Antah Holdings Berhad

ANTAH HOLDINGS BERHAD

LAPORAN

TAHUNAN

2000

ANNUAL

ANTAH HOLDINGS BERHAD (27509-X) (Incorporated in Malaysia) REPORT 6th Floor, Wisma Antah, Off Jalan Semantan, Bukit Damansara, 50490 Kuala Lumpur. Tel: 03-254 5144 Website: http://www.antah.com.my Mission To be a diverse group of successful and focused businesses providing value to customers, staff, shareholders and the communities we operate in.

Guiding Principles And Values The following principles and values will guide the way we do our work and the way we behave as individuals and teams in achieving our mission.

Openness We practise a participative style of leadership at all levels in the Group that is empowering while creating a supportive climate encouraging open communication, innovation and constructive challenge.

Fun We believe work should be fun while seeking to achieve business objectives to which we are committed.

Adaptability In continuously seeking improvements in everything we do, we will be flexible and adapt to change.

Synergy As we pursue separate business goals we seek to develop synergy within the Group.

Timeliness We respect and are conscious of timeliness in all aspects of our work.

Integrity We conduct our business with integrity and maintain a high standard of ethics.

Trust And Teamwork OURWe respect each other asVISION individuals in nurturing a culture based on trust while working as a team in achieving our business objectives.

Caring We care for our employees, customers, suppliers, shareholders, the community and the environment.

Hardworking We will carry out our duties and responsibilities with diligence and dedication. 2 Notis Mesyuarat Agung Tahunan 3 Notice of Annual General Meeting 4 Jawatankuasa Audit Lembaga Pengarah 5 Audit Committee of the Board 6 Kumpulan Antah ¥ The Antah Group 6 Maklumat Korporat ¥ Corporate Information 7 Lembaga Pengarah ¥ Board of Directors 8 Penyata Pengerusi 10 Chairman’s Statement 11 Tinjauan Operasi 14 Review of Operations KANDUNGAN16 Directors’ Report 22 Balance Sheets 24 Income Statements 25 Statement of Changes in Equity CONTENTS27 Consolidated Cash Flow Statement 29 Notes to the Financial Statements 60 Statement by Directors 60 Statutory Declaration 61 Report of the Auditors 62 List of Properties 65 Analysis of Shareholdings NOTIS MESYUARAT AGUNG TAHUNAN

ADALAH DENGAN INI DIMAKLUMKAN BAHAWA Mesyuarat Agung Tahunan yang Kedua Puluh Empat Antah Holdings Berhad akan diadakan di Bilik Serba Guna, Tingkat Bawah, Wisma Antah, Melalui Jalan Semantan, Damansara Heights, 50490 Kuala Lumpur, pada hari Isnin, 18 Disember 2000, pada pukul 11.00 pagi bagi tujuan berikut:

Urusan Biasa 1. Untuk menerima dan meluluskan Penyata Akaun bagi tahun berakhir 30 Jun 2000 dan Laporan para Pengarah dan Juruaudit mengenainya; Resolusi 1 2. Untuk mengumumkan dividen pertama dan terakhir sebanyak 2% ditolak cukai 28% bagi tahun berakhir 30 Jun 2000; Resolusi 2 3. Untuk meluluskan bayaran yuran para Pengarah; Resolusi 3 4. (a) Untuk melantik semula para Pengarah berikut yang bersara menurut Tataurusan 99 dalam Tataurusan Pertubuhan Syarikat: (i) Y. Bhg. Dato’ Mohd Shahar bin Abdul Hamid Resolusi 4 (ii) Giam Ting Hee Resolusi 5 (b) Untuk melantik semula para Pengarah berikut yang bersara menurut Tataurusan 104 dalam Tataurusan Pertubuhan Syarikat: (i) Harold Micheal Joseph Resolusi 6 (ii) Chong Lee Chang Resolusi 7 (iii) Y. Bhg. Tan Sri Datuk Wira Abdul Rahman Arshad Resolusi 8 5. Untuk melantik semula Tetuan BDO Binder sebagai Juruaudit Syarikat pada tahun akan datang dan memberi kuasa kepada para Pengarah untuk menetapkan bayaran khidmat mereka. Resolusi 9

Urusan Khas 2 6. Untuk menimbangkan dan jika difikirkan wajar, meluluskan Resolusi Biasa berikut: Resolusi 10 “Bahawa tertakluk kepada Akta Syarikat 1965, Tataurusan Pertubuhan Syarikat dan kelulusan daripada Bursa Saham Kuala Lumpur dan badan Kerajaan atau pihak berkuasa yang lain, di mana kelulusan tersebut diperlukan, kuasa sepenuhnya diberi kepada Lembaga Pengarah mengikut Seksyen 132D Akta Syarikat, 1965, untuk menerbitkan saham-saham permodalan Syarikat pada bila-bila masa, dengan terma dan syarat-syarat yang bertujuan sepertimana mengikut pertimbangan yang dianggap wajar oleh Lembaga Pengarah asalkan jumlah terkumpul saham yang akan diterbitkan mengikut resolusi ini tidak akan melebihi 10% daripada jumlah saham Syarikat yang diterbitkan.”

Dengan perintah Lembaga Pengarah Misni Aryani Muhamad Setiausaha Syarikat

1 Disember 2000 Kuala Lumpur

Nota: i. Seorang ahli layak untuk melantik seorang proksi atau proksi-proksi (tetapi tidak lebih daripada dua orang proksi) untuk hadir dan mengundi bagi pihaknya. Seorang proksi tidak semestinya seorang ahli. ii. Jika yang melantik adalah sebuah badan korporat, suratcara perlantikan proksi perlu dimeterikan dibawah Cap Mohor atau ditandatangani oleh wakilnya. iii. Jika seseorang ahli melantik lebih daripada seorang proksi, perlantikan tersebut akan menjadi tidak sah kecuali beliau menyatakan nisbah pegangannya yang akan diwakili oleh setiap proksi. iv. Suratcara perlantikan seseorang proksi perlu diserahkan ke Pejabat Berdaftar Syarikat, Tingkat 6, Wisma Antah, Melalui Jalan Semantan, Bukit Damansara, 50490 Kuala Lumpur, tidak lewat dari empat puluh lapan (48) jam sebelum waktu yang ditetapkan untuk mesyuarat tersebut. v. Nota Penjelasan Mengenai Urusan Khas - Resolusi berhubung dengan Seksyen 132D Akta Syarikat, 1965. Resolusi Biasa yang dicadangkan di bawah Agenda 6 jika diluluskan, akan memberi kuasa kepada para Pengarah Syarikat, mulai tarikh Mesyuarat Agung Tahunan yang akan datang, untuk menerbitkan dan mengumpukkan saham biasa daripada modal Syarikat yang belum diterbitkan bagi tujuan seperti yang para Pengarah anggap adalah demi kepentingan Syarikat. Kuasa ini akan, kecuali dibatalkan atau diubah oleh Syarikat dalam sebuah Mesyuarat Agung, tamat selepas berakhir Mesyuarat Agung Tahunan berikutnya atau tamat tempoh di mana dalam tempoh ini, Mesyuarat Agung Tahunan berikutnya perlu diadakan mengikut keperluan undang-undang, yang mana dahulu. NOTICE OF ANNUAL GENERAL MEETING

NOTICE IS HEREBY GIVEN THAT the Twenty-fourth Annual General Meeting of Antah Holdings Berhad will be held at the Multi-purpose Room, Ground Floor, Wisma Antah, Off Jalan Semantan, Damansara Heights, 50490 Kuala Lumpur on Monday, 18 December 2000 at 11.00 a.m. for the following purposes:

Ordinary Business 1. To receive and adopt the Statement of Accounts for the year ended 30 June 2000 and the Reports of the Directors and Auditors thereon; Resolution 1 2. To declare a first and final dividend of 2% less tax of 28% for the year ended 30 June 2000; Resolution 2 3. To approve the payment of Directors’ fees; Resolution 3 4. (a) To re-elect the following Directors who retire pursuant to Article 99 in accordance with the Company’s Articles of Association: (i) Y. Bhg. Dato’ Mohd Shahar bin Abdul Hamid Resolution 4 (ii) Giam Ting Hee Resolution 5 (b) To re-elect the following Directors who retire pursuant to Article 104 in accordance with the Company’s Articles of Association: (i) Harold Micheal Joseph Resolution 6 (ii) Chong Lee Chang Resolution 7 (iii) Y. Bhg. Tan Sri Datuk Wira Abdul Rahman Arshad Resolution 8 5. To re-appoint Messrs BDO Binder as Auditors of the Company for the ensuing year and to authorise the Directors to fix their remuneration. Resolution 9

Special Business 6. To consider and, if thought fit, to pass the following as an Ordinary Resolution: Resolution 10 3 “That subject to the Companies Act, 1965, Articles of Association of the Company and approval from the Kuala Lumpur Stock Exchange and other Government or regulatory bodies, where such approval is necessary, full authority be and is hereby given to the Board of Directors pursuant to Section 132D of the Companies Act, 1965, to issue shares in the capital of the Company at any time upon such terms and conditions and for such purposes as the Board of Directors may in their discretion deem fit provided always that the aggregate number of shares to be issued pursuant to this resolution shall not exceed 10% of the issued share capital of the Company.”

By order of the Board Misni Aryani Muhamad Company Secretary

1 December 2000 Kuala Lumpur

Notes: i. A member is entitled to appoint a proxy or proxies (but not more than two) to attend and vote in his place. A proxy need not be a member. ii. In the case of a corporate member, the instrument appointing a proxy shall be given under its Common Seal or hand of its attorney. iii. Where a member appoints more than one proxy, the appointments shall be invalid unless he specifies the proportions of his holdings to be represented by each proxy. iv. The instrument appointing a proxy must be deposited at the Registered Office of the Company, 6th Floor, Wisma Antah, Off Jalan Semantan, Damansara Heights, 50490 Kuala Lumpur, not less than forty-eight (48) hours before the time fixed for the meeting. v. Explanatory Note On Special Business - Resolution pursuant to Section 132D of the Companies Act, 1965. The Ordinary Resolution proposed under Agenda 6 if passed, will give the Directors of the Company, from the date of the forthcoming Annual General Meeting, authority to issue and to allot ordinary shares from the unissued capital of the Company being for such purposes as the Directors consider would be in the interest of the Company. This authority will, unless revoked or varied by the Company in a General Meeting, expire at the conclusion of the next Annual General Meeting or the expiration of the period within which the next Annual General Meeting is required by law to be held, whichever is earlier. JAWATANKUASA AUDIT LEMBAGA PENGARAH

Pengerusi - Y. Bhg. Dato’ Mohd Shahar bin Abdul Hamid (Pengarah Bukan Eksekutif Berkecuali) Ahli-ahli - Y. Bhg. Tan Sri Datuk Wira Abdul Rahman Arshad (Pengarah Bukan Eksekutif Berkecuali) Chong Lee Chang (Pengarah Eksekutif) Ex-Officio - Y.A.M.Tunku Tan Sri Imran ibni Tuanku Ja’afar (Pengarah Urusan) Chik Chan Chee @ Cheok Chan Chee (Pengawas Kewangan) Setiausaha - Misni Aryani Muhamad (Setiausaha Syarikat)

Peraturan Bidang Kuasa

Keahlian Jawatankuasa ini hendaklah terdiri daripada sekurang-kurangnya tiga ahli yang dilantik oleh Lembaga Pengarah di kalangan para pengarah yang majoritinya terdiri daripada pengarah bukan eksekutif serta berkecuali. Pengerusi Jawatankuasa hendaklah dilantik oleh Lembaga Pengarah di kalangan para pengarah bukan eksekutif berkecuali. Pengarah Urusan dan Pengarah Kewangan dikehendaki menghadiri semua mesyuarat jawatankuasa sebagai ex-officio.

Mesyuarat Jawatankuasa ini hendaklah bermesyuarat sekurang-kurangnya tiga kali setahun, dan sekerap yang difikirkan perlu. Korum untuk mesyuarat Jawatankuasa adalah dua ahli yang terdiri daripada pengarah bukan eksekutif. 4 Jawatankuasa ini boleh meminta seorang wakil juruaudit luar untuk menghadiri sebarang mesyuaratnya.

Setiausaha syarikat akan bertindak sebagai setiausaha Jawatankuasa. Setiausaha hendaklah memastikan bahawa notis mesyuarat yang secukupnya diberi kepada ahli-ahli Jawatankuasa dan hendaklah mengedarkan minit mesyuarat Jawatankuasa kepada semua ahli Lembaga Pengarah.

Kuasa Jawatankuasa ini diberi kuasa oleh Lembaga Pengarah untuk menyiasat sebarang kegiatan di dalam bidang kuasanya. Ia diberi kuasa untuk mengumpul sebarang maklumat yang diperlukan daripada mana-mana kakitangan dan kesemua kakitangan diarah untuk bekerjasama memenuhi sebarang permintaan pihak Jawatankuasa. Jawatankuasa juga diberi mandat untuk mengambil khidmat sesiapa yang mempunyai keupayaan khas untuk membantu Jawatankuasa dalam melaksanakan tanggungjawabnya.

Tanggungjawab Jawatankuasa ini hendaklah membantu Lembaga Pengarah menunaikan kewajipan fidusiarinya, khususnya dalam bidang yang berkaitan dengan amalan-amalan laporan kewangan serta kawalan pengurusan dan perakaunan Syarikat dan syarikat-syarikat subsidiarinya.

Tugas-tugas Khusus Tugas-tugas Jawatankuasa ini adalah seperti berikut: ¥ Untuk mengkaji bersama juruaudit luar bentuk dan skop audit sebelum audit dimulakan dan membincangkan pemeriksaan dan penilaian mereka mengenai sistem kawalan perakaun dalaman. ¥ Untuk mengkaji laporan audit oleh juruaudit luar mengenai penyata kewangan. ¥ Untuk mengkaji penyata kewangan setengah tahun dan penyata tahunan bersama pihak pengurusan dan juruaudit luar sebelum dikemukakan kepada Lembaga Pengarah. ¥ Untuk menimbangkan sebarang perkara yang ingin dikemukakan oleh juruaudit luar kepada perhatian para pengarah. ¥ Untuk mencadangkan kepada Lembaga Pengarah perlantikan dan penamatan khidmat juruaudit luar. ¥ Untuk mengkaji dasar-dasar perakaunan yang digunakan, sebarang perubahan dalam prinsip atau amalan perakaunan serta tahap kecermatan yang digunakan dalam perkara yang memerlukan pertimbangan saksama. ¥ Untuk mengkaji keberkesanan pengurusan maklumat dan sistem kawalan lain di dalam Syarikat. ¥ Sebarang tugas lain yang mungkin dipersetujui oleh Jawatankuasa dan Lembaga Pengarah. AUDIT COMMITTEE OF THE BOARD

Chairman - Y. Bhg. Dato’ Mohd Shahar bin Abdul Hamid (Independent Non-executive Director) Members - Y. Bhg. Tan Sri Datuk Wira Abdul Rahman Arshad (Independent Non-executive Director) Chong Lee Chang (Executive Director) Ex-Officios - Y.A.M.Tunku Tan Sri Imran ibni Tuanku Ja’afar (Managing Director) Chik Chan Chee @ Cheok Chan Chee (Financial Controller) Secretary - Misni Aryani Muhamad (Company Secretary)

Terms of Reference

Membership The Committee shall consist of at least three members, and be appointed by the Board from amongst the directors, comprising a majority of independent non-executive directors. The Chairman of the Committee shall be appointed by the Board from amongst the independent non-executive directors. The Managing Director and the Finance Director shall attend all committee meetings as ex-officios.

Meetings The Committee shall meet not less than three times a year, and as many times as the Committee deems necessary. The quorum for meetings of the Committee shall be two members who are non-executive directors. 5 The Committee may require a representative of the external auditors to attend any of its meetings as it determines.

The Company Secretary shall be the Secretary of the Committee. The Secretary shall ensure that reasonable notice of meetings be given to members of the Committee and shall circulate the minutes of meetings of the Committee to all members of the Board.

Authority The Committee shall be authorised by the Board to investigate any activity within its terms of reference. It shall be authorised to seek any information it requires from any employee and all employees are directed to cooperate with any request made by the Committee. The Committee shall be empowered to retain persons having special competence as necessary to assist the Committee in fulfilling its responsibilities.

Responsibilities The Committee shall assist the Board in fulfilling its fiduciary responsibilities particularly in the areas relating to financial reporting practices and to the accounting and management controls of the Company and its subsidiaries.

Specific Duties The Duties of the Committee are as follows: ¥ To review with the external auditors before the audit commences, the nature and scope of the audit and discuss the results of their examination and evaluation of the system of internal accounting controls. ¥ To review the external audit report on the financial statements. ¥ To review the half-year and annual financial statements with management and the external auditors before submission to the Board. ¥ To consider any matter the external auditors wish to bring to the attention of directors. ¥ To recommend to the Board the appointment and removal of external auditors. ¥ To review the accounting policies adopted, any changes in accounting principles or practices and the level of prudence applied in areas requiring judgment. ¥ To review the effectiveness of management information and other systems of control within the Company. ¥ Such other responsibilities as may be agreed by the Committee and the Board. KUMPULAN ANTAH THE ANTAH GROUP

BIDANG - BIDANG PERNIAGAAN TERAS CORE BUSINESS AREAS Minuman Penjagaan Kesihatan Hartanah Beverage Healthcare Property ¥ Antah Sandilands Sdn Bhd ¥ Antah Pharma Sdn Bhd ¥ Antah Properties Sdn Bhd ¥ Permanis Sdn Bhd ¥ Antah Sri Radin Sdn Bhd ¥ Klang Valley Recreation Bhd ¥ Naga Sakti Sdn Bhd Kejuruteraan Cecair Infrastruktur ¥ Stargrip (M) Sdn Bhd Fluid Engineering Infrastructure ¥ Eurapipe Industries Sdn Bhd ¥ Kaseh Lebuhraya Sdn Bhd Runcit ¥ Euratech Ltd Specialist Retail ¥ P.T. Kujang Eurapipe Indonesia Media / Komunikasi ¥ Convenience Shopping Sdn Bhd Media / Communications ¥ Asia-Pacific Videolab Sdn Bhd

USAHASAMA UTAMA MAJOR JOINT VENTURES ¥ Antah Melco Sales & Services Sdn Bhd ¥ Securicor (Malaysia) Sdn Bhd ¥ Antah Schindler Sdn Bhd ¥ Staffield Country Resort Bhd ¥ Antah Sedgwick Insurance Brokers Sdn Bhd ¥ TNT Logistics (Malaysia) Sdn Bhd ¥ Antah-UTV (Malaysia) Sdn Bhd ¥ ORIX Leasing Malaysia Bhd ¥ Hwang-DBS (Malaysia) Berhad ¥ Wilson Parking (M) Sdn Bhd

PELABURAN LAIN OTHER INVESTMENTS ¥ GWA Holdings Sdn Bhd 6 ¥ JW Carpenter Ltd ¥ Kemp Joinery Ltd ¥ Pacific Asia Fishing Sdn Bhd

MAKLUMAT KORPORAT CORPORATE INFORMATION

LEMBAGA PENGARAH JAWATANKUASA AUDIT BANK-BANK UTAMA BOARD OF DIRECTORS AUDIT COMMITTEE PRINCIPAL BANKERS Y.A.M.Tunku Naquiyuddin ibni Y.Bhg. Dato’ Mohd Shahar bin Standard Chartered Bank Malaysia Tuanku Ja’afar Abdul Hamid Berhad (Chairman) (Chairman and Independent HSBC Bank Malaysia Berhad Non-Executive Director) Y.A.M.Tunku Tan Sri Imran ibni Malayan Banking Berhad Tuanku Ja’afar Y.Bhg.Tan Sri Datuk Wira Abdul (Managing Director) Rahman Arshad Multi-Purpose Bank Berhad Y.Bhg. Dato’ Mohd Shahar bin (Independent Non-Executive Director) RHB Bank Berhad Abdul Hamid Chong Lee Chang BSN Commercial Bank Berhad (Director) (Executive Director) Arab Malaysian Bank Berhad Giam Ting Hee SETIAUSAHA SECRETARY (Executive Director) PENDAFTAR SAHAM Misni Aryani Muhamad Tony Tan Nyap Keong SHARE REGISTRAR (LS 02123) (Executive Director) Tenaga Koperat Sdn Bhd Harold Micheal Joseph JURUAUDIT AUDITORS 20th Floor, Plaza Permata (Executive Director) Jalan Kampar BDO Binder Off Jalan Tun Razak Chong Lee Chang Public Accountants 50400 Kuala Lumpur (Executive Director) Tel: 4041 6522 Y.Bhg.Tan Sri Datuk Wira Abdul PEJABAT BERDAFTAR Rahman Arshad REGISTERED OFFICE PENYENARAIAN BURSA (Director) 6th Floor, Wisma Antah SAHAM Off Jalan Semantan STOCK EXCHANGE LISTING Damansara Heights The Kuala Lumpur Stock Exchange 50490 Kuala Lumpur (Main Board) Tel: 254 5144 LEMBAGA PENGARAH BOARD OF DIRECTORS

Duduk dari kiri ke kanan / Sitting from left to right Y. Bhg. Dato’ Mohd Shahar bin Abdul Hamid, Y.A.M. Tunku Naquiyuddin ibni Tuanku Ja’afar, Y.A.M. Tunku Tan Sri Imran ibni Tuanku Ja’afar, Y. Bhg. Tan Sri Datuk Wira Abdul Rahman Arshad

Berdiri dari kiri ke kanan / Standing from left to right Mr Harold Micheal Joseph, Mr Giam Ting Hee, Mr Tony Tan Nyap Keong, Mr Chong Lee Chang

Y.A.M. Tunku Naquiyuddin ibni Tuanku Ja’afar (DK, DKYR, SPNS, PPT) (Chairman) Y.A.M. Tunku Tan Sri Imran ibni Tuanku Ja’afar (DKYR, PSM, SPNS, AMN, PJK) (Managing Director) Y. Bhg. Dato’ Mohd Shahar bin Abdul Hamid (DPTJ, KMN, DSN, PJK) (Director) Giam Ting Hee (Executive Director) Tony Tan Nyap Keong (Executive Director) Harold Micheal Joseph (Executive Director) Chong Lee Chang (Executive Director)

Y. Bhg. Tan Sri Datuk Wira Abdul Rahman Arshad (PSM, DCSM, SPDK, DSAP, DMPN, DKSJ, JMN, JSM, BSK) (Director) PENYATA PENGERUSI

Y.A.M. Tunku Naquiyuddin ibni Tuanku Ja’afar Pengerusi / Chairman

TINJAUAN Perolehan Kumpulan sebanyak RM676 juta yang susut sebanyak 27% berbanding pencapaian pada tahun sebelumnya adalah sebahagian besarnya disebabkan oleh penjualan segmen Minyak dan Gas. Tanpa mengambilkira segmen ini, perolehan Kumpulan sebenarnya meningkat sebanyak 4%.

Lembaga Pengarah juga dengan sukacitanya melaporkan bahawa keuntungan daripada Operasi sebelum bayaran kewangan dan susutnilai mencatatkan pemulihan mengkagumkan dengan pencapaian keuntungan sebanyak RM14 juta berbanding kerugian sebanyak RM11.8 juta pada tahun sebelumnya. Ini sebahagian besarnya adalah disebabkan oleh pengurangan ketara kerugian daripada segmen Minuman. 8 Walau bagaimanapun, Lembaga Pengarah beranggapan bahawa adalah lebih berhemat untuk menyediakan peruntukan bagi hutang ragu dan penurunan nilai pinjaman/pendahuluan dan pelaburan tertentu milik Kumpulan dalam syarikat bersekutu luar negaranya, JW Carpenter Ltd (“JWC”). JWC terlibat dalam peruncitan khusus di bawah nama perdagangan “Cargo HomeShop”. Beberapa tahun lepas, JWC telah mengambilalih beberapa pajakan dan meluaskan rangkaian kedainya kepada 56 buah kedai dan ini melibatkan pelaburan modal yang besar. Pada tahun ini, sebuah institusi kewangan secara tiba-tiba menarik balik seluruh kemudahan perbankan JWC. Akibatnya, JWC telah tidak berupaya untuk memenuhi tanggungan perdagangannya yang telah cukup tempoh. Oleh sebab tiada perjanjian dimeterai di kalangan para pemegang sahamnya yang sedia ada untuk suntikan modal selanjutnya dan/atau sokongan kewangan, keputusan telah diambil untuk meletakkan JWC di bawah pentadbiran Creditors Voluntary Arrangement (“CVA”) dengan tujuan untuk membuat penyusunan semula segera modal dan kos operasinya untuk meneguhkan lagi kedudukan kewangannya. Di bawah keadaan sedemikian, peruntukan bagi hutang ragu dan penurunan nilai berjumlah RM129 juta telah disediakan dalam akaun tahun ini sebagai perkara terkecuali.

Kerugian terkecuali ini menyebabkan Kumpulan Antah mencatatkan kerugian bersih milik pemegang saham sebanyak RM161.4 juta bagi tahun kewangan berakhir 30 Jun 2000 berbanding keuntungan sebanyak RM33.9 juta pada tahun sebelumnya.

Kerugian bersih milik pemegang saham berjumlah 52 sen sesaham. Harta ketara bersihnya pula susut sebanyak 27% kepada RM1.43 sesaham berbanding RM1.96 sesaham pada tahun 1999.

DIVIDEN Lembaga Pengarah telah mencadangkan dividen pertama dan terakhir sebanyak 2 peratus ditolak 28 peratus cukai bagi tahun ini. MAKLUMAT UTAMA Kumpulan telah meneruskan usahanya untuk merasionalisasi aktiviti perniagaannya yang berpelbagai dengan tujuan untuk menjual beberapa perniagaan bukan teras dan harta yang tidak menjana pendapatan berpatutan. Justeru itu, beberapa unit dalam segmen Media/Komunikasi telah dijual pada tahun ini dengan kutipan jualan berjumlah RM1.87 juta.

Kumpulan juga telah memeterai perjanjian Usahasama dengan kumpulan John Master Industries pada 8 Oktober 1999 untuk membangunkan ”Puncak Utama” (dahulu dikenali sebagai “Kajang Heights”), sebuah projek pembangunan campuran kediaman/perdagangan yang merentasi kawasan seluas 442 ekar.

PERISTIWA SELEPAS AKHIR TAHUN Pada 11 Julai 2000, Syarikat memeterai perjanjian jual beli bersyarat untuk menjual keseluruhan kepentingan ekuiti dalam Convenience Shopping Sdn Bhd dengan bayaran tunai berjumlah RM80 juta. Memandangkan harga yang ditawarkan menarik, Lembaga Pengarah beranggapan masanya sudah tiba untuk merealisasi pelaburannya. Cadangan penjualan tersebut masih dalam proses penyelesaian.

Pada 31 Julai 2000, Syarikat telah mendapat kelulusan daripada Suruhanjaya Sekuriti bagi cadangan penempatan swasta sehingga 30,875,451 saham biasa baru berharga RM0.50 sesaham dalam syarikat.

Pada 19 Oktober 2000 pula, Kumpulan memeterai beberapa perjanjian bagi cadangan penjualan beberapa saham dan harta tertentu dalam bahagian Kejuruteraan Cecair dengan bayaran tunai berjumlah RM62.31 juta. Cadangan penjualan tersebut masih dalam proses penyelesaian.

LEMBAGA PENGARAH Saya bagai pihak Lembaga Pengarah ingin merakamkan ucapan penghargaan kepada Y.A.M. Tunku Dara Tunku Tan Sri Naquiah, Y.A.M. Tunku Nadzaruddin, Encik Lew Weng Ho, Encik Tamrin Munir dan Encik Gopala Krishnan yang telah meletakkan jawatan daripada Lembaga Pengarah. Saya juga ingin mengalu-alukan kedatangan Encik Harold Micheal Joseph, Encik Chong Lee Chang dan Y. Bhg. Tan Sri Datuk Wira Abdul Rahman Arshad 9 yang menyertai Lembaga Pengarah pada tahun ini.

KEADAAN MASA DEPAN Jika tidak berlaku sebarang keadaan di luar dugaan, Kumpulan dijangka akan mencapai prestasi yang lebih baik pada tahun kewangan akan datang selaras dengan kepesatan pertumbuhan ekonomi negara.

PENGHARGAAN Saya ingin mengambil kesempatan di sini untuk menyampaikan ucapan terima kasih kepada semua kakitangan dalam Kumpulan yang telah menampilkan komitmen dan ketaatan yang tiada berbelah bahagi serta kefahaman ahli keluarga mereka kerana tanpa sokongan tersebut, kesungguhan ini tidak akan tercapai. Ucapan tulus ikhlas saya ini juga ditujukan kepada para vendor, rakan-rakan dalam perniagaan dan akhir sekali tidak dilupakan juga, para pemegang saham yang dihargai sekalian yang telah memberikan sokongan serta kepercayaan berterusan kepada Pengurusan kami.

Y.A.M. Tunku Naquiyuddin ibni Tuanku Ja’afar Pengerusi

31 Oktober 2000 CHAIRMAN’S STATEMENT OVERVIEW The Group achieved a turnover of RM676 million, a drop of 27% compared to the preceding financial year largely attributable to the disposal of the Oil & Gas segment. Without taking this segment into account, Group turnover actually recorded an increase of 4%. The Board is also pleased to note that Profits from Operations before finance and depreciation charges recorded a remarkable turnaround to a gain of RM14 million compared with a loss of RM11.8 million in the previous year. This is largely due to significantly reduced losses from the Beverage segment. The Board, however, felt prudent to make provisions for doubtful debts and diminution in value of certain of the Group’s loans/advances and investments in our overseas associated company, JW Carpenter Ltd (“JWC”). JWC is involved in specialist retailing under the trade name of “Cargo HomeShop”. In recent years, JWC had acquired numerous leases and expanded its outlets to 56 stores which entailed significant capital investment. During the year, a financial institution abruptly withdrew JWC’s total banking facilities. Consequently, JWC was unable to meet its trade liabilities falling due. Since no agreement was reached among the existing shareholders on further capital injection and/or financial support, it was decided to put JWC in administration under Creditors Voluntary Arrangement (“CVA”) with a view to swiftly restructure its capital and operational cost to re-establish its financial viability. Under these circumstances, a provision for doubtful debts and diminution in value totalling RM129 million were made in this year’s accounts as exceptional items. Owing to this exceptional loss, the Antah Group recorded a net loss attributable to shareholders of RM161.4 million for the financial year ended 30 June 2000 compared with a profit of RM33.9 million in the previous year. The net loss attributable to shareholders was 52 sen per share. Net tangible assets consequently decreased by 27% to RM1.43 per share from RM1.96 per share in 1999. DIVIDENDS The Board has proposed a first and final dividend of 2 percent less tax of 28 percent for the year. HIGHLIGHTS The Group continued its efforts to rationalise its widely diversified business activities with a view to divest non-core 10 businesses and to dispose off assets which do not generate fair returns. As a result, several units in the Media/Communications segment were disposed during the year for total sales proceeds of RM1.87 million. The Group also witnessed the entering of a JV agreement on 8 October 1999 with the John Master Industries group for the development of ”Puncak Utama” (formerly known as “Kajang Heights”), a mixed development residential/ commercial project spread over a gross land area of 442 acres. EVENTS SUBSEQUENT TO YEAR END On 11 July 2000, the Company entered into a conditional sale and purchase agreement to dispose of its entire equity interest in Convenience Shopping Sdn Bhd for a total cash consideration of RM80 million. In view of the attractive price offered, the Board feels it is timely to realise its investment. The proposed disposal is still pending completion. On 31 July 2000, the Company has obtained the approval from the Securities Commission for the proposed private placement of up to 30,875,451 new ordinary shares of RM0.50 each in the company. On 19 October 2000, the Group has entered into several agreements for the proposed disposal of certain shares and assets in the Fluid Engineering division for a total cash consideration of RM62.31 million. The proposed disposal is pending completion. BOARD OF DIRECTORS On behalf of the Board, I wish to record my appreciation to Y.A.M. Tunku Dara Tunku Tan Sri Naquiah, Y.A.M. Tunku Nadzaruddin, Mr Lew Weng Ho, En Tamrin Munir and Mr Gopala Krishnan who had resigned from the Board. I also wish to extend a warm welcome to Mr Harold Micheal Joseph, Mr Chong Lee Chang and Y. Bhg. Tan Sri Datuk Wira Abdul Rahman Arshad who joined the Board during the year. OUTLOOK Barring unforeseen circumstances, the Group is expected to perform better in the coming financial year as the economy sustain its momentum of growth. ACKNOWLEDGEMENTS I take this opportunity to thank all employees within the Group who have shown remarkable commitment and loyalty and the indulgence of their family members without which their dedication would not be possible. My sincere appreciation to our vendors, business partners and last, but not least, our valued shareholders, for their continued support and trust in our Management.

Y.A.M. Tunku Naquiyuddin ibni Tuanku Ja’afar Chairman 31 October 2000 TINJAUAN OPERASI

MINUMAN

Permanis dan Antah Sandilands mengalami satu lagi tahun mencatatkan kerugian kerana kegawatan ekonomi telah menjejaskan industri minuman ringan berkarbonat yang susut hampir 25% berbanding pada tahun sebelumnya. Walau bagaimanapun, langkah-langkah penjimatan kos dan peningkatan produktiviti secara besar-besaran telah mengurangkan defisit tersebut. Pada tahun ini, bahagian tersebut menjalankan aktiviti R&D yang berkemungkinan mampu membantunya menguasai sebahagian besar pasaran minuman Asia dan pasaran isotonik apabila minuman jenama “HOU” dan “EXCEL” dilancarkan pada tahun kewangan akan datang.

KEJURUTERAAN CECAIR

Di Malaysia, Eurapipe Industries mencapai keuntungan yang sederhana pada tahun ini kerana permintaan kekal lemah berikutan kelewatan permulaan beberapa projek infrastruktur utama. Di Indonesia, P.T. Kujang Eurapipe terus beroperasi di pasaran yang lembab dan tidak menentu dan mengalami kerugian akibat turun naik nilai Rupiah dan kenaikan harga bahan mentah.

Di Australia pula, Euratech Limited mampu mencatatkan keputusan yang memuaskan walaupun menghadapi masalah kenaikan harga bahan mentah dan kelemahan nilai dolar Australia. Syarikat ini berjaya memperkenalkan beberapa produk baru termasuk sistem penyambung Rubber Ring Joint untuk paip lubang besar berukuran sehingga 924 mm dan lekapan yang lebih berpelbagai.

Selepas penyusunan semula pada tahun lepas, Marplex, sebuah syarikat subsidiari 11 Euratech kini memfokus aktivitinya kepada perdagangan dan mampu membentuk permuafakatan strategik dengan beberapa buah syarikat multinasional utama.

INFRASTRUKTUR

Kerja awal telah dijalankan ke atas bahagian jalan permulaan Kajang-Pajam di Lebuhraya Kaseh di mana sebahagian besar kerja pengambilan tanah telah diselesaikan. Jadual terperinci pembinaannya sedang diatur selaras dengan tempoh masa yang diperuntukkan dan usaha mendapatkan pembiayaan.

Kaseh Lebuhraya Sdn Bhd PENJAGAAN KESIHATAN

Segmen penjagaan kesihatan yang menampilkan prestasi memuaskan mencatatkan pertambahan perolehan. Perniagaan di dalam segmen ini telah disusun semula berikutan pemberhentian perkhidmatan ambulans di bawah Bumimedic Sdn Bhd pada bulan November 1999. Tindakan ini diambil berikutan penyusutan ketara permintaan untuk perkhidmatan ambulans dan keputusan yang diambil oleh kerajaan untuk membatalkan projek penswastaan ambulans. Walau bagaimanapun, selepas akhir tahun, Kumpulan telah mengambilalih sebuah kilang farmaseutikal dengan matlamat untuk membangunkan produk farmaseutikal menggunakan jenama generiknya sendiri. Ia mempunyai prospek masa depan yang cerah berikutan pemulihan ekonomi dan peningkatan taraf penjagaan kesihatan di negara ini.

Antah Sri Radin Sdn Bhd MEDIA/KOMUNIKASI

Asia Pacific Videolab (“APV”) kekal sebagai penyedia perkhidmatan selepas produksi yang terulung di Malaysia dengan memenuhi keperluan industri pengiklanan dan penyiaran. Pertambahan bilangan pelanggan antarabangsa, terutamanya dari India, China, Jepun dan Timur Tengah membolehkan prestasi APV kembali pulih dengan pencapaian keuntungan bersih sebelum cukai. Selain berkembang ke pasaran antarabangsa, APV juga akan mempertingkatkan penglibatannya dalam bidang penyediaan kandungan untuk industri penyiaran dan perfileman.

Kami telah menjual dua buah syarikat subsidiari kami pada tahun ini, iaitu Grey Advertising (M) Sdn Bhd (51%) dan Peter Beaumont Sdn Bhd (51%). HARTANAH

Di samping projek yang sedang dijalankan di Taman Tuanku Ja’afar, Negeri Sembilan, syarikat subsidiari kami, Naga Sakti Sdn Bhd telah melancarkan sebuah projek usahasama yang dikenali sebagai “Puncak Utama” berhampiran Kajang pada 1 Januari 2000. Kemudahan mendapatkan pembiayaan penyambung dan kadar faedah yang rendah menyumbang secara positif kepada permintaan unit perumahan secara umum. Hasilnya, jualan hartanah meningkat lebih sekali ganda, daripada RM9 juta pada tahun sebelumnya kepada RM21 juta pada tahun ini. Projek Fasa I “Puncak Utama” yang melibatkan 286 unit rumah berangkai dua tingkat telah mendapat sambutan yang amat menggalakkan daripada para pembeli Staffield Country Resort Berhad dan kini hampir disiapkan sepenuhnya. Lembaga Pengarah yakin bahawa rancangan pembangunan masa depannya akan berjalan lancar dengan lebih pesat lagi.

KEDAI RUNCIT KHUSUS

Convenience Shopping mencatatkan pertambahan perolehan pada tahun ini hasil pertambahan 21 lagi kedai baru pada tahun kewangan ini. Sejajar dengan keadaan ekonomi yang mantap, syarikat ini giat memperkembangkan rangkaian kedainya bagi mengekalkan 13 penguasaan sebagai rangkaian kedai serbaneka yang terbesar di Malaysia.

Convenience Shopping Sdn Bhd

USAHASAMA UTAMA

Antah Melco menikmati peningkatan jualan yang terbit daripada jualan penyaman udara bilik yang mencatatkan pertumbuhan menyeluruh dalam bahagian ini. Peti sejuk yang merupakan produk teras lain turut menunjukkan prestasi yang memuaskan. Pengenalan model 2 pintu, MR 51, menyumbang kepada peningkatan bahagian pasaran dalam industri yang amat bersaingan ini. Penglibatannya ke dalam OEM VCD juga memberikan sumbangan positif kepada peningkatan jualan yang dicapai.

Antah Sedgwick Insurance Brokers mencatatkan pertambahan keuntungan hasil peningkatan pendapatan pembrokeran di samping manfaat penjimatan kos yang dicapai pada tahun ini berikutan pengurangan tenaga kerja selepas proses rasionalisasi.

Securicor juga mampu mencatatkan keputusan yang bertambah baik walaupun ia mencapai perolehan yang rendah berikutan penyusunan semula aktiviti terasnya bagi tujuan untuk memfokus kepada perniagaan yang bermargin tinggi. Securicor (Malaysia) Sdn Bhd REVIEW OF OPERATIONS

BEVERAGE

Permanis and Antah Sandilands suffered another year of losses as the recession took its toll on the carbonated soft drink industry which declined by almost 25% from last year. However, major cost cutting measures and productivity improvements trimmed the deficits. During the year, this division carried out R & D and are poised to capture a significant share of the Asian drink and isotonic market with its launch of “HOU” and “EXCEL” in the next financial year. Permanis Sdn Bhd FLUID ENGINEERING

In Malaysia, Eurapipe Industries achieved a modest profit during the year as demand remain weak due to delays in start-up of several major infrastructure projects. In Indonesia, P.T. Kujang Eurapipe continues to operate in a depressed and uncertain market and suffered losses due to the volatility of the Rupiah and escalating raw material prices.

14 In Australia, Euratech Limited’s results were satisfactory considering the increase in raw material prices and the weakening of the Australian dollar. The company successfully introduced a number of new products including the Rubber Ring Joint jointing system for large bore pipes measuring up to 924 mm and a greater variety of fittings.

Euratech’s subsidiary, Marplex, after its restructuring in the previous year, had now focussed on trading and was able to form strategic alliances with major multi-national companies. Eurapipe Industries INFRASTRUCTURE

Preliminary work had begun on the initial Kajang-Pajam stretch of the Kaseh highway, the land acquisition for which had been largely completed. Detail construction schedule is being worked out in line with the timing and procurement of funding.

HEALTHCARE

The Healthcare segment performed satisfactorily with modest increase in turnover. The business of this segment was restructured with the discontinuation of the ambulatory service under Bumimedic Sdn Bhd in November 1999. This action was taken in view of the very much reduced demand for ambulatory services and that the Government had shelved the ambulance privatisation project. However, the Group had, subsequent to the financial year end, acquired a pharmaceutical manufacturing facility with the view to develop its own brand of generic pharmaceutical products. Future prospects are bright with economic recovery and rising standards of healthcare. MEDIA/COMMUNICATIONS

Asia Pacific Videolab (“APV”) remains Malaysia’s premier post-production facility servicing the needs of the advertising and broadcast industries. APV achieved a turnaround in net profit before tax due to increase in international clients, in particular from India, China, Japan and the Middle East. In addition to the expansion into overseas markets, APV will also be increasing its involvement in providing content for the broadcast and film industry.

During the year, we disposed off two subsidiaries, Grey Advertising (M) Sdn Bhd (51%) and Peter Beaumont Sdn Bhd (51%).

PROPERTY

In addition to the on-going project in Taman Tuanku Ja’afar, Negeri Sembilan, our subsidiary, Naga Sakti Sdn Bhd had since 1 January 2000 embarked on the JV project of “Puncak Utama” near Kajang. Ease of getting end-financing and low interest rates contributed positively to the demand of residential units in general. As a result, property sales more than doubled to RM21 million from RM9 million in the previous year. Phase I of the “Puncak Utama” project which involved 286 units of double-storey link houses had received very encouraging support from end- purchasers and are now nearing physical completion. The Board is confident that future development plans will progress with greater momentum.

SPECIALIST RETAIL

Convenience Shopping registered increase in turnover for the year, boosted by the addition of 21 new stores during the financial year. With increasingly brighter 15 economic outlook, the company is aggressively pursuing store growth to maintain its domination as the largest convenience chain store in Malaysia.

MAJOR JOINT VENTURES

For Antah Melco, the main contribution to sales increase came from sales of room air-conditioners which encountered an overall growth in this division. Refrigerators which form the other core product also fared well. The introduction of the 2-door model, MR 51, contributed to the increase in market share in the highly competitive industry. The venture into OEM VCD also contributed positively to sales increase.

Antah Sedgwick Insurance Brokers recorded increased profits on the back on higher brokerage income in addition to cost savings achieved during the year due mainly to lower headcount as a result of the rationalisation process taking place within the company.

Securicor was able to achieve better results inspite of lower turnover as its core activities was restructured to focus on businesses with higher margins. Antah Melco Sales & Services Sdn Bhd DIRECTORS’ REPORT

The directors hereby submit their report together with the audited financial statements of the Group and of the Company for the financial year ended 30 June 2000.

PRINCIPAL ACTIVITIES

The principal activities of the Company are that of investment holding and provision of management services. The principal activities of the subsidiary companies are set out in Note 47 to the financial statements. There have been no significant changes in the nature of these activities during the financial year.

RESULTS

Group Company RM’000 RM’000

Loss after taxation (160,502) (23,331) Minority interests ,(951) ,-

Loss attributable to the shareholders of the Company (161,453) (23,331) Retained profits brought forward 129,734 156,394

(31,719) 133,063 Realisation of reserve upon disposal of a subsidiary company ,- ,448

16 (Loss)/Profits available for appropriation (31,719) 133,511

Dividend:- Proposed first and final dividend of 2% less tax at 28% (2,223) (2,223) (Accumulated losses)/Retained profits carried forward (33,942) 131,288

DIVIDENDS

Dividends paid, declared or proposed by the Company since the end of the previous financial year were as follows:-

RM’000 (a) In respect of the financial year ended 30 June 1999:- First and final tax exempt dividend of 3% as proposed in the previous financial year and dealt with in the previous directors’ report was paid on 28 February 2000 4,631

(b) In respect of the financial year ended 30 June 2000:- Proposed first and final dividend of 2% less tax at 28% 2,223 RESERVES AND PROVISIONS

There were no material transfers to or from reserves or provisions during the financial year other than those disclosed in the notes to the financial statements.

ISSUE OF SHARES AND DEBENTURES

There were no issue of new shares or debentures during the financial year.

SHARE OPTIONS

The Company’s Executive Share Option Scheme (“ESOS”) has expired on 13 June 2000.

DIRECTORS

The directors who have held office since the date of the last report are:-

Y.A.M.Tunku Naquiyuddin ibni Tuanku Ja’afar Y.A.M.Tunku Tan Sri Imran ibni Tuanku Ja’afar Y. Bhg. Dato’ Mohd Shahar bin Abdul Hamid Giam Ting Hee Tony Tan Nyap Keong Harold Micheal Joseph (Appointed on 5.5.2000) Chong Lee Chang (Appointed on 16.6.2000) Y. Bhg. Tan Sri Datuk Wira Abdul Rahman Arshad (Appointed on 16.6.2000) Lew Weng Ho (Resigned on 31.12.1999) 17 Y.A.M.Tunku Dara Tunku Tan Sri Naquiah bte. Tuanku Ja’afar (Resigned on 22.5.2000) Y.A.M.Tunku Nadzaruddin ibni Tuanku Ja’afar (Resigned on 22.5.2000) Mohamed Tamrin Munir (Resigned on 21.8.2000) M.R. Gopala Krishnan (Resigned on 31.10.2000)

In accordance with Article 104 of the Company’s Articles of Association, Messrs Harold Micheal Joseph, Chong Lee Chang and Y. Bhg. Tan Sri Datuk Wira Abdul Rahman Arshad retire from the Board at the forthcoming Annual General Meeting and, being eligible, offer themselves for re-election.

In accordance with Article 99 of the Company’s Articles of Association, Y. Bhg. Dato’ Mohd Shahar bin Abdul Hamid and Giam Ting Hee retire by rotation from the Board at the forthcoming Annual General Meeting and, being eligible, offer themselves for re-election. DIRECTORS’ INTERESTS

The directors holding office at the end of the financial year and their beneficial interests in the ordinary shares, warrants and share options over ordinary shares pursuant to the ESOS of the Company and interests in its related corporations during the financial year ended 30 June 2000 as recorded in the Register of Directors’ Shareholdings kept by the Company under Section 134 of the Companies Act, 1965 were as follows:-

Number of Ordinary Shares of RM0.50 each Balance as at 1.7.1999/ Balance Date of as at Shares in the Company Appointment Bought Sold 30.6.2000

Direct interest

Y.A.M.Tunku Naquiyuddin ibni Tuanku Ja’afar 1,374,000 - - 1,374,000 *Y.A.M.Tunku Tan Sri Imran ibni Tuanku Ja’afar 1,302,000 - (452,000) ,850,000 Mohamed Tamrin Munir ,150,000 - - ,150,000 M.R. Gopala Krishnan ,272,800 - - ,272,800 Chong Lee Chang ,010,000 - - ,010,000

Indirect interest

Y.A.M.Tunku Naquiyuddin ibni Tuanku Ja’afar 14,210,000 - - 14,210,000 *Y.A.M.Tunku Tan Sri Imran ibni Tuanku Ja’afar 114,144,114 - - 114,144,114 Giam Ting Hee ,402,200 - - ,402,200

Number of Warrants of RM0.50 each 18 Balance Balance as at as at Warrants in the Company 1.7.1999 Bought Sold 30.6.2000

Direct interest

Y.A.M.Tunku Naquiyuddin ibni Tuanku Ja’afar ,335,000 - - ,335,000 Y.A.M.Tunku Tan Sri Imran ibni Tuanku Ja’afar ,182,000 - (35,000) ,147,000 M.R. Gopala Krishnan ,030,000 - - ,030,000

Indirect interest

Y.A.M.Tunku Naquiyuddin ibni Tuanku Ja’afar ,037,500 - - ,037,500 Y.A.M.Tunku Tan Sri Imran ibni Tuanku Ja’afar ,610,500 - - ,610,500 Giam Ting Hee ,146,000 - - ,146,000

Each warrant entitles the registered holder to subscribe for one ordinary share in the Company at an exercise price of RM2.20 at any time before 30 August 2002. The exercise price may be adjusted in accordance with the provisions as stipulated in the Deed Poll.

Number of Share Options under ESOS Balance Balance as at as at Share options over the shares 1.7.1999 Granted Expired 30.6.2000 of the Company

Y.A.M.Tunku Tan Sri Imran ibni Tuanku Ja’afar ,350,000 - (350,000) - Mohamed Tamrin Munir ,350,000 - (350,000) - M.R. Gopala Krishnan ,350,000 - (350,000) - Giam Ting Hee ,350,000 - (350,000) -

* By virtue of his interest of the shares in the Company, Y.A.M.Tunku Tan Sri Imran ibni Tuanku Ja’afar is also deemed to have interest in the shares in all the subsidiary companies to the extent of the Company’s interest. None of the other directors in office at the end of the financial year held any interest in shares in the Company and its related corporations.

DIRECTORS’ BENEFITS

Since the end of the previous financial year, none of the directors have received or become entitled to receive any benefit (other than those benefits included in the aggregate amount of remunerations and benefit-in-kind received or due and receivable by the directors, as disclosed in Note 34 to the financial statements) by reason of a contract made by the Company or a related corporation with the director or with a firm of which the director is a member, or with a company in which he has a substantial financial interest.

There were no arrangements during and at the end of the financial year, to which the Company is a party, which had the object of enabling directors of the Company to acquire benefits by means of the acquisition of shares in or debentures of the Company or any other body corporate.

OTHER STATUTORY INFORMATION REGARDING THE GROUP AND THE COMPANY:-

(I) AS AT THE END OF THE FINANCIAL YEAR

(a) Before the income statements and balance sheets of the Group and of the Company were made out, the directors took reasonable steps:- (i) to ascertain that proper action had been taken in relation to the writing off of bad debts and the making of provision for doubtful debts and have satisfied themselves that all known bad debts had been written off and that adequate provision had been made for doubtful debts; and (ii) to ensure that any current assets which were unlikely to realise their book values in the ordinary course

of business had been written down to their estimated realisable values. 19 (b) In the opinion of the directors, the results of the operations of the Group and of the Company during the financial year have not been substantially affected by any item, transaction or event of a material and unusual nature other than the significant transactions and events as disclosed in Notes 33 and 43 to the financial statements.

(II) FROM THE END OF THE FINANCIAL YEAR TO THE DATE OF THIS REPORT

(c) The directors are not aware of any circumstances:- (i) which would render the amount written off for bad debts or the amount of the provision for doubtful debts in the financial statements of the Group and of the Company inadequate to any material extent; or (ii) which would render the values attributed to current assets in the financial statements of the Group and of the Company misleading; or (iii) which have arisen which would render adherence to the existing method of valuation of assets or liabilities of the Group and of the Company misleading or inappropriate.

(d) In the opinion of the directors:- (i) there has not arisen any item, transaction or event of a material and unusual nature likely to affect substantially the results of the operations of the Group and of the Company for the financial year in which this report is made other than the subsequent events as disclosed in Note 44 to the financial statements; and (ii) no contingent or other liability has become enforceable, or is likely to become enforceable within the period of twelve months after the end of the financial year which will or may affect the ability of the Group or of the Company to meet its obligations as and when they fall due. (III) AS AT THE DATE OF THIS REPORT

(e) There are no charges on the assets of the Group and of the Company which have arisen since the end of the financial year to secure the liabilities of any other person.

(f) There are no contingent liabilities of the Group and of the Company which have arisen since the end of the financial year.

(g) The directors are not aware of any circumstances not otherwise dealt with in the report or financial statements which would render any amount stated in the financial statements of the Group and of the Company misleading.

SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR

During the financial year, the following significant events occurred:-

(a) On 29 August 1999, the Company obtained a term loan facility of RM140 million from Standard Chartered Bank Malaysia Berhad (“SCB”) to redeem the RM140 million nominal amount of 3.5% Redeemable Bank Guaranteed Bonds 1994/1999 which matured on 29 August 1999. This term loan facility was secured by a Standby Letter of Credit from The Development Bank of Singapore Limited, Labuan Branch (“DBS Labuan”). The facility granted by DBS Labuan to the Company was secured by inter-alia, a pledge of quoted shares of an associated company, and a second charge over a property of the Company;

(b) On 8 October 1999, Naga Sakti Sdn Bhd (“Naga”), a wholly owned subsidiary company, entered into a joint venture agreement with certain subsidiary companies of John Master Industries Berhad (“JMI”) for the development of a mixed-development township to be known as “Puncak Utama” (formerly known as “Kajang Heights”) with a total land area of approximately 442.42 acres whereby Naga shall assume the role of 20 developer for Puncak Utama. Any profit derived from Puncak Utama shall be distributed in the ratio of 70% to JMI and 30% to Naga until such time as JMI shall have received the full entitlement of RM150 million. In the event the profit from the development of Puncak Utama, upon its completion, is in excess of RM450 million, JMI shall in such event be entitled to a further share of the said profit and shall receive and be paid in full any amount in excess of the said RM450 million, subject to a maximum of RM30 million. Naga shall be solely responsible to meet and defray all costs attributable to Puncak Utama, save for such costs and expenses stipulated in the agreement;

(c) On 8 October 1999, the Company acquired 5,390,000 ordinary shares of RM1.00 each, representing 49% of the issued and paid-up share capital of Antah Sri Radin Sdn Bhd (“ASR”), for a total cash consideration of RM3,087,000. As a result, ASR became a wholly owned subsidiary of the Company;

(d) On 28 October 1999, the Company disposed of its entire equity interest in Grey Advertising (M) Sdn Bhd (“Grey”) comprising 51,000 ordinary shares of RM1.00 each, representing 51% of the issued and paid-up share capital of Grey, for a total cash consideration of RM700,000;

(e) On 1 November 1999, the Company disposed of its entire equity interest in Burgmann (Malaysia) Sdn Bhd (“Burgmann”) comprising 2,417,624 ordinary shares of RM1.00 each, representing 40% of the issued and paid-up share capital of Burgmann, for a total cash consideration of RM3,456,723; and

(f) On 28 December 1999, the Group, via its wholly owned subsidiary company, Antah Holdings Services Sdn Bhd, disposed of its entire equity interest in Peter Beaumont Sdn Bhd (“Peter”) comprising 67,575 ordinary shares of RM1.00 each, representing 51% of the issued and paid-up share capital of Peter, for a total cash consideration of RM1,173,000. EVENTS SUBSEQUENT TO BALANCE SHEET DATE

(a) On 11 July 2000, the Company entered into a conditional sale and purchase agreement to dispose of its entire equity interest in Convenience Shopping Sdn Bhd (“CSSB”) comprising 5,000,000 ordinary shares of RM1.00 each for a total cash consideration of RM80,000,000. The proposed disposal is pending completion;

(b) On 31 July 2000, the Company has obtained the approval from the relevant authorities for the proposed private placement of up to 30,875,451 new ordinary shares of RM0.50 each in the Company, representing 10% of the current issued and paid-up share capital of the Company; and

(c) On 19 October 2000, the Group has entered into several agreements for the proposed disposal of certain shares and assets in the Fluid Engineering division for a total cash consideration of RM62.31 million. The proposed disposal is pending completion.

AUDITORS

The auditors, Messrs BDO Binder, have expressed their willingness to continue in office.

Signed on behalf of the Board in accordance with a resolution of the directors.

Y.A.M.Tunku Naquiyuddin ibni Tuanku Ja’afar

Y. Bhg. Dato’ Mohd Shahar bin Abdul Hamid

Kuala Lumpur 31 October 2000 BALANCE SHEETS AS AT 30 JUNE 2000

Group Company 2000 1999 2000 1999 NOTE RM’000 RM’000 RM’000 RM’000

ASSETS EMPLOYED

FIXED ASSETS 4 304,846 309,906 55,834 53,418

SUBSIDIARY COMPANIES 5 ,- ,- 353,041 350,005

ASSOCIATED COMPANIES 6 291,988 384,339 257,075 287,570

INVESTMENTS 7 19,641 9,481 9,666 2,280

GOODWILL ON CONSOLIDATION 8 35,800 33,757 ,- ,-

HIGHWAY DEVELOPMENT EXPENDITURE 9 163,694 30,520 ,- ,-

DEVELOPMENT PROPERTIES 10 6,000 ,- ,- ,-

CURRENT ASSETS Stocks 11 197,449 98,269 ,- ,- Jointly controlled operation 12 7,184 ,- ,- ,- Development properties 10 35,519 34,911 ,- ,- Trade debtors 13 126,309 142,078 ,- ,- 22 Other debtors, deposits and prepayments 14 105,471 153,794 35,501 35,820 Amounts due from subsidiary companies 15 ,- ,- 235,555 201,662 Amounts due from associated companies 16 1,555 64,498 1,517 1,268 Short term investments 17 ,144 2,418 ,- ,- Short term deposits 18 21,208 45,265 2,931 12,920 Cash and bank balances 19 15,780 24,244 ,111 ,110

510,619 565,477 275,615 251,780

CURRENT LIABILITIES Trade creditors 117,498 104,172 ,- ,- Bills payable - unsecured 38,414 42,460 ,- ,- Amounts due to customers for contract works 20 13,803 15,516 ,- ,- Other creditors and accrued liabilities 85,907 90,003 14,647 5,536 Amounts due to subsidiary companies 15 ,- ,- 77,649 45,379 Amount due to an associated company 16 ,613 ,647 ,613 ,647 Bank borrowings 21 292,965 234,567 84,891 78,417 Taxation 3,730 3,194 ,- ,- Proposed dividends 2,223 4,631 2,223 4,631

555,153 495,190 180,023 134,610

NET CURRENT (LIABILITIES)/ASSETS (44,534) 70,287 95,592 117,170

DEFERRED EXPENDITURE 22 5,417 4,968 ,- ,-

782,852 843,258 771,208 810,443

The attached notes form an integral part of the financial statements. BALANCE SHEETS AS AT 30 JUNE 2000 (cont’d)

Group Company 2000 1999 2000 1999 NOTE RM’000 RM’000 RM’000 RM’000

FINANCED BY

SHARE CAPITAL 23 154,377 154,377 154,377 154,377

RESERVES 24 327,032 491,016 465,150 498,064

SHAREHOLDERS’ FUNDS 481,409 645,393 619,527 652,441

REDEEMABLE BANK GUARANTEED BONDS 25 ,- 140,000 ,- 140,000

MINORITY INTERESTS 7,939 11,835 ,- ,-

DEFERRED AND LONG TERM LIABILITIES Amount due to Government 26 121,757 ,- ,- ,- Term loans 27 160,219 37,509 150,912 17,967 Retirement benefits 28 4,278 4,638 ,- ,- Deferred taxation 29 ,382 ,123 ,- ,- Hire-purchase and lease creditors 30 6,868 3,760 ,769 ,035

293,504 46,030 151,681 18,002

782,852 843,258 771,208 810,443 23

The attached notes form an integral part of the financial statements. INCOME STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 JUNE 2000

Group Company 2000 1999 2000 1999 NOTE RM’000 RM’000 RM’000 RM’000

REVENUE 31 676,135 931,285 16,931 10,759

COST OF SALES 32 (454,696) (670,939) ,- ,-

GROSS PROFIT 221,439 260,346 16,931 10,759

OTHER OPERATING INCOME 5,829 3,987 4,481 4,896

MARKETING AND DISTRIBUTION COSTS (88,191) (88,636) ,- ,-

ADMINISTRATIVE EXPENSES (108,606) (170,380) (20,793) (21,688)

OTHER OPERATING EXPENSES (16,422) (17,131) ,- ,-

PROFIT/(LOSS) FROM OPERATIONS 14,049 (11,814) ,619 (6,033)

FINANCE COST (34,045) (46,629) (19,872) (19,236)

LOSS BEFORE TAXATION AND EXCEPTIONAL ITEMS (19,996) (58,443) (19,253) (25,269)

EXCEPTIONAL ITEMS 33 (144,544) 100,447 (4,078) 84,623

24 (LOSS)/PROFIT AFTER EXCEPTIONAL ITEMS BEFORE TAXATION (164,540) 42,004 (23,331) 59,354

SHARE OF RESULTS OF ASSOCIATED COMPANIES 12,994 ,(778) ,- ,-

(LOSS)/PROFIT BEFORE TAXATION 34 (151,546) 41,226 (23,331) 59,354

TAXATION 35 (8,304) (2,655) ,- ,-

(LOSS)/PROFIT AFTER TAXATION (159,850) 38,571 (23,331) 59,354

SHARE OF RESULTS TO JOINT VENTURE PARTNERS ,(652) ,- ,- ,-

MINORITY INTERESTS ,(951) (4,715) ,- ,-

NET (LOSS)/PROFIT FOR THE FINANCIAL YEAR (161,453) 33,856 (23,331) 59,354

(LOSS)/EARNINGS PER SHARE (SEN) 36 (52.29) 10.97 ,- ,-

DIVIDEND PER SHARE (SEN) 37 0.72 1.50 0.72 1.50

The attached notes form an integral part of the financial statements. STATEMENT OF CHANGES IN EQUITY FOR THE FINANCIAL YEAR ENDED 30 JUNE 2000

Exchange Share Share Capital Fluctuation Other Retained Group Capital Premium Reserve Reserve Reserve Profits Total RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

Balance as at 30 June 1998 154,377 328,601 17,332 31,431 2,242 96,447 630,430 Currency translation differences ,- ,- ,- 4,986 ,- ,- 4,986 Disposal of subsidiary companies ,- ,- ,- (19,248) ,- ,- (19,248) Realisation upon partial disposal of an associated company ,- ,- (4,062) ,- ,- 4,062 ,- Net gains and losses not recognised in the income statements ,- ,- (4,062) (14,262) ,- 4,062 (14,262) Net profit for the financial year ,- ,- ,- ,- ,- 33,856 33,856 Dividends ,- ,- ,- ,- ,- (4,631) (4,631) Balance as at 30 June 1999 154,377 328,601 13,270 17,169 2,242 129,734 645,393 Currency translation 25 differences ,- ,- ,- ,(197) ,- ,- ,(197) Acquisition of certain shares in a subsidiary company ,- ,- ,- ,- ,(111) ,- ,(111) Net losses not recognised in the income statements ,- ,- ,- ,(197) ,(111) ,- ,(308) Net loss for the financial year ,- ,- ,- ,- ,- (161,453) (161,453) Dividends ,- ,- ,- ,- ,- (2,223) (2,223)

Balance as at 30 June 2000 154,377 328,601 13,270 16,972 2,131 (33,942) 481,409

The attached notes form an integral part of the financial statements. STATEMENT OF CHANGES IN EQUITY FOR THE FINANCIAL YEAR ENDED 30 JUNE 2000 (cont’d)

Share Share Revaluation Other Retained Company Capital Premium Reserve Reserve Profits Total RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

Balance as at 30 June 1998 154,377 328,601 49,309 5,709 80,049 618,045 Realisation upon disposal of an associated company ,- ,- (21,622) ,- 21,622 ,- Net deficit on revaluation of investment in associated companies ,- ,- (20,327) ,- ,- (20,327) Net gain and losses not recognised in the income statements ,- ,- (41,949) ,- 21,622 (20,327) Net profit for the financial year ,- ,- ,- ,- 59,354 59,354 Dividends ,- ,- ,- ,- (4,631) (4,631) Balance as at 30 June 1999 154,377 328,601 7,360 5,709 156,394 652,441 Net deficit on revaluation of investment in 26 associated companies ,- ,- (7,360) ,- ,- (7,360) Realisation upon disposal of a subsidiary company ,- ,- ,- ,(448) ,448 ,- Net losses not recognised in the income statements ,- ,- (7,360) ,(448) ,448 (7,360) Net loss for the financial year ,- ,- ,- ,- (23,331) (23,331) Dividends ,- ,- ,- ,- (2,223) (2,223)

Balance as at 30 June 2000 154,377 328,601 ,- 5,261 131,288 619,527

The attached notes form an integral part of the financial statements. CONSOLIDATED CASH FLOW STATEMENT FOR THE FINANCIAL YEAR ENDED 30 JUNE 2000

2000 1999 NOTE RM’000 RM’000 CASH FLOWS FROM OPERATING ACTIVITIES

(Loss)/profit before taxation and minority interests (151,546) 41,226

Adjustments for:- Bad debts written off 2,393 ,- Depreciation of fixed assets 28,653 29,225 Gain on dilution of interest in a subsidiary company ,- (1,567) (Gain)/Loss on disposal of investments (3,601) 1,936 Deferred expenditure written off ,609 17,602 Dividend income (5,562) ,(126) Fixed assets written off ,251 11,703 Gain on disposal of associated companies ,(738) (5,041) Gain on disposal of subsidiary companies (2,275) (88,324) Gain on disposal of certain shares in a subsidiary company ,- (3,409) Interest expense 34,045 46,629 Interest income (2,112) (3,406) Investments written off ,- 6,866 Loss/(Gain) on disposal of fixed assets 8,850 (3,311) 27 Net goodwill written off ,130 2,361 Provision for diminution in value of investment 63,175 ,- Provision for doubtful debts 84,382 7,347 Provision for retirement benefits ,590 1,285 Share of results of associated companies (12,994) ,778 Unrealised foreign exchange loss/(gain) 5,685 (10,080) Write back of post acquisition losses in an associated company ,- (9,453)

Operating profit before changes in working capital 49,935 42,241 (Increase)/Decrease in stocks (63,378) 18,481 Increase in jointly controlled operation (7,184) ,- (Increase)/Decrease in development properties ,(608) 2,759 Increase in debtors (14,336) (51,249) Increase in creditors 27,661 7,759 (Decrease)/Increase in amounts due to customers for contract works ,(348) 17,514

Cash (used in)/generated from operations (8,258) 37,505 Interest paid (36,670) (49,921) Tax paid (1,916) (3,155) Retirement benefits paid ,(870) (1,100)

Net cash used in operating activities (47,714) (16,671)

The attached notes form an integral part of the financial statements. CONSOLIDATED CASH FLOW STATEMENT FOR THE FINANCIAL YEAR ENDED 30 JUNE 2000 (cont’d)

2000 1999 NOTE RM’000 RM’000 CASH FLOWS FROM INVESTING ACTIVITIES

Acquisition of additional shares in existing associated companies ,- (3,408) Acquisition of additional shares in existing subsidiary companies (3,087) ,- Acquisition of fixed assets 38(A) (43,260) (63,344) Acquisition of investments (3,428) ,(101) Acquisition of development properties (6,000) ,- Deferred expenditures paid ,(939) (4,933) Dividends received 10,920 3,798 Highway development costs paid ,(171) ,0(70) Interest received 2,112 3,406 Proceeds from disposal of an associated company 3,457 ,- Proceeds from disposal of fixed assets 10,496 16,857 Proceeds from disposal of investments 12,366 ,207 Proceeds from disposal of certain shares in an existing associated company 13,880 25,025 Proceeds from disposal of certain shares in a subsidiary company ,- 4,603 Net cash inflow from disposal of subsidiary companies 38(B) (4,493) 125,727 28 Net cash (used in)/from investing activities (8,147) 107,767

CASH FLOWS FROM FINANCING ACTIVITIES

Advances to associated companies (2,273) (1,375) Dividends paid (4,631) (4,631) Dividends paid to minority shareholders (3,970) (2,497) Drawdown of term loans 171,286 9,282 Repayment of bank borrowings (158,685) (42,199) Repayment of hire-purchase and lease creditors (9,667) (10,289) Withdrawal/(Placement) of short term deposits pledged as securities 8,322 (13,913)

Net cash from/(used in) financing activities ,382 (65,622)

Exchange differences ,874 1,424

NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS (54,605) 26,898

CASH AND CASH EQUIVALENTS AT BEGINNING OF THE FINANCIAL YEAR As previously reported (39,856) (66,228) Effect of change in exchange rates 1,265 ,(526)

As restated (38,591) (66,754)

CASH AND CASH EQUIVALENTS AT END OF THE FINANCIAL YEAR 38(C) (93,196) (39,856)

The attached notes form an integral part of the financial statements. NOTES TO THE FINANCIAL STATEMENTS 30 JUNE 2000

1. PRINCIPAL ACTIVITIES

2. BASIS OF PREPARATION OF THE FINANCIAL STATEMENTS

The financial statements of the Group and of the Company have been prepared in accordance with the provisions of the Companies Act, 1965 and applicable accounting standards issued or approved by the Malaysian Accounting Standards Board.

3. SIGNIFICANT ACCOUNTING POLICIES

3.1 Basis of Accounting

The financial statements of the Group and of the Company have been prepared under the historical cost convention.

3.2 Basis of Consolidation

The consolidated financial statements incorporated the financial statements of the Company and its

subsidiary companies made up to the end of the financial year. The results of subsidiary companies 29 acquired or disposed of during the financial year are included in the consolidated financial statements from the date of acquisition or up to the date of disposal. Inter-company transactions and balances are eliminated on consolidation and the consolidated financial statements reflect external transactions only.

The difference between the purchase price and the fair value of the net assets of the subsidiary companies at the date of acquisition is treated as goodwill or reserve on consolidation.

Goodwill on consolidation is written off only when there is a permanent diminution in value of the investment.

3.3 Associated Companies

An associated company is a company in which the Group has a long term investment where the Group has representation on the board and is in a position to exercise significant influence over the financial and operating policies of the investee company.

The Group’s share of results and reserves of the associated companies acquired or disposed of are included in the consolidated financial statements from the effective date of acquisition or up to the effective date of disposal. The Group’s interest in associated companies are stated at cost plus adjustments to reflect changes in the Group’s share of the net assets of the associated companies. These amounts are taken from the audited financial statements made up to a date not more than 6 months before the date of the Company’s financial statements or management financial statements made up to the date of the Company’s financial statements if audited financial statements are not available for each of the companies concerned.

Premium or reserve arising on acquisition represents the difference between the cost of investment and the Group’s share of the fair value of net assets of the associated companies at the date of acquisition.

Premium on acquisition is only written off when there is a permanent diminution in value of the investment. 3.4 Investments

In the Company’s financial statements, investments in subsidiary and associated companies are stated at cost less amounts provided for any permanent diminution in value or at directors’ valuation which recognises the values of the underlying net tangible assets of the subsidiary or associated companies.

Other long term investments are stated at cost less provision for permanent diminution in value, if any.

Investments held for trading are stated at the lower of cost and market value.

Dividend income arising from investments in subsidiary and associated companies is accounted for in the Company’s income statement as and when proposed.

Income arising from other investments is taken into the income statements as and when received.

3.5 Stocks

Stocks are stated at the lower of cost and net realisable value, after adequate provision has been made for all deteriorated, damaged, obsolete, or slow moving stocks. Cost comprises direct materials, direct labour, a proportion of factory overheads and other costs incurred in bringing the stocks to their present location and condition. Cost is determined on a weighted average basis except for companies dealing in medical, pharmaceutical products and beverage, where specific identification and first-in, first-out basis are used.

Stocks of completed houses are stated at cost less provision for diminution in value, if any. Cost includes land cost, construction costs, interest expense and professional fees relating to development.

3.6 Development Properties

The cost of land held for development and the related development expenditure is carried forward at cost

30 plus attributable profits accrued to the properties sold at their relevant state of completion less progress billings and foreseeable losses, if any.

Income from property development are recognised in accordance with the percentage of completion method unless the outcome of the property development cannot be reliably estimated. Where it is probable that a foreseeable loss will arise from a property development, the excess of total costs over revenue is recognised as an expense immediately. Where the outcome of a property development cannot be reliably estimated, development costs are recognised as an expense as incurred, and where it is probable that the costs will be recovered, revenue is recognised to the extent of costs incurred.

The stage of completion is determined based on the proportion that development costs incurred for work performed to date bear to the estimated total development costs.

The portion of property development projects in which sales have been launched and/or the project are expected to be completed within the normal operating cycle of two to three years are considered as current asset.

3.7 Fixed Assets And Depreciation

Fixed assets are stated at cost less accumulated depreciation.

Freehold land and capital work-in-progress are not depreciated. Long term leasehold land is amortised over the period of the lease.

Depreciation of other fixed assets is calculated to write off the cost of fixed assets on a straight line basis over the expected useful lives of the assets concerned. The principal annual rates used are:-

Freehold buildings 2% - 20% Leasehold land and buildings 1% - 5% Plant and machinery 10% - 25% Furniture and fittings 10% - 33% Office equipment 10% - 331/3% Shipping vessel 10% Motor vehicles 20% - 25% 3.8 Borrowing Costs

Borrowing costs incurred to finance expenditure on assets that require a substantial period of time to be ready for their intended use are capitalised. Capitalisation of borrowing costs will cease when the assets are ready for their intended use.

3.9 Hire-Purchase And Lease Arrangements

Assets financed by hire-purchase or lease arrangements which transfer substantially all the risks and rewards of ownership to the Group are capitalised as fixed assets. The assets and the corresponding obligations are treated as liabilities. The fixed assets capitalised are depreciated on the same basis as owned assets.

Finance charges are allocated to the income statements over the period of the agreements to give a constant periodic rate of charge on the remaining hire-purchase and lease liabilities.

Rental under operating leases are charged to the income statements on a straight line basis over the lease term.

3.10 Debtors

Known bad debts are written off and specific provision is made for any debt which is considered to be doubtful of collection.

3.11 Deferred Taxation

Deferred taxation is provided under the liability method at the current tax rate in respect of all material timing differences except where it is reasonably probable that such timing differences will not crystallise in the foreseeable future. 31 Deferred tax benefits are recognised in the financial statements only when there is a reasonable assurance of their realisation.

3.12 Construction Contracts

Construction work-in-progress is stated at the aggregate of contract costs incurred to date plus recognised profits less recognised losses and progress billings. Where progress billings exceed the aggregate costs incurred plus attributable profits less foreseeable losses, the net amounts are treated as amounts due to customers for contract works under current liabilities.

Income from construction contracts are recognised in accordance with the percentage of completion method unless the outcome of the contract cannot be reliably estimated. Where it is probable that a loss will arise from a construction contract, the excess of total costs over revenue is recognised as an expense immediately. Where the outcome of a contract cannot be reliably estimated, contract costs are recognised as an expense as incurred, and where it is probable that the costs will be recovered, revenue is recognised to the extent of costs incurred.

The stage of completion of a construction contract is determined based on the proportion that contract costs incurred for work performed to date bear to the estimated total contract costs.

3.13 Foreign Currency Transactions and Translations

Monetary assets and liabilities denominated in foreign currencies are translated into Ringgit Malaysia at rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated at rates ruling on transaction dates. All exchange differences arising are dealt with through the income statements.

Income and expense items of foreign subsidiaries and associated companies are translated into Ringgit Malaysia at average rates of exchange for the financial year and assets and liabilities, both monetary and non-monetary, at the rates of exchange ruling at the financial year end. All exchange differences are taken to exchange fluctuation reserve account. The exchange rates used for each unit of the main foreign currencies in the Group are:-

Year End Rates 2000 1999 RM RM

Australia (A$) 2.28 2.50 United Kingdom (£) 5.77 6.00 United States (US$) 3.80 3.80 Indonesia (Rupiah) 0.00044 0.00060 Singapore (S$) 2.19 2.23 Hong Kong (HK$) 0.4875 0.4898

3.14 Retirement Benefits

The Group makes contributions to approved provident funds and certain subsidiary companies contribute to various retirement plans. The retirement plans, which are mainly defined contribution plans, are generally funded by payments to trusts whose assets are separately administered from those of the Group. Where plans are not externally funded, appropriate provisions are made in the financial statements. The contributions and provisions are charged to the income statements in the year in which they are incurred.

3.15 Deferred Expenditure

Preliminary and pre-operating expenses are stated at cost less amounts written off over five years from the date of commencement of operations.

Other deferred expenditure comprises project tendering expenses, marketing, campaign and advertising costs incurred in promoting products and is written off over the period of the respective campaigns or advertising contracts. 32 3.16 Highway Development Expenditure

Highway development expenditure, stated at cost, comprises construction and development expenditure (including interest charges relating to the financing of the construction and development of the highway) incurred in connection with the Concession Agreement awarded to a subsidiary company by the Government of Malaysia. Upon completion of the construction and commencement of the toll collection, the cumulative actual expenditure incurred will be amortised to each balance sheet date over the concession period based on the cumulative toll revenue over the projected total toll revenue of the concession.

The projected toll revenue of the Concession is based on the “base case” traffic volumes projected by an independent professional firm of traffic consultants in a projection study commissioned by the Group, taking account of the toll rates as provided in the Concession Agreement.

In the application of this accounting policy, the effects of any change in the estimates in a financial year will be included in the amortisation for that year.

3.17 Jointly Controlled Operation

Interest in jointly controlled operation comprises the related development expenditure which is carried forward at cost plus the Group’s share of attributable profit or loss accrued to the properties sold at their relevant stage of completion less progress billings and foreseeable losses, if any.

Income from jointly controlled operation are recognised in accordance with the percentage of completion method unless the outcome of the jointly controlled operation cannot be reliably estimated. Where it is probable that a loss will arise, the excess of total costs over revenue is recognised as an expense immediately. Where the outcome of the jointly controlled operation cannot be reliably estimated, development costs are recognised as an expense as incurred, and where it is probable that the costs will be recovered, revenue is recognised to the extent of costs incurred.

The stage of completion is determined based on the proportion that development costs incurred for work performed to date bear to the estimated total development costs. 3.18 Cash and Cash Equivalents

Cash and cash equivalents include cash and bank balances, bank overdrafts, deposits and other short term, highly liquid investments that are readily convertible to cash with insignificant risk of changes in value.

4. FIXED ASSETS

Balance Balance as at Reclassi- Disposal of Written Exchange as at 2000 1.7.1999 Additions Disposals fication Subsidiaries Off Differences 30.6.2000 Group RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

Cost

Freehold land 38,352 ,- (3,217) ,- ,- ,- ,- 35,135 Freehold buildings 46,885 ,080 ,- ,- ,- ,- ,- 46,965 Freehold land and buildings 25,636 ,278 ,- 6,377 ,- ,- (2,153) 30,138 Leasehold buildings ,- ,375 ,- ,- ,- ,- ,- ,375 Leasehold land and buildings 47,857 ,207 ,- ,- ,- ,- ,(227) 47,837 Plant and machinery 176,991 31,578 (1,114) ,00(3) (2,599) ,(342) (8,806) 195,705 Furniture and fittings 46,629 14,047 ,0(21) ,(558) (1,726) ,(504) ,0(90) 57,777 Office equipment 20,530 1,420 ,(598) ,558 (3,272) ,(251) ,(240) 18,147 Shipping vessel 18,382 ,- (18,382) ,- ,- ,- ,- ,- Motor vehicles 35,421 6,248 (6,206) ,- (1,860) ,- ,(182) 33,421 Capital work-in- progress 10,665 1,324 ,- (6,374) ,- ,- ,- 5,615 33

467,348 55,557 (29,538) ,- (9,457) (1,097) (11,698) 471,115

Charge Balance for the Balance as at Financial Reclassi- Disposal of Written Exchange as at 1.7.1999 Year Disposals fication Subsidiaries Off Differences 30.6.2000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

Accumulated depreciation

Freehold buildings 3,502 ,925 ,- ,025 ,- ,- ,- 4,452 Freehold land and buildings 4,371 ,404 ,- ,- ,- ,- ,(224) 4,551 Leasehold buildings ,- ,004 ,- ,- ,- ,- ,- ,004 Leasehold land and buildings 7,369 1,074 ,- ,0(25) ,- ,- ,00(9) 8,409 Plant and machinery 68,314 13,637 ,(605) ,- (1,896) ,(317) (1,165) 77,968 Furniture and fittings 31,803 4,885 ,0(60) ,(278) (1,529) ,(291) ,0(48) 34,482 Office equipment 14,003 2,262 ,(399) ,278 (2,844) ,(238) ,(107) 12,955 Shipping vessel 1,835 1,838 (3,673) ,- ,- ,- ,- ,- Motor vehicles 26,245 3,726 (5,322) ,- (1,038) ,- ,(163) 23,448

157,442 28,755 (10,059) ,- (7,307) ,(846) (1,716) 166,269 4. FIXED ASSETS (cont’d)

Balance Balance as at Reclassi- Disposal of Written Exchange as at 1999 1.7.1998 Additions Disposals fication Subsidiaries Off Differences 30.6.1999 Group RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

Cost

Freehold land 38,938 4,582 (5,168) ,- ,- ,- ,- 38,352 Freehold buildings 32,991 ,030 (2,484) 17,626 ,- (1,138) ,(140) 46,885 Freehold land and buildings 25,547 ,- ,- ,(867) (1,693) ,- 2,649 25,636 Leasehold land and buildings 59,604 ,733 ,(148) ,(138) (11,348) ,- ,(846) 47,857 Plant and machinery 381,776 39,261 (6,939) 13,295 (242,223) (9,319) 1,140 176,991 Furniture and fittings 51,064 3,100 ,(330) (1,373) (2,412) (3,543) ,123 46,629 Office equipment 27,153 2,552 (1,991) 1,950 (9,110) ,(130) ,106 20,530 Shipping vessel 13,095 5,287 ,- ,- ,- ,- ,- 18,382 Motor vehicles 45,171 2,664 (6,307) ,- (6,242) ,- ,135 35,421 Capital work-in- progress 31,441 9,717 ,- (30,493) ,- ,- ,- 10,665

706,780 67,926 (23,367) ,- (273,028) (14,130) 3,167 467,348

Charge Balance for the Balance

34 as at Financial Reclassi- Disposal of Written Exchange as at 1.7.1998 Year Disposals fication Subsidiaries Off Differences 30.6.1999 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

Accumulated depreciation

Freehold buildings 2,918 ,681 ,0(89) ,00(5) ,- ,- ,00(2) 3,503 Freehold land and buildings 4,413 ,479 ,- ,- ,(761) ,- ,239 4,370 Leasehold land and buildings 10,611 1,210 ,(106) ,0(68) (4,272) ,- ,00(6) 7,369 Plant and machinery 178,710 13,546 (2,494) ,- (120,949) ,(485) ,0(14) 68,314 Furniture and fittings 32,611 3,953 ,(172) (1,108) (1,684) (1,829) ,032 31,803 Office equipment 16,780 2,973 (1,932) 1,181 (4,932) ,(101) ,034 14,003 Shipping vessel ,- 1,835 ,- ,- ,- ,- ,- 1,835 Motor vehicles 29,202 4,655 (5,028) ,- (2,683) ,- ,099 26,245

275,245 29,332 (9,821) ,- (135,281) (2,415) ,382 157,442 4. FIXED ASSETS (cont’d)

Balance Balance as at Reclassi- as at 2000 1.7.1999 Additions Disposals fication 30.6.2000 Company RM’000 RM’000 RM’000 RM’000 RM’000

Cost

Freehold land and buildings 52,798 ,- ,- ,- 52,798 Furniture and fittings 1,656 2,766 ,- ,- 4,422 Office equipment ,871 ,150 ,- ,- 1,021 Motor vehicles 3,959 1,989 (1,099) ,- 4,849

59,284 4,905 (1,099) ,- 63,090

Charge Balance for the Balance as at Financial Reclassi- as at 1.7.1999 Year Disposals fication 30.6.2000 RM’000 RM’000 RM’000 RM’000 RM’000

Accumulated depreciation

Freehold land and buildings 2,292 ,826 ,- ,- 3,118 Furniture and fittings 1,278 ,435 ,- ,- 1,713 Office equipment ,622 ,083 ,- ,- ,705 Motor vehicles 1,674 ,795 ,(749) ,- 1,720 35 5,866 2,139 ,(749) ,- 7,256

Balance Balance as at Reclassi- as at 1999 1.7.1998 Additions Disposals fication 30.6.1999 Company RM’000 RM’000 RM’000 RM’000 RM’000

Cost

Freehold land and buildings 35,180 ,030 ,- 17,588 52,798 Plant and machinery ,727 ,- ,(727) ,- ,- Furniture and fittings 1,656 ,- ,- ,- 1,656 Office equipment ,789 ,082 ,- ,- ,871 Motor vehicles 3,467 1,799 (1,307) ,- 3,959 Capital work-in-progess 14,050 3,538 ,- (17,588) ,-

55,869 5,449 (2,034) ,- 59,284

Charge Balance for the Balance as at Financial Reclassi- as at 1.7.1998 Year Disposals fication 30.6.1999 RM’000 RM’000 RM’000 RM’000 RM’000

Accumulated depreciation

Freehold land and buildings 1,700 ,592 ,- ,- 2,292 Plant and machinery ,198 ,109 ,(307) ,- ,- Furniture and fittings 1,066 ,212 ,- ,- 1,278 Office equipment ,542 ,080 ,- ,- ,622 Motor vehicles 2,333 ,628 (1,287) ,- 1,674

5,839 1,621 (1,594) ,- 5,866 4. FIXED ASSETS (cont’d)

Group Company 2000 1999 2000 1999 RM’000 RM’000 RM’000 RM’000

Net book value

Freehold land 35,135 38,352 ,- ,- Freehold buildings 42,513 43,382 ,- ,- Freehold land and buildings 25,587 21,266 49,680 50,506 Leasehold buildings ,371 ,- ,- ,- Leasehold land and buildings 39,428 40,488 ,- ,- Plant and machinery 117,737 108,677 ,- ,- Furniture and fittings 23,295 14,826 2,709 ,378 Office equipment 5,192 6,527 ,316 ,249 Shipping vessel ,- 16,547 ,- ,- Motor vehicles 9,973 9,176 3,129 2,285 Capital work-in-progress 5,615 10,665 ,- ,-

304,846 309,906 55,834 53,418

Certain of the freehold land and buildings, leasehold land and buildings and plant and machinery have been charged as securities for banking facilities granted to the Group and the Company.

Included in the cost of fixed assets of the Group and of the Company are assets acquired under hire-purchase and lease instalment plans as follows:- 36 Group Company 2000 1999 2000 1999 RM’000 RM’000 RM’000 RM’000

Plant and machinery 13,064 16,783 ,- ,- Furniture and fittings ,260 ,373 ,- ,- Office equipment 2,391 1,609 ,- ,- Motor vehicles 10,790 10,689 3,065 1,883

26,505 29,454 3,065 1,883 5. SUBSIDIARY COMPANIES

Company 2000 1999 RM’000 RM’000

Unquoted shares

At cost 353,041 350,005

The details of the subsidiary companies are set out in Note 47 to the financial statements.

6. ASSOCIATED COMPANIES

Group Company 2000 1999 2000 1999 RM’000 RM’000 RM’000 RM’000

Quoted shares At cost 247,279 257,582 247,279 257,582

Unquoted shares At cost 92,772 100,763 ,- ,- At directors’ valuation ,- ,- 9,796 29,988

340,051 358,345 257,075 287,570 Provision for diminution in value (64,467) (1,292) ,- ,- 37 275,584 357,053 257,075 287,570 Group’s share of post acquisition reserves 16,404 27,286 ,- ,-

291,988 384,339 257,075 287,570

Market value of quoted shares 182,400 199,000 182,400 199,000

Represented by:-

Group’s share of net assets 123,766 129,635 Premium on acquisition 168,222 254,704

291,988 384,339

The Group has investment in JW Carpenter Limited (“JWC”) at carrying value of RM63,175,000 of which provision for permanent diminution in value of investment has been fully provided for. JWC reported significant losses in previous years and was in capital deficiency position as at the balance sheet date. In addition, JWC is currently under the administration of Joint Administrators appointed by an Order of the High Court of Justice on 18 July 2000. Based on this circumstances, the directors took a prudent view and therefore full provision against the value of the investment is made.

The details of associated companies are set out in Note 47 to the financial statements. 7. INVESTMENTS

Group Company 2000 1999 2000 1999 RM’000 RM’000 RM’000 RM’000

Quoted shares, at cost In Malaysia ,010 6,080 ,010 ,009 Outside Malaysia ,376 ,717 ,- ,-

Unquoted shares, at cost 16,634 ,850 7,035 ,437 Unquoted debentures, at cost 2,621 1,834 2,621 1,834

19,641 9,481 9,666 2,280

Market value of quoted shares In Malaysia ,036 4,998 ,036 ,034 Outside Malaysia ,375 ,650 ,- ,-

8. GOODWILL ON CONSOLIDATION

Group 2000 1999 RM’000 RM’000

Goodwill on consolidation 50,688 48,797 38 Reserve on consolidation (14,888) (15,040)

35,800 33,757

Movements during the financial year were:-

Goodwill on consolidation

Balance at 1 July 1999/1998 48,797 56,166 Acquisition of shares in subsidiary companies 2,649 ,003 Written off during the financial year ,(130) (2,588) Disposal of subsidiary companies ,(476) (4,425) Exchange adjustments ,- ,(359) Reclassification ,(152) ,-

Balance at 30 June 2000/1999 50,688 48,797

Reserve on consolidation

Balance at 1 July 1999/1998 15,040 15,401 Partial disposal of shares in subsidiary company ,- ,(134) Credited to income statements ,- ,(227) Reclassification ,(152) ,-

Balance at 30 June 2000/1999 14,888 15,040 9. HIGHWAY DEVELOPMENT EXPENDITURE

Group 2000 1999 RM’000 RM’000

At 1 July 1999/1998 30,520 27,187 Additions during the financial year 133,174 3,333

At 30 June 2000/1999 163,694 30,520

Included in highway development expenditure are interest charges incurred during the financial year and capitalised amounting to RM2,597,000 (1999: RM3,264,000) and land cost acquisition of RM121,757,000 (1999: Nil) described as reimbursable land cost in Note 26 to the financial statements.

10. DEVELOPMENT PROPERTIES

Group 2000 1999 RM’000 RM’000

Freehold land, at cost 22,002 15,995 Development expenditure 45,090 34,589

67,092 50,584 Less: Long term portion (6,000) ,-

61,092 50,584 39 Add: Attributable profits recognised 5,793 3,922

66,885 54,506 Less: Progress billings (31,366) (19,595)

35,519 34,911

Certain of the freehold land have been charged as securities for term loan and overdraft facilities granted to the Group.

11. STOCKS

Group 2000 1999 RM’000 RM’000

Raw materials 15,165 12,791 Goods for resale 69,176 69,399 Consumable stores ,681 ,581 Bottles and cases 6,571 7,076 Work-in-progress 5,223 6,789 Unsold shop houses and shop lots 83,633 1,633 Vacant land 17,000 ,-

197,449 98,269 12. JOINTLY CONTROLLED OPERATION

The Group’s interest in the jointly controlled operation is represented as follows:-

Group 2000 1999 RM’000 RM’000

Development expenditure 14,745 ,- Add: Attributable profit 1,896 ,-

16,641 ,- Less: Progress billings (9,457) ,-

7,184 ,-

The jointly controlled operation is in respect of the development of a mixed-development township to be known as “Puncak Utama” (formerly known as “Kajang Heights”) whereby the Group shall assume the role of developer for Puncak Utama. The terms of the joint venture agreement are detailed in Note 43(b) to the financial statements.

13. TRADE DEBTORS

Group 2000 1999 RM’000 RM’000

Trade debtors 151,692 161,225 40 Less: Provision for doubtful debts (25,383) (19,147)

126,309 142,078

The provision for doubtful debts was net of bad debts written off and bad debts recovered amounting to RM3,232,000 (1999: RM2,552,000) and RM11,000 (1999: Nil) respectively.

14. OTHER DEBTORS, DEPOSITS AND PREPAYMENTS

Group Company 2000 1999 2000 1999 RM’000 RM’000 RM’000 RM’000

Other debtors, deposits and prepayments 129,479 166,915 47,999 48,318 Less: Provision for doubtful debts (24,008) (13,121) (12,498) (12,498)

105,471 153,794 35,501 35,820

15. AMOUNTS DUE FROM/(TO) SUBSIDIARY COMPANIES

The amounts due from/(to) subsidiary companies represent balances arising from advances and payments made on behalf which are unsecured and have no fixed terms of repayment. Certain advances bear interest at rates ranging from 5.20% to 8.00% (1999: 8.75% to 13.60%) per annum. 16. AMOUNTS DUE FROM/(TO) ASSOCIATED COMPANIES

Group Company 2000 1999 2000 1999 RM’000 RM’000 RM’000 RM’000

Amounts due from associated companies 94,761 94,823 36,600 34,554 Less: Provision for doubtful debts (93,206) (30,325) (35,083) (33,286)

1,555 64,498 1,517 1,268

Amounts due to an associated company ,613 ,647 ,613 ,647

The amounts due from/(to) associated companies represent advances and payments made on behalf which are unsecured, have no fixed terms of repayment and are interest free except for a secured loan to an associated company, JW Carpenter Limited (“JWC”), amounting to RM54,324,000 (1999: RM56,624,000) which bears interest at a rate equal to LIBOR.

As detailed in Note 6 to the financial statements, the directors are of the opinion that the loan and advances made to JWC will unlikely be recovered and therefore full provision has been made for the loan and advances made to JWC.

17. SHORT TERM INVESTMENTS Group 2000 1999 RM’000 RM’000 41 Quoted shares at cost In Malaysia ,119 7,312 Outside Malaysia ,036 ,-

,155 7,312 Less: Provision for diminution in value ,0(11) (4,894)

,144 2,418

Market value of quoted shares In Malaysia ,200 5,729 Outside Malaysia ,149 1,256

18. SHORT TERM DEPOSITS Group Company 2000 1999 2000 1999 RM’000 RM’000 RM’000 RM’000 Deposits with:- Licensed banks 20,636 44,712 2,931 12,920 Finance companies ,572 ,553 ,- ,-

21,208 45,265 2,931 12,920

Deposits that have been pledged as securities for banking facilities granted to the Group are as follows:-

Group Company 2000 1999 2000 1999 RM’000 RM’000 RM’000 RM’000

Deposits with a licensed bank 17,399 25,721 ,- 6,501 19. CASH AND BANK BALANCES

Group

Included in cash and bank balances is an amount of RM1,230,000 (1999: Nil) held under a Housing Development Account, opened and maintained under Section 7A of the Housing Developers (Housing Development Account) Regulation, 1991 and registered under the name of the joint venture partner.

20. AMOUNTS DUE TO CUSTOMERS FOR CONTRACT WORKS

Group 2000 1999 RM’000 RM’000

Aggregate costs incurred to date 46,067 30,602 Add: Attributable profits recognised 12,718 6,845

58,785 37,447 Less: Progress billings (72,588) (52,963)

(13,803) (15,516)

21. BANK BORROWINGS

Group Company 2000 1999 2000 1999 42 RM’000 RM’000 RM’000 RM’000

Unsecured Revolving credits 59,375 64,500 25,875 31,000 Bank overdrafts 57,813 63,945 41,905 42,925 Bankers’ acceptance 71,563 61,342 ,- ,- Current portion of term loans (Note 27) 9,220 4,420 6,400 1,600

197,971 194,207 74,180 75,525

Secured Revolving credits 8,000 ,- 8,000 ,- Bank overdrafts 54,972 19,699 ,- ,- Bankers’ acceptance 16,268 13,120 ,- ,- Trust receipts 1,979 1,506 ,- ,- Current portion of term loans (Note 27) 13,775 6,035 2,711 2,892

94,994 40,360 10,711 2,892

292,965 234,567 84,891 78,417

The secured bank borrowings are secured by legal charges over the assets of certain subsidiary companies. The interest rates charged for the financial year ranged from 3.00% to 10.25% (1999: 3.25% to 15.50%) per annum.

The contractual terms of the term loans are detailed in Note 27 to the financial statements. 22. DEFERRED EXPENDITURE

Preliminary and Pre-Operating Total Total Expenses Others 2000 1999 Group RM’000 RM’000 RM’000 RM’000

Balance at 1 July 1999/1998 3,225 1,743 4,968 21,288 Incurred during the financial year 1,225 ,- 1,225 5,101 Amortisation/written off ,(506) ,(103) ,(609) (17,602) Exchange adjustments ,- ,(153) ,(153) ,0(77) Reversal upon disposal of a subsidiary company ,0(14) ,- ,0(14) (3,742)

Balance at 30 June 2000/1999 3,930 1,487 5,417 4,968

Included in preliminary and pre-operating expenses are charges incurred during the financial year as follows:-

Group 2000 1999 RM’000 RM’000

Auditors’ remuneration ,004 ,006 Depreciation of fixed assets ,102 ,107 Fixed assets written off ,- ,012 Loss on disposal of fixed assets ,133 ,- Interest expense ,028 ,028 Retirement benefits ,023 ,021 43

23. SHARE CAPITAL

Group/Company 2000 1999 RM’000 RM’000

Authorised

500,000,000 ordinary shares of RM0.50 each 250,000 250,000

Issued and fully paid

308,754,514 ordinary shares of RM0.50 each 154,377 154,377

The duration and exercise period of the Company’s 75,335,700 unexercised and outstanding 1994/1999 warrants were extended for a period of another three (3) years up to and including 30 August 2002. The warrantholders will have the right to subscribe for ordinary shares of RM0.50 each in the Company in cash at the exercise price of RM2.20 per warrant at any time before 30 August 2002.

As at 30 June 2000, 75,335,700 (1999: 75,335,700) warrants remain unexercised. 24. RESERVES Group Company 2000 1999 2000 1999 RM’000 RM’000 RM’000 RM’000 Non-distributable

Share premium 328,601 328,601 328,601 328,601 Revaluation reserve ,- ,- ,- 7,360 Capital reserve arising from bonus capitalisation by associated companies 13,270 13,270 ,- ,- Foreign exchange fluctuation reserve arising from translation of foreign subsidiary companies 16,972 17,169 ,- ,- Other reserves 2,131 2,242 5,261 5,709

360,974 361,282 333,862 341,670 Distributable

(Accumulated losses)/Retained profits (33,942) 129,734 131,288 156,394

327,032 491,016 465,150 498,064

Subject to the agreement of the Inland Revenue Board, the Company has:-

(a) tax credit under Section 108 of the Income Tax Act, 1967 to frank the payment of net dividends of approximately RM10,600,000 (1999: RM10,600,000) without incurring any additional tax liabilities; and

(b) tax exempt credit to frank the payment of tax exempt dividends of approximately RM9,400,000 (1999: RM14,050,000).

44 The Company would be liable to incur additional tax liability of approximately RM43,265,000 if all of its retained profits as at 30 June 2000 is to be distributed by way of dividends.

25. REDEEMABLE BANK GUARANTEED BONDS - Unsecured

On 29 August 1999, the Company obtained a term loan facility of RM140 million from Standard Chartered Bank Malaysia Berhad (“SCB”) to redeem the RM140 million nominal amount of 3.5% Redeemable Bank Guaranteed Bonds 1994/1999 which matured on 29 August 1999. This term loan facility was secured by a Standby Letter of Credit from The Development Bank of Singapore Limited, Labuan Branch (“DBS Labuan”). The facility granted by DBS Labuan to the Company was secured by inter-alia, a pledge of quoted shares of an associated company, and a second charge over a property of the Company.

26. AMOUNT DUE TO GOVERNMENT

One of the subsidiary companies, Kaseh Lebuhraya Sdn Bhd (“Kaseh”), has entered into a Concession Agreement on 10 July 1997 with the Government of Malaysia to design, construct, maintain, operate and manage the Kajang-Seremban Highway on a privatization basis.

The Government of Malaysia has agreed to pay an amount not exceeding in aggregate of RM300 million on behalf of Kaseh in respect of land acquisition cost (referred to as the “Reimbursable Land Cost”). The Reimbursable Land Cost is interest-free and repayable to the Government based on the following terms:-

Date of Repayment Percentage 11 July 2002 6% of reimbursable land cost 11 July 2003 6% of reimbursable land cost 11 July 2004 6% of reimbursable land cost 11 July 2005 6% of reimbursable land cost 11 July 2006 6% of reimbursable land cost 11 July 2007 14% of reimbursable land cost 11 July 2008 14% of reimbursable land cost 11 July 2009 14% of reimbursable land cost 11 July 2010 14% of reimbursable land cost 11 July 2011 14% of reimbursable land cost 27. TERM LOANS

(a) The details of term loans are as follows:-

Group Company 2000 1999 2000 1999 RM’000 RM’000 RM’000 RM’000

Unsecured Bank loans 3,864 6,684 ,- ,- Other loans 6,400 8,000 6,400 8,000

10,264 14,684 6,400 8,000 Secured Bank loans 172,950 33,280 153,623 14,459

183,214 47,964 160,023 22,459 Repayable within the next twelve months (Note 21) (22,995) (10,455) (9,111) (4,492)

160,219 37,509 150,912 17,967

Repayable in financial year ending 30 June:- 2000 ,- 10,455 ,- 4,492 2001 22,995 10,368 9,111 4,492 2002 146,877 9,332 141,808 4,492 2003 4,025 7,846 1,807 4,492 2004 and after 9,317 9,963 7,297 4,491

183,214 47,964 160,023 22,459 45

(b) The bank loans have been charged at interest rates ranging from 8.16% to 9.80% (1999: 7.25% to 13.80%) per annum. The other loans are non-interest bearing.

Group Company 2000 1999 2000 1999 RM’000 RM’000 RM’000 RM’000

Secured by fixed and floating charges on assets of certain subsidiary companies 1,042 11,923 ,- ,- Secured by fixed charge on certain fixed assets of the Group and quoted shares in an associated company 167,747 21,357 153,623 14,459 Secured by a third party fixed charge on development properties of a subsidiary company 4,161 ,- ,- ,-

172,950 33,280 153,623 14,459 28. RETIREMENT BENEFITS

Group 2000 1999 RM’000 RM’000

Balance at 1 July 1999/1998 4,638 4,907 Provision for the financial year ,613 1,306 Payments made ,(870) (1,100) Disposal of subsidiary companies ,- ,(443) Exchange adjustments ,(103) ,0(32)

Balance at 30 June 2000/1999 4,278 4,638

29. DEFERRED TAXATION

Group 2000 1999 RM’000 RM’000

Balance at 1 July 1999/1998 ,123 ,256 Transfer from/(to) income statements (Note 35) ,260 ,(113) Exchange adjustments ,00(1) ,00(8) Reversal upon disposal of a subsidiary company ,- ,0(12)

Balance at 30 June 2000/1999 ,382 ,123

30. HIRE-PURCHASE AND LEASE CREDITORS

Group Company 2000 1999 2000 1999 RM’000 RM’000 RM’000 RM’000

Hire-purchase and lease creditors 10,341 7,774 ,939 ,055 Payable within the next twelve months (included in other creditors and accrued liabilities) (3,473) (4,014) ,(170) ,0(20)

6,868 3,760 ,769 ,035 31. REVENUE

Revenue of the Company represents management fees, commissions and dividends income.

Revenue of the Group represents invoiced value of goods sold and services rendered less sales tax, discount and returns, gross dividends received, interest income, proceeds from sale of investments, proceeds from sale of land and proportionate sales value of development properties and long term contracts based on percentage of completion.

Included in the revenue of the Group is contract revenue recognised in the income statements amounting to RM25,369,000.

32. COST OF SALES

Included in the cost of sales of the Group is contract expenditure recognised in the income statements amounting to RM18,700,000.

33. EXCEPTIONAL ITEMS

Group Company 2000 1999 2000 1999 RM’000 RM’000 RM’000 RM’000

Gain on disposal of associated companies ,738 5,041 2,385 ,783 Gain on disposal of subsidiary companies 2,275 88,324 ,649 101,691 Gain/(Loss) on disposal of certain shares in a subsidiary company ,- 3,409 ,- (1,932) 47 Provision for permanent diminution in value of investment in an associated company (63,175) ,- ,- ,- Provision for doubtful debts (84,382) (7,347) (1,797) (15,919) Net deficit on revaluation of investment in associated companies ,- ,- (5,315) ,- Write back of post acquisition loss of associated company ,- 9,453 ,- ,- Gain on dilution of interest in a subsidiary company ,- 1,567 ,- ,-

(144,544) 100,447 (4,078) 84,623 34. (LOSS)/PROFIT BEFORE TAXATION

Group Company 2000 1999 2000 1999 RM’000 RM’000 RM’000 RM’000

(Loss)/profit before taxation is stated:-

After charging:-

Amount paid to a company for services rendered by a director ,- ,500 ,- ,500 Auditors’ remuneration - current year’s ,591 1,800 ,020 ,021 - (over)/under provision in prior year ,(222) ,004 ,006 ,005 Bad debts written off 2,393 ,- ,- ,- Deferred expenditure written off ,609 17,602 ,- ,- Depreciation of fixed assets 28,653 29,225 2,139 1,621 Directors’ remuneration - directors of the Company - fees ,089 ,110 ,079 ,100 - other emoluments 8,333 3,524 8,333 3,524 Fixed assets written off ,251 11,703 ,- ,420 Hire of plant and equipment 1,540 3,179 ,- ,- Interest expense - bankers’ acceptance and revolving credits 6,635 6,745 2,213 ,- 48 - bank overdrafts 8,738 16,896 3,677 10,232 - hire-purchase and lease ,862 1,339 ,124 ,110 - redeemable bonds ,779 4,900 ,779 4,900 - subsidiary companies ,- ,- 1,745 1,672 - term loan 16,568 15,406 11,334 ,366 - others ,463 1,343 ,- 1,956 Investments written off ,- ,577 ,- ,- Loss on disposal of fixed assets 8,850 ,- ,- ,- Loss on disposal of investment ,- 1,936 ,- ,- Loss on foreign exchange - realised ,534 ,- ,059 ,- - unrealised 5,685 ,- ,- ,- Net goodwill written off ,130 2,361 ,- ,- Provision for doubtful debts ,- ,- ,- ,057 Rental of premises 11,134 16,279 ,- ,076 Rental of land ,055 ,- ,- ,- Retirement benefits ,590 1,285 ,- ,- 34. (LOSS)/PROFIT BEFORE TAXATION (cont’d)

Group Company 2000 1999 2000 1999 RM’000 RM’000 RM’000 RM’000 And crediting:-

Dividends (gross) received from - associated companies - quoted shares in Malaysia ,- ,- 7,350 5,000 - unquoted shares ,- ,- ,092 ,101 - corporation - quoted ,318 ,113 ,- ,- - unquoted shares 5,244 ,013 5,244 ,013 - subsidiary companies - unquoted shares ,- ,- ,702 ,580 - quoted shares outside Malaysia ,- ,- ,- ,- Gain on foreign exchange - realised ,- 1,053 ,- ,- - unrealised ,- 10,080 ,- ,- Gain on disposal of fixed assets ,- 3,311 ,196 ,435 Gain on disposal of investment 3,601 ,- ,- ,- Interest income - associated companies ,418 ,693 ,418 ,- - subsidiary companies ,- ,- 2,009 2,218 - others 1,694 2,713 ,120 ,557 Rental of premises 49 - associated companies ,228 ,066 ,228 ,066 - subsidiary companies ,- ,- 1,239 1,172 - others 5,590 5,026 ,222 ,281

Directors’ monetary value of benefits-in-kind - Directors of the Company ,165 ,156 ,165 ,156 35. TAXATION Group Company 2000 1999 2000 1999 RM’000 RM’000 RM’000 RM’000

Taxation based on profit for the financial year:- Malaysian taxation 2,391 ,- ,- ,- Overseas taxation ,453 2,166 ,- ,- Transfer to/(from) deferred taxation (Note 29) ,260 ,(113) ,- ,-

3,104 2,053 ,- ,-

Over provision of taxation in prior years ,0(47) ,(847) ,- ,-

3,057 1,206 ,- ,-

Share of taxation of associated companies 5,247 1,449 ,- ,-

8,304 2,655 ,- ,-

Provision for taxation is made in the financial statements of the Group even though the Group recorded a loss before taxation in the current financial year due mainly to certain expenses which are not deductible for tax purposes and the non-availability of group relief where tax losses of certain subsidiary companies cannot be set-off against the taxable profits of other subsidiary companies.

No provision has been made for taxation in respect of income for Malaysian subsidiary companies for the financial year ended 30 June 1999 in accordance with the waiver of the Income Tax (Amendment) Act, 1999.

50 There is no provision for taxation for the Company as the Company is in a tax loss position.

The Company has unabsorbed tax losses and capital allowances amounting to approximately RM15,500,000 (1999: RM4,092,000) and RM1,145,000 (1999: RM642,000) respectively to set off against future taxable income of the Company.

36. (LOSS)/EARNINGS PER ORDINARY SHARE

Group

The basic (loss)/earnings per ordinary share has been calculated based on the Group’s loss after taxation and minority interests of RM161,453,000 (1999: Group’s profit after taxation and minority interests of RM33,856,000) and on the number of ordinary shares in issue during the financial year of 308,754,514 shares (1999: 308,754,514 shares).

37. DIVIDENDS Group/Company 2000 1999 RM’000 RM’000

Proposed first and final dividend of 2% less tax at 28% (1999: tax exempt dividend of 3%) 2,223 4,631

Group/Company 2000 1999

Dividend per share (Sen) - net of tax 0.72 - - tax exempt - 1.50

0.72 1.50 38. NOTES TO CONSOLIDATED CASH FLOW STATEMENT

Group

(A) Fixed Assets

The Group acquired fixed assets with an aggregate cost of RM55,557,000 (1999: RM67,926,000) of which RM12,297,000 (1999: RM4,582,000) was acquired by means of hire-purchase and lease arrangements. Cash payments of RM43,260,000 (1999: RM63,344,000) was made to acquire the fixed assets.

(B) Net cash (outflow)/inflow from disposal of subsidiary companies

2000 1999 RM’000 RM’000

Fixed assets 2,150 137,747 Cash and cash equivalents 6,366 16,661 Debtors 16,890 275,634 Stocks ,880 82,638 Creditors (25,144) (257,213) Taxation (1,220) (9,014) Short term borrowings (1,059) (37,478) Long term investment ,410 7,123 Investment in associated companies ,241 3,369 Deferred expenditure ,014 3,742 Deferred and long term liabilities ,- (100,371) Minority interests ,- ,(378)

,(472) 122,460 51 Goodwill on consolidation ,476 4,425 Minority interests ,(406) (53,573) Foreign exchange fluctuation reserve ,- (19,248)

Attributable net (liabilities)/assets disposed ,(402) 54,064 Gain on disposal of subsidiary companies 2,275 88,324

Net proceeds received 1,873 142,388 Less: Cash and cash equivalents of subsidiary companies disposed (6,366) (16,661)

Net cash (outflow)/inflow on disposal, net of cash and cash equivalents disposed (4,493) 125,727

Cash and cash equivalents included in the consolidated cash flow statement comprises the following balance sheet amounts:-

Group 2000 1999 RM’000 RM’000

Short term deposits 21,208 45,265 Cash and bank balances 15,780 24,244 Bank overdrafts (112,785) (83,644)

(75,797) (14,135) Less: Short term deposits pledged as securities (17,399) (25,721)

(93,196) (39,856) 39. SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES

Group Company 2000 1999 2000 1999 RM’000 RM’000 RM’000 RM’000

Dividends (gross) received from unquoted subsidiary companies ,- ,- ,702 ,580 Dividends (gross) received from associated companies - quoted ,- ,- 7,350 5,000 - unquoted ,- ,- ,092 ,101 Interest income receivable from subsidiary companies ,- ,- 2,009 2,218 Interest income receivable from associated companies ,418 ,693 ,418 ,- Management fees receivable from subsidiary companies ,- ,- 1,120 1,686 Management fees receivable from associated companies 1,818 3,378 1,818 3,378 Rental income from subsidiary companies ,- ,- 1,239 1,172 Rental income from associated companies ,228 ,066 ,228 ,066

Interest expense payable to subsidiary companies ,- ,- 1,745 1,672

The above transactions have been entered into in the ordinary course of business based on negotiated terms.

40. COMMITMENTS

52 Group Company 2000 1999 2000 1999 RM’000 RM’000 RM’000 RM’000

(i) Approved capital expenditure not provided for in the financial statements - contracted 842,794 852,114 ,- 1,571 - not contracted 34,547 18,519 ,283 ,-

Group 2000 1999 RM’000 RM’000

(ii) Non-cancellable operating leases:- Payable within one year 1,368 1,530 Payable between one to two years ,655 ,805 Payable between two to five years ,057 1,693

2,080 4,028

(iii) One of the subsidiary companies has entered into an Option and Investment Deed agreement dated 14 August 1997 with certain shareholders of its associated company to buy back 27,500,000 ordinary shares of £0.10 each of the associated company at £0.218 per share. These shareholders of the associated company are granted the right to exercise the option on or before 5 July 2000 which has been extended to 5 July 2001. However, subsequent to the balance sheet date, on 2 October 2000, these shareholders of the associated company have exercised the option. At the date of this report, the Directors do not anticipate any material losses arising from this transaction. Any possible loss, if any, arising from this transaction will be dealt with in the Group financial statements of the next financial year. 41. CONTINGENCIES

Group Company 2000 1999 2000 1999 RM’000 RM’000 RM’000 RM’000

Guarantee in respect of banking and leasing facilities of subsidiary and associated companies:- - secured ,285 ,302 12,925 39,212 - unsecured 6,720 7,073 196,528 162,941

42. SEGMENTAL REPORTING

Profit/(Loss) Revenue Before Taxation Gross Assets 2000 1999 2000 1999 2000 1999 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000

By Industry

Beverage 137,688 141,699 (9,853) (26,094) 119,390 124,843 Fluid engineering and manufacturing 127,397 127,891 1,665 (8,838) 186,669 177,812 Healthcare and pharmaceutical 63,142 58,102 1,677 ,210 47,079 45,475 Media and communication 16,522 30,383 ,536 ,(802) 8,511 40,322 Oil and gas ,- 283,845 ,- 3,589 ,- ,- Property 26,308 12,953 1,311 4,524 232,716 161,160 Specialist retail and trading 225,743 210,058 5,545 2,407 76,263 75,060 Infrastructure ,- ,- ,- ,- 183,200 49,048 53 Investment holding 18,707 3,838 (104,674) 63,943 144,328 155,308 Others 60,628 62,516 (60,747) 3,065 46,306 60,583

676,135 931,285 (164,540) 42,004 1,044,462 889,611 Add: Associated companies ,- ,- 12,994 ,(778) 293,543 448,837

676,135 931,285 (151,546) 41,226 1,338,005 1,338,448

By Geographical

Malaysia 549,562 520,173 (109,911) 45,298 889,745 734,901 Australia 92,368 91,016 6,032 (13,556) 98,829 87,354 United Kingdom 13,519 12,738 (55,673) 1,906 14,666 15,720 Singapore 8,223 8,862 1,128 ,566 11,489 14,186 Indonesia 12,463 14,651 (6,107) 3,470 22,745 30,266 Others ,- ,- ,00(9) ,731 6,988 7,184

676,135 647,440 (164,540) 38,415 1,044,462 889,611 In respect of oil and gas division which was disposed in 1999 ,- 283,845 ,- 3,589 ,- ,-

676,135 931,285 (164,540) 42,004 1,044,462 889,611 Add: Associated companies ,- ,- 12,994 ,(778) 293,543 448,837

676,135 931,285 (151,546) 41,226 1,338,005 1,338,448 43. SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR

During the financial year, the following significant events occurred:-

(b) On 8 October 1999, Naga Sakti Sdn Bhd (“Naga”), a wholly owned subsidiary company, entered into a joint venture agreement with certain subsidiary companies of John Master Industries Berhad (“JMI”) for the development of a mixed-development township to be known as “Puncak Utama” (formerly known as “Kajang Heights”) with a total land area of approximately 442.42 acres whereby Naga shall assume the role of developer for Puncak Utama. Any profit derived from Puncak Utama shall be distributed in the ratio of 70% to JMI and 30% to Naga until such time as JMI shall have received the full entitlement of RM150 million. In the event the profit from the development of Puncak Utama, upon its completion, is in excess of RM450 million, JMI shall in such event be entitled to a further share of the said profit and shall receive and be paid in full any amount in excess of the said RM450 million, subject to a maximum of RM30 million. Naga shall be solely responsible to meet and defray all costs attributable to Puncak Utama, save for such costs and expenses stipulated in the agreement;

(d) On 28 October 1999, the Company disposed of its entire equity interest in Grey Advertising (M) Sdn Bhd 54 (“Grey”) comprising 51,000 ordinary shares of RM1.00 each, representing 51% of the issued and paid-up share capital of Grey, for a total cash consideration of RM700,000;

44. EVENTS SUBSEQUENT TO BALANCE SHEET DATE

(a) On 11 July 2000, the Company entered into a conditional sale and purchase agreement to dispose of its entire equity interest in Convenience Shopping Sdn Bhd (“CSSB”) comprising 5,000,000 ordinary shares of RM1.00 each, for a total cash consideration of RM80,000,000. The proposed disposal is pending completion;

The number of employees as at the end of the financial year and staff cost for the financial year are as follows:-

Group Company 2000 1999 2000 1999

Number of employees 4,420 4,478 ,068 ,057 Staff cost (RM’000) 104,219 103,520 3,524 2,133

46. COMPARATIVE FIGURES

Certain comparative figures have been reclassified as follows:-

As Previously As Group Reported Restated RM’000 RM’000

Balance sheet Current liabilities

Other creditors 105,519 90,003 Amounts due to customers ,- 15,516

The comparative figures for other creditors and amount due to customers have been reclassified to conform with the current financial year’s presentation so as to comply with the requirements of Malaysian Accounting Standards Board, MASB 7, “Construction Contracts”. 55 Consolidated Cash Flow Statement

As Previously As Reported Restated RM’000 RM’000

Acquisition of fixed assets (67,927) (63,344) Advances to associated companies ,- (1,375) Deferred expenditure paid (5,101) (4,933) Highway development costs paid (3,333) ,0(70) Increase in amount due to customers for contract works ,- 17,514 Increase in creditors 9,486 7,759 Increase in debtors (52,624) (51,249) Interest paid (46,629) (49,921) Provision for retirement benefits ,999 1,285 Repayment of hire-purchase and lease creditors ,- (10,289) Retirement benefits paid ,(793) (1,100) Unrealised foreign exchange loss ,- (10,080)

The comparative figures for the above items have been reclassified to conform with the current financial year’s presentation so as to comply with the requirements of Malaysian Accounting Standards Board, MASB 5, “Cash Flow Statements”. 47. SUBSIDIARY AND ASSOCIATED COMPANIES

SUBSIDIARY COMPANIES Equity Place of Interest Held Name of Companies Incorporation Principal Activities 2000 1999 %% Subsidiaries of Antah Holdings Berhad Antah Aviation Sales Sdn Bhd Malaysia Dormant 100 100 Antah Sandilands Sdn Bhd Malaysia Marketing and 100 100 distribution of beverages Antah Tristar Sdn Bhd Malaysia Dormant 100 100 Aras Damai Sdn Bhd Malaysia Vessel owner 100 100 Antah Holdings Services Sdn Bhd Malaysia Investment holding 100 100 Antah European Holdings Sdn Bhd Malaysia Investment holding 100 100 Antah Pacific Holdings Sdn Bhd Malaysia Investment holding 100 100 Antah Overseas Holdings Sdn Bhd Malaysia Investment holding 100 100 Antah Asia Holdings Sdn Bhd Malaysia Dormant 100 100 Sergap Puncak Sdn Bhd Malaysia Dormant 100 100 G.W.A. Holdings Sdn Bhd Malaysia Investment trading 100 100 Permanis Sdn Bhd Malaysia Bottling of beverages 100 100 Kaseh Lebuhraya Sdn Bhd Malaysia Highway operator 100 100 Kaseh Holdings Berhad Malaysia Dormant 100 100

56 Antah Properties Sdn Bhd Malaysia Property development 100 100 Convenience Shopping Sdn Bhd Malaysia Operating convenience stores 100 100 Antah Administrative Services Sdn Bhd Malaysia Dormant 100 100 Antah Sri Radin Sdn Bhd Malaysia Medical supplies and 100 51 equipment marketing Antah Melco Sales & Services Sdn Bhd Malaysia Electrical appliances marketing 60 60 Antah Sedgwick Insurance Malaysia Insurance and 52 52 Brokers Sdn Bhd reinsurance brokers Grey Advertising (Malaysia) Sdn Bhd Malaysia Advertising agency - 51

Subsidiary of Antah European Holdings Sdn Bhd +Antah European Holdings Limited Channel Islands Investment holding 100 100

Subsidiaries of Antah European Holdings Ltd +Harimau Finance Limited United Kingdom Finance 100 100 *Kemp Joinery Limited United Kingdom Joinery manufacturer 100 100 and distributor +Antah European Properties Limited United Kingdom Property holding 100 100 47. SUBSIDIARY AND ASSOCIATED COMPANIES (cont’d) Equity Place of Interest Held Name of Companies Incorporation Principal Activities 2000 1999 %% Subsidiary of Harimau Finance Ltd +Harimau Dua Ltd United Kingdom Dormant 100 100

Subsidiaries of Antah Pacific Holdings Sdn Bhd *Eurapipe Ltd Hong Kong Dormant 100 100 Eurapipe Industries Sdn Bhd Malaysia Manufacturing and marketing 100 100 of thermo-plastic pipes *Euratech Limited Australia Manufacturing and marketing 80 80 of thermo-plastic pipes Subsidiaries of Eurapipe Industries Sdn Bhd +Asia Pacific Pump Pte Ltd Singapore Import and export of pumps 100 100 and related materials *Eurapipe (Indonesia) Limited Hong Kong Investment holding 100 100

Subsidiary of Eurapipe (Indonesia) Ltd +PT Kujang Eurapipe Indonesia Indonesia Manufacturing and marketing 51 51 of thermo-plastic pipes Subsidiary of PT Kujang Eurapipe Indonesia 57 *PT Euramega Niagasarana Indonesia Marketing of 100 100 thermo-plastic pipes Subsidiary of Eurapipe Ltd *Asia Pacific Pump (HK) Limited Hong Kong Dormant 100 100

Subsidiaries of Euratech Limited *Eurapipe Australia Pty Limited Australia Manufacturing and marketing 100 100 of thermo-plastic pipes *Marplex Australia (Holdings) Pty Limited Australia Investment holding 70 100 *Water Reticulation Systems Australia Build, Own, Operate and 100 100 (Virginia) Pty Limited Transfer for a water pipe- line system Subsidiary of Marplex Australia (Holdings) Pty Limited *Marplex Australia Pty Limited Australia Manufacturing and marketing 100 100 of thermo-plastic pipes Subsidiary of Water Reticulation Systems (Virginia) Pty Limited *Water Reticulation Systems (Hire) Australia Dormant 100 100 Pty Limited

Subsidiary of Antah Asia Holdings Sdn Bhd *Lanka Payphones Ltd Sri Lanka Provision and operation of a - 60 fully integrated public card phone network 47. SUBSIDIARY AND ASSOCIATED COMPANIES (cont’d) Equity Place of Interest Held Name of Companies Incorporation Principal Activities 2000 1999 %% Subsidiaries of Antah Holdings Services Sdn Bhd Klang Valley Recreation Berhad Malaysia Dormant 100 100 Stargrip (M) Sdn Bhd Malaysia Recreational centre operations 100 100 Asia-Pacific Videolab Sdn Bhd Malaysia Video and film post- 99 99 production services Peter Beaumont Sdn Bhd Malaysia Advertising agency - 51 *Securicor (Malaysia) Sdn Bhd Malaysia Industrial security 51 51

Subsidiary of Antah Properties Sdn Bhd Naga Sakti Sdn Bhd Malaysia Property development 100 100

Subsidiary of Convenience Shopping Sdn Bhd Convenience Shopping (Sabah) Sdn Bhd Malaysia Operating convenience stores 100 100

Subsidiaries of Antah Sri Radin Sdn Bhd Antah Pharma Sdn Bhd Malaysia Trading of pharmaceutical 100 100 products Bumimedic (Malaysia) Sdn Bhd Malaysia Dormant 100 100 58 Chee & Co. Sdn Bhd Malaysia Dormant 100 100 Elegant Quest Sdn Bhd Malaysia Dormant 100 100

* Companies not audited by BDO Binder + Companies audited by member firms of BDO International 47. SUBSIDIARY AND ASSOCIATED COMPANIES (cont’d)

ASSOCIATED COMPANIES Equity Place of Principal Financial Interest Held Name of Companies Incorporation Activities Year End 2000 1999 %% Associated companies of Antah Holdings Berhad *Burgmann (Malaysia) Sdn Bhd Malaysia Manufacture of 31 December - 40 mechanical seals *TNT Logistics (Malaysia) Sdn Bhd Malaysia Logistics services 31 December 40 40 *ORIX Leasing Malaysia Berhad Malaysia Equipment leasing 31 March 20 33 (formerly known as United ORIX Leasing Berhad) *Schindler Lifts (Malaysia) Sdn Bhd Malaysia Lifts marketing and 31 December 30 30 maintenance Staffield Country Resort Berhad Malaysia Development of 31 March 30 30 recreational and residential resort *PJ Medical Group Sdn Bhd Malaysia Dormant 31 March 29 29 *Wilson Parking (M) Sdn Bhd Malaysia Car park 30 June 25 25 management *STIK-Polymers Sdn Bhd Malaysia Dormant 30 June 24 24 *Commercial Union Assurance Malaysia General insurance 30 November - 21 59 (Malaysia) Bhd underwriters *Hwang-DBS (Malaysia) Berhad Malaysia Investment 31 July 19 20 holding company Associated company of Antah Administrative Services Sdn Bhd +Antah Management (UK) Limited United Kingdom Management 30 June 50 50 services Associated company of Antah European Holdings Sdn Bhd +JW Carpenter Limited United Kingdom Retail houseware 30 June 50 50 and kitchenware Associated company of Antah Tristar Sdn Bhd Staffield Marketing Malaysia Marketing of club 31 March 50 50 Services Sdn Bhd membership

Associated companies of Antah Holding Services Sdn Bhd *Pacific Asia Fishing Sdn Bhd Malaysia Deep sea fishing 30 June 50 50 *Titi Maju Sdn Bhd Malaysia Lifts marketing and 31 March 30 30 maintenance *Antah-UTV (Malaysia) Sdn Bhd Malaysia Production house 31 March 30 30 *Antah-UTV Multi-Media Malaysia Production house 31 March 30 30 Communications Sdn Bhd

* Companies not audited by BDO Binder + Companies audited by member firms of BDO International STATEMENT BY DIRECTORS

In the opinion of the directors, the financial statements set out on pages 22 to 59 have been drawn up in accordance with applicable approved accounting standards so as to give a true and fair view of:-

(i) the state of affairs of the Group and of the Company as at 30 June 2000 and of their results for the financial year then ended; and

(ii) the cash flows of the Group for the financial year ended 30 June 2000.

On behalf of the Board,

) Y.A.M.Tunku Naquiyuddin ibni Tuanku Ja’afar ) ) ) ) DIRECTORS ) ) ) Y. Bhg. Dato’ Mohd Shahar bin Abdul Hamid ) 60 Kuala Lumpur 31 October 2000

STATUTORY DECLARATION

I, Chik Chan Chee @ Cheok Chan Chee, being the officer primarily responsible for the financial management of Antah Holdings Berhad, do solemnly and sincerely declare that the financial statements set out on pages 22 to 59 are, to the best of my knowledge and belief, correct and I make this solemn declaration conscientiously believing the same to be true and by virtue of the provisions of the Statutory Declarations Act, 1960.

Subscribed and solemnly declared by the abovenamed at Kuala Lumpur this 31 October 2000

Before me,

Kok Yoon Wah No.W019 Commissioner for Oaths

Kuala Lumpur 31 October 2000 REPORT OF THE AUDITORS TO THE MEMBERS OF ANTAH HOLDINGS BERHAD

We have audited the financial statements set out on pages 22 to 59. The preparation of the financial statements is the responsibility of the directors. Our responsibility is to express an opinion on the financial statements based on our audit.

We conducted our audit in accordance with approved standards on auditing. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the directors, as well as evaluating the overall financial statements presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion:-

(a) the financial statements have been properly drawn up in accordance with applicable approved accounting standards and the Companies Act, 1965 so as to give a true and fair view of the state of affairs of the Group and of the Company as at 30 June 2000 and of their results and the cash flows of the Group for the financial year then ended; and

(b) the accounting and other records and the registers required by the Act to be kept by the Company and its subsidiary companies of which we have acted as auditors have been properly kept in accordance with the provisions of the Act.

We have considered the financial statements and the auditors’ reports of the subsidiary companies of which we have not acted as auditors as indicated in Note 47 to the financial statements, being financial statements that have been included in the consolidated financial statements. 61

We are satisfied that the financial statements of the subsidiary companies that have been consolidated with the Company’s financial statements are in form and content appropriate and proper for the purposes of the preparation of the consolidated financial statements and we have received satisfactory information and explanations required by us for those purposes.

The audit reports on the financial statements of the subsidiary companies were not subject to any material qualification and did not include any comment made under subsection (3) of Section 174 of the Act.

BDO Binder AF: 0206 Public Accountants

Tan Kim Leong, JP 235/6/01 (J/PH) Partner

Kuala Lumpur 31 October 2000 LIST OF PROPERTIES AS AT 30 JUNE 2000

AGE OF NET BOOK LOCATION DESCRIPTION BUILDINGS TENURE VALUE AREA (years) RM’000

1. Geran 6836, Lot 38414 Office building 20 Freehold 49,680 5,187 sq m Mukim of Kuala Lumpur

2. Lot 5 & 7, Section 13 Land with industrial 9 Leasehold 13,334 38,729 sq m Bangi building Expiring in 2089

3. Lot 6020, Kawasan Land with industrial 31 Leasehold 2,469 10,344 sq m Perusahaan Tampoi building Expiring in Johor Bahru 2028

4. HSD 149, PT BM/85/70, Land with industrial 24 Leasehold ,673 2,497 sq m Mukim 1, Kawasan building Expiring in Perusahaan Perai, 2074 Daerah Seberang Perai Tengah, Pulau Pinang

5. Kawasan Perindustrian Industrial land - Leasehold ,254 10,282 sq m Gong Badak, Expiring in Kuala Terengganu 2052

62 6. HS(M) 31859 Industrial land - Leasehold ,346 7,203 sq m PT No 35167 Lot 2, Expiring in Sector 1 Bandar Indera 2059 Mahkota, Kuantan

7. HS(D)KA 5022, Industrial land - Leasehold ,437 8,403 sq m PT 101931, Lot 181684, Expiring in Daerah Kinta, 2089 Mukim Hulu Kinta Perak

8. No PT 325, HS(D) 3360 Land with industrial 4 Freehold 2,523 7,029 sq m Daerah Alor Gajah building Mukim Sungai Petai Melaka

9. Lot 682 & 683 Mukim 12 Industrial land - Leasehold 1,040 17,306 sq m Daerah Seberang Perai Expiring in Selatan, Pulau Pinang 2876

10. EMR 68, Lot 87, Mukim Industrial land - Freehold 4,995 26,557 sq m Tebrau, District of Johor Bahru

11. HS(M) 15-80, Lot Plantation - Freehold ,410 11,876 sq m NS 82-72, Mukim Ulu Melaka, Langkawi, Kedah LIST OF PROPERTIES AS AT 30 JUNE 2000 (cont’d)

AGE OF NET BOOK LOCATION DESCRIPTION BUILDINGS TENURE VALUE AREA (years) RM’000

12. Lot 45942, PT No 14768 Shophouse 13 Freehold ,186 ,149 sq m HS(D) 16757, Mukim of Batu, District of Gombak Selangor

13. Lot 138 Phase 3, Arab Industrial land - Freehold 1,831 9,007 sq m Malaysian Industrial Park, Nilai, Negeri Sembilan

14. Jalan Desa Anggadita Land & Factory 36 Freehold 5,280 34,420 sq m Klari, Karawang Timur building 41371 Jawa Barat, Indonesia

15. Wisma Melco Office & Warehouse 6 Leasehold 7,392 4,114 sq m Lot 59, Jalan 13/6 Expiring in Petaling Jaya 2062

16. Lot 14, Taman Jasa Bungalow house 16 Leasehold ,346 ,450 sq m Batu Arang 1 Expiring in 87007 Wilayah Persekutuan 2867 Labuan 63

17. Lot 22, Section 36, Office & Warehouse 21 Leasehold 9,200 8,357 sq m No 3, Jalan 19/1 Expiring in Section 19, Petaling Jaya 2063

18. Lot PT 9577, HSD 26212 Commercial land & 12 Freehold 20,577 27,923 sq m Mukim of Damansara Clubhouse Petaling Jaya

19. Lot 8262, Commercial land - Freehold 2,543 9,704 sq m Mukim of Rantau Daerah Seremban Negeri Sembilan

20. Taman Tuanku Ja’afar Land for housing - Freehold 15,995 430,000 sq m Seremban development

21. 531, Jalan 1/3 Taman Office 15 Freehold ,154 ,153 sq m Tuanku Ja’afar, Sungei Gadut, Seremban

22. Lot PT 9578, HSD 31845 Commercial land, 18 Freehold 3,126 23,887 sq m Mukim of Damansara sports and Petaling Jaya recreational facilities

23. Lot 8045 Mukim Rantau Shop office 2 Freehold ,348 ,185 sq m Daerah Seremban Negeri Sembilan LIST OF PROPERTIES AS AT 30 JUNE 2000 (cont’d)

AGE OF NET BOOK LOCATION DESCRIPTION BUILDINGS TENURE VALUE AREA (years) RM’000

24. Unit EQ-2-16, Shop office under - Freehold ,094 ,155 sq m Eden Square construction Batu Feringghi, Penang

25. Lot 10086, Shop office under - Leasehold ,264 ,130 sq m Mukim Ampangan construction Expiring in Daerah Seremban 2088 Negeri Sembilan

26. Unit 47, The Cresent Shop office under - Freehold ,343 ,164 sq m (S10-1), Lembah construction Beringin

27. No 7, Jalan SS12/1B Shop office 20 Freehold ,791 ,123 sq m Subang Jaya 47500 Petaling Jaya

28. Plaza Melaka Shop office 2 Freehold ,223 ,211 sq m HS(D) 6730 PT No 109 Kawasan Bandar XXXI Daerah Melaka Tengah 64 29. Lot 946, 21 Lorong Office 7 Freehold 1,210 ,975 sq m Nagasari, Taman Nagasari, Perai

30. 3, Jalan 13/2 Office 8 Leasehold 3,448 4,215 sq m 46200 Petaling Jaya Expiring in 2062

31. HS(D) 121061 PT 39481 Light industrial land - Freehold 6,000 18,201 sq m Mukim & Daerah Petaling Selangor

32. 138, Gordon Road Factory 54 Freehold 1,348 1,000 sq m Peckimm, London SE15 3RN England

33. Carpenter House Warehouse/Office 21 Leasehold 4,960 5,000 sq m Dormer Road, Thame Expiring in Oxon, United Kingdom 2061

34. 231, Banbury Road, Shop unit 81 Freehold 1,518 ,240 sq m Oxford, United Kingdom

35. 19, Cornmarket, Thame Shop unit 500 Freehold 1,693 ,290 sq m Oxon, United Kingdom ANALYSIS OF SHAREHOLDINGS AS AT 1 NOVEMBER 2000 Authorised Capital - RM250,000,000.00 Issued and paid-up capital - RM154,377,257.00 Class of shares - Ordinary shares of Fifty Sen each Total number of shares issued - 308,754,514 Number of shareholders - 19,224 No. of % of No. of % of Issued Size of Shareholdings Shareholders Shareholders Shares Capital 1 - 499 ,488 2.54 ,167,281 0.05 500 - 5,000 13,650 71.00 32,827,683 10.63 5,001 - 10,000 2,748 14.29 23,242,121 7.53 10,001 - 100,000 2,164 11.26 59,039,603 19.12 100,001 - 1,000,000 ,158 0.82 38,342,712 12.42 over 1,000,000 ,016 0.09 155,135,114 50.25

19,224 100.00 308,754,514 100.00

Twenty largest shareholders as per the register of members % of No. of Issued Name Shares Capital 1. MULTI-PURPOSE BANK NOMINEES (TEMPATAN) SDN BHD 61,967,000 20.07 - Pledged securities account for Syarikat Pesaka Antah Sdn Bhd 2. HDM NOMINEES (TEMPATAN) SDN BHD 27,000,000 8.74 - Pledged securities account for KRA Capital Sdn Bhd 3. MULTI-PURPOSE BANK NOMINEES (TEMPATAN) SDN BHD 20,673,000 6.70 65 - Pledged securities account for Golden Fields Sdn Bhd 4. MULTI-PURPOSE BANK NOMINEES (TEMPATAN) SDN BHD 18,305,000 5.93 - Pledged securities account for Collections Gallery Sdn Bhd 5. HSBC NOMINEES (TEMPATAN) SDN BHD 6,000,000 1.94 - Pledged securities account for Syarikat Pesaka Antah Sdn Bhd 6. HDM NOMINEES (TEMPATAN) SDN BHD 2,585,400 0.84 - YM Tunku Dato’Yaacob bin Tunku Abdullah 7. MAYFIN NOMINEES (TEMPATAN) SDN BHD 2,527,000 0.82 - Pledged securities account for Pan Malaysia Equities Sdn Bhd 8. WONG POH HAR 2,324,000 0.75 9. OSK NOMINEES (TEMPATAN) SDN BHD 2,290,000 0.74 - DMG & Partners Securities Pte Ltd for Tan Hian Tsin 10. CARTABAN NOMINEES (ASING) SDN BHD 1,964,000 0.64 - Bank of Tokyo Mitsubishi Luxembourg S.A. for Osterreichisch Volksbanken AG 11. MAYBAN NOMINEES (TEMPATAN) SDN BHD 1,938,000 0.63 - Pledged securities account for A.A. Anthony & Co Sdn Bhd 12. SYARIKAT PESAKA ANTAH SDN BHD 1,835,714 0.59 13. NG SENG KONG 1,669,000 0.54 14. MALAYSIA NOMINEES (ASING) SENDIRIAN BERHAD 1,622,000 0.53 - Oversea-Chinese Bank Nominees Pte Ltd for Wearne Brothers Services (Pte) Ltd 15. MALAYSIAN ASSURANCE ALLIANCE BERHAD 1,300,000 0.42 - As beneficial owner 16. SYARIKAT NOMINEE BUMIPUTRA (TEMPATAN) SDN BHD 1,135,000 0.37 - Pledged securities account for A.A. Anthony & Co Sdn Bhd 17. AMANAH RAYA BERHAD ,884,000 0.29 - BHLB Pacific Double Growth Fund 18. BERJAYA GENERAL INSURANCE BERHAD ,880,000 0.29 19. LIAN LEE PLANTATIONS SENDIRIAN BERHAD ,813,000 0.26 20. MALAYSIAN NOMINEES (TEMPATAN) SENDIRIAN BERHAD ,800,000 0.26 - Pledged securities account for Gooi Seong Gum

158,512,114 51.35 ANALYSIS OF SHAREHOLDINGS AS AT 1 NOVEMBER 2000 (cont’d)

Substantial shareholder No. of Shares % of Held or Beneficially Issued Name of shareholder Interested In Capital

Syarikat Pesaka Antah Sdn Bhd 99,925,714 32.36 Multi-Purpose Bank Nominees (Tempatan) Sdn Bhd 18,305,000 5.93 - Pledged securities account for Collection Gallery Sdn Bhd Syarikat Pesaka Radin Sdn Bhd 14,210,000 4.60

66 ANTAH HOLDINGS BERHAD (27509-X)

BORANG PROKSI

Saya/Kami ______beralamat di ______adalah ahli (ahli-ahli) Syarikat di atas, dengan ini melantik ______

______beralamat di ______atau jika beliau gagal hadir Pengerusi Mesyuarat sebagai proksi saya/kami untuk mengundi bagi pihak saya/kami di Mesyuarat Agung Tahunan Kedua Puluh Empat Syarikat yang akan diadakan di Bilik Serba Guna, Tingkat Bawah, Wisma Antah, Melalui Jalan Semantan, Damansara Heights, 50490 Kuala Lumpur pada hari Isnin, 18 Disember 2000, pukul 11.00 pagi dan pada setiap penangguhannya.

Proksi saya/kami akan mengundi seperti yang ditunjukkan di bawah dengan tanda “X”:

MENYOKONG MENENTANG

1. Meluluskan Akaun dan Laporan (Resolusi 1)

2. Untuk meluluskan pembayaran dividen pertama dan akhir (Resolusi 2) sebanyak 2% ditolak 28% cukai pendapatan

3. Untuk meluluskan pembayaran yuran para Pengarah (Resolusi 3)

4. (a) Perlantikan semula para Pengarah berikut menurut Tataurusan 99: (i) Y. Bhg. Dato’ Mohd Shahar bin Abdul Hamid (Resolusi 4) (ii) Giam Ting Hee (Resolusi 5) (b) Perlantikan semula para Pengarah berikut menurut Tataurusan 104: (i) Harold Micheal Joseph (Resolusi 6) (ii) Chong Lee Chang (Resolusi 7) (iii) Y. Bhg. Tan Sri Datuk Wira Abdul Rahman Arshad (Resolusi 8)

5. Untuk melantik semula Tetuan BDO Binder sebagai (Resolusi 9) juruaudit dan memberi kuasa kepada para Pengarah untuk menetapkan bayaran mereka

6. Sebagai Urusan Khas, untuk meluluskan Resolusi Biasa (Resolusi 10) menurut Seksyen 132D Akta Syarikat, 1965

Tarikh ______haribulan ______2000.

Bilangan saham dipegang:

Tandatangan/Cap Mohor Nota: i. Seorang ahli layak untuk melantik seorang proksi atau proksi-proksi (tetapi tidak lebih daripada dua orang proksi) untuk hadir dan mengundi bagi pihaknya. Seorang proksi tidak semestinya seorang ahli. ii. Jika yang melantik adalah sebuah badan korporat, suratcara perlantikan proksi perlu dimeterikan di bawah Cap Mohor atau ditandatangani oleh wakilnya. iii. Jika seseorang ahli melantik lebih daripada seorang proksi, perlantikan tersebut akan menjadi tidak sah kecuali beliau menyatakan nisbah pegangannya yang akan diwakili oleh setiap proksi. iv. Suratcara perlantikan seseorang proksi perlu diserahkan ke Pejabat Berdaftar Syarikat, Tingkat 6, Wisma Antah, Melalui Jalan Semantan, Bukit Damansara, 50490 Kuala Lumpur, tidak lewat dari empat puluh lapan (48) jam sebelum waktu yang ditetapkan untuk mesyuarat tersebut. ANTAH HOLDINGS BERHAD (27509-X)

PROXY FORM

I/We ______

Of ______

Being a member(s) of the abovenamed Company, hereby appoint ______

______

Of ______or failing him/her the Chairman of the Meeting as my/our proxy to vote for me/our behalf at the Twenty-fourth Annual General Meeting of the Company to be held at the Multi-purpose Room, Ground Floor, Wisma Antah, Off Jalan Semantan, Damansara Heights, 50490 Kuala Lumpur on Monday, 18 December 2000 at 11.00 a.m. and at each and every adjournment thereof.

My/our proxy is to vote as indicated below with an “X”:

FOR AGAINST

1. Adoption of Accounts and Reports (Resolution 1)

2. To approve payment of the first and final dividend of 2% less (Resolution 2) 28% income tax

3. To approve the payment of Directors’ fees (Resolution 3)

4. (a) Re-election of the following Directors pursuant to Article 99: (i) Y. Bhg. Dato’ Mohd Shahar bin Abdul Hamid (Resolution 4) (ii) Giam Ting Hee (Resolution 5) (b) Re-election of the following Directors pursuant to Article 104: (i) Harold Micheal Joseph (Resolution 6) (ii) Chong Lee Chang (Resolution 7) (iii) Y. Bhg. Tan Sri Datuk Wira Abdul Rahman Arshad (Resolution 8)

5. To re-appoint Messrs BDO Binder as auditors and to authorise (Resolution 9) Directors to fix their remuneration

6. As special Business, to pass the Ordinary Resolution pursuant (Resolution 10) to Section 132D of the Companies Act, 1965

Dated this ______day of ______2000.

No. of shares held:

Signature/Common Seal Note: i. A member is entitled to appoint a proxy or proxies (but not more than two) to attend and vote in his place. A proxy need not be a member of the Company. ii. In the case of a corporate member, the instrument appointing a proxy shall be under its Common Seal or hand of its attorney. iii. Where a member appoints more than one proxy, the appointments shall be invalid unless he specifies the proportions of his holdings to be represented by each proxy. iv. The instrument appointing a proxy must be deposited at the Registered Office of the Company, 6th Floor, Wisma Antah, Off Jalan Semantan, Damansara Heights, 50490 Kuala Lumpur, not less than forty-eight (48) hours before the time fixed for the meeting.