PROPERTIES ANNUAL REPORT 2019 ANNUAL REPORT a legacy that withstands eternity a legacy that withstands

PROPERTIES GROUP BERHAD (673211-M) Annual Report 2019 (673211-M) www.ivory.com.my IVORY PROPERTIES GROUP BERHAD PROPERTIES IVORY @ Penang Times Square Ivory Tower Penang, Malaysia Town, 81-11-1, Jalan Dato’ Keramat, 10150 George : (604) 2108000 Fax : (604) 2270000 Tel 2 About Ivory 60 Board of Directors 90 Additional Compliance Properties Group 63 Key Senior Management Information 3 Corporate Structure 66 Corporate Governance 91 Financial Statements 4 Corporate Information Overview Statement 213 Group Properties 5 Projects Review 82 Audit and Risk Management 215 Analysis of Shareholdings 21 Awards and Achievements Committee Report 218 Notice of Annual General 24 Sustainability Statement 87 Statement on Risk Meeting Management and Internal Proxy Form 44 Media Highlights Control 47 Management Discussion and Analysis

TABLE OF CONTENT

Cover Rationale Trees and leaves are central features in common As Ivory Properties Group metaphors such as the (“IVORY”) celebrates its Tree of Life, the family tree 20th anniversary, the future that portrays our ancestral is brought one step closer heritage and notably, in how and into focus. IVORY has IVORY puts down roots when carved a reputation as one creating lasting relationships of the industry leaders in and legacies. These strong transforming challenging bonds are reflected in how situations and concepts into its buyers are irrevocably beautifully functional and entwined with IVORY’s award-winning realities. properties over the course of Hence, the solitary leaf their lifetime. symbolises a formidable Evergreen and ever growing, Group that is strong, resilient the vivid green foliage allude and stands out from the rest to the vast growth IVORY of its peers. Significantly, the has experienced throughout type of leaf chosen is none the past two decades as it other than the “Silver Birch”, endeavours to thrive in the which is a fond nod to Birch years to come. House, IVORY’s iconic 111- year heritage building that served as its headquarter for many years. ABOUT Listed on the Main Market of Bursa Malaysia Securities Berhad since 28 July 2010, the Group’s track record is proven with the numerous awards it has bagged over the years. The numerous awards the Group has IVORY won are testimonies of its achievement – with the latest additions of Star Property Award PROPERTIES 2019 - Best Waterfront Development (Penang World City), CSR Malaysia Award 2018 – Company of the Year (Property Developer – Northern Region), Nanyang 95th Anniversary Outstanding Business Award in Outstanding GROUP Developer Award and StarProperty.my Awards 2018 – Small is Big Award (Best Small Home A Legacy that Withstands Eternity. This Development) for Tropicana Bay Residences. year Ivory Properties Group is celebrating Other awards collected in 2017 included 20 years with a meaningful slogan of the Sin Chew Business Excellence Awards “20 Years of Faith, Hope and Love - A 2017 (Property Excellence Award and CSR Legacy that Withstands Eternity”. Ivory Excellence Award) and StarProperty.my Properties Group has always strive to live Awards 2017 – Honours Award in The Northern true to its tagline of “Building a Better Star Award for Penang Times Square. World for Our Future Generations”. The Company and its subsidiaries (“the The Group takes pride in its effort to nurture a Group”) offers a range of property types vertically integrated range of in-house expertise including medium to high end apartments, and capabilities including architecture, luxury condominiums, semi-detached and engineering, construction, interior design, bungalows, boutique gated communities, model making, sales and marketing, graphics retail and commercial units and has to date and multimedia and property management. delivered over 5,000 homes and business This structure enables the Group to effectively units to valued customers. Gearing up control the construction process, thus ensuring for an exciting year, the Group is carrying cost control and efficient use of resources. its reputation as a trusted developer into Always having the interest of customers close Perak and the Klang Valley. to its heart, the Group will continue to build the finest homes for its clientele.

2 IVORY PROPERTIES GROUP BERHAD (673211-M) CORPORATE STRUCTURE AS AT 28 JUNE 2019

Property Development & Construction

100% Ivory Gleneary Sdn Bhd (548788-M) 20% George Town Bids Sdn Bhd (1000980-M)

100% Ivory Associates Sdn Bhd (485576-P) 100% Tanjong Tokong Garden Development Sendirian Berhad (85510-X)

100% Ivory Residence Sdn Bhd (924702-T)

100% Ivory Villas Sdn Bhd (553323-V)

100% Ivory Indah Sdn Bhd (593357-M)

100% Alshem Development Sdn Bhd (218937 A)

100% Ivory Meadows Sdn Bhd (492123-A)

100% Ivory Square Sdn Bhd (510587-P)

100% Ivory View Sdn Bhd (925024-H)

100% Ivory Continental Sdn Bhd (490558-K)

100% Sunlink Properties Sdn Bhd (836156-U) IVORY PROPERTIES Property Management GROUP BERHAD 100% G & A Consultancy Sdn Bhd (527624-W) (673211-M) Ivory Property Management Services Sdn Bhd (517654-M) Investment 100% holding and provision of 100% Ivory Furniture & Interior Sdn Bhd (629320-D) management and marketing 100% Ivory Media Sdn Bhd (919038-D) services 100% Ivory Times Square Sdn Bhd (791405-M)

Investment Holding & Others

100% Ivory Utilities Sdn Bhd (834590-A) 45% Tropicana Ivory Sdn Bhd (962237-X)

100% TTG Holdings Sdn Bhd (332545-U)

100% Ivory World City Sdn Bhd (1156733-X)

100% G Ivory Sdn Bhd (1157380-T)

100% Ikhlas Johan Sdn Bhd (1192883-A) 50% Ivory Koagro Uno Venture Sdn Bhd (1205466 V)

70% Ivory Place Sdn Bhd (924705-K) 50% Ivory Koagro Dos Venture Sdn Bhd (1205487 M)

45% Park Vue Realty Sdn Bhd (93359-H) 50% Ivory Koagro Tres Venture Sdn Bhd (1205469 P)

ANNUAL REPORT 2019 3 CORPORATE INFORMATION

BOARD OF DIRECTORS

Dr Asairinachan @ Ooi Choi Kiat Aravinachan A/L Kunjamboo Non-Independent Non-Executive Director Chairman/Independent Non-Executive Director Loh Chye Teik Independent Non-Executive Director Dato’ Low Eng Hock Group Chief Executive Officer Lim Hock Siu Independent Non-Executive Director Low Wei Shane Executive Director (Appointed w.e.f. 3 September 2018)

Joint Company Secretaries Share Registrar Principal Bankers Thum Sook Fun (MIA 24701) AGRITEUM Share Registration Bank Islam Malaysia Berhad Low Seow Wei (MAICSA 7053500) Services Sdn Bhd CIMB Islamic Bank Berhad 2nd Floor, Wisma Penang Garden 42 Jalan Sultan Ahmad Shah 10050 Penang, Malaysia Principal Place of Business Stock Exchange Listing Tel : 604-2282321 Ivory Tower @ Penang Times Square Fax : 604-2272391 Main Market of Bursa Malaysia 81-11-1, Jalan Dato’ Keramat Securities Berhad 10150 George Town Stock Code : 5175 Penang, Malaysia Auditors Stock Name : Ivory Tel : 604-2108000 KPMG PLT (AF 0758) Fax : 604-2270000 / 2108008 Level 18, Hunza Tower Email : [email protected] 163E Jalan Kelawei Website : www.ivory.com.my 10250 Penang, Malaysia

Registered Office Suite 18.05, MWE Plaza No. 8 Lebuh Farquhar 10200 George Town Penang, Malaysia Tel : 604-2631966 Fax : 604-2628544

4 IVORY PROPERTIES GROUP BERHAD (673211-M) PROJECTS REVIEW

Penang Times Square George Town, Penang Status : Birch The Plaza & Commercial (Phase 1) – Completed Birch Regency & Commercial (Phase 2) – Completed The Wave & Commercial (Phase 3) – Ongoing Phase 4 – Upcoming Development Phase 5 – Upcoming Development

Located in the heart of George Town, Penang Times Square is fast becoming one of Penang’s go-to spots for food and entertainment. The multi-phase development is regarded as one of the best contemporary public squares in Penang offering an urban experience unique to its locality. A visionary project by Ivory Properties Group Berhad, Penang Times Square is the essence of urban life with the ease of various amenities and facilities which will be developed in 5 phases. With a total of RM1.6 billion in estimated Gross Development Value (“GDV”) for the master plan, the phases will accommodate both retail and residential use. Phase 1 and Phase 2 comprise of the shopping mall as well as the Entertainment City which are the life of development. Both Phase 3 and Phase 4 will feature commercial podiums with a total retail sellable area of 341,971 sq ft while Phase 5 features an upcoming boutique hotel complete with a roof top bar.

ANNUAL REPORT 2019 5 PROJECTS REVIEW

Island Resort Location : Batu Ferringhi, Penang Status : Club house (Phase 1) – Completed : 10 Island Resort (Phase 2) – Completed : The Gardens – Upcoming Development

Sitting on the edge of the famed Miami Beach in Batu Ferringhi, the Island Resort is an escapade from the bustling city, just one of the few paradises left on the island. If you are looking to come home to take a stroll on the beach or a hike in the hills, this development will be perfect for you. With an estimated overall GDV of RM454 million, the 3 phases development offers a whole new meaning with its resort-style living and uninterrupted spectacular sea view amidst an oasis of tranquility. Island Resort received the Highly Commended Award for Best Housing Development at the South East Asia Property Awards 2014.

6 IVORY PROPERTIES GROUP BERHAD (673211-M) PROJECTS REVIEW

Penang World City Bayan Lepas, Penang

Set to raise the benchmark in urban living, Penang World City is a comprehensive multiphase development with cutting-edge architecture that will take shape over the next decade. With a projected GDV of RM10.0 billion, this mega development is set to catapult Penang onto the world stage with its astounding beautiful seafront development with residential, commercial and leisure areas. Covering a total 102.6 acres land area, the development comprises 67.5 acres of existing land and 35.1 acres of land to be reclaimed. Working along the tagline of “For Penang, In Penang, By Penang”, its high-rise residences which offer sea front beauty complete with an exuberant business hub including convention centres, international school, wellness centres and high-end hotel chains will elevate the status and prestige of Penang World City.

ANNUAL REPORT 2019 7 PROJECTS REVIEW

On Going Project The Wave & Commercial Penang Times Square, Penang

If you are looking for the most sought-after address in George Town, look no further than The Wave at Penang Times Square. Just as its name implies, The Wave features elegant sun protection stripes that form a wave-like pattern on its entire exterior, creating an illusion of vertical sea. The 4-storey commercial podium together with 312 units of residential suites are set in a single block with a GDV of approximately RM506 million. The award-winning building at Asia Pacific Property Awards 2014/2015 is poised to become Penang isle’s next iconic landmark.

8 IVORY PROPERTIES GROUP BERHAD (673211-M) PROJECTS REVIEW

Upcoming Project Phase 4 of Penang Times Square Penang Times Square, Penang

The Phase 4 development of Penang Times Square will be a new masterpiece encompassing resort-style amenities and facilities with remarkable city views. This pulse of the city is set to become a new landmark in George Town with its bold stature. With an estimated GDV of RM410 million, this upcoming development consisting hotel/serviced suites on top of a commercial podium will reflect the luxury-meets-business ideology.

ANNUAL REPORT 2019 9 PROJECTS REVIEW

Upcoming Project Phase 5 of Penang Times Square, Penang Times Square, Penang

The fifth and final phase of Penang Times Square will feature a boutique hotel suite. Complete with a roof bar, this hotel is sure to appeal to young travelers looking for a trendy accommodation in the vibrant city of George Town. Located close to 24-hour eateries, fine dining, street food, shopping malls and everything in between, guests will never go bored staying here.

10 IVORY PROPERTIES GROUP BERHAD (673211-M) PROJECTS REVIEW

Upcoming Project Sitiawan Square Manjung, Perak

Strategically located in central Manjung, which is the new growth district of Perak, Sitiawan Square is infused with mixed-use developments where multipurpose shoplots, boutique commercial premises, departmental store, cineplex, an observation tower, a tourist centre, a convention centre, serviced apartments and also a terrace park will all gather to form a wholesome development. Sitiawan Square will serve as a new tourism hub as it is strategically located in central Perak. Being close to Lumut and Pulau Pangkor, it provides a cradle for optimistic business growth. Sitiawan Square’s GDV is projected at RM1.2 billion.

ANNUAL REPORT 2019 11 PROJECTS REVIEW

Upcoming Project The Millennium Batu Uban, Penang

The Millennium, an everlasting work of art that will transcend time. Be prepared to immerse in a sophisticated lifestyle with its new age design and spectacular panoramic views. With an estimated GDV of RM950 million, the mixed development sprawls over 5.9 acres of prime land with three towers that are perched atop a monumental central plaza. The development will comprise a hotel, serviced apartments, luxury condominiums and commercial shops/offices. The lush greenery surrounding The Millennium complements the sea and the city views creating a balance of urban living amidst the beauty of nature as the backdrop. Residents will also enjoy the convenience of retail therapy such as dining and shopping without having to endure the rush hour traffic. With easy access to George Town and Bayan Lepas, the project is located close to various public amenities and also the prestigious Universiti Sains Malaysia.

12 IVORY PROPERTIES GROUP BERHAD (673211-M) PROJECTS REVIEW

Upcoming Project Avenue 8 Residence Sungai Besi, Kuala Lumpur

Avenue 8 Residence, a strategically located mixed- use development that boast soaring double-height ceiling and mezzanine floors creating an airy and liberating space is set to capture the hearts of urbanites. Located in the prominent location of the intersection of KL-Seremban Highway, Avenue 8 Residence comprises serviced apartments and office suites that is sure to incite a unique mid-modern homage. Avenue 8 Residence is easily accessible from SALAK Expressway, Sungai Besi Expressway and Jalan Kuchai Lama. In future, the Kuchai Lama MRT station will just be a short walk away. Avenue 8 Residence has a projected GDV of RM230 million.

ANNUAL REPORT 2019 13 PROJECTS REVIEW

Upcoming Project The Gardens Batu Ferringhi, Penang

Enveloped in the green reserve of the hills, The Gardens is just a mere feet away from the renowned Miami beach as well as just a short drive to Penang’s most celebrated tourist destination, Batu Ferringhi. Development components include serviced apartments and commercial lots. Devoid of crowds, the resort- style of dwellings is perfect for a therapeutic retreat. The Gardens encompasses dramatic and majestic landscape offering undisturbed privacy and security to its guests. The distinctive contemporary design of The Gardens is inspired by the idea of exploring eclectic flairs in modern homes.

14 IVORY PROPERTIES GROUP BERHAD (673211-M) PROJECTS REVIEW

Upcoming Project Grand Connaught Cheras, Kuala Lumpur

Situated in the city of Cheras, Grand Connaught, a mixed-use development on a 5.0 acres site located along SALAK Expressway which is also accessible from Middle Ring Road 2 is set to be one of the most iconic development within its vicinity. The refreshing retail experience with alfresco dining, espresso bar & bistros, and casual diners will ensure this is the go-to spot for social gathering, business networking and retail therapy. Residents can be assured of their privacy with a dedicated driveway for drop-off at their own porch that leads into luxurious lobby for each of the tower. With an estimated GDV of RM900 million, it is poised to be one of the most sought-after addresses in the neighbourhood. ANNUAL REPORT 2019 15 PROJECTS REVIEW

Completed Project Tropicana Bay Residences Penang World City, Penang

Tropicana Bay Residences is the first phase of Penang World City, a waterfront master plan that seeks to embrace the cultural interaction and seafront beauty of Penang Island. Comprising 5 blocks of 22-storey and 1 block of 21-storey condominium towers, Tropicana Bay Residences is strategically located between the Penang International Airport and George Town and it is also adjacent to the Penang Bridge and the Sultan Abdul Halim Muádzam Shah Bridge for excellent access to the mainland. The units range from 400 sq ft to 1,945 sq ft, available in distinctive layouts that suit modern needs. Tropicana Bay Residences was highly commended at the South East Asia Property Awards Malaysia 2015 for the Best Luxury Condo Development. Tropicana Bay Residences’ GDV is recorded at RM874 million.

16 IVORY PROPERTIES GROUP BERHAD (673211-M) PROJECTS REVIEW

Completed Project City Residence & City Mall Tanjung Tokong, Penang

A prime development in a prime location, City Residence & City Mall (now known as City Junction) on a 2.4 acres of prime freehold land in Tanjung Tokong promises a tranquil ambience to its residents. With units ranging from 490 sq ft to 7,882 sq ft, this development is simply the perfect dwelling designed to delight residents with its exclusive facilities. The cosmopolitan-style condominium with a panoramic skyline sits atop retail outlets that compliments an urban lifestyle. Ultimate relaxation is assured with the master plan designed to offer a balance between work, life and play. The development’s GDV is RM266 million. ANNUAL REPORT 2019 17 PROJECTS REVIEW

Completed Project The Latitude Mount Erskine, Penang

Nestled in the valley of Mount Erskine in Tanjong Tokong, The Latitude is a high-rise residential development offering fresh breezy air and serene mountain-top views that encapsulate the best that nature has to offer. Poised as one of the most affordable luxury condominiums in Penang, The Latitude offers 1,500 sq ft and 1,600 sq ft residential units with state-of-the-art facilities enclosed by a commercial area that offers daily convenience for dining within the development. The commercial units with sizes ranging from 1,390 sq ft to 2,880 sq ft are perfect for those who wish to grow their business in an upscale residential area. The Latitude, offering tranquility from the buzz of the city is also strategically located close to eateries, banks, shopping malls, hospitals and schools. With a GDV of RM193 million, The Latitude was commended at the South East Asia Property Awards 2014 and 2015, two years in a row.

18 IVORY PROPERTIES GROUP BERHAD (673211-M) PROJECTS REVIEW

Completed Project The Peak Residences Mount Erskine, Penang

As dwellers today seek not only a new home, but a lifestyle with every amenity, The Peak Residences steps in with its amazing view and extraordinary high-rise living. This luxurious development in Tanjung Tokong with units ranging from 940 sq ft to 1,581 sq ft is an ideal combination of eccentric architectural design and impeccable hospitality. Combined with commercial units, this development recorded a GDV of RM245 million. One of its main selling-points is an exclusive private garden that compliments every Garden, Executive and Penthouse suite.

ANNUAL REPORT 2019 19 PROJECTS REVIEW Completed Projects

Birch The Plaza & Commercial GDV: RM350 million Penang Times Square, Penang

Birch Regency & Commercial GDV: RM300 million Penang Times Square, Penang

Moonlight Bay GDV: RM180 million Batu Ferringhi, Penang

Aston Villa GDV: RM53 million Bukit Mertajam, Penang

Zen @ The View GDV: RM15 million Batu Uban, Penang

The View Twin Towers GDV: RM108 million Batu Uban, Penang

Palace Hill GDV: RM40 million Bukit Gambier, Penang

Plaza Ivory GDV: RM87 million Bukit Gambier, Penang

Tanjung Park GDV: RM102 million Tanjung Tokong, Penang

20 IVORY PROPERTIES GROUP BERHAD (673211-M) AWARDS AND ACHIEVEMENTS

Established in 1999, Ivory Properties technologists and multimedia artists excellent services, our projects are Group Berhad is a full-fledged property as well as an innovative construction prestigious and are a resounding development consortium with exceptional team with robust backgrounds. Leading success. The awards and achievements design-build-property management them is a prudent project management received over the years are a testimony capabilities and international real estate team with countless years of invaluable to our rock-solid foundation which is built advisory services. experience and is known for their shrewd on top-notch innovation, commitment business acumen. and hard work demonstrated by every We have a highly professional and Ivorian. dedicated team of landscape architects, Through solid teamwork and our planners, interior designers, architectural longstanding commitment to deliver

2018 - 2019 Sin Chew Business Excellence StarProperty.my Awards 2019 Awards 2018 • Poseidon Award (Best Waterfront 01 04 • Property Excellence Award Development) – Penang World City

StarProperty.my Awards 2018 Nanyang Siang Pau 95th Anniversary Outstanding Business Award 02 • Small is Big Award (Best Small 05 Home Development) - Tropicana • Outstanding Developer Award Bay Residences

Kwong Wah Yit Poh Dr. Sun Yat-Sen CSR Malaysia Awards 2018 Spirit Awards 2018 03 06 • Company of the Year Award (Property • Gold Corporate Award Developer – Northern Region)

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ANNUAL REPORT 2019 21 AWARDS AND ACHIEVEMENTS

2017 2014 Kwong Wah Yit Poh Centennial Awards 2017 The Golden Eagle Award 2014 • Dr. Sun Yet-sen Excellence Award • Eminent Eagle Category StarProperty.my Awards 2017 Asia Pacific Property Awards in Association • Honours Award in The Northern Star Award (Penang with Maybank Times Square) • Highly Commended for Best Residential High-Rise Architecture Malaysia CSR Awards 2017 – The Wave • Company of the Year Award (Overall) South East Asia Property Awards Malaysia 2014 PropertyGuru Asia Property Awards Malaysia • Highly Commended for Best Housing Development • Best Condo Development (Penang) – City Residence (North Malaysia) Sin Chew Business Excellence Awards 2017 – Island Resort Bungalows • Property Excellence Award South East Asia Property Awards Malaysia 2014 Sin chew Business Excellence Awards 2017 • Highly Commended for Best Mid-Range Condo • CSR Excellence Award Development (North Malaysia) – The Latitude 2016 Asia Pacific Property Awards 2016 2013 • Highly Commended for Office Architecture The Asset Triple A Transaction Banking Awards (Ivory Tower) 2013 StarProperty.my Awards 2016 • Best Real Estate Structured Trade Finance Solution, • Excellence Award in The Niche & Unique Awards Malaysia Category (Moonlight Bay) CSR Awards 2016 2012 • Company of the Year Award under Sustainability INPenang Awards 2012 Excellence Category • Top Developers INPenang Awards 2012 2015 • Top F&B Hubs The Golden Eagle Award 2015 • Eminent Eagle Category 2011 South East Asia Property Awards Malaysia 2015 The Edge Malaysia • Highly Commended for Best Mid Range Condo • Top Property Developers Awards (Ivory Associates Development (North Malaysia) (The Latitude) Sdn Bhd ranked in Top 30 List under Qualitative – The Latitude Attributes for Product Quality, Innovation & South East Asia Property Awards Malaysia 2015 Creativity, Value Creation for Buyers, Image and • Highly Commended for Best Luxury Condo Expertise) Development (North Malaysia) Asia Pacific Property Awards 2011 in – Tropicana Bay Residences Association with Bloomberg Television Kwong Wah Yit Poh Centennial Awards 2015 • Highly Commended for Best Leisure Development • Dr Sun Yat-sen Outstanding Enterprise Award – Moonlight Bay (Winner) International Standard Quality (ISQ) Awards • Quality Property Developer & Contractor NST Property • SC Cheah’s Choice Awards 2011 – Best Penang Developer

22 IVORY PROPERTIES GROUP BERHAD (673211-M) AWARDS AND ACHIEVEMENTS

2010 2006 The Edge Malaysia The Golden Bull Award 2006 • Top Property Developers Awards 2010 (Ivory • Malaysia 100 Outstanding SMEs (3rd Runner-up) Associates Sdn Bhd ranked in Top 30 List under Business Superbrands Malaysia Status 2006 Qualitative Attributes for Product Quality, Innovation & Creativity, Value Creation for Buyers, Image and ISO 9001:2008 Ivory Associates Sdn Bhd (3732) Expertise) ISO 9001:2008 G & A Consultancy Sdn Bhd (3733) Trane Energy Efficiency Leader Award 2010 for The International Real Estate Federation (FIABCI) Environmental Sustainability, Energy and Operational Malaysian Chapter Efficiency Kwong Wah Yit Poh Centennial Awards 2010 2005 • Dr Sun Yat-sen Outstanding Enterprise Award The Golden Bull Award 2005 (Winner) • Malaysia 100 Outstanding SMEs (Top 50 Winners) Asia Pacific Property Awards in Association 4th Asia Pacific / Malaysia e-Entrepreneur Excellence with Bloomberg Television Award 2005 (Winner) • Highly Commended for Best Mixed Use Development – Penang Times Square The Enterprise 50 Award 2005 (Top 50 Winners)

2009 2004 ISO 9001:2008 Ivory Property Management Services The Golden Bull Award 2004 Sdn Bhd (6962) • Malaysia 100 Outstanding SMEs (1st Runner-up) SME Business of the Year Award 2004 (Winner) 2008 Keris Award 2004 (Winner) Asia Pacific Super Excellence Brand 2008 (Winner) Penang State Landscape Competition 2004 (1st The Malaysian Construction Industry Excellence Runner-up) Awards 2008 (CIDB) 2003 2007 The Golden Bull Award 2003 In Penang My Preferred 2nd Home Property 2007 by • Malaysia 100 Outstanding SMEs MarketSource Publishing (Winner) (Top 100 Winners) The Golden Bull Award 2007 • Malaysia 100 Outstanding SMEs (Top 100 Winners) Penang International Expo 2007 • Best Decorated Booth 1st Top 50 Enterprise Awards Malaysia 2007 (Platinum Award Winner)

ANNUAL REPORT 2019 23