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T7 Global Berhad – Annual Report (2018

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T7 Global Berhad – Annual Report (2018 T7 Global Berhad (662315-U) C-16-01, Level 16, KL Trillion Corporate Tower, Block C 338, Jalan Tun Razak, 50400, Kuala Lumpur, Malaysia www.t7global.com.my Tel : +603 2785 7777 Fax : +603 2785 7778 Email : [email protected] CONTENTS 02 Vision, Mission & Philosophy 03 Corporate Information 04 Corporate Structure 05 T7 Global Berhad 06 Highlight of Subsidiaries 08 Five Years Financial Calendar and Highlights 10 Board of Directors 11 Chairman Statement 13 Management Review 17 Directors’ Profile 23 Key Senior Management 26 Sustainability Statement 36 Audit Committee Report 38 Statement on Risk Management and Internal Control 41 Corporate Governance Overview Statement 52 Statement on Directors' Responsibility for Preparing the Financial Statements 53 Additional Compliance Information 54 Financial Statements 161 Notice of Annual General Meeting 167 Analysis of Shareholdings • Form of Proxy 2 T7 GLOBAL BERHAD (662315-U) VISION To be a trusted partner which make a difference on the global stage. MISSION & PHILOSOPHY To support the different industries we serve by becoming the preferred integrated service provider through continuous innovation, smart partnerships and value creation ANNUAL REPORT 2018 3 CORPORATE INFORMATION COMPANY SECRETARIES REGISTRAR Chua Siew Chuan (MAICSA 0777689) Tricor Investor & Issuing House Services Sdn Bhd Tan Loo Ee (MAICSA 7063694) (Company No. 11324-H) Unit 32-01, Level 32, Tower A, REGISTERED OFFICE Vertical Business Suite, Avenue 3, Bangsar South, No. 8, Jalan Kerinchi, Level 7, Menara Milenium, Jalan Damanlela, 59200 Kuala Lumpur, Pusat Bandar Damansara, Damansara Heights Wilayah Persekutuan Malaysia 50490 Kuala Lumpur, Tel: 03-2783 9299 Wilayah Persekutuan, Malaysia Fax: 03-2783 9222 Tel: 03-2084 9000 Email: [email protected] Fax: 03-2094 9940 Website: www.tricorglobal.com HEAD/ MANAGEMENT OFFICE STOCK EXCHANGE LISTING C16-01, Level 16, KL Trillion Corporate Tower, 338 Jalan Tun Razak, Main Market of Bursa Malaysia Securities Berhad 50400 Kuala Lumpur, Wilayah Persekutuan, Malaysia STOCK INFORMATION Tel: 03-2785 7777 Fax: 03-2785 7778 Stock Name: T7GLOBAL AUDITORS / REPORTING ACCOUNTANTS Stock Code: 7228 Bloomberg Code: T7G MK Grant Thornton Malaysia (Audit Firm No.0737) Level 11, Sheraton Imperial Court, Jalan Sultan Ismail, 50250 Kuala Lumpur, Wilayah Persekutuan, Malaysia Tel: 03-2692 4022 Fax: 03-2732 1010 PRINCIPAL BANKERS United Overseas Bank (Malaysia) Berhad (Company No. 271809-K) Level 7, Menara UOB, Jalan Raja Laut, 50350 Kuala Lumpur, Wilayah Persekutuan, Malaysia Malayan Banking Berhad (Company No. 3813-K) No. 2 Wisma Prima Peninsular Jalan Setiawangsa II Taman Setiawangsa 54200 Kuala Lumpur, Wilayah Persekutuan, Malaysia AmInvestment Bank Berhad (Company No. 23742-V) Level 15, Bangunan AmBank Group, 55 Jalan Raja, Chulan, 50200 Kuala Lumpur, Wilayah Persekutuan, Malaysia 4 T7 GLOBAL BERHAD (662315-U) GROUP CORPORATE STRUCTURE T7 PETROCONSULT SDN BHD (227036-V) 100% T7 NEWENERGY SDN BHD (421945-H) 100% TANJUNG OFFSHORE SERVICES 100% SDN BHD (100697-T) T7 SOLUTIONS SERVICES (S) PTE LTD 100% (201012762N) FIRCROFT TANJUNG SDN BHD (1103286-X) 51% T7 WENMAX SDN BHD (Formerly known as 51% WENMAX SDN BHD) (497800-T) T7 GASTEC SDN BHD (309300-K) UNIVERSAL GAS GENERATORS SDN BHD (Formerly known as GAS GENERATORS 100% 100% (411039-P) (MALAYSIA) SDN BHD) GAS GENERATORS INTERNATIONAL LTD 100% (LL10395) T7 PROPERTY SDN BHD (1198012-T) 100% T7 AERO SDN BHD (1199413-D) 100% T7 KILGOUR SDN BHD (1230174-D) 99.9% T7 CHINA CONSTRUCTION THIRD T7 KEMUNCAK SDN BHD (1202579-U) 100% 51% ENGINEERING SDN BHD (1263840-D) T7 RESOURCES SDN BHD (1042155-V) 100% T7 CSI INTEGRATED SDN BHD 100% (752057-X) T7 GENERATIONS SDN BHD (1298444-A) 72.5% T7 SOLUTIONS SDN BHD (849109-H) 100% TCM INNOVATIONS SDN BHD (13306344-U) 100% T7 D’MEGA SDN BHD (1231811-V) 51% T7 MARINE SDN BHD (751831-T) 100% T7 SUBSEA SDN BHD (1290404-K) 55% T7 SERVICES AUSTRALIA PTY LTD 100% (621 094 086) ANNUAL REPORT 2018 5 T7 GLOBAL BERHAD T7 Global Berhad was incorporated on 11th August 2004 with its shares are listed on the Main Market of Bursa Malaysia Securities Berhad. T7 Global Berhad is an investment holding company with its subsidiaries and associated companies diversified into 5 sectors as follows: ENERGY Oil & Gas Engineering, Procurement and Construction Maintenance, Construction and Modification Drilling and Production Wells and Decommissioning Underwater and Subsea Services Specialist Product Solutions General Industry Onsite Gas Generation and Utility Systems Marine Naral Technology Marine Services AEROSPACE Metal Surface Treatment Surface Treatment Non-Destructive Testing (NDT) Chemical Processing Painting and Part Marking Sub-Assembly Services PROPERTY Property Investment Asset Management CONSTRUCTION Infrastructure Construction Industrial Facility Construction Specialised Facility Construction CORPORATE VENTURES 6 T7 GLOBAL BERHAD (662315-U) HIGHLIGHT OF SUBSIDIARIES TANJUNG OFFSHORE SERVICES SDN T7 WENMAX SDN BHD (497800-T) BHD (100697-T) (Formerly known as Wenmax Sdn Bhd) Tanjung Offshore Services Sdn Bhd (“TOS”), a wholly owned T7 Wenmax Sdn Bhd (formerly known as Wenmax Sdn. subsidiary of T7 Global Berhad (“T7 Global”) commenced Bhd.) (“WENMAX”) joined T7 Group in 2016 which triggered business in the mid-1990s as an oil and gas service provider. the integration of its products and services with GASTEC. TOS offer EPC, operations and maintenance, underwater GASTEC and WENMAX combine to form the engineering services, wells services, decommissioning and specialist and product division for T7 Group. This enables T7 Group to product solutions across the upstream and downstream expand its offerings across the general industries and oil and value chain. TOS has base operations in four locations i.e. gas industry with wider range of product portfolio. GASTEC Kemaman, Pengerang, Bintulu and Miri. With more than provides engineering support, while WENMAX reinforces the 25 years of experience, Tanjung Offshore has grown into a sales team and retains the Petronas license company status household name and become a reputable integrated service to pursue oil and gas projects. provider for the industry. With various in-house expertise, TOS is able to engage with end-users to introduce value- WENMAX began its operation since 1999 and work added ideas for exploration, production and abandonment exclusively with many OEMs to deliver reputable and high- stages of the oilfield. Notably, TOS introduced the first Mobile valued solutions to the Malaysian marine, upstream and Offshore Production Unit (“MOPU”) and Tarpon-guyed downstream sectors in the oil and gas industry. WENMAX platform structures in Malaysian waters and executed the first offers a range of products and services comprising of valves, Rig-to-Reef program in east coast of Peninsular Malaysia. centrifugal pumps, gas compressors, pressure gauges, marine hoses, oil and gas processing systems, and sand TOS collaborates with world-renowned engineering management solutions. companies to deliver engineering, procurement, construction and commissioning projects. TOS is involved from the initial WENMAX’s personnel are trained to have a thorough engineering design, project management, planning, and understanding of OEM products and can provide joint implementation to troubleshooting and maintenance. With professional consultation services to the end user. Dedicated the inclusion of T7 Gastec Sdn. Bhd. (formerly known as project teams are responsible to provide after-sales services Gas Generators (Malaysia) Sdn. Bhd.) (“GASTEC”) and T7 and routine maintenance to ensure all expectations are met. Wenmax Sdn. Bhd. (“WENMAX”), TOS is able to tap into GASTEC and WENMAX’s Original Equipment Manufacturer (“OEM”) relationship to offer a turnkey solution for specialised T7 KILGOUR SDN BHD (1230174-D) products and engineered equipment. TOS is registered with Petroliam Nasional Berhad (“Petronas”) licence for a vast T7 Kilgour Sdn Bhd, a subsidiary of T7 Global Berhad has category of products and services. inked a strategic partnership with Kilgour (UK) Aerospace Group to form a strategic partnership in May 2017 to build, operate and set up a special process facility plant in Malaysia T7 GASTEC SDN BHD (309300-K) to serve the supply chain gap existing in regional aerospace (Formerly known as Gas Generators (Malaysia) Sdn Bhd) industry. T7 Gastec Sdn Bhd, (formerly known as Gas Generators T7 Kilgour offers a wide range of client-focused, aerospace Malaysia Sdn Bhd) (“GASTEC”), is a wholly subsidiary of standard special process including chemical and surface T7 Global and its principal activity is in the business of treatment, painting and part marking, and non-destructive manufacturing and marketing of onsite gas generation testing. systems in both the general industry and the oil and gas market. T7 Kilgour aims to become the leading metal surface One of the most common inert gas, nitrogen, is primarily used treatment provider in South East Asia region whose quality for purging of tanks and pipelines to enhance overall plant and service meets the international aerospace standards and safety. The generator produces nitrogen from compressed customer expectations. T7 Kilgour’s mission is to achieve air thereby eliminating the cost and hazard associated with sustainable growth and operational excellence in business transporting of nitrogen gas cylinders offshore. through development of people and technology. GASTEC has also the capability to design and manufacture inert gas generators for
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