Untitled - Klse.my

19
ANNUAL REPORT 2006
Poh Kong Holdings Berhad
Chairman’s Statement
Dear Valued Shareholders,
On behalf of the Board of Directors, I
have great pleasure in presenting the
annual report and financial statements
of Poh Kong Holdings Berhad (“the
Company”) and its subsidiaries (“the
Group”) for the financial year ended
(“FYE”) 31 July 2006.
20
ECONOMIC AND BUSINESS OVERVIEW
The Malaysian economy grew by 5.8 % in the 3rd Quarter of the year
which was higher than the expected 5.5% average growth, according
to Bank Negara Malaysia’s outline of the performance of the economy
on November 23.
The Central Bank forecasts gross domestic product to grow by 6% in
2006. With the revision of the 1st Quarter and 2nd Quarter growth upwards,
and a good showing in the 3rd Quarter, the growth is expected to be
stronger in the 4th Quarter of this year due to accelerated Government
spending and stronger domestic demand. Income is projected to trend
upwards and higher commodity prices, export earnings and increase
in foreign direct investment will contribute to sustain economic growth
and increase income for consumers.
The outlook for investment activity is expected to improve with new
projects coming on stream under the Ninth Malaysia Plan, thus
contributing towards sustained economic activities and a continued
robust domestic sector.
Coupled with this, the wholesale and retail sub-sectors are expected to
grow by about 8% next year in tandem with the promotional efforts to
be carried out during Visit Malaysia Year 2007, thus encouraging more
shoppers, both local and foreign.
REVIEW OF FINANCIAL RESULTS
For the financial year ended 31 July 2006, Poh Kong’s group revenue
was higher from RM351.9 million in FYE2005 to RM 372.1 million in
FYE2006, recording an increase of RM20.2 million or a 5.74 % in
sales.
The increase in revenue was attributed to soaring high gold prices and
growth in sales of which RM16 million was contributed by new outlets
and RM4.2 million by existing stores.
Chairman’s Statement
REVIEW OF FINANCIAL RESULTS (continued)
Poh Kong opened an additional 8 new outlets in urban and
sub-urban centres with each costing an average of RM3
million. As a result of the outlets expansion, Poh Kong’s
inventory comprising mainly gold has increased from
RM250.7 million in FYE2005 to RM286.9 million in FYE2006.
Profit before taxation rose higher from RM22.4 million in
FYE2005 to RM35.1 million or an increase of 57% for
FYE2006 under review.
The growing demand for gold products and higher gold
prices resulted in increase profits. Coupled with this, the
fluctuation in gold prices due to supply and demand and
other global factors have also caused many consumers to
buy gold for investment. We are confident even if the high
gold prices persists, we would not be adversely affected as
gold has intrinsic values and consumers would get used to
the prices. As in the previous year, gold jewellery continued
to be a contributor to the total revenue although Poh Kong
has emphasised the sales of diamonds and gems in its
promotions of jewellery.
Paid-up capital stood at RM115.9 million, an increase of
RM0.4 million by way of conversion of Irredeemable
Convertible Unsecured Loan Stocks (“ICULS”) over the
previous financial year of RM115.5 million. As at 31 July
2006, the Group’s net tangible assets recorded an increase
of RM16.9 million at RM216.7 million over the previous year
of RM199.8 million.
The year under review continued to see intense competition
in the jewellery retail trade industry. Competitors came up
with aggressive marketing campaigns, competitive pricing,
network expansion both locally and overseas and improving
their retail outlets distribution.
To commemorate Poh Kong’s 30th Anniversary and to
maintain our unrivalled market leadership, we stepped up
our brand equity advertising, promotional programmes and
special events. These included the Poh Kong 30 th
Anniversary Celebrations Gala Dinner at the KL Hilton for
customers, business partners and associates, the trade,
Government representatives and the media, and the Poh
Kong 30th Anniversary “Million Ringgit Reward” Contest from
30 September 2005 till 30 April 2006 to reward our patrons
with diamonds and gems as prizes. All Poh Kong staff also
celebrated the occasion with a sumptuous 30th Anniversary
“Summer Fiesta” Dinner at the Sunway Lagoon Resort Hotel,
Bandar Sunway, Selangor.
Poh Kong sponsored the Miss Poh Kong Glamour/
International Tourism Pageant 2005 World Final at 1 Utama
(New Wing), Bandar Utama, Selangor on 18 December 2005
and specially organised a Jewellery Extravaganza show
where models displayed Poh Kong diamonds and gem sets.
On 11 May 2006, Poh Kong Holdings Berhad via its whollyowned subsidiary Poh Kong International Sdn Bhd (“PKISB”)
entered into a joint-venture agreement with two Hong Kong
based companies to carry out the business of diamondcutting and polishing, sales, import and export of precious
stones in Hong Kong and China. PKISB has a 51% equity
interest in the joint-venture which will give the Group an
advantage over its competitors as it will have a steady supply
of diamonds and other precious stones at lower prices.
Currently, we have a total of 72 retail outlets via a network
across the country. The Group has also opened its first
franchise outlet at Complex Karamunsing, Kota Kinabalu,
Sabah in September 2006.
21
Chairman’s Statement
ANNUAL REPORT 2006
Poh Kong Holdings Berhad
REVIEW OF FINANCIAL RESULTS (continued)
We are also pleased to announce Poh Kong Jewellers Sdn
Bhd and several subsidiaries of the Group have been
presented the Fair Price Shop Awards 2005 - 2006 in the
jewellery category by the Ministry of Domestic Trade and
Consumer Affairs this year in recognition of the Company’s
outstanding contribution to the country’s economy.
Poh Kong was ranked 10th in the Top Ten Retailing Company
in Malaysia, with US$95 million (RM351 million) in sales
volume for 2005, according to Retail Asia Publishing
magazine. The Company was also listed 372 position in the
region’s 2006 Retail Asia-Pacific Top 500 retail companies
in the annual ranking based on sales value generated by
retailers in 14 Asian economies in 2005.
FUTURE PROSPECTS
22
Plans and strategies to increase our sales turnover for
FYE2007 are on going to constantly fulfill the desires of our
consumers via our brand building advertising campaigns
and promotions, easy accessibility of our existing outlets,
opening of new stores, franchise outlets and overseas
market expansion.
We plan to open more stores as part of our local expansion
for the year 2006/2007. The expansion of outlets in various
locations from urban to sub-urban centres, is aimed at
generating growth opportunities and increase in revenue
while providing wider accessibility and convenience to our
consumers.
The Group is optimistic in identifying more suitable
franchisees in the future.
Going forward on the Group’s overseas expansion, startup on the construction of a diamond cutting and polishing
factory in Zhuhai, Guandong province is now in progress.
Meanwhile, PKISB’s diamond-cutting and polishing
business is currently in operations at a rented factory
premise in Zhuhai. This overseas joint-venture would provide
a wider base for Poh Kong’s future earnings and growth
revenue.
The Company’s strategies have continuously emphasised
not only on yellow and white gold, but diamonds and gems,
as well as the growth of our in-house brand Tranz for the
young and trendy. It also foresees rapid growth for jewellery
outlets Diamond Boutique and sole licensee products for
the Walt Disney collection of favourite characters theme
jewellery for children.
We recognise that the local and global economic conditions
such as gold price volatility will remain challenging and
become more competitive with the participation and
expansion of both local and foreign competitors.
Barring unforeseen circumstances, the Board expects the
performance of the Group to remain satisfactory for the
coming financial year ending 31 July 2007.
Chairman’s Statement
DIVIDEND
APPRECIATION
The Board has proposed to declare a final dividend of 6 sen
per ordinary share, less income tax of 28%, for the financial
year ended 31 July 2006 (2005 : a gross dividend of 6 sen
per ordinary share, less income tax of 28% was declared)
subject to the approval of shareholders at the 4th Annual
General Meeting on 15 January 2007.
On behalf of the Board of Directors, I thank our valued
customers, business partners, suppliers, shareholders and
especially our valued loyal customers for their continued
support and confidence.
I would also like to thank the Government and the relevant
authorities, for their assistance.
EARNINGS PER SHARE
The basic earnings per share for the financial year ended
31 July 2006 stands at 22.48 sen (2005: 14.26 sen).
Finally, to my Board Members, I thank you for your counsel
and guidance during the past year, and to the Management
and Staff, I look forward to your dedicated commitment and
valuable contributions.
I trust that we will continue to benefit from all your constant
support in the coming year to further enhance shareholders’
value.
23
Dato’ Choon Yee Seiong
Executive Chairman & Group Managing Director
18 December 2006
24
ANNUAL REPORT 2006
Poh Kong Holdings Berhad
25
ANNUAL REPORT 2006
Poh Kong Holdings Berhad
Penyata Pengerusi
Pemegang-pemegang Saham Yang
Dihargai ,
Bagi pihak lembaga pengarah, saya
dengan sukacitanya membentangkan
laporan tahunan dan penyata kewangan
bagi Poh Kong Holdings Berhad (syarikat)
dan subsidiarinya (kumpulan syarikat)
bagi tahun kewangan yang berakhir
(“FYE’) 31 Julai 2006.
26
GAMBARAN
PERNIAGAAN
KESELURUHAN
EKONOMI
DAN
Menurut pengumunan “Garis Kasar Bank Negara Malaysia” mengenai
prestasi ekonomi pada 23 November, Ekonomi Malaysia telah
bertumbuh sebanyak 5.8% dalam Suku Ke-tiga adalah lebih tinggi
daripada purata pertumbuhannya yang dijangka sebanyak 5.5%.
Bank Pusat meramalkan Keluaran Kasar Dalam Negera akan bertumbuh
sebanyak 6% pada tahun 2006. Menerusi semakan mengenai
pertumbuhan yang mendadak dalam Suku Pertama dan Suku Ke-dua,
dan penujukkan peningkatan yang baik dalam Suku Ke-tiga, diekori
dengan pemecutan dalam perbelanjaan kerajaan serta permintaan tinggi
Dalam Negeri, pertumbuhan Ekonomi Malaysia diramalkan akan menjadi
lebih tinggi dan kukuh lagi dalam Suku Ke-empat pada tahun ini.
Pendapatan diramalkan melalui haluan yang semakin menaik, harga
komoditi yang lebih tinggi, perolehan daripada hasil eksport serta
pelaburan langsung negara asing akan mengukuhkan pengekalan
pertumbuhan ekonomi dan peningkatan pendapatan penguna.
Harapan bagi kegiatan dan aktiviti dalam pelabuhan dijangka akan
bertambah baik dengan projek-projek baru seperti yang akan
dilancarkan dalam Rancangan Malaysia Ke-sembilan, supaya dapat
terus mengekalkan kedudukan kegiatan ekonomi dan sektor domestik
yang kukuh.
Di samping itu, sub-sektor jualan borong dan runcit dijangka akan
bertumbuh lebih kurang sebanyak 8% pada tahun hadapan sejajar
dengan usaha promosi yang akan dilancarkan sepanjang Tahun Melawat
Malaysia 2007, yang seterusnya akan mengalakkan lebih banyak
pembeli tempatan mahupun negara asing.
KAJIAN KEPUTUSAN-KEPUTUSAN KEWANGAN
Bagi tahun kewangan berakhir 31 Julai 2006, jumlah keuntungan
kumpulan Poh Kong telah meningkat daripada RM351.9 juta dalam FYE
2005 kepada RM372.1 juta dalam FYE 2006, iaitu, mencatatkan
peningkatan sebanyak RM20.2 juta atau 5.74 % dalam hasil jualan.
Peningkatan dalam jumlah hasil berpunca terutamanya daripada harga
emas yang melambung tinggi dan pertumbuhan baik dalam hasil jualan,
iaitu RM16 juta daripada cawangan baru dan RM4.2 juta daripada
cawangan sedia ada.
Penyata Pengerusi
KAJIAN KEPUTUSAN-KEPUTUSAN KEWANGAN
(sambungan)
Poh Kong menubuhkan lapan (8) lagi cawangan baru di
pusat bandar dan bandar kecil dengan setiap cawangan
menelan kos sebanyak RM3 juta. Bersamaan dengan
pengembangan cawangan baru ini, inventori Poh Kong yang
terdiri terutamanya daripada emas telah meningkat daripada
RM250.7 juta dalam FYE2005 kepada RM286.9 juta dalam
FYE2006.
Jumlah keuntungan sebelum cukai meningkat daripada
RM22.4 juta dalam FYE 2005 kepada RM35.1 juta atau
peningkatan sebanyak 57% dalam FYE 2006.
Faktor utama peningkatan dalam jumlah keuntungan Poh
Kong adalah disebabkan oleh permintaan yang meningkat
terhadap produk emas bersamaan dengan harga emas yang
tinggi. Selain itu, turun naik harga emas akibat daripada
pembekalan dan permintaan serta lain-lain faktor global
menyebabkan lebih ramai pengguna melabur dalam emas.
Sekirannya harga emas terus meningkat, kami yakin bahawa
prestasi kumpulan Poh Kong tidak akan terjejas
memandangkan emas mempunyai nilai intrinsic dan
pengguna juga akan terima harga emas tersebut.
Modal berbayar terkini adalah RM115.9 juta, telah meningkat
sebanyak RM0.4 juta melalui cara penukaran ‘Irredeemable
Convertible Unsecured Loan Stocks (“ICULS”) berbanding
dengan tahun kewangan yang lepas yang mempunyai
sebanyak RM115.5 juta. Sehingga 31 Julai 2006, Aset
Ketara Bersih Kumpulan Poh Kong merekodkan sebanyak
RM216.7 juta iaitu meningkat sebanyak RM16.9 juta
berbanding dengan tahun lepas sebanyak RM199.8 juta.
Kajian terus menyaksikan persaingan sengit antara
pesaing-pesaing dalam industri dagangan runcit
barangan kemas dalam kempen pemasaran agresif,
peletakan harga yang berunsur persaingan,
pengembangan rangkaian tempatan dan luar negeri
menyebabkan mempertingkatkan pengedaran saluransaluran kepada pengedaran runcit mereka.
Untuk memperingati Ulang Tahun Poh Kong Ke-30, dan
untuk mengekalkan kedudukan Kepimpinan yang tiada
saingan dalam pasaran, kami menekankan pengiklanan
dalam jenama ekuiti kami, program promosi serta acaraacara khas. Ini termasuk Jamuan Makan Malam Gala
Perayaan Ulang Tahun Poh Kong Ke-30 di KL Hilton untuk
para pelanggan, rakan kongsi dan sekutu perniagaan,
bidang perdagangan, wakil-wakil Kerajaan dan pihak media.
Hadiah yang lumayan seperti berlian dan batu permata juga
diberi sebagai ganjaran kepada pelangan tetap kami yang
menyertai Pertandingan “Million Ringgit Reward” yang
bermula dari 30 September 2005 hingga 30 April 2006.
Semua kakitangan Poh Kong juga meraikan perayaan ini
dengan Jamuan Makan Malam “Summer Fiesta” Ulang
Tahun Poh Kong Ke-30 yang mewah di Sunway Lagoon
Resort Hotel, Bandar Sunway, Selangor.
Poh Kong bukan saja menjadi penaja dalam pertandingan
“Miss Poh Kong Glamour/International Tourism Pageant
2005 World Final” yang berlangsung pada 18 December
2005 di 1 Utama Shopping Centre (New Wing), Bandar
Utama, Selangor, tetapi juga mengadakan pertunjukkan
“Jewellery Extravaganza” secara khusus di mana modelmodel memperagakan berlian dan permata Poh Kong.
Pada 11 Mei 2006, Poh Kong Holdings Berhad melalui anak
syarikat milik penuhnya Poh Kong International Sdn Bhd
(“PKISB”) telah menandatangani perjanjian kerjasama
dengan dua syarikat berpangkalan di Hong Kong untuk
menjalankan perniagaan dalam pemotongan dan
penggilapan berlian, jualan, import dan eksport batu
permata berharga di Hong Kong dan China. PKISB yang
mempunyai kepentingan ekuiti sebanyak 51% dalam
kerjasama ini memberi kelebihan kepada Poh Kong
berbanding dengan pesaing lain dalam pembekalan berlian
dan batu permata pada harga yang lebih rendah.
27
Penyata Pengerusi
ANNUAL REPORT 2006
Poh Kong Holdings Berhad
KAJIAN KEPUTUSAN-KEPUTUSAN KEWANGAN
28
(sambungan)
Kini, rangkaian Poh Kong mempunyai sebanyak 72
cawangan premis runcit di seluruh negara Malaysia.
Kumpulan Poh Kong juga telah membuka cawangan
Francais yang pertamanya pada bulan September 2006 di
Kompleks Karamunsing, Kota Kinabalu, Sabah.
Dengan sukacitanya kami juga ingin mengumumkan bahawa
Poh Kong Jewellers Sdn Bhd dengan syarikat subsiadiarinya
diiktirafkan Anugerah Kedai Harga Patut 2005-2006 (Fair
Price Shop Awards) bawah kategori barangan kemas oleh
Kementerian Perdagangan Dalam Negeri & Hal Ehwal
Pengguna Malaysia pada tahun ini sebagai pujian dan
pengiktirafan syarikat dalam sumbangan cemerlang
terhadap ekonomi negara.
Poh Kong menduduki tangga ke-10 dalam Syarikat
Peruncitan Sepuluh Teratas di Malaysia, dengan jumlah
jualan sebanyak US$95 juta (RM351 juta) bagi 2005, menurut
majalah “Retail Asia Publishing”. Syarikat Poh Kong juga
disenaraikan pada tangga ke-372 dalam senarai syarikatsyarikat runcit tahun 2006 “Retail Asia-Pacific Top 500”
dalam penarafan tahunan berdasarkan nilai jualan yang
dihasilkan oleh peruncit-peruncit dalam 14 Negara Asia
Ekonomi dalam tahun 2005.
PROSPEK MASA HADAPAN
Rancangan dan strategi untuk meningkatkan jumlah
dagangan jualan bagi FYE2007 masih dilaksanakan untuk
sentiasa memenuhi hasrat pelanggan-pelanggan kami
melalui kempen pengiklanan dan promosi membina jenama
kami, kebolehan diakses yang mudah bagi cawangan sedia
ada kami, pembukaan cawangan-cawangan baru,
cawangan francais dan pengembangan pasaran luar negara.
Kami merancang untuk membuka lebih banyak cawangan
sebagai sebahagian daripada pengembangan tempatan
kami bagi tahun 2006/2007. Pengembangan cawangan
dalam beberapa lokasi pusat bandar dan bandar-bandar
kecil, disasarkan untuk menjana peluang pertumbuhan dan
meningkatkan jumlah hasil di samping menyediakan
kebolehan diakses yang lebih meluas dan keselesaan
kepada pelanggan-pelanggan kami.
Kumpulan adalah optimistik dalam mengenal pasti
pemegang-pemegang francais yang sesuai pada masa
hadapan.
Maju ke hadapan dengan pengembangan luar negeri
Kumpulan Poh Kong, pembinaan kilang pemotongan dan
penggilapan berlian di Zhuhai, wilayah Guandong
sudahpun dimulakan. Sementara itu, perniagaan
pemotongan dan pengilapan berlian PKISB pada masa ini
beroperasi di premis kilang yang disewakan di Zhuhai.
Usahasama luar negera ini akan menyediakan pangkalan
yang lebih luas bagi perolehan dan hasil pertumbuhan
masa hadapan bagi Poh Kong.
Strategi Syarikat yang secara berterusan memberi
penekanan bukan sahaja kepada emas kuning dan putih,
tetapi juga kepada berlian dan permata, serta pertumbuhan
jenama Tranz miliki kami bagi golongan genarasi muda yang
mengikut perkembangan fesyen semasa. Ia juga
meramalkan pertumbuhan pesat bagi saluran-saluran keluar
barang kemas Diamond Boutique dan pemegang lesen
tunggal produk-produk bagi koleksi Walt Disney dengan
barangan kemas bertemakan karektor-karektor kesukaan
ramai bagi kanak-kanak.
Kami sedia maklum bahawa keadaan ekonomi tempatan
dan global seperti turun naik harga emas akan kekal
mencabar dan menjadi lebih bersaing dengan penyertaan
dan pengembangan pesaing-pesaing tempatan dan asing.
Tanpa keadaan di luar jangkaan, Lembaga menjangka
prestasi Kumpulan akan terus kekal memuaskan bagi tahun
kewangan yang akan berakhir 31 Julai 2007.
Penyata Pengerusi
DIVIDEN
PENGHARGAAN
Lembaga telah bercadang untuk mengisytiharkan dividen
terakhir sebanyak 6 sen bagi setiap saham biasa, ditolak
dengan cukai pendapatan sebanyak 28%, bagi tahun
kewangan berakhir 31 Julai 2006 (2005 : dividen kasar
sebanyak 6 sen setiap saham biasa, tolak cukai pendapatan
sebanyak 28% telah diisytiharkan) tertakluk kepada
kelulusan pemegang-pemegang saham pada Mesyuarat
Agung Tahunan Ke-4 pada 15 Januari 2007.
Bagi pihak Lembaga Pengarah, saya mengucapkan terima
kasih kepada pelanggan-pelanggan, rakan-rakan
perniagaan, pembekal-pembekal, pemegang-pemegang
saham dan khususnya pelanggan-pelanggan setia kami
yang amat kami hargai atas sokongan dan keyakinan yang
berterusan mereka.
Saya juga ingin mengucapkan terima kasih kepada Kerajaan
dan pihak-pihak berkuasa berkenaan, atas bantuan mereka.
PEROLEHAN SETIAP SAHAM
Perolehan asas setiap saham bagi tahun kewangan berakhir
31 Julai 2006 adalah 22.48 sen (2005 : 14.26 sen).
Akhirnya, kepada Ahli Lembaga, saya mengucapkan terima
kasih atas nasihat dan panduan anda sepanjang tahun lepas,
dan kepada pihak Pengurusan dan Kakitangan, komitmen
dedikasi dan sumbangan bernilai anda amat saya hargai.
Saya percaya bahawa kita akan terus mendapat faedah dari
semua sokongan berterusan anda pada tahun-tahun yang
akan datang untuk terus mempertingkatkan nilai pemegangpemegang saham.
29
Dato’ Choon Yee Seiong
Pengerusi Eksekutif & Pengarah Urusan Kumpulan
18 Disember 2006
Statement on Corporate Governance
ANNUAL REPORT 2006
Poh Kong Holdings Berhad
INTRODUCTION
The Board of Poh Kong Holdings Berhad (“the Company”)
is committed to instill a corporate culture that emphasises
good corporate governance and is to be practised
throughout the Company and its subsidiary companies (“the
Group”). The Group acknowledges the importance of
corporate governance in enhancing its business prosperity
and corporate accountability with the absolute objective of
realising long-term shareholders value, whilst taking into
account the interest of other stakeholders.
The Group will continue to endeavor to comply with all the
key principles of the Malaysian Code of Corporate
Governance (“the Code”) in an effort to observe high
standards of transparency, accountability and integrity. This
is to sustain optimal governance with conscientious
accountability for continuous effectiveness, efficiency and
competitiveness of the Group.
30
Set out below are descriptions of how the Group applied
the Principles of the Code and how the Board has complied
with the Best Practices set out in the Code.
DIRECTORS
The Board Balance
professionals from various backgrounds and with the
relevant experience and expertise that would add value to
the Group. The mix of experience is vital for the strategic
success of the Group.
The presence of Independent Non-Executive Directors fulfils
a pivotal role in corporate accountability. The role of the
Independent Non-Executive Directors is particularly
important as they provide unbiased and independent views,
advice and judgement.
The Executive Chairman and Group Managing Director is
Dato’ Choon Yee Seiong. There is a clear division of
responsibilities. As the Chairman, he is responsible for the
orderly conduct and performance of the Board. As the Group
Managing Director, he is responsible for ensuring the Board’s
decisions are implemented, and that the day-to-day running
of the business is in tandem with the goals and policies
sanctioned by the Board. Although the current arrangement
does not comply strictly with the best practices contained
in the Code, the Managing Director is subject to the control
of the Board of Directors.
In compliance with the Code, Dr Choong Tuck Yew as the
Senior Independent Non-Executive Director assist with
concerns regarding the Company where it could be
inappropriate for those to be dealt with the Executive
Directors.
The control environment set the tone for the Group and is
driven by an effective Board (“the Board”) consisting of
competent individuals with appropriate specialised skills and
knowledge to ensure capable management of the Group.
The Board is responsible for overseeing the conduct and
performance of the Group’s businesses and oversees the
Group’s internal controls. The composition of independent
and non-independent directors is carefully considered to
ensure that the Board is well balanced.
In discharging its fiduciary duties, the Board is assisted by
the following three (3) Board Committees each entrusted
with specific tasks. All the three (3) Committees do not have
executive powers but report to the Board on all matters
considered and their recommendations thereon. The Terms
of Reference of each committee have been approved by
the Board and where applicable, comply with the
recommendation of the Code:
The Board comprises ten (10) members, of whom six (6) are
Executive Directors and four (4) are Independent NonExecutive Directors. It is a balanced Board and comprises
a)
b)
c)
Audit Committee;
Nomination Committee; and
Remuneration Committee.