PASDEC-Annualreport2011
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PASDEC HOLDINGS BERHAD PASDEC (367122-D) 2011 ANNUAL REPORT Resilience 14th Floor, Menara Teruntum Jalan Mahkota, 25000 Kuantan, annual Pahang Darul Makmur. report Telephone/Telefon : 09-5133888 Facsimile/Faksimili : 09-5145988 2011 Website : www.pasdec.com.my CORPORATE DIRECTORY PASDEC HOLDINGS BERHAD (367122-D) VISION Tingkat 14, Menara Teruntum, Jalan Mahkota, 25000 Kuantan, Pahang Darul Makmur. Telephone: 09-5133888 Facsimile: 09-5145988 To be a progressive and excellent organization MISSION Website : www.pasdec.com.my To be an esteemed organisation in property development and PASDEC CORPORATION KUANTAN TEMBELING RESORT MUTIARA PASDEC to invest in other business which could contribute the best SDN. BHD. (55031-P) SDN. BHD. (226274-V) SDN. BHD. (411529-T) return to the investors, customers and employees through an Tingkat 14, Menara Teruntum, Lot 2-06, Tingkat 2, Tingkat 14, Menara Teruntum, effecient and responsible management. Jalan Mahkota, 25000 Kuantan, Mahkota Square, Jalan Mahkota, Jalan Mahkota, 25000 Kuantan, Pahang Darul Makmur. 25000 Kuantan, Pahang Darul Makmur. Telephone: 09-5133888 Pahang Darul Makmur. Telephone: 09-5133888 Facsimile: 09-5145988 Telephone: 09-5156887/5132500 Facsimile: 09-5145988 Facsimile: 09-5132502 KIMDEC CORPORATION PAHANG OFF-SHORE SDN. BHD. (342895-U) BENTONG AQUARIUM & SANCTUARY SDN. BHD. (102524-D) Introduction Tingkat 14, Menara Teruntum, PARK SDN. BHD. (709060-M) Tingkat 14, Menara Teruntum, Jalan Mahkota, 25000 Kuantan, Tingkat 14, Menara Teruntum, Jalan Mahkota, 25000 Kuantan, Pahang Darul Makmur. Jalan Mahkota, 25000 Kuantan, Pahang Darul Makmur. Pasdec Holdings Berhad (“PASDEC”) is a leading government linked company Telephone: 09-5133888 Pahang Darul Makmur. Telephone: 09-5133888 based in Pahang listed on the Main Board of Bursa Malaysia Securities Berhad Facsimile: 09-5145988 Telephone: 09-5133888 Facsimile: 09-5145988 (Stock Code : 6912) under the property counter since 27 October 1997. Facsimile: 09-5145988 PASDEC PINTAS PAHANG AIRCRAFT INDUSTRIES PASDEC is responsible for coordinating and marketing Pahang’s vast resources to SDN. BHD. (358830-P) PASDEC ENGINEERING SDN. BHD. (551633-W) create new opportunities for growth and prosperity. Its present authorised and paid Tingkat 14, Menara Teruntum, SDN. BHD. (879347-V) Tingkat 14, Menara Teruntum, up capital is RM500 million and RM205.9 million respectively. Jalan Mahkota, 25000 Kuantan, Tingkat 14, Menara Teruntum, Jalan Mahkota, 25000 Kuantan, Pahang Darul Makmur. Jalan Mahkota, 25000 Kuantan, Pahang Darul Makmur. As an investment holding company, PASDEC through its subsidiaries and associ- Telephone: 09-5133888 Pahang Darul Makmur. Telephone: 09-5133888 ates companies is principally involved in property development, project manage- Facsimile: 09-5145988 Telephone: 09-5133888 Facsimile: 09-5145988 ment, civil and building construction, manufacturing of electrical wiring harness, Facsimile: 09-5145988 seat components and catalytic converters for the automotive industry in South SUMBANGAN SAKTI PASDEC BINA SDN. BHD. (9248-H) Africa and provision of data centre services. SDN. BHD. (426838-T) PASDEC MEGA SDN. BHD. (368024-K) Tingkat 3, Menara Teruntum, Tingkat 14, Menara Teruntum, Tingkat 14, Menara Teruntum, Jalan Mahkota, 25000 Kuantan, PASDEC is actively seeking for new business ventures and acquisition to expand Jalan Mahkota, 25000 Kuantan, Jalan Mahkota, 25000 Kuantan, Pahang Darul Makmur. its investment portfolio. Pahang Darul Makmur. Pahang Darul Makmur. Telephone: 09-5121036 Telephone: 09-5133888 Telephone: 09-5133888 Facsimile: 09-5121037 Facsimile: 09-5145988 Facsimile: 09-5145988 PASDEC PUTRA PASDEC LAND PASDEC TRADING SDN. BHD. (777804-K) SDN. BHD. (13735-M) SDN. BHD. (210031-A) Tingkat 3, Menara Teruntum, Tingkat 14, Menara Teruntum, Tingkat 14, Menara Teruntum, Jalan Mahkota, 25000 Kuantan, Jalan Mahkota, 25000 Kuantan, Jalan Mahkota, 25000 Kuantan, Pahang Darul Makmur. Pahang Darul Makmur. Pahang Darul Makmur. Telephone: 09-5133888 Telephone: 09-5133888 Telephone: 09-5133888 Facsimile: 09-5121037 Facsimile: 09-5145988 Facsimile: 09-5145988 PASDEC CEMPAKA PRIMA PRAI SDN. BHD. PASDEC TECHNOLOGY SDN. BHD. (672766-A) (277791-V) CENTRE & SERVICES Lot 13-01A, Level 13 (East Wing) Suite 12-3, 12th Floor, SDN. BHD. (968271-V) Berjaya Times Square, No. 1, Wisma UOA-2, 21 Jalan Pinang, Tingkat 14, Menara Teruntum, Jalan Imbi, 55100 Kuala Lumpur 50450 Kuala Lumpur. Jalan Mahkota, 25000 Kuantan, Telephone: 03-21491999 Telephone: 03-21644800 Pahang Darul Makmur. Facsimile : 03-21431685 Facsimile: 03-21649723 Telephone: 09-5133888 Facsimile: 09-5145988 GENTING VIEW RESORT DEVELOPMENT SDN. BHD. (76079-K) KM10, 69000 Genting Highlands, Pahang Darul Makmur. Telephone: 03-61002255 Facsimile: 03-61001236 PASDEC | Annual Report 2011 1 Contents 002 Notice of Annual General Meeting 016 Profile of Chief Executive Officer/President 003 Statement Accompanying Notice of 017 Top Management Team Annual General Meeting 018 Corporate Governance Statement 004 Chairman’s Statement 022 Statement of Directors’ Responsibilities 009 Group Financial Summary 023 Audit Committee Report 010 Corporate Information 026 Statement on Internal Control 011 Corporate Structure 028 Corporate | Human Resource Events 2011 012 Profile of Directors 033 Analysis of Shareholdings 035 List of Properties 038 Financial Statements Proxy Form 2 PASDEC | Annual Report 2011 Notice of Annual General Meeting NOTICE IS HEREBY GIVEN THAT the Sixteenth (16th) Annual General Meeting of PASDEC HOLDINGS BERHAD will be held at Meranti 1, Hyatt Regency Kuantan Resort, Telok Chempedak, 25050 Kuantan, Pahang Darul Makmur on Wednesday, 27 June 2012 at 3.00 p.m. for the following purposes:- AGENDA 1. To receive the audited financial statements for the year ended 31 December 2011 together with the reports of the Directors and Auditors thereon. (Resolution 1) 2. To re-elect the following Directors who retire in accordance with Article 83 of the Company’s Articles of Association:- a) Dato’ Sri DiRaja Haji Adnan bin Haji Yaakob (Resolution 2) b) Dato’ Abdul Ghani bin L. Sulaiman (Resolution 3) c) Dato’ Dr. Hamdan bin Jaafar (Resolution 4) 3. To consider and if thought fit, to pass the following Ordinary Resolution in accordance with Section 129 of the Companies Act, 1965:- “That pursuant to Section 129(6) of the Companies Act, 1965 Dato’ Mohamed Amin bin Haji Daud, who is over the age of seventy (70) years, be re-appointed as Director of the Company to hold office until the next Annual General Meeting”. (Resolution 5) 4. To approve Directors’ fees for the year ended 31 December 2011. (Resolution 6) 5. To re-appoint Messrs. Hanafiah Raslan & Mohamad as Auditors and to authorise the Directors to fix their remuneration. (Resolution 7) 6. To consider any other business of which due notice shall have been given. By Order Of The Board, SHAKERAH ENAYETALI Company Secretary Kuantan 5 June 2012 PASDEC | Annual Report 2011 3 Notice of Annual General Meeting (Cont’d) NOTES : 1. A member entitled to attend and vote at the meeting may appoint not more than two proxies to attend and vote in his stead, but such appointment shall be invalid unless he specifies the proportions of his holdings for each proxy. A proxy may, but need not be a member of the Company and the provisions of Section 149(1)(b) of the Companies Act, 1965 shall not apply to the Company. 2. A member of the Company who is an authorised nominee as defined under the Securities Industry (Central Depositories) Act, 1991 may appoint at least one proxy but not more than two proxies in respect of each securities account. 3. The instrument appointing a proxy must be signed by the appointer or his attorney duly authorised in writing or if the appointer is a corporation either under common seal or under the hand of an attorney or an officer duly authorised. 4. The instrument appointing a proxy must be deposited at the Registered Office of the Company at 14th Floor, Menara Teruntum, Jalan Mahkota, 25000 Kuantan, Pahang Darul Makmur, not less than forty-eight (48) hours before the time appointed for holding the meeting or any adjournment thereof. STATEMENT ACCOMPANYING NOTICE OF ANNUAL GENERAL MEETING (Pursuant to Paragraph 8.27(2) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad) DETAILS OF INDIVIDUALS WHO ARE STANDING FOR ELECTION AS DIRECTORS (EXCLUDING DIRECTORS STANDING FOR RE-ELECTION) No individual is seeking election as a Director at the Sixteenth Annual General Meeting of the Company. 4 PASDEC | Annual Report 2011 Chairman’s Statement DATO’ SRI DIRAJA HAJI ADNAN BIN YAAKOB Chairman Dear Valued Stakeholders, On behalf of the Board of Directors of Pasdec Holdings Berhad (PASDEC), I have the pleasure of presenting to you the Annual Report and Audited Financial Statements of PASDEC Group for the financial year ended 31 December 2011. OPERATING ENVIRONMENT The steady growth in the economy reinvigorated the overall property market with the residential sub-sector being the main The Malaysian Gross Domestic Product (GDP) expanded mover in 2011. The combination of robust demand, lower by 5.1% in the year 2011 under the stewardship of our able overhang, low interest rates and higher land value contributed Government in spite of global uncertainties. The commendable to the growth in transactions and stronger prices of residential growth, albeit at a slower pace compared to last year’s GDP properties in 2011. of 7.2%, was supported by stronger domestic demand. The world economy in 2011 was led by major Asian economies