DOCSLIB.ORG

'20Annual Report 20

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

NAVIGATING FORWARD Annual‘20 Report 20 INSIDE THIS REPORT >>> A reflection of our perseverance and determination in charting our future. Our relentless pursuit for growth reflects our tenacious spirit amidst the changing operating landscape. Scan this QR code to view the 2020 SAPURA ENERGY Annual Report RATIONALE Navigating forward amidst uncertainties. Sapura Energy’s fundamental resilience and agile strategy will help us steer through a highly cyclical oil and gas industry. We remain positive and firm in our efforts to turnaround the company, through a comprehensive plan that ensures lean and efficient operations, supported by a high performing workforce. These initiatives place us one step ahead in managing the uncertainties of the current climate. SAPURA 3500 Sapura 3500 is our self-propelled Heavy Lift Pipe Laying vessel, capable of pipe laying in deep and shallow waters. Fact 1 Sapura 3500 is 250 156.5m in length, 200 over 18.5m more than the height of The Great Pyramid of Giza. 150 The Great Pyramid of Giza 100 138m 50 Sapura 3500 156.5m 0 250 200 150 100 50 Metres Fact 2 Primary crane onboard Sapura 3500 has a lifting capacity of up to 3,500 metric tonnes equivalent to lifting approximately 6 boeing 747-8 airplanes CHAIRMAN’S LETTER TO SHAREHOLDERS DEAR SHAREHOLDERS, Thank you for your confidence and continuous interest in Sapura Energy Berhad (“Sapura Energy”). On behalf of the Board of Directors, it is my pleasure to invite you to join our Ninth Annual General Meeting which will be held on Thursday, 30 July 2020 at 10.00 a.m. to be conducted on fully virtual basis. Enclosed herewith is a copy of the Annual Report 2020 and Audited Financial Statements of Sapura Energy for the financial year ended 31 January 2020 which also contains the Notice and Administrative Notes pertaining to the upcoming Ninth Annual General Meeting for your reference. The Annual Report 2020 and Audited Financial Statements provide I also believe that you should be able to comprehend the rest of a comprehensive statement of our strategic direction, latest the agenda/proposed resolutions which include, amongst others, undertakings, achievements and awards, corporate responsibilities the presentations of the Audited Financial Statements, the proposed and initiatives, as well as Sapura Energy’s (“the Company”) payment of Directors’ remuneration to the Non-Executive Directors financial disclosure for the shareholders’ attention and review. of Sapura Energy, re-appointment of the auditors and authority for These documents can also be accessed at our corporate website Directors to allot and issue shares under Sections 75 and 76 of the at www.sapuraenergy.com. Companies Act 2016, whereby brief explanations are also provided under the Explanatory Notes for your understanding. At the Ninth Annual General Meeting, 8 Ordinary Resolutions are proposed for consideration by the shareholders. The purpose and Your Directors are of the view that all the proposed resolutions as reasons for each resolution are explained under the Explanatory set out in the Notice of the Postponed Annual General Meeting are Notes of the Notice of the Postponed Annual General Meeting in the best interest of the Company and its shareholders, and further (“Explanatory Notes”). I hope that you will find the brief explanation recommend for you to vote in favour of all resolutions. helpful in making an informed decision. Due to the Coronavirus disease 2019 (“COVID-19”) outbreak and At the Ninth Annual General Meeting, the Board is recommending concern for the well-being and safety of our shareholders, you are for the re-election of the retiring Directors who being eligible offer required to attend the Ninth Annual General Meeting remotely using themselves for re-election in accordance with the following Articles the Remote Participation and Voting platform as described in the of the Company’s Constitution: Administrative Notes, which has been distributed to all shareholders together with the Notice of the Postponed Annual General Meeting a) Article 80 expressly states that in every subsequent Annual of the Company. General Meeting (“AGM”), at least one-third (1/3) of the Directors for the time being shall retire from office and the I look forward to the Ninth Annual General Meeting to share with retiring Directors shall be eligible to seek for re-election. The you the latest updates and activities concerning the Company. Directors standing for re-election under Article 80 at the Ninth Annual General Meeting, are as follows: 1. Dato’ Shahriman Shamsuddin; and Yours sincerely, 2. Datuk Ramlan Abdul Rashid. b) Article 85 expressly stipulates that any newly appointed Director Tan Sri Datuk Amar (Dr.) Hamid Bugo shall hold office until the next following AGM of the Company Chairman at which the Director is due for retirement under this Article, when he/she shall retire but shall then be eligible for re- election. The Directors standing for re-election under Article 85 at the Ninth Annual General Meeting, are as follows: 1. Dato’ Mohammad Azlan Abdullah; 2. Syed Ali Syed Salem Alsagoff; and 3. Lim Tiang Siew. Terima Kasih, Dato’ Hamzah! The People of Sapura Energy would like to express our heartfelt gratitude to our former Chairman, Yang Berbahagia Dato’ Hamzah Bakar for his valuable insights and guidance throughout his tenure. Dato’ Hamzah joined the Board of SapuraCrest Petroleum on 4 July 2003, and was later appointed Chairman of Sapura Energy Berhad on b 'HFHPEHU +LV YDVW H[SHULHQFH DV VHQLRU OHDGHUVKLS LQ 3(7521$6 was instrumental in steering the growth of Sapura Energy into the major oil and gas company it is today. Dato’ Hamzah’s wisdom and faith in the company helped us to remain resilient and confident. The strong foundation he helped lay shall serve us in good stead as we progress in the next phase of our growth. We have missed Dato’ Hamzah’s calm demeanor and fatherly presence at our employee gatherings and shareholder meetings; and we wish him the very best in his retirement. 2QFH DJDLQ IURP WKH ERWWRP RI RXU KHDUWV Ô WKDQN \RX 'DWR× +DP]DK From The People of Sapura Energy Berhad >>> • About Our Report SECTION THREE: SECTION FIVE: • Chairman’s Letter to Shareholders MANAGEMENT DISCUSSION AND CORPORATE GOVERNANCE ANALYSIS • Tribute to Dato’ Hamzah ¤ Chairman’s Statement on Strategic Review Corporate Governance Our Operating Environment and Corporate Governance Overview SECTION ONE: Outlook Statement OVERVIEW OF SAPURA ENERGY Key Risks and Mitigation Statement on Risk Management Our Vision ¤ Our Strategic Priorities and Internal Control Who We Are Strategic Performance Review ¤ Report of Board Audit Committee Our Core Values Additional Compliance Information Performance Review Awards Statement of Directors’ ¤ Engineering and Construction Our Value Chain Responsibility ¤ Drilling Our Competitive Advantage ¤¤ Exploration and Production Facts at a Glance SECTION SIX: Our Global Footprint Financial Review OUR ECONOMIC, ENVIRONMENT ¤ Health, Safety and Environment ¤ -Year Group Financial Highlights AND SOCIAL JOURNEY (“EES”) ¤ -Year Group Financial Summary Sustainability Reporting ¤ Financial Calendar SECTION TWO: Leadership Commitment KEY MESSAGES Sustainability at Sapura Energy Sapura Energy Sustainability Goals Chairman’s Statement SECTION FOUR: and Materiality Topics ¤ President and Group Chief OUR LEADERSHIP ¤ Calendar of Events Executive Officer’s Review Corporate Information ¤ Group Organisational Structure Profile of Board of Directors SECTION SEVEN: Executive Committee FINANCIAL STATEMENTS Executive Committee Profile ¤¤ Financial Statements SECTION EIGHT: ADDITIONAL INFORMATION Analysis of Shareholdings Notice of Annual General Meeting Notice of The Postponed Annual General Meeting Statement Accompanying Notice of The Postponed Annual General Meeting Administrative Notes – The Postponed Ninth Annual General Meeting (Fully Virtual) • Proxy Form NINTH ANNUAL July Broadcast Venue at GENERAL MEETING Thursday Multi-Purpose Hall, Ground Floor, OF SAPURA ENERGY Sapura@Mines, No. , Jalan Tasik, BERHAD . a.m. The Mines Resort City, ¤ Seri Kembangan, Selangor Darul Ehsan, Malaysia SECTION ONE: OVERVIEW OF SAPURA ENERGY 8 Our Vision 8 Who We Are 8 Our Core Values 9 Awards 9 Our Value Chain 9 Our Competitive Advantage 10 Facts at a Glance 12 Our Global Footprint 14 Health, Safety and Environment pg 8 OUR VISION To be the best entrepreneurially led, technically competent and most trusted global oil and gas company in the eyes of our customers, shareholders and most importantly, our empowered people. WHO WE ARE OUR CORE VALUES Sapura Energy Berhad is a global integrated oil and gas services We will be guided by our honesty, trust and respect to achieve our and solutions provider operating across the entire upstream value business objectives. We will continue to be safe, agile and professional chain. As a fully-fledged upstream player, the Group’s spectrum of in meeting our stakeholders’ expectations. capabilities cover exploration, development, production, rejuvenation, as well as decommissioning and abandonment stages of the value chain. Safe With a highly skilled and technically-capable multinational workforce, strategic world-class assets, and strong project management capabilities, the Group today has a global presence in over 20 countries. Trust *OREDO IRRWSULQW Agile across 5 continents, over Honesty 20 countries 10 key global operating centres Professional 11,200 Respect multinational workforce 20 Sapura Energy Berhad 2345678 ! 2YHUYLHZ RI 6DSXUD
Recommended publications
  • Graphic Propaganda and National Identity in Malaya (1948-1960): a Social Semiotic Approach

    Graphic Propaganda and National Identity in Malaya (1948-1960): a Social Semiotic Approach

    GRAPHIC PROPAGANDA AND NATIONAL IDENTITY IN MALAYA (1948-1960): A SOCIAL SEMIOTIC APPROACH KUAH LI FENG Universiti Sains Malaysia 2009 GRAPHIC PROPAGANDA AND NATIONAL IDENTITY IN MALAYA (1948-1960): A SOCIAL SEMIOTIC APPROACH by KUAH LI FENG Thesis submitted in fulfillment of the requirements for the degree of: Master of Arts June 2009 ACKNOWLEDGEMENTS This research has been a learning and soul-searching process. I would like to dedicate it to my beloved parents Mr. Kuah Hooi Keong and Madam Ho Pah Mooi who supported me unreservedly at all times. Without you, I would not be who I am today. Sincere appreciation also goes to my two supervisors, Mr. Omar Bidin and Dr. Azrina Husin. Your guidance and encouragement have prevented me from getting lost in the wilderness. Thank you for your valuable effort and time dedicated to this research. Most of all, thank you for being patient and tolerant with me. I apologise for any unintentional offences during stressful moments of the research process. In addition, I would like to extend my gratitude to the staff members in Arkib Negara Malaysia, Filem Negara, USM media library, as well as the collectors of the Malayan Emergency propaganda Mr. Richard Lee and Mr. Benjamin Seet who facilitated my long search for historical resources. This research would be impossible without the valuable inputs from these sources. Furthermore I would like to thank Dr. Jason Tye and Mr. Ghayth al-Shaibani for their kind advice and support during the making of this thesis. To the management staffs in the USM School of Arts and the Institute of Postgraduate Studies (IPS), your cooperation and kind reminder in keeping me on track with research timing are very much appreciated.
  • Hong Leong Bank Berhad

    Hong Leong Bank Berhad

    April 12, 2018 Global Markets Research Fixed Income Fixed Income Daily Market Snapshot US Treasuries UST T enure C lo sing (%) C hg (bps) US Treasuries rallied going into US session before fading the 2-yr UST 2.31 0 spike towards closing, though still closed firmer. Demand was 5-yr UST 2.61 -1 mostly driven by uptick in US inflation that pushed the longer- 10-yr UST 2.78 -2 ended maturities higher; 10Y yield fell 2bps to 2.78% while 30Y 30-yr UST 3.00 -3 yield ended 3bps lower at 3.00%. The 2Y (most sensitive to interest rate outlook) pared losses from US morning after FOMC MGS GII* minutes were released, likely supported by slight improvement in T enure C lo sing (%) C hg (bps) C lo sing (%) C hg (bps) 3-yr 3.47 0 3.60 0 market expectations that the Fed is generally more optimistic on 5-yr 3.57 0 3.83 0 outlook of growth and inflation. Expect USTs to be supported by 7-yr 3.86 0 4.01 1 on-going tensions between US and Russia regarding Syrian 10-yr 3.97 0 4.16 0 conflict. Data front carries little impact amid tepid releases. 15-yr 4.43 1 4.56 1 20-yr 4.57 4 4.75 0 30-yr 4.80 0 4.92 0 MGS/GII * M arket indicative levels Trading volume in local govvies more than halved to RM 1.25b as interest dissipated on a lack of positive catalysts in regional M YR IRS Levels markets, more so when Malaysian data underperformed.
  • ESG Ratings of Plcs Assessed by FTSE Russell# in Accordance with FTSE Russell ESG Ratings Methodology

    ESG Ratings of Plcs Assessed by FTSE Russell# in Accordance with FTSE Russell ESG Ratings Methodology

    ESG Ratings of PLCs assessed by FTSE Russell# in accordance with FTSE Russell ESG Ratings Methodology Definition Top 25% by ESG Ratings amongst PLCs in FBM EMAS that have been assessed by FTSE Russell Top 26-50% by ESG Ratings amongst PLCs in FBM EMAS that have been assessed by FTSE Russell Top 51%- 75% by ESG Ratings amongst PLCs in FBM EMAS that have been assessed by FTSE Russell Bottom 25% by ESG Ratings amongst PLCs in FBM EMAS that have been assessed by FTSE Russell Stock Company Name Sector F4GBM ESG Grading Code (sorted By Alphabetical) Index Band 6599 AEON CO. (M) BHD CONSUMER PRODUCTS & SERVICES ** 5139 AEON CREDIT SERVICE (M) BHD FINANCIAL SERVICES Yes *** 7078 AHMAD ZAKI RESOURCES BHD CONSTRUCTION *** 5099 AIRASIA GROUP BERHAD CONSUMER PRODUCTS & SERVICES *** 5238 AIRASIA X BERHAD CONSUMER PRODUCTS & SERVICES ** 2658 AJINOMOTO (M) BHD CONSUMER PRODUCTS & SERVICES Yes *** 2488 ALLIANCE BANK MALAYSIA BERHAD FINANCIAL SERVICES Yes *** 5293 AME ELITE CONSORTIUM BERHAD CONSTRUCTION * 1015 AMMB HOLDINGS BHD FINANCIAL SERVICES Yes **** 6556 ANN JOO RESOURCES BHD INDUSTRIAL PRODUCTS & SERVICES * 6399 ASTRO MALAYSIA HOLDINGS BERHAD TELECOMMUNICATIONS & MEDIA Yes **** 6888 AXIATA GROUP BERHAD TELECOMMUNICATIONS & MEDIA Yes *** 5106 AXIS REITS REAL ESTATE INVESTMENT TRUSTS ** 3395 BERJAYA CORPORATION BHD INDUSTRIAL PRODUCTS & SERVICES ** 1562 BERJAYA SPORTS TOTO BHD CONSUMER PRODUCTS & SERVICES ** 5248 BERMAZ AUTO BERHAD CONSUMER PRODUCTS & SERVICES Yes **** 2771 BOUSTEAD HOLDINGS BHD INDUSTRIAL PRODUCTS & SERVICES ** 4162 BRITISH AMERICAN
  • September – October 2004

    September – October 2004

    http://www.necf.org.my/html/berita_f.htm PP5872/12/2004 SEPTEMBER – OCTOBER 2004 EDITORIAL Serious View on Small Matter PIRATED he Passion of the Christ is a pirated dics might have rationalised their powerful film that has act as “the lesser of the two evils” since roused deep emotions the film was not accessible at the time and provoked much before the censorship board’s approval. controversy all over the Others might have contended that it was copyright property is currently against Tworld. In Malaysia, the film has also a well-intentioned theft (if it was indeed Malaysian Copyright Laws. Christians stirred animated public debates, mostly a form of theft) and even used Bible who participate through purchasing or centred on *the government’s restriction verses to support their claim – “Whether copying or simply viewing are, in effect, of the film to Christians only. (*See page in pretense or in truth, Christ is preached” endorsing lawlessness (iniquity) and thus 3 for more on this.) and “I do all things for the sake of the opposing the ordinance of God. However, the Christian public has gospel, that I may become a fellow Second, is blatant copying of been so engrossed in this hullabaloo that partaker of it.” copyright material for commercial sale a they have missed the voice of one And why not? The pirated copies of theft? Are those who contribute to the criticism leveled against the Church – that The Passion has already struck a heavy blow piracy market accomplices? From the on the issue of piracy. Many Christians on atheism in China and opened up a secular legal dimension, movies are would have watched The Passion on pirated vast potential for evangelism in the considered “intellectual products,” VCDs/DVDs prior to the Government’s Middle East.
  • ESG Ratings of Plcs Assessed by FTSE Russell# in Accordance with FTSE Russell ESG Ratings Methodology

    ESG Ratings of Plcs Assessed by FTSE Russell# in Accordance with FTSE Russell ESG Ratings Methodology

    ESG Ratings of PLCs assessed by FTSE Russell# in accordance with FTSE Russell ESG Ratings Methodology Definition Top 25% by ESG Ratings amongst PLCs in FBM EMAS that have been assessed by FTSE Russell Top 26-50% by ESG Ratings amongst PLCs in FBM EMAS that have been assessed by FTSE Russell Top 51%- 75% by ESG Ratings amongst PLCs in FBM EMAS that have been assessed by FTSE Russell Bottom 25% by ESG Ratings amongst PLCs in FBM EMAS that have been assessed by FTSE Russell Stock Company Name Sector F4GBM ESG Grading Code (sorted By Alphabetical) Index Band 6599 AEON CO. (M) BHD CONSUMER PRODUCTS & SERVICES ** 5139 AEON CREDIT SERVICE (M) BHD FINANCIAL SERVICES Yes *** 7078 AHMAD ZAKI RESOURCES BHD CONSTRUCTION *** 5099 AIRASIA GROUP BERHAD CONSUMER PRODUCTS & SERVICES *** 5238 AIRASIA X BERHAD CONSUMER PRODUCTS & SERVICES ** 2658 AJINOMOTO (M) BHD CONSUMER PRODUCTS & SERVICES Yes *** 2488 ALLIANCE BANK MALAYSIA BERHAD FINANCIAL SERVICES Yes *** 5293 AME ELITE CONSORTIUM BERHAD CONSTRUCTION * 1015 AMMB HOLDINGS BHD FINANCIAL SERVICES Yes **** 6556 ANN JOO RESOURCES BHD INDUSTRIAL PRODUCTS & SERVICES * 6399 ASTRO MALAYSIA HOLDINGS BERHAD TELECOMMUNICATIONS & MEDIA Yes **** 6888 AXIATA GROUP BERHAD TELECOMMUNICATIONS & MEDIA Yes *** 5106 AXIS REITS REAL ESTATE INVESTMENT TRUSTS ** 3395 BERJAYA CORPORATION BHD INDUSTRIAL PRODUCTS & SERVICES ** 1562 BERJAYA SPORTS TOTO BHD CONSUMER PRODUCTS & SERVICES ** 5248 BERMAZ AUTO BERHAD CONSUMER PRODUCTS & SERVICES Yes **** 2771 BOUSTEAD HOLDINGS BHD INDUSTRIAL PRODUCTS & SERVICES ** 4162 BRITISH AMERICAN
  • Questioning Public Art

    Questioning Public Art

    Eco-Architecture IV 103 Questioning public art M. Mustafa, M. Begum, A. Backer & J. Dollah School of the Arts, Universiti Sains, Malaysia Abstract Public art in Malaysia has received a mixed reception because of the confusion over its multi-faceted role and aspects of the practice. This confusion is exacerbated by the fact that public art itself is a new term in the Malaysian art scene. It is sometimes seen as a manifestation based on political and cultural aspirations that intersect with the city’s beautification efforts which celebrate perfection based on wished for imagery. Fundamentally, this paper focuses on the role of public art which draw together artists, theorists, curators and arts administrators whose work engages with issues relevant to social and cultural life. Keywords: public art, role, identity, Design Urban Guideline (DUD), Putrajaya, Malaysia, Modern Islamic concept, ‘Garden City concept’. 1 Introduction The study of public art in Malaysia is relatively new. Nevertheless, this study seeks to give an insight into the various roles of public art especially to the creation and development of Malaysia’s administrative city – Putrajaya, conceptually and aesthetically. The methodology employed in the analysis of the mapping of the city is based on two main factors; firstly, the Design Urban Guideline and secondly, the Intelligent Garden City concept as the existing theoretical framework. Public art in Malaysia is believed to be developed to commemorate an exercise in national celebration where the core framework was designed with utopian ideals in mind. The new administrative city like the Putrajaya for example, uses public art as part its core design.
  • Thousands Throng Merdeka Square for Independence Day Parade

    Thousands Throng Merdeka Square for Independence Day Parade

    31 AUG 1999 Merdeka-Parade THOUSANDS THRONG MERDEKA SQUARE FOR INDEPENDENCE DAY PARADE KUALA LUMPUR, Aug 31 (Bernama) -- It was a show of patriotism, unity and plain rejoicing by the thousands of Malaysians who thronged the Merdeka Square here today for the customary parade to mark the country's 42nd anniversary of Independence. Families concerned about securing vantage points started converging at the square as early as 5.30 am to view the last National Day parade of the century. This time around the parade came complete with Malaysian high-achievers who sailed round the globe, conquered the Everest and walked to the North Pole, among others. The obvious presence of camera and video-camera-totting foreign tourists proved that the spectacle of multi-racial and multi-cultural Malaysians enjoying themselves on the most significant day of the year, and in bright sunshine at that, was too good to miss. From a special dais in front of the ever-familiar city landmark, the Sultan Abdul Samad Building, the Yang di-Pertuan Agong Sultan Salahuddin Abdul Aziz Shah took the salute from the march past comprising various contingents. The Raja Permaisuri Agong Tuanku Siti Aishah was also present. On the dais his majesty was flanked by Prime Minister Datuk Seri Dr Mahathir Mohamad, Deputy Prime Minister Datuk Seri Abdullah Ahmad Badawi and Cabinet members and deputy ministers. Similar National Day parades were also held in state capitals and towns nation-wide. This year's celebration, which carried the theme "Together Into The New Millennium", began with the hoisting of the national flag - "Jalur Gemilang" -- to the accompaniment of Negara Ku, the national anthem.
  • Corporate Governance Monitor 2020

    Corporate Governance Monitor 2020

    Securities Commission Malaysia 3 Persiaran Bukit Kiara Bukit Kiara 50490 Kuala Lumpur Malaysia Corporate Governance Monitor 2020 Tel: + 603 6204 8000 www.sc.com.my www.investsmartsc.my Twitter: @SecComMy CORPORATE GOVERNANCE MONITOR 2020 Securities Commission Malaysia 3 Persiaran Bukit Kiara Bukit Kiara 50490 Kuala Lumpur Tel: +603–6204 8000 Fax: +603–6201 5078 Website: www.sc.com.my COPYRIGHT © 2020 Securities Commission Malaysia All rights reserved. No part of this publication may be reproduced, stored in or introduced into a retrieval system, or transmitted in any form or by any means (graphical, electronic, mechanical, photocopying, recording, taping or otherwise), without the prior written permission of the Securities Commission Malaysia. DISCLAIMER This book aims to provide a general understanding of the subject and is not an exhaustive write-up. It is not intended to be a substitute for legal advice and nor does it disminish any duty (statutory or otherwise) that may be applicable to any person under existing laws. Published in October 2020. ii CORPORATE GOVERNANCE MONITOR 2020 CONTENTS Executive Summary 1 Key Highlights 4 Adoption of the Malaysian Code on Corporate Governance 6 Quality of Disclosure 18 Thematic Review 1: Conduct of Fully Virtual General Meetings 24 – A New Normal Thematic Review 2: Two-Tier Voting – Outcomes and Observations 31 Thematic Review 3: Board Remuneration – Design, Deliver, Disclose 34 Appendices 42 Glossary 51 CORPORATE GOVERNANCE MONITOR 2020 iii This page is intentionally left blank. iv CORPORATE GOVERNANCE MONITOR 2020 EXECUTIVE SUMMARY The release of the Corporate Governance Monitor 2020 (CG Monitor 2020) takes place at a time when countries across the globe are facing the COVID-19 pandemic, that has changed the normal course of life and tested the resilience of people and businesses.
  • Malaysia Strategy Refer to Important Disclosures at the End of This Report

    Malaysia Strategy Refer to Important Disclosures at the End of This Report

    Malaysia Market Focus Malaysia Strategy Refer to important disclosures at the end of this report DBS Group Research . Equity 3 May 2018 Positioning for post GE KLCI : 1,852.03 Election overhang to ease post GE14 as investors focus on Analyst fundamentals Bernard CHING +603 2604 3918 Election expected to be fiercely contested with status quo being the [email protected] base case while the worst case is a hung parliament leading to Malaysian Research Team protracted uncertainty and risk aversion +603 2604 3333 [email protected] Laggards in mid- and small-cap space poised to re-rate given cheap valuation and return of risk appetite Market Key Data Maintain end-2018 KLCI target of 1,950; Top picks are MAY, CIMB, (%) EPS Gth Div Yield 2017A 6.5 3.4 HLBK, GAM, BAB, SAPE, SCGB, SKP, HIBI, UNI, WSC, GTB and YTB 2018F 9.8 3.2 8.0 Weak broader market due to election overhang. Despite the 2019F 3.4 FBMKLCI’s resilience (YTD: +3.9%), the broader market has been weak as (x) PE PB evidenced by the 15% YTD loss in the FBM Small Cap Index. This is partly 2017A 17.9 1.7 th driven by risk aversion ahead of the 14 General Election (GE14) on 9 May. 16.3 2018F 1.7 2019F 15.1 1.6 Positioning for post GE14 rebound. The market will remain volatile ahead of GE14 given a widely expected fierce contest between the ruling Barisan Nasional (BN) and opposition coalition led by former PM Dr STOCKS Mahathir. Without predicting the election outcome, our base case assumes 12-mth that the status quo will be maintained which will see the election overhang Price Mkt Cap Target Performance (%) ease post GE14 as investors focus on fundamentals again.
  • Determining the Key Success Factors of Tourism

    Determining the Key Success Factors of Tourism

    DETERMINING THE KEY SUCCESS FACTORS OF TOURISM SMALL AND MEDIUM-SIZED ENTERPRISES (TSMEs) IN MALAYSIA By KALSITINOOR SET MBA (Mas), BBA (Hons.) (Mas) Thesis submitted for the degree of Doctor of Philosophy Newcastle Business School, University of Newcastle, Australia December, 2013 i STATEMENT OF ORIGINALITY The thesis contains no material which has been accepted for the award of any other degree or diploma in any university or other tertiary institution and, to the best of my knowledge and belief, contains no material previously published or written by another person, except where due references has been made in the text. I give consent to this copy of my thesis, when deposited in the University Library Auchmuty, being made available for loan and photocopying subject to the provisions of the Copyright Act 1968. **Unless an Embargo has been approved for a determined period. Kalsitinoor Set ii ABSTRACT This thesis investigates the underlying success factors of tourism small- and medium-sized enterprises (TSMEs) in Malaysia. Tourism has emerged as one of the world’s major industries with significant changes in the structure and operation of the tourism industry worldwide. The global transition to tourism-focused economies, the emergence of new destinations, and increasing demands for differentiated tourism products and services have engendered the need for TSMEs to develop strategies to become competitive in the changing global economy. Despite the efforts, TSMEs continue to face challenges that impede successful tourism development in destination countries, thus slowing gains that can emerge from TSMEs activities. As one of the most popular destinations in the world, the Malaysian government has taken a strategic approach to developing the performance of its tourism industry.
  • Corporate Governance in Malaysia | October 2017

    Corporate Governance in Malaysia | October 2017

    CORPORATE GOVERNANCE IN MALAYSIA | OCTOBER 2017 CORPORATE GOVERNANCE IN MALAYSIA Family ties and government control heighten governance risks. October 2017 Contents Ownership Snapshot 2 Tight family control and convoluted conglomerate structures preclude thorough investor analysis. Family Ownership 3 Uncertainty is compounded by looming succession questions surrounding aging patriarchs. Concerns Family Control 4 related to board entrenchment and infrequent board meetings leave minority investors at family firms Family Generational Succession 6 exposed to risks of decisions which heavily favor family groups. Financial Institutions 10 As a response to the Asian and global financial crises, enhanced banking regulations have strengthened Strong Board Oversight 11 independent oversight and ensured increased executive pay disclosure at Malaysian banks. Grandfathered Institutions 12 State Participation 13 Government-linked Companies (GLCs) are fundamental to Malaysia’s economy but we have identified Poor GLC Performance 14 concerns about poor performance, weak leadership structures and government intervention placing the Weak Leadership 16 national interest ahead of minority shareholders. Appendices Regulatory Developments 19 The MSCI Malaysia Index constituents underperform on corporate governance relative to both the MSCI Corporate Overview 21 Emerging Markets and MSCI ACWI Indexes as a whole. Board Overview 22 Gender Diversity 23 CORPORATE GOVERNANCE SCORE DISTRIBUTION Key Metric Overview 24 Best & Worst Scores 25 Ownership Diagrams 26 Top 5 Scores Bottom 5 Scores CIMB Group 7.6/10 IHH Healthcare 2.7/10 Laggards Leaders Alliance Financial Group 7.5/10 Genting Malaysia 2.4/10 Hong Leong Bank 7.4/10 Genting Plantations 1.7/10 Malayan Banking (Maybank) 7.3/10 YTL Power 1.4/10 0 1 2 3 4 5 6 7 8 9 10 RHB Bank 7.1/10 YTL Corporation 0.4/10 MSCI Malaysia Index MSCI Emerging Markets Index MSCI ACWI Index This report is based on the 41 constituents of the MSCI Malaysia ACWI Index as at 11 September AUTHORS 2017.
  • Sapura Energy Berhad (950894-T)

    Sapura Energy Berhad (950894-T)

    2017 ANNUAL REPORT ANNUAL Sapura Energy Berhad (950894-T) (Formerly known as SapuraKencana Petroleum Berhad) Annual Report 2017 www.sapuraenergy.com OUR VISION Our Vision is to be the best entrepreneurially led, technically competent and most trusted global oil and gas company in the eyes of our customers, shareholders and most importantly, our empowered people. We will be guided by our honesty, trust and respect for all. We will achieve our business objectives by being safe, agile and professional to continuously strive to meet all of our stakeholders’ expectations. THE PEOPLE OF SAPURA ENERGY BERHAD WHAT’S INSIDE AT A GLANCE LEADERSHIP 1 Our Vision 22 Board of Directors 4 Facts At A Glance 24 Profile of Board of Directors 6 Global Footprint 36 Executive Committee 8 Health, Safety and Environment 38 Profile of Executive Committee 10 5-Year Group Financial Summary 12 Chairman’s Statement MANAGEMENT DISCUSSION AND ANALYSIS CORPORATE OVERVIEW 44 President and Group Chief Executive 16 Group Corporate Structure Officer’s Statement 18 Corporate Information 46 Strategic Review & Outlook 19 Group Organisational Structure 48 Segmental Results 20 Financial Calendar 55 2017 Strategy At A Glance SUSTAINABILITY REPORT 58 Introduction 60 Message from The President and Group Chief Executive Officer 61 Materiality Matrix 62 Sustainable Operations 64 Nurturing and Developing Talent 70 Health, Safety and Environment EVENTS FINANCIAL STATEMENTS 74 Calendar of Events 100 Financial Statements CORPORATE GOVERNANCE ADDITIONAL INFORMATION 78 Statement on Corporate Governance 224 Analysis of Shareholdings 92 Statement on Risk Management and 228 Notice of Annual General Meeting Internal Control 231 Statement Accompanying Notice of 94 Report of Board Audit Committee Annual General Meeting 98 Additional Compliance Information • Proxy Form 99 Statement of Directors’ Responsibility Annual General Meeting th (950894-T) Sapura Energy Berhad (Formerly known as SapuraKencana Petroleum Berhad) Date : 25 July 2017, Tuesday 6 Time : 10.00 a.m.