notes to the financial statements - Bursa Malaysia Stock

Transcription

Annual Report 2014
RISING
ABOUT US
Pasdec Holdings Berhad (“PASDEC”) is a leading
government linked company based in Pahang listed
on the Main Market of Bursa Malaysia Securities
Berhad (Stock Code : 6912) under the property
counter since 27 October 1997.
PASDEC is responsible for coordinating and
marketing Pahang’s vast resources to create new
opportunities for growth and prosperity. Its present
authorised and paid up capital is RM500 million and
RM205.9 million respectively.
As an investment holding company, PASDEC
through its subsidiaries and associate companies
is principally involved in property development,
project management, civil and building construction,
manufacturing of electrical wiring harness, seat
components and catalytic converters for the
automotive industry in South Africa, renewable
energy, installation of UniFi, telecommunication
services and provision of data centre services.
PASDEC is actively seeking for new business ventures
and acquisition to expand its investment portfolio.
ANNUAL REPORT 2014 | PASDEC HOLDINGS BERHAD
CONTENTS
2
Chairman’s Statement
8
Group Financial Summary
9
Corporate Information
10
Corporate Structure
11
3URÀOHRI'LUHFWRUV
20
Top Management
22
6WDWHPHQWRI'LUHFWRUV·5HVSRQVLELOLWLHV
23
Statement on Corporate Governance
32
$XGLW&RPPLWWHH5HSRUW
34
6WDWHPHQWRQ5LVN0DQDJHPHQWDQG,QWHUQDO&RQWURO
36
Additional Compliance Information
38
3$6'(&
63URJUDPV
42
Analysis of Shareholdings
44
List of Properties
50
Financial Statements
145
Notice of Annual General Meeting
147
Statement Accompanying Notice of Annual General Meeting
Proxy Form
1
2
CHAIRMAN'S STATEMENT
D
ear Valued Shareholders,
On behalf of the Board of Directors,
it is my pleasure to present to you
the Annual Report and Audited
Financial Statements of Pasdec
Holdings Berhad (“PASDEC”) and
its subsidiaries (“Group”) for the
financial year ended 31 December
2014.
Chairman's Statement
OVERVIEW
The Group performed considerably wellll against
agai
a
ainst the
the
backdrop of a volatile climate, delivering bottom-line
otttom-line
ine that
th
hat
ha
arr.
was slightly impacted from the previous year.
p
and
d
Malaysia was affected by declining global oil prices
and
fourth
h
depreciation of the Ringgit, particularly in the fourth
quarter of the year. Despite this, buoyant
ntt priva
private
v tte
e and
and
public consumption as well as strong exports
p
ports
powered
po
ow
we
ere
re
ed
rodu
duct (“GDP”)
((““GDP””))
the growth in the nation’s gross domestic product
to a 4-year high of 6.0% in 2014.
The property market in 2014 saw a marginal
nal increase
inc
creasse in
in
total transaction and value wherein 384,060
60
0 transactions
transact
tran
ansactio
on
ns
s
acted
ed
d in 2014
20
2 14
4
valued at RM162.97 billion were transacted
d at RM152.37
RM1
152
2.3
37
compared to 381,130 transactions valued
billion recorded in 2013.
FINANCIAL PERFORMANCE
The Group’s revenue, which was largely derived from
the property, construction and manufacturing
uring sectors,
increased to RM210.6 million for the financial year ended
31 December 2014 compared to RM133.6 million for the
previous financial year ended 31 December 2013.
The improvement in revenue was mainly from the
property sector which contributed 51% higher turnover
than the previous financial year attributable to advanced
stages of construction progress and better sales of our
developments.
Profit after tax and non-controlling interests in 2014 was
recorded at RM6.17 million compared to RM12.94 million
recorded in the previous year wherein the results for the
financial year 2013 included profit from disposal of quoted
shares of RM35.2 million.
Earnings per ordinary share ended at 2.41 sen and net
assets per share was RM1.63, while shareholders’ fund
stood at RM335 million as at 31 December 2014.
OPERATIONS REVIEW
Property Development and Construction
Collectively, property development and construction
contributed 70.3% to the Group’s turnover for the financial
year 2014.
Property development continued to be the Group’s major
revenue contributor during the year, bringing in RM113.1
million from the sales of development properties driven
by continued progress of on-going projects and new
property launches.
Our br
branding
b
anding efforts and
d ability to deliver quality and
innovative product mix, coupled
uple
ed with good customer
service, were factorss th
that
hat strengthened buyers’
confidence in u
uss as evidenced
denc
nced
ed b
by the good take-up rate
of our projects..
At the end of 20
2014,
014
4 the Group had 12 development
projects in-hand
ha
an with total gross development value
(“GDV”) of RM480.36
M4
480
8
million.
The Group’s
’ss de
deve
developments
evelo
at Bandar Putra, Pasdec
Damansara, Balok
Balo
ok Perdana, and Chendor Utama in
Kuantan, continued
inued
d to progress well in construction and
sales, with new phases
launched during the year.
pha
During the year under review, the Group launched Package
7A5 of Bandar Putra Phase 2 at Tanjung Lumpur, Kuantan
comprising of 98 units of medium range single and double
storey linked houses and 6 units of higher category three
storey linked houses. Meanwhile, the earlier phases of linked
houses and high-end double storey and two-and-a-half
storey semi-detached houses at Bandar Putra continued to
progress steadily, both in construction and sales.
The Group also launched Chendor Utama Phase 2B at
Chendor, Kuantan during the year. This project offers
mixed residential development comprising of 166 units of
single storey and 12 units of double storey linked houses
as well as 46 units of semi-detached houses. Development
of 25 units of double storey and 9 units of three storey
shop offices known as Pasdec Business Centre also
commenced at Chendor Utama during the year.
Demand for our Pasdec Idaman development surged
after the devastating floods hit the district of Temerloh
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4
ANNUAL REPORT
O 2014 | PASDEC HOLDINGS
D
BERHAD
in December 2014 as the project was not affected by
the floods. Sales of the 101 units of double-storey
linked houses located strategically within the vicinity of
Hospital Sultan Haji Ahmad Shah and several primary and
secondary schools have picked-up since.
Our Pasdec Pesona and Phase 1 of Vista Verde (Spanish
for ‘A Beautiful Panorama’) developments are slated
for completion and will be handed over to buyers in the
financial year 2015.
The Group’s construction arm, Pasdec Bina Sdn. Bhd.,
contributed 16.6% to the Group’s turnover for the
financial year 2014. Its contract involving the construction
of a 9-storey specialist hospital in Kuantan for Pahang
Specialist Hospital Sdn. Bhd. worth RM57.9 million
progressed steadily during the year and is expected to be
handed over in the second quarter of 2015. The Group is
constantly undertaking efforts to replenish the order book
of its construction arm by bidding for new Government
and private sector contracts.
through labour unrest within the automotive sector and
the country’s inadequate energy infrastructure, Pasdec
Resources SA Limited (“PRSA”) recorded growth of
7.70% in revenue from ZAR176.6 million in 2013 to
ZAR190.2 million in 2014. A significant portion of the
growth in revenue is attributable to higher demand from
the Volkswagen South Africa (VWSA) PQ 25 project which
commenced in 2013.
The operating profit of our automotive component
manufacturing outfit based in South Africa improved by
25.4% from the previous financial year to ZAR8.5 million,
mainly driven by austerity measures put in place to curtail
cost and a review of all production and operational
procedures to improve operational efficiency and reduce
cost.
Working capital utilisation was also reduced during the year
since PRSA was able to meet its commitments through
reducing inventory by ZAR7 million as a consequence of
excesses in finished vehicle inventory during the year and
lower sales volume caused by industrial action.
MANUFACTURING IN SOUTH AFRICA
OTHER BUSINESSES AND INITIATIVES
Despite the global economic outlook remaining uncertain
on the back of a fragile Euro zone and undeniably low
investor confidence in South Africa, lower vehicle sales
Our wholly owned subsidiaries, Kuantan Tembeling Resort
Sdn. Bhd. and Prima Net Technologies Sdn. Bhd. involved
ANNUAL REPORT
EP
PORT 2
2014
014 | PASDEC HOLDINGS BERHAD
ER
in property management and maintenance, and Unifi
installation respectively, continued with their business
operations and contributed a small portion to the Group’s
turnover during the financial year.
The Group’s venture into renewable energy through
small hydro power generation at two rivers in Pahang,
Sungai Benus in Bentong and Sungai Sia in Raub, saw
positive developments during the financial year 2014
with approximately 80% funding secured from RHB Bank
Berhad for the construction of both the hydro power plants
as well as endorsement received from the State Forestry
Department for site possession in September 2014.
CORPORATE SOCIAL RESPONSIBILITY
As a responsible organisation, we believe that effective
corporate social responsibility can create value and deliver
benefits to our businesses and stakeholders by enhancing
reputation and business trust, risk management,
relationship with regulators and authorities, staff
motivation, customer loyalty and long-term shareholder
value. The year under review saw the Group continue with
its corporate responsibility initiatives aimed at making
positive impacts on our stakeholders, communities and
environment.
In order to raise working capital to finance the balance
20% of the construction cost, during the year we had
disposed 91.49 acres of our land in Temerloh Industrial
Park, Temerloh for a total consideration of RM25.9 million
which enabled us to unlock the value of our assets that
are not being utilised.
Barring any unforeseen circumstances, the appointed
Engineering, Procurement and Construction (EPC)
contractors are expected to commence site clearance and
construction of both hydro power plants by April 2015.
Upon completion and
commencement,
the
plants at Sungai Benus
and Sungai Sia will
generate and supply 5
Megawatt (“MW”) and
2MW power to Tenaga
Nasional
Berhad
(TNB) respectively for
a period of 21 years,
thus
contributing
sustainable income for
the Group.
During the financial year,
we discussed with the East
Coast
Economic
Region
Development
Council
(ECERDC) on the terms
of the proposed purchase
of an industrial land in
Gambang Halal Park as well
as negotiated with several
banks on the financing for
the proposed National Halal
Gelatine project in order to
secure the best possible terms
for the purchase and funding
since it is a greenfield project
in Malaysia and requires high
investment cost.
HUMAN CAPITAL
We recognise that human capital is not only one of the
Group’s most important assets, it is also a depreciating
asset that needs continuing investment. In line with
this, the development of our workforce as a strategic
resource is a key focus area for us.
The Group does not have a diversity policy for its
workforce in terms of gender, ethnicity, age and socioeconomic background. Nevertheless, it promotes equal
opportunities in recruitment, career development,
promotion, training and reward for all employees.
In empowering the potential of our talent base, soft skills
development and functional training programmes were
carried-out during the year. We encourage our employees
to constantly upgrade their qualifications and standards
by undertaking higher learning courses, professional and
masters programmes in fields that are of relevance to
them.
During the financial year, 15 employees of our subsidiary
in South Africa successfully completed and received
their certificates for the Future Leadership Programme
developed in collaboration with the Automotive Industry
Development Centre (AIDC) and merSETA. These
graduates are now equipped with sound business
management skills to empower them to be future leaders.
Whilst investing in human capital is vital, we also
recognise the importance of encouraging healthy living
and camaraderie for a well-rounded workforce. Towards
5
6
this end, the Group together with its major shareholder,
Perbadanan Kemajuan Negeri Pahang (“PKNP”), jointly
organised futsal, bowling and badminton tournaments as
well as family day during the year under review to promote
bonding and bring the PKNP Group family closer together.
order to raise fund for its Dana Klinik Waqaf. The Dana
Klinik Waqaf covers 23 Waqaf An-Nur charity clinics and
dialysis centres nationwide as well as the Waqaf Hospital
in Pasir Gudang, Johor that provide quality and affordable
patient care to poor patients.
The Group emphasises on staff welfare by providing
employees with a safe and clean working environment,
personal accident coverage, medical benefits which
include medical care for staff and their families and
hospitalisation and surgical benefits, maternity and
paternity leave and bereavement leave.
The Group also conducted various programmes at
the townships that we developed for the benefit of the
community, among which the yearly Ramadhan feast and
contributions to mosques and surau.
During the flood disaster in December 2014 that affected
several districts of Pahang, our Flood Relief Volunteer
Team sent aids to the affected employees of the Group
as well as other flood victims in Kuantan, Temerloh, Kuala
Lipis and Jerantut. Some 60 of our staff members and their
families that were disadvantaged by the flood received
drinking water, food rations and monetary assistance.
In conjunction with Mandela Day in 2014, our counterpart
in South Africa collaborated with an organisation
called Happy Days by reaching out to schoolgirls
of Majakaneng Primary School in celebration of
womanhood and understanding the physical, emotional
and mental challenges involved when reaching puberty
while embodying the principles of dignity and respect
advocated by the late Nelson Mandela. More than 150
COMMUNITY
As in the previous years, the Group continues to lend its
support and assistance to various worthy causes of the
community.
During the financial year 2014, we gave donations to
various charity bodies, voluntary organisations and
schools to support their fundraising activities. Among
the beneficiaries of our monetary support and provisions
include the underprivileged children from various schools
deserving girls in the school were presented with packs
of sanitary towels.
The Group also supported humanitarian efforts beyond
our shores by channelling donations contributed by our
employees to the people of Gaza though Media Prima
Berhad.
As part of our efforts to support and promote the
development of sports in the county, the Group became
the premier sponsor for SEMSAS 7’s Rugby tournament
participated by boarding schools nationwide as well as
continuing to be the major sponsor for the Pahang First
Touch Football Academy during the year.
in Kuantan that were presented with brand new school
bags, the Parents Teachers Association (PTA) of several
schools in Kuantan for upgrading and additional facilities
at their schools and Persatuan Kebajikan Anak-Anak
Pahang (PEKAP) to carry-out its welfare activities.
We were also one of the main sponsors for the KPJ
Charity Golf Tournament at Tropicana Golf and Country
Resort organised by KPJ Healthcare Bhd in June 2014 in
ENVIRONMENT
Environmental consideration is integral to the Group’s
business and we are passionate of championing
sustainability in our day-to-day operations.
Focus is given to preserving the natural surroundings
within new townships that we develop and incorporating
environmental friendly aspects in our product designs
without compromising on the quality.
The Group’s South Africa based subsidiary looks forward
to better years ahead as it carefully assesses its path
going forward and adjust the way it does business while
seeking innovative ways to circumvent the troubles of
2014 in order to return to a satisfactory growth path.
The Group has incorporated several ‘green’ features in the
renovation of its corporate office at level 19 of Menara
Teruntum last year to promote energy conservation efforts
at the workplace.
The Group remains committed to fulfil its objectives and
will continue with its prudent and responsible approach to
ensure continued success in its endeavours.
LOOKING AHEAD
APPRECIATION
The outlook for Malaysian economy remains fairly
stable with GDP growth of 4.5% to 5.5% expected for
the year 2015 driven through domestic consumption
and expenditure by both the public and private sectors
and supported by the implementation of infrastructure
projects via Economic Transformation Programme (ETP)
and other Government initiatives. However, the recently
implemented Goods and Services Tax (GST) will likely
curb household consumption, while low global oil prices
will continue to hurt export performance.
The Board of Directors would like to thank our valued
shareholders, customers, business associates, financiers,
consultants and the regulatory authorities for their
unwavering support and confidence in the Group. Our
appreciation is also accorded to the State Government of
Pahang for its continued support and assistance.
The property market has moderated and will continue
to warrant close monitoring given the prevailing
macroeconomic factors. To our advantage, the Group
is able to leverage on the momentum that has already
been built where unrecognised value of on-going projects
and planned launches for the year 2015 will guarantee a
steady stream of income, given that most of our residential
properties are of medium range and affordably priced and
our commercial projects are built at strategic locations.
I would also like to express my sincere appreciation to my
colleagues on the Board for their invaluable contributions
and guidance throughout the years.
My fellow Directors and I would like to extend our gratitude
to the management team and employees at all levels for
their dedication and commitment to the Group.
Lastly, the Board welcomes Dato’ Mohd Khairuddin Haji
Abdul Manan who was recently appointed as Group
Managing Director on 11 March 2015 and is confident that
he will take on the task of providing effective leadership in
executing the various projects and initiatives of the Group.
We are fortunate to have a strong base in Pahang and
d
while we continue with the development of our existing
g
landbank, we shall evaluate strategic collaboration and
d
e
land acquisition opportunities to increase our presence
o
nationwide for a better geographical spread in order to
mitigate risks.
d
We are excited to note that plans for the proposed
d
development of Cherating Holiday Resort, an integrated
tourism related development that will boost the image off
Cherating and Chendor as a premier holiday destination,,
c
are progressing well and we hope to announce our strategic
alliance with our chosen partner for this project soon.
DATO’ SRI DIRAJA HAJI ADNAN BIN HAJI YAAKOB
Chairman
13 May 2015
7
8
GROUP FINANCIAL SUMMARY
TURNOVER
(RM’ Million)
NET ASSETS
(RM’ Million)
400000
250000
350000
200000
300000
250000
150000
50000
334,896
210,560
100000
200000
PROFIT/(LOSS) AFTER TAXATION
(RM’ Million)
150000
100000
15000
50000
12000
0
2010 2011 2012 2013 2014
0
2010 2011 2012 2013 2014
9000
6000
6,171
NEST ASSETS PER SHARE
(RM)
3000
EARNING/(LOSS) PER SHARE
(SEN)
0
2.0
8
7
-3000
6
-6000
1.5
5
2010 2011 2012 2013 2014
4
3
1.63
1.0
2.41
2
1
0
0.5
-1
-2
0.0
-3
2010 2011 2012 2013 2014
2010 2011 2012 2013 2014
2010
2011
2012
2013
2014
85,143
97,264
161,975
133,642
210,560
4,476
-4,178
10,060
12,941
6,171
384,198
362,356
369,971
338,252
334,896
NEST ASSETS PER SHARE (RM)
1.87
1.76
1.8
1.64
1.63
EARNING/(LOSS) PER SHARE (SEN)
0.51
-2.51
4.25
6.11
2.41
TURNOVER
PROFIT/(LOSS) AFTER TAXATION
NET ASSETS
CORPORATE INFORMATION
BOARD OF DIRECTORS
YAB DATO’ SRI DIRAJA HAJI ADNAN BIN HAJI
YAAKOB
Non-Independent Non-Executive Chairman
YH DATO’ ABDUL GHANI BIN L. SULAIMAN
Non-Independent Non-Executive Deputy Chairman
YH DATO’ MOHD KHAIRUDDIN HJ. ABDUL MANAN
Group Managing Director
YH DATO’ HAJI ABDUL RAHIM BIN MOHD ALI
Non-Independent Non-Executive Director
YH DATO’ HAJI MOHAMAD NOR BIN ALI
YH DATO’ MOHAMED AMIN BIN HAJI
DAUD
Senior Independent Non-Executive Director
YH DATO’ SRI KHALID BIN MOHAMAD
JIWA
Independent Non-Executive Director
YH DATO’ ABDULLAH BIN A. RASOL
YH DATO’ DR. HAMDAN BIN JAAFAR
COMPANY SECRETARY
REGISTRAR
MISS SHAKERAH ENAYETALI
(LS 0007974)
Securities Services (Holdings) Sdn.Bhd.
Level 7, Menara Milenium
Jalan Damanlela, Pusat Bandar Damansara
Damansara Heights, 50490 Kuala Lumpur
Telephone : 03-2084 9000
03-2094 9940
Facsimile : 03-2095 0292
email: [email protected]
REGISTERED OFFICE
Tingkat 14, Menara Teruntum
Jalan Mahkota, 25000 Kuantan
Telephone : 09-5133888
Facsimile : 09-5145988
PRINCIPAL BANKERS
WEBSITE
www.pasdec.com.my
CIMB Bank Berhad
Bank Islam Malaysia Berhad
HSBC Bank Berhad
RHB Bank Berhad
AMBank Berhad
AUDITORS
Messrs. Hanafiah Raslan & Mohamad
Public Accountants
STOCK EXCHANGE LISTING
Main Market of Bursa Malaysia Securities Berhad
9
10
CORPORATE STRUCTURE
100% Pasdec Corporation Sdn. Bhd.
100% Pasdec Putra Sdn. Bhd.
100% Kuantan Tembeling Resort Sdn. Bhd.
40% Pasdec Cempaka Sdn. Bhd.
100% Pasdec Land Sdn. Bhd.
Genting View Resort
40% Development Sdn. Bhd.
100% Pasdec Mega Sdn. Bhd.
100% Sumbangan Sakti Sdn. Bhd.
30%
Pahang Specialist Hospital
Sdn. Bhd.
20% Prima Prai Sdn. Bhd.
Pahang Aircraft Industries
Sdn. Bhd.
100% Mutiara Pasdec Sdn. Bhd.
100%
100% Pasdec Bina Sdn. Bhd.
100% Pasdec Trading Sdn. Bhd.
70%
Pasdec Pintas Sdn. Bhd.
Deep Sea Thermal Solutions Sdn. Bhd.
100% ( formerly known as Bentong Aquarium
& Sanctuary Park Sdn. Bhd.)
100% Kimdec Corporation Sdn. Bhd.
100% Pahang Off-Shore Sdn. Bhd.
97% Pasdec Resources SA Ltd
Femcotec Finance
100% (Pty) Ltd
100% Prima Net Technologies Sdn. Bhd.
70%
Pasdec Automotive
Technologies (Pty) Ltd
100% GELNAS Sdn. Bhd.
CRH Africa
31% Automotive (Pty) Ltd
51%
Pasdec Engineering Sdn. Bhd.
50%
Pasdec Technology Centre & Services Sdn. Bhd.
PROFILE OF DIRECTORS
Dato’ Sri DiRaja Haji Adnan Bin Haji Yaakob
Chairman
Dato’ Sri DiRaja Haji Adnan bin Haji Yaakob, a Malaysian, aged 65, was appointed
as Chairman and Director of Pasdec Holdings Berhad on 21 January 2003. He also
serves as Chairman of the Tender Committee.
He holds a B.A (Hons) and Diploma in Education from University of Malaya. In October
2010, he was conferred a degree of Honorary Doctorate in Education Administration.
Dato’ Sri DiRaja Haji Adnan is the first ever Malaysian to receive such honour from
the most prestigious and oldest university in Jordan as a recognition towards his
contribution to education especially in providing opportunity to the financially less
fortunate students of Pahang to pursue higher education locally and internationally.
In the same month, he was also conferred the Honorary Doctorate in Technology
Management by Malaysia Pahang University (UMP).
Dato’ Sri DiRaja Haji Adnan is the first recipient of the Darjah Sri DiRaja Sultan
Ahmad Shah Pahang (SDSA) which was bestowed upon him by His Royal Highness
The Sultan of Pahang on His Royal Highness’ 80th birthday and carries the title
Dato’ Sri DiRaja.
A well-known politician, he is a member of the Pahang State Legislative Assembly
representing the Pelangai Constituency since 1986. Dato’ Sri DiRaja Haji Adnan has
been the Chief Minister of Pahang since May 1999. He is also the Chairman of the
State Executive Council of Pahang and holds portfolios in various committees.
Dato’ Sri DiRaja Haji Adnan is the Chairman of Mentiga Corporation Berhad and
state owned agencies such as Perbadanan Kemajuan Negeri Pahang (PKNP),
Pahang State Foundation, Amanah Saham Pahang (ASPA), Kumpulan Permodalan
Bumiputera Pahang (KUMIPA), Lembaga Kemajuan Perusahaan Pertanian (LKPP)
and Perbadanan Perpustakaan Awam Pahang (PPAP).
He does not have any family relationship with any other director and/or major
shareholder, nor any conflict of interest with Pasdec Holdings Berhad. He has not
been convicted for any offences (other than traffic offences) within the past 10 years.
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12
Profile of Directors
Dato’ Abdul Ghani Bin L. Sulaiman
Deputy Chairman
Dato’ Mohd Khairuddin Hj Abdul Manan
Dato’ Abdul Ghani Bin L. Sulaiman
Deputy Chairman
Dato’ Abdul Ghani bin L. Sulaiman, a Malaysian, aged 72, was appointed as Deputy Chairman and Director of Pasdec
Holdings Berhad on 22 April 2003. He graduated with a degree in Bachelor of Arts (Honours) from the University of
Malaya in 1968 and served as an Officer of the Malaysian Administrative and Diplomatic Service in various government
agencies.
Subsequently, he obtained his Diploma in Development Administration from Manchester University, United Kingdom
in 1976, after which he continued to hold various posts in government agencies including the post of Malacca State
Financial Officer, Sarawak State Development Officer, General Manager of Penang Regional Development Authority
(PERDA) and Director of Pay and Allowance Division, Public Services Department, Malaysia.
Dato’ Abdul Ghani went on to serve as the State Secretary of Pahang in 1996 before retiring in 1998. Presently, he is the
Chairman of Segi Perkasa (M) Sdn. Bhd and the Chairman of the Remuneration Committee of Pasdec Holdings Berhad.
He does not have any family relationship with any other director and/or major shareholder, nor any conflict of interest
with Pasdec Holdings Berhad. He has not been convicted for any offences (other than traffic offences) within the past
10 years.
Dato’ Mohd Khairuddin Hj Abdul Manan
Dato’ Mohd Khairuddin Hj Abdul Manan, a Malaysian, aged 58, was appointed to the Board as Group Managing
Director on 11 March 2015. Prior to his appointment as Group Managing Director, he served as the Chief Executive
Officer of Pasdec Holdings Berhad since March 2009. He holds a B.A (Hons) in Strategic Environmental Planning
Studies from Liverpool John Moores University, England.
Dato’ Mohd Khairuddin started his career as a Forecaster/Demographer at Binafon Sdn. Bhd. after graduating in 1982
and went on to gain experience and in depth knowledge in the property development and construction industry while
serving Rimman International Sdn. Bhd., Housecoff Sdn. Bhd. and Panji Timor Sdn. Bhd. as Project Manager and
General Manager.
He ventured into his own property development and construction business in 1992 and has undertaken projects in
Seremban, Klang Valley, Pahang and Kedah prior to joining Pasdec Holdings Berhad. Among the notable projects
undertaken by Dato’ Mohd Khairuddin are the Terminal One and Light Industrial Park in Seremban, Water Treatment
Plant in Habu, Cameron Highland and Langkawi Hospital in Kuah, Langkawi.
Dato’ Mohd Khairuddin is also a member of the Malay College Old Boys’ Association (MCOBA) of the Malay College
Kuala Kangsar and has been appointed as a member of the Main Committee (Management Committee) of MCOBA for
the 2014 to 2016 term.
10 years.
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Dato’ Haji Abdul Rahim bin Mohd Ali
Dato’ Dr. Hamdan Bin Jaafar
Dato’ Haji Abdul Rahim bin Mohd Ali
Dato’ Haji Abdul Rahim bin Mohd Ali, a Malaysian aged 58, was appointed to the Board of Pasdec Holdings Berhad
on 25 April 2014. He holds a B.A (Hons) in Economy (Public Administration) from University of Malaya.
Dato’ Haji Abdul Rahim is the Chief Executive Officer of Perbadanan Kemajuan Negeri Pahang (PKNP). He started
his career with PKNP in 1980 as Assistant Manager of Industrial Promotion & Development, moving up to the post of
Industrial Development Manager in 1988. He went on to become the Acting Deputy Chief Executive Officer and Deputy
Chief Executive Officer (Development) before being promoted to his present post on 1 April 2014. He also sits on the
Board of Tioman Island Resort Berhad and Pascorp Paper Industries Berhad.
Dato’ Haji Abdul Rahim is a member of the Nomination Committee and Tender Committee of Pasdec Holdings Berhad.
10 years.
Dato’ Dr. Hamdan Bin Jaafar
Dato’ Dr. Hamdan bin Jaafar, a Malaysian aged 64, was appointed to the Board on 14 November 1995. He is
an Economics Graduate from University of Malaya and joined Perbadanan Kemajuan Negeri Pahang (PKNP) as an
Administrative Officer upon his graduation in 1974.
He served in various departments within the PKNP Group and went on to become the Deputy General Manager
before being promoted to Chief Executive of PKNP, a post which he held from 1994 to 2001. He was appointed as
an Executive Director of Pasdec Holdings Berhad in December 1996 and subsequently in November 2001, he was
seconded to Pasdec Holdings Berhad as the Group Managing Director where he served until early January 2005 before
being called back to serve PKNP until his retirement in 2007.
During his tenure with PKNP, he attended the Stanford Top Management Program at Stanford University, USA in
1986. Dato’ Dr. Hamdan’s quest for knowledge earned him a doctorate in Business Administration from the EuropeanAmerican University at Oxford Centre and a Fellowship with The Oxford Centre for Leadership, United Kingdom in
2011. He has also been awarded a Doctorate in Business Administration by The Oxford Association of Management in
2006 and has been a Fellow of the Oxford Centre for Leadership in Business Administration since 2007.
Presently, he is running his own business. His experience ranges from township and real estate development to
major socio-economic development in Pahang. Dato’ Dr. Hamdan is also a member of the Audit Committee and
Remuneration Committee of Pasdec Holdings Berhad.
10 years.
15
16
Dato’ Haji Mohamad Nor Bin Ali
Dato’ Mohamed Amin Bin Haji Daud
Dato’ Haji Mohamad Nor Bin Ali
Dato’ Haji Mohamad Nor bin Ali, a Malaysian, aged 69, was appointed to the Board on 22 August 2002. Having
graduated from University of Malaya with a B.A (Hons) Sociology in 1969, Dato’ Haji Mohamad Nor went on to take his
Diploma in Management Science, and subsequently earned an MBA (Investments) and MBO from Northrop University,
USA. He is a Fellow of Canadian Comprehensive Auditing Foundation (CCAF) since 1986.
He has vast experience in the audit field having served in the Public Sector as Director of Audit in various states including
Pahang, Terengganu, Johor and Selangor. He was the Assistant Auditor General in 1996 before being promoted to
Deputy Auditor General, a post he held until his retirement in 2001.
He is a member of the Remuneration Committee and Tender Committee of Pasdec Holdings Berhad.
10 years.
Dato’ Mohamed Amin Bin Haji Daud
Dato’ Mohamed Amin bin Haji Daud, a Malaysian, aged 77, was appointed to the Board on 30 April 1997. He is a
Barrister-at-law of the Honorable Society of Middle Temple and was called to the English Bar in November 1971. Upon
returning to Malaysia, he joined Messrs. Ibam Sdn. Bhd. in 1972 as Company Secretary and was later promoted to
Deputy General Manager of the same company. Subsequently, he went on to set-up his own law practice with two
other lawyers in Kuantan.
He was a Member of Parliament of Pekan, Pahang from 1982 to 1986 and Rompin, Pahang from 1986 to 1990. He
served as the Deputy Speaker of Dewan Rakyat Malaysia from 1986 until 1990. He was the Chairman of Lembaga
Kemajuan Pahang Tenggara from 1986 until 1995 and Chairman of Kuantan Port Authority from 1985 until 1987.
He is a member of the Audit Committee and Nomination Committee of Pasdec Holdings Berhad.
10 years.
17
18
Dato’ Sri Khalid Bin Mohamad Jiwa
Dato’ Abdullah Bin A. Rasol
Dato’ Sri Khalid Bin Mohamad Jiwa
Dato’ Sri Khalid bin Mohamad Jiwa, a Malaysian aged 56, was appointed to the Board of Pasdec Holdings Berhad on
30 April 1997. He serves as Chairman of the Nomination Committee and a member of the Audit Committee of Pasdec
Holdings Berhad.
Dato’ Sri Khalid is the Group Executive Chairman of K-Corporation Sdn. Bhd. and its group of companies dealing with
construction, property management, cosmetic products, specialised trading, IT and media services and agricultural
activities. He also sits on the Board of Asian Composite Manufacturing Sdn. Bhd. and United Industries Sdn. Bhd.
Dato’ Sri Khalid is a business graduate and had previously worked in the financial sector after completing his studies
in 1981. He then left the bank to start his own business with vast experience and knowledge in financial business. He
is the Founder and Chairman of Yayasan Nurjiwa, a foundation that is actively involved in charity and social activities.
10 years.
Dato’ Abdullah Bin A. Rasol
Dato’ Abdullah bin A. Rasol, a Malaysian, aged 65, was appointed to the Board on 23 May 2002. Dato’ Abdullah is
a Fellow of the Chartered Association of Certified Accountants, United Kingdom and a Chartered Accountant with the
Malaysian Institute of Accountants. He is presently an Executive Director of Eden Inc. Berhad in charge of Corporate
Affairs.
Prior to joining Eden Inc. Berhad, he was the Executive Director and Chief Executive Officer of Amanah General
Insurance Berhad. He served the Amanah Capital Group since 1984, initially serving as the Finance Manager of Amanah
Merchant Bank Berhad (AMBB) and moving on towards corporate banking and subsequently as the General Manager
of AMBB. His tasks whilst at AMBB include marketing and evaluation of credit facilities, management of assets,
financial advisory, equity restructuring and project financing. He gained audit and accounting experience in Coopers &
Lybrand, Guthrie Malaysia Holdings Bhd. and Pernas Construction Sdn. Bhd. prior to joining AMBB.
Dato’ Abdullah serves as Chairman of the Audit Committee and a member of the Remuneration Committee of Pasdec
Holdings Berhad.
10 years.
19
20
TOP MANAGEMENT
Dato' Mohd Khairuddin
Hj Abdul Manan
Mohd Azman Sa'ad
Senior Vice President
Project Development
Zulhkiple Bin A. Bakar
Executive Director
Pasdec Engineering Sdn. Bhd.
Goh Song Han
Finance & Corporate Services
TOP MANAGEMENT
Ali Bin Md Mokhtar
Business Development
Kevin Pather
Chief Executive Officer
Pasdec Resources SA Ltd
Haji Anwar Bin Matnor
Acting Senior Vice President Engineering
Shakerah Enayetali
Group Company Secretary
21
22
STATEMENT OF DIRECTORS’ RESPONSIBILITIES
In Relation To The Financial Statements
The Directors are responsible to ensure that the annual audited financial statements of the Group and of the Company
are properly drawn up so as to give a true and fair view of the state of affairs of the Group and the Company as at
31 December 2014, and of the results of their operations and cash flows for the year ended on that date.
In ensuring the preparation of these financial statements, the Directors have:1.
ensured compliance with applicable approved accounting standards;
2.
adopted suitable accounting policies that are applied consistently; and
3.
made reasonable and prudent judgments and estimates.
The Directors are responsible for ensuring that the accounting and other records and registers required by the
Companies Act, 1965 to be retained by the Company and its subsidiaries have been properly kept in accordance with
the provisions of the said Act.
The Directors have general responsibilities for taking such steps that are reasonably available to them to safeguard the
assets of the Group and the Company, and to prevent and detect fraud and other irregularities.
STATEMENT ON CORPORATE GOVERNANCE
The Board of Directors (“Board”) of Pasdec Holdings Berhad (“PASDEC” or “Company”) is committed to manage the
Group in line with corporate governance practices recommended in the Malaysian Code on Corporate Governance
2012 (“Code”) and to ensure that the highest standards of corporate governance are practiced throughout the Group.
The Board believes that corporate accountability complements business practices that will facilitate the achievement
of PASDEC Group’s goals and objectives with the ultimate aim of enhancing shareholders’ value whilst protecting the
interests of other stakeholders.
Pursuant to Paragraph 15.25 of the Main Market Listing Requirements (“MMLR”) of Bursa Malaysia Securities Berhad
(“Bursa Securities”), the Board is pleased to report the manner in which the Group has applied the principles and
recommendations of the Code and the extent of compliance with the best practices provisions in the Code.
1.
BOARD OF DIRECTORS
(a) Roles and Responsibility of the Board
The Board is generally entrusted with the overall governance of the Group, the responsibility to exercise
reasonable and proper care of the Company’s resources for the best interests of its stakeholders as well as to
safeguard the Company’s assets.
The Board understands and is mindful of its roles and responsibilities in discharging its fiduciary and leadership
functions for PASDEC Group and in this regard, has assumed the following responsibilities as recommended in
the Code:(i) Reviews and adopts the strategic plan as well as annual business plan and budget.
(ii) Oversees the conduct of business and evaluate whether the business is being properly managed.
(iii) Identifies principal risks and ensure the implementation of appropriate internal controls and mitigation
measures.
(iv) Oversees the succession planning and appointment of senior management.
(v) Oversees the development and implementation of an investor relations policy.
(vi) Reviews the adequacy and integrity of the internal controls and management information systems, ensuring
the establishment of a sound framework of internal controls and regulatory compliance.
The Board has adopted a Board Charter which documents the strategic intent, duties, functions and roles
and responsibilities of the Board including the division of responsibilities and powers between the Board and
Management, the different committees established by the Board, and between the Chairman and the Managing
Director and/or the Chief Executive Officer (“CEO”). The Board Charter shall be periodically reviewed and
updated, as and when necessary. A copy of the Board Charter is available at the Company’s website.
The Board recognizes its role in establishing a corporate culture which stimulates ethical conduct within the
Group. Towards this end, PASDEC has implemented a Code of Business Conduct and Work Ethics (“Code of
Conduct”) which sets out the standards of behaviour and ethical conduct to be observed by the Directors and
employees in performance of their duties. The Code of Conduct shall be periodically reviewed and updated, as
and when necessary. A copy of the Code of Conduct is available at the Company’s website. The Company’s
Whistleblowing Policy provides an avenue for all employees and stakeholders to disclose any improper,
unethical or unlawful conduct within PASDEC without fear of reprisal. The identity of the whistleblower and the
concerns raised will be treated with confidentiality.
The Board is also mindful of the importance in promoting sustainability by balancing the environmental, social
and governance aspects of Company’s business with the interests of its stakeholders. The Group’s activities
in promoting social responsibility are elaborated in the Chairman’s Statement on pages 2 to 7 of this annual
report.
23
24
Statement On Corporate Governance
1.
BOARD OF DIRECTORS (CONT'D)
(b) Board Balance
The Board currently has nine (9) members comprising of a Non-Independent Non-Executive Chairman, a NonIndependent Non-Executive Deputy Chairman, an Executive Director (Group Managing Director), three (3)
Independent Non-Executive Directors and three (3) Non-Independent Non-Executive Directors.
The current composition of the Board is in compliance with Paragraph 15.02 of the MMLR as one-third of its
members are Independent Directors.
With regards to the recommendation of the Code that the Board must comprise a majority of independent
directors where the Chairman of the Board is not an independent director, the Board is of the opinion that the
present Chairman is the most appropriate person for the role given the Company’s synergistic business and
operational integration with Perbadanan Kemajuan Negeri Pahang (“PKNP”) Group and the current number of
Independent Directors is sufficient to ensure balance of power and authority on the Board.
The Board’s composition represents a mix of knowledge, skills, experience and expertise relevant to the
Company’s operations to provide a strong, effective and competent leadership and control of the Group.
A brief profile of each Director is presented on pages 11 to 19 of this annual report.
The roles of the Chairman and the Group Managing Director (“GMD”) are separate and clearly defined to
ensure a balance of power and authority. The Chairman is primarily responsible for the orderly conduct, smooth
functioning and effectiveness of the Board and leads the Directors in the performance of the responsibilities
and governance of the Board.
The GMD who is accountable to the Board, has the overall responsibility for the day-to-day running of the
business, operational decision-making and implementation of Board policies and decisions in accordance with
the powers and authority delegated to him by the Board. He is accountable for leading the Management team
and building a dynamic corporate culture with the requisite skills and competency. Dato’ Mohd Khairuddin bin
Haji Abdul Manan who was previously the Chief Executive Officer of the Company has been appointed as GMD
since 11 March 2015.
The Non-Executive Directors bring a wide range of business and financial experience and have proven
track record in the private and public service sectors that are vital for the success of the Group. They have
the necessary expertise and skills to ensure that the strategies proposed by the Management are properly
deliberated and evaluated, taking into account the interest of the shareholders and stakeholders. The NonExecutive Directors also contribute to policy formulation and are actively involved in decision-making and act
in the Group’s best interest by providing objective views, advice and judgement.
The Directors who are nominated as the representatives of PKNP always act in the best interest of the Company
when making any decision, in line with Section 132(1E) of the Malaysian Companies Act, 1965.
The Board recognises the importance and contribution of its Independent Directors where they provide
unbiased and independent views, advice and judgement and ensure there is adequate check and balance at
the Board. The Board holds the view that the ability of an Independent Director to exercise independence is
not dependent on his length of service as an Independent Director. The suitability and ability of an Independent
Director to carry out his roles and responsibilities is very much a function of his calibre, experience, qualifications
and personal qualities.
Currently, all three (3) of the Independent Directors of the Company have served the Board as independent
directors for a cumulative term of more than nine (9) years. The Code recommends that an independent
director who has served the board for a cumulative period exceeding nine (9) years may continue to serve the
Board subject to re-designation to a non-independent director. However, the Board can retain the independent
director as an independent director by seeking shareholders’ approval in a general meeting.
1.
(b) Board Balance (Cont'd)
The concept of independence adopted by the Board is in accordance with the definition of an independent
director in Paragraph 1.01 of the MMLR. Following an assessment of the Independent Directors, the Board
recommends that Dato’ Mohamed Amin bin Haji Daud, Dato’ Sri Khalid bin Mohamad Jiwa and Dato’ Abdullah
bin A. Rasol continue to serve as Independent Directors subject to shareholders’ approval at the forthcoming
Annual General Meeting (“AGM”) of the Company. Justifications on the continuation of Dato’ Mohamed Amin
bin Haji Daud, Dato’ Sri Khalid bin Mohamad Jiwa and Dato’ Abdullah bin A. Rasol as Independent Directors
are provided in the Explanatory Notes to the Notice of the Nineteenth (19th) AGM on page 147 of this annual
report.
The Board has identified Dato’ Mohamed Amin bin Haji Daud, as the Senior Independent Non-Executive
Director to whom concerns may be conveyed.
(c) Supply of Information
Board meetings are held at quarterly intervals every financial year with additional meetings, including special
meetings, convened whenever necessary. Eight (8) Board meetings were held during the financial year ended
31 December 2014. Most of the Directors attended all the Board Meetings. Details of attendance of the
Directors to the Board meetings are as follows:Meetings attended
Director
No.
%
Dato’ Sri DiRaja Haji Adnan bin Haji Yaakob
Dato’ Abdul Ghani bin L. Sulaiman
Dato’ Haji Lias bin Mohd Noor *
Dato’ Haji Abdul Rahim bin Mohd Ali **
Dato’ Dr. Hamdan bin Jaafar
Dato’ Haji Mohamad Nor bin Ali
Dato’ Mohamed Amin bin Haji Daud
Dato’ Sri Khalid bin Mohamad Jiwa
Dato’ Abdullah bin A. Rasol
Dato’ Mohd Khairuddin bin Haji Abdul Manan***
7/8
7/8
1/3
5/5
8/8
8/8
8/8
8/8
6/8
N/A
87.5
87.5
33.3
100
100
100
100
100
75
N/A
*
Resigned on 25 April 2014
** Appointed on 25 April 2014
*** Appointed on 11 March 2015
The Directors are provided with agenda and Board papers covering the agenda items in a timely manner and
in the appropriate quality prior to Board meetings to enable the Directors to have a good assessment of the
subject matter in order to discharge their duties and responsibilities competently and to facilitate informed
decision-making.
The GMD or CEO leads the presentation of the Board papers and provides comprehensive explanation on
pertinent issues. Senior Management staff may be called to participate at the Board meetings to provide
detailed explanation and clarifications on issues that are being deliberated. Resolutions are properly recorded
and minutes of proceedings of meetings are circulated to directors for comments before they are confirmed.
All confirmed minutes of the Board meetings are properly maintained by the Company Secretary and kept at
the registered office of the Company.
The Board is kept updated on the Company’s activities and operations on a regular basis. All Directors have full
access to information pertaining the Company’s activities, both financial and operational, during deliberations
at the Board meetings as well as through regular interaction with the senior management. In addition, the
Directors may seek independent professional advice at the Company’s expense, if necessary, in the furtherance
of their duties.
25
26
1.
(c) Supply of Information (Cont'd)
All Directors have access to the advice and support of a suitably qualified Company Secretary, whose
appointment and removal is a matter for the Board as a whole. The Company Secretary ensures that Board
procedures are followed and advices the Board and the Management on statutory and regulatory development,
the implementation of corporate governance measures and compliance matters as applicable to PASDEC
Group.
The Board may, whenever required, set up committees delegated with specific powers and responsibilities.
(d) Appointments to the Board
The Board decides on appointment of new directors to the Board based on the recommendation of the
Nomination Committee. In considering appointments to the Board, due regard would be given to the skills,
experience, contribution and commitment that a person would bring to the Board. Whilst the Board recognise
the contribution that women could bring to the Board, it does not have a specific policy on gender diversity.
All Directors are required to notify the Chairman before accepting any new board appointment in other listed
companies and their commitment expected under the said appointment.
(e) Re-election
In accordance with the Company’s Articles of Association, all Directors who are appointed by the Board are
subjected to re-election by the shareholders in the next AGM subsequent to their appointment. In addition, at
least one-third (1/3) of the remaining Directors are required to submit themselves for re-election at least once
in every three years in the AGM.
Directors of the age of 70 years and above are required to submit themselves for re-appointment annually in
accordance with Section 129 of the Malaysian Companies Act, 1965.
The Directors who are standing for re-election and re-appointment at the forthcoming 19th AGM of the
Company are as stated in the Notice of the AGM.
(f)
Directors’ Training
All the Directors, except Dato’ Mohd Khairuddin bin Haji Abdul Manan who was appointed to the Board on
11 March 2015, have attended the Mandatory Accreditation Programme (MAP) prescribed by Bursa Securities.
New directors appointed to the Board will be provided with the relevant information of the Company, including
its Board Charter and Memorandum and Articles of Association, and will be given regular briefings and updates
on the Group’s business plan, operations, financial performance and activities.
The Directors are encouraged to attend seminars, briefings, courses and training programmes to keep abreast
with the latest developments in the industry and business environment, regulatory up dates or changes as well
as to enhance their skills and knowledge. During the financial year, the Directors attended, either individually
or collectively, development and training programmes organised by various agencies, including among others,
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2.
BOARD COMMITTEES
The Board has established the following Board committees in order to effectively discharge its duties:r
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All Board committees have written terms of reference outlining their duties, responsibilities and authority and are
reviewed from time to time to ensure that they are relevant and up-to-date.
Audit Committee
The composition of the Audit Committee complies with the provisions of the MMLR. The key functions and
responsibilities of the Audit Committee, its activities and number of meetings held during the financial year and
details of attendance of each member are set out in the Audit Committee Report on pages 32 to 33 of this annual
report.
Nomination Committee
The Nomination Committee comprises entirely of Non-Executive Directors, majority of whom are independent. The
Committee is chaired by an Independent Director. Members of the Nomination Committee are as follows:r
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The Nomination Committee is primarily responsible for proposing and recommending new nominees to the Board
as well as Directors to fill seats on Board committees, assessing the effectiveness of the Board and the Board
committees and reviewing the required mix of skills, experience, core competencies and other qualities which
Directors should bring to the Board. The final decision as to who shall be appointed as Director shall be the
responsibility of the full Board. The Committee is also responsible for assessing and considering the appointment
of key senior management of the Group.
The Terms of Reference of the Nomination Committee include:
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of skills, experience and core competencies, and the adequacy of balance between Executive Directors, NonExecutive Directors and Independent Directors.
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annually appraise the performance of the GMD or CEO based on performance criteria approved by the Board.
Meetings of the Nomination Committee are held as and when necessary, and at least once a year. The Nomination
Committee met once in the year 2014 during which it recommended to the Board amongst others, the appointment
of a non-executive director to the Board.
27
28
2.
BOARD COMMITTEES (CONT'D)
Remuneration Committee
The Remuneration Committee comprises entirely of Non-Executive Directors, one of whom is independent. The
members of the Remuneration Committee are as follows:r
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The Remuneration Committee reviews the remuneration package, terms of employment, benefits and reward
structure of the executive directors and the GMD or CEO and makes the necessary recommendations for the
decision of the Board. The Remuneration Committee also recommends to the Board the proposed performance
bonus and salary increment to the key senior management and employees after reviewing the Company’s actual
performance against the Key Performance Indicators approved earlier during the year.
Meetings of the Remuneration Committee are held as and when necessary and at least once a year. Three (3)
meetings were held during the financial year 2014 and all members registered full attendance.
Other Committee
The Board has also established a Tender Committee to ensure control over award of property development
consultancy works and contracts.
3.
DIRECTORS’ REMUNERATION
The Board as a whole reviews the level of remuneration of the Directors to ensure that it is sufficient to attract and
retain the Directors needed to lead the Company to growth and success. The level of remuneration of the NonExecutive Directors is structured to be aligned to the market and their duties and responsibilities. The individual
Director does not participate in decision regarding his own remuneration package. Directors’ fees are approved by
the shareholders at the AGM.
The aggregate remuneration of Directors of the Company for the financial year ended 31 December 2014 categorised
into the appropriate components and range of remuneration are as follows:Remuneration
Non-Executive Directors (RM)
Fees
Other emoluments
501,100
124,700
Total
625,800
The remuneration paid to the Non-Executive Directors within bands of RM50,000 is as follows:Range of Remuneration
RM50,001 – RM100,000
RM100,001 – RM150,000
Non-Executive Directors
8
1
4.
RELATIONSHIP AND COMMUNICATION WITH SHAREHOLDERS AND INVESTORS
(a) Corporate Disclosures
The Board recognises the importance of timely dissemination of information to its shareholders and other
stakeholders, and in line with its commitment to transparency and accountability, the Company adheres strictly
to the disclosure requirements under the MMLR and other applicable laws.
Information on the Group’s performance, operations and major developments are communicated to
shareholders and investors through annual report, quarterly financial results, various announcements and
disclosures made to Bursa Securities and the Company’s website (www.pasdec.com.my). The Company’s
website allows shareholders and the general public access to information such as corporate profile, contact
details of designated persons, relevant policies and announcements made to Bursa Securities.
The Company has established an internal Corporate Disclosure Policy to facilitate disclosure of information
based on the requirements set out in the MMLR. It has set out the policies and procedures for disclosure of
material information of the Group. The said policy is applicable to all employees and Directors of the Group.
(b) AGM
The AGM serves as a primary channel in shareholders’ communication. It gives an opportunity to all shareholders
to have direct access to the Board and to raise questions on resolutions proposed at the AGM. Shareholders
are encouraged to attend the AGM and actively participate in the proceedings.
During the AGM, the Chairman, Directors, GMD or CEO and Senior Management are available to respond to
shareholders’ questions on the Group’s business and performance. All resolutions are put to vote on a show of
hands unless a request for poll is put forward. As and when necessary, a press conference is held immediately
after the AGM and the Chairman will brief the members of the media on the resolutions passed and answer
questions relating to the development and operations of the Group.
5.
ACCOUNTABILITY AND AUDIT
(a) Financial Reporting
The Board is responsible to present a balanced and comprehensive assessment of the Group’s financial
position and prospects to shareholders by means of its annual and quarterly financial reports. In this regard,
the Board is responsible for the preparation of the financial statements that present true and fair view of the
Group’s financial state of affairs.
The Board has delegated to the Audit Committee the responsibility of reviewing and ensuring that the financial
statements of the Group comply with applicable financial reporting standards.
(b) Related Party Transaction
Directors recognise that they have to declare their respective interests in transactions with the Company and
the Group, and abstain from deliberation and voting on the relevant resolution in respect of such transactions
at the Board or at any general meetings convened to consider the matter. All related party transactions are
reviewed as part of the annual internal audit plan, and the Audit Committee reviews any related party transaction
and conflict of interest situation that may arise within the Group including any transaction, procedure or course
of conduct that causes questions of Management integrity to arise.
29
30
5.
ACCOUNTABILITY AND AUDIT (CONT'D)
(c) Internal Control
The Board acknowledges its responsibility to maintain a sound system of risk management and internal control
to safeguard shareholders’ investment and the Group’s assets. The Statement on Risk Management and
Internal Control, which provides an overview of the management of risks and state of internal controls within
the Group, is set out on pages 34 to 35 of this annual report.
(d) Relationship with External Auditors
The Board, through the Audit Committee, has a transparent and appropriate relationship with the Company’s
external auditors. The relationship of the Audit Committee with the external auditors is described in the Audit
Committee Report of this annual report. The external auditors are invited to attend Audit Committee meetings
and general meetings as and when deemed necessary.
The Company constantly reviews and assess the suitability and independence of the external auditors. The
Audit Committee obtains assurance from the external auditors on their independence in discharging their
duties.
28 April 2015
Extending
Our Footprints
31
32
AUDIT COMMITTEE REPORT
The Audit Committee (the Committee) was established on 12 June 1997 to act as a Committee of the Board of Directors.
MEMBERS AND MEETINGS
A total of six (6) meetings were held during the year. Details of the composition of the Committee and attendance by
each member at the Committee meetings are set out below:
Attendance of
Meetings
%
6/6
100
Dato’ Mohamed Amin bin Haji Daud
Member of the Committee
Senior Independent Non-Executive Director
5/6
83
3
Dato’ Sri Khalid bin Mohamad Jiwa
6/6
100
4
6/6
100
Name of Director
Status of Directorship
1
Chairman of the Committee
2
The Group Managing Director (GMD), the Head of Group Internal Audit and other members of senior management
attend meetings of the Committee as and when required by the Committee Members. The Company Secretary is the
Secretary of the Committee.
The Committee is authorised by the Board to investigate any activity within its terms of reference. It is authorised to
seek any information it requires from any employee and all employees are directed to co-operate with any request
made by the Committee. The Committee is authorised by the Board to obtain such outside legal or other independent
professional advice and to secure the attendance of such outsiders with relevant experience and expertise as it may
consider necessary. The Committee is able to convene meetings with external auditors, the internal auditors or both,
excluding the attendance of other Directors and management, whenever deemed necessary.
RESPONSIBILITIES AND DUTIES
The Committee shall undertake the following responsibilities and duties:
1.
2.
3.
4.
5.
6.
To review with the external auditors, the audit plan, the scope of audit and their audit report.
To review the evaluation of the system of internal control with the internal and external auditors.
To review the adequacy of the scope, functions, competency and resources of the internal audit functions and that
it has the necessary authority to carry out its work.
To review the internal audit plan and review the results of the internal audit plan or investigation undertaken and
whether or not appropriate action is taken on the recommendations of the internal audit function.
To review the quarterly results and the year end financial statements of the Group prior to the approval by Board of
Directors, focusing particularly on:
r $IBOHFTJOPSJNQMFNFOUBUJPOPGNBKPSBDDPVOUJOHQPMJDJFT
r 4JHOJàDBOUBOEVOVTVBMFWFOUTBOE
r $PNQMJBODFXJUIBDDPVOUJOHTUBOEBSETBOEPUIFSSFHVMBUPSZSFRVJSFNFOUT
To review the procedures of recurrent related party transactions undertaken by the Company and the Group.
Audit Committee Report
RESPONSIBILITIES AND DUTIES (CONT'D)
7.
8.
9.
10.
11.
12.
13.
14.
To review related party transactions entered into by the Company and the Group to ensure that they are in the best
interest of the Group; fair, reasonable and on normal commercial terms; and not detrimental to minority interest.
To review with the external auditors with regards to problems and reservations arising from their interim and final
audits.
To recommend the nomination of a person or persons as external auditors.
To assess the performance of the external auditors and make recommendations to the Board of Directors on their
appointment and removal.
To review any letter of resignation from the external auditors and any questions of resignation or dismissal.
To monitor the Group’s compliance to the Bursa Malaysia Listing Requirements (LR) and the Malaysian Code of
Corporate Governance from assurances by the Company Secretary and the results of review by the external and
internal audits.
To report to Bursa Malaysia, any breaches of the LR which have not been satisfactory resolved.
To undertake such other functions as may be agreed by the Committee and the Board of Directors.
ACTIVITIES DURING THE FINANCIAL YEAR
During the year, the Committee carried out its duties as set out in its terms of reference. The main activities undertaken
by the Committee were as follows:
1. Reviewed the internal and external auditors’ scope of work and annual audit plans for the Group.
2. Reviewed management letters and the audit report of the external auditors.
3. Reviewed the quarterly and annual reports of the Group to ensure compliance with the LR, applicable approved
accounting standards and other statutory and regulatory requirements prior to recommending for approval by the
Board of Directors.
4. Reviewed any related party transaction and conflict of interest situation that may arise within the Company or the
Group, including any transaction, procedure or course of conduct that raises questions of management integrity.
5. Reviewed the resource requirements of the Group Internal Audit function.
6. Met the external auditors during the year in the absence of management.
INTERNAL AUDIT FUNCTION
The Group has in-house Group Internal Audit function whose responsibility is to evaluate and improve the effectiveness
of risk management, control and governance processes. The Group Internal Audit function adopts a risk-based
methodology in planning and conducting audits by focusing on key risks areas.
The terms of reference of the Group Internal Audit function are clearly spelt out in the approved Group Internal Audit
Charter. The Group Internal Audit operates and functions in accordance with the principles of the Charter. The Group
Internal Audit reports directly to the Committee, and is independent of the audited activities.
During the financial year, the Group Internal Audit function had undertaken the following activities:
1. Prepared the annual audit plan for approval by the Committee.
2. Performed risk based audit based on the annual audit plan, including follow-up of matters from previous audit
reports.
3. Issued internal audit reports to the management on risk management, control and governance issues identified
from the risk based audits together with recommendations for improvements in these processes.
The total cost incurred for the Group Internal Audit function in respect of the financial year ended 31 December 2014
amounted to RM 402,562 (2013: RM567,147).
33
34
STATEMENT ON RISK MANAGEMENT AND INTERNAL CONTROL
RISK MANAGEMENT
The Group has formalised the Risk Management Framework in early 2013. The Risk Management Framework involves
all level of management and employees within the Group.
Roles
AUDIT COMMITTEE (AC)
OVERSIGHT
RISK MANAGEMENT WORKING COMMITTEE
(RMWC)
STRATEGIC LEVEL
HEAD OF DEPARTMENTS (HOD)
TACTICAL LEVEL
RISK CHAMPIONS
WORKING LEVEL
RISK MANAGEMENT
UNIT (RMU): Monitor,
Review, Communication,
Consultation
Level
RISK AWARENESS FOR ALL EMPLOYEES
Risk Management Working Committee (RMWC) which consists of GMD and Senior Management are overall responsible
for implementation of Pasdec’s risk management. They are reporting to Audit Committee on quarterly basis. The
Risk Management Unit assists Senior Management to monitor, review, communicates and provides consultation and
training for Pasdec’s risk management. The group’s risk management process is depicted below;
$
0
.
.
6
/
*
$
"
5
&
$
0
/
4
6
5
Establish the Context
Risk Identification
RISK
ASSESSMENT
Risk Analysis
Risk Evaluation
Risk Treatment
.
0
/
*
5
0
3
3
&
7
*
&
8
Statement on Risk Management and Internal Control
The Risk Management Unit conducted a Risk Awarness Training to existing and new employees in March 2015.
INTERNAL CONTROL
Internal controls are embedded in the Group’s decision making and operations. The followings have been in place and
implemented;
1.
2.
3.
4.
5.
6.
7.
8.
Clear organization structure with defined reporting lines.
Defined level of authorities and lines of responsibilities from operating units up to the Board level to ensure
accountabilities for risk management and control activities.
A detailed budgeting process for each business which is approved by both operating level and the Board.
Periodic reporting of actual results and review against the budget.
Regular information provided by Management to the Board and its committees, covering financial performance
and key performance indicators including staff utilization and cash flow.
Review and award of contracts by Tender Committee. A minimum of three quotations is called for and tenders are
awarded based on criteria such as pricing, quality, track record and speed of delivery.
Clearly documented standard operating procedures manuals which set out policies and procedures for day to day
operations to be carried out. Regular reviews are performed to ensure that documentation remains current and
relevant. Pasdec is an ISO 9001:2008 certified company.
Periodic examination of business processes and the state of internal control by the internal audit function. Reports
on the reviews carried out by the internal audit function are submitted on a regular basis to the Audit Committee.
In order to strengthen internal controls and in view of good governance, The Group has in place a whistle blowing
policy, code of ethics and business conduct and an internal control manual. On 11 March 2015, a briefing to employees
was held to provide in depth understanding on the code of ethics and business conduct as well as whistle blowing
policy.
The Board acknowledges its responsibility of ensuring the effectiveness of risk management system and adequacy
of the internal control system, financial, operational and compliance controls within the Group. The Board shall also
periodically review all internal control mechanism as to ensure its strengths are being maintained and weaknesses are
being remedied. The Board, however, does not regularly review the internal control system of its associated companies,
as the Board does not have any direct control over their operations.
35
36
ADDITIONAL COMPLIANCE INFORMATION
The information set out below is disclosed in compliance with Appendix 9C, Part A of the Main Market Listing
Requirements of Bursa Malaysia Securities Berhad:1.
Utilisation of Proceeds
No proceeds were raised by the Company from any corporate proposal.
2.
Share Buybacks
The Company did not carry out any share buyback during the financial year.
3.
Options, Warrants or Convertibles Securities
The Company did not issue any option, warrant or convertible securities during the financial year.
4.
American Depository Receipt (“ADR”) or Global Depository Receipt (“GDR”) Programme
The Company did not sponsor any ADR or GDR programme during the financial year.
5.
Sanctions/Penalties
There were no public sanctions and/or penalties imposed on the Company and its subsidiaries, Directors and
Management by the relevant regulatory bodies during the financial year.
6.
Non-audit fees
The amount of non-audit fees incurred by the Company and its subsidiaries for services rendered by the external
auditors or their associates/affiliates for the financial year amounted to RM143,000.
7.
Variation In Results
The Company did not make any release on the profit estimate, forecast or projection for the financial year. There is
no material variance between the results for the financial year and the unaudited results previously released by the
Company.
8.
Profit Guarantee
The Company did not give any profit guarantee during the financial year.
9.
Material Contracts Involving Directors and Major Shareholders
There were no material contracts including contracts relating to loans (not being contracts entered into in the
ordinary course of business) entered into by the Company and its subsidiaries which involved Directors’ and major
shareholders’ interests either still subsisting at the end of the financial year ended 31 December 2014 or entered
into since the end of the previous financial year:
10. Recurrent Related Party Transactions of a Revenue or Trading Nature
The Company will not be seeking shareholders’ mandate for recurrent related party transactions of a revenue or
trading nature (“Recurrent Transactions”) entered or to be entered into by the Company and/or its subsidiaries
(“the Group”) as required under Paragraph 10.09 of the Main Market Listing Requirements and Practice Note 12
of Bursa Malaysia Securities Berhad since the Group does not expect the yearly aggregate value of the Recurrent
Transactions entered or to be entered into with any related party to exceed the prescribed threshold limit.
Excellent Services
37
38
PASDEC’S 2014 PROGRAMS
FEBRUARY 23
Friendly Golf- between Pasdec, PEKAP and I&P Property Group.
MARCH 17
Dialogue session of the Group's staff with the Chairman, YAB Dato' Sri Diraja Haji Adnan b. Haji Yaakob and
Board of Directors of PASDEC.
MAY 3
Supporting Local Sport’s Development –
Pasdec has become a premier sponsor in
organizing a Rugby Tournament participated
by boarding schools around the country called
SEMSAS Rugby 7’s.
JUNE 2
KPJ Charity Golf - Pasdec participated in this
charity golf and contributed RM 50,000 in giving
back to the less fortunate in society through the
provision of medical and clinic managerial services
which operated by KPJ Healthcare.
JUNE 17
Topping up ceremony of KPJ Pahang Specialist Hospital
officiated by YB Dato' Norol Azali Bin Sulaiman, Chairman
of Health, Human Resource and Special Task for state of
Pahang.
JUNE 24
PASDEC 18th Annual General Meeting at Hyatt Regency
Kuantan Resort, Teluk Chempedak, Kuantan.
39
40
JULY 9
Pasdec organizing a dinner with media practitioners at Vistana Hotel, Kuantan.
JULY 19
Fund/Zamzam water Contribution to numbers of Mosque at PASDEC’s residential areas during the Holy month of
Ramadhan 2014. This is another way of The Group’s effort in giving back to the community.
AUGUST 31
58th Merdeka Celebration Parade. Some of PASDEC staffs were involved during the parade in Kuantan.
SEPTEMBER 13
Bandar Putra surau handover to the
neighborhood committee. The new surau
can accommodate around 200 people at
one time.
SEPTEMBER 25-28
PASDEC Annual Sales Carnival 2014 at
Kuantan Parade, Kuantan launched by
the chairman of Federation of Chinese
Associations of Malaysia, Tan Sri Dato' Sri
Pheng Yin Huah
SEPTEMBER 27-28
Blood Donation Drive at Kuantan Parade
during the Pasdec Sales Carnival event by
Hospital Tengku Ampuan Afzan, Kuantan.
OCTOBER 3
Pasdec has involved in contributing cattle
for Hari Raya Aidiladha program to the
community of Simpang Pelangai at Bentong
and Bandar Putra, Kuantan.
OCTOBER 10
Local sports involvement – Pasdec FC, The group’s football club participated in the local Kuantan League
division 2 and finish on top of the league.
DECEMBER 20-25
Community Service – PASDEC through its volunteer’s body has manage to give a helping hand to the victims
during flood disaster hits Pahang. The team of volunteers distributed drinking water and food rations to flood relief
centers and affected homes in Kuantan, Temerloh and Kuala Lipis of Pahang.
41
42
ANALYSIS OF SHAREHOLDINGS
As at 24 April 2015
Authorised Share Capital
:
RM500,000,000
Issued and Paid-up Capital
:
RM205,978,000
Class of Shares
:
Ordinary Shares of RM1.00 each
Voting Rights
:
One vote per shareholder on a show of hands or one vote per ordinary share on a poll
Analysis Of Shareholdings
Size Of Shareholdings
No. Of Shareholders
%
No. Of Shares
%
1 - 99
100 – 1,000
1,001 – 10,000
10,001 – 100,000
100,001 – 10,298,899(*)
10,298,900 and above (**)
5
1,601
2,374
1,054
124
1
0.10
31.03
46.02
20.43
2.40
0.02
161
1,567,937
11,854,010
32,601,442
59,035,800
100,918,650
0.00
0.76
5.75
15.83
28.66
48.99
Total
5,159
100.00
205,978,000
100.00
Remark:
* Less than 5% of issued holdings
** 5% and above of issued holdings
Directors’ Shareholdings
No
Name
1.
Dato’ Sri DiRaja Haji
Adnan bin Haji Yaakob
Dato’ Abdul Ghani bin
L. Sulaiman
Dato’ Mohd Khairuddin
bin Haji Abdul Manan
Dato’ Haji Abdul Rahim bin
Mohd Ali
Dato’ Haji Mohamad Nor
bin Ali
Dato’ Mohamed Amin bin
Haji Daud
Dato’ Sri Khalid bin
Mohamad Jiwa
2.
3.
4.
5.
6.
7.
8.
9.
Direct No. Of Shares Held
%
Indirect No. Of Shares Held
%
-
-
-
-
-
-
-
-
-
-
-
-
10,000
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Direct No. Of Shares Held
%
Substantial Shareholder
No
Name
1.
Perbadanan Kemajuan
Negeri Pahang
106,395,650
51.65
Indirect No. Of Shares Held
-
%
-
ANALYSIS OF SHAREHOLDINGS
As at 24 April 2015
Thirty Largest Shareholders (Without Aggregating Securities From Different Securities Accounts Belonging To The
Same Person)
No. Name
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.
Bank Kerjasama Rakyat Malaysia Berhad
- Perbadanan Kemajuan Negeri Pahang
HLIB Nominees (Tempatan) Sdn. Bhd.
- Hong Leong Fund Management Sdn. Bhd. for
Pembinaan Sri Jati Sdn. Berhad
Perbadanan Kemajuan Negeri Pahang
Amsec Nominees (Tempatan) Sdn. Bhd.
- Bong Lee Min
Chin Kian Fong
Yeoh Phek Leng
Buma Bina Sdn. Bhd.
Tan Sei Han
Lee Tek Mook @ Lee Teh Moh
Poo Choo @ Ong Poo Choi
S’ng Hooi Seah
Kua Jing Kea @ Kua Nee Nee
Perbadanan Kemajuan Negeri Pahang
Chin Khee Kong & Sons Sdn. Bhd.
Ooi Chai Tiew
Tan Kian Aik
Lee Chee Heang
Zenith Aim Sdn. Bhd.
Chin Sin Lin
RHB Nominees (Tempatan) Sdn. Bhd.
Chin Kiam Hsung
Lai Hong Choo
Gan Ah Kow
Tan Swee Heng
Kenanga Nominees (Tempatan) Sdn. Bhd.
- Chin Kiam Hsung
Lee Ben Chin
Gan Ah Kow
Tan Yee Ming
Lim Chun Siang
Tah Tian Choo
Alliancegroup Nominees (Tempatan) Sdn. Bhd.
- Tan Kian Chuan
No. Of Shares
100,918,650
%
48.99
4,572,600
4,300,000
2.22
2.09
2,630,000
2,627,800
2,511,000
2,340,100
2,263,600
2,000,000
1,709,800
1,700,000
1,685,100
1,177,000
1,036,200
1,016,200
1,000,000
870,000
867,900
814,300
1.28
1.28
1.22
1.14
1.10
0.97
0.83
0.83
0.82
0.57
0.50
0.49
0.49
0.42
0.42
0.40
758,500
738,100
733,600
697,900
0.37
0.36
0.36
0.34
671,800
568,000
555,000
500,100
500,000
480,000
0.33
0.28
0.27
0.24
0.24
0.23
420,000
0.20
142,663,250
69.26
43
44
LIST OF PROPERTIES
As at 31 December 2014
No
Projects
Description
Tenure
Description
of Prop/
Existing
Use
PT
114502 114674
L/hold 99 yrs
(18.04.2105)
Titles No
Lot/PT
No
HSD
42975 43147
Area (Ac)
NB Value (RM)
@31-12-2014
Remarks
Year of
Acquisition
Residential
Building
19.480
3,097,946.58
Block title
1996
3.00
1,102,492.90
Block title
-
KUANTAN
1
Pasdec Pesona,
Paya Tiga, Mukim
Kuala Kuantan
2
Kuantan Piazza,
Tg Lumpur,
Mukim Kuala
Kuantan
HSM
76938
PT
116055
L/hold 99 yrs
(17.04.2106)
Commercial
Building
3
Harbour Park,
Tg Gelang
Industrial Area
(P.T.K.3/3/24313)
PN 21278
106048
L/hold 99 yrs
Vac Land/
Industry
164.00
10,790,844.24
Block title
1997
4
Bukit Tenggek,
Mukim Ulu
Kuantan
HSD
15538
PT 992
L/hold 99 yrs
(03.06.2095)
Residential
Building
49.42
385,233.70
Block title
1996
5
Astana Villa,
Bandar Indera
Mahkota
HSM
28322 28693
PT 30343
- 30733
L/hold 99 yrs
(22.05.2092)
Residential
Building
17.780
5,729,000.63 Indiv. titles
1998
6
Pasdec Avenue,
Sektor 3, Bandar
Indera Mahkota
HSD
45264 45501
PT
120624 120861
L/hold 99 yrs
(30.05.2096)
Residential
Building
28.961
14,116,300.53
Block title
2007
7
Mahkota Idaman
(6 Lots), Sector
3, BIM
HSM
44404 44409
PT 55572
- 55577
L/hold 99 yrs
(24.05.2097)
Commercial
Building
0.215
1,352,126.00
Indiv title
1996
8
Mahkota Perdana
III, Sector 3, BIM
HSD
24695
PT 78434
L/hold 99 yrs
(29.04.2102)
Residential
Building
2.61
9
Apartment Medan
Warisan (8 units)
PN 7408 / LOT 326
7409
/ 334
L/hold 99 yrs
(12.04.2086)
Apartment
3.349
-
1,005,098.00
1996
Block title
1996
LIST OF PROPERTIES
No
Projects
Description
Titles No
Lot/PT
No
Tenure
Description
of Prop/
Existing
Use
Area (Ac)
NB Value (RM)
@31-12-2014
Remarks
Year of
Acquisition
4,365,811.00
Block title
1992
KUANTAN
10
Kuantan
Tembeling Resort
HSD
10793
PT 29819
L/hold 99 yrs
(12.12.2092)
Commercial
Building
13.220
11
Vista Verde
HSM
73898 74112
PT
109233 108760
Freehold
Residential
Building
3.646
2010
12
Bandar Putra
-Condo
HSD28947 PT 90709
Freehold
Residential
Building
4.330
Block title
2003
13
Bandar Putra
(1226)
GRN37057
Freehold
~
24.633
Block title
2003
14
Bandar Putra
(1221)
HSD29908 PT 91670
Freehold
~
110.720
Block title
2003
15
Bandar Putra
(1228)
HSD44450
PT
121289
Freehold
~
19.793
Block title
2003
16
Bandar Putra (Lot
Banglo)
HSD
29363 29530
PT 91125
- 91292
Freehold
Residential
Building
7.180
Indiv. titles
17
Bandar Putra 6A
HSD
29567 28945
PT 91329
- 90707
Freehold
Residential
Building
27.806
Indiv. titles
18
Bandar Putra 7A
HSD
29009 29314
PT 90771
- 91076
Freehold
Residential
Building
9.178
Indiv titles
19
Damansara Zon
2A2 Fasa 3
HSD
PT.
Freehold
Residential
Building
4.110
Indiv titles
2005
20
Damansara Zon
2A2 Fasa 4
HSD
PT.
Freehold
Residential
Building
13.410
Indiv titles
2005
21
Damansara
Block 11
HSD
41876
PT17433
Freehold
Vac Land/
Agriculture
18.263
Block title
2005
Lot
137674
76,596,561.09
45
46
LIST OF PROPERTIES
No
Projects
Description
Titles No
Lot/PT
No
Tenure
Description
of Prop/
Existing
Use
Area (Ac)
NB Value (RM)
@31-12-2014
Remarks
Year of
Acquisition
KUANTAN
22
Damansara
Block 13
HSD
41877
PT
17435
Freehold
Vac Land/
Agriculture
5.673
Block title
2005
23
Damansara
Block 14
HSD
41879
PT
17436
Freehold
Vac Land/
Agriculture
34.043
Indiv titles
2005
24
Damansara
Block 15
HSD
41890
PT
5983
Freehold
Vac Land/
Agriculture
20.252
Block title
2005
25
Damansara
Block 16
HSD
41880
PT
17437
Freehold
Vac Land/
Agriculture
12.234
Block title
2005
26
Damansara
Block 17
HSD
41881
PT
17438
Freehold
Vac Land/
Agriculture
98.703
Block title
2005
27
Damansara
Block 21
HSD
41888
PT
5986
Freehold
Vac Land/
Agriculture
3.372
Block title
2005
28
Damansara
Block 23
HSD
41891
PT
5988
Freehold
Vac Land/
Agriculture
8.569
Block title
2005
29
Damansara
Block 26
HSD
41894
PT
5991
Freehold
Vac Land/
Agriculture
3.127
Block title
2005
30
Damansara
Block 37
HSD
41898
PT
5999
Freehold
Vac Land/
Agriculture
43.972
Block title
2005
31
Damansara
Block 38
HSD
41899
PT
6000
Freehold
Vac Land/
Agriculture
10.000
Block title
2005
32
Damansara
Block 40
HSD
41900
PT
6002
Freehold
Vac Land/
Agriculture
13.304
Block title
2005
33
Damansara
Block 46
HSD
41905
PT
6008
Freehold
Vac Land/
Agriculture
17.215
Block title
2005
34
Damansara
Block 55
HSD
41883
PT
17443
Freehold
Vac Land/
Agriculture
1.976
Block title
2005
49,750,266.74
LIST OF PROPERTIES
No
Projects
Description
Titles No
Description
of Prop/
Existing
Use
Remarks
Year of
Acquisition
8.725
Block title
2005
Residential
Building
21.316
Indiv. titles
2005
Lot/PT
No
Tenure
PT17445
Freehold
Vac Land/
Agriculture
PT8078PT8457
Freehold
Area (Ac)
NB Value (RM)
@31-12-2014
KUANTAN
HSD
41884
35
Damansara
Block 57
36
Damansara
(Lowcost)
37
Balok Perdana
Zon 2AF1
HSD
35142 35125
PT 15429
- 19426
L/hold 99 yrs
(16.01.2099)
Commercial
Building
6.614
38
Balok Perdana
Zon 2B
PN12822
Lot11087
L/hold 99 yrs
(16.01.2099)
Residential
Building
33.210
Block title
1996
39
Balok Perdana
Zon 2C
PN12823
Lot11088
L/hold 99 yrs
(16.01.2099)
Residential
Building
2.598
Block title
1996
40
Balok Perdana
Zon 3A
HSD
38315 45137
PT 15726
- 15749
L/hold 99 yrs
(16.01.2099)
Residential
Building
16.295
Indiv. titles
41
Balok Perdana
Zon 3C2
HSD
38536
PT 15947
L/hold 99 yrs
(16.01.2099)
Residential
Building
3.941
42
Balok Perdana
Zon 4
PN4500
Lot 9730
L/hold 99 yrs
(16.01.2099)
Residential
Building
14.600
Block title
1996
43
Balok Perdana
Zon 5
HSD
39880 40028
PT 16734
- 16882
L/hold 99 yrs
(16.01.2099)
Residential
Building
14.522
Indiv. titles
1996
44
Balok Perdana
Zon 6
PN4501
Lot 9731
L/hold 99 yrs
(16.01.2099)
Residential
Building
33.210
Block title
1996
45
Chendor Utama 1
PN 11523 Lot 27002
L/hold 99 yrs
(30.09.2100)
Commercial
Building
5.955
Block title
1997
46
Chendor Utama 2
PN 17358 Lot 30406
L/hold 99 yrs
(30.09.2100)
Commercial
Building
16.375
Block title
1997
Block title
22,325,601.59
47
48
LIST OF PROPERTIES
Projects
Description
No
Titles No
Lot/PT
No
Tenure
Description
of Prop/
Existing
Use
Area (Ac)
NB Value (RM)
@31-12-2014
Remarks
Year of
Acquisition
KUANTAN
47
Chendor Utama 3
PN17359
Lot 30407
L/hold 99 yrs
(30.09.2100)
Residential
Building
77.418
Block title
1997
48
Chendor Utama 4
PN17360
Lot 30408
L/hold 99 yrs
(30.09.2100)
Commercial
Building
60.738
15,567,630.53 Block title
1997
49
Chendor Perdana
(PTK.
3/3/23255)
L/hold 99 yrs
Vac Land/
Agric.
621.160
Block title
2012
50
K. Teruntum (Lot
2.15, 2.16, 3.133.15, G 20,2.202.23)
PN 398
Lot 146
Sek 18
L/hold 99 yrs
(08.06.2075)
Commercial
Building
51
Menara Zenith,
Putra Square (
Floor 4, 5, 6, 16,
17)
HSD
28467
PT
22584
L/hold 99 yrs
(18.12.2106)
Commercial
Building
52
Role Shop, Putra
Square
HSD
28473 28501
PT 92055 - L/hold 99 yrs
92083
(18.12.2106)
Commercial
Building
0.973
53
Construction
Town, Putra
Square
HSD
28472
PT
92054
L/hold 99 yrs
(18.12.2106)
Commercial
Building
2.145
54
Ict Hub (28 units)
PN
14639
Lot
1446
L/hold 99 yrs
(18.12.2106)
Commercial
Building
HSD
4389 -
PT
12189 -
HSD3329
PT2545
L/hold 99 yrs
(15.01.2094)
HSD3330
PT2546
HSM 2004
- 2058
PT 2392
- 2446
1991
1,765,633.00
Block title
Indiv. titles
46,746,112.96
Block title
Block title
PEKAN
55
Commercial
Peramu Pekan
3.108
Permenant
Agric
391.360
Block title
1996
L/hold 99 yrs
(15.01.2094)
Vac Land/
Agric.
468.930
Block title
1996
Freehold
Residential
Building
0.587
187,556.00 Indiv. titles
1996
ROMPIN
56
Kampung
Sembayan 1,
Mukim Rompin
144,545.26
57
58
Kampung
Sembayan 2,
Mukim Rompin
Rompin Permai
LIST OF PROPERTIES
Projects
Description
No
Titles No
Lot/PT
No
Tenure
Description
of Prop/
Existing
Use
Area (Ac)
NB Value (RM)
@31-12-2014
Remarks
Year of
Acquisition
Block title
1996
MARAN
59
Kuari Kampung
Kuala Sentul,
Mukim Chenor
HSD605
PT8139
L/hold 21 yrs
(14.08.2015)
Quarry
17.170
92,282.43
60
Land at Mukim
Chenor, Maran
HSD838
PT21297
L/hold 99 yrs
(21.06.2100)
Vac Land/
Bldg Res.
30.000
1,019,125.00
JERANTUT
61
Kuala Tembeling
1, Mukim Kuala
Tembeling
HSD391
PT667
L/hold 99 yrs
(11.03.2076)
~
12.50
Block title
1996
62
Kuala Tembeling
2, Mukim Kuala
Tembeling
HSD392
PT668
L/hold 99 yrs
(11.03.2076)
~
129.99
Block title
1996
63
Kuala Tembeling
3, Mukim Kuala
Tembeling
HSD393
PT669
L/hold 99 yrs
(11.03.2076)
~
4.00
Block title
1996
Kuala Tembeling
4, Mukim Kuala
Tembeling
HSD394
PT670
L/hold 99 yrs
(11.03.2076)
~
19.00
Block title
1996
HSD14686 PT18197
L/hold 99 yrs
(01.09.2101)
Residential
Building
90.490
35,578,249.83
Block title
64
73,079.00
BENTONG
65
Bukit Tinggi
RAUB
66
Raub Perdana 1
(33 Lots)
HSD 6939 PT 16831
- 6880
- 16772
L/hold 99 yrs
(03.01.2093)
Commercial
Building
7.244
-
Indiv. titles
67
Cheroh Perdana
3 (22 Lots)
HSD 3013
- 3110
PT 9393
- 9495
L/hold 99 yrs
(19.04.2086)
Residential
Building
8.498
-
Indiv. titles
1996
68
Quarry Land Kg.
Besu
HSD
10608
PT3653
L/hold 21 yrs
(11.07.2023)
Industrial /
Quarry
19.965
93,964.00
Block title
1996
HSD 4179
PT 2497
L/hold 60 yrs
(14.12.2052)
Vac Land/
Agric.
113.28
183,903.00
Block title
2011
CL
015693982
Lot 1CL
015585
L/hold 99 yrs
(31.12.2098)
Residential
Building
6.79
24,802,193.00
Block title
2013
CAMERON HIGHLAND
69
Lembah Ruil F2
SABAH
70
UMS Link Precint
Alamesra
TOTAL
3,080.251 335,495,846.39
49
FINANCIAL STATEMENTS
51
Directors’ report
54
Statement by directors
54
Statutory declaration
55
Independent auditors’ report
57
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144
Supplementary information
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2.13 Land held for property development and property development costs (cont'd.)
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Property development costs
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2.15 Financial instruments – initial recognition and subsequent measurement
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2.28 Fair value measurements (cont'd.)
a) Financial instruments
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91
92
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2013
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,QWHUHVWLQFRPHIURP
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93
94
7.
Other income
Group
2014
RM
Company
2013
RM
Restated
2014
RM
2013
RM
Restated
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Finance costs
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2014
RM
Company
2013
RM
2014
RM
2013
RM
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Company
2013
RM
Restated
2014
RM
2013
RM
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95
96
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2014
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2013
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2014
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2014
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2013
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2014
2013
50t50
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2014
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2013
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97
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2014
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2013
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2014
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2013
RM
2014
RM
2013
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%DVLF HDUQLQJV SHU VKDUH DPRXQWV DUH FDOFXODWHG E\ GLYLGLQJ SURĺW IRU WKH \HDU QHW RI WD[ DWWULEXWDEOH WR
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2014
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2013
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improvement
RM
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RM
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machinery
RM
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progress
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assets*
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99
100
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Leasehold
improvement
RM
Buildings
RM
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machinery
RM
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progress
RM
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assets*
RM
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RM
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2013
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2014
RM
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101
102
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land
RM
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land
RM
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land
RM
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land
RM
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103
104
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RM
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land
RM
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costs
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RM
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at 31 December 2014
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land
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land
RM
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costs
RM
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At 31 December 2013
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105
106
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land
RM
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land
RM
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costs
RM
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At 31 December 2012
At 1 January 2012
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2014
RM
2013
RM
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2014
RM
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RM
107
108
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2014
RM
2013
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RM
2013
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2013
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2014
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129
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STATEMENT ACCOMPAYING NOTICE OF ANNUAL GENERAL MEETING
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DETAILS OF INDIVIDUALS WHO ARE STANDING FOR ELECTION AS DIRECTORS (EXCLUDING DIRECTORS
STANDING FOR RE-ELECTION)
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Proxy Form
I/We
NRIC (New)/Company No.:
(insert full name in block capital)
of
(full address)
being a member/members of PASDEC HOLDINGS BERHAD hereby appoint
NRIC (New)/Company No.:
of
(full address)
(full address)
and/or
NRIC (New) No.:
of
(full address)
or failing him/her the Chairman of the meeting as my/our proxy/proxies to vote for me/us and on my/our behalf at the Nineteenth (19th) Annual General Meeting
of the Company to be held at Meranti 1, Hyatt Regency Kuantan Resort, Teluk Chempedak, 25050 Kuantan, Pahang Darul Makmur on Monday, 15 June
2015 at 3:00p.m. or any adjournment thereof, and to vote as indicated below:(Please indicate with an “X” in the appropriate spaces provided below as to how you wish your vote to be cast. If you do not do so, the proxy/proxies will vote
or abstain from voting at his/their discretion.)
NO. AGENDA
tors and Auditors
1.
thereon
Resolution
2.
3.
Re-election of Dato’ Dr. Hamdan bin Jaafar
Re-election of Dato’ Sri Khalid bin Mohamad Jiwa
4.
Re-election of Dato’ Mohd Khairuddin bin Haji Abdul Manan
1
2
3
5.
Re-appointment of Dato’ Abdul Ghani bin L. Sulaiman
4
6.
Re-appointment of Dato’ Mohamed Amin bin Haji Daud
5
7.
Approval of Directors’ Fees
6
9.
Retention of Dato’ Mohamed Amin bin Haji Daud as Independent Director
8
10.
Retention of Dato’ Sri Khalid bin Mohamad Jiwa as Independent Director
9
11.
Retention of Dato’ Abdullah bin A. Rasol as Independent Director
10
8.
For
Against
7
Dated this
day of
No. of ordinary shares held:
2015
CDS Account No.:
Proportion of
shareholdings
to be represented by
proxies
Signature of Member/Common Seal
First Proxy
:
%
Second Proxy :
%
Contact No.:
NOTES :
1. In respect of deposited securities, only members whose names appear in the Record of Depositors on 9 June 2015 shall be entitled to attend and vote at the Meeting or appoint proxies to
attend or vote in his/her stead.
2. A member entitled to attend and vote at the meeting may 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
provisions of Section 149(1)(b) of the Companies Act, 1965 shall not apply to the Company. There shall be no restriction as to
two proxies in respect of each securities account with ordinary shares in the Company standing to the credit of the said securities account.
4. Where a member is an exempt authorised nominee which holds ordinary shares in the Company for the omnibus account, there is no limit to the number of proxies which the exempt
authorised nominee may appoint in respect of each omnibus account it holds. An exempt authorised nominee refers to an authori
from compliance with the provisions of subsection 25A (1) of the SICDA.
5. Where a member or the authorised nominee appoints two proxies, or where an exempt authorised nominee appoints two or more proxies, the proportion of shareholdings to be represented by
6. The instrument appointing a proxy shall be signed by the appointor or his attorney duly authorised in writing or if the appointor is a corporation either under common seal or under the hand of
Tingkat 14
48 hours before the time appointed for holding the meeting or any adjournment thereof.
Then fold here
STAMP
The Company Secretary
PASDEC HOLDINGS BERHAD
Tingkat 14, Menara Teruntum
Jalan Mahkota, 25000 Kuantan
Pahang Darul Makmur
1st fold here
PASDEC HOLDINGS BERHAD (367122-D)
Tingkat 14, Menara Teruntum, Jalan Mahkota,25000 Kuantan, Pahang Darul Makmur.
Telephone / Telefon : 09-513 3888 Facsimile / Faksimili : 09-514 5988
Website : www.pasdec.com.my

notes to the financial statements - Bursa Malaysia Stock

Transcription

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