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TANJONG-Annualreport2010 (2.7MB).Pdf Contents 2 Company Profi le 3 Corporate Information 4 Board of Directors 9 Senior Management 11 Group Financial Highlights 14 Key Performance Indicators (Group) 15 Key Performance Indicators (By Segment) 16 Chairman’s Statement 20 Business Review 30 Corporate Responsibility Statement Port Said Power Plant, Egypt 32 Corporate Governance Statement 38 Audit Committee Report 42 Internal Control Statement 45 Financial Statements 133 Additional Compliance Information 134 Analysis of Shareholdings 139 List of Properties TANJONG PUBLIC LIMITED COMPANY annual report & fi nancial statements 2010 Company Profile Tanjong public limited company (“Tanjong” or “Company”) was incorporated in England on 2 January 1926 as Tanjong Tin Dredging Limited. The Company assumed its present name in 1991 following the restructuring of the Company and the acquisition of Pan Malaysian Pools Sdn Bhd. Tanjong shares were re-listed on the Kuala Lumpur Stock Exchange (now Bursa Malaysia Securities Berhad, referred to as Bursa Securities throughout the Annual Report and Financial Statements) and the London Stock Exchange on 24 December 1991. The issued share capital of the Company comprises 403,256,136 shares of 7.5 pence each, which have been fully paid-up as at 6 May 2010. The Company is an investment holding company of a group of subsidiaries involved in Power Generation, Gaming, Leisure and Property Investment. 2 TANJONG PUBLIC LIMITED COMPANY annual report & fi nancial statements 2010 Corporate Information BOARD OF DIRECTORS Dato’ Robert Cheim Dau Meng (1) Dato’ Larry Gan Nyap Liou @ Gan Nyap Liow (2) Chairman Independent Non-Executive Director Independent Non-Executive Director Leong Wai Hoong Khoo Teik Chooi Independent Non-Executive Director Non-Executive Director Augustus Ralph Marshall Executive Director GROUP COMPANY SECRETARY REGISTRARS IN MALAYSIA Siuagamy Ramasamy Symphony Share Registrars Sdn Bhd Level 6, Symphony House Block D13, Pusat Dagangan Dana 1 REGISTERED OFFICE IN ENGLAND Jalan PJU 1A/46 47301 Petaling Jaya The Registry Selangor 34 Beckenham Road, Beckenham Malaysia Kent BR3 4TU, England Tel No. 020 863 92000 Tel No. +603 7841 8000 Fax No. 020 865 83430 Fax No. +603 7841 8151/8152 E-mail: ask [email protected] PRINCIPAL OFFICE IN MALAYSIA Level 30, Menara Maxis STOCK EXCHANGE LISTINGS Kuala Lumpur City Centre Bursa Securities 50088 Kuala Lumpur London Stock Exchange Malaysia Tel No. +603 2381 3388 Fax No. +603 2381 3399 STOCKBROKERS Website: www.tanjongplc.com RBS Hoare Govett Limited, United Kingdom PRINCIPAL REGISTRARS PRINCIPAL BANKERS Capita Registrars CIMB Bank Berhad, Malaysia The Registry National Westminster Bank plc, United Kingdom 34 Beckenham Road, Beckenham Kent BR3 4TU, England SOLICITORS Tel No. 020 863 93399 Slaughter and May, United Kingdom Fax No. 020 863 92342 Cheong Kee Fong & Co, Malaysia E-mail: [email protected] AUDITORS PricewaterhouseCoopers LLP, United Kingdom (1) He is also referred to as Dato’ Robert Cheim in other sections of the Annual Report & Financial Statements. (2) He is also referred to as Dato’ Larry Gan in other sections of the Annual Report & Financial Statements. TANJONG PUBLIC LIMITED COMPANY annual report & fi nancial statements 2010 3 Board of Directors Dato’ Robert Cheim 1 Chairman/Independent Non-Executive Director Khoo Teik Chooi 2 Non-Executive Director Dato’ Larry Gan 3 Independent Non-Executive Director Leong Wai Hoong 4 Independent Non-Executive Director Augustus Ralph Marshall 5 Executive Director 5 4 3 1 2 4 TANJONG PUBLIC LIMITED COMPANY annual report & fi nancial statements 2010 TANJONG PUBLIC LIMITED COMPANY annual report & fi nancial statements 2010 5 Board of Directors (continued) Dato’ Robert Cheim Chairman/Independent Non-Executive Director Malaysian. Age 59. A Fellow of the Institute of Chartered Accountants in England and Wales and a Member of the Malaysian Institute of Accountants. Appointed Chairman/ Independent Director on the Board of Tanjong in May 2005. Currently also a non-independent non-executive director of CIMB Group Holdings Berhad (listed on Bursa Securities) and CIMB Thai Bank Public Company Limited (listed on The Stock Exchange of Thailand) and an Adviser to CIMB Investment Bank Berhad. Joined CIMB Investment Bank Berhad in 1984, was its chief executive offi cer from 1993 to 1999 and also its executive director from January 1992 to July 2006. Between 1977 and 1984, held various management positions with CIMB Bank Berhad. Khoo Teik Chooi Non-Executive Director Malaysian. Age 72. Qualifi ed in automotive engineering in South Bedfordshire Technical College, Luton, UK. Appointed Director to the Board of Tanjong in October 1991 and assumed its Chairmanship in July 1992. Ceased as Chairman and Executive Director of Tanjong on 1 April 2003 and remains as Non-Executive Director. Between 1961 and 1969, served in various management positions with Borneo Motors Ltd. From 1969 to 1987, held various senior marketing and management positions in the Shell group of companies in Malaysia prior to joining the Group. Was responsible for the establishment of the Numbers Forecast Totalisator business of the Group. Has extensive experience in business, sales and marketing and general management. Leong Wai Hoong Independent Non-Executive Director Malaysian. Age 64. Degree in Bachelor of Arts (Hons.) from the University of Malaya. Between 1977 and 1994, he held senior positions in R.J. Reynolds Berhad which was acquired by JT International group in 1996. Joined Usaha Tegas Group (“UTSB”) in 1994 and held senior management and marketing positions in Binariang Sdn. Bhd. (now known as Maxis Communications Berhad). Appointed Non-Executive Director of Tanjong in April 1994 and has been an Independent Director since September 1996, upon his resignation from UTSB. Was the regional vice president (S.E.Asia), JT International in 1996. In the same year, he was appointed managing director of JT International Berhad (listed on the Bursa Securities) until his retirement in January 2000 and currently serves on its board as a non-executive director. Has extensive experience in business development, sales, marketing and general management. 6 TANJONG PUBLIC LIMITED COMPANY annual report & fi nancial statements 2010 Board of Directors (continued) Dato’ Larry Gan Independent Non-Executive Director Malaysian. Age 55. A Fellow of the Association of Chartered Certifi ed Accountants and a Member of the British Institute of Management, Malaysian Institute of Accountants and Institute of Management Consultants respectively. Appointed Independent Director to the Board of Tanjong in May 2005. He retired in December 2004 from the global Accenture organisation, a leading management and technology consulting fi rm. He spent 26 years with the fi rm, 16 as Partner, and had many global leadership roles. He was managing partner – Malaysia from 1989 to retirement, managing partner – ASEAN 1993-1996, managing partner – ASIA 1997-1999 and managing partner, Corporate Development, ASIA PACIFIC – 1999 to 2002. Between 1997 and 2004, he was a member of the Global Management Council, and sat on the many global management committees governing partner admission, rewards and compensation. Is a board member of Cuscapi Berhad, Ambank (M) Berhad, Tien Wah Press Holdings Berhad, AMDB Berhad, AmIslamic Bank Berhad, Saujana Resort (M) Berhad and Badan Pengawas Pemegang Saham Minority Berhad. He has also served as chairman of the Association of Computer Industry Malaysia (PIKOM) and a Member of the Copyright Tribunal and The Labuan International Financial Exchange Committee. Augustus Ralph Marshall Executive Director Malaysian. Age 58. An Associate of the Institute of Chartered Accountants in England and Wales, and a Member of the Malaysian Institute of Certifi ed Public Accountants and has more than 30 years experience in fi nancial and general management. Has been a Director of Tanjong since August 1991 and an Executive Director since February 1992. He is an executive director of Usaha Tegas Sdn Bhd (“Usaha Tegas”) and Astro All Asia Networks plc (listed on the Bursa Securities) of which he is also the deputy chairman and group chief executive offi cer in which Usaha Tegas has signifi cant interests. He also serves as a non-executive director of the boards of directors of several other companies in which Usaha Tegas also has signifi cant interests viz Maxis Berhad (listed on the Bursa Securities), Johnston Press plc (listed on the London Stock Exchange), Maxis Communications Berhad and Powertek Berhad, a wholly- owned subsidiary of Tanjong. In addition, he is also a director in an independent non-executive capacity and the chairman of the Audit Committee of KLCC Property Holdings Berhad and a non- independent non-executive director of MEASAT Global Berhad, both listed on the Bursa Securities. TANJONG PUBLIC LIMITED COMPANY annual report & fi nancial statements 2010 7 Board of Directors (continued) Details of membership in Board Committees BOARD COMMITTEES DIRECTORS Audit Remuneration Nominating Committee Committee Committee Dato’ Robert Cheim – – Chairman Leong Wai Hoong Member Chairman Member Dato’ Larry Gan Chairman Member – Khoo Teik Chooi Member – Member Augustus Ralph Marshall – Member – • Directors’ attendance at the Board and Board Committees’ meetings during the fi nancial year ended 31 January 2010 are set out in the Corporate Governance Statement • None of the Directors has had convictions for any offence within the past 10 years. • None of the Directors has any family relationship with any Director and/or major shareholder of
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