Annual Report 2009
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With effect from 18 June 2009 Asiatic Development Berhad is known as Genting Plantations Berhad www.gentingplantations.com Genting Plantations Berhad Annual Report 2009 OUR VISION WE STRIVE: To become a leader in the plantation industry. To embark aggressively onto value-added downstream manufacturing activities which are synergistic to our core business. To enhance return on the company land bank through property development activities. To adopt a market-driven and customer-oriented approach, with emphasis on product quality and diversity. To strengthen our competitive position by adopting new technologies and innovations. As people are the key to achieving the company’s vision, we are committed to develop our employees and create a highly motivating and rewarding environment for them. Contents 1 Location of Group Properties 42 Financial Statements 3 Corporate Diary 105 Statement on Directors’ Responsibility 4 Corporate Information 105 Statutory Declaration 5 Directors’ Profile 106 Independent Auditors’ Report 7 Chairman’s Statement/ Penyata Pengerusi/ 108 Ten-Year Summary 17 Review of Operations 110 List of Group Properties 23 Corporate Social Responsibility 111 Group Offices and Operating Units 28 Corporate Governance 113 Analysis of Shareholdings 31 Audit Committee Report 116 Notice of Annual General Meeting 34 Statement on Internal Control 119 Statement Accompanying Notice of Annual General Meeting 36 Directors’ Report and Statement by Directors Form of Proxy 1 Genting Plantations Berhad Annual Report 2009 LOCATIONTION OFOF GROUP PROPERTIESPROPERTIES Perlis 1 Kedah Kelantan 34 1 Pulau Pinang 2 Terengganu Perak Pahang Selangor Negeri 35 Sembilan 36 3 4 5 Johor 6 8 Melaka 33 7 32 24 9 31 Plantations Genting Bukit Sembilan Estate 1 Genting Tanjung Estate 11 Genting Suan Lamba Estate 21 Genting Selama Estate 2 Genting Bahagia Estate 12 Genting Sepang Estate 3 Genting Tenegang Estate 13 JOINT VENTURE Genting Tebong Estate 4 Genting Landworthy Estate 14 Ketapang Estates 22 Genting Cheng Estate 5 Genting Layang Estate 15 Kapuas Estates 23 Genting Tanah Merah Estate 6 Genting Mewah Estate 16 Genting Sri Gading Estate 7 Genting Indah Estate 17 Genting Sungei Rayat Estate 8 Genting Permai Estate 18 Genting Kulai Besar Estate 9 Genting Jambongan Estate 19 Genting Sabapalm Estate 10 Genting Sekong Estate 20 Genting Plantations Berhad Annual Report 2009 2 19 10 25 17 18 26 16 29 20 27 15 14 28 21 13 11 Sabah 12 Sarawak 30 Kalimantan 23 22 Oil Mill Property Biotechnology Genting Ayer Item Oil Mill 24 Genting Indahpura 31 ACGT Laboratories 35 Genting Sabapalm Oil Mill 25 Genting Pura Kencana 32 The Gasoline Tree™ Experimental Research Station , 36 Genting Mewah Oil Mill 26 Genting Cheng Perdana 33 Jatropha Division Genting Trushidup Oil Mill 27 Genting Permaipura 34 Genting Tanjung Oil Mill 28 Genting Indah Oil Mill 29 JOINT VENTURE Serian Palm Oil Mill 30 3 Genting Plantations Berhad Annual Report 2009 CORPORATE DIARY 2009 24 February 30 September Announcement on the Consolidated Unaudited Results of the Announcement on the proposed joint venture to establish Group for the fourth quarter and the Audited Results for the Chelsea Premium Outlet Centres in Malaysia. financial year ended 31 December 2008. 24 November 19 March Announcement on the Consolidated Unaudited Results of the Announcement on the proposed joint venture for oil palm Group for the third quarter ended 30 September 2009. cultivation of approximately 15,800 hectares in Kabupaten Ketapang, Provinsi Kalimantan Barat, Republic of Indonesia. 2010 7 April Announcement on the proposed renewal of the authority for the 5 February Company to purchase its own shares. Announcement on the proposed joint venture for oil palm cultivation in Kecematan Toba, Kabupaten Sanggau, Provinsi 12 May Kalimantan Barat, Republic Of Indonesia. Announcement of the following : (a) Entitlement Date for the Proposed Final Dividend 24 February in respect of the financial year ended 31 December Announcement on the Consolidated Unaudited Results of the 2008. Group for the fourth quarter and the Audited Results for the (b) Thirty-First Annual General Meeting. financial year ended 31 December 2009. (c) Proposed Shareholders’ Mandate for recurrent related party transactions of a revenue or trading nature. 5 April (d) Proposed Change of Name. Announcement on the proposed renewal of authority for the Company to purchase its own shares. 22 May Notice to Shareholders of the Thirty-First Annual General 30 April Meeting. Announcement on the Proposed Shareholders’ Mandate for recurrent related party transactions of a revenue or trading 27 May nature. Announcement on the Consolidated Unaudited Results of the Group for the first quarter ended 31 March 2009. 5 May Announcement of the following : 15 June (a) Entitlement Date for the Proposed Final Dividend Thirty-First Annual General Meeting. in respect of the financial year ended 31 December 2009. 19 June (b) Thirty-Second Annual General Meeting. Announcement on the change of name of the Company from (c) Proposed amendments to the Articles of Association of ‘Asiatic Development Berhad’ to ‘Genting Plantations Berhad’ the Company. with effect from 18 June 2009. 25 August Announcement of the following : (a) Consolidated Unaudited Results of the Group for the second quarter ended 30 June 2009. (b) Entitlement Date for the Interim Dividend in respect of the half year ended 30 June 2009. DIVIDENDS Announcement Entitlement Date Payment 2008 Final – 5.0 sen less tax 24 February 2009 30 June 2009 15 July 2009 2009 Interim – 3.75 sen less tax 25 August 2009 30 September 2009 15 October 2009 2009 Proposed Final – 5.25 sen less tax 24 February 2010 30 June 2010 15 July 2010* * Upon approval of shareholders at the Thirty-Second Annual General Meeting Genting Plantations Berhad Annual Report 2009 4 CORPORATE INFORMATION BOARD OF DIRECTORS Tan Sri Mohd Amin bin Osman Chairman Tan Sri Lim Kok Thay Chief Executive Lt. Gen. (B) Dato’ Haji Abdul Jamil bin Haji Ahmad Independent Non-Executive Director Encik Mohd Din Jusoh Independent Non-Executive Director Lt. Gen. (B) Dato’ Abdul Ghani bin Abdullah Independent Non-Executive Director Mr Quah Chek Tin Independent Non-Executive Director Gen. (B) Tan Sri Mohd Zahidi bin Hj Zainuddin Independent Non-Executive Director AUDIT COMMITTEE PRINCIPAL EXECUTIVE OFFICERS Gen. (B) Tan Sri Mohd Zahidi bin Hj Zainuddin Tan Sri Mohd Amin bin Osman Chairman/Independent Non-Executive Director Chairman Lt. Gen. (B) Dato’ Haji Abdul Jamil bin Haji Ahmad Tan Sri Lim Kok Thay Member/Independent Non-Executive Director Chief Executive Encik Mohd Din Jusoh Mr Yong Chee Kong Member/Independent Non-Executive Director Chief Operating Officer Mr Quah Chek Tin Mr Tan Wee Kok Member/Independent Non-Executive Director Chief Financial Officer Lt. Gen. (B) Dato’ Abdul Ghani bin Abdullah Encik Rusli Ujang Member/Independent Non-Executive Director Chief Operating Officer, Plantations (Indonesia) NOMINATION COMMITTEE Haji Abd Halim bin Abd Majid Lt. Gen. (B) Dato’ Haji Abdul Jamil bin Haji Ahmad Executive Vice President, Plantations (Malaysia) Chairman/Independent Non-Executive Director Mr Phang Kong Wong Gen. (B) Tan Sri Mohd Zahidi bin Hj Zainuddin Executive Vice President, Property Member/Independent Non-Executive Director Mr Derrik Khoo Sin Huat Encik Mohd Din Jusoh Chief Executive Officer, ACGT Sdn Bhd Member/Independent Non-Executive Director (formerly known as Asiatic Centre for Genome Technology Sdn Bhd) REMUNERATION COMMITTEE Gen. (B) Tan Sri Mohd Zahidi bin Hj Zainuddin Chairman/Independent Non-Executive Director Tan Sri Lim Kok Thay Member/Chief Executive Lt. Gen. (B) Dato’ Haji Abdul Jamil bin Haji Ahmad Member/Independent Non-Executive Director Encik Mohd Din Jusoh Member/Independent Non-Executive Director SECRETARY Ms Loh Bee Hong GENTING PLANTATIONS BERHAD CORPORATE HEAD OFFICE/ (formerly known as Asiatic Development Berhad) PRINCIPAL PLACE OF BUSINESS 10th Floor, Wisma Genting A public limited liability company Jalan Sultan Ismail Incorporated and domiciled in Malaysia 50250 Kuala Lumpur Company no. 34993-X Tel : (603) 2178 2255/2333 2255 Fax : (603) 2161 6149 REGISTERED OFFICE 24th Floor, Wisma Genting Jalan Sultan Ismail STOCK EXCHANGE LISTING 50250 Kuala Lumpur Main Market of Bursa Malaysia Securities Berhad Tel : (603) 2178 2288/2333 2288 (Listed on 30 August 1982) Fax : (603) 2161 5304 Stock Name : GENP E-mail : [email protected] Stock Code : 2291 REGISTRARS AUDITORS Genting Management and Consultancy Services Sdn Bhd PricewaterhouseCoopers 24th Floor, Wisma Genting (Chartered Accountants) Jalan Sultan Ismail 50250 Kuala Lumpur INTERNET HOMEPAGE Tel : (603) 2178 2266/2333 2266 http://www.gentingplantations.com Fax : (603) 2161 5304 5 Genting Plantations Berhad Annual Report 2009 DIRECTORS’ PROFILE TAN SRI MOHD AMIN BIN OSMAN Chairman Tan Sri Mohd Amin bin Osman (Malaysian, aged 82), appointed on 27 June 1992, is the Chairman. He had a distinguished career spanning a period of over 36 years with the Royal Malaysian Police Force where he retired as the Acting Inspector General of Police, Malaysia. In between, he had served as Deputy Commissioner of Police, Sabah; Brigade Commander, Police Field Force, East Malaysia; Chief of City Police, Kuala Lumpur; and Director of the Special Branch, Malaysia. He has won various awards including the Panglima Setia Mahkota and Sri Indera Mahkota Pahang. He is the Executive Director of Genting Berhad and also sits on the Board of Shangri-La Hotels (Malaysia) Berhad. TAN SRI LIM KOK THAY Chief Executive Tan Sri Lim Kok Thay (Malaysian, aged 58), appointed on 29 September 1977, is the Chief Executive and Director. He holds a Bachelor of Science Degree in Civil Engineering from the University of London. He attended the advanced management programme of Harvard Business School, Harvard University in 1979. He is also the Chairman & Chief Executive of Genting Berhad and Genting Malaysia Berhad (formerly known as Resorts World Bhd); the Executive Chairman of Genting Singapore PLC and Resorts World at Sentosa Pte Ltd; and the Chairman of Genting UK Plc. He is the Chairman and Chief Executive Officer of Genting Hong Kong Limited (formerly known as Star Cruises Limited), a company listed on The Stock Exchange of Hong Kong Limited.