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Together for a Better Tomorrow Annual Report 2015 Together for a Better Tomorrow Annual Report 2015

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Together for a Better Tomorrow Annual Report 2015 Together for a Better Tomorrow Annual Report 2015 TOGETHER FOR A BETTER TOMORROW ANNUAL REPORT 2015 TOGETHER FOR A BETTER TOMORROW ANNUAL REPORT 2015 Cover Rationale TH Plantations has been a part of the Malaysian plantations industry since 1972 and we are now entering the second growth stage of our journey since we were publicly listed in 2006. Here we are, almost a decade later, and our land bank has grown seven times our original size. As a medium-sized upstream plantation player, we are poised to break through a new threshold and stake our claim on greater things. However, our growth trajectory can only be achieved if we — our Company and all our stakeholders — work together to achieve this aim, for a better tomorrow can only be realised if we plan for growth and act in way that guarantees the harmony and sustainability of all our stakeholders. The palm oil sector witnessed a very challenging year as it continued to be weighed down by tough operating conditions, persistently weak commodity prices and global macroeconomic uncertainties. These have negatively impacted Highlightsthe financial performance of the industry and our Group in “ TH Plantations Berhad (“THP”) mainly producesparticular. Fresh Fruit Bunches, Palm Kernel and Crude Palm Oil for the consumption of the Malaysian market. ” THP’s land bank stands close to THP currently owns plantations and mills ,000 in the states of 105 hectares Johor, Pahang, as at 31 March 2016 Negeri Sembilan, Terengganu, Sabah and THP is listed on the Main Sarawak as well Board of Bursa Malaysia as Kalimantan, Securities Berhad with a market capitalisation Indonesia of approximately RMas at 311.13 March 2016 bil Oil Palm Palm Oil Mills Years Estates Forestry with a total milling spread capacity of Average throughout Plantations in Sabah Age Profile Malaysia & 250 metric approximately 34 Indonesia 5 7 tonnes per hour 10 Tan Sri Ab. Aziz bin Kasim Chairman, Independent Non-Executive Director TOGETHER FOR A BETTER TOMORROW ANNUAL REPORT 2015 Cover Rationale TH Plantations has been a part of the Malaysian plantations industry since 1972 and we are now entering the second growth stage of our journey since we were publicly listed in 2006. Here we are, almost a decade later, and our land bank has grown seven times our original size. As a medium-sized upstream plantation player, we are poised to break through a new threshold and stake our claim on greater things. However, our growth trajectory can only be achieved if we — our Company and all our stakeholders — work together to achieve this aim, for a better tomorrow can only be realised if we plan for growth and act in way that guarantees the harmony and sustainability of all our stakeholders. Contents 02 Notice of the 42nd Annual General Meeting 05 Statement Accompanying the Notice of the 42nd Annual General Meeting 08 Chairman’s Statement 14 Chief Executive Officer’s Statement 18 Corporate Information 20 Corporate Structure Highlights 24 Board of Directors 26 Director’s Profile “ TH Plantations Berhad (“THP”) mainly produces 38 Senior Management Fresh Fruit Bunches, Palm Kernel and Crude Palm Oil 40 Corporate Calendar for the consumption of the Malaysian market. ” 41 Media Highlights 44 Corporate Responsibility 56 Statement on Corporate Governance 73 Statement on Risk Management and Internal Control 79 Audit Committee Report 86 Additional Compliance Information THP’s land bank 88 Performance Statistics stands close to 96 Consolidated Financial Statements THP currently owns plantations and mills 203 Analysis of Shareholdings ,000 in the states of 206 Properties Owned by the Group 105 hectares Johor, Pahang, 212 Directory of Estates and Mills as at 31 March 2016 Negeri Sembilan, 216 Abbreviations Terengganu, Proxy Form Sabah and THP is listed on the Main Sarawak as well Board of Bursa Malaysia as Kalimantan, Securities Berhad with a market capitalisation Indonesia of approximately ndANNUAL GENERAL MEETING RM1.13as at 31 March 2016 bil VENUE 42Pacific Ballroom, Level 2, Seri Pacific Hotel Kuala Lumpur, Jalan Putra, 50746 Kuala Lumpur DATE Wednesday, 18 May 2016 TIME 10.00 a.m. Oil Palm Palm Oil Mills Years Estates Forestry with a total milling spread capacity of Average throughout Plantations in Sabah Age Profile Malaysia & 250 metric approximately tonnes per hour Please scan this QR code with your 34 Indonesia 5 7 10 smartphone to access our website www.thplantations.my TH PLANTATIONS BERHAD 02 Annual Report 2015 Notice of the 42nd Annual General Meeting NOTICE IS HEREBY GIVEN THAT the Forty-Second Annual General Meeting (“42nd AGM”) of TH Plantations Berhad (“THP” or “the Company”) will be held at the Pacific Ballroom, Level 2, Seri Pacific Hotel Kuala Lumpur, Jalan Putra, 50746 Kuala Lumpur on Wednesday, 18 May 2016 at 10.00 a.m. to transact the following businesses: As Ordinary Businesses 1. To receive the Audited Financial Statements for the year ended 31 December 2015 together with Reports (Please refer to of the Directors and the Auditors thereon. Explanatory Note 1) 2. To approve the Directors’ Fees of RM1,059,000 for the year ended 31 December 2015. Ordinary Resolution 1 3. To re-elect Tan Sri Ab. Aziz bin Kasim, who shall retire by rotation in accordance with Article 84 of the Ordinary Resolution 2 Company’s Articles of Association and being eligible, offered himself for re-election. 4. To re-elect Datuk Seri Nurmala binti Abd Rahim, who shall retire by rotation in accordance with Article 84 Ordinary Resolution 3 of the Company’s Articles of Association and being eligible, offered herself for re-election. 5. To re-elect Dato’ Noordin bin Md Noor, who shall retire by rotation in accordance with Article 84 of the Ordinary Resolution 4 Company’s Articles of Association and being eligible, offered himself for re-election. 6. To re-elect Dato’ Johan bin Abdullah, who shall retire by casual vacancy pursuant to Article 89 of the Ordinary Resolution 5 Company’s Articles of Association and being eligible, offered himself for re-election. 7. To re-elect Dato’ Shari bin Haji Osman, who shall retire by casual vacancy pursuant to Article 89 of the Ordinary Resolution 6 Company’s Articles of Association and being eligible, offered himself for re-election. 8. To re-elect Dato’ Dr. Md Yusop bin Omar, who shall retire by casual vacancy pursuant to Article 89 of the Ordinary Resolution 7 Company’s Articles of Association and being eligible, offered himself for re-election. 9. To re-elect Datuk Seri Othman bin Mahmood, who shall retire by casual vacancy pursuant to Article 89 Ordinary Resolution 8 of the Company’s Articles of Association and being eligible, offered himself for re-election. 10. To re-appoint Messrs. KPMG Desa Megat & Co. as Auditors of the Company in respect of the financial Ordinary Resolution 9 year ending 31 December 2016 and to authorise the Board of Directors to determine the Auditors’ remuneration. As Special Business To consider, and if deemed fit, to pass with or without modification, the following Resolution: 11. Proposed Renewal of Shareholders’ Mandate for Existing Recurrent Related Party Transactions of Ordinary Resolution 10 a Revenue or Trading Nature and Proposed New Shareholders’ Mandate for Additional Recurrent (Please refer to Related Party Transactions of a Revenue or Trading Nature Explanatory Note 2) “THAT, subject always to the provisions of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, approval be and is hereby given for the renewal of Shareholders’ Mandate for the Company and/or its Subsidiaries to enter into existing recurrent related party transactions of a revenue TH PLANTATIONS BERHAD Annual Report 2015 03 Notice of the 42nd Annual General Meeting or trading nature as set out in Section 2.4.1 of the Circular to Shareholders dated 25 April 2016 with the related parties described therein provided that such transactions are necessary for the Group’s day-to- day operations, carried out in the normal course of business, at arm’s length, on normal commercial terms, not more favourable to the related parties than those generally available to the public and are not to the detriment of the minority shareholders; “THAT, a new Shareholders’ Mandate be and is hereby granted for the Company and/or its Subsidiaries to enter into additional recurrent related party transactions of a revenue or trading nature as set out in Section 2.4.2 of the Circular to Shareholders dated 25 April 2016 with the related parties described therein provided that such transactions are necessary for the Group’s day-to-day operations, carried out in the normal course of business, at arm’s length, on normal commercial terms, not more favourable to the related parties than those generally available to the public and are not to the detriment of the minority shareholders; AND THAT such approval granted shall take effect immediately upon passing of this Resolution and shall continue to be in force until: i. the conclusion of the next AGM of the Company following the forthcoming AGM at which such mandate is approved, at which time it will lapse, unless by a resolution passed at the next AGM, the mandate is renewed; ii. the expiration of the period within which the next AGM of the Company after the forthcoming AGM is required to be held pursuant to Section 143(1) of the Companies Act, 1965, (but shall not extend to such extension as may be allowed pursuant to Section 143(2) of the Companies Act, 1965); or iii. revoked or varied by resolution passed by the shareholders in a general meeting; whichever is the earliest. AND THAT the Directors of the Company and/or its Subsidiaries be and are hereby authorised to do all such acts and things as may be necessary in the best interest of the Company to give full effect to the Recurrent Related Party Transactions as authorised by this Resolution.” 12.
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