Annual Report 2000 Resorts Resorts World 2000 Bhd ¥ Annual Report
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Annual Report 2000 Resorts World Bhd • Annual Report Bhd • Annual 2000 World Resorts RESORTS WORLD BHD 58019-U www.genting.com.my Contents Notice of Annual General Meeting 1 Corporate Diary 2 Board of Directors & Corporate Information 3 Chairman’s Statement/Penyata Pengerusi 4 Review of Operations • Genting Highlands Resort 7 • Awana Hotels & Resorts 10 • Star Cruises Limited 12 • E-Commerce & IT Development 13 • Human Resources 14 • Community Services 14 Report of the Directors 15 Financial Statements 19 Statement by Directors 45 Statutory Declaration 45 Report of the Auditors 46 Audit Committee 47 Ten-Year Summary 48 Cover List of Properties Held 49 A family checking in at the luxurious VIP reception lobby of the Highlands Group Offices 50 Hotel, all ready to enjoy the warm, hospitality charm and leisure Analysis of Shareholdings 51 attractions of Genting Highlands Resort – City of Entertainment. Form of Proxy RESORTS WORLD BHD 2 Annual Report 2000 Notice of Annual General Meeting NOTICE IS HEREBY GIVEN THAT the Twenty-First Annual General Meeting of the Company will be held at 26th Floor, Wisma Genting, Jalan Sultan Ismail, 50250 Kuala Lumpur on Tuesday, 26 June 2001 at 10.00 a.m. BUSINESS 1. To receive and adopt the Financial Statements for the financial year ended 31 December 2000 and the Directors’ and Auditors’ Reports thereon. (Resolution 1) 2. To sanction the declaration of a final dividend. (Resolution 2) 3. To approve Directors’ fees of RM288,000 for the financial year ended 31 December 2000 (1999 – RM316,800). (Resolution 3) 4. To re-elect Directors: – Tan Sri Dato’ Wan Sidek bin Hj Wan Abdul Rahman (Resolution 4) – Mr Goh Sin Huat (Resolution 5) 5. To consider and, if thought fit, pass the following resolutions pursuant to Section 129 of the Companies Act, 1965: “That Tan Sri Lim Goh Tong, retiring in accordance with Section 129 of the Companies Act, 1965, be and is hereby re-appointed as a Director of the Company to hold office until the next Annual General Meeting.” (Resolution 6) “That Dato’ Siew Nim Chee, retiring in accordance with Section 129 of the Companies Act, 1965, be and is hereby re-appointed as a Director of the Company to hold office until the next Annual General Meeting.” (Resolution 7) 6. To re-appoint Auditors and to authorise the Directors to fix their remuneration. (Resolution 8) 7. To transact any other business of which due notice shall have been given. By Order of the Board TAN WOOI MENG Secretary Kuala Lumpur 28 May 2001 NOTES A member entitled to attend and vote at this meeting is entitled to appoint a proxy or proxies (but not more than two) to attend and vote instead of him. A proxy need not be a member of the Company but in accordance with Section 149 of the Companies Act, 1965, a member shall not be entitled to appoint a person who is not a member of the Company as his proxy unless that person is an advocate, an approved company auditor or a person approved by the Registrar of Companies in a particular case. Where a member appoints two proxies, the appointments shall be invalid unless he specifies the proportions of his holding to be represented by each proxy. The instrument appointing a proxy must be deposited at the Registered Office of the Company not less than 48 hours before the time set for holding the meeting or at any adjournment thereof. RESORTS WORLD BHD 1 Annual Report 2000 Corporate Diary 2000 29 FEBRUARY 21 AUGUST Announcement of the Consolidated Results of the Group for Extraordinary General Meeting in respect of the Proposed the fourth quarter and the Audited Results for the financial Cash Subscription. year ended 31 December 1999. 24 AUGUST 12 APRIL Announcement of the Consolidated Unaudited Results of the Announcement of the Entitlement Date for the Proposed Group for the second quarter ended 30 June 2000. Final Dividend in respect of the financial year ended 31 Announcement of the Entitlement Date for the Interim December 1999 and the Twentieth Annual General Meeting. Dividend in respect of the half-year ended 30 June 2000. Announcement of the following: 27 NOVEMBER (a) Proposed subscription of securities convertible into Announcement of the disposal of the Group’s entire equity shares of Star Cruises PLC (currently Star Cruises shareholding interest in NCL Holding ASA amounting to a Limited) total of 10,300,000 shares to Arrasas Limited, a wholly-owned (b) Proposal for purchase of own shares (“Proposed Share subsidiary of Star Cruises Limited. Buy-Back”) (c) Proposed acquisition by Genting Centre of Excellence 28 NOVEMBER Sdn Bhd of a parcel of leasehold land in Genting Announcement of the subscription of 609,781,993 Ordinary Highlands, Bentong, Pahang Darul Makmur measuring Shares of US$0.10 each in Star Cruises Limited by Resorts approximately 3.04 hectares from Tan Sri Lim Goh Tong World Limited. and disposal by Genting Highlands Berhad of two (2) parcels of freehold land in Genting Highlands, Bentong, 29 NOVEMBER Pahang Darul Makmur measuring approximately 3.04 Announcement of the Consolidated Unaudited Results of the hectares to Tan Sri Lim Goh Tong and/or his nominee(s) Group for the third quarter ended 30 September 2000. (“Proposed Land Transactions”) 19 MAY Proposed Cash Subscription by Resorts World Limited of up 2001 to US$480 million in new equity shares and/or new securities convertible into equity shares of Star Cruises Limited 28 FEBRUARY (“Proposed Cash Subscription”). Announcement of the Consolidated Results of the Group for 25 MAY the fourth quarter and the Audited Results for the financial Announcement of the Consolidated Unaudited Results of the year ended 31 December 2000. Group for the first quarter ended 31 March 2000. 18 APRIL Announcement of the Entitlement Date for the Proposed Final 6 JUNE Dividend in respect of the financial year ended 31 December Notice to Shareholders of the Twentieth Annual General Meeting 2000 and the Twenty-First Annual General Meeting. and Extraordinary General Meeting in respect of the following: 20 APRIL (a) Proposed Amendments to the Memorandum and Announcement of the following: Articles of Association to facilitate the Proposed Share Buy-Back (“Proposed Amendments”) (a) Proposed Renewal of Mandate for the Proposed Share (b) Proposed Share Buy-Back Buy-Back (“Proposed Share Buy-Back”) (c) Proposed Land Transactions (b) Proposed Amendments to the Articles of Association (“Proposed Amendments”) 29 JUNE Twentieth Annual General Meeting and Extraordinary 28 MAY General Meeting in respect of the following: Notice to Shareholders of the Twenty-First Annual General Meeting and Extraordinary General Meeting in respect of the (a) Proposed Amendments (b) Proposed Share Buy-Back Proposed Share Buy-Back and Proposed Amendments. (c) Proposed Land Transactions 26 JUNE Twenty-First Annual General Meeting and Extraordinary 4 AUGUST General Meeting in respect of the Proposed Share Buy-Back Notice to Shareholders of the Extraordinary General Meeting and Proposed Amendments. in respect of the Proposed Cash Subscription. DIVIDENDS Announcement Entitlement Date Payment 1999 Final – 10.0 sen less tax 29 February 2000 7 July 2000 27 July 2000 2000 Interim – 8.0 sen less tax 24 August 2000 6 October 2000 25 October 2000 2000 Proposed Final – 8.0 sen less tax 28 February 2001 5 July 2001 25 July 2001* * Upon approval of Shareholders at the Twenty-First Annual General Meeting. RESORTS WORLD BHD 2 Annual Report 2000 Board of Directors and Corporate Information Tan Sri Lim Goh Tong Tun Mohammed Hanif bin Omar Dato’ Lim Kok Thay Tan Sri Alwi Jantan Chairman and Chief Executive Deputy Chairman Managing Director Executive Director Mr Justin Tan Wah Joo Mr Goh Sin Huat Dato’ Siew Nim Chee Tan Sri Dato’ Wan Sidek bin Executive Director Director Director Hj Wan Abdul Rahman Director PRINCIPAL EXECUTIVE OFFICERS AUDIT COMMITTEE RESORTS WORLD BHD Tan Sri Lim Goh Tong Dato’ Siew Nim Chee A public limited liability company Chairman and Chief Executive Chairman Incorporated and domiciled in Tun Mohammed Hanif bin Omar – Independent Non-Executive Director Malaysia Deputy Chairman Company no. 58019-U Dato’ Lim Kok Thay Mr Goh Sin Huat Managing Director Member Tan Sri Alwi Jantan – Independent Non-Executive Director REGISTERED OFFICE Executive Vice President – Public Affairs & Human Resources Dato’ Lim Kok Thay 24th Floor, Wisma Genting, Mr Justin Tan Wah Joo Member Jalan Sultan Ismail, Executive Vice President 50250 Kuala Lumpur – Leisure & Hospitality Tel: 03 – 2161 2288 Mr Lee Choong Yan SECRETARY Email: [email protected] Executive Vice President – Resorts Mr Tan Wooi Meng Colonel (R) Dato’ Cheng Wah REGISTRARS Senior Vice President AUDITORS – Property Development Genting Management and Mr Wong Yun On Consultancy Services Sdn Bhd PricewaterhouseCoopers 23rd Floor, Wisma Genting, Senior Vice President (Public Accountants) – Hotel Operations Jalan Sultan Ismail, 50250 Kuala Lumpur Encik Rosli bin Kamili Tel: 03 – 2161 2288 Senior Vice President INTERNET HOMEPAGE – Awana & Leisure www.genting.com.my Dato’ Anthony Yeo Keat Seong STOCK EXCHANGE LISTING Senior Vice President – Public Relations & Human Resources Main Board of Kuala Lumpur Mr Jeffrey Teoh Kak Siew Stock Exchange Senior Vice President (22 December 1989) – Casino Marketing Mr Lim Eng Ming Senior Vice President – Casino Operations RESORTS WORLD BHD 3 Annual Report 2000 Chairman’s Statement Penyata Pengerusi On behalf of the Board of Directors, I am pleased to Saya bagi pihak Lembaga Pengarah, dengan present the Annual Report and Audited Financial sukacitanya membentangkan Laporan Tahunan dan Statements of the Resorts World Group of Companies Penyata Kewangan Beraudit untuk Syarikat-Syarikat for the financial year ended 31 December 2000. dalam Kumpulan Resorts World (“Kumpulan”) bagi tahun kewangan berakhir 31 Disember 2000. PERFORMANCE REVIEW TINJAUAN PRESTASI The Group registered a revenue of RM2,337.9 million, a 7.3% increase against RM2,178.5 million recorded in 1999.