii) Financial Liabilities
All financial liabilities are initially at fair value plus directly attributable transaction costs and subsequently measured at amortised
cost using the effective interest method other than those categorised as fair value through profit or loss.
Fair value through profit or loss category comprises financial liabilities that are either held for trading or are designated to eliminate
or significantly reduce a measurement or recognition inconsistency that would otherwise arise. Derivatives are also classified as
held for trading unless they are designated as hedges.
(iii) Equity Instruments
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in
equity as a deduction, net of tax, from proceeds.
Dividends on ordinary shares are recognised as liabilities when approved for appropriation.
113
4.
(e) Financial Instruments (Cont’d)
(iv) Treasury Shares
When the Company’s own shares recognised as equity are bought back, the amount of the consideration paid, including all costs
directly attributable, are recognised as a deduction from equity. Own shares purchased that are not subsequently cancelled are
classified as treasury shares and are presented as a deduction from total equity.
Where such shares are subsequently sold or reissued, any consideration received, net of any direct costs, is included in equity.
(f) Investments in Subsidiaries
Investments in subsidiaries are stated at cost in the statement of financial position of the Company, and are reviewed for impairment at the end of
the financial year if events or changes in circumstances indicate that their carrying values may not be recoverable.
On the disposal of the investments in subsidiaries, the difference between the net disposal proceeds and the carrying amount of the investments
is recognised in profit or loss.
(g) Investments in Associates
Investments in associates are stated at cost in the statement of financial position of the Company, and are reviewed for impairment at the
end of the financial year if events or changes in circumstances indicate that their carrying values may not be recoverable.
The investments in associates in the consolidated financial statements are accounted for under the equity method, based on the financial
statements of the associate made up to 31 December 2010. The Group’s share of the post acquisition profit of the associate is included in
the consolidated income statement and the Group’s interest in associate is stated at cost plus the Group’s share of the post-acquisition
retained profits and reserves.
Unrealised gains on transactions between the Group and the associate are eliminated to the extent of the Group’s interest in the associate.
Unrealised losses are eliminated unless cost cannot be recovered.
On the disposal of the investment in an associate, the difference between the net disposal proceeds and the carrying amount of the
investment is recognised in profit or loss.
(h) Investment Properties
Investment properties are property held either to earn rental income or for capital appreciation or for both. Investment properties are
stated at cost less accumulated depreciation and impairment losses, if any, consistent with the accounting policy for property, plant and
equipment as stated in Note 4(i) to the financial statements.
Investment properties are derecognised when they have either been disposed of or when the investment property is permanently
withdrawn from use and no future benefit is expected from its disposal.
On the derecognition of an investment property, the difference between the net disposal proceeds and the carrying amount is recognised
in profit or loss.
(i)
Property, Plant and Equipment
Property, plant and equipment, other than freehold land are stated at cost less accumulated depreciation and impairment losses, if any.
Freehold land is stated at revalued amount less impairment losses, if any, and is not depreciated.
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4.
(i)
Property, Plant and Equipment (Cont’d)
Depreciation is calculated under the straight-line method to write off the cost of the assets over their estimated useful lives. Depreciation
of an asset does not cease when the asset becomes idle or is retired from active use unless the asset is fully depreciated. The principal
annual rates used for this purpose are:Buildings
Leasehold land
Computer hardware and software
Fixtures, fittings and office equipment
Library books and manuals
Motor vehicles
2%
Over the term of lease
15-25%
10-33%
10-33%
20%
The depreciation method, useful life and residual values are reviewed, and adjusted if appropriate, at the end of each reporting period
to ensure that the amount, method and period of depreciation are consistent with previous estimates and the expected pattern of
consumption of the future economic benefits embodied in the items of the property, plant and equipment.
Capital work-in-progress represents assets under construction, and which are not ready for commercial use at the end of the reporting
period. Capital work-in-progress is stated at cost, and is transferred to the relevant category of assets and depreciated accordingly when
the assets are completed and ready for commercial use.
Cost of capital work-in-progress includes direct cost, related expenditure and interest cost on borrowings taken to finance the construction
or acquisition of the assets to the date that the assets are completed and put into use.
An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected from its use.
Any gain or loss arising from derecognition of the asset is recognised in profit or loss in the year the asset is derecognised.
In the previous financial year, a leasehold land that normally had an indefinite economic life and title was not expected to pass to the
lessee by the end of the lease term was treated as an operating lease. The payment made on entering into or acquiring a leasehold land
that was accounted for as an operating lease represents prepaid lease payments.
During the financial year, the Group adopted the amendments made to FRS 117 Leases in relation to the classification of lease of land.
The Group’s leasehold land which in substance is a finance lease has been reclassified as property and equipment and measured as such
retrospectively.
(j)
Impairment
(i)
Impairment of Financial Assets
All financial assets (other than those categorised at fair value through profit or loss), are assessed at the end of each reporting period
whether there is any objective evidence of impairment as a result of one or more events having an impact on the estimated future
cash flows of the asset. For an equity instrument, a significant or prolonged decline in the fair value below its cost is considered to
be objective evidence of impairment.
An impairment loss in respect of held-to-maturity investments and loans and receivables financial assets is recognised in profit or
loss and is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows,
discounted at the financial asset’s original effective interest rate.
An impairment loss in respect of available-for-sale financial assets is recognised in profit or loss and is measured as the difference
between its cost (net of any principal payment and amortisation) and its current fair value, less any impairment loss previously
recognised in the fair value reserve. In addition, the cumulative loss recognised in other comprehensive income and accumulated in
equity under fair value reserve, is reclassified from equity to profit or loss.
115
4.
(j)
Impairment (Cont’d)
(i)
Impairment of Financial Assets (Cont’d)
With the exception of available-for-sale equity instruments, if, in a subsequent period, the amount of the impairment loss decreases
and the decrease can be related objectively to an event occurring after the impairment was recognised, the previously recognised
impairment loss is reversed through profit or loss to the extent that the carrying amount of the investment at the date the impairment
is reversed does not exceed what the amortised cost would have been had the impairment not been recognised. In respect of
available-for-sale equity instruments, impairment losses previously recognised in profit or loss are not reversed through profit or loss.
Any increase in fair value subsequent to an impairment loss made is recognised in other comprehensive income.
(ii) Impairment of Non-financial Assets
The carrying amounts of assets, other than those to which FRS 136 - Impairment of Assets does not apply, are reviewed at each end
of the reporting period for impairment when there is an indication that the assets might be impaired. Impairment is measured by
comparing the carrying values of the assets with their recoverable amounts. The recoverable amount of the assets is the higher of
the assets’ net selling price and their value-in-use, which is measured by reference to discounted future cash flow.
An impairment loss is charged to the statement of comprehensive income immediately unless the asset is carried at its revalued
amount. Any impairment loss of a revalued asset is treated as a revaluation decrease to the extent of a previously recognised
revaluation surplus for the same asset.
In respect of assets other than goodwill, and when there is a change in the estimates used to determine the recoverable amount, a
subsequent increase in the recoverable amount of an asset is treated as a reversal of the previous impairment loss and is recognised
to the extent of the carrying amount of the asset that would have been determined (net of amortisation and depreciation) had no
impairment loss been recognised. The reversal is recognised in the statement of comprehensive income immediately, unless the
asset is carried at its revalued amount. A reversal of an impairment loss on a revalued asset is credited directly to the revaluation
surplus. However, to the extent that an impairment loss on the same revalued asset was previously recognised as an expense in the
statement of comprehensive income, a reversal of that impairment loss is recognised as income in the statement of comprehensive
income.
(k) Assets under Finance Lease and Hire Purchase
Leases of plant and equipment where substantially all the benefits and risks of ownership are transferred to the Group are classified as
finance leases.
Plant and equipment acquired under finance lease and hire purchase are capitalised in the financial statements.
Each lease or hire purchase payment is allocated between the liability and finance charges so as to achieve a constant rate on the finance
balance outstanding. The corresponding outstanding obligations due under the finance lease and hire purchase after deducting finance
charges are included as liabilities in the financial statements.
Finance charges are allocated to the income statement over the period of the respective lease and hire purchase agreements.
Plant and equipment acquired under finance leases and hire purchase are depreciated over the useful lives of the assets. If there is no
reasonable certainty that the ownership will be transferred to the Group, the assets are depreciated over the shorter of the lease terms
and their useful lives.
(l)
Operating Leases
Leases of assets where a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating
leases. Payments are made under operating leases (net of any incentives received from the lessor) are charged to the income statement
on the straight-line basis over the lease period. When an operating lease is terminated before the lease period has expired, any payment
required to be made to the lessor by way of penalty is recognised as an expense in the period in which termination takes place.
116
4.
(m) Revaluation Reserve
Surpluses arising from the revaluation of properties are credited to the revaluation reserve account. Deficits arising from the revaluation,
to the extent that they are not supported by any previous revaluation surpluses, are recognised in profit or loss.
In the year of disposal of the revalued asset, the attributable remaining revaluation surplus is transferred from the revaluation reserve
account to retained profits.
(n) Inventories
Inventories are stated at the lower of cost and net realisable value. Cost is determined on the weighted average basis, and includes all
incidentals incurred in bringing the inventories to their present location and condition.
In arriving at net realisable value, due allowance is made for all damaged, obsolete and slow-moving items.
(o) Income Taxes
Income taxes for the year comprises current and deferred tax.
Current tax is the expected amount of income taxes payable in respect of the taxable profit for the year and is measured using the tax
rates that have been enacted or substantively enacted at the end of the reporting period.
Deferred tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities
and their carrying amounts in the financial statements.
Deferred tax liabilities are recognised for all taxable temporary differences other than those that arise from goodwill or negative goodwill
or from the initial recognition of an asset or liability in a transaction which is not a business combination and at the time of the transaction,
affects neither accounting profit nor taxable profit.
Deferred tax assets are recognised for all deductible temporary differences, unused tax losses and unused tax credits to the extent that
it is probable that taxable profit will be available against which the deductible temporary differences, unused tax losses and unused tax
credits can be utilised.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period when the asset is realised or the
liability is settled, based on the tax rates that have been enacted or substantively enacted at the end of the reporting period.
Deferred tax is recognised in the income statement, except when it arises from a transaction which is recognised directly in equity,
in which case the deferred tax is also charged or credited directly in equity, or when it arises from a business combination that is an
acquisition, in which case the deferred tax is included in the resulting goodwill or negative goodwill. The carrying amounts of deferred
tax assets are reviewed at each end of the reporting period and reduced to the extent that it is no longer probable that sufficient taxable
profits will be available to allow all or part of the deferred tax assets to be utilised.
(p) Borrowing Costs
All borrowing costs are recognised in profit or loss as expenses in the period in which they are incurred.
(q) Cash and Cash Equivalents
Cash and cash equivalents comprise cash in hand, bank balances, demand deposits, deposits pledged with financial institutions and
short term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk
of changes in value.
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4.
(r) Provisions
Provisions are recognised when the Group has a present obligation as a result of past events, when it is probable that an outflow of
resources embodying economic benefits will be required to settle the obligation, and when a reliable estimate of the amount can be made.
Provisions are reviewed at the end of each reporting period and adjusted to reflect the current best estimate. Where the effect of the time
value of money is material, the provision is the present value of the estimated expenditure required to settle the obligation.
(s) Employee Benefits
(i)
Short-term Benefits
Wages, salaries, paid annual leave, bonuses and non-monetary benefits are accrued in the period in which the associated services
are rendered by employees of the Group and of the Company.
(ii) Defined Contribution Plans
The Group and the Company’s contributions to defined contribution plans are recognised in profit or loss in the period to which
they relate. Once the contributions have been paid, the Group and the Company have no further liability in respect of the defined
contribution plans.
(t) Related Parties
A party is related to an entity if:(i)
directly, or indirectly through one or more intermediaries, the party:•
•
•
controls, is controlled by, or is under common control with, the entity (this includes parents, subsidiaries and fellow
subsidiaries);
has an interest in the entity that gives it significant influence over the entity; or
has joint control over the entity;
(ii) the party is an associate of the entity;
(iii) the party is a joint venture in which the entity is a venturer;
(iv) the party is a member of the key management personnel of the entity or its parent;
(v) the party is a close member of the family of any individual referred to in (i) or (iv);
(vi) the party is an affiliated company. An affiliated company refers to a company in which certain directors/shareholders have substantial
financial interests;
(vii) the party is an entity that is controlled, jointly controlled or significantly influenced by, or for which significant voting power in such
entity resides with, directly or indirectly, any individual referred to in (iv) or (v); or
(viii) the party is a post-employment benefit plan for the benefit of employees of the entity, or of any entity that is a related party of the
entity.
Close members of the family of an individual are those family members who may be expected to influence, or be influenced by, that
individual in their dealings with the entity.
118
4.
(u) Contingent Liabilities and Contingent Assets
A contingent liability is a possible obligation that arises from past events and whose existence will only be confirmed by the occurrence
of one or more uncertain future events not wholly within the control of the Group. It can also be a present obligation arising from past
events that is not recognised because it is not probable that an outflow of economic resources will be required or the amount of obligation
cannot be measured reliably.
A contingent liability is not recognised but is disclosed in the notes to the financial statements. When a change in the probability of an
outflow occurs so that the outflow is probable, it will then be recognised as a provision.
A contingent asset is a probable asset that arises from past events and whose existence will be confirmed only by the occurrence or nonoccurrence of one or more uncertain events not wholly within the control of the Company.
(v) Revenue Recognition
(i)
Sale of Goods
Sales are recognised upon delivery of goods and customers’ acceptance or performance of services and where applicable, net of
returns and trade discounts.
(ii) Services
Revenue is recognised upon the rendering of services and when the outcome of the transaction can be estimated reliably. In the
event the outcome of the transaction could not be estimated reliably, revenue is recognised to the extent of the expenses incurred
that are recoverable.
(iii) Rental and Interest Income
Rental income and interest income are recognised on an accrual basis.
(iv) Dividend Income
Dividend income from the investment in subsidiaries is recognised upon declaration by the subsidiaries.
Dividend income from the other investment is recognised when the right to receive payment is established.
(w) Operating Segments
An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur
expenses, including revenues and expenses that relate to transactions with any of the Group’s other components. An operating segment’s
operating results are reviewed regularly by the chief operating decision maker to make decisions about resources to be allocated to the
segment and assess its performance, and for which discrete financial information is available.
119
5.
INVESTMENTS IN SUBSIDIARIES
The Company
31.12.2010
31.12.2009
RM’000
RM’000
Unquoted shares, at cost:At 1 January
Additional investment in a subsidiary
71,614
210
71,464
150
Less: Accumulated impairment loss on subsidiaries
71,824
(4,595)
71,614
(4,595)
At 31 December
67,229
67,019
Accumulated impairment loss on subsidiaries:At 1 January
(4,595)
-
(425)
(4,170)
At 31 December
(4,595)
(4,595)
The details of the subsidiaries are as follows:-
Country of
Name of Company
120
Effective
Equity Interest
Incorporation
2010
%
2009
%
Principal Activities
SEGi Holdings Sdn. Bhd.
Malaysia
100
100
Investment holding and management
consultancy.
SEGi University College (M) Sdn. Bhd.
Malaysia
,
100
100
Provision of professional, commercial
and academic education
SEGi College (KL) Sdn. Bhd.
Malaysia
100
100
and academic education.
SEGi College of Technology (KL) Sdn. Bhd.
Malaysia
100
100
Provision of computer training,
commercial and academic education.
SEGi College (Subang Jaya) Sdn. Bhd.
Malaysia
98.63
98.63
SEGi College (PG) Sdn. Bhd.
Malaysia
100
100
SEGi College (Sarawak) Sdn. Bhd. ~
Malaysia
100
100
Operation of an educational institution
for further studies.
SEGi College (PJ) Sdn. Bhd.
Malaysia
100
100
Operation of an institute providing
educational programmes.
5.
INVESTMENTS IN SUBSIDIARIES (CONT’D)
The details of the subsidiaries are as follows (Cont’d):-
Country of
Name of Company
Effective
Equity Interest
Incorporation
2010
%
2009
%
Summit Multimedia Education Sdn. Bhd.
Malaysia
73.97
73.97
Operation of an institution providing
educational programmes.
SEGi-IGS Sdn. Bhd.
Malaysia
70
70
Provision of educational services.
SEGi Training Centre (Kuching) Sdn. Bhd. ~
Malaysia
100
100
Operation of a training centre for
vocational and professional courses.
SEGi Learning Resources (Sarawak)
Sdn. Bhd. ~
Malaysia
100
100
Provision of educational and training
services.
SMRC Learning Alliance Sdn. Bhd.
Malaysia
100
100
services.
SMRC Learning Alliance (KL) Sdn. Bhd.~
Malaysia
100
100
services.
SMRC Learning Alliance (EM) Sdn. Bhd. ~
Malaysia
100
100
Provision of management consultancy
services and investment holding.
SEGi EyeCare Sdn. Bhd.
Malaysia
100
100
Provision of eye care and optometry
related services.
IFPA Resources Sdn. Bhd.
Malaysia
100
100
Provision of financial planning and
financial related courses.
Summit Early Childhood Edu-Care
Sdn. Bhd. ~
Malaysia
100
100
Provision of child educational and
related services.
Summit Early Childhood Edu-Care
(Rawang) Sdn. Bhd. ~
Malaysia
70
70
Provision of child educational and
related services.
Pusat Kemahiran Maju Ria Sdn. Bhd. ~
Malaysia
100
100
services.
SEG International Group Sdn. Bhd.
Malaysia
100
100
Investment holding and provision of
training and educational services.
SEGi Skills Development & Placement
Services Sdn. Bhd. ~
Malaysia
100
100
Provision of training services.
SEGi Youth Training Sdn. Bhd.
Malaysia
100
100
Provision of training services.
121
5.
Country of
Name of Company
122
Effective
Equity Interest
Incorporation
2010
%
2009
%
SEGi Methods Sdn. Bhd. ~
Malaysia
100
100
Investment holding.
SEGi Jobs Sdn. Bhd. ~
Malaysia
100
100
Dormant.
SEG International Training Sdn. Bhd. ~
Malaysia
100
100
Provision of services in information
and computer technologies.
SEGi Properties Sdn. Bhd. (formerly known
as Shaw Commercial Institution Sdn. Bhd.)
Malaysia
100
100
Investment property holding.
Systematic Training Network Sdn. Bhd.
Malaysia
95
95
Investment holding and provision of
educational services.
SBT Professional Publications Sdn. Bhd.
Malaysia
100
100
Operation of a book centre, dealing in
all kinds of reading materials,
information research and related
business.
Agensi Pekerjaan Job Venture Sdn. Bhd.
Malaysia
100
100
Provision of job placement consultancy
services.
Prestige Front Sdn. Bhd.
Malaysia
100
100
Property investment and property
management.
Binary Mark Sdn. Bhd.
Malaysia
98.63
98.63
Property investment.
SEG Equity Sdn. Bhd.
Malaysia
100
100
Investment holding.
Summit Education Sdn. Bhd.
Malaysia
98.63
98.63
Prim Edu-Services Sdn. Bhd.
Malaysia
100
100
Investment holding.
SEGi Unisel Sdn. Bhd. ~
Malaysia
97
97
Dormant.
SEGi Land Sdn. Bhd. (formerly known as
CEPI Resources (Selangor) Sdn. Bhd.) ~
Malaysia
100
100
Property Investment.
Metromas Realtors Sdn. Bhd.
Malaysia
100
100
Investment holdings and property
investment.
Sino-Malaysia EduCulture Centre
Sdn. Bhd.
Malaysia
100
100
Provision of cross border education and
culture activities.
Investment holding and management
consultancy.
5.
Country of
Name of Company
Effective
Equity Interest
Incorporation
2010
%
2009
%
I-Station Solutions Sdn.Bhd.
Malaysia
100
100
Consortium Support Services Sdn. Bhd.
(formerly known as LifeLong Learning
Network Sdn. Bhd.) ~
Malaysia
100
-
Republic of
Mauritius
100
100
Worldwide Accreditation Ltd ~
Provision of E-learning solutions.
Provision of property management
services.
Provision of licensing and accreditation
of educational programmes.
~ The financial statements of these subsidiaries are audited by auditors other than the auditors of the Company
6
INVESTMENTS IN ASSOCIATES
The Group
31.12.2010
31.12.2009
RM’000
RM’000
Unquoted shares, at cost
Share of post-acquisition profit
5,563
1,197
1,763
3,800
614
Less: Allowance for impairment losses
6,760
(2,000)
6,177
(1,400)
4,760
4,777
Allowance for impairment losses:At 1 January
(1,400)
(600)
(1,400)
-
At 31 December
(2,000)
(1,400)
123
6
INVESTMENTS IN ASSOCIATES (CONT’D)
The details of the associates are as follows:-
Country of
Incorporation
Name of Company
Effective
Equity Interest
2010
2009
%
%
Palm Leisure Sdn. Bhd. ~
Malaysia
30
30
Dormant.
Eduspec Sdn. Bhd.
Malaysia
22
22
Investment holding, provision of
educational services and materials.
The financial statements of this associate is audited by auditors other than the auditors of the Company.
The share of results in an associate is based on the unaudited financial statements of the associate.
7.
PROPERTY, PLANT AND EQUIPMENT
The Group
Acquisition
At
of A
01.01.2010 Subsidiary
RM’000
RM’000
Additions
RM’000
Disposals
RM’000
Written Off
RM’000
Depreciation
Charge
RM’000
At
31.12.2010
RM’000
Carrying Amount
31.12.2010
Freehold and leasehold land
Buildings
Motor vehicles
Capital work-in-progress
The Group
9,194
23,550
2,553
26,510
2,288
2,262
25,052
11
21
36
-
1,423
11,718
967
2,068
-
(1)
(80)
(2)
(24)
-
(67)
(16)*
(6)
(411)
(1,060)
(4,655)
(530)
(688)
-
9,188
23,139
2,926
33,447
2,723
3,654
25,036
91,409
68
16,176
(107)
(83)
(7,350)
100,113
At
01.01.2009
RM’000
Additions
RM’000
Disposals
RM’000
Written Off
RM’000
Depreciation
Charge
RM’000
At
31.12.2009
RM’000
9,201
26,545
2,054
25,431
1,429
1,264
9,924
1,351
5,294
1,193
1,454
25,134
(2,557)
(1)
(8,001)
(1)
(157)
(2,005)
(7)
(438)
(851)
(4,057)
(334)
(456)
-
9,194
23,550
2,553
26,510
2,288
2,262
25,052
75,848
34,426
(10,559)
(2,163)
(6,143)
91,409
Carrying Amount
31.12.2009
Buildings
Motor vehicles
124
7.
PROPERTY, PLANT AND EQUIPMENT (CONT’D)
At Cost
RM’000
The Group
At Accumulated
Valuation Depreciation
RM’000
RM’000
Carrying
Amount
RM’000
At 31.12.2010
Buildings
Motor vehicles
4,963
26,913
11,452
57,266
6,066
5,901
25,036
4,250
100
-
(25)
(3,874)
(8,526)
(23,819)
(3,343)
(2,247)
-
9,188
23,139
2,926
33,447
2,723
3,654
25,036
137,597
4,350
(41,834)
100,113
4,963
26,913
12,534
48,541
5,157
4,308
25,052
4,250
100
-
(19)
(3,463)
(9,981)
(22,031)
(2,869)
(2,046)
-
9,194
23,550
2,553
26,510
2,288
2,262
25,052
127,468
4,350
(40,409)
91,409
At
01.01.2010
RM’000
Additions
RM’000
Disposal
RM’000
Depreciation
Charge
RM’000
At
31.12.2010
RM’000
4,250
2,745
124
862
-
36
17
449
(2)
-
(78)
(44)
(189)
(33)
4,250
2,667
114
690
416
7,981
502
(2)
(344)
8,137
At 31.12.2009
Buildings
Motor vehicles
The Company
Carrying Amount
31.12.2010
Freehold land
Buildings
Motor vehicle
125
7.
At
01.01.2009
RM’000
Additions
RM’000
Depreciation
Charge
RM’000
At
31.12.2009
RM’000
4,250
2,823
82
980
90
70
(78)
(48)
(188)
4,250
2,745
124
862
8,135
160
(314)
7,981
At Accumulated
Valuation Depreciation
RM’000
RM’000
Carrying
Amount
RM’000
Carrying Amount
31.12.2009
Freehold land
Buildings
At Cost
RM’000
The Company
At 31.12.2010
Freehold land
Buildings
Motor vehicles
3,777
396
1,876
1
742
4,250
100
-
(1,210)
(282)
(1,186)
(1)
(326)
4,250
2,667
114
690
416
6,792
4,350
(3,005)
8,137
3,777
1,902
2,070
4
638
4,250
100
-
(1,132)
(1,778)
(1,208)
(4)
(638)
4,250
2,745
124
862
-
8,391
4,350
(4,760)
7,981
At 31.12.2009
Freehold land
Buildings
Motor vehicles
In December 1993, the freehold land and building which are reported at valuation were revalued by the directors using the open market value
basis based on a valuation carried out by an independent firm of professional valuers. The surplus arising from the revaluation, net of deferred
taxation, has been credited to the revaluation reserve account. The Group has availed itself to the transitional provision when MASB first
adopted IAS 16, Property, Plant and Equipment.
126
7.
Assets Pledged For Banking Facilities
Freehold land and buildings with a total carrying amount of RM6,917,000 (2009 – RM6,995,000) of the Group and of the Company have been
pledged as security for banking facilities.
The capital work-in-progress are pledged as security for banking facilities (Note 19).
* Reversal not recognised in the profit or loss, represents charges waived by the contractors.
The carrying amount, had the revalued freehold land and building been measured using cost model, could not be determined as the required
records are not available.
The carrying amounts of assets held under hire purchase and finance lease terms at the reporting date are as follows:The Group
31.12.2010
31.12.2009
RM’000
RM’000
Motor vehicles
8.
The Company
31.12.2010 31.12.2009
RM’000
RM’000
106
10,144
3,407
153
6,257
1,237
416
-
13,657
7,647
416
-
INVESTMENT PROPERTIES
The Group/The Company
31.12.2010 31.12.2009
RM’000
RM’000
Leasehold apartment, at cost
At 1 January
Disposal
130
(130)
217
(87)
Less: Accumulated depreciation
-
130
(39)
At 31 December
-
91
(39)
(1)
40
(61)
(4)
26
-
(39)
Accumulated depreciation:At 1 January
Charge for the financial year
Disposal
At 31 December
127
9.
RECEIVABLES
Note
The Group
31.12.2010
31.12.2009
RM’000
RM’000
The Company
31.12.2010 31.12.2009
RM’000
RM’000
Non-current
Other receivables
(a)
2,425
4,400
2,425
-
Current
Trade
Trade receivables
(b)
12,939
4,610
-
832
(c)
(d)
24,633
-
35,453
2
5,115
58,356
-
11,452
67,591
2
37,572
40,065
63,471
79,877
Non trade
Other receivables, deposits and prepayments
Amount owing by subsidiaries
Amount owing by an associate
(a) Other Receivables
The amount is due from former subsidiaries. The purchaser of the former subsidiaries has undertaken to assume these outstanding
amounts which are to be settled by instalments.
(b) Trade Receivables
The Group
31.12.2010
31.12.2009
RM’000
RM’000
Trade receivables
Less: Allowance for impairment losses on receivables
13,294
(355)
4,970
(360)
-
832
-
12,939
4,610
-
832
Allowance for impairment losses on receivables:At 1 January
Written off during the financial year
(360)
5
(382)
22
-
-
At 31 December
(355)
(360)
-
-
The normal trade credit terms granted by the Group ranged from 30 to 90 days.
128
The Company
31.12.2010 31.12.2009
RM’000
RM’000
9.
RECEIVABLES (CONT’D)
(c) Other Receivables, Deposits And Prepayments
The Group
31.12.2010
31.12.2009
RM’000
RM’000
Other receivables, deposits and prepayments
Less: Allowance for impairment losses on receivables
The Company
31.12.2010 31.12.2009
RM’000
RM’000
30,863
(6,230)
42,225
(6,772)
9,075
(3,960)
15,412
(3,960)
24,633
35,453
5,115
11,452
Allowance for impairment losses on receivables:At 1 January
Additional for the financial year
(6,772)
(338)
880
(2,640)
(4,132)
-
(3,960)
-
(1,942)
(2,018)
-
At 31 December
(6,230)
(6,772)
(3,960)
(3,960)
(d) Amount Owing By Subsidiaries
The Company
31.12.2010 31.12.2009
RM’000
RM’000
Interest bearing
Non-interest bearing
58,138
218
63,410
4,181
58,356
67,591
The amounts owing by subsidiaries are non-trade in nature, unsecured and receivable on demand. The interest bearing portion bore an
effective interest rate of 1% (2009 - 1%) per annum.
10. INTANGIBLE ASSETS
The Group
Goodwill
RM’000
Development
Costs
RM’000
Total
RM’000
Cost:At 1 January 2009
Effect of movement in exchange rates
37,843
(2,468)
-
5,480
225
(1)
43,323
225
(2,468)
(1)
At 31 December 2009/1 January 2010
35,375
-
5,704
147
(65)
41,079
147
(65)
At 31 December 2010
35,375
5,786
41,161
129
10. INTANGIBLE ASSETS (CONT’D)
The Group
Goodwill
RM’000
Development
Costs
RM’000
Total
RM’000
Accumulated amortisation/impairment losses :At 1 January 2009
Amortisation for the financial year
(7,869)
-
(5,217)
(182)
(3)
(13,086)
(182)
(3)
At 31 December 2009/1 January 2010
Amortisation for the financial year
(7,869)
-
(5,402)
(251)
40
(13,271)
(251)
40
At 31 December 2010
(7,869)
(5,613)
(13,482)
Carrying amount:At 31 December 2009
27,506
302
27,808
At 31 December 2010
27,506
173
27,679
With effect from 1 January 2006, the Group no longer amortises goodwill on consolidation. Such goodwill is reviewed annually for impairment,
including in the year of its initial recognition, as well as when there are indications of impairment. Impairment losses are recognised when the
carrying amount of the cash-generating unit (“CGU”) to which the goodwill has been allocated exceeds its recoverable amount. Impairment
loss is recognised in the income statement and subsequent reversal is not allowed.
Impairment testing for CGUs containing goodwill
The Group has assessed the recoverable amounts of goodwill allocated and determined that no additional impairment is required.
The recoverable amount for the above is based on value in use calculations using cash flow projections covering a five-year period approved
by the management.
The following describes the key assumptions on which management has based its cash flow projections to undertake impairment testing of
goodwill:
130
t
There will be no material changes in the structure and principal activities of the Group.
t
There will not be any significant increase in the labour costs, adverse changes in the economic conditions or other abnormal factors,
which will adversely affect the operations of the Units.
t
Discount rate of 8% is applied in determining the recoverable amounts of the Units. The discount rate was estimated based on the
Group’s existing rate of borrowings.
11. OTHER INVESTMENTS
The Group
31.12.2010
31.12.2009
RM’000
RM’000
Quoted shares, at cost
The Company
31.12.2010 31.12.2009
RM’000
RM’000
4,201
4,201
-
-
(1,742)
(1,742)
(1,054)
1,329
(1,544)
(198)
(1,742)
-
-
-
-
-
2,734
2,459
-
-
2,080
2,080
2,080
2,080
(2,080)
(2,080)
(900)
(1,180)
(2,080)
(2,080)
(2,080)
(900)
(1,180)
(2,080)
-
-
-
-
Total carrying amount
2,734
2,459
-
-
Measured using:
Cost model
Fair value model
2,734
2,459
-
Total carrying amount
2,734
2,459
Market value of quoted investments in Malaysia
2,734
1,405
Allowance for diminution in value:At 1 January
Fair value adjustment upon the adoption of FRS 139
Fair value gain recognised in other comprehensive income
Unquoted bonds, at cost
Allowance for diminution in value:At 1 January
At 31 December
Upon adoption of FRS 139 during the financial year, the Group designated its investments in quoted shares that were previously measured
using the cost model as available-for-sale financial assets.
12. DEFERRED TAX ASSETS
The Group
31.12.2010
31.12.2009
RM’000
RM’000
The Company
31.12.2010 31.12.2009
RM’000
RM’000
At 1 January
Recognised in profit or loss (Note 25)
3,587
(413)
3,091
496
1,898
(341)
2,186
(288)
At 31 December
3,174
3,587
1,557
1,898
Unabsorbed capital allowances
Unutilised tax losses
Revaluation of property
3,190
267
(283)
3,776
94
(283)
1,840
(283)
2,181
(283)
At 31 December
3,174
3,587
1,557
1,898
Deferred tax assets comprise the following:-
131
13. INVENTORIES
Inventories represent eyecare products for sale stated at cost.
None of the inventories is stated at net realisable value.
14. CASH AND CASH EQUIVALENTS
Note
Short-term investments with financial institutions
Fixed deposits with licensed banks
Cash and bank balances
(a)
(b)
The Group
31.12.2010
31.12.2009
RM’000
RM’000
The Company
31.12.2010 31.12.2009
RM’000
RM’000
10,246
53,095
15,490
7,000
10,790
19,108
10,246
53,042
3,660
7,000
10,737
3,738
78,831
36,898
66,948
21,475
(a) Short-term investments with financial institutions
The Group
31.12.2010
31.12.2009
RM’000
RM’000
Short-term investments with financial institutions
Less: Allowance for diminution in value
The Company
31.12.2010 31.12.2009
RM’000
RM’000
12,246
(2,000)
9,000
(2,000)
12,246
(2,000)
9,000
(2,000)
10,246
7,000
10,246
7,000
(b) Fixed deposits with licensed banks of the Group and the Company amounting to RM10,991,040 (2009 - RM10,737,448) are pledged for
banking facilities granted to the Group and the Company.
At the reporting date, the fixed deposits:
- bore a weighted average effective interest rate of 2.88% (2009 - 2.87%) per annum; and
- have maturity periods ranging from 1 month to 12 months (2009 - 6 months to 12 months).
132
15. SHARE CAPITAL
Par value
RM
Ordinary shares :Authorised
At 1.1.2010
Share split
Increase during the financial year
At 31.12.2010
Issued and fully paid-up
At 1.1.2010
Share split
Bonus issue
Exercise of warrants
At 31.12.2010
31.12.2010
31.12.2009
Number of shares
31.12.2010
’000
’000
RM’000
31.12.2009
RM’000
1.00
0.50
0.50
100,000
100,000
300,000
100,000
-
100,000
150,000
100,000
-
0.50/1.00
500,000
100,000
250,000
100,000
1.00
0.50
0.50
0.50
89,093
89,093
71,274
1,787
89,093
-
89,093
35,637
893
89,093
-
0.50/1.00
251,247
89,093
125,623
89,093
(a) During the financial year, the Company :(i)
completed a share split involving the subdivision of every 1 existing ordinary share of RM1.00 each into 2 ordinary shares of RM0.50
each;
(ii) increased its authorised share capital from RM100,000,000 to RM250,000,000, by way of creation of 300,000,000 ordinary shares of
RM0.50 each; and
(iii) increased its issued and paid-up share capital from RM89,093,000 to RM125,623,000 by way of:bonus issue of 71,274,000 new subdivided ordinary shares of RM0.50 each credited as fully paid-up on the basis of 2 bonus
shares for every 5 existing subdivided shares; and
issuance of 1,787,100 new ordinary shares of RM0.50 each pursuant to the exercise of warrants.
The new ordinary shares issued rank pari passu in all respects with the existing ordinary shares of the Company.
16. RESERVES
The Group
31.12.2010
31.12.2009
RM’000
RM’000
Retained profits
Warrants reserve
Share premium
Exchange translation reserve
Asset revaluation reserve
Treasury shares
The Company
31.12.2010 31.12.2009
RM’000
RM’000
85,716
6,147
956
275
(1,392)
1,952
(16,693)
44,993
35,876
(429)
1,977
(2,355)
58,868
6,147
956
1,952
(16,693)
15,375
35,876
1,977
(2,355)
76,961
80,062
51,230
50,873
133
16. RESERVES (CONT’D)
Retained profits
Subject to the agreement of the tax authorities, at the end of the reporting period, the Company has sufficient tax credits under Section 108
of the Income Tax Act 1967 and tax-exempt income to frank the payment of dividends out of its entire retained profits without incurring
additional tax liabilities.
At the reporting date, the Company has not elected for the single tier tax system. When the tax credit balance is fully utilised, or by
31 December 2013 at the latest, the Company will automatically move to the single tier tax system. Under the single tier tax system, tax on
the Company’s profits is a final tax, and dividends distributed to the shareholders will be exempted from tax.
Warrants reserve
The movements in the warrants reserve of the Group and of the Company are as follows:The Group/
The Company
31.12.2010
RM’000
At 1 January
Issue of warrants
Exercise of warrants
6,236
(89)
At 31 December
6,147
The Warrants 2010/2015 are constituted by a Deed Poll dated 15 July 2010.
During the financial year, no options were granted by the Company to any person to take up any unissued shares in the Company, except for
the renounceable rights issue of 124,729,857 five year 2010/2015 warrants issued on 17 August 2010 (“Warrants”), on the basis of 1 warrant
for every 2 existing ordinary shares of RM0.50 each held in the Company at an issue price of RM0.05 each per Warrant. Each Warrant entitles
the registered holder to subscribe for 1 new ordinary share of RM0.50 each in the Company at an exercise price of RM1.00 per share. The
Warrants are exercisable at any time during the five year period and will be expiring on 16 August 2015. As at 31 December 2010, there were
122,942,757 unexercised Warrants in issue.
The principal terms are as follows: -
134
(a) Tenure
5 years from the date of issuance of the warrants.
(b) Exercise Period
The Warrants shall be exercisable at any time within the period commencing on, and inclusive of, the date
of issue of the warrants and ending on the date preceding the 5th anniversary of the date of issue of the
Warrants.
(c ) Exercise Rights
Each Warrant entitles the holder to subscribe for 1 new ordinary share of RM0.50 each (“Share”) at the
Exercise Price at any time during the Exercise Period.
(d) Exercise Price
RM1.00 cash per new Share, subject to the adjustments in accordance with the provisions of the Deed
Poll.
Warrants reserve (Cont’d)
(e) Listing
Approval has been obtained from Bursa Securities vide its letter dated 3 June 2010 for the admission of the
Warrants to the Official List of Bursa Securities, the listing of and quotation for the Warrants, and the listing
of and quotation for the new Shares to be issued pursuant to the exercise of the Warrants on the Main
Market.
(f)
Subject to the provisions of the Deed Poll, the Exercise Price and/or the number of Warrants held by each
Holder shall be adjusted by the Directors in consultation with the auditor or principal adviser, in the event of
alteration to share capital of the Company including but not limited to share consolidation or subdivision
or conversion, issuance of shares by way of capitalisation of profits or reserves, capital distribution and right
issue of shares or convertible securities in accordance with provisions as set out in the Deed Poll.
Adjustment in the
Exercise Price
and/or the number
of Warrants held
by Holders in
the event or
alteration to the
share capital
The ordinary shares issued from the exercise of Warrants shall rank pari passu in all respects with the existing issued ordinary shares of
the Company except that they shall not be entitled to any dividends, distributions, rights, allotment and/or any other forms of distribution
where the entitlement date of which precedes the relevant date of the allotment and issuance of the new shares arising from the exercise of
Warrants.
Share premium
The movements in the share premium of the Group and of the Company are as follows:The Group/The Company
31.12.2010 31.12.2009
RM’000
RM’000
At 1 January
Bonus issue
Exercise of Warrants
Shares issue expense
At 31 December
35,876
(35,637)
982
(265)
35,876
-
956
35,876
The share premium is not distributable by way of dividends and may be utilised in the manner set out in Section 60(3) of the Companies Act
1965.
Available-for-sale reserve represents the cumulative fair value changes, net of tax, of available-for-sale financial assets until they are disposed
of or impaired.
Asset revaluation reserve
The asset revaluation reserve represents increases in the fair value of freehold land, net of tax, and decreases to the extent that such decreases
relate to an increase on the same asset previously recognised in the other comprehensive income. The reserve is not distributable by way of
dividend.
135
Exchange fluctuation reserve
The exchange fluctuation reserve arose from the translation of the financial statements of a foreign subsidiary and is not distributable by way
of dividends.
Treasury shares
During the financial year, the Company purchased and disposed of its issued ordinary shares on the open market under the share buy-back
programme. Details are as follows:-
Lowest
RM
Price per share
Highest
Average
RM
RM
No. of
shares
Par value
RM
Cost of
shares
RM’000
Balance at 1 January 2010
Disposal during the financial year
0.97
1.31
1.09
3,000,600
(3,000,600)
1.00
1.00
2,355
(2,355)
2.03
2.60
2.32
7,184,500
0.50
16,693
7,184,500
0.50
16,693
Balance at 31 December 2010
The share buy-back programme was financed by internally generated funds. The shares purchased were retained as treasury shares in
accordance with Section 67A of the Companies Act 1965 in Malaysia and are presented as a deduction from shareholders’ equity.
During the financial year, 3,000,600 treasury shares were sold for a total consideration of RM3,264,212, resulting in a gain of RM909,423,
which was recognised in the statements of changes in equity. The proceeds from the sale of treasury shares were utilised for working capital
purposes.
17. LONG-TERM BORROWINGS
The Group
31.12.2010
31.12.2009
RM’000
RM’000
Hire purchase and finance lease payables (Note 18)
Term loans (Note 19)
136
The Company
31.12.2010 31.12.2009
RM’000
RM’000
4,594
6,237
3,039
9,427
270
6,207
9,295
10,831
12,466
6,477
9,295
18. HIRE PURCHASE AND FINANCE LEASE PAYABLES
The Group
31.12.2010
31.12.2009
RM’000
RM’000
The Company
31.12.2010 31.12.2009
RM’000
RM’000
Minimum hire purchase and finance lease payments:
- repayable within one year
- repayable between one year to five years
- repayable after five years
3,932
5,023
-
3,127
3,106
91
105
297
-
-
Less: Future finance charges
8,955
(731)
6,324
(489)
402
(47)
-
Present value of hire purchase and finance lease payables
8,224
5,835
355
-
The net hire purchase and finance lease payables are repayable as follows:Non-current:
- repayable between one year to five years
- repayable after five years
4,544
50
2950
89
270
-
-
Total repayable after one year (Note 17)
4,594
3,039
270
-
Current:
- not later than one year (Note 22)
3,630
2,796
85
-
8,224
5,835
355
-
The hire purchase and finance lease payables at the reporting date bore interest rates ranging from 2.6% to 4.5% (2009 - 3.67% to 4.29%) per
annum.
19. TERM LOANS
The Group
31.12.2010
31.12.2009
RM’000
RM’000
Non-current portion (Note 17):
- repayable between one to two years
- repayable between two to five years
Current portion (Note 22):
- repayable within one year
The Company
31.12.2010 31.12.2009
RM’000
RM’000
3,496
2,741
6,237
3,592
5,835
9,427
3,466
2,741
6,207
3,489
5,806
9,295
3,540
3,293
3,438
3,198
9,777
12,720
9,645
12,493
137
19. TERM LOANS (CONT’D)
Details of the term loans at the reporting date are as follows:-
Term loan 1
Term loan 2
Number Of
Monthly
Instalments
Monthly
Instalments
RM
Effective
Dates Of
Commencement
Of Repayment
48
36
345,155
9,119
July 2009
March 2009
Amount Outstanding
2010
2009
RM’000
RM’000
9,645
132
12,493
227
9,777
12,720
Subsequent to the reporting date, the Company has fully settled term loan 1.
The outstanding term loans at the reporting date bore a weighted average effective interest rate of 8.5% (2009 – 8.44%) per annum.
Term loan 1 was secured by a first legal charge over the leasehold properties of a subsidiary (Note 7).
20. DEFERRED TAX LIABILITIES
The Group
31.12.2010 31.12.2009
RM’000
RM’000
At 1 January
Recognised in profit or loss (Note 25)
1,899
588
1,608
291
At 31 December
2,487
1,899
Deferred tax liabilities represent accelerated capital allowances.
21. PAYABLES
Note
138
The Group
31.12.2010
31.12.2009
RM’000
RM’000
The Company
31.12.2010 31.12.2009
RM’000
RM’000
Trade
Trade payables
(a)
961
1,066
-
-
Non Trade
Other payables and accruals
Amount owing to subsidiaries
(b)
(c)
37,646
-
26,905
-
4,980
19,183
3,650
23,768
38,607
27,971
24,163
27,418
21. PAYABLES (CONT’D)
(a) Trade payables
The normal trade credit terms granted to the Group ranged from 30 to 90 days.
(b) Other payables and accruals
Included in the other payables and accruals are:(i) an amount of RM12,785,000 (2009 - RM6,105,000) in respect of fees received in advance; and
(ii) an amount of RM4,078,000 (2009 - RM4,705,000) in respect of deposits received from students.
(c) Amount owing to subsidiaries
The amount owing to subsidiaries is unsecured, interest-free and repayable on demand. The foreign currency exposure profile of the
amount owing to the subsidiaries of the Company at the end of the reporting period is as follows:The Company
31.12.2010 31.12.2009
RM’000
RM’000
United States Dollar
3,626
10,031
22. SHORT-TERM BORROWINGS
The Group
31.12.2010
31.12.2009
RM’000
RM’000
Hire purchase and finance lease payables (Note 18)
Term loans (Note 19)
The Company
31.12.2010 31.12.2009
RM’000
RM’000
3,630
3,540
2,796
3,293
85
3,438
3,198
7,170
6,089
3,523
3,198
23. REVENUE
The Group
2010
2009
RM’000
RM’000
Educational services
Management fee
Rental income
Dividend income
The Company
2010
2009
RM’000
RM’000
216,848
673
94
165,142
1,116
114
732
10,787
18,152
43,799
5,069
7,914
16,821
7,437
217,615
166,372
73,470
37,241
139
24. PROFIT BEFORE TAXATION
The Group
2010
2009
RM’000
RM’000
Profit before taxation is arrived at after charging/(crediting):Allowance for impairment on:
- investments in associates
- quoted shares
- unquoted bonds
- short-term investments with financial institutions
- investments in subsidiaries
Allowance for impairment losses on other receivables
Amortisation of development costs
Audit fee:
- for the current financial year
- underprovision in the previous financial year
Bad debts written off
Depreciation expense:
- investment properties
- property, plant and equipment
Directors’ fee
Directors’ non-fee emoluments
Goodwill on consolidation written off
Interest expense
Inventories written off
Lease of premises
Property, plant and equipment written off
Rental expense:
- equipment
- hostel
- premises
Staff costs
- salaries, wages, bonuses and allowances
- defined contribution plans
- other benefits
Dividend income
Gain on disposal of property, plant and equipment
Gain on disposal of investment properties
Interest income:
- subsidiaries
- others
Gain on foreign exchange:
- realised
- unrealised
Rental income
140
The Company
2010
2009
RM’000
RM’000
600
338
251
198
1,180
2,000
4,132
182
-
1,180
2,000
4,170
2,018
-
195
16
2,034
188
13
1,558
35
623
35
96
1
7,350
279
3,217
1,232
16,347
67
4
6,143
203
1,420
2,468
1,694
8
15,535
2,163
1
344
279
2,931
837
15,632
-
4
314
203
1,420
1,045
14,935
-
994
14,664
18,480
666
8,034
6,255
436
-
58,999
5,813
2,924
(94)
(165)
(40)
48,075
4,367
2,341
(114)
(482)
(26)
988
255
65
(43,799)
(51)
(40)
1,911
93
54
(7,437)
(26)
(992)
(499)
(1,422)
(988)
(1,135)
(495)
(9)
(672)
(673)
(62)
(9)
(252)
(1,116)
-
(18,152)
-
(7)
(16,821)
-
25. INCOME TAX EXPENSE
The Group
2010
2009
RM’000
RM’000
Current taxation:- for the financial year
- share of taxation in an associates
- under/(over)provision in previous financial years
Deferred tax assets (Note 12):
- for the financial year
- underprovision in previous financial years
Deferred tax liabilities (Note 20):
- for the financial year
- under/(over)provision in previous financial years
The Company
2010
2009
RM’000
RM’000
10,042
(36)
67
4,938
70
(436)
1,708
56
430
289
10,073
4,572
1,764
719
344
69
413
(713)
217
(496)
318
23
341
149
139
288
874
(286)
588
372
(81)
291
-
-
11,074
4,367
2,105
1,007
A reconciliation of income tax expense applicable to the profit before taxation at the statutory tax rate to income tax expense at the effective
tax rate of the Group and of the Company is as follows:The Group
2010
2009
RM’000
RM’000
The Company
2010
2009
RM’000
RM’000
Profit before taxation
54,314
14,606
47,934
1,520
Tax at the statutory tax rate of 25%
Tax effects of:Non-deductible expenses
Non-taxable gain
Deferred tax assets not recognised during the financial year
Utilisation of previously unrecognised deferred tax assets
(Over)/Underprovision in the previous financial year:
- current tax
- deferred tax
Differential in tax rates
13,578
3,651
11,983
380
1,873
(3,714)
5
(458)
5,117
(4,275)
505
(193)
507
(10,464)
-
1,998
(1,799)
-
67
(217)
(60)
(436)
136
(138)
56
23
-
289
139
-
Tax for the financial year
11,074
4,367
2,105
1,007
141
26. EARNINGS PER SHARE
(a)
The basic earnings per share is arrived at by dividing the Group’s profit attributable to shareholders of RM43,059,000 (2009 - RM10,023,000)
by the weighted average number of ordinary shares in issue during the financial year, net of treasury shares, of approximately 247,427,000
(2009 - 237,096,000).
The number of shares for the financial year ended 31 December 2009 has been restated for the effects of share split and bonus issue, as
detailed in Note 15 to the financial statements.
(b) Diluted earnings per share is as follows :The Group
2010
RM’000
Earnings
Profit attributable to the owners of the Company
43,059
Weighted average number of ordinary shares, adjusted for share split and bonus issue (‘000)
Effect of dilution (‘000)
- Exercise of warrants
247,427
Adjusted weighted average number of ordinary shares (‘000)
318,793
71,366
Diluted earnings per share (sen)
13.51
The diluted earnings per share for the financial year ended 31 December 2009 is not presented as there was no potential dilutive ordinary
shares.
27. DIVIDENDS
2010
2009
RM’000
RM’000
Paid, in respect of the financial year ended:31 December 2008:
- final dividend of RM0.03 per ordinary share of RM1.00 each less 25% tax
31 December 2009:
- final dividend of RM0.035 per ordinary share of RM1.00 each less 25% tax
142
-
1,865
2,339
-
2,339
1,865
28. PURCHASE OF PROPERTY, PLANT AND EQUIPMENT
The Group
2010
2009
RM’000
RM’000
Cost of property, plant and equipment purchased
Amount financed through:
- term loan
- hire purchase and finance lease
Cash disbursed for purchase of property, plant and equipment
The Company
2010
2009
RM’000
RM’000
16,176
34,426
502
160
(6,190)
(14,000)
(1,235)
(371)
-
9,986
19,191
131
160
29. ACQUISITION OF A SUBSIDIARY
The details of net assets acquired and cash flows arising from the acquisition of a subsidiary in the current financial year were as follows:The Group
RM’000
Assets
Liabilities
129
(7)
Fair value of net assets acquired
122
(62)
Total purchase consideration
Less: Cash at bank of the subsidiary
60
(41)
Net cash outflow for acquisition of a subsidiary
19
30. DIRECTORS’ REMUNERATION
The aggregate amount of emoluments received and receivable by Directors of the Group and of the Company during the financial year are as
follows:The Group
2010
2009
RM’000
RM’000
Executive directors:
- salaries and other short-term employee benefits
- contribution to Employees’ Provident Fund (“EPF”)
Non-executive directors:
- fee
The Company
2010
2009
RM’000
RM’000
2,968
249
1,271
149
2,712
219
1,271
149
3,217
1,420
2,931
1,420
279
203
279
203
143
30. DIRECTORS’ REMUNERATION (CONT’D)
The details of emoluments for the directors of the Group and of the Company received/receivable for the financial year in bands of RM50,000
are as follows:-
2010
2009
NonNonExecutive Executive Executive Executive
Directors
Directors
Directors
Directors
Below RM50,000
RM50,001 - RM100,000
RM350,001 – RM400,000
RM450,001 - RM500,000
RM550,001 – RM600,000
RM700,001 – RM750,000
RM750,001 – RM800,000
RM800,001 – RM850,000
RM900,001 – RM950,000
1
1
1
1
4
2
-
1
1
1
-
3
1
-
31. RELATED PARTY DISCLOSURES
(a) Identities of related parties
For the purposes of these financial statements, parties are considered to be related to the Group and the Company if a group or a company
has the ability, directly or indirectly, to control the party or exercise significant influence over the party in making financial and operating
decisions, or vice versa, or where the Company and party are subject to common control or common significant influence. Related parties
may be individuals or other entities.
Key management personnel are defined as those persons having authority and responsibility for planning, directing and controlling the
activities of the Group and the Company either directly or indirectly. The key management personnel include all the Directors of the
Company, and certain members of senior management of the Group and the Company.
(b) During the financial year, the Group and the Company carried out the following transactions with the related parties during the financial
year:The Company
2010
2009
RM’000
RM’000
Sale of services to subsidiaries:
- interest charge
- maintenance fee
- management fee
- rental of premises
- service charge
Purchase of services from subsidiary:
- accreditation fee
- management fee
Dividend income from subsidiaries
144
1,422
552
10,787
17,595
180
1,135
552
7,914
16,291
180
4,290
3,247
5,512
2,856
43,799
7,357
31. RELATED PARTY DISCLOSURES (CONT’D)
(b) During the financial year, the Group and the Company carried out the following transactions with the related parties during the financial
year (Cont’d):Key management personnel compensation
The Group
2010
2009
RM’000
RM’000
Directors’ of the Company:
- fee
- remuneration
- contribution to EPF
The Company
2010
2009
RM’000
RM’000
279
2,968
249
203
1,271
149
279
2,712
219
203
1,271
149
3,496
1,623
3,210
1,623
Other key management personnel:
- salary and other short-term employee benefits
- contribution to EPF
1,257
144
1,066
121
334
38
232
27
Total
1,401
1,187
372
259
4,897
2,810
3,582
1,882
(c) Balances with the related parties are disclosed in Note 9(d) and Note 21(c) to the financial statements respectively.
The outstanding amounts of the related parties will be settled in cash. No guarantees have been given or received. No expenses have
been recognised during the financial year as bad and doubtful debts in respect of the amounts owing by the related parties.
32. CONTINGENT LIABILITIES
The Group
2010
2009
RM’000
RM’000
Corporate guarantees given to secure banking facilities
granted to certain subsidiaries
Bank guarantees given to an electricity provider *
The Company
2010
2009
RM’000
RM’000
117
117
9,645
-
17,210
-
117
117
9,645
17,210
* This is secured by a pledge over the fixed deposits of a subsidiary.
145
33. COMMITMENTS
Capital commitments
Authorised capital expenditure not provided for in the financial statements:-
Approved but not contracted for:
- purchase of plant and equipment
2010
RM’000
2009
RM’000
312
274
Operating lease commitments
The future minimum lease payments under the non-cancellable operating leases are as follows:The Group
2010
2009
RM’000
RM’000
Not later than one year
Later than one year and not later than five years
Later than five years
Total
The Company
2010
2009
RM’000
RM’000
24,614
73,946
51,182
24,778
71,686
70,007
15,632
71,972
51,182
15,632
68,779
70,007
149,742
166,471
138,786
154,418
34. FOREIGN EXCHANGE RATE
The applicable closing foreign exchange rate used (expressed on the basis of one unit of foreign currency to RM equivalent) for the translation
of foreign currency balances at the end of the reporting period is as follows:-
United States Dollar
2010
RM
2009
RM
3.06
3.42
35. OPERATING SEGMENTS
Segmental reporting is not presented as the Group is principally engaged in the provision of educational activities, which is substantially
within a single business segment and operates wholly in Malaysia.
36. FINANCIAL INSTRUMENTS
The Group’s activities are exposed to a variety of market risks (including foreign currency risk, interest rate risk and price risk), credit risk and
liquidity risk. The Group’s overall financial risk management policy focuses on the unpredictability of financial markets and seeks to minimise
potential adverse effects on the Group’s financial performance.
146
36. FINANCIAL INSTRUMENTS (CONT’D)
(a) Financial Risk Management Policies
The Group’s financial risk management policy seeks to ensure that adequate financial resources are available for the development of the
Group’s businesses whilst managing its market risk (including foreign currency risk, interest rate risk and equity price risk), credit risk
and liquidity risk. The Group’s policies in respect of the major areas of treasury activity are as follows:(i)
Market Risk
(i)
Foreign Currency Risk
The Group does not have material foreign currency transactions, assets or liabilities and hence the exposure to foreign currency
risk is not material.
(ii) Interest Rate Risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes
in market interest rates. The Group’s exposure to interest rate risk arises mainly from interest-bearing financial assets and
liabilities. The Group’s policy is to obtain the most favourable interest rates available. Any surplus funds of the Group will be
placed with licensed financial institutions to generate interest income at the most favourable interest rates.
The Group’s exposure to interest rate risk is disclosed in Note 36(a)(iii).
Interest rate risk sensitivity analyses are as follows:-
2010
Changes
in basis
points
Effects on
profit
RM’000
Effects on
equity
RM’000
+100/-100
99/(99)
99/(99)
(iii) Equity Price Risk
The Group’s principal exposure to equity price risk arises mainly from changes in quoted investment prices. The Group’s
exposure to price risks is nominal as the investment in quoted shares is considered insignificant.
(ii) Credit Risk
The Group’s exposure to credit risk, or the risk of counterparties defaulting, arises mainly from trade and other receivables. The Group
manages its exposure to credit risk by the application of credit approvals, credit limits and monitoring procedures on an ongoing
basis. For other financial assets (including quoted investments, cash and bank balances and derivatives), the Group minimises credit
risk by dealing exclusively with high credit rating counterparties.
The Group establishes an allowance for impairment that represents its estimate of incurred losses in respect of the trade and
other receivables as appropriate. The main components of this allowance are a specific loss component that relates to individually
significant exposures, and a collective loss component established for groups of similar assets in respect of losses that have been
incurred but not yet identified. Impairment is estimated by management based on prior experience and the current economic
environment.
147
(a) Financial Risk Management Policies (Cont’d)
(ii) Credit Risk (Cont’d)
Credit risk concentration profile
The Group does not have any major concentration of credit risk related to any individual customer or counterparty.
Exposure to credit risk
As the Group does not hold any collateral, the maximum exposure to credit risk is represented by the carrying amount of the financial
assets at the reporting date.
Ageing analysis
The ageing analysis of the Group’s trade receivables at the reporting date is as follows:-
The Group
Not past due
Past due:- less than 3 months
- 3 to 6 months
- over 6 months
Gross
Amount
RM’000
Individual
Impairment
RM’000
Collective
Impairment
RM’000
Carrying
Value
RM’000
12,728
-
-
12,728
80
486
(355)
-
80
131
13,294
(355)
-
12,939
A significant portion of trade receivables that are neither past due nor impaired are regular customers that have been transacting
with the Group. The Groups uses ageing analysis to monitor the credit quality of the trade receivables. Any receivables having
significant balances past due or more than 120 days, which are deemed to have higher credit risk, are monitored individually.
(iii) Liquidity Risk
Liquidity risk arises mainly from general funding and business activities. The Group practises prudent risk management by
maintaining sufficient cash balances and the availability of funding through certain committed credit facilities.
148
(iii) Liquidity Risk (Cont’d)
The following table sets out the maturity profile of the financial liabilities as at the end of the reporting period based on contractual
undiscounted cash flows (including interest payments computed using contractual rates or, if floating, based on the rates at the end
of the reporting period):-
The Group
Effective
Interest Rate
%
Contractual
Carrying Undiscounted
Amount Cash Flows
RM’000
RM’000
Within
1 Year
RM’000
1–5
Years
RM’000
Over 5
Years
RM’000
2010
Hire purchase payables
Term loans
Payables
4.18% - 6.80%
4.27% - 8.50%
-
8,224
9,777
38,607
8,955
9,920
38,607
3,932
4,219
38,607
5,023
5,701
-
-
56,608
57,482
46,758
10,724
-
5,835
12,720
27,971
6,324
14,744
27,971
3,127
4,260
27,971
3,106
10,484
-
91
-
46,526
49,039
35,358
13,590
91
Contractual
Carrying Undiscounted
Amount Cash Flows
RM’000
RM’000
Within
1 Year
RM’000
1–5
Years
RM’000
2009
Term loans
Payables
The Company
4.18% - 6.80%
4.27% - 8.50%
-
Effective
Interest Rate
%
2010
Term loans
Payables
8.50
6.80
-
9,645
355
24,163
9,781
402
24,163
4,100
105
24,163
5,681
297
-
34,163
34,346
28,368
5,978
12,493
27,418
14,488
27,418
4,143
27,418
10,345
-
39,911
41,906
31,561
10,345
2009
Term loans
Payables
8.50
-
149
(b) Capital Risk Management
The Group manages its capital to ensure that entities within the Group will be able to maintain an optimal capital structure so as to support
their businesses and maximise shareholders’ value. To achieve this objective, the Group may make adjustments to the capital structure
in view of changes in economic conditions, such as adjusting the amount of dividend payment, returning of capital to shareholders or
issuing new shares.
The Group manages its capital based on debt-to-equity ratio. The Group’s strategies were unchanged from the previous financial year.
The debt-to-equity ratio is calculated as net debt divided by total capital. Net debt is calculated as borrowings plus trade and other
payables less cash and cash equivalents.
The Group has insignificant external borrowings. The debt-to-equity ratio does not provide a meaningful indicator of the risk of
borrowings.
Under the requirement of Bursa Malaysia Practice Note No. 17/2005, the Company is required to maintain a consolidated shareholders’
equity (total equity attributable to owners of the Company) equal to or not less than the 25% of the issued and paid-up share capital
(excluding treasury shares) and such shareholders’ equity is not less than RM40 million. The Company has complied with this
requirement.
(c) Classification Of Financial Instruments
The
Group
2010
RM’000
The
Company
2010
RM’000
2,734
-
39,997
78,831
65,896
66,948
118,828
132,844
8,224
9,777
38,607
355
9,645
24,163
56,608
34,163
Financial assets
Available-for-sale financial assets
Other investments
Loans and receivables financial assets
Receivables
Cash and cash equivalents
Financial liabilities
Other financial liabilities
Term loans
Payables
150
(d) Fair Values Of Financial Instruments
The carrying amounts of the financial assets and financial liabilities reported in the financial statements approximated their fair values.
The following summarises the methods used to determine the fair values of the financial instruments:(i)
The financial assets and financial liabilities maturing within the next 12 months approximated their fair values due to the relatively
short-term maturity of the financial instruments.
(ii) The fair value of quoted investments is estimated based on their quoted market prices as at the reporting date.
(iii) The carrying amounts of the term loans approximated their fair values as the fair values are determined by discounting the relevant
cash flows using current interest rates for similar types of instruments.
37. COMPARATIVE FIGURES
The following figures have been reclassified to conform with the adoption of the amendments to FRS 117 Leases as disclosed in Note 3(a)(iii)
to the financial statements:-
As
Restated
RM’000
As
Previously
Reported
RM’000
91,409
-
86,465
4,944
Consolidated Statement of Financial Position
Property, plant and equipment
Prepaid land lease payments
The Group has adopted the amendments to FRS 117 Leases pursuant to the Annual Improvements to FRSs (2009). The Group has reassessed
and determined that the leasehold land of a subsidiary is in substance finance leases and has reclassified the leasehold land to property,
plant and equipment. The change in accounting policy has been made retrospectively in accordance with the transitional provisions of the
amendments.
151
38. SUPPLEMENTARY INFORMATION
DISCLOSURE OF REALISED AND UNREALISED PROFITS/LOSSES
The breakdown of the retained profits of the Group and of the Company as at the end of the reporting period into realised and unrealised
profits/(losses) are presented in accordance with the directive issued by Bursa Malaysia Securities Berhad and prepared in accordance with
Guidance on Special Matter No. 1, Determination of Realised and Unrealised Profits or Losses in the Context of Disclosure Pursuant to Bursa
Malaysia Securities Berhad Listing Requirements, as issued by the Malaysian Institute of Accountants, as follows:The
Group
2010
RM’000
The
Company
2010
RM’000
82,552
(74)
57,311
1,557
82,478
58,868
1,108
-
-
Less: Consolidation adjustments
83,586
2,130
58,868
-
At 31 December
85,716
58,868
Total retained profits
- realised
- unrealised
Total share of retained profits of associate:
- realised
- unrealised
152
Group Properties
at 31 December 2010
No. Address
Approximate
Areas/Description
Existing
Use
Tenure
Approximate NBV as at
Age of
31/12/2010
Building
(RM’000)
(years)
Date of
Revaluation/
Acquisition
4,515 sq ft land
area with a 9-storey
commercial building
Education
Centre
Freehold
33
6,835
14/12/1993
Owned by Company
1
33-35 Jalan Hang Lekiu
50100 Kuala Lumpur
Owned by Subsidiaries
2
211 Jalan Bukit
Mata Kuching
93100 Kuching
Sarawak
22,081 sq ft land
area with 6-storey
building
Education
Centre
Leasehold
Expiry date @
13/08/2785
34
10,057
13/06/2001
3
South City Plaza
Lot 3.09a, 3rd Floor
Persiaran Serdang Perdana
43300 Seri Kembangan
Selangor
21,986 sq ft built-up
area of shoplot space
Training
Centre
Leasehold
Expiry date @
09/11/2093
7
8,110
03/07/1998
4
South City Plaza
Lot 3.09b, 3rd Floor
Persiaran Serdang Perdana
43300 Seri Kembangan
Selangor
area of shoplot space
Training
Centre
Leasehold
Expiry date @
09/11/2093
7
5,712
08/01/1999
5
Lot 1, Jalan Teknologi 2/1
Taman Sains Selangor 1
47810 Petaling Jaya
Selangor
7.09 acres of land
Buildings
under
construction
Leasehold
Expiry date @
25/01/2104
-
25,118
12/01/2009
153
Group Properties
at 31 December 2010
No. Address
Approximate
Areas/Description
Existing
Use
Tenure
Approximate NBV as at
Age of
31/12/2010
Building
(RM’000)
(years)
Date of
Revaluation/
Acquisition
Owned by Subsidiaries (cont’d)
6
Unit No. A-PH-08
Pangsapuri Casa Subang
Jalan Subang 1, USJ1
47600 Subang Jaya
Selangor
area of a service
apartment
Residential
Freehold
3
526
19/10/2005
7
Unit No. A-PH-11
47600 Subang Jaya
Selangor
area of a service
apartment
Residential
Freehold
3
476
19/10/2005
8
Unit No. B-23A-02
47600 Subang Jaya
Selangor
area of a service
apartment
Residential
Freehold
3
266
19/10/2005
9
Unit No. B-23A-11
47600 Subang Jaya
Selangor
area of a service
apartment
Residential
Freehold
3
263
19/10/2005
57,363
154
Analysis of Shareholdings &
Warrantholdings
I.
Analysis of shareholdings as at 22 March 2011
Authorised Share Capital
Issued and Fully Paid-up Share Capital
Class of securities
Voting rights
:
:
:
:
RM250,000,000
RM128,466,237*
Ordinary shares of RM0.50 each
Every member present in person or by proxy or represented by attorney shall have one vote and
upon a poll, every such member shall have one vote for every share held
*inclusive of 9,913,200 treasury shares
Distribution Schedule of Shareholdings
Size of shareholdings
No. of
shareholders
% of
shareholders
No. of
shares held
% of issued
capital
58
146
820
284
79
4
4.17
10.49
58.95
20.42
5.68
0.29
1,928
104,622
3,854,925
8,634,695
111,512,864
122,910,240
0.00
0.04
1.56
3.50
45.14
49.76
1,391
100.00
247,019,274
100.00
1 – 99
100 – 1,000
1,001 – 10,000
10,001 – 100,000
100,001 – less than 5% of issued shares
5% and above of issued shares
TOTAL
Substantial Shareholders as at 22 March 2011
According to the register required to be kept under Section 69L of the Companies Act, 1965, the following are the substantial shareholders
(excluding bare trustees) of the Company:-
Name of Shareholders
1.
2.
3.
4.
5.
Cerahsar Sdn Bhd
Segmen Entiti Sdn Bhd
Direct
79,420,240
57,400,000
16,746,100
90,400
-
No. of shares held
%
Indirect
32.15
23.24
6.78
0.04
-
%
**
16.746,100
##
57,400,000
6.78
23.24
No. of shares held
%
Indirect
%
Directors’ Shareholdings
Name of Directors
1.
2.
3.
4.
5.
6.
Hew Moi Lan
7. Lee Kok Cheng
8. Amos Siew Boon Yeong
9. Foo San Kan
10. Goh Leng Chua
Direct
79,420,240
232,400
172,780
90,400
-
32.15
-
-
0.09
0.07
0.04
-
**
16.746,100
##
57,400,000
6.78
23.24
831
-
-
-
-
**
Deemed interest by virtue of shares held by Segmen Entiti Sdn Bhd in which the Director is deemed to have an interest
##
Deemed interest by virtue of shares held by Cerahsar Sdn Bhd in which the Director is deemed to have an interest
-
-
155
Thirty Largest Shareholders
Name of shareholders
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.
26.
27.
28.
29.
30.
156
TA Nominees (Tempatan) Sdn Bhd
Pledged Securities Account for Cerahsar Sdn Bhd
Kenanga Nominees (Tempatan) Sdn Bhd
Pledged Securities Account for Dato’ Sri Clement Hii
RHB Capital Nominees (Tempatan) Sdn Bhd
TA Nominees (Asing) Sdn Bhd
Pledged Securities Account for Narcussus Investments Limited
Pledged Securities Account for Sinar Pavilion Sdn Bhd
Pledged Securities Account for Segmen Entiti Sdn Bhd
Pledged Securities Account for Rexter Capital Sdn Bhd
JF Apex Nominees (Tempatan) Sdn Bhd
Pledged Securities Account for Hck Capital Sdn Bhd (Margin)
Generasi Panduan Sdn Bhd
Segmen Entiti Sdn Bhd
Tasmuning Development Sdn Bhd
Hck Capital Sdn Bhd
Pledged Securities Account for Best Revolution Sdn Bhd (Margin)
Pledged Securities Account for Hck Capital Sdn Bhd
AMSEC Nominees (Tempatan) Sdn Bhd
Pledged Securities Account for Segmen Entiti Sdn Bhd
Yee Shia Ming
ECML Nominees (Tempatan) Sdn Bhd
Perdana Technology Venture Sdn Bhd
Pledged Securities Account for Teoh Seng Aun
SBB Nominees (Tempatan) Sdn Bhd
Yayasan Mohd Noah
Mayban Nominees (Tempatan) Sdn Bhd
Pledged Securities Account for Hii Siew Hee
Pledged Securities Account for Teoh Seng Kian
HDM Nominees (Tempatan) Sdn Bhd
UOB Kay Hian Pte Ltd for Hii Khim Tung
CIMSEC Nominees (Tempatan) Sdn Bhd
CIMB for Koay Hooi Gan
HDM Nominees (Tempatan) Sdn Bhd
Pledged Securities Account for Tu Yieng Hoon
CIMB Bank for Tang Lee Hieh
CIMB Bank for RICKOH Corporation Sdn Bhd
No. of shares
%
57,400,000
23.24
25,337,102
10.26
22,892,318
17,280,820
9.27
7.00
12,040,000
4.87
11,760,000
4.76
9,501,000
3.85
9,000,000
5,856,368
3.64
2.37
5,508,120
2.23
4,402,200
4,300,000
4,300,000
3,500,000
3,410,000
3,263,200
1.78
1.74
1.74
1.42
1.38
1.32
3,238,800
1.31
2,945,100
1.19
2,415,000
1,564,080
0.98
0.63
1,535,920
0.62
1,512,000
0.61
1,500,000
1,478,400
0.61
0.60
1,105,604
0.45
994,600
0.40
912,240
0.37
788,000
0.32
781,000
0.32
771,000
0.31
II.
Analysis of warrantholdings as at 22 March 2011
Warrants 2010/2015
Voting rights
:
:
117,257,097 outstanding
Every warrantholder present in person or by proxy shall have one vote and upon a poll, every
warrantholder shall have one vote for each warrant held in the meeting of the warrantholders.
Distribution Schedule of Warrantholdings
No. of
warrantholders
% of
warrantholders
No. of
warrants held
% of
outstanding
warrants
1 – 99
100 – 1,000
1,001 – 10,000
10,001 – 100,000
100,001 – less than 5% of issued shares
5% and above of issued shares
63
56
365
109
36
7
9.91
8.80
57.39
17.14
5.66
1.10
357
31,075
1,506,757
3,748,940
26,482,568
85,487,400
0.00
0.03
1.29
3.20
22.58
72.90
TOTAL
636
100.00
117,257,097
100.00
Size of warrantholdings
Directors’ Warrantholdings
Name of Directors
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
Direct
38,091,800
290,500
77,640
Lee Kok Cheng
Hew Moi Lan
Foo San Kan
Goh Leng Chua
-
No. of shares held
%
Indirect
32.49
0.25
0.07
-
336,000
@
29,568,100
-
+
Deemed interest by virtue of warrants held by the spouse in which the Director is deemed to have an interest
@
Deemed interest by virtue of warrants held by Cerahsar Sdn Bhd in which the Director is deemed to have an interest.
+
%
0.29
25.22
-
157
Thirty Largest Warrantholders
Name of warrantholders
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.
26.
27.
28.
29.
30.
158
Pledged Securities Account for Cerahsar Sdn Bhd
Hck Capital Sdn Bhd
TA Nominees (Asing) Sdn Bhd
Pledged Securities Account for Narcussus Investments Limited
Pledged Securities Account for Sinar Pavilion Sdn Bhd
Generasi Panduan Sdn Bhd
SEGi Placement Services Sdn Bhd
Pledged Securities Account for Hck Capital Sdn Bhd
Pledged Securities Account for Hii Siew Hee
Pledged Securities Account for Teoh Seng Aun
AMSEC Nominees (Tempatan) Sdn Bhd
Pledged Securities Account for Tasmuning Development Sdn Bhd
CIMB Bank for Tang Lee Hieh
Yee Shia Ming
SBB Nominees (Tempatan) Sdn Bhd
Yayasan Mohd Noah
CIMB for Koay Hooi Gan
Tu Yieng Hoon
Diong Tak Chong @ Tiong Tak Chong
Pledged Securities Account for Teoh Seng Kian
Chui Yue Poh
Pledged Securities Account for Chee Hong Leong
Kee Ju-Hun
Chee Kok Chan
RICKOH Corporation Sdn Bhd
Pledged Securities Account for Hii Kim Sing
Pledged Securities Account for Tan Kim Seng
CIMB Bank for RICKOH Corporation Sdn Bhd
Andrew Chew Hock Chuan
No. of warrants
%
29,568,100
25.22
20,102,900
10,000,000
6,973,700
6,583,100
6,201,900
17.14
8.53
5.95
5.61
5.29
6,057,700
5.17
5,461,300
3,050,000
2,708,700
4.66
2.60
2.31
2,393,500
2.04
1,408,760
1.20
1,406,100
1.20
1,402,600
1.20
1,350,000
1,015,200
1.15
0.87
756,000
0.64
460,000
0.39
411,400
408,200
365,368
0.35
0.35
0.31
336,000
290,500
0.29
0.25
285,740
254,000
240,000
229,700
0.24
0.22
0.20
0.20
210,000
0.18
209,000
0.18
200,000
0.17
Proxy Form
I/We
of
being a member/members of SEG International Bhd hereby appoint
of
or failing him/her
of
or failing him/her, the Chairman of the meeting as my/our proxy to vote for me/us on my/our behalf at the Twenty-Fifth Annual General Meeting of
the Company to be held at Level 2, Right Wing, SEGi University College, No. 9, Jalan Teknologi, Taman Sains Selangor, Kota Damansara, PJU 5, 47810
Petaling Jaya, Selangor Darul Ehsan on Wednesday, 4 May 2011 at 10.30 a.m. and at any adjournment thereof.
My/Our proxy is to vote either on a show of hands or on a poll as indicated below with an “X”:
ORDINARY RESOLUTIONS
FOR
1.
Adoption of the Audited Financial Statements and Reports.
2.
Declaration of a first and final single tier dividend of 7.0 sen per ordinary share.
3.
Approval of the payment of Directors’ fees.
4.
Re-election of Dato’ (Dr) Patrick Teoh Seng Foo in accordance with Article 86 of the Company’s Articles of Association.
5.
Re-election of Dato’ Sri Clement Hii Chii Kok in accordance with Article 86 of the Company’s Articles of Association.
6.
Re-election of Lee Kok Cheng in accordance with Article 86 of the Company’s Articles of Association.
7.
Election of Datuk Chee Hong Leong in accordance with Article 93 of the Company’s Articles of Association.
8.
Re-appointment of Messrs Crowe Horwath as Auditors and to authorise the Directors to fix their remuneration.
9.
Authority pursuant to Section 132D of the Companies Act, 1965 for Directors to issue shares.
AGAINST
10. Proposed Renewal of Share Buy-Back.
Dated this _______________ day of __________________________ 2011
Number of shares held
Signature of member(s)
Notes:
1. If you wish to appoint other person(s) to be your proxy, delete the words “the Chairman of the meeting” and insert the name(s) and address(es) of the person(s) desired
in the space so provided.
2. If there is no indication as to how you wish your vote(s) to be cast, the proxy will vote or abstain from voting at his/her discretion.
3. A proxy may but need not be a member of the Company and the provision of Section 149(1)(b) of the Companies Act, 1965 shall not apply to the Company.
4. A member shall not be entitled to appoint more than two proxies to attend and vote at the same meeting. Where two proxies are appointed, the proportions of
shareholdings to be represented by each proxy must be specified in order for the appointments to be valid.
5. Where a member of the Company is an authorised nominee as defined under the Securities Industry (Central Depositories) Act, 1991, it may appoint at least one proxy
in respect of each securities account it holds with ordinary shares of the Company standing to the credit of the said securities account.
6. If the appointor is a corporation, this form must be executed under its Common Seal or under the hand of its Attorney.
7. All Forms of Proxy must be duly executed and deposited at the Registered Office of the Company at 6th Floor, SEGi University College, No. 9, Jalan Teknologi, Taman
Sains Selangor, Kota Damansara, PJU 5, 47810 Petaling Jaya, Selangor Darul Ehsan not less than 48 hours before the time for holding the Meeting or adjourned
meeting.
Fold this flap for sealing
1st fold here
STAMP
SEG International Bhd
6th Floor, SEGi University College, No. 9, Jalan Teknologi,
Taman Sains Selangor, Kota Damansara, PJU 5,
47810 Petaling Jaya, Selangor Darul Ehsan.
2nd fold here
No. 9, Jalan Teknologi
Taman Sains Selangor
47810 Petaling Jaya Selangor
Toll :
Tel :
Fax :
1800-88-7344
+603 6145 1777
+603 6145 1666
www.segi.edu.my

Landscape for Growth - SEGI Investor Relations

Transcription

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