Ken
Ken
Ken
Contents Kandungan
Notice of Annual General Meeting
NOTICE IS HEREBY GIVEN THAT the Twenty-Fourth Annual General Meeting of the Company will be held at the
East VIP Lounge, Kuala Lumpur Golf & Country Club, No. 10, Jalan 1/70D, off Jalan Bukit Kiara, 60000 Kuala Lumpur
on Monday, 26 May 2008, at 10.00 a.m. for the transaction of the following businesses:
1. To receive and adopt the Audited Financial Statements for the year ended 31 December (Resolution 1)
2007 together with the Reports of the Directors and the Auditors thereon.
2. To declare a first and final dividend of 6% less income tax of 26% in respect of the year ended (Resolution 2)
31 December 2007.
3. To approve the Directors’ fees of RM99,000/- (2006: RM90,000) in respect of the year ended (Resolution 3)
31 December 2007.
4. To re-elect the following Directors who retire pursuant to Article 101 of the Company’s
Articles of Association and, being eligible, offer themselves for re-election:
5. To consider and, if thought fit, pass the following resolution pursuant to Section 129(6) of (Resolution 7)
the Companies Act, 1965:
“THAT, pursuant to Section 129(6) of the Companies Act, 1965, Dato’ Ahmad Badri bin
Mohamed Basir be re-appointed as a Director of the Company to hold office until the
conclusion of the next Annual General Meeting.”
6. To re-appoint Messrs. KPMG as Auditors of the Company and to authorise the Directors to (Resolution 8)
fix their remuneration.
7. As Special Business:
To consider and, if thought fit, to pass the following resolutions as Ordinary Resolutions:
“THAT subject always to the Companies Act, 1965, Articles of Association of the
Company and approvals of the relevant governmental/regulatory bodies where
such approvals shall be necessary, the Directors be and are hereby authorised and
empowered pursuant to Section 132D of the Companies Act, 1965 to allot and issue
shares in the Company at any time until the conclusion of the next Annual General
Meeting and upon such terms and conditions and for such purposes as the Directors
may, in their absolute discretion, deem fit, provided that the aggregate number of
shares issued pursuant to this resolution does not exceed ten percent (10%) of the
issued capital for the time being of the Company and that the Directors be and are
also empowered to obtain the approval for the listing of and quotation for the additional
shares so issued on Bursa Malaysia Securities Berhad.”
Notice of Annual General Meeting (cont’d)
AND THAT upon completion of the purchase by the Company of its own shares
(KEN Shares), the Directors are authorised to retain KEN Shares as treasury shares or
cancel KEN Shares or retain part of KEN Shares so purchased as treasury shares and
cancel the remainder. The Directors are further authorised to resell the treasury shares
on Bursa Securities or distribute the treasury shares as dividends to the Company’s
shareholders or subsequently cancel the treasury shares or any combination of the
three.
AND THAT the Directors be and are hereby empowered to carry out the above
immediately upon the passing of this resolution and from the date of the passing of this
resolution until:
(i) the conclusion of the next Annual General Meeting of the Company following the
General Meeting at which this resolution was passed at which time it shall lapse
unless by an ordinary resolution passed at that meeting, the authority is renewed,
either unconditionally or subject to conditions; or
(ii) the expiration of the period within which the next Annual General Meeting after
that date is required by law to be held; or
8. To transact any other business for which due notice shall have been given.
Notice of Annual General Meeting (cont’d)
(a) Shares transferred to the Depositor’s Securities Account before 4.00 p.m. on 10 June 2008 in respect of transfers;
and
(b) Shares bought on the Bursa Malaysia Securities Berhad on a cum entitlement basis according to the Rules of
Bursa Malaysia Securities Berhad.
Kuala Lumpur
30 April 2008
Notes:
1. A member of the Company entitled to attend and vote at this meeting is entitled to appoint a proxy or proxies to attend and vote instead
of him/her. 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 may appoint up to two persons to be his/her proxy. Where a member appoints more than one (1) proxy, the appointment shall
be invalid unless he/she specifies the proportion of his/her shareholdings to be represented by each proxy.
3. In the case of a corporate body, the proxy appointed must be in accordance with the Memorandum and Articles of Association, and
the instrument appointing a proxy shall be given under the Company’s Common Seal or under the hand of an officer or attorney duly
authorised.
KEN HOLDINGS BERHAD (106173-M) ANNUAL REPORT 2007
4. The Form of Proxy must be deposited at the Company’s Registered Office at No. 6, Jalan Datuk Sulaiman, Taman Tun Dr. Ismail, 60000
Kuala Lumpur not less than 48 hours before the time set for the meeting or any adjournment thereof.
Statement Accompanying the Notice of Annual General Meeting
(Pursuant to Paragraph 8.28(2) of the Listing Requirements of Bursa Malaysia Securities Berhad)
1. Directors who are standing for re-election/re-appointment at the Twenty-Fourth Annual General
Meeting of the Company
(c) Dato’ Seri Raja Haji Ahmad Zainuddin bin Raja Haji Omar
Further details of Directors who are standing for re-election/re-appointment are set out on pages 11 to 15 of the
Annual Report and their securities holdings in the Company and its subsidiaries are set out on page 45 and 141.
Corporate Information Maklumat Korporat
Dato’ Seri Raja Haji Ahmad Dato’ Seri Raja Haji Ahmad AUDITORS /
Zainuddin bin Raja Haji Omar Zainuddin bin Raja Haji Omar juruaudit
Member / Ahli Member / Ahli
KPMG (Firm No: AF0758)
REMUNERATION COMMITTEE / COMPANY SECRETARIES / Chartered Accountants
jawatankuasa ganjaran setiausaha syarikat Wisma KPMG
KEN HOLDINGS BERHAD (106173-M) ANNUAL REPORT 2007
Corporate Structure Struktur Korporat
100%
Financial Highlights Maklumat Kewangan
PRINCIPAL ACTIVITIES
The Company - Investment Holding and provision of management services.
The Subsidiary Companies - Include property holding, investment and development, specialist engineering
services, geo-technical, civil engineering and building works, land reclamation and
marine engineering, project and property management.
* Restated based on bonus shares issued in financial year ended 31 December 2005.
KEGIATAN UTAMA
Syarikat - Pegangan pelaburan dan pemberian perkhidmatan pengurusan.
Syarikat subsidiari - Termasuk pegangan hartanah, pelaburan dan pembangunan, pakar perkhidmatan
kejuruteraan, geo-teknik, kejuruteraan awam dan kerja bangunan, tambakan tanah
dan projek kejuruteraan merin, dan pengurusan hartanah.
* Dinyata semula dengan mengambil kira terbitan saham bonus dalam tahun kewangan 31 Disember 2005.
Financial Highlights (cont’d) Maklumat Kewangan (samb.)
11,842
75,477
11,392
9,947
65,579
9,875
63,352
60,201
59,300
7,909
2003
2004
2005
2006
2007
2003
2004
2005
2006
2007
9
102,322
101,486
98,101
8
93,309
5
2004
2005
2006
2007
2003
2004
2005
2006
2007
2003
Board of Directors Lembaga Pengarah
1 2
8 Dato’ SERI Raja Haji Ahmad Zainuddin bin Raja Haji Omar
5
KEN HOLDINGS BERHAD (106173-M) ANNUAL REPORT 2007
7 8
10
Directors’ Profile Profil Para Pengarah
He was appointed to the Board as Independent Non- Beliau dilantik menganggotai Lembaga Pengarah
Executive Chairman of the Group on 20 March 2001. He Kumpulan sebagai Pengerusi Bebas Bukan Eksekutif pada
is the Chairman of the Nomination Committee and also a 20 Mac 2001. Beliau adalah Pengerusi Jawatankuasa
member of the Audit and Remuneration Committees. He Pencalonan dan juga seorang ahli Jawatankuasa Audit
holds a Bachelor of Arts Degree from University Malaya dan Ganjaran. Beliau memperolehi Ijazah Sarjana Muda
and a Master Degree in Public Administration from the Sastera dari Universiti Malaya dan Ijazah Sarjana
University of Pittsburgh, USA. He is also a fellow member Pentadbiran Awam dari Universiti Pittsburgh, USA. Beliau
of the Chartered Institute of Transport (London) and had juga merupakan ahli badan ilmiah Chartered Institute
also attended the Advance Management Programme of Transport (London) dan pernah mengikuti Program
at Harvard University, USA. He joined the Malaysian civil Lanjutan Pengurusan di Universiti Harvard, USA. Setelah
service after graduation and held various key positions menamatkan pengajiannya, beliau mula berkhidmat dalam
including the Secretary General of the Ministry of Agriculture sektor perkhidmatan awam dan pernah memegang
during the period 1987 to 1990. He also served as the beberapa jawatan penting termasuk Ketua Setiausaha
Chairman of Bank Pertanian Malaysia from 1994 to 1997. Kementerian Pertanian dari tahun 1987 hingga 1990.
Beliau juga menjadi Pengerusi Bank Pertanian Malaysia
He is actively involved in the business community and dari tahun 1994 hingga 1997.
currently sits on the board of a number of public companies
such as MNI Holdings Berhad and Malaysia Packaging Beliau aktif dalam komuniti perniagaan dan pada masa
Industry Berhad. ini menjadi pengarah kepada beberapa syarikat awam
seperti MNI Holdings Berhad dan Malaysia Packaging
Industry Berhad.
Tan Boon Kang
Managing Director / Pengarah Urusan
50 years of age • Malaysian / 50 tahun • Warganegara Malaysia
He was the founder of the Group and has been the driving Beliau ialah pengasas Kumpulan dan tokoh yang menjana
force behind the growth of the Group in all its activities pertumbuhan Kumpulan sejak 27 tahun yang lepas. Beliau
in the past 27 years. He was appointed to the Board on dilantik menjadi ahli Lembaga pada 18 Mac 1996. Beliau
18 March 1996. He has vast experience in the specialist mempunyai pengalaman yang mendalam dalam industri
engineering business and was the pioneer in Malaysia for kejuruteraan pakar dan merupakan perintis di Malaysia
the infamous soil-nailing system which is now the most untuk sistem pemakuan tanah yang terkenal yang kini
widely used method of slope protection. He has contributed digunakan secara meluas untuk melindungi lereng.
significantly in elevating the Group to become one of the Beliau banyak menyumbang kepada meningkatkan taraf
more established specialist engineering companies in Kumpulan sebagai kumpulan syarikat kejuruteraan pakar
Malaysia and in Hong Kong. yang ternama di Malaysia dan kini di Hong Kong.
KEN HOLDINGS BERHAD (106173-M) ANNUAL REPORT 2007
He was instrumental in diversifying the Group’s business Beliau berperanan penting dalam mempelbagaikan
into property development and has created a very eminent perniagaan Kumpulan ke dalam pembangunan hartanah
brand name whilst developing a loyal following amongst dan berjaya mencipta jenama yang ulung dan mendapat
property buyers in the Klang Valley. sambutan baik daripada pembeli-pembeli hartanah di
Lembah Klang.
Currently he is also the Managing Director of Ken Grouting
Sdn Bhd, Ken-Chec Sdn Bhd, Ken Property Sdn Bhd, Pada masa ini, beliau juga merupakan Pengarah Urusan
Khidmat Tulin Sdn Bhd and Ken Rimba Jaya Sdn Bhd. He Syarikat Ken Grouting Sdn Bhd, Ken-Chec Sdn Bhd,
is also a Director of Ken Projects Sdn Bhd, Ken Link Sdn Ken Property Sdn Bhd, Khidmat Tulin Sdn Bhd dan Ken
Bhd, Support Capital Sdn Bhd, Aunyang Holdings Sdn Rimba Jaya Sdn Bhd. Beliau juga merupakan Pengarah
Bhd and Kenly (HK) Limited. Ken Projects Sdn Bhd, Ken Link Sdn Bhd, Support
Capital Sdn Bhd, Aunyang Holdings Sdn Bhd dan Kenly
His spouse - Mdm Lau Pek Kuan, his brother - Mr Tan (HK) Limited.
Moon Hwa and his son - Mr Tan Chek Siong are also
members of the board. Isteri beliau - Puan Lau Pek Kuan, adik beliau - Encik Tan
Moon Hwa dan anak lelaki beliau - Encik Tan Chek Siong
juga adalah ahli-ahli Lembaga.
11
Directors’ Profile (cont’d) Profil Para Pengarah (samb.)
She was the co-founder of the Group and was instrumental Beliau ialah pengasas bersama Kumpulan dan berperanan
in developing and implementing the accounting and human penting dalam pembangunan dan pelaksanaan polisi
resource policies for the Group and its subsidiaries. She perakaunan dan sumber manusia untuk Kumpulan dan
was appointed to the Board on 18 March 1996. She has anak-anak syarikatnya. Beliau dilantik ke Lembaga pada
extensive knowledge and experience for procurement 18 Mac 1996. Beliau mempunyai pengetahuan dan
of materials in specialist engineering and building pengalaman yang luas dalam perolehan untuk bahan
construction and currently heads the Group’s procurement kejuruteraan pakar dan bahan binaan dan kini mengetuai
and operational division. She has been responsible for bahagian perolehan dan operasi. Beliau bertanggungjawab
integrating the Group’s operations for effective cost mengintegrasikan operasi Kumpulan dengan memastikan
containment measures and maintaining a high level of penggunaan kos secara berkesan serta mengekalkan
efficiency for the Group. prestasi kualiti Kumpulan yang cemerlang.
She is also a Director of Ken Grouting Sdn Bhd, Ken-Chec Beliau juga merupakan salah seorang pengarah Ken
Sdn Bhd, Ken Property Sdn Bhd, Ken Projects Sdn Bhd, Grouting Sdn Bhd, Ken-Chec Sdn Bhd, Ken Property
Khidmat Tulin Sdn Bhd, Support Capital Sdn Bhd, Ken Sdn Bhd, Ken Projects Sdn Bhd, Khidmat Tulin Sdn Bhd,
Rimba Jaya Sdn Bhd and Ken Link Sdn Bhd. Support Capital Sdn Bhd, Ken Rimba Jaya Sdn Bhd dan
Ken Link Sdn Bhd.
She is the spouse of Mr Tan Boon Kang who is the
Managing Director of the Company. Her son, Mr Tan Chek Beliau merupakan isteri kepada En. Tan Boon Kang,
Siong also sits on the board. Pengarah Urusan Syarikat. Anak lelakinya En. Tan Chek
Siong juga adalah ahli Lembaga.
He was appointed to the Board on 24 February 2006 Beliau dilantik menganggotai Lembaga Pengarah pada
as an Executive Director. He graduated with a Bachelors 24 Februari 2006 sebagai Pengarah Eksekutif. Beliau
of Civil Engineering from the University College London, memperolehi Sarjana Muda Kejuruteraan Awam dari
United Kingdom in 2001 and also received his Graduate Universiti Kolej London, United Kingdom pada tahun 2001
Diploma in Law from The College of Law, London, United dan menerima Diploma Graduan undang-undang dari Kolej
Kingdom in 2004. He joined the Group in October 2004 as Undang-undang, London, United Kingdom pada tahun
the Special Assistant to the Managing Director. 2004. Beliau menyertai Kumpulan dalam bulan Oktober
2004 sebagai Pembantu Khas kepada Pengarah Urusan.
Prior to joining the Group, he worked with Arup Consulting
KEN HOLDINGS BERHAD (106173-M) ANNUAL REPORT 2007
Engineers in London working in the geotechnical division Sebelum menyertai Kumpulan, beliau bekerja di bahagian
and subsequently seconded to the GBP 5.6 billion Channel geoteknikal, Arup Consulting Engineers di London. Beliau
Tunnel Rail Link project, constructing England’s first high kemudiannya, melibatkan diri di dalam projek Channel
speed railway lines, a new international station in Stratford, Tunnel Rail Link yang menelan jumlah kos sebanyak
East London, 36km of tunnels under Central London and GBP5.6 bilion, pembinaan lantasan keretapi kelajuan tinggi
a new Eurostar terminal at St Pancras. yang pertama di England, sebuah stesen antarabangsa
di Stratford, London Timur, terowong sepanjang 36km
He currently handles the property development, property di bawah Pusat London dan terminal Eurostar baru di St
management and sales & marketing divisions of the Group. Pancras.
He also heads these divisions, the property arm of the
Group. Pada masa ini, beliau mengendalikan bahagian
pembangunan hartanah, pengurusan hartanah, dan
He is the son of Mr Tan Boon Kang and Mdm Lau Pek Kuan penjualan dan pemasaran hartanah Kumpulan. Beliau turut
who are members of the Board. menerajui bahagian-bahagian hartanah Kumpulan.
12
Directors’ Profile (cont’d) Profil Para Pengarah (samb.)
He was appointed an Independent Non-Executive Director Beliau dilantik sebagai Pengarah Bebas dan Bukan
of the Company on 3 May 1995 and is the Chairman of Eksekutif pada 3 Mei 1995 dan merupakan Pengerusi
the Audit and Remuneration Committees. He is also a Jawatankuasa Audit dan Jawatankuasa Ganjaran. Beliau
member of the Nomination Committee. juga adalah ahli Jawatankuasa Pencalonan.
He graduated with a Bachelor of Commerce from Beliau memperolehi Ijazah Sarjana Muda dalam
Nanyang University, Singapore in 1974. He furthered Perdagangan dari Universiti Nanyang, Singapura pada
his studies in Australia where he was admitted to the tahun 1974. Beliau melanjutkan pelajaran ke Australia
Australian Society of Certified Practising Accountants dan telah diterima sebagai ahli bersekutu Persatuan
as an associate member since 1976. He was admitted Pengamal Akauntan Bertauliah Australia pada tahun
to the Malaysian Institute of Accountants as a Public 1976. Beliau juga diterima sebagai Akauntan Awam (kini
Accountant (now known as Chartered Accountant) in dikenali sebagai Akauntan Bertauliah) Institut Akauntan
July 1980. He started his own public accountants firm, Malaysia pada Julai 1980. Beliau menubuhkan firma
Sha & Co (now known as Sha, Tan & Co) in 1981. He akauntan awam sendiri, Sha & Co (kini dikenali sebagai
was an Independent Non-Executive Director of Maxbiz Sha, Tan & Co) pada tahun 1981. Beliau ialah Pengarah
Corporation Berhad from 21 February 2005 to 22 January Bebas dan Bukan Eksekutif di Maxbiz Corporation
2008. Berhad dari 21 Februari 2005 hingga 22 Januari 2008.
He was appointed to the Board on 20 February 1998. He Beliau dilantik menganggotai Lembaga Pengarah pada
is an associate member of the Association of Chartered 20 Februari 1998. Beliau merupakan ahli Persatuan
Certified Accountants and the Institute of Chartered Akauntan Bertauliah serta Institute of Chartered
Secretaries and Administrators (UK). He graduated from Secretaries and Administrators (UK). Beliau memperolehi
Kolej Tunku Abdul Rahman with a Diploma in Business Diploma Pengajian Perniagaan pada tahun 1997 dari Kolej
Studies and started his career in audit with Hanafiah Tunku Abdul Rahman dan memulakan kerjayanya dalam
Raslan Mohamad (merged and now known as Ernst & bidang audit di Hanafiah Raslan Mohamad (kini dikenali
Young), a public accounting firm in 1977. He has over 20 sebagai Ernst & Young), sebuah firma akauntan awam
years experience in accounting, finance, administration pada tahun 1977. Beliau mempunyai lebih daripada 20
KEN HOLDINGS BERHAD (106173-M) ANNUAL REPORT 2007
and corporate finance. He has worked in a number of tahun pengalaman dalam sektor perakaunan, kewangan,
industries such as in the beverage business with Fraser pengurusan dan korporat kewangan. Beliau pernah
& Neave Berhad, motor trade business with Cycle & berkhidmat di beberapa industri seperti perniagaan
Carriage Bintang Berhad, financial services with MBf perdagangan dengan Fraser & Neave Berhad, perniagaan
Capital Berhad and property development with Metroplex jual beli kereta dengan Cycle & Carriage Bintang Berhad,
Berhad. He joined the Group in 1997 as Director, perkhidmat kewangan dengan MBf Capital Berhad
Finance and Administration and currently oversees the dan berkhidmat dalam bidang pembangunan hartanah
corporate and financial operations of the Group. di Metroplex Berhad. Beliau menyertai Kumpulan Ken
Holdings Berhad pada tahun 1997 sebagai Pergarah,
He is a Director of Khidmat Tulin Sdn Bhd, Support Capital Kewangan dan Pengurusan dan kini menyedia hal koporat
Sdn Bhd, Jewel Estate Sdn Bhd, Aunyang Holdings Sdn dan operasi kewangan Kumpulan.
Bhd, Ken Property Sdn Bhd, Ken Projects Sdn Bhd, Ken
Rimba Jaya Sdn Bhd, Kenly (HK) Limited and Classic Beliau juga memegang jawatan sebagai Pengarah
Scenic Berhad. Khidmat Tulin Sdn Bhd, Support Capital Sdn Bhd, Jewel
Estate Sdn Bhd, Aunyang Holdings Sdn Bhd, Ken Rimba
Jaya Sdn Bhd, Ken Property Sdn Bhd, Ken Projects Sdn
Bhd, TBS Management Sdn Bhd, Ken Link Sdn Bhd,
Kenly (HK) Limited dan Classic Scenic Berhad.
13
Directors’ Profile (cont’d) Profil Para Pengarah (samb.)
He was appointed to the Board on 18 March 1996. He Beliau dilantik menganggotai Lembaga Pengarah pada
has been with the Group since 1980 and has extensive 18 Mac 1996. Beliau mula berkhidmat dengan Kumpulan
experience, with more than 15 years in the specialist semenjak 1980 dan berpengalaman luas melebihi 15
engineering business, particularly in the geo-technical tahun dalam industri kejuruteraan, terutamanya dalam
sector and structural repair and rehabilitation works. He sektor geo-teknikal dan kerja-kerja pembaikan serta
currently heads the specialist engineering section and pemulihan struktur. Beliau kini mengetuai bahagian
has improvised techniques to expedite and improve kejuruteraan pakar dan telah berupaya memperbaiki
efficiency. teknik untuk mempercepatkan serta mempertingkatkan
kecekapan.
He is also a Director of Ken Grouting Sdn Bhd, Ken-Chec
Sdn Bhd, Ken Projects Sdn Bhd, Ken Property Sdn Bhd, Beliau juga merupakan salah seorang Pengarah Ken
Ken Link Sdn Bhd, TBS Management Sdn Bhd and Jewel Grouting Sdn Bhd, Ken-Chec Sdn Bhd, Ken Projects Sdn
Estate Sdn Bhd. Bhd, Ken Property Sdn Bhd, Ken Link Sdn Bhd, TBS
Management Sdn Bhd dan Jewel Estate Sdn Bhd.
His brother, Mr Tan Boon Kang is the Managing Director
of the Company. Abang beliau, En Tan Boon Kang, adalah Pengarah Urusan
Syarikat.
Dato’ SERI Raja Haji Ahmad Zainuddin bin Raja Haji Omar
Independent Non-Executive Director / Pengarah Bebas dan Bukan Eksekutif
52 years of age • Malaysian / 52 tahun • Warganegara Malaysia
He was appointed to the Board on 29 January 2003. Beliau dilantik menganggotai Lembaga Pengarah pada
He has been actively involved in the political scene in 29 Januari 2003. Beliau sangat aktif melibatkan dirinya
Malaysia since 1982. He was the Press Secretary to the dalam bidang politik negara semenjak tahun 1982.
Menteri Besar of Perak in 1982 and moved on to be the Beliau pernah berkhidmat sebagai Setiausaha Media
Political Secretary in 1986 until 1999. He has also been Menteri Besar Negeri Perak pada tahun 1982 dan
the Member of Parliament for the constituency of Larut. dilantik menjadi Setiausaha Politik pada tahun 1986
He was also the Perak State Assemblyman for Batu sehingga 1999. Beliau juga telah berkhidmat sebagai
Kurau from 1990 to 1999. Ahli Parlimen Kerajaan Persekutuan Malaysia untuk
KEN HOLDINGS BERHAD (106173-M) ANNUAL REPORT 2007
14
Directors’ Profile (cont’d) Profil Para Pengarah (samb.)
1. any family relationship with any Director; and/or major shareholder of the Company.
3. any conviction for offences within the past 10 years other than traffic offences.
1. hubungan saudara dengan sesiapa pengarah dan/atau pemegang saham utama bagi Syarikat;
15
Chairman’s Statement
“ Dear Shareholders,
31 December 2007.
”
KEN HOLDINGS BERHAD (106173-M) ANNUAL REPORT 2007
16
Chairman’s Statement (cont’d)
Business Review
During the year under review the Malaysian economy remained favourable with sustainable growth in 2007 despite
uncertainty in the global economic environment amidst the high crude oil prices.
The companies within the Group continued to operate in favourable environments. Whilst focusing on enhancing
its competitive position in the market place, the internal processes of the group were strengthened to enhance
competitiveness to ensure business outcomes are consistently aligned with the target levels.
Financial Performance
For the financial year ended 31 December 2007, the Group recorded a turnover of RM60.2 million and profit after tax
of RM8.4 million, an increase of RM4.6 million compared to last year’s RM3.9 million. The positive trend was largely
due to the completion of 2 major projects in Selangor and a gain arising from the disposal of a subsidiary.
Dividends
The Board has recommended a final dividend of 6 sen per share less tax of 26% (2006: 5 sen less tax of 27%) for
the financial year ended 31 December 2007 in recognition of your continued support and confidence in us. The
dividend shall be subject to shareholders’ approval at the forthcoming Annual General Meeting.
Outlook
With the positive momentum enjoyed by the property sector in 2007, we envisage that it would continue in 2008 with
the favourable economic outlook supported by the continued roll-out of key infrastructure projects. The Government’s
landmark decision to allow monthly EPF withdrawals to fund mortgages will profoundly impact the property market.
With the on-going projects in the pipeline, with clear directions where we are heading and a committed management
team, we believe we can weather the challengers ahead and look forward to positive results in 2008.
Corporate Governance
The Board is committed to ensuring that the Malaysian Code of Practice on Corporate Governance is adhered to in
the conduct of activities of the Group. The Board’s statement pertaining to the implementation of the guidelines of the
Code during the year under review is contained in the Statement on Corporate Governance on pages 25 through 30
of this Annual Report.
KEN HOLDINGS BERHAD (106173-M) ANNUAL REPORT 2007
Acknowledging Contributions
On behalf of the Board, I would like to extend our deepest appreciation to our customers, business partners,
government authorities and financial community for their relentless support, continued trust, confidence and
contributions to the Group’s growth and success. To the management and staff, I wish to place on record my heartfelt
gratitude for their invaluable contribution, loyalty, team spirit, diligence and whole-hearted commitment shown during
the year. Last but not least, my sincere appreciation to the shareholders and my fellow board members for their
unwavering support towards the success of the Group.
Kuala Lumpur
30 April 2008
17
Penyata Pengerusi
Syarikat-syarikat di dalam Kumpulan terus beroperasi dalam keadaan yang membanggakan. Di samping meningkatkan
daya saing dalam pasaran, proses dalaman Kumpulan terus diperkuatkan untuk meningkatkan daya saing untuk
memastikan yang hasil perniagaan bertepatan dengan konsisten dengan tahap target yang ditetapkan.
Prestasi Kewangan
Untuk tahun kewangan berakhir 31 Disember 2007, Kumpulan mencatatkan pulangan sebanyak RM60.2 juta dan
keuntungan selepas cukai berjumlah RM8.4 juta, peningkatan sebanyak RM4.6 juta berbanding dengan RM3.9 juta
yang dicatatkan pada tahun sebelumnya. Trend positif ini dihasilkan berikutan siapnya dua projek utama di Selangor
dan perolehan dari penjualan syarikat subsidiari.
KEN HOLDINGS BERHAD (106173-M) ANNUAL REPORT 2007
Dividen
Lembaga Pengarah telah mencadangkan dividen terakhir bernilai 6 sen sesaham kurang cukai 26% (2006: 5 sen
kurang cukai 27%) untuk tahun kewangan berakhir 31 Disember 2007 untuk menghargai sokongan dan keyakinan
berterusan yang telah diberikan oleh para pemegang saham kepada kami. Dividen ini tertakluk pada kelulusan para
pemegang saham dalam Mesyuarat Agung Tahunan yang akan datang.
Prospek
Disebabkan oleh momentum positif yang dinikmati oleh sektor hartanah dalam tahun 2007, kami menjangkakan yang
ianya akan berterusan ke tahun 2008 berikutan prospek ekonomi yang memberangsangkan di samping pelaksanaan
projek infrastruktur utama yang berterusan. Keputusan Kerajaan membenarkan pengeluaran bulanan duit EPF untuk
membiayai pinjaman akan memberi kesan yang hebat ke atas pasaran hartanah.
18
Penyata Pengerusi (samb.)
Dengan adanya projek-projek dalam perancangan, dengan arah tujuan yang jelas dan dengan kumpulan pengurusan
yang komited, kami yakin kami akan dapat mengharungi semua cabaran di masa akan datang dan kami yakin kami
akan mendapat hasil positif bagi tahun 2008.
Penghargaan
Bagi pihak Lembaga Pengarah, saya ingin merakamkan penghargaan yang tidak terhingga kepada para pelanggan,
rakan perniagaan, pihak kerajaan dan masyarakat kewangan di atas sokongan, kepercayaan, keyakinan dan
sumbangan berterusan mereka kepada pertumbuhan dan kejayaan Kumpulan. Kepada pihak pengurusan dan
kakitangan, saya ingin mengucapkan setinggi-tinggi ucapan terima kasih di atas sumbangan berharga, kesetiaan,
KEN HOLDINGS BERHAD (106173-M) ANNUAL REPORT 2007
semangat berkumpulan, kerajinan dan komitmen yang tidak berbelah-bagi yang ditunjukkan sepanjang tahun.
Tidak juga dilupakan, saya ingin mengucapkan ribuan terima kasih kepada para pemegang saham dan rakan-rakan
Lembaga Pengarah di atas sokongan berterusan yang mereka berikan kepada Kumpulan.
Kuala Lumpur
30 April 2008
19
Managing Director’s Report
“
2007 has been a good year
We recorded a revenue of
20
Managing Director’s Report (cont’d)
Overview
The Malaysian economy continued to record favourable growth in 2007 despite the tightened global financial market
conditions and slowdown in the United States. The Malaysian GDP expanded by 6% in 2007 supported by strong
private and public consumption and strong investment while inflation remained modest supported by the appreciation
of the Ringgit against the US Dollar which helped reduce the inflationary rate.
Our Ken Bangsar project located at the peak of the exclusive Bukit Bandaraya, Bangsar is expected to be completed
KEN HOLDINGS BERHAD (106173-M) ANNUAL REPORT 2007
in early 2009 and shall contribute favourably to Group revenue and profits.
During the year we have also acquired two pieces of land in Taman Tun Dr Ismail, Kuala Lumpur for a commercial
development which will partly be use to house our corporate office. This commercial/office building will provide long
term sustainable income and revenue to the group in view of the growing demand for commercial space in the growing
commercial precinct of Damansara Perdana, Taman Tun Dr Ismail and 1-Utama.
21
Managing Director’s Report (cont’d)
To assist the authorities in addressing housing issues of the urban lower income group, we have offered discounts
to squatter families to purchase low cost apartments at our low cost apartment project in Shah Alam Selangor at
discounted price to enable them to buy their own homes.
Following the establishment of Ken Foundation, a charitable trust foundation, we are in the process of finalising the
framework to provide financial support in terms of scholarship to Malaysian students. We hope to roll off the scholarship
programme with the first batch of students this year.
Looking forward
Looking forward, the Malaysian economy is expected to remain positive in 2008 amidst slowing global economy due
to deceleration in the US economy. The government’s decision to allow monthly EPF withdrawals to fund mortgages
will provide the impetus for growth. We expect to spur demand for a wide spectrum of properties where EPF
KEN HOLDINGS BERHAD (106173-M) ANNUAL REPORT 2007
contributors will take advantage of this flexibility to boost their purchasing power.
We will continue to stand in good stead as we grow and maintain our brand of quality products, service excellence
and value creation.
Kuala Lumpur
30 April 2008
22
Laporan oleh Pengarah Urusan
“ Tahun 2007 adalah tahun yang baik bagi Ken Holdings Berhad. Kami
mencatatkan perolehan sebanyak RM60.2 juta dan keuntungan selepas
cukai sebanyak RM8.4 juta untuk tahun berakhir 31 Disember 2007,
satu peningkatan berjumlah RM4.6 juta bagi keuntungan selepas
cukai berbanding dengan RM3.9 juta yang dicatatkan pada tahun
sebelumnya.
”
Tinjauan
Ekonomi Malaysia terus mencatatkan pertumbuhan yang memberangsangkan dalam tahun 2007 walaupun keadaan
pasaran kewangan global bertambah kecil dan terdapatnya kemerosotan di Amerika Syarikat. Keluaran Dalam Negara
Kasar (GDP) Malaysia meningkat sebanyak 6% dalam tahun 2007 yang didorong oleh penggunaan sektor swasta
dan sektor awam dan juga pelaburan yang tinggi, di mana inflasi kekal sederhana berikutan peningkatan Ringgit
berbanding US Dollar yang telah mengurangkan kadar inflasi.
Projek Ken Bangsar kami terletak di puncak Bukit Bandaraya, Bangsar yang eksklusif dan dijangka siap pada tahun
2008. Projek ini akan menyumbang perolehan dan keuntungan yang membanggakan kepada Kumpulan.
Dalam tahun 2007, kami juga telah membeli dua keping tanah di Taman Tun Dr Ismail, Kuala Lumpur untuk tujuan
pembangunan komersil, di mana sebahagian darinya akan digunakan sebagai pejabat korporat kami. Bangunan
komersil/pejabat ini akan menyumbang pendapatan dan perolehan jangka panjang kepada Kumpulan berikutan
terdapatnya permintaan yang meningkat bagi ruang komersil di kawasan komersil Damansara Perdana, Taman Tun
Dr Ismail dan 1-Utama yang semakin berkembang.
23
Laporan oleh Pengarah Urusan (samb.)
Untuk membantu pihak berkuasa menangani isu perumahan bagi golongan penduduk bandar berpendapatan rendah,
kami telah menawarkan diskaun kepada keluarga golongan setinggan untuk membeli pangsapuri kos rendah di projek
pangsapuri kos rendah kami di Shah Alam, Selangor pada harga diskaun untuk membolehkan mereka memiliki rumah
sendiri.
Berikutan penubuhan Yayasan Ken, sebuah pertubuhan dana kebajikan, kami sekarang berada dalam proses
menyiapkan rangka kerja untuk memberi bantuan kewangan dalam bentuk biasiswa kepada pelajar-pelajar Malaysia.
Kami merancang untuk menawarkan program biasiswa ini kepada kumpulan pelajar yang pertama dalam tahun ini.
Melihat ke hadapan
Melihat ke hadapan, ekonomi Malaysia dijangka akan kekal positif untuk tahun 2008 berikutan penurunan dalam
KEN HOLDINGS BERHAD (106173-M) ANNUAL REPORT 2007
ekonomi global akibat kemerosotan ekonomi Amerika Syarikat. Keputusan kerajaan membenarkan pengeluaran
bulanan duit KWSP untuk membiayai pinjaman akan menggalakkan pertumbuhan. Kami mahu meningkatkan
permintaan terhadap jenis hartanah yang lebih luas dimana penyumbang KWSP akan mengambil kesempatan ini
untuk meningkatkan kuasa pembelian mereka.
Kami akan terus memberi sumbangan dan pada masa yang sama, kami akan terus berkembang dan akan terus
menawarkan produk yang berkualiti, perkhidmatan yang memuaskan dan mencipta nilai untuk pelanggan kami.
Kuala Lumpur
30 April 2008
24
Statement of Corporate Governance
The Board of Directors (“Board”) is committed to ensure that the highest standards of corporate governance are
observed throughout the Group so that the affairs of the Group are conducted with integrity and professionalism with
the objective of safeguarding shareholders’ investment and ultimately enhancing shareholders value.
The following paragraph describe how the Group has applied the principles of good corporate governance and the
extent to which it has complied with the best practices set out in the Malaysian Code of Corporate Governance
(“Code”). These principles and best practices have been applied and complied with throughout the financial year
ended 31 December 2007.
DIRECTORS
Board of Directors
The Board has overall responsibilities for the corporate governance practices of the Group. It guides and monitors
the affairs of the Group on behalf of the shareholders and retains full and effective control over the Group. The key
responsibilities include a review of strategic direction for the Group and overseeing the business operations of the
Group, evaluating whether they are properly managed.
The Group practices a division of responsibility between the Chairman and the Managing Director of the Group
and there is a balance of Executive, Non-Executive and Independent Directors. The roles of the Chairman and
the Managing Director are separate and clearly defined and are held individually by two persons. The Chairman is
primarily responsible for the orderly conduct and working of the Board whilst the Managing Director has the overall
responsibility for the day-to-day running of the business corporate, strategic planning and implementation of such
strategies as may be approved by the Board.
The presence of the Independent Non-Executive Directors fulfil a pivotal role in corporate governance accountability
as they provide an element of objectivity, independent judgment and balance of the Board. In addition, the Board has
identified Dato’ Seri Raja Haji Ahmad Zainuddin bin Raja Haji Omar as the Senior Independent Non-Executive Director
to whom concerns regarding the Group may be conveyed.
Board Meetings
Board meetings are held at quarterly intervals with additional meetings convened when urgent and important
decisions need to be taken between the scheduled meetings. During the year ended 31 December 2007, the Board
met on five (5) occasions, where it deliberates on a variety of matters including the Group’s results, major investments
and strategic decisions and direction of the Group.
The Board delegates specific responsibilities to the Board Committees so as to enhance business operational
efficiency as well as efficacy. All of these committees have written constitutions and terms of reference, and they
have the authority to examine particular issues and report back to the Board with their recommendations. The Board
receives reports of their proceedings and deliberations.
The main committees of the Board include the Audit Committee, Nomination Committee, Remuneration Committee
and the Option Committee (Employees Share Option Scheme).
25
Statement of Corporate Governance (cont’d)
Record of each Director’s meeting attendance for financial year ended 31 December 2007 is contained in the table
below:
Note: ^ denote membership and ( ) indicate meetings attended out of total scheduled since the beginning of the
financial year.
Supply of Information
The Chairman ensures that all Directors have full and timely access to information with Board papers distributed
in advance of the meetings. Every Director has unhindered access to the advice and services of the Company
Secretary and the terms of appointment permits removal and appointment only by the Board as a whole. The
Board of Directors, whether as a full board or in their individual capacity, in the furtherance of their duties, may seek
independent professional advice at the Company’s expense.
All scheduled meetings held during the year were preceded with a formal agenda issued by the Company Secretary
KEN HOLDINGS BERHAD (106173-M) ANNUAL REPORT 2007
and prior to the meeting of the Board and the Board Committees, Board papers which include reports relevant to the
issues of the meeting were circulated on a timely manner to all Directors. These Board papers are issued prior to the
meeting to enable Directors to obtain further explanations, where necessary in order to be properly briefed before
the meeting.
The Directors are regularly updated by the Company Secretary on the new statutory as well as regulatory
requirements relating to Directors’ duties and responsibilities or the discharge of their duties as Directors of the
Company. The Company Secretary attends all Board Meetings and ensures that accurate and adequate records of
the proceedings of Board Meetings and decisions made are properly kept.
26
Statement of Corporate Governance (cont’d)
New Directors are subject to election at the Annual General Meeting (AGM), following their first appointment. In
addition, an election of Directors shall take place each year and all Directors shall retire from office every three (3) years
but shall be eligible for election. These provide an opportunity for shareholders to renew their mandate. The election
of each Director is voted separately. To assist shareholders in their decision, sufficient information such as personal
profile, meeting attendance and shareholdings in the Group of each Director standing for election are furnished in a
separate statement accompanying the Notice of AGM. Directors over seventy (70) years of age are required to submit
themselves for re-appointment annually in accordance with Section 129(6) of the Companies Act, 1965.
The Board through the Nomination Committee annually appraises the current composition of the Board to be assured
that its composition brings the required mix of skills and core competencies required for the Board to discharge its
duties effectively.
The Nomination Committee comprises entirely of Independent Non-Executive Directors and all the three (3) Independent
Non-Executive Directors are members of the Nomination Committee.
Directors’ Training
All Directors have completed the Mandatory Accreditation Programme and the Continuing Education Programme
(CEP) prescribed by Bursa Securities. The Directors will continue to undergo other relevant training programmes on a
continuous basis in compliance with paragraph 15.09 of Bursa Securities Listing Requirements.
During the financial year ended 31 December 2007, the Directors have attended training programmes conducted by
external training providers on the topics relevant to the Group’s business operations and strategy.
Board Committees
The Board has delegated certain responsibilities to Board Committees which operate within clearly defined terms of
reference. The main Committees of the Board include the Audit Committee, Nomination Committee, Remuneration
Committee and the Option Committee.
a. Audit Committee
The Audit Committee reviews issues of accounting policy and presentation for external financial reporting,
monitors the work of the internal audit function and ensures objective and professional relationship is maintained
with external auditors, who in turn, have access at all times to the Chairman of the Committee.
A summary of the activities of the Committee during the financial year is described in the Audit Committee
report on pages 33 to 36 of this Annual Report.
b. Option Committee
KEN HOLDINGS BERHAD (106173-M) ANNUAL REPORT 2007
The Option Committee was established on 24 February 2003 to administer the Group’s Employees’ Share
Option Scheme in accordance with the objective and regulations thereof set-out in the Bye-Laws and in such
manner as it shall deem fit and with such powers and duties as are conferred upon it by the Board.
27
Statement of Corporate Governance (cont’d)
c. Nomination Committee
The Board has established a Nomination Committee consisting of the following Non-Executive Directors, all of
whom are independent:
The Committee also assesses the effectiveness of the Board, its Committees and the contribution of each
individual Director on an annual basis.
d. Remuneration Committee
The Board has established a Remuneration Committee consisting of the following Directors, majority of whom
are Non-Executive Directors:
The Remuneration Committee is entrusted with the role of determining and recommending to the Board the
remuneration framework for Directors as well as remuneration packages of Executive Directors in all its form
drawing for outside advice if necessary. None of the Executive Directors participated in anyway in determining
their remuneration. The Board as whole determines the remuneration of Non-Executive Directors with individual
Directors abstaining from decisions in respect of their individual remuneration.
The policy practiced on Directors’ remuneration by the Remuneration Committee is to provide the remuneration
necessary to attract, retain and motivate Directors of the quality required to manage the business of the Company
and to align their interest with those of the shareholders.
The remuneration of the Non-Executive Directors consist of fees and allowances for their services in connection
with Board and Board Committee meetings. They do not have contracts and do not participate in any share option
scheme of the Group.
e. Directors Remuneration
An analysis of the aggregate Directors remuneration of the Group for the year ended 31 December 2007
categorised in appropriate components is set out below:
KEN HOLDINGS BERHAD (106173-M) ANNUAL REPORT 2007
Salaries and
Benefits- Other
Fee in-Kind Emoluments Bonus Total
RM’000 RM’000 RM’000 RM’000 RM’000
28
Statement of Corporate Governance (cont’d)
An analysis of the number of Directors whose remuneration, paid by the Group, falls in successive bands of
RM50,000 is set out below:
Below RM50,000 1 3
RM100,001 - RM150,000 1 -
RM150,001 - RM200,000 1 -
RM250,001 - RM300,000 2 -
RM850,001 - RM900,000 1 -
6 3
SHAREHOLDERS
Investors and Shareholders Relationship
The Board recognises the importance of an effective communication channel between the Board, shareholders and
the general public. The Annual Report, press releases and quarterly results are the primary mode of disseminating
information on the Group’s business activities and provide regular update on the Group’s financial performance and
operations. In addition, other corporate information is available to all shareholders in the Annual Report. The policy of
the Board is to maintain an active dialogue with its shareholders with the intention of giving shareholders as clear and
complete picture of the Group’s performance and position as possible.
The Annual General Meeting (AGM) represents the principal forum for dialogue and interaction with shareholders
where shareholders are informed of current development. Shareholders are encouraged to participate in discussion
and to give their views to the Board. Where it is not possible to provide immediate answers, the Chairman will
undertake to furnish the shareholder(s) with a written answer after the AGM. Additionally, a press conference is held
immediately after the AGM to brief members of the media on key events of the Group. The Managing Director and
Executive Directors are also present at the press conference to explain any issues.
The Board has also appointed Dato’ Seri Raja Ahmad Zainuddin bin Raja Haji Omar as the Senior Independent Director
to whom shareholders can voice their view and concerns by e-mail at rajaaz@kenholdings.com.my.
Bursa Securities also provides the Company to electronically publish all its announcements, including full versions of
its quarterly result announcement, Circulars and Annual Report at Bursa Securities’ website at www.bursamalaysia.
com/website/bm. The Company also maintains its homepage that allows all shareholders and investors access to
information about the Group at www.kenholdings.com.my.
KEN HOLDINGS BERHAD (106173-M) ANNUAL REPORT 2007
Whilst the Company endeavours to provide as much information as possible to its shareholders, it must also be wary
of the legal regulatory framework governing the release of material and price-sensitive information. As such, corporate
disclosure will take into account the prevailing legislative restrictions and requirements as well as the investors’ needs
for timely release of price-sensitive information, such as financial performance results and statements, material
acquisitions, significant corporate proposals as well as other significant corporate events.
29
Statement of Corporate Governance (cont’d)
The Board is assisted by the Audit Committee to oversee the Group’s financial reporting processes to ensure accuracy,
adequacy of all relevant information for disclosure and that necessary steps have been taken to ensure that the
Group had used all the applicable accounting policies consistently, and that the policies are supported by reasonable
prudent judgements and estimates. The Board took due care and reasonable steps to ensure that the requirements
of accounting standards and relevant regulations were fully met.
A summary of the activities of the Audit Committee during the year are set out in the Audit Committee Report on
pages 33 to 36 of this Annual Report.
The details of audit fee payable and non-audit fee paid to the external auditors are set out below:
2007
RM’000
Total 99
Directors’ responsibility statement in respect of the preparation of the audited financial statements
The Board is responsible for ensuring that the financial statements of the Group give a true and fair view of the affairs
of the Group and of the Company as at the end of the accounting period and of the profit and loss and cash flows for
the period ended. The Board also ensures that the financial statements are prepared in accordance with the applicable
approved accounting standards in Malaysia and the provisions of the Companies Act 1965.
Compliance Statement
KEN HOLDINGS BERHAD (106173-M) ANNUAL REPORT 2007
The Company has complied throughout the financial year with the best practices of the corporate governance set out
in Part 2 of the Code.
This statement was made in accordance with a resolution of the Board dated 26 March 2008.
30
Statement of Internal Control
The Malaysian Code of Corporate Governance sets out as a principle that the Board of Directors (“The Board”) should
maintain a sound system of internal control. The Board believes that the practice of good corporate governance is
an important continuous process and in accordance with paragraph 15.27 of the Bursa Malaysia Securities Berhad
Listing Requirements, the Board set out below the nature and scope of internal control of the Group during the year.
Responsibility
The Board recognises the importance of maintaining a sound system of internal control and risk management
practices in establishing good corporate governance. The Board acknowledges its responsibility for the Group’s System
of Internal Control, and risk management and for reviewing the adequacy and integrity of the system. This includes
reviewing financial, organisational, management information system, operational and compliance controls and risk
management procedures.
The system is designed to manage, rather than eliminate, the risk of failure to achieve corporate objectives and can
provide reasonable but not absolute assurance against material misstatement or losses.
Risk Management
The Board regards risk management as an integral part of the business. The Group has formalised a risk policy and
risk management framework prepared with the involvement of an independent consultant in 2002 for a systematic
and consistent approach to evaluate and improve the adequacy and effectiveness of the Group’ risk management
process.
As part of the risk management framework, a Risk Management Committee (“RMC”) has been established and
is chaired by the Managing Director of the Company with the main functions of recommending appropriate
risk management policy to the board, maintaining overall risk management oversights and to review the risk profile of
the Group.
With the establishment of the risk management framework, the Group conducts an annual risk assessment exercise
in the identification and evaluation of the significant risk affecting the Company and one of its significant subsidiary,
Ken Grouting Sdn Bhd (KGSB). During the year, six risk areas were selected for review and a general review was
performed on the other risk areas. The risk profile of the Company and KGSB together with the Risk Register were
updated and presented in the RMC meeting.
The risk assessment was subsequently reviewed and approved by the Audit Committee and the Board respectively
in March 2008.
KEN HOLDINGS BERHAD (106173-M) ANNUAL REPORT 2007
The internal audit function conducted internally has undertaken internal audit reviews on selected risk areas of the
Company and KGSB and its findings were presented to the Audit Committee and the Board in February 2008. The
annual audit plan has also been reviewed and approved by the Audit Committee.
31
Statement of Internal Control (cont’d)
• The organisational structure of the Company and its subsidiaries has defined lines of accountability and authority
for all aspects of the business;
• Management/project committee meetings and departmental meetings are held monthly to identify, discuss and
resolve operational, financial and key management issues;
• Budget is prepared for each subsidiary and reviewed by the Managing Director;
• Management reports are prepared monthly and monitored against budget on a quarterly basis;
• Board Committees comprising of Audit Committee, Nomination Committee, Remuneration Committee, Option
Committee, Management/Project Committee and Risk Management Committee with defined terms of reference
and functions have been established;
• Standard Operating Procedures are documented in Standard Operating Procedure Manuals and covers:
• Internal quality audits were conducted on Ken Property Sdn Bhd (KPSB), Khidmat Tulin Sdn Bhd (KTSB), Jewel
Estate Sdn Bhd (JESB) and KGSB on a half yearly basis to monitor compliance with ISO 9001:2000 as well as
identify and monitor operational issues;
• KGSB, KPSB, KTSB and JESB have been certified by a certification body for compliance with ISO 9001:2000;
• The Audit Committee reviews the quarterly results before approval by the Board for public releases. The Audit
Committee also reviews the audit findings of the external auditors, the annual financial statements and Annual
KEN HOLDINGS BERHAD (106173-M) ANNUAL REPORT 2007
• The Group’s internal audit function with the primary responsibility to assure the Board, via the Audit Committee,
that internal control systems are fully implemented through its audit reviews on selected risk areas during the
year and submits its findings to the Audit Committee; and
• Appointment of suitable employees with the required qualification and experience to fulfill their responsibilities and
to provide education, training and development to enhance employees’ skills and to reinforce such qualities.
The Board remains committed towards operating a sound system of internal control and therefore recognises that the
system must continuously evolve to support the growth and dynamics of the Group. As such the Board, in striving for
continuous improvement, will put in place appropriate action plans, where necessary, to further enhance the Group’s
system of internal control.
This statement was made in accordance with a resolution of the Board dated 26 March 2008.
32
Audit Committee Report
For the financial year ended 31 December 2007, the Committee comprises the following three directors:
Following the revision made to the Malaysian Code of Corporate Governance (“Code”), Mr Tan Boon Kang has
resigned as a member of the Audit Committee on 25 October 2007. The Company is in compliance with the Listing
Requirements of Bursa Malaysia Securities Berhad as well as the Code on the composition of the Audit Committee.
TERM OF REFERENCE
1) Policy
The policy of the Audit Committee is to ensure that internal and external audit functions are properly conducted
and that audit recommendations are being carried out effectively by the KEN HOLDINGS BERHAD group of
companies.
2) Objectives
The objectives of this policy are:
a) to assure the shareholders of the Company that the Directors of the Company have complied with
Malaysian financial standards and required disclosure policies developed and administered by Bursa
Malaysia Securities Berhad (“Bursa Securities”);
b) to ensure consistency with Bursa Securities’ commitment to encourage high standards of corporate
disclosure and to adopt best practices aimed at maintaining appropriate standards of corporate responsibility,
integrity and accountability to all the Company’s shareholders; and
c) to relieve the full Board of Directors from detailed involvement in the review of the results of internal and
external audit activities and yet ensure that audit findings are brought to the highest level for consideration.
3) Membership
KEN HOLDINGS BERHAD (106173-M) ANNUAL REPORT 2007
a) The Committee shall be appointed by the Board from amongst the directors of the Company and shall be
composed exclusively of Non-Executive Directors of no fewer than three members, of whom the majority
shall be independent.
b) The Committee shall include at least one (1) person who is a member of the Malaysian Institute of
Accountants or alternatively a person who must have at least three (3) years’ working experience and
have passed the examinations specified in Part 1 of the 1st Schedule of the Accountants Act 1967 or is a
member of one of the associations of accountants specified in Part II of the said Schedule or alternatively a
person who has fulfill such other requirements as prescribed or approved by Bursa Securities.
c) No alternate director shall be appointed as a member of the Committee.
d) The members of the Committee shall elect from among their number a Chairman who is non-executive and
independent, as defined above.
e) If one (1) or more members of the Committee resign, die or for any other reason cease to be a member with
the result that the Listing Requirements of Bursa Securities are breached, the Board shall, within three (3)
months of the event, appoint such number of new members as may be required to correct the breach.
f) The Board shall review the term of office of Committee members no less than once every three (3) years.
33
Audit Committee Report (cont’d)
4) Authority
The Committee is authorised by the Board, in accordance with the procedures to be determined by the Board (if
any) and at the cost of the Company, to:
5) Functions
The functions of the Committee shall be, amongst others, to review the following and report the same to the Board:
a) with the external auditors, the scope of the audit and the audit plan;
b) with the external auditors, their evaluation of the system of internal controls;
c) with the external auditors, their management letter and the management’s response;
d) with the external auditors, their audit report;
e) the assistance given by the employees to the external auditors;
f) the nomination or re-appointment of the external auditors and their audit fees as well as matters pertaining
to resignation or change of the external auditors;
g) the adequacy of the scope, functions, competency and resources of the internal audit function and that it has
the necessary authority to carry out its work;
h) the internal audit programme, processes, the results of the internal audit programme, processes or
investigation undertaken and whether or not appropriate action is taken on the recommendations of the
internal audit function;
i) the quarterly results and year end financial statements, prior to the approval by the Board of Directors,
focusing particularly on:
j) any related party transaction and conflict of interest situation that may arise within the Company or the group
including any transaction, procedure or course of conduct that raises questions of management integrity;
and
k) any other matters as directed by the Board.
34
Audit Committee Report (cont’d)
c) The internal auditor shall report directly to the Committee and shall have direct access to the Chairman of
the Committee.
d) All proposals by management regarding the appointment, transfer or dismissal of the internal auditor shall
require the prior approval of the Committee.
8) Attendance at Meetings
The Finance Director, the Head of Internal Audit and a representative of the external auditors shall normally attend
meetings. Other Board members and employees may attend any particular meeting upon the invitation of the
Audit Committee, specific to the relevant meeting. However, at least twice (2) a year the Committee shall meet
with the external auditors without executive Board members present.
9) Frequency of Meetings
The Chairman shall call for meetings, to be held not less than four (4) times a year. The external auditors may
request a meeting if they consider one necessary.
i) Statement on the Company’s application of the principles set out in Part 1 of the Malaysian Code on
Corporate Governance;
ii) Statement on the extent of compliance with the Best Practices in Corporate Governance set out in Part
2 of the Malaysian Code on Corporate Governance, specifying reasons for any areas of non-compliance
(if any) and the alternatives adopted in such areas;
iii) Statement on the Board’s responsibility for preparing the annual audited accounts; and
iv) Statement about the state of internal control of the Group.
d) The Committee may report any breaches of the Listing Requirements, which have not been satisfactorily
resolved, to the Bursa Securities
35
Audit Committee Report (cont’d)
Chairman
Sha Thiam Fook (Independent Non-Executive Director) 6/6
Members
Dato’ Ahmad Badri bin Mohamed Basir (Independent Non-Executive Director) 5/6
Dato’ Seri Raja Haji Ahmad Zainuddin bin Raja Haji Omar
(Independent Non-Executive Director) (appointed on 12/3/2007) 4/5
Tan Boon Kang (Managing Director) (resigned on 25/10/2007) 5/5
a) Reviewed the quarterly financial results and announcements of the Company and the Group for the financial
quarters ended 31/12/2006, 31/3/2007, 30/6/2007 and 30/9/2007 prior to submission to the Board of Directors
for consideration and approval;
b) Reviewed the year end financial statements ended 31 December 2006;
c) Reviewed the external auditors’ reports for the financial year ended 31 December 2006 in relation to audit and
accounting issues arising from the audit;
d) Reviewed the Audit Committee Report, Corporate Governance Statement and Statement of Internal Control for
the financial year ended 31 December 2006 and recommended its adoption to the Board;
e) Reviewed the Risk Management Assessment Report of the Company and its wholly-owned subsidiary;
f) Reviewed Internal Audit Report of the Company and its operating subsidiaries;
g) Reviewed the Group Internal Audit Plan;
h) Considered the nomination of the external auditors for recommendation to the Board for re-appointment and
reviewed the audit fees; and
i) Review and verified the allocation of options granted to employees pursuant to the Company’s Employees Share
Option Scheme.
KEN HOLDINGS BERHAD (106173-M) ANNUAL REPORT 2007
During the financial year, the Internal Auditor has conducted audit on the operating subsidiaries and submitted her
findings to the Audit Committee. Internal audit reports prepared by the Internal Auditor were circulated to all members
of the Audit Committee. All internal audit reports were reviewed by the Audit Committee and discussed at Audit
Committee Meetings and recommendations were duly acted upon by the management.
Bagi tahun kewangan berakhir 31 Disember 2007, ahli-ahli Jawatankuasa adalah seperti berikut:
Pengerusi : Sha Thiam Fook (ahli MIA) (Pengarah Bebas Bukan Eksekutif)
Ahli-ahli : Dato’ Ahmad Badri bin Mohamed Basir (Pengarah Bebas Bukan Eksekutif)
: Dato’ Seri Raja Haji Ahmad Zainuddin bin Raja Haji Omar (Pengarah Bebas Bukan Eksekutif)
(dilantik pada 12 Mac 2007)
: Tan Boon Kang (Pengarah Urusan)
(meletak jawatan pada 25 Oktober 2007)
Berikutan penyemakan yang dibuat kepada Kod Urus Tadbir Korporat Malaysia (“Kod”), Encik Tan Boon Kang
telah meletakkan jawatan sebagai ahli Jawatankuasa Audit pada 25 Oktober 2007. Syarikat menetapi Keperluan
Penyenaraian Bursa Malaysia Sekuriti Berhad dan juga Kod mengenai komposisi Jawatankuasa Audit.
BIDANG RUJUKAN
1) Polisi
Polisi Jawatankuasa Audit adalah untuk memastikan yang fungsi audit dalaman dan luaran dijalankan dengan betul
dan saranan audit dilaksanakan dengan sempurna oleh kumpulan syarikat-syarikat KEN HOLDINGS BERHAD.
2) Objektif
Objektif-objektif polisi adalah untuk:
a) eyakinkan pemegang saham Syarikat bahawa Pengarah Syarikat telah mematuhi piawaian kewangan
m
Malaysia dan polisi pendedahan yang berkenaan yang telah diperkenalkan dan ditadbirkan oleh Bursa
Malaysia Sekuriti Berhad (“Bursa Sekuriti”);
b) emastikan terdapatnya konsistensi dengan komitmen Bursa Sekuriti untuk menggalakkan pendedahan
m
korporat yang tinggi standardnya dan untuk menggunakan amalan terbaik bagi mengekalkan standard
tanggungjawab korporat, integriti dan kesungguhan yang berpatutan kepada semua pemegang saham
Syarikat; dan
c) ntuk membebaskan semua Lembaga Pengarah dari penglibatan terperinci dalam menyemak keputusan aktiviti
u
audit dalaman dan luaran tapi tetap memastikan yang hasil audit dipertimbangan pada tahap tertinggi.
3) Keahlian
a) Ahli-ahli jawatankuasa mestilah dipilih oleh Lembaga Pengarah daripada kalangan para pengarah Syarikat
KEN HOLDINGS BERHAD (106173-M) ANNUAL REPORT 2007
dan mestilah terdiri daripada Pengarah Bukan Eksekutif dan sekurang-kurangnya tiga (3) ahli, yang mana
majoritinya mestilah terdiri daripada pengarah-pengarah bebas.
b) Jawatankuasa mestilah mengandungi sekurang-kurangnya seorang (1) ahli yang merupakan ahli Institut Akauntan
Malaysia atau seseorang yang mempunyai sekurang-kurangnya tiga (3) tahun pengalaman bekerja dan telah lulus
peperiksaan seperti yang terkandung dalam Bahagian 1 Jadual 1 Akta Akauntan 1967 atau seseorang yang
merupakan ahli dalam salah satu persatuan yang dinyatakan dalam Bahagian II Jadual 1 Akta Akauntan 1967
atau seseorang yang telah memenuhi syarat-syarat yang telah ditetapkan atau diluluskan oleh Bursa Sekuriti.
c) Tiada pengarah pengganti boleh dilantik sebagai Ahli Jawatankuasa Audit.
d) hli-ahli Jawatankuasa Audit hendaklah melantik seorang Pengerusi daripada kalangan mereka yang
A
merupakan seorang Pengarah Bebas Bukan Eksekutif, seperti yang dinyatakan di atas.
e) Jika seorang atau lebih ahli Jawatankuasa meletakkan jawatan, meninggal dunia atau atas apa-apa sebab
lain berhenti menjadi seorang ahli dan menyebabkan Keperluan Penyenaraian Bursa Malaysia Sekuriti Berhad
dimungkiri, Lembaga Pengarah akan, dalam masa tiga (3) bulan daripada peristiwa tersebut, melantik ahli
jawatankuasa baru seperti diperlukan untuk membetulkan kemungkiran tersebut.
f) embaga Pengarah akan mengkaji semula syarat pemegangan jawatan bagi ahli Jawakankuasa tidak kurang
L
daripada sekali dalam setiap tiga (3) tahun.
37
Laporan Jawatankuasa Audit (samb.)
4) Kuasa
hli Jawatankuasa diberi kuasa oleh Lembaga Pengarah, mengikut prosedur yang ditetapkan oleh pihak Lembaga
A
Pengarah (sekiranya ada) dan dengan kos yang ditanggung oleh Syarikat, untuk:
a) menyiasat sebarang aktiviti dalam bidang rujukan Jawatankuasa Audit;
b) mempunyai sumber-sumber yang diperlukan untuk melaksanakan tanggungjawabnya;
c) mempunyai akses penuh dan tidak terbatas kepada mana-mana maklumat Syarikat dan subsidiarinya;
d) empunyai saluran komunikasi langsung dengan juruaudit luar dan individu (individu-individu) yang
m
menjalankan fungsi atau aktiviti audit dalaman (sekiranya ada);
e) endapatkan nasihat guaman atau lain-lain profesional bebas dan mendapatkan kehadiran pihak luar yang
m
mempunyai pengalaman dan kepakaran yang berkaitan jika dianggap perlu;
f) mengadakan mesyuarat dengan juruaudit luar, juruaudit dalam atau dengan kedua-duanya sekali, tanpa
kehadiran Pengarah dan kakitangan Syarikat, pada bila-bila masa dirasakan perlu.
5) Fungsi-fungsi
i antara fungsi-fungsi Jawatankuasa adalah untuk mengkaji perkara-perkara di bawah dan memberi laporan
D
kepada Lembaga Pengarah:
a) dengan juruaudit luar, skop audit dan juga pelan audit;
b) dengan juruaudit luar, penilaian mereka mengenai sistem kawalan dalaman;
c) dengan juruaudit luar, surat pihak pengurusan dan respons dari pihak pengurusan;
d) dengan juruaudit luar, laporan audit mereka;
e) bantuan diberikan oleh kakitangan kepada juruaudit luar;
f) pencalonan atau pelantikan semula juruaudit dalam dan yuran audit mereka dan juga perkara-perkara
berkaitan dengan perletakan jawatan atau pertukaran juruaudit luar;
g) kecukupan skop, fungsi-fungsi, keupayaan dan sumber-sumber fungsi audit dalaman, dan samada ianya
mempunyai kuasa yang diperlukan untuk menjalankan tugas;
h) rogram audit dalaman, proses, hasil dari program audit dalaman, proses atau penyiasatan yang dilakukan
p
dan sama ada tindakan bertepatan telah diambil berikutan saranan fungsi audit dalaman;
i) hasil suku tahunan dan penyata kewangan akhir tahun, sebelum diluluskan oleh Lembaga Pengarah,
tertumpu terutamanya pada:
i) sebarang pertukaran dalam atau pelaksanaan pertukaran polisi perakaunan utama;
ii) penyesuaian besar diakibatkan oleh audit;
KEN HOLDINGS BERHAD (106173-M) ANNUAL REPORT 2007
38
Laporan Jawatankuasa Audit (samb.)
d) egala cadangan yang dibuat oleh pihak pengurusan berkenaan dengan perlantikan, pemindahan atau
S
pemecatan juruaudit dalaman hendaklah diluluskan oleh Jawatankuasa terlebih dahulu.
9) Kekerapan Mesyuarat
engurusi mesti mengadakan mesyuarat yang diadakan tidak kurang dari empat (4) kali setahun. Juruaudit luar
P
boleh memohon agar mesyuarat diadakan jika mereka berpendapat ianya perlu.
i) Penyata permohonan prinsip Syarikat seperti yang dinyatakan dalam Bahagian 1 Kod Urus Tadbir
Korporat Malaysia;
ii) enyata tahap komplians dengan Amalan Terbaik Urus Tadbir Korporat seperti dinyatakan dalam
P
Bahagian 2 Kod Urus Tadbir Korporat Malaysia, dengan menyatakan alasan bagi sebarang bahagian
yang tidak komplians (jika ada) dan langkah-langkah lain diambil untuk bahagian tidak komplians ini;
iii) Penyata tanggungjawab Lembaga Pengarah dalam menyediakan akaun teraudit tahunan; dan
iv) Penyata yang menunjukkan keadaan kawalan dalaman Kumpulan.
d) J awatankuasa boleh melaporkan sebarang kemungkiran dalam Keperluan Penyenaraian yang belum
diselesaikan dengan sempurna kepada Bursa Sekuriti.
39
Laporan Jawatankuasa Audit (samb.)
Pengerusi
Sha Thiam Fook (Pengarah Bebas Bukan Eksekutif) 6/6
Ahli-ahli
Dato’ Ahmad Badri bin Mohamed Basir (Pengarah Bebas Bukan Eksekutif) 5/6
Dato’ Seri Raja Haji Ahmad Zainuddin bin Raja Haji Omar
(Pengarah Bebas Bukan Eksekutif) (dilantik pada 12/3/2007) 4/5
Tan Boon Kang (Pengarah Urusan) (meletakkan jawatan pada 25/10/2007) 5/5
a) engkaji keputusan kewangan suku tahunan dan pengumuman Syarikat dan Kumpulan untuk suku tahun
m
kewangan berakhir 31/12/2006, 31/3/2007, 30/6/2007 dan 30/9/2007 sebelum dikemukakan kepada Lembaga
Pengarah untuk pertimbangan dan kelulusan;
b) mengkaji semula penyata kewangan tahunan berakhir 31 Disember 2006;
c) engkaji semula laporan juruaudit luar bagi tahun kewangan berakhir 31 Disember 2006 berkaitan dengan isu-isu
m
audit dan perakaunan yang timbul daripada pengauditan;
d) m
engkaji semula Laporan Jawatankuasa Audit, Penyata Urus Tadbir Korporat dan Penyata Kawalan Dalaman untuk
tahun kewangan berakhir 31 Disember 2006 dan mengesyorkan kepada Lembaga Pengarah untuk diterima pakai;
e) mengkaji semula Laporan Penilaian Pengurusan Risiko Syarikat dan subsidiari milik penuhnya;
f) mengkaji semula Laporan Audit Dalaman Syarikat dan subsidiari-subsidiarinya yang beroperasi;
g) mengkaji semula Rancangan Audit Dalaman Kumpulan;
h) mempertimbangkan pencalonan juruaudit luar untuk disyorkan kepada Lembaga Pengarah untuk perlantikan; dan
i) disemak dan disahkan pengagihan opsyen yang diberikan kepada pekerja-pekerja mengikut Skim Opsyen
Saham Pekerja Syarikat.
tanggungjawabnya. Tanggungjawab utama fungsi Jabatan Audit Dalaman adalah untuk melakukan penyemakan
semula dengan tetap dan sistematik ke atas sistem kawalan untuk memberikan jaminan sewajarnya yang sistem-sistem
tersebut terus beroperasi dalam keadaan memuaskan dan berkesan dalam Kumpulan. Juruaudit Dalaman menjalankan
fungsi audit dalaman berdasarkan pelan audit yang telah disemak dan diluluskan oleh Jawatankuasa Audit.
Sepanjang tahun kewangan, Juruaudit Dalaman telah menjalankan pengauditan ke atas subisidiari-subsidiari yang
beroperasi dan menyerahkan penemuannya kepada Jawatankuasa Audit. Laporan audit dalaman yang disediakan oleh
Juruaudit Dalaman diedarkan kepada semua ahli Jawatankuasa Audit. Segala laporan audit dalaman disemak semula
oleh Jawatankuasa Audit dan dibincangkan dalam Mesyuarat Jawatankuasa Audit dan saranan-saranan dilaksanakan
oleh pihak pengurusan dengan sepatutnya.
40
Additional Disclosure Information
UTILISATION OF PROCEEDS
No proceeds were raised by the Company from any corporate proposal during the financial year ended 31 December
2007.
SHARE BUY-BACK
Mandate for the share buy-back of Company’s shares was approved by the shareholders at the Annual General
Meeting held on 8 June 2007. The Company has not bought back any Company’s shares during the financial year
ended 31 December 2007.
IMPOSITION OF SANCTIONS/PENALTIES
There were no sanctions and/or penalties imposed on the Company and its subsidiaries, directors or management by
the relevant regulatory bodies.
VARIATION IN RESULTS
There was no material variance between the audited results for the financial year 31 December 2007 and the unaudited
results previously announced.
PROFIT GUARANTEE
The Company did not issue any profit guarantee during the financial year ended 31 December 2007.
MATERIAL CONTRACTS
Save as disclosed in Note 28 to the Financial Statements on significant related party transactions, there were no material
contracts entered into by the Company and its subsidiary companies which involve Directors’ and major shareholders’
interests either still subsisting at the end of the financial year ended 31 December 2007 or entered into since the end
of previous financial year.
41
Maklumat Pendedahan Tambahan
PENGUNAAN PEROLEHAN
Tiada perolehan yang dikemukakan oleh syarikat bagi cadangan korporat sepanjang tahun kewangan berakhir 31
Disember 2007.
BELI-BALIK SAHAM
Mandat untuk membeli balik saham Syarikat telah diluluskan oleh para pemegang saham di Mesyuarat Agung Tahunan
pada 8 Jun 2007. Syarikat belum membeli balik mana-mana saham Syarikat sepanjang tahun kewangan berakhir 31
Disember 2007.
PENGENAAN SEKATAN/HUKUMAN
Tiada sekatan dan/atau hukuman dikenakan ke atas syarikat dan subsidiari, pengarah atau pihak pengurusannya oleh
pihak-pihak kawal selia yang berkenaan.
VARIASI KEPUTUSAN
Tiada varians penting di antara keputusan teraudit bagi tahun kewangan berakhir 31 Disember 2007 dan keputusan
belum diaudit yang diumumkan terdahulu.
JAMINAN KEUNTUNGAN
Syarikat tidak mengeluarkan apa-apa jaminan keuntungan sepanjang tahun kewangan berakhir 31 Disember 2007.
KONTRAK MATERIAL
Kecuali mana yang dibentangkan dalam Nota 28 kepada Penyata Kewangan mengenai urusniaga penting pihak
berkaitan, tiada kontrak material yang ditandatangani oleh syarikat dan syarikat-syarikat subsidiarinya yang melibatkan
kepentingan Pengarah dan pemegang saham utama sama ada masih berkuatkuasa pada hujung tahun kewangan
berakhir 31 Disember 2007 atau ditandatangani sejak berakhir tahun kewangan sebelumnya.
42
Financial Statements / Laporan Kewangan
Directors’ Report for the year ended 31 December 2007
The Directors have pleasure in submitting their report and the audited financial statements of the Group and of the
Company for the year ended 31 December 2007.
Principal activities
The principal activities of the Company consist of investment holding and provision of management services whilst the
principal activities of its subsidiaries are as stated in note 7 to the financial statements. There has been no significant
change in the nature of these activities during the financial year.
Results
Group Company
RM’000 RM’000
Dividends
In 2006, the Directors recommended a first and final dividend of 5 sen per ordinary share less tax totalling RM3,250,260
in respect of the year ended 31 December 2006 which was proposed for shareholders’ approval at the Annual General
Meeting.
Upon approval by the shareholders, the issued and paid-up capital of the Company had increased. A total issued
and paid-up capital of 95,575,000 number of ordinary shares were entitled to the dividend, resulting in the Company
paying a first and final dividend of 5 sen per ordinary share less tax totalling RM3,488,487 in respect of the year ended
31 December 2006 on 23 August 2007.
A first and final dividend of 6 sen per ordinary share less tax totalling RM4,256,184 in respect of the year ended
31 December 2007 have been recommended by the Directors and will be proposed for shareholders’ approval at
the forthcoming Annual General Meeting.
KEN HOLDINGS BERHAD (106173-M) ANNUAL REPORT 2007
44
Directors’ Report for the year ended 31 December 2007 (cont’d)
Directors’ interests
The interests and deemed interests in the ordinary shares and options of the Company and of its related corporations
(other than wholly-owned subsidiaries) of those who were Directors at year end as recorded in the Register of Directors’
Shareholdings are as follows:
Direct interest
Tan Boon Kang 10,095 750 - 10,845
Lau Pek Kuan 1,209 750 - 1,959
Tan Moon Hwa 806 750 (950) 606
Tang Kam Chee 15 315 (160) 170
Indirect interest
Tan Boon Kang 35,133 750 - 35,883
Lau Pek Kuan 44,019 750 - 44,769
Subsidiary
Kenly (HK) Ltd.
Indirect interest
Tan Boon Kang 4,376 - - 4,376
Lau Pek Kuan 4,376 - - 4,376
By virtue of their interests in the shares of the Company, Tan Boon Kang and Lau Pek Kuan are also deemed interested
in the shares of the subsidiaries during the financial year to the extent that the Company has an interest.
The options granted to the Directors in respect of the acquisition of shares pursuant to the Employees’ Share Option
KEN HOLDINGS BERHAD (106173-M) ANNUAL REPORT 2007
Scheme (“ESOS”), which has lapsed on 13 August 2007 are set out as below:
None of the other Directors holding office at 31 December 2007 had any interest in the ordinary shares of the Company
and of its related corporations during the financial year.
45
Directors’ Report for the year ended 31 December 2007 (cont’d)
Directors’ benefits
Since the end of the previous financial year, no Director of the Company has received nor become entitled to receive
any benefit (other than a benefit included in the aggregate amount of emoluments received or due and receivable by
Directors as shown in the financial statements or the fixed salary of a full time employee of the Company or of related
corporations) by reason of a contract made by the Company or a related corporation with the Director or with a firm of
which the Director is a member, or with a company in which the Director has a substantial financial interest, other than
certain Directors who have significant financial interests in a company which received rental income from a subsidiary
of the Group, as disclosed in note 28 to the financial statements.
There were no arrangements during and at the end of the financial year which had the object of enabling Directors of
the Company to acquire benefits by means of the acquisition of shares in or debentures of the Company or any other
body corporate.
There were no other changes in the authorised, issued and paid-up capital of the Company during the financial year.
There were no debentures issued during the financial year.
At an Extraordinary General Meeting held on 30 June 2000, the Company’s shareholders approved the establishment
of an Employees’ Share Option Scheme (“ESOS”) of not more than 10% of the issued share capital of the Company to
eligible Directors and employees of the Group.
i) Eligible employees are those who are a full time, confirmed employee of the Group and have attained the age of
eighteen years on or before the date of offer.
iii) The option price shall be determined based on a discount of not more than 10% from the weighted average market
KEN HOLDINGS BERHAD (106173-M) ANNUAL REPORT 2007
price of the shares for the past five market days immediately preceding the date of offer or at the par value of the
ordinary shares of the Company, whichever is higher.
iv) The options granted in a particular year but not exercised in that year can be exercised within a period of five years
from the date of offer of the option.
v) The options granted may be exercised in full or in lesser number of ordinary shares provided that the number shall
be in multiples of 1,000 shares.
The persons to whom the options have been granted have no right to participate by virtue of the options in any share
issue of any other company.
46
Directors’ Report for the year ended 31 December 2007 (cont’d)
The Company has been granted exemption by the Companies Commission of Malaysia from having to disclose in this
report the names of person to whom were granted less than 370,000 options under the ESOS as required by Section
169(11) of the Companies Act, 1965. This information has been separately filed under the Companies Commission of
Malaysia.
Details of options granted under the ESOS which are in respect of 370,000 options and above are as follows:
i) all known bad debts have been written off and adequate provision made for doubtful debts, and
ii) all current assets have been stated at the lower of cost and net realisable value.
At the date of this report, the Directors are not aware of any circumstances:
i) that would render the amount written off for bad debts, or the amount of the provision for doubtful debts, in the
Group and in the Company inadequate to any substantial extent, or
ii) that would render the value attributed to the current assets in the Group and in the Company financial statements
misleading, or
iii) which have arisen which render adherence to the existing method of valuation of assets or liabilities of the Group
and of the Company misleading or inappropriate, or
47
Directors’ Report for the year ended 31 December 2007 (cont’d)
i) any charge on the assets of the Group or of the Company that has arisen since the end of the financial year and
which secures the liabilities of any other person, or
ii) any contingent liability in respect of the Group or of the Company that has arisen since the end of the financial
year.
No contingent liability or other liability of any company in the Group has become enforceable, or is likely to become
enforceable within the period of twelve months after the end of the financial year which, in the opinion of the Directors,
will or may substantially affect the ability of the Group and of the Company to meet their obligations as and when they
fall due.
In the opinion of the Directors, except for the disposal of subsidiary as disclosed in note 29 to the financial statements,
the results of the operations of the Group and of the Company for the financial year ended 31 December 2007 have not
been substantially affected by any item, transaction or event of a material and unusual nature nor has any such item,
transaction or event occurred in the interval between the end of that financial year and the date of this report.
Significant events
i) In February 2007, a subsidiary, Aunyang Holdings Sdn. Bhd. entered into a Sale and Purchase Agreement to
acquire two pieces of land for a cash consideration of RM15,800,000. Incidental costs of RM156,000 were also
incurred during the acquisition, resulting in a total capitalisation of RM15,956,000 under investment property.
ii) In October 2007, a subsidiary, Kenly (HK) Ltd. disposed of 1,000 ordinary shares of HK$1.00 each representing
100% equity interest in Kenly Engineering Ltd. for a total cash consideration of HK$2.00. The disposal of this
subsidiary resulted in a gain on disposal of HK$6,112,000 (approximately RM2,693,000) at the group level.
Auditors
The auditors, Messrs KPMG, have indicated their willingness to accept re-appointment.
…………………………………………………………..
Tan Boon Kang
…………………………………………………………..
Tang Kam Chee
48
Statement by Directors pursuant to Section 169(15) of the Companies Act, 1965
In the opinion of the Directors, the financial statements set out on pages 51 to 90 are drawn up in accordance with the
provisions of the Companies Act, 1965 and applicable approved Financial Reporting Standards (FRS) issued by the
Malaysian Accounting Standards Board so as to give a true and fair view of the state of affairs of the Group and of the
Company at 31 December 2007 and of the results of their operations and cash flows for the year ended on that date.
Signed on behalf of the Board of Directors in accordance with a resolution of the Directors:
…………………………………………………………..
Tan Boon Kang
…………………………………………………………..
Tang Kam Chee
I, Tang Kam Chee, the Director primarily responsible for the financial management of Ken Holdings Berhad, do
solemnly and sincerely declare that the financial statements set out on pages 51 to 90 are, to the best of my knowledge
and belief, correct and I make this solemn declaration conscientiously believing the same to be true, and by virtue of
the provisions of the Statutory Declarations Act, 1960.
KEN HOLDINGS BERHAD (106173-M) ANNUAL REPORT 2007
Subscribed and solemnly declared by the above named in Kuala Lumpur in the Federal Territory on 26 March 2008.
…………………………………………………………..
Tang Kam Chee
Before me:
No. W476
Raman Kunyapu
Commissioner for Oath
Kuala Lumpur
49
Report of the Auditors to the members of Ken Holdings Berhad
We have audited the financial statements set out on pages 51 to 90. The preparation of the financial statements is the
responsibility of the Company’s Directors.
It is our responsibility to form an independent opinion, based on our audit, on the financial statements and to report our
opinion to you, as a body, in accordance with Section 174 of the Companies Act 1965 and for no other purpose. We
do not assume responsibility to any other person for the content of this report.
We conducted our audit in accordance with approved Standards on Auditing in Malaysia. Those standards require
that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. An audit also includes assessing the accounting principles used and significant estimates
made by the Directors, as well as evaluating the overall financial statements presentation. We believe our audit provides
a reasonable basis for our opinion.
In our opinion:
(a) the financial statements are properly drawn up in accordance with the provisions of the Companies Act, 1965 and
applicable approved Financial Reporting Standards (FRS) issued by the Malaysian Accounting Standards Board
so as to give a true and fair view of:
i) the state of affairs of the Group and of the Company at 31 December 2007 and the results of their operations
and cash flows for the year ended on that date; and
ii) the matters required by Section 169 of the Companies Act, 1965 to be dealt with in the financial statements
of the Group and of the Company; and
(b) the accounting and other records and the registers required by the Companies Act, 1965 to be kept by the
Company and the subsidiaries of which we have acted as auditors have been properly kept in accordance with
the provisions of the said Act.
The subsidiaries in respect of which we have not acted as auditors are identified in note 7 to the financial statements
and we have considered their financial statements and where audited, the auditors’ report thereon.
We are satisfied that the financial statements of the subsidiaries that have been consolidated with the Company’s
financial statements are in form and content appropriate and proper for the purposes of the preparation of the
consolidated financial statements and we have received satisfactory information and explanations required by us for
those purposes.
KEN HOLDINGS BERHAD (106173-M) ANNUAL REPORT 2007
The audit reports on the financial statements of the subsidiaries were not subject to any qualification and did not include
any comment made under subsection (3) of Section 174 of the Act.
50
Balance Sheets at 31 December 2007
Group Company
Note 2007 2006 2007 2006
RM’000 RM’000 RM’000 RM’000
Assets
Property, plant and equipment 3 2,950 8,758 - -
Prepaid lease payments 4 3,132 3,176 - -
Land held for property development 5 7,370 7,347 - -
Investment properties 6 20,829 9,177 - -
Investment in subsidiaries 7 - - 13,333 13,333
Other investments 8 26 26 - -
Goodwill 9 183 538 - -
Deferred tax assets 10 2,531 1,878 153 130
Amount due from subsidiaries 11 - - 71,020 -
Equity
Share capital 15 95,860 90,285 95,860 90,285
Reserves 16 1,683 2,189 - -
Retained earnings 16 14,790 9,848 9,064 8,849
Minority interest 17 - - - -
Liabilities
Loans and borrowings 18 184 197 - -
Deferred tax liabilities 10 7,101 7,196 1,310 1,120
51
Income statements for the year ended 31 December 2007
Group Company
Note 2007 2006 2007 2006
RM’000 RM’000 RM’000 RM’000
Revenue
- contract revenue 4,026 17,415 - -
- property development revenue 56,175 58,062 - -
- dividends - - 4,850 6,600
- management fees - - 484 660
52
Consolidated Statement of Changes in Equity
for the year ended 31 December 2007
53
Statement of Changes in Equity for the year ended 31 December 2007
Non-
distributable Distributable
Share Share Retained
Company Note capital premium earnings Total
RM’000 RM’000 RM’000 RM’000
54
Cash Flow Statements for the year ended 31 December 2007
Group Company
Note 2007 2006 2007 2006
RM’000 RM’000 RM’000 RM’000
Cash generated from/(used in) from operations 14,890 10,761 (6,760) (1,760)
Income taxes paid (6,501) (5,889) (156) (178)
Income taxes refunded 908 - - -
Interest paid (238) (288) - -
Interest received 142 107 - -
55
Cash Flow Statements for the year ended 31 December 2007 (cont’d)
Group Company
Note 2007 2006 2007 2006
RM’000 RM’000 RM’000 RM’000
Net (decrease)/increase in
cash and cash equivalents (5,691) 83 1,453 (401)
Cash and cash equivalents at beginning of year 19,882 19,494 538 939
Effect of exchange rate fluctuations on cash held (487) 305 - -
Cash and cash equivalents at end of year i) 13,704 19,882 1,991 538
Group Company
2007 2006 2007 2006
RM’000 RM’000 RM’000 RM’000
56
Notes to the Financial Statements
Ken Holdings Berhad is a public limited liability company, incorporated and domiciled in Malaysia and is listed on the
Main Board of the Bursa Malaysia Securities Berhad. The address of its principal place of business and registered office
is as follows:
The consolidated financial statements of the Company as at and for the year ended 31 December 2007 comprise the
Company and its subsidiaries (together referred to as the Group). The financial statements of the Company as at and
for the year ended 31 December 2007 do not include other entities.
The Company is principally engaged in investment holding and provision of management services whilst the other
Group entities are primarily involved in property holding investment and property development, specialist engineering
services, geo-technical, civil engineering and building works, land reclamation and marine engineering, project and
property management activities.
The financial statements were approved by the Board of Directors on 26 March 2008.
1. Basis of preparation
(a) Statement of compliance
The financial statements of the Group and of the Company have been prepared in accordance with
applicable approved Financial Reporting Standards (FRS) issued by the Malaysian Accounting Standards
Board (MASB), accounting principles generally accepted in Malaysia and the provisions of the Companies
Act, 1965. These financial statements also comply with the applicable disclosure provisions of the Listing
Requirements of the Bursa Malaysia Securities Berhad.
The MASB has issued FRS 119, Employee Benefits - Actuarial Gains and Losses, Group Plans and
Disclosures and FRS 6, Exploration for and Evaluation of Mineral Resources for accounting periods
beginning 1 January 2007. The adoption of FRS 119, Employee Benefits - Actuarial Gains and Losses,
Group Plans and Disclosures does not have any significant financial impact on the Group and on the
Company. Meanwhile, FRS 6 is not applicable to the Group and to the Company.
The MASB has also issued the following FRSs and Interpretations that are effective for annual periods
beginning after 1 January 2007 and that have not been applied in preparing these financial statements:
KEN HOLDINGS BERHAD (106173-M) ANNUAL REPORT 2007
57
Notes to the Financial Statements (cont’d)
The Group and the Company plans to apply the abovementioned FRSs and Interpretations for the annual
period beginning 1 January 2008 except for FRS 139 which effective date has yet to be announced.
The impact of applying FRS 139 on the financial statements upon first adoption as required by paragraph
30(b) of FRS 108, Accounting Policies, Changes in Accounting Estimates and Errors is not disclosed by virtue
of the exemption given in FRS 139.103AB.
The initial application of the other FRSs and Interpretations are not expected to have any material impact on
the financial statements of the Group and of the Company.
There are no significant areas of estimation uncertainty and critical judgements in applying accounting policies
that have significant effect on the amounts recognised in the financial statements other than disclosed in the
following notes:
58
Notes to the Financial Statements (cont’d)
Under the purchase method of accounting, the financial statements of subsidiaries are included in the
consolidated financial statements from the date that control commences until the date that control
ceases.
Investments in subsidiaries are stated in the Company’s balance sheet at cost less impairment losses.
Where losses applicable to the minority exceed the minority’s interest in the equity of a subsidiary, any
further losses applicable to the minority are charged against the Group’s interest except to the extent that
the minority has a binding obligation to, and is able to, make additional investment to cover the losses.
If the subsidiary subsequently reports profits, the Group’s interest is allocated all such profits until the
minority’s share of losses previously absorbed by the Group has been recovered.
The Group treats all other changes in group composition as equity transactions between the Group and
KEN HOLDINGS BERHAD (106173-M) ANNUAL REPORT 2007
its minority shareholders. Any difference between the Group’s share of net assets before and after the
change, and any consideration received or paid, is adjusted to or against Group reserves.
59
Notes to the Financial Statements (cont’d)
Foreign currency differences are recognised in translation reserve. On disposal, accumulated translation
differences are recognised in the consolidated income statement as part of the gain or loss on sale.
The Group revalues its property comprising land and building every 5 years and at shorter intervals
whenever the fair value of the revalued assets is expected to differ materially from the carrying value.
Surpluses arising from revaluation are dealt with in the revaluation reserve account.
Cost includes expenditures that are directly attributable to the acquisition of the asset and any other
costs directly attributable to bringing the asset to working condition for its intended use, and the costs of
dismantling and removing the items and restoring the site on which they are located. Purchased software
that is integral to the functionality of the related equipment is capitalised as part of that equipment.
KEN HOLDINGS BERHAD (106173-M) ANNUAL REPORT 2007
When significant parts of an item of property, plant and equipment have different useful lives, they are
accounted for as separate items (major components) of property, plant and equipment.
Gains and losses on disposal of an item of property, plant and equipment are determined by comparing
the proceeds from disposal with the carrying amount of property, plant and equipment and are
recognised net within “other operating income” or “other operating expenses” respectively in the income
statement. When revalued assets are sold, the amounts included in the revaluation surplus reserve are
transferred to retained earnings.
60
Notes to the Financial Statements (cont’d)
The estimated useful lives for the current and comparative periods are as follows:
• buildings 25 - 50 years
• motor vehicles 5 years
• machinery and equipment 5 years
• furniture and fittings 5 years
Depreciation methods, useful lives and residual values are reassessed at the balance sheet date.
Leasehold land that normally has an indefinite economic life and title is not expected to pass to the lessee by
the end of the lease term is treated as an operating lease. The payment made on entering into or acquiring
a leasehold land is accounted for as prepaid lease payments.
Certain leasehold land were revalued in December 2005 and the Group has retained the unamortised
revalued amount as the surrogate carrying amount of prepaid lease payments in accordance with the
transitional provision in FRS 117.67A when it first adopted FRS 117, Leases in 2006.
Payments made under operating leases are recognised in the income statement on a straight-line basis
over the term of the lease. Lease incentives received are recognised as an integral part of the total lease
expense, over the term of the lease.
KEN HOLDINGS BERHAD (106173-M) ANNUAL REPORT 2007
Investment properties are stated at cost less accumulated depreciation and accumulated impairment
losses, consistent with the accounting policy for property, plant and equipment as stated in accounting
policy note 2(c).
Depreciation is charged to the income statement on a straight-line basis over the estimated useful lives
of 50 years for buildings. Freehold land is not depreciated.
61
Notes to the Financial Statements (cont’d)
Investment property transferred to property development costs following a change in use applies the
accounting policy for property development costs as stated in accounting policy note 2(m).
The fair values are based on market values, being the estimated amount for which a property could be
exchanged on the date of the valuation between a willing buyer and a willing seller in an arm’s length
transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and
without compulsion.
Significant assumptions in arriving at the fair value of investment properties are disclosed in note 6.
(f) Goodwill
Goodwill arises on business combinations and is measured at cost less accumulated impairment losses.
For acquisitions prior to 1 January 2006, goodwill represents the excess of the cost of the acquisition over
the Group’s interest in the fair values of the net identifiable assets and liabilities.
With the adoption of FRS 3 beginning 1 January 2006, goodwill represents the excess of the cost of the
acquisition over the Group’s interest in the net fair value of the identifiable assets, liabilities and contingent
liabilities of the acquiree.
Any excess of the Group’s interest in the net fair value of the acquiree’s identifiable assets, liabilities and
contingent liabilities over the cost of acquisition is recognised immediately in the income statement.
Goodwill is tested for impairment annually and whenever there is an indication that it may be impaired.
Investment in debt and equity securities are recognised initially at fair value plus attributable transaction
costs.
- Investments in non-current equity securities other than investments in subsidiaries are stated at cost
less allowance for diminution in value,
- Investment in non-current debt securities are stated at amortised cost using the effective interest method
less allowance for diminution in value,
- All current investments are carried at the lower of cost and market value, determined on an aggregate
portfolio or individual investment basis by category of investments.
Where in the opinion of the directors, there is a decline other than temporary in the value of non-current equity
securities and non-current debt securities other than investment in subsidiaries, the allowance for diminution
in value is recognised as an expense in the financial year in which the decline is identified.
62
Notes to the Financial Statements (cont’d)
All investments in debt and equity securities are accounted for using settlement date accounting. Settlement
date accounting refers to:
(i) the recognition of an asset on the day it is received by the entity, and
(ii) the derecognition on an asset and recognition of any gain or loss on disposal on the date if is
delivered.
(h) Inventories
Completed properties held for sale are measured at the lower of cost and net realisable value. Costs consist
of cost associated with the acquisition of land, direct cost and appropriate proportions of common cost
attributable to developing the properties to completion.
(i) Receivables
Receivables are initially recognised at their cost when the contractual right to receive cash or another financial
asset from another entity is established.
Subsequent to initial recognition, receivables are stated at cost less allowance for doubtful debts.
Construction work-in-progress is presented as part of receivables, deposits and prepayments in the balance
sheet. If payments received from customers exceed the income recognised, then the difference is presented
as payables and accruals in the balance sheet.
(k) Payables
KEN HOLDINGS BERHAD (106173-M) ANNUAL REPORT 2007
Payables are measured initially and subsequently at cost. Payables are recognised when there is a
contractual obligation to deliver cash or another financial asset to another entity.
Land held for development is classified as property development cost at the point when development
activities have commenced and where it can be demonstrated that the development activities can be
completed within the Group’s operating cycle of 2 to 3 years.
Cost associated with the acquisition of land includes the purchase price of the land, professional fees, stamp
duties, commissions, conversion fees and other relevant levies. Where the Group has previously carried the
land at revalued amount, it continues to retain this amount as its surrogate cost as allowed by FRS 201.
63
Notes to the Financial Statements (cont’d)
Property development costs not recognised as an expense is recognised as an asset and is stated at the
lower of cost and net realisable value.
The excess of income recognised in the income statement over billings to the purchasers is shown as accrued
billings under receivables, deposits and prepayments while the excess billing to purchasers over revenue
recognised in the income statement is shown as progress billings under payables and accruals.
The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value
less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present
value using a pre-tax discount rate that reflects current market assessments of the time value of money and
the risks specific to the asset. For the purpose of impairment testing, assets are grouped together into the
smallest group of assets that generates cash inflows from continuing use that are largely independent of the
cash inflows of other assets or groups of assets (the “cash-generating unit”). Goodwill acquired in a business
combination, for the purpose of impairment testing, is allocated to cash-generating units that are expected
to benefit from the synergies of the combination.
An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds
its recoverable amount. Impairment losses are recognised in the income statements. Impairment losses
recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any
goodwill allocated to the units and then to reduce the carrying amount of the other assets in the unit (groups
KEN HOLDINGS BERHAD (106173-M) ANNUAL REPORT 2007
An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses
recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased
or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to
determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying
amount does not exceed the carrying amount that would have been determined, net of depreciation or
amortisation, if no impairment loss had been recognised. Reversals of impairment losses are credited to the
income statements in the year in which the reversals are recognised.
64
Notes to the Financial Statements (cont’d)
Deferred tax is recognised using the balance sheet method, providing for temporary differences between the
carrying amounts of assets and liabilities for reporting purposes and the amounts used for taxation purposes.
Deferred tax is not recognised for the following temporary differences: the initial recognition of goodwill, the
initial recognition of assets or liabilities in a transaction that is not a business combination and that affects
neither accounting nor taxable profit (tax loss). Deferred tax is measured at the tax rates that are expected
to be applied to the temporary differences when they reverse, based on the laws that have been enacted or
substantively enacted by the balance sheet date.
A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available
against which temporary difference can be utilised. Deferred tax assets are reviewed at each reporting date
and are reduced to the extent that it is no longer probable that the related tax benefit will be realised.
A provision is recognised for the amount expected to be paid under short term cash bonus or profit-
sharing plans if the Group has a present legal or constructive obligation to pay this amount as a result
of past service provided by the employee and the obligation can be estimated reliably.
KEN HOLDINGS BERHAD (106173-M) ANNUAL REPORT 2007
The Group’s contribution to the Employees Provident Fund is charged to the income statements in the
year to which they relate. Once the contributions have been paid, the Group has no further payment
obligations.
65
Notes to the Financial Statements (cont’d)
Contingent liabilities
Where it is not probable that an outflow of economic benefits will be required, or the amount cannot be
estimated reliably, the obligation is disclosed as contingent liability, unless the probability of outflow of
economic benefits is remote. Possible obligations, whose existence will only be confirmed by the occurrence
or non-occurrence of one or more future events, are also disclosed as contingent liabilities unless the
probability of an outflow of economic benefits is remote.
Where the Company enters into financial guarantee contracts to guarantee the indebtedness of other
companies within the Group, the Company considers this to be insurance arrangements, and accounts for
them as such. In this respect, the Company treats the guarantee contract as a contingent liability until such
time as it becomes probable that the Company will be required to make a payment under the guarantee.
The stage of completion is assessed by reference to the proportion that construction costs incurred
for works performed to date bear to the estimated total construction costs. When the outcome of a
construction contract cannot be estimated reliably, contract revenue is recognised only to the extent of
contract costs incurred that are likely to be recoverable. An expected loss on a contract is recognised
immediately in the income statement.
Where the financial outcome of a property development activity cannot be reliably estimated, property
development revenue is recognised only to the extent of property development cost incurred that
is probable will be recoverable, and property development cost on the development units sold are
recognised as an expense in the period in which they are incurred.
Any expected loss on a development project, including cost to be incurred over the defect liability period,
is recognised immediately in the income statement.
66
Notes to the Financial Statements (cont’d)
All borrowing costs are recognised in the income statement using the effective interest method, in the period
in which they are incurred.
67
Notes to the Financial Statements (cont’d)
Cost/Valuation
At 1 January 2006 1,402 3,169 2,380 3,906 627 8,928 991 223 21,626
Additions - - - 291 10 759 61 14 1,135
Disposals - - - (271) - - - - (271)
Effect of movements
in exchange rate - - - (43) (7) (154) (10) (5) (219)
At 31 December 2006/
1 January 2007 1,402 3,169 2,380 3,883 630 9,533 1,042 232 22,271
Additions - - - - - - 34 10 44
Disposals - - - (598) - (665) (24) (7) (1,294)
Write offs - - - - (89) (297) (146) - (532)
Disposal of subsidiary - - - - - (266) - - (266)
Transfer to investment
properties (930) (1,741) (2,380) - - - - - (5,051)
Effect of movements
in exchange rate - - - (39) (6) (61) (9) (4) (119)
At 31 December 2007 472 1,428 - 3,246 535 8,244 897 231 15,053
At 31 December 2007 472 1,428 - 3,246 535 8,244 897 231 15,053
Depreciation
At 1 January 2006 - - - 2,896 608 8,441 812 198 12,955
Charge for the year 56 - 52 451 16 345 85 13 1,018
Disposals - - - (271) - - - - (271)
Effect of movements
in exchange rate - - - (27) (7) (142) (9) (4) (189)
At 31 December 2006/
1 January 2007 56 - 52 3,049 617 8,644 888 207 13,513
Charge for the year 19 - - 315 4 301 65 12 716
KEN HOLDINGS BERHAD (106173-M) ANNUAL REPORT 2007
Carrying amounts
At 1 January 2006 1,402 3,169 2,380 1,010 19 487 179 25 8,671
68
Notes to the Financial Statements (cont’d)
Cost
At 1 January 2006/31 December 2006/31 December 2007 1
Depreciation
At 1 January 2006/31 December 2006/31 December 2007 1
Carrying amounts
At 1 January 2006/31 December 2006/31 December 2007 -
Had the freehold land and building been carried under the cost model, the carrying amounts would have been as
follows:
606 611
RM’000 RM’000
Valuation
At 1 January/31 December 3,220 3,220
Amortisation
At 1 January 44 -
Amortisation for the year 44 44
At 31 December 88 44
Carrying amounts
At 31 December 3,132 3,176
69
Notes to the Financial Statements (cont’d)
Had the leasehold land been carried under the cost model, its carrying amount would have been RM1,925,000
(2006 - RM1,952,000).
Cost
At 1 January 7,323 7,323
Improvements 47 24
6. Investment properties
Group Freehold land Buildings Total
RM’000 RM’000 RM’000
Cost
At 1 January 2006 - 9,028 9,028
Improvements - 149 149
Depreciation
At 1 January 2006/31 December 2006/1 January 2007 - - -
Transfer from property, plant and equipment - 89 89
Depreciation for the year - 89 89
Carrying amounts
At 1 January 2006 - 9,028 9,028
70
Notes to the Financial Statements (cont’d)
Fair values
At 1 January 2006 - 9,028 9,028
- The comparison of the Group’s investment properties with similar properties that were listed for sale within
the same locality or other comparable localities;
- Enquiries from relevant property valuers and real estate agents on market conditions and changing market
trends.
Land titles
The titles for long term leasehold buildings costing RM1,680,000 (2006 - RM1,680,000) are pending issuance of
titles to the Group by the relevant authorities.
The following are recognised in the income statement in respect of investment properties:
Group 2007
RM’000
7. Investment in subsidiaries
Company
KEN HOLDINGS BERHAD (106173-M) ANNUAL REPORT 2007
2007 2006
RM’000 RM’000
71
Notes to the Financial Statements (cont’d)
Effective ownership
Subsidiaries Principal activities interest (%)
2007 2006
Ken Grouting Sdn. Bhd. Specialist engineering services, turnkey contracts, 100 100
building and civil engineering works
Ken Projects Sdn. Bhd. Investment holding 100 100
Ken Property Sdn. Bhd. Property holding and investment
and housing developer 100 100
Support Capital Sdn. Bhd. Investment holding 100 100
All the subsidiaries are incorporated in Malaysia except for Kenly (HK) Ltd. and Kenly Engineering Ltd., which are
incorporated in Hong Kong.
72
Notes to the Financial Statements (cont’d)
6 6
Unquoted shares 20 20
26 26
9. Goodwill
Group
2007 2006
RM’000 RM’000
Cost
At 1 January 538 4,629
Effect of adopting FRS 3 - (4,091)
Amortisation
At 1 January - 4,091
Effect of adopting FRS 3 - (4,091)
At 31 December - -
Impairment loss
At 1 January - -
Impairment loss for the year 355 -
KEN HOLDINGS BERHAD (106173-M) ANNUAL REPORT 2007
At 31 December 355 -
Impairment charge
The impairment loss is recognised in other operating expenses in the income statement.
73
Notes to the Financial Statements (cont’d)
Group Company
2007 2006 2007 2006
RM’000 RM’000 RM’000 RM’000
Deferred tax liabilities and assets are offset above where there is a legally enforceable right to set off current tax
assets against current tax liabilities and where the deferred taxes relate to the same taxation authority.
The recognised deferred tax assets and liabilities (before offsetting) are as follows:
Group Company
2007 2006 2007 2006
RM’000 RM’000 RM’000 RM’000
In recognising the deferred tax assets attributable to unutilised tax loss carry-forwards and unutilised capital
allowance carry-forwards (included in deductible temporary differences of property, plant and equipment) the
Directors made an assumption that there will not be any substantial change (more than 50%) in the shareholders
KEN HOLDINGS BERHAD (106173-M) ANNUAL REPORT 2007
before these assets are utilised. If there is substantial change in the shareholders, unutilised tax loss carry-
forwards and unutilised capital allowance carry-forwards amounting to approximately RM1,492,000 and
RM23,000 respectively will not be available to the Group, resulting in an increase in net deferred tax liabilities of
RM394,000.
74
Notes to the Financial Statements (cont’d)
Group Company
2007 2006 2007 2006
RM’000 RM’000 RM’000 RM’000
19,335 17,953 - -
3,392 3,144 - -
In 2007, unrecognised deferred tax assets of Kenly Engineering Ltd. comprising unutilised tax loss carry-forwards
amounting to RM2,566,000 have not been carried forward following the disposal of the subsidiary in October
2007.
The deductible temporary differences do not expire under current tax legislation unless there is a substantial
change in shareholders (more than 50%). If there is substantial change in shareholders, unutilised tax loss carry-
forwards and unutilised capital allowance carry-forwards amounting to RM19,501,000 and RM11,000 will not be
available to the Group. Deferred tax assets have not been recognised in respect of these items because it is not
probable that future taxable profit will be available against which the Group can utilise the benefits there from.
Non-current
KEN HOLDINGS BERHAD (106173-M) ANNUAL REPORT 2007
- Non-trade 71,020 -
Current
- Non-trade 18,789 81,551
89,809 81,551
11.1 The amounts due from subsidiaries are unsecured, interest free and is repayable on demand except for the
non-current portion amounting to RM71,020,000 (2006 - Nil) which is not expected to be repaid within the
next 12 months.
11.2 Included in the current portion of the amounts due from subsidiaries are dividends receivable from subsidiaries
amounting to RM3,540,000 (2006 - RM2,280,000).
75
Notes to the Financial Statements (cont’d)
At 1 January
Land 39,913 39,913
Development costs 70,785 38,161
Accumulated costs charged to income statement (54,797) (23,704)
55,901 54,370
Development costs transferred from investment properties 10,837 -
Development costs incurred during the year 38,090 32,624
104,828 86,994
Costs charged to income statement (35,259) (31,093)
Costs transferred to inventories (4,735) -
64,834 55,901
At 31 December
Land 42,463 39,913
Development costs 65,646 70,785
Accumulated costs charged to income statement (43,275) (54,797)
64,834 55,901
12.1 Additions to development costs during the year include staff costs amounting to RM15,000 (2006 -
RM106,000).
The Group estimates revenue and budgeted costs for property development projects based on the following
key assumptions:
- Revenue on development projects have been projected based on the estimated market selling price of
the units;
KEN HOLDINGS BERHAD (106173-M) ANNUAL REPORT 2007
- The property development costs have been projected based on prevailing cost of construction and such
costs are reviewed on an on-going basis.
Any revision to accounting estimates are recognised in the period in which the estimate is revised and in any
future periods affected.
76
Notes to the Financial Statements (cont’d)
Trade
Trade receivables 24,980 23,410 - -
Retention sum 1,540 2,909 - -
26,520 26,319 - -
Less: Allowance for doubtful debts (15,229) (14,149) - -
11,291 12,170 - -
Construction work-in-progress 652 3,808 - -
Progress billings receivable 5,164 4,799 - -
Non-trade
Other receivables, deposits and prepayments 2,481 2,231 8 19
Less: Allowance for doubtful debts (26) - - -
2,455 2,231 8 19
19,562 23,008 8 19
Group Company
2007 2006 2007 2006
RM’000 RM’000 RM’000 RM’000
26,520 26,319 - -
13.2 In 2006, bad debts written off against allowance for doubtful debts amounted to RM1,088,000.
KEN HOLDINGS BERHAD (106173-M) ANNUAL REPORT 2007
1,630 50,950
Less: Progress billings (978) (47,142)
652 3,808
77
Notes to the Financial Statements (cont’d)
The Group estimates revenue and budgeted costs for its construction and property development projects
based on the following key assumptions:
- Revenue of construction contracts has been projected based on contracted sum and any variations
will only be recognised when it is probable for approval by customer and the amount of revenue can be
measured reliably;
- The construction costs have been projected based on the prevailing cost of materials, labour and rental
of machineries and such costs are reviewed on an on-going basis.
Any revision to accounting estimates are recognised in the period in which the estimate is revised and in any
future periods affected.
Included in the Group’s cash and bank balances is RM1,318,000 (2006 - RM14,906,000) maintained pursuant
to the Housing Development (Housing Development Account) Regulations 1991 and included in the Group and
Company’s deposits placed with licensed banks is RM901,000 (2006 - RM4,780,000) and RM501,000 (2006
- RM4,379,000) pledged for bank overdraft and bank guarantee facilities granted to the subsidiaries.
The holders of the ordinary shares are entitled to receive dividends as declared from time to time and are entitled
to one vote per share at meetings of the Company.
The Company has also issued share options (see note 20).
78
Notes to the Financial Statements (cont’d)
16. Reserves
16.1 Revaluation reserve
The revaluation reserve represents surplus arising from the revaluation of the Group’s freehold land and
building and long term prepaid lease payments prior to its reclassification.
The Malaysian Budget 2008 introduced a single tier company income tax system with effect from year of
assessment 2008. As such, the Section 108 tax credit as at 31 December 2007 will be available to the
Company until such time the credit is fully utilised or upon expiry of the six-year transitional period on 31
December 2013, whichever is earlier.
Non-current
Loan from minority shareholder 184 197
Current
Revolving credit - unsecured - 3,523
Bank overdrafts - secured - 3,233
- 6,756
KEN HOLDINGS BERHAD (106173-M) ANNUAL REPORT 2007
In 2006, the bank overdrafts were subjected to interest at 9.70% and secured by fixed deposits of the Company
placed with licensed banks.
The loan from minority shareholder of a subsidiary is unsecured, interest free and not repayable within the next 12
months.
79
Notes to the Financial Statements (cont’d)
Trade
Trade payables 14,377 18,807 - -
Progress billings 4,290 2,489 - -
Non-trade
Other payables and accruals 7,632 5,393 668 554
Amount due to Directors 353 326 244 222
14,377 18,807 - -
19.2 Included in trade payables of the Group are retention sums payable amounting to RM3,009,000 (2006 -
RM3,678,000).
19.3 Amount due to Directors represents accrual of Directors fee payable which is unsecured, interest free and is
repayable on demand.
As allowed by the transitional provisions in FRS 2, the recognition and measurement principles in FRS 2 have not
been applied as these were granted prior to the effective date of FRS 2.
The ESOS has lapsed on 13 August 2007 and no new share-based payment has since been offered by the
Company.
Company
2007 2006
RM’000 RM’000
80
Notes to the Financial Statements (cont’d)
81
Notes to the Financial Statements (cont’d)
Group Company
2007 2006 2007 2006
RM’000 RM’000 RM’000 RM’000
Directors:
- Fees 99 90 99 90
- Remuneration 1,660 1,525 33 32
- Other short term employee benefits (including
estimated monetary value of benefits-in-kind) 57 70 - -
Tax calculated using Malaysian tax rates * 3,066 2,622 1,367 1,937
Non-deductible expenses 237 208 23 18
Tax exempt income (471) - - -
Effect of changes in tax rates ** (417) - (29) -
Effect of tax rates in foreign jurisdiction *** 144 1,305 - -
Current year losses for which
no deferred tax asset was recognised 697 1,938 - -
Change in unrecognised temporary differences - (1) - -
82
Notes to the Financial Statements (cont’d)
** With effect from year of assessment 2007, corporate tax rate is at 27%. The Malaysian Budget 2008 also
announced the reduction of corporate tax rate to 26% with effect from year of assessment 2008 and to 25%
with effect from year of assessment 2009 respectively. Consequently deferred tax assets and liabilities are
measured using these tax rates.
*** Several subsidiaries in Hong Kong (see note 7) operate in a tax jurisdiction with a lower tax rate of 17.5%.
For 2007, there is no dilutive effect following the expiration of ESOS on 13 August 2007. In 2006, the effect on
the basic earnings per share arising from the assumed exercise of ESOS is anti-dilutive.
25. Dividends
Dividends recognised in the current year by the Company are:
Total Date of
Paid amount payment
RM’000
2006 final dividend of RM0.05 per share less tax 3,488 21 August 2007
83
Notes to the Financial Statements (cont’d)
Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be
allocated on a reasonable basis. Unallocated items comprise mainly interest-earning assets and revenue, loans
and borrowings and related expenses, corporate assets (primarily the Company’s headquarters) and head office
expenses, and tax assets and liabilities.
Segment capital expenditure is the total cost incurred during the year to acquire property, plant and equipment
and investment properties.
Inter-segment pricing is determined on negotiated terms.
Business segments
The Group comprises the following main business segments:
Construction Specialist engineering services, turnkey contracts, building and civil and engineering
works, land reclamation, dredging, marine and civil engineering.
Geographical segments
The construction segment is managed in two principal geographical areas, Malaysia and Hong Kong. Property
development segment operates solely in Malaysia.
KEN HOLDINGS BERHAD (106173-M) ANNUAL REPORT 2007
In presenting information on the basis of geographical segments, segment revenue is based on the geographical
location of customers. Segment assets are based on the geographical location of the assets.
84
Notes to the Financial Statements (cont’d)
Business segments
Total external revenue 4,026 17,415 56,175 58,062 - - 60,201 75,477
Inter-segment revenue 44,911 43,850 144 144 (45,055) (43,994) - -
Total segment
revenue 48,937 61,265 56,319 58,206 (45,055) (43,994) 60,201 75,477
Segment result 659 (4,212) 12,455 17,206 (3,505) (2,499) 9,609 10,495
Segment assets 51,056 47,518 110,832 119,486 (37,891) (30,085) 123,997 136,919
Unallocated assets 23,096 8,713
Segment liabilities 22,792 33,672 42,119 30,089 (39,244) (27,895) 25,667 35,866
Unallocated liabilities 9,093 7,444
Depreciation
and amortisation 697 910 507 152 - - 1,204 1,062
85
Notes to the Financial Statements (cont’d)
Geographical
segments
Revenue from
external customers 57,662 58,412 2,539 17,065 - - 60,201 75,477
27. Contingencies
The Directors are of the opinion that provisions are not required in respect of these matters, as it is not probable that
a future sacrifice of economic benefits will be required or the amount is not capable of reliable measurement.
- - 1,000 5,981
- RM14.4 million) in respect of various contract works. An allowance for doubtful debts of RM14.4 million
(2006 - RM14.4 million) has been made in the financial statements. The debtor has disputed the claim and
based on the advice of the lawyers, the Directors are of the opinion that the subsidiary has a good claim
against the debtor. In the Directors’ opinion, disclosure of any further information would be prejudicial to
the interests of the Company.
Key management personnel are defined as those persons having authority and responsibility for planning, directing
and controlling the activities of the Group either directly or indirectly. The key management personnel include all
the Directors of the Group.
86
Notes to the Financial Statements (cont’d)
Transaction value
Group year ended 31 December
Director Transaction 2007 2006
RM’000 RM’000
- 346
Transaction value
year ended 31 December
Company 2007 2006
RM’000 RM’000
Subsidiaries
Management fees receivable
- Ken Grouting Sdn. Bhd. (120) (120)
- Ken Projects Sdn. Bhd. (124) (120)
- Ken Property Sdn. Bhd. (240) (420)
(484) (660)
(3,540) (4,752)
The terms and conditions for the above transactions are based on normal trade terms. All the amounts outstanding
are unsecured and expected to be settled by cash.
87
Notes to the Financial Statements (cont’d)
The deconsolidation of KEL had the following effect on the Group’s cash flow, total assets and total
liabilities:
3.10.2007
RM’000
The results and cash flows of KEL for the period up to the date of disposal were as follows:
From 1.1.2007
to 3.10.2007
RM’000
Revenue 1,965
Cost of sales (4,809)
88
Notes to the Financial Statements (cont’d)
29.3 In August 2006, the Group made an application to deregister a subsidiary, Success Goal Asia Limited
(“SGAL”), from the Register of the Hong Kong Companies Registry. In 2007, deregistration of SGAL was
completed.
The acquisition and disposals in year 2006 had no significant financial impact on the Group’s assets and
liabilities as KDSB and JESB are semi-dormant companies handling property management services whilst
SGAL is a dormant company.
ii) In October 2007, a subsidiary, Kenly (HK) Ltd. disposed of 1,000 ordinary shares of HK$1.00 each
representing 100% equity interest in Kenly Engineering Ltd. for a total cash consideration of HK$2.00. The
disposal of this subsidiary resulted in a gain on disposal of HK$6,112,000 (approximately RM2,693,000)
at the Group level.
The Group has overseas subsidiaries, which operate in Hong Kong, and revenues and expenses incurred therewith
are denominated exclusively in this foreign currency.
The Group maintains a natural hedge, whenever possible by borrowing in the currency of the country in which
the business is located that match the revenue stream to be generated from its investment.
The Group minimises the exposure of the overseas operating subsidiaries to transaction risk by matching local
currency revenue against local currency costs.
Credit risk
The management has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis.
The maximum exposure to credit risk is represented by the carrying amount of each financial asset in the
balance sheet.
89
Notes to the Financial Statements (cont’d)
Group
2007
Deposits placed with licensed banks 14 2.93% 10,289
2006
Deposits placed with licensed banks 14 3.10% 11,413
Company
2007
Deposits placed with licensed banks 14 2.86% 2,365
2006
Deposits placed with licensed banks 14 3.11% 4,831
KEN HOLDINGS BERHAD (106173-M) ANNUAL REPORT 2007
Fair values
The carrying amounts of cash and cash equivalents, receivables, other payables and short term borrowings,
approximate fair values due to the relatively short term nature of these financial instruments.
The Company provides financial guarantees to banks for credit facilities extended to certain subsidiaries. The fair
value of such financial guarantees is not expected to be material as the probability of the subsidiaries defaulting
on the credit lines is remote.
In respect of amount due from subsidiaries, it is not practical to estimate the fair values due principally to a lack of
specific repayment terms entered into by the parties involved and without incurring excessive costs.
It was not practicable to estimate the fair value of the Group’s investment in unquoted shares due to the lack of
comparable quoted market prices and the inability to estimate fair value without incurring excessive costs.
90
Laporan Pengarah untuk tahun berakhir 31 Disember 2007
Para Pengarah dengan sukacitanya membentangkan laporan mereka dan penyata-penyata kewangan Kumpulan dan
Syarikat yang telah diaudit untuk tahun berakhir 31 Disember 2007.
Aktiviti-aktiviti Utama
Aktiviti-aktiviti utama Syarikat merangkumi pegangan pelaburan dan pemberian perkhidmatan pengurusan manakala
aktiviti utama syarikat-syarikat subsidiarinya dinyatakan di dalam nota 7 kepada penyata kewangan. Tiada perubahan
ketara dalam aktiviti-aktiviti utama tersebut sepanjang tahun kewangan.
Keputusan
Kumpulan Syarikat
RM’000 RM’000
Dividen
Dalam tahun 2006, para Pengarah menyarankan dividen pertama dan terakhir berjumlah 5 sen setiap saham biasa tolak
cukai berjumlah RM3,250,260 berhubung tahun berakhir 31 Disember 2006 yang akan dicadangkan untuk kelulusan
para pemegang saham dalam Mesyuarat Agung Tahunan akan datang.
Apabila diluluskan oleh para pemegang saham, modal diterbitkan dan modal berbayar Syarikat akan meningkat.
Jumlah modal diterbitkan dan modal berbayar ialah 95,575,000 saham biasa diperuntukkan untuk dividen, dan Syarikat
membayar dividen pertama dan terakhir berjumlah 5 sen setiap saham biasa tolak cukai yang berjumlah RM3,488,487
berhubung tahun berakhir 31 Disember 2006 pada 24 Ogos 2007.
Dividen pertama dan terakhir yang berjumlah 6 sen setiap saham biasa kurang cukai berjumlah RM4,256,184
berhubung tahun berakhir 31 Disember 2007 telah dicadangkan oleh para Pengarah dan akan disarankan untuk
kelulusan para pemegang saham dalam Mesyuarat Agung Tahunan yang akan datang.
KEN HOLDINGS BERHAD (106173-M) ANNUAL REPORT 2007
Pengarah Syarikat
Para Pengarah yang berkhidmat sejak tarikh laporan yang lepas terdiri daripada:
91
Laporan Pengarah untuk tahun berakhir 31 Disember 2007 (samb.)
Kepentingan langsung
Tan Boon Kang 10,095 750 - 10,845
Lau Pek Kuan 1,209 750 - 1,959
Tan Moon Hwa 806 750 (950) 606
Tang Kam Chee 15 315 (160) 170
Subsidiari
Kenly (HK) Ltd.
Disebabkan oleh kepentingan mereka dalam saham-saham Syarikat, Tan Boon Kang dan Lau Pek Kuan juga dianggap
berkepentingan dalam saham subsidiari-subsidiari sepanjang tahun kewangan setakat mana Syarikat mempunyai
kepentingan.
KEN HOLDINGS BERHAD (106173-M) ANNUAL REPORT 2007
Opsyen yang diberi kepada para Pengarah yang layak menurut Skim Opsyen Saham Pekerja (“ESOS”), yang telah lupus
pada 13 Ogos 2007 adalah seperti berikut:
Bilangan opsyen untuk saham biasa berharga RM1.00 sesaham
Pada Pada
1.1.2007 Diberi Dilaksanakan Lupus 31.12.2007
’000 ’000 ’000 ’000 ’000
Tiada Pengarah lain yang memegang jawatan pada 31 Disember 2007 yang mempunyai sebarang kepentingan dalam
saham biasa Syarikat dan syarikat-syarikat berkaitan dengannya sepanjang tahun kewangan ini.
92
Laporan Pengarah untuk tahun berakhir 31 Disember 2007 (samb.)
Tiada sebarang perjanjian telah diatur pada dan sehingga akhir tahun kewangan yang bertujuan untuk membolehkan
para Pengarah Syarikat mendapat manfaat melalui penguasaan saham atau debentur Syarikat atau sebarang badan
korporat.
Tiada perubahan lain dalam saham diluluskan, diterbitkan dan berbayar Syarikat sepanjang tahun kewangan. Tiada
debentur diterbitkan sepanjang tahun kewangan.
Dalam Mesyuarat Agung Luarbiasa yang diadakan pada 30 Jun 2000, para pemegang saham Syarikat telah meluluskan
penubuhan Skim Opsyen Saham Pekerja (“ESOS”) tidak lebih daripada 10% modal saham diterbit Syarikat kepada
para Pengarah dan pekerja-pekerja Kumpulan yang layak.
i) Pekerja-pekerja yang layak adalah mereka yang bekerja sepenuh masa, disahkan dalam jawatan oleh Kumpulan
dan mencapai umur 18 tahun pada atau sebelum tarikh tawaran.
KEN HOLDINGS BERHAD (106173-M) ANNUAL REPORT 2007
ii) Opsyen tersebut adalah peribadi dan tidak boleh dipindah milik.
iii) Harga bagi opsyen akan ditetapkan berdasarkan diskaun yang tidak melebihi 10% daripada harga pasaran
purata berwajaran saham bagi lima hari pasaran sebelum tarikh tawaran atau pada nilai tara saham biasa
Syarikat, yang mana lebih tinggi.
iv) Opsyen yang diberi dalam sesuatu tahun tetapi tidak dilaksanakan dalam tahun tersebut boleh dilaksanakan dalam
jangka masa lima tahun daripada tarikh opsyen itu ditawarkan.
v) Opsyen yang diberi boleh dilaksanakan secara penuh atau kurang daripada bilangan saham biasa dengan syarat
bilangan saham mestilah dalam gandaan 1,000 saham.
Sesiapa yang telah diberi opsyen tidak berhak mengambil bahagian dalam sebarang opsyen terbitan saham di
syarikat lain.
93
Laporan Pengarah untuk tahun berakhir 31 Disember 2007 (samb.)
Syarikat telah diberi pengecualian oleh Surahanjaya Syarikat Malaysia daripada mengemukakan di dalam laporan ini
nama-nama pihak yang diberi kurang daripada 370,000 opsyen di bawah ESOS, seperti yang dikehendaki mengikut
Seksyen 169(11) Akta Syarikat, 1965. Maklumat ini telah difailkan dengan Suruhanjaya Syarikat Malaysia secara
berasingan.
Butiran opsyen yang diberi di bawah ESOS berhubung dengan opsyen yang berjumlah 370,000 dan lebih adalah
seperti berikut:
Bilangan opsyen untuk saham biasa pada RM1.00 sesaham
Harga Pada Pada
Nama pemegang opsyen opsyen 1.1.2007 Diberi Dilaksanakan Lupus 31.12.2007
RM ’000 ’000 ’000 ’000 ’000
i) semua hutang lapuk yang diketahui telah dilupuskan dan peruntukan yang mencukupi telah disediakan bagi
hutang ragu, dan
ii) semua hutang semasa telah dinyatakan pada kos dan nilai boleh realisasi bersih, mengikut mana yang lebih
rendah.
Pada tarikh laporan, para Pengarah Syarikat tidak menyedari sebarang keadaan:
i) yang boleh menyebabkan jumlah yang dilupuskan bagi hutang lapuk, atau jumlah peruntukan bagi hutang ragu,
dalam penyata kewangan Kumpulan dan Syarikat tidak mencukupi dengan ketara, atau
ii) yang boleh menyebabkan nilai yang diberi kepada aset semasa dalam penyata kewangan Kumpulan dan Syarikat
yang mengelirukan, atau
iii) yang telah timbul dan menyebabkan pematuhan kepada kaedah penilaian aset atau tanggungan Kumpulan dan
Syarikat mengelirukan atau tidak sesuai, atau
94
Laporan Pengarah untuk tahun berakhir 31 Disember 2007 (samb.)
i) sebarang cagaran ke atas aset Kumpulan atau Syarikat yang telah timbul sejak akhir tahun kewangan ini dan yang
mencagar sebarang tanggungan pihak lain, atau
ii) sebarang tanggungan luar jangka berhubung dengan Kumpulan atau Syarikat yang telah timbul sejak akhir tahun
kewangan ini.
Tiada tanggungan luar jangka atau tanggungan lain Kumpulan dan Syarikat yang telah berkuatkuasa, atau
berkemungkinan berkuatkuasa dalam tempoh dua belas bulan selepas akhir tahun kewangan ini, yang pada pendapat
para Pengarah, akan atau mungkin akan menjejaskan dengan ketara keupayaan Kumpulan dan Syarikat untuk
memenuhi kewajipannya apabila tiba masanya kelak.
Pada pendapat Para Pengarah, selain daripada penjualan anak syarikat seperti yang dinyatakan dalam nota 29 penyata
kewangan, keputusan daripada Kumpulan dan Syarikat bagi tahun kewangan berakhir 31 Disember 2007 tidak terjejas
dengan ketara oleh sebarang perkara, urusniaga atau peristiwa penting dan berbentuk luar biasa atau sebarang perkara,
urusniaga atau kejadian yang berlaku sepanjang tempoh antara akhir tahun kewangan hingga ke tarikh laporan ini.
Peristiwa-peristiwa penting
i) Pada bulan Februari 2007, anak syarikat Aunyang Holdings Sdn. Bhd. telah menandatangani Penjanjian Jual Beli
untuk membeli dua keping tanah untuk pertimbangan tunai berjumlah RM15,800,00. Kos sampingan berjumlah
RM156,000 juga terdapat semasa pembelian, dan ini menyebabkan jumlah permodalan sebanyak RM15,956,000
di bawah pelaburan hartanah.
ii) Pada bulan Oktober 2007, anak syarikat Kenly (HK) Ltd. menjual sebanyak 1,000 saham biasa bernilai HK$1.00
sesaham mewakili 100% faedah ekuiti bagi Kenly Engineering Ltd. untuk jumlah pertimbangan tunai bernilai
HK$2.00. Penjualan anak syarikat ini menghasilkan pulangan penjualan sebanyak HK$6,112,000 (lebih kurang
bernilai RM2,693,000) pada tahap syarikat.
Juruaudit
Juruaudit, Tetuan KPMG, telah menyatakan persetujuan mereka untuk menerima pelantikan semula.
KEN HOLDINGS BERHAD (106173-M) ANNUAL REPORT 2007
…………………………………………………………..
Tan Boon Kang
…………………………………………………………..
Tang Kam Chee
95
Penyata Para Pengarah menurut Seksyen 169(15) Akta Syarikat, 1965
Pada pendapat para Pengarah, penyata kewangan yang dibentangkan di muka surat 98 hingga 138 telah disediakan
menurut peruntukan Akta Syarikat, 1965 dan Piawaian Laporan Kewangan (FRS) yang diluluskan oleh Lembaga
Piawaian Perakaunan Malaysia untuk memberi gambaran yang benar dan saksama mengenai kedudukan urusan
Kumpulan dan Syarikat pada 31 Disember 2007 dan keputusan operasi serta aliran tunai masing-masing bagi tahun
berakhir pada tarikh tersebut.
…………………………………………………………..
Tan Boon Kang
…………………………………………………………..
Tang Kam Chee
Saya, Tang Kam Chee, Pengarah yang bertanggungjawab sepenuhnya terhadap pengurusan kewangan Ken Holdings
Berhad, dengan sesungguh dan sebenarnya mengaku bahawa penyata kewangan yang dibentangkan di muka surat
98 hingga 138, pada sepanjang pengetahuan dan kepercayaan saya adalah benar dan saya membuat pengakuan ini
dengan penuh kepercayaan akan kebenarannya dan menurut peruntukan Akta Akuan Berkanun, 1960.
KEN HOLDINGS BERHAD (106173-M) ANNUAL REPORT 2007
Ditandatangani dan diakui sesungguhnya oleh penama di atas di Kuala Lumpur, Wilayah Persekutuan pada 26 Mac
2008.
…………………………………………………………..
Tang Kam Chee
Di hadapan saya:
No. W476
Raman Kunyapu
Pesuruhjaya Sumpah
Kuala Lumpur
96
Laporan Juruaudit kepada para ahli Ken Holdings Berhad
Kami telah mengaudit penyata kewangan yang dibentangkan di muka surat 98 hingga 138. Penyediaan penyata
kewangan adalah tanggungjawab para Pengarah Syarikat.
Adalah tanggungjawab kami untuk memberi pandangan bebas berdasarkan audit yang telah kami lakukan ke atas
penyata kewangan dan melaporkan pandangan kami kepada sekalian, sebagai sebuah badan berkanun, menurut
Seksyen 174 Akta Syarikat, 1965 dan bukan untuk tujuan lain. Kami tidak bertanggungjawab kepada mana-mana pihak
di atas isi kandungan laporan ini.
Kami telah menjalankan audit menurut Piawaian-piawaian Pengauditan yang diluluskan di Malaysia. Piawaian-piawaian
ini memerlukan kami merancang dan melaksanakan audit untuk memperolehi jaminan bukti yang berpatutan untuk
memastikan yang penyata kewangan adalah bebas daripada salah penyataan yang ketara. Pengauditan meliputi
pemeriksaan, berasaskan ujian, bukti yang menyokong jumlah dan pendedahan di dalam penyata kewangan.
Sesebuah pengauditan juga merangkumi penilaian ke atas prinsip-prinsip perakaunan yang digunakan dan anggaran
penting yang dibuat oleh para Pengarah, serta menilai keseluruhan penyampaian maklumat. Kami percaya bahawa
pengauditan kami menyediakan asas yang berpatutan ke atas pendapat yang kami berikan.
(a) penyata kewangan telah disediakan dengan sempurna menurut peruntukan Akta Syarikat, 1965 dan menurut
Piawaian Laporan Kewangan (FRS) yang diluluskan oleh Badan Piawaian Perakaunan Malaysia supaya dapat
memberikan gambaran yang benar dan saksama mengenai:
i) kedudukan Kumpulan dan Syarikat pada 31 Disember 2006 dan keputusan operasi masing-masing dan
aliran tunai untuk tahun berakhir pada tarikh tersebut; dan
ii) perkara-perkara yang dikehendaki oleh Seksyen 169, Akta Syarikat, 1965, untuk diambilkira dalam penyata
kewangan Kumpulan dan Syarikat; dan
(b) rekod perakaunan dan rekod-rekod lain serta daftar-daftar yang disyaratkan oleh Akta Syarikat, 1965 yang perlu
disimpan oleh Syarikat dan syarikat-syarikat subsidiari yang mana kami telah bertindak sebagai juruaudit, telah
pun disimpan dengan sempurna menurut peruntukan Akta tersebut.
Syarikat-syarikat subsidiari di mana kami tidak bertindak sebagai juruaudit telah disenaraikan dalam nota 7 kepada
penyata kewangan dan kami telah mempertimbangkan penyata kewangan yang diaudit dan laporan juruauditnya.
Kami berpuas hati bahawa penyata kewangan syarikat subsidiari yang telah disatukan dengan penyata kewangan
Syarikat adalah bersesuaian dan berpatutan daripada segi bentuk dan kandungan untuk tujuan penyediaan penyata
kewangan yang disatukan dan kami telah menerima maklumat dan penjelasan memuaskan yang kami perlukan untuk
KEN HOLDINGS BERHAD (106173-M) ANNUAL REPORT 2007
tujuan tersebut.
Laporan audit berhubung dengan penyata kewangan syarikat-syarikat subsidiari tidak tertakluk kepada sebarang
syarat dan tidak mengandungi sebarang ulasan yang dibuat di bawah seksyen kecil (3) Seksyen 174 Akta tersebut.
97
Lembaran Imbangan pada 31 Disember 2007
Kumpulan Syarikat
Nota 2007 2006 2007 2006
RM’000 RM’000 RM’000 RM’000
Aset-aset
Hartanah, loji dan peralatan 3 2,950 8,758 - -
Pembayaran pajakan prabayar 4 3,132 3,176 - -
Tanah untuk pembangunan hartanah 5 7,370 7,347 - -
Pelaburan hartanah 6 20,829 9,177 - -
Pelaburan dalam subsidiari 7 - - 13,333 13,333
Pelaburan lain 8 26 26 - -
Muhibah 9 183 538 - -
Aset cukai tertunda 10 2,531 1,878 153 130
Jumlah terhutang oleh subsidiari 11 - - 71,020 -
Ekuiti
Modal saham 15 95,860 90,285 95,860 90,285
Rizab 16 1,683 2,189 - -
Pendapatan tertahan 16 14,790 9,848 9,064 8,849
Kepentingan minoriti 17 - - - -
Liabiliti
Pinjaman 18 184 197 - -
Liabiliti cukai tertunda 10 7,101 7,196 1,310 1,120
Nota-nota pada halaman 104 hingga 138 merupakan sebahagian penting daripada penyata-penyata kewangan ini.
98
Penyata Pendapatan bagi tahun berakhir 31 Disember 2007
Kumpulan Syarikat
Nota 2007 2006 2007 2006
RM’000 RM’000 RM’000 RM’000
Hasil
- hasil kontrak 4,026 17,415 - -
- hasil pembangunan hartanah 56,175 58,062 - -
- dividen - - 4,850 6,600
- yuran pengurusan - - 484 660
Nota-nota pada halaman 104 hingga 138 merupakan sebahagian penting daripada penyata-penyata kewangan ini.
99
Penyata Perubahan dalam Ekuiti Disatukan
bagi tahun berakhir 31 Disember 2007
Nota-nota pada halaman 104 hingga 138 merupakan sebahagian penting daripada penyata-penyata kewangan ini.
100
Penyata Perubahan dalam Ekuiti bagi tahun berakhir 31 Disember 2007
Nota-nota pada halaman 104 hingga 138 merupakan sebahagian penting daripada penyata-penyata kewangan ini.
101
Penyata Aliran Tunai bagi tahun berakhir 31 Disember 2007
Kumpulan Syarikat
Nota 2007 2006 2007 2006
RM’000 RM’000 RM’000 RM’000
102
Penyata Aliran Tunai bagi tahun berakhir 31 Disember 2007 (samb.)
Kumpulan Syarikat
Nota 2007 2006 2007 2006
RM’000 RM’000 RM’000 RM’000
Tunai dan bersamaan tunai pada akhir tahun i) 13,704 19,882 1,991 538
Kumpulan Syarikat
2007 2006 2007 2006
RM’000 RM’000 RM’000 RM’000
Nota-nota pada halaman 104 hingga 138 merupakan sebahagian penting daripada penyata-penyata kewangan ini.
103
Nota-nota kepada Penyata Kewangan
Ken Holdings Berhad adalah sebuah syarikat liabiliti awam berhad ditubuhkan dan berdomisil di Malaysia, dan
disenaraikan dalam Papan Utama Bursa Malaysia Securities Berhad. Alamat tempat utama perniagaannya dan pejabat
berdaftarnya adalah seperti berikut:
Penyata kewangan yang telah disatukan pada dan untuk tahun berakhir 31 Disember 2007 merangkumi Syarikat dan
syarikat-syarikat subsidiarinya (bersama dirujuk sebagai Kumpulan). Penyata kewangan Syarikat pada dan untuk
tahun berakhir 31 Disember 2007 tidak termasuk entiti lain.
Syarikat terlibat dalam pelaburan pemegangan dan peruntukan untuk perkhidmatan pengurusan manakala entiti
lain Kumpulan adalah terlibat terutamanya dalam pelaburan pemegangan hartanah dan pembangunan hartanah,
perkhidmatan kejuruteraan pakar, geo-teknikal, kejuruteraan awam dan kerja-kerja pembangunan, penebusgunaan
tanah dan kejuruteraan laut, aktiviti pengurusan projek dan hartanah.
1. asas penyediaan
(a) Penyata komplians
Penyata kewangan Kumpulan dan Syarikat telah disediakan bertepatan dengan Piawaian Pelaporan
Kewangan (FRS) yang diterbitkan oleh Lembaga Piawaian Perakaunan Malaysia (MASB), prinsip perakaunan
yang umumnya diterima di Malaysia dan peruntukan Akta Syarikat, 1965. Penyata kewangan itu juga menepati
peruntukan pendedahan Keperluan Penyenaraian Bursa Malaysia Securities Berhad yang berkaitan.
MASB telah menerbitkan FRS 119, Employee Benefits - Actuarial Gains and Losses, Group Plans and
Disclosures dan FRS 6, Exploration for and Evaluation of Mineral Resources untuk tempoh perakaunan
bermula dari 1 Januari 2007. Penggunaan FRS 119, Employee Benefits - Actuarial Gains and Losses, Group
Plans and Disclosures tidak mempunyai kesan kewangan yang besar ke atas Kumpulan dan Syarikat.
Manakala FRS 6 tidak mempunyai kaitan dengan Kumpulan dan Syarikat.
MASB juga telah menerbitkan FRS dan Interpretasi berikut yang boleh digunakan untuk tempoh tahunan
bermula dari 1 Januari 2007 dan yang belum digunakan dalam penyediaan penyata kewangan ini:
KEN HOLDINGS BERHAD (106173-M) ANNUAL REPORT 2007
Tarikh
FRSs / Interpretasi berkuatkuasa
FRS 139, Financial Instruments: Recognition and Measurement Akan diumumkan
FRS 107, Cash Flow Statements 1 Julai 2007
FRS 111, Construction Contracts 1 Julai 2007
FRS 112, Income Taxes 1 Julai 2007
FRS 118, Revenue 1 Julai 2007
FRS 120, Accounting for Government Grants and Disclosure of
Government Assistance 1 Julai 2007
Amendment to FRS 121, The Effects of Changes in Foreign Exchange Rates
- Net Investment in a Foreign Operation 1 Julai 2007
FRS 134, Interim Financial Reporting 1 Julai 2007
FRS 137, Provisions, Contingent Liabilities and Contingent Assets 1 Julai 2007
IC Interpretation 1, Changes in Existing Decommissioning, Restoration and
Similar Liabilities 1 Julai 2007
IC Interpretation 2, Members’ Shares in Co-operative Entities and Similar Instruments 1 Julai 2007
104
Nota-nota kepada Penyata Kewangan (samb.)
Kumpulan dan Syarikat merancang untuk menggunakan FRS dan Interpretasi di atas untuk tempoh
tahunan bermula dari 1 Januari 2008, melainkan FRS 139 yang mana tarikh berkuatkuasanya belum lagi
diumumkan.
Kesan penggunaan FRS 139 pada penyata kewangan pada penggunaan pertama, seperti yang ditetapkan
oleh perenggan 30(b) FRS 108, Accounting Policies, Changes in Accounting Estimates and Errors tidak akan
dinyatakan berikutan pengecualian yang diberikan dalam FRS 139.103AB.
Pengunaan awal FRS dan Interpretasi yang lain dijangka tidak akan mempunyai kesan material ke atas
penyata kewangan Kumpulan dan Syarikat.
Anggaran dan andaian dasar ini disemak secara berterusan. Semakan yang dilakukan ke atas anggaran
perakaunan diiktiraf dalam tempoh di mana anggaran itu disemak dan dalam tempoh-tempoh akan datang
yang terlibat atau terjejas.
Tidak ada maklumat mengenai bahagian penting dalam ketidakpastian anggaran dan pertimbangan kritikal
ketika melaksanakan polisi perakaunan yang mempunyai kesan yang paling ketara terhadap jumlah yang
diiktiraf dalam penyata kewangan selain dari yang dijelaskan dalam nota yang berikut:
105
Nota-nota kepada Penyata Kewangan (samb.)
Pelaburan dalam syarikat subsidiari dicatatkan dalam lembaran imbangan Syarikat pada kos tolak
kerugian kerosakan.
Apabila kerugian disebabkan minoriti melebihi kepentingan minoriti dalam ekuiti subsidiari, sebarang
kerugian disebabkan minoriti akan dicaj terhadap kepentingan Syarikat melainkan jika minoriti mempunyai
obligasi terikat, dan mampu membuat pelaburan tambahan untuk menampung kerugian. Jika subsidiari
kemudiannya melaporkan keuntungan, kepentingan Kumpulan akan mencatat semua keuntungan
sehingga kerugian minoriti yang sebelumnya diserap oleh Kumpulan dapat diperolehi semula.
pengambilalihan digunakan.
Kumpulan menganggap semua perubahan yang lain dalam komposisi kumpulan sebagai urusniaga
ekuiti di antara Kumpulan dan pemegang saham ekuitinya. Sebarang perbezaan di antara aset bersih
Kumpulan sebelum dan sesudah perubahan itu, dan sebarang pertimbangan yang diterima atau
dibayar, akan disesuaikan mengikut rizab Kumpulan.
106
Nota-nota kepada Penyata Kewangan (samb.)
Perbezaan dalam mata wang asing diiktiraf dalam rizab pertukaran. Semasa penjualan, perbezaan
pertukaran terkumpul diiktiraf dalam penyata pendapatan disatukan sebagai sebahagian daripada
keuntungan atau kerugian jualan.
Kumpulan menilai semula hartanahnya yang meliputi tanah dan bangunan setiap 5 tahun dan pada
tempoh masa yang lebih pendek apabila nilai saksama aset yang dinilai itu dijangka berbeza dengan
ketara daripada nilai bawanya. Lebihan yang timbul daripada penilaian semula diuruskan dalam akaun
rizab penilaian.
Kos termasuk perbelanjaan yang secara langsung disebabkan oleh pembelian aset dan lain-lain kos
yang secara langsung timbul semasa menjalani proses supaya aset itu boleh digunakan seperti yang
diharapkan, dan kos membuka dan memindahkan aset tersebut dan memulihkan tempat di mana
aset itu berada. Perisian yang diperlukan supaya alat berkaitan dapat berfungsi dimodalkan sebagai
KEN HOLDINGS BERHAD (106173-M) ANNUAL REPORT 2007
Apabila sebahagian besar hartanah, loji dan peralatan mempunyai usia berguna yang berlainan, ia
dianggap barang berasingan (komponen utama) bagi hartanah, loji dan peralatan.
Keuntungan dan kerugian berikutan penjualan hartanah, loji dan peralatan ditentukan dengan
membandingkan perolehan dari penjualan dengan jumlah bawaan hartanah, loji dan peralatan dan
diiktiraf secara bersih dalam ‘pendapatan operasi lain’ atau ‘perbelanjaan operasi lain’ masing-masing
dalam penyata pendapatan. Apabila aset dinilai semula dijual, jumlah yang di masukkan ke dalam rizab
lebihan penilaian semula dipindahkan ke pendapatan tertahan.
107
Nota-nota kepada Penyata Kewangan (samb.)
Anggaran usia berguna untuk tempoh semasa dan tempoh berbanding adalah seperti berikut:
• bangunan 25 - 50 tahun
• kenderaan bermotor 5 tahun
• mesin dan peralatan 5 tahun
• perabut dan pemasangan 5 tahun
Kaedah susut nilai, usia berguna dan nilai sisa ditaksir pada tarikh lembaran imbangan.
Tanah pegangan pajak yang selalunya mempunyai usia ekonomi dan hak milik tak tentu dan dijangka tidak
akan diserahkan kepada pemajak pada akhir terma pajakan dianggap sebagai pajakan operasi. Pembayaran
KEN HOLDINGS BERHAD (106173-M) ANNUAL REPORT 2007
yang dibuat apabila mengambilalih tanah pegangan pajak dikira sebagai pembayaran pajakan prabayar.
Tanah pajakan tertentu telah dinilai semula pada bulan Disember 2005 dan Kumpulan telah mengekalkan
jumlah penilaian semula yang belum dilunaskan sebagai jumlah bawaan tumpang untuk pembayaran pajakan
prabayar bertepatan dengan peruntukan peralihan dalam FRS 117.67A apabila ia mula menggunakan FRS
117, Leases dalam tahun 2006.
Pembayaran yang dibuat di bawab pajakan operasi diiktiraf dalam penyata pendapatan mengikut kaedah
garis lurus berdasarkan atas terma pajakan. Insentif pajakan yang diterima diiktiraf sebagai bahagian penting
dalam jumlah perbelanjaan pajakan, berdasarkan atas terma pajakan.
108
Nota-nota kepada Penyata Kewangan (samb.)
Hartanah pelaburan dinyatakan dalam kos ditolak susut nilai terkumpul dan kerugian kerosakan
terkumpul, konsisten dengan polisi perakaunan untuk hartanah, loji dan peralatan seperti yang dinyatakan
dalam nota polisi perakaunan nota 2(c).
Susut nilai dicaj dalam penyata pendapatan mengikut kaedah garis lurus terhadap anggaran usia
berguna iaitu 50 tahun untuk bangunan. Tanah pajakan bebas tidak dikira susut nilainya.
Hartanah pelaburan yang ditukar kepada kos pembangunan hartanah berikutan pertukaran dalam
kegunaannya menggunakan polisi perakaunan untuk kos pembangunan hartanah seperti yang
dicatatkan dalam nota polisi perakaunan 2(m).
Nilai-nilai saksama adalah berdasarkan nilai pasaran, di mana nilai anggaran bagi hartanah boleh ditukar
pada tarikh penilaian di antara pembeli dan penjual dalam urusniaga selengan selepas pemasaran yang
benar di mana pihak-pihak telah bertindak dengan benar, bijak dan tanpa paksaan.
Anggaran penting yang diambil dalam menentukan nilai saksama hartanah pelaburan dinyatakan dalam
nota 6.
(f) Muhibah
KEN HOLDINGS BERHAD (106173-M) ANNUAL REPORT 2007
Muhibah timbul semasa penggabungan perniagaan dan dinilai pada kos tolak kerugian kerosakan
terkumpul.
Untuk pengambilalihan sebelum 1 Januari 2006, muhibah mewakili lebihan kos pengambilalihan berbanding
kepentingan Kumpulan dalam nilai saksama bagi aset dan liabiliti bersih yang boleh dikenalpasti.
Dengan penggunaan FRS 3 bermula daripada 1 Januari 2006, muhibah mewakili lebihan kos pengambilan
berbanding kepentingan Kumpulan dalam nilai saksama bersih bagi aset, liabiliti dan liabiliti kontingen
pengambilalih yang boleh dikenalpasti.
Sebarang lebihan dalam kepentingan Kumpulan dalam nilai saksama bersih bagi aset, liabiliti dan liabiliti
kontingen pengambilalih yang boleh dikenalpasti di atas kos pengambilan diiktiraf serta merta dalam penyata
pendapatan.
Muhibah diuji sama ada terdapat kerosakan setahun sekali atau lebih kerap jika peristiwa atau perubahan
menunjukkan mungkin terdapat kerosakan.
109
Nota-nota kepada Penyata Kewangan (samb.)
Pengiktirafan kemudiannya:
- Pelaburan dalam sekuriti ekuiti bukan semasa selain daripada pelaburan dalam subsidiari dicatat pada
kos tolak peruntukan untuk kesusutan dalam nilai,
- Pelaburan dalam sekuriti hutang bukan semasa dicatat pada kos pelunasan menggunakan kaedah
bunga berkesan tolak peruntukan untuk kesusutan dalam nilai,
- Semua pelaburan semasa dibawa pada kos yang rendah dan nilai pasaran, ditetapkan pada portfolio
agregat atau kadar pelaburan individu oleh kategori pelaburan.
Sekiranya para Pengarah berpendapat bahawa terdapat pengurangan, selain daripada nilai sekuriti ekuiti
bukan semasa dan sekuriti hutang bukan semasa yang bersifat sementara, selain daripada pelaburan dalam
subsidiari, peruntukan untuk kesusutan dalam nilai diiktiraf sebagai perbelanjaan dalam tahun kewangan di
mana pengurangan itu dikenalpasti.
Semasa pelaburan dijual, perbezaan di antara perolehan jualan bersih dan jumlah bawaannya diiktiraf dalam
penyata kewangan.
Semua pelaburan dalam sekuriti hutang dan ekuiti diambilkira dengan menggunakan perakaunan tarikh
langsai. Perakaunan tarikh langsai merujuk kepada:
(i) pengiktirafan aset pada hari ianya diterima oleh entiti, dan
(ii) ketidakpengiktirafan aset dan pengiktirafan sebarang perolehan atau kerugian daripada jualan pada
tarikh ianya dihantar.
(h) Inventori
Hartanah yang sedia untuk dijual dikira pada harga lebih rendah dan nilai boleh realis bersih. Kos terdiri
daripada kos berkaitan dengan pengambilalihan tanah, kos langsung dan pembahagian sesuai untuk kos
bersama disebabkan membangunkan hartanah sehingga selesai.
(i) Penerimaan
Penerimaan pada awalnya diiktiraf pada kos apabila hak kontraktual untuk menerima tunai atau aset
KEN HOLDINGS BERHAD (106173-M) ANNUAL REPORT 2007
Selepas pengiktirafan awal ini, penerimaan dicatatkan pada kos tolak peruntukan untuk harta ragu.
Kerja pembinaan dalam progres dicatatkan sebagai sebahagian daripada penerimaan, deposit dan prabayaran
dalam lembaran imbangan. Sekiranya bayaran diterima daripada pelanggan melebihi pendapatan diiktiraf,
perbezaan jumlah tersebut disampaikan sebagai pembayaran dan akruan dalam lembaran imbangan.
110
Nota-nota kepada Penyata Kewangan (samb.)
Tanah untuk pembangunan diklasifikasikan sebagai kos pembangunan hartanah apabila aktiviti pembangunan
bermula dan menunjukkan bahawa aktiviti pembangunan boleh disiapkan dalam masa 2 hingga 3 tahun
menurut kitaran operasi Kumpulan.
Kos berkaitan dengan pembelian tanah termasuk harga belian tanah, yuran profesional, duti setem, komisyen,
yuran pertukaran dan levi-levi lain. Sekiranya Kumpulan telah merekodkan nilai tanah pada nilai penilaian, nilai
ini akan terus digunakan sebagai kos tumpang seperti yang dibenarkan oleh FRS 201.
Kos pembangunan hartanah yang tidak diiktiraf sebagai perbelanjaan, diiktiraf sebagai aset dan dinyatakan
pada kos atau nilai realisasi bersih, yang mana lebih rendah.
Lebihan hasil jualan diiktiraf dalam penyata pendapatan ke atas bil kepada pembeli-pembeli ditunjukkan
sebagai bil terakru yang tergolong dalam penerimaan, deposit dan prabayaran manakala lebihan bil kepada
pembeli-pembeli atas hasil jualan diiktiraf dalam penyata pendapatan sebagai bil progres tergolong dalam
pembayaran dan akruan.
Nilai boleh diperolehi sesuatu aset atau unit menjana tunai adalah lebih besar dalam nilai digunakan dan nilai
saksama tolak kos untuk dijual. Dalam membuat penilaian terhadap nilai yang digunakan, anggaran aliran
tunai masa depan adalah selepas diskaun pada nilai kini menggunakan kadar diskaun sebelum cukai yang
menggambarkan penilaian pasaran semasa untuk nilai masa wang dan risiko khusus untuk aset. Untuk
menguji kemerosotan, aset dikumpulkan dalam kumpulan aset terkecil yang menghasilkan aliran masuk
tunai dari penggunaannya yang berterusan, yang tidak bergantung pada aliran masuk tunai aset lain atau
kumpulan aset lain (‘unit menjana tunai’). Muhibah yang diperolehi dalam penggabungan perniagaan, untuk
tujuan ujian kemerosotan, diperuntukan unit menjana tunai yang dijangka akan mendapat manfaat dari
penggabungan tersebut.
111
Nota-nota kepada Penyata Kewangan (samb.)
Kerugian kemerosotan berhubung dengan muhibah tidak dibalikkan. Berhubung dengan aset lain, kerugian
kemerosotan diiktiraf sebelum tempoh penilaian pada setiap tarikh laporan untuk memastikan samada
kerugian telah berkurangan atau tidak lagi wujud. Kerugian kemerosotan dibalikkan sekiranya terdapat
perubahan pada anggaran yang digunakan untuk menentukan jumlah boleh diperolehi. Kerugian kemerosotan
dibalikkan hanya sekiranya jumlah bawaan aset tidak melebihi jumlah bawaan yang akan ditentukan, tolak
susut nilai atau pelunasan, sekiranya jika tiada kerugian kemerosotan diiktiraf. Pembalikan untuk kerugian
kemerosotan dikreditkan ke dalam penyata pendapatan pada tahun pembalikan itu diiktiraf.
Cukai tertunda diiktiraf menggunakan kaedah lembaran imbangan, mengambilkira perbezaan sementara di
antara jumlah bawaan aset dan liabiliti untuk tujuan laporan dan jumlah digunakan untuk tujuan percukaian.
Cukai tertunda tidak diiktiraf untuk perbezaan sementara yang berikut: pengiktirafan awal muhibah,
pengiktirafan awal untuk aset atau liabiliti dalam urusniaga yang bukan gabungan perniagaan dan tidak
memberi kesan pada perakaunan atau keuntungan bercukai (kerugian cukai). Cukai tertunda diukur pada
kadar cukai yang dijangka akan digunakan pada perbezaan sementara apabila dibalikkan, berdasarkan pada
undang-undang yang telah digubal atau yang telah digubal dengan ketara pada tarikh lembaran imbangan.
Liabiliti cukai tertunda diiktiraf untuk semua perbezaan sementara yang dikenakan cukai.
Aset cukai tertunda diiktiraf hanya pada tahap ianya berkemungkinan bahawa keuntungan bercukai pada
KEN HOLDINGS BERHAD (106173-M) ANNUAL REPORT 2007
masa hadapan akan tersedia ada di mana perbezaan sementara itu boleh digunakan. Aset cukai tertunda
disemak pada setiap tarikh laporan dan dikurangkan pada tahap ianya tidak lagi berkemungkinan memberi
manfaat cukai sekiranya ia direalisasikan.
112
Nota-nota kepada Penyata Kewangan (samb.)
Peruntukan diiktiraf untuk jumlah yang dijangka akan dibayar di bawah bonus tunai jangka pendek atau
pelan perkongsian-keuntungan jika Kumpulan mempunyai obligasi undang-undang atau konstruktif
untuk membayar jumlah ini disebabkan oleh perkhidmatan yang diberikan sebelumnya oleh pekerja dan
obligasi itu boleh dianggarkan dengan pasti.
Sumbangan Kumpulan kepada Kumpulan Wang Simpanan Pekerja (“KWSP”) dicaj dalam penyata
pendapatan bagi tahun berkaitan. Apabila sumbangan telah dibayar, Kumpulan tidak lagi mempunyai
sebarang obligasi pembayaran.
(s) Peruntukan
Peruntukan diiktiraf sekiranya, akibat daripada peristiwa yang lalu, Kumpulan memiliki obligasi undang-
undang atau obligasi konstruktif yang boleh dianggarkan dengan pasti, dan kemungkinan aliran manfaat
ekonomi diperlukan untuk menyelesaikan obligasi itu. Peruntukan ditentukan dengan mengambil kira diskaun
aliran tunai masa depan ke atas jangkaan pada kadar sebelum cukai yang menggambarkan penilaian pasaran
semasa pada nilai wang dan risiko khusus pada liabiliti.
Liabiliti kontingen
Sekiranya tidak berkemungkinan yang aliran keluar manfaat ekonomi diperlukan, atau jumlah tidak boleh
dianggarkan dengan pasti, obligasi dinyatakan sebagai liabiliti kontingen, melainkan jika kebarangkalian aliran
KEN HOLDINGS BERHAD (106173-M) ANNUAL REPORT 2007
keluar manfaat ekonomi tidak dapat dijangkakan. Obligasi yang mungkin, yang kewujudannya hanya akan
dipastikan oleh satu atau lebih kejadian di masa depan atau tidak berlakunya kejadian juga dicatatkan sebagai
liabiliti kontingen melainkan kebarangkalian aliran keluar manfaat ekonomi tidak dapat dijangkakan.
Sekiranya Syarikat menandatangani perjanjian jaminan kewangan untuk menjamin keberhutangan syarikat-
syarikat lain di dalam Kumpulan, Syarikat menganggap ini sebagai perencanaan insuran, dan mencatatnya
sebegitu juga. Dalam hubungan ini, Syarikat menganggap perjanjian jaminan sebagai liabiliti kontingen
sehingga tiba masanya ianya menjadi berkemungkinan yang Syarikat dikehendaki membuat pembayaran di
bawah jaminan tersebut.
113
Nota-nota kepada Penyata Kewangan (samb.)
Tahap penyempurnaan dinilai mengikut rujukan mengikut kadar kos pembinaan yang timbul untuk kerja
yang dilakukan pada tarikh untuk jumlah kos pembinaan yang dianggarkan. Apabila kontrak pembinaan
itu tidak dapat dianggar dengan pasti, hasil kontrak diiktiraf hanya pada tahap kos kontrak itu timbul dan
berkemungkinan diperolehi semula. Kerugian yang dijangka pada kontrak diiktiraf serta-merta dalam
penyata pendapatan.
Sekiranya keputusan kewangan yang timbul akibat pembangunan hartanah tidak boleh dianggar dengan
tepat, pendapatan pembangunan hartanah boleh diiktiraf hanya ke tahap kos pembangunan hartanah
berlaku yang mungkin boleh dipulihkan, dan kos pembangunan hartanah ke atas unit pembangunan
yang dijual diiktiraf sebagai perbelanjaan semasa yang mana ianya berlaku.
Sebarang kerugian yang dijangka dalam projek pembangunan, termasuk kos yang dipergunakan dalam
tempoh liabiliti kecacatan, akan diiktiraf dengan serta-merta dalam penyata pendapatan.
lurus di atas terma pajakan. Insentif pajakan yang diberikan diiktiraf sebagai bahagian penting dalam jumlah
pendapatan sewa, di atas terma pajakan.
Semua kos pinjaman diiktiraf dalam penyata pendapatan menggunakan kaedah bunga berkesan, dalam
tempoh mereka berlaku
114
Nota-nota kepada Penyata Kewangan (samb.)
115
Nota-nota kepada Penyata Kewangan (samb.)
Kos/Penilaian
Pada 1 Januari 2006 1,402 3,169 2,380 3,906 627 8,928 991 223 21,626
Tambahan - - - 291 10 759 61 14 1,135
Jualan - - - (271) - - - - (271)
Kesan pergerakan
dalam kadar pertukaran - - - (43) (7) (154) (10) (5) (219)
Pada 31 Disember 2007 472 1,428 - 3,246 535 8,244 897 231 15,053
Pada 31 Disember 2007 472 1,428 - 3,246 535 8,244 897 231 15,053
Susut nilai
Pada 1 Januari 2006 - - - 2,896 608 8,441 812 198 12,955
Caj tahunan 56 - 52 451 16 345 85 13 1,018
Jualan - - - (271) - - - - (271)
Kesan pergerakan
dalam kadar pertukaran - - - (27) (7) (142) (9) (4) (189)
Jumlah bawaan
Pada 1 Januari 2006 1,402 3,169 2,380 1,010 19 487 179 25 8,671
Pada 31 Disember 2006 1,346 3,169 2,328 834 13 889 154 25 8,758
116
Nota-nota kepada Penyata Kewangan (samb.)
Kos
Pada 1 Januari 2006/31 Disember 2006/31 Disember 2007 1
Susut nilai
Pada 1 Januari 2006/31 Disember 2006/31 Disember 2007 1
Jumlah bawaan
Pada 1 Januari 2006/31 Disember 2006/31 Disember 2007 -
Sekiranya tanah dan bangunan milik bebas tersebut dinyatakan pada kos model, jumlah bawaan adalah seperti
berikut:
606 611
RM’000 RM’000
Penilaian
Pada 1 Januari/31 Disember 3,220 3,220
Pelunasan
Pada 1 Januari 44 -
Pelunasan tahunan 44 44
Pada 31 Disember 88 44
Jumlah bawaan
Pada 31 Disember 3,132 3,176
117
Nota-nota kepada Penyata Kewangan (samb.)
Sekiranya tanah pajakan tersebut dinyatakan pada kos model, jumlah bawaan adalah RM1,925,000 (2006 -
RM1,952,000).
Kos
Pada 1 Januari 7,323 7,323
Pembaikan 47 24
6. hartanah pelaburan
Kumpulan Tanah milik bebas Bangunan Jumlah
RM’000 RM’000 RM’000
Kos
Pada 1 Januari 2006 - 9,028 9,028
Pembaikan - 149 149
Susut nilai
Pada 1 Januari 2006/31 Disember 2006/1 Januari 2007 - - -
Pertukaran dari hartanah, loji dan peralatan - 89 89
Susut nilai bagi tahun - 89 89
Jumlah bawaan
Pada 1 Januari 2006 - 9,028 9,028
118
Nota-nota kepada Penyata Kewangan (samb.)
Nilai saksama
Pada 1 Januari 2006 - 9,028 9,028
- Perbandingan hartanah pelaburan Kumpulan dengan hartanah yang serupa yang ditawarkan untuk jualan
dalam kawasan yang sama atau dalam lokasi yang sebanding;
- Pertanyaan dari penilai hartanah dan agen hartanah tentang keadaan pasaran dan trend pasaran yang
berubah.
Berikut adalah diiktiraf dalam penyata pendapatan berhubung dengan pelaburan hartanah:
Kumpulan 2007
RM’000
Syarikat
2007 2006
RM’000 RM’000
119
Nota-nota kepada Penyata Kewangan (samb.)
Kepentingan pemilikan
Subsidiari-subsidiari Aktiviti utama utama (%)
2007 2006
Kesemua subsidiari diperbadankan di Malaysia kecuali Kenly (HK) Ltd. dan Kenly Engineering Ltd. yang
diperbadankan di Hong Kong.
120
Nota-nota kepada Penyata Kewangan (samb.)
6 6
Saham tidak disebut harga 20 20
26 26
9. muhibah
Kumpulan
2007 2006
RM’000 RM’000
Kos
Pada 1 Januari 538 4,629
Kesan menggunakan FRS 3 - (4,091)
Pelunasan
Pada 1 Januari - 4,091
Kesan menggunakan FRS 3 - (4,091)
Pada 31 Disember - -
Kerugian kemerosotan
Pada 1 Januari - -
Kerugian kemerosotan bagi tahun 355 -
KEN HOLDINGS BERHAD (106173-M) ANNUAL REPORT 2007
Caj kemerosotan
Kerugian kemerosotan diiktiraf dalam perbelanjaan operasi lain-lain dalam penyata pendapatan.
121
Nota-nota kepada Penyata Kewangan (samb.)
Kumpulan Syarikat
2007 2006 2007 2006
RM’000 RM’000 RM’000 RM’000
Liabiliti dan aset cukai tertunda diimbang seperti di atas apabila mendapat hak yang sah dan berkuatkuasa dari
segi undang-undang untuk mengimbangkan aset cukai semasa terhadap liabiliti cukai semasa dan di mana cukai
tertunda tersebut berkaitan dengan pihak berkuasa cukai yang sama.
Aset dan liabiliti cukai tertunda yang diiktiraf (sebelum pengimbangan) adalah seperti berikut:
Kumpulan Syarikat
2007 2006 2007 2006
RM’000 RM’000 RM’000 RM’000
Dalam mengiktiraf aset cukai tertunda yang berkaitan dengan kerugian cukai terhutang yang belum digunakan dan
peruntukan modal terhutang yang belum digunakan (termasuk perbezaan sementara deduktibel bagi hartanah,
KEN HOLDINGS BERHAD (106173-M) ANNUAL REPORT 2007
loji dan peralatan), para Pengarah membuat andaian bahawa tidak terdapat sebarang pertukaran ketara (lebih
dari 50%) dalam pemegang saham sebelum aset ini digunakan. Sekiranya terdapat pertukaran ketara dalam
pemegang saham, kerugian cukai terhutang yang belum digunakan dan peruntukan modal terhutang yang
belum digunakan yang mencapai jumlah lebih kurang RM1,492,000 dan RM23,000 masing-masing, tidak akan
diberikan kepada Kumpulan, yang mana akan menyebabkan peningkatan dalam liabiliti cukai tertunda iaitu
RM394,000.
122
Nota-nota kepada Penyata Kewangan (samb.)
Kumpulan Syarikat
2007 2006 2007 2006
RM’000 RM’000 RM’000 RM’000
19,335 17,953 - -
3,392 3,144 - -
Dalam tahun 2007, aset cukai tertunda tidak diiktiraf Kenly Engineering Ltd. yang terdiri dari kerugian cukai belum
digunakan yang berjumlah RM2,566,000 tidak dibawa ke hadapan berikutan penjualan subsidiari dalam bulan
Oktober 2007.
Perbezaan sementara deduktibel tidak ada had tempoh di bawah perundangan cukai semasa melainkan terdapat
perubahan besar dalam pemegang saham (lebih dari 50%). Sekiranya terdapat perubahan besar dalam pemegang
saham, kerugian cukai yang belum digunakan dan elaun modal yang belum digunakan yang bernilai RM19,501,000
dan RM11,000 tidak boleh digunakan oleh Kumpulan. Aset cukai tertunda belum diiktiraf berhubung dengan
perkara ini kerana tiada kemungkinan keuntungan boleh cukai masa hadapan akan dihasilkan di mana Kumpulan
boleh menggunakan faedah tersebut.
Bukan semasa
- Bukan dagangan 71,020 -
Semasa
- Bukan dagangan 18,789 81,551
89,809 81,551
11.1 Jumlah belum diterima dari subsidiari-subsidiari adalah tidak bercagar, tanpa faedah dan boleh dibayar
apabila diminta melainkan bahagian bukan semasa yang bernilai RM71,020,000 (2006 - tiada) yang tidak
dijangka akan dibayar dalam masa 12 bulan akan datang.
11.2 Dimasukkan dalam bahagian semasa jumlah belum diterima dari subsidiari adalah dividen diterima dari
subsidiari yang berjumlah RM3,540,000 (2006 - RM2,280,000).
123
Nota-nota kepada Penyata Kewangan (samb.)
Pada 1 Januari
Tanah 39,913 39,913
Kos pembangunan 70,785 38,161
Kos terkumpul dicajkan ke penyata pendapatan (54,797) (23,704)
55,901 54,370
Kos pembangunan dipindahkan dari hartanah pelaburan 10,837 -
Kos pembangunan sepanjang tahun 38,090 32,624
104,828 86,994
Kos dicajkan ke penyata pendapatan (35,259) (31,093)
Kos dipindahkan ke inventori (4,735) -
64,834 55,901
Pada 31 Disember
Tanah 42,463 39,913
Kos pembangunan 65,646 70,785
Kos terkumpul dicajkan ke penyata pendapatan (43,275) (54,797)
64,834 55,901
12.1 Tambahan kepada kos pembangunan sepanjang tahun ini termasuk kos pekerja berjumlah RM15,000
(2006 - RM106,000).
Kumpulan menyediakan anggaran hasil dan kos bajet untuk projek pembinaan dan pembangunan
hartanahnya berdasarkan pada andaian-andaian berikut:
- Hasil daripada projek pembangunan hartanah telah diunjurkan berdasarkan pada harga angaran jualan
pasaran unit tersebut;
KEN HOLDINGS BERHAD (106173-M) ANNUAL REPORT 2007
- Kos pembangunan hartanah telah diunjurkan berdasarkan pada kos pembinaan semasa dan kos-kos
tersebut disemak secara berterusan.
Sebarang penyemakan ke atas anggaran perakaunan diiktiraf pada tempoh di mana anggaran itu disemak
dan pada tempoh masa akan datang yang terlibat.
124
Nota-nota kepada Penyata Kewangan (samb.)
Dagangan
Penerimaan dagangan 24,980 23,410 - -
Jumlah tertahan 1,540 2,909 - -
26,520 26,319 - -
Tolak: Peruntukan hutang ragu (15,229) (14,149) - -
11,291 12,170 - -
Kerja pembinaan dalam progres 652 3,808 - -
Penerimaan bil progres 5,164 4,799 - -
Bukan dagangan
Penerimaan, deposit dan prabayaran lain 2,481 2,231 8 19
Tolak: Peruntukan hutang ragu (26) - - -
2,455 2,231 8 19
19,562 23,008 8 19
13.1 Profil dedahan mata wang penerimaan dagangan adalah seperti berikut:
Kumpulan Syarikat
2007 2006 2007 2006
RM’000 RM’000 RM’000 RM’000
26,520 26,319 - -
13.2 Dalam tahun 2006, hutang lapuk yang dihapuskira terhadap peruntukan bagi hutang ragu berjumlah
RM1,088,000.
KEN HOLDINGS BERHAD (106173-M) ANNUAL REPORT 2007
1,630 50,950
Tolak: Bil progres (978) (47,142)
652 3,808
125
Nota-nota kepada Penyata Kewangan (samb.)
Kumpulan menyediakan anggaran hasil dan kos bajet untuk projek pembinaan dan pembangunan
hartanahnya berdasarkan pada andaian-andaian berikut:
- Hasil daripada kontrak pembinaan telah diunjurkan berdasarkan jumlah kontrak dan sebarang variasi
hanya akan diiktiraf apabila ada kemungkinan terdapat kelulusan daripada pelanggan apabila jumlah
hasil boleh diukur dengan pasti;
- Kos pembinaan telah diunjurkan berdasarkan pada kos bahan, buruh dan sewaan jentera semasa dan
kos-kos tersebut disemak secara berterusan.
Sebarang penyemakan ke atas anggaran perakaunan diiktiraf pada tempoh di mana anggaran itu disemak
dan pada tempoh masa akan datang yang terlibat.
Termasuk dalam baki tunai dan bank Kumpulan adalah RM1,318,000 (2006 - RM14,906,000) yang disimpan
menurut Peraturan Pembangunan Perumahan (Akuan Pembangunan Perumahan) 1991. Deposit Kumpulan dan
Syarikat dicagarkan kepada bank berlesen adalah RM901,000 (2006 - RM4,780,000) dan RM501,000 (2006
- RM4,379,000) untuk kemudahan overdraf bank dan jaminan bank yang diberikan kepada syarikat-syarikat
subsidiari.
Pemegang saham biasa layak menerima dividen seperti yang diumumkan dari masa ke semasa dan layak kepada
satu undi setiap saham semasa menghadiri mesyuarat Syarikat.
Syarikat juga telah menerbitkan opsyen saham (sila lihat nota 20).
126
Nota-nota kepada Penyata Kewangan (samb.)
16. rizab
16.1 Rizab penilaian semula
Rizab penilaian semula mewakili lebihan yang timbul daripada penilaian semula tanah dan bangunan milik
bebas Kumpulan dan prabayar pembayaran pajakan jangka panjang sebelum klasifikasi semula.
Bajet Malaysia 2008 memperkenalkan sistem cukai pendapatan syarikat satu tier yang berkuatkuasa dari
tahun penilaian 2008. Oleh itu, cukai kredit Seksyen 108 pada 31 Disember 2007 akan diperolehi oleh
Syarikat sehingga waktu kredit itu digunakan sepenuhnya atau apabila tempoh peralihan enam tahun
berakhir pada 31 Disember 2013, yang mana lebih awal.
18. Pinjaman
Kumpulan
2007 2006
RM’000 RM’000
Bukan semasa
Pinjaman daripada pemegang saham minoriti 184 197
Semasa
Kredit pusingan - tidak bercagar - 3,523
Overdraf bank - bercagar - 3,233
KEN HOLDINGS BERHAD (106173-M) ANNUAL REPORT 2007
- 6,756
Dalam tahun 2006, overdraf bank dikenakan faedah sebanyak 9.70% dan dijamin dengan simpanan tetap Syarikat
dalam bank berlesen.
Pinjaman daripada pemegang saham minoriti adalah tidak bercagar, tanpa faedah dan tidak perlu dibayar balik
dalam tempoh 12 bulan yang berikutnya.
127
Nota-nota kepada Penyata Kewangan (samb.)
Dagangan
Pembayaran dagangan 14,377 18,807 - -
Bil progres 4,290 2,489 - -
Bukan dagangan
Pembayaran dan akruan lain 7,632 5,393 668 554
Jumlah terhutang kepada Pengarah 353 326 244 222
19.1 Profil dedahan mata wang pembayaran dagangan adalah seperti berikut:
Kumpulan Syarikat
2007 2006 2007 2006
RM’000 RM’000 RM’000 RM’000
14,377 18,807 - -
19.2 Termasuk dalam pembayaran dagangan Kumpulan adalah jumlah belum bayar tertahan yang berjumlah
RM3,009,000 (2006 - RM3,678,000).
19.3 Jumlah terhutang kepada para Pengarah melambangkan akruan pembayaran Pengarah yuran di mana tidak
dicagarkan, tanpa faedah dan pembayaran balik dibuat apabila diminta.
Seperti yang dibenarkan oleh peruntukan peralihan dalam FRS 2, prinsip pengiktirafan dan pengukuran dalam
FRS 2 belum digunakan kerana ini diberikan sebelum tarikh berkuatkuasa FRS 2.
ESOS telah lupus pada 13 Ogos 2007 dan tiada pembayaran berdasarkan saham yang baru ditawarkan oleh
Syarikat.
Syarikat
2007 2006
RM’000 RM’000
128
Nota-nota kepada Penyata Kewangan (samb.)
129
Nota-nota kepada Penyata Kewangan (samb.)
Pengarah:
- Yuran 99 90 99 90
- Ganjaran 1,660 1,525 33 32
- Lain-lain ganjaran jangka pendek untuk pekerja
(termasuk anggaran nilai monetari berupa ganjaran) 57 70 - -
130
Nota-nota kepada Penyata Kewangan (samb.)
** Berkuatkuasa dari tahun penilaian 2007, kadar cukai korporat adalah 27%. Bajet Malaysia 2008 juga
mengumumkan pengurangan kadar cukai korporat kepada 26% yang berkuatkuasa dari tahun penilaian
2008 dan 25% untuk tahun penilaian 2009. Oleh itu, aset cukai tertunda dan liabiliti cukai tertunda dikira
menggunakan kadar cukai ini.
*** Beberapa subsidiari di Hong Kong (lihat nota 7) beroperasi dalam juridiksi cukai yang mempunyai kadar
cukai yang lebih rendah iaitu 17.5%.
Keuntungan bagi tahun semasa yang diagih kepada pemegang saham 8,430 4,073
25. dividen
Dividen diiktiraf oleh Syarikat dalam tahun semasa adalah:
Tarikh
Dibayar Jumlah pembayaran
RM’000
Dividen terakhir RM0.05 sesaham kurang cukai 2006 3,488 21 Ogos 2007
131
Nota-nota kepada Penyata Kewangan (samb.)
Sen
sesaham Jumlah
RM’000
Keputusan segmen, aset dan liabiliti termasuk butir-butir yang berhubung secara langsung kepada sesuatu
segmen dan butir-butir lain yang dapat diperuntukan secara munasabah. Butir-butir yang tidak diperuntukan
adalah terdiri daripada aset yang mendatangkan faedah dan hasil, pinjaman dan perbelanjaan berkaitan, aset
korporat (terutama ibu pejabat Syarikat) dan perbelanjaan ibu pejabat serta aset dan liabiliti cukai.
Perbelanjaan modal segmen adalah jumlah kos yang ditanggung sepanjang tahun untuk membeli hartanah, loji
dan peralatan dan pelaburan hartanah.
Harga antara segmen ditentukan pada terma yang dibincangkan.
Segmen perniagaan
Kumpulan terdiri daripada segmen-segmen perniagaan utama seperti berikut:
Segmen geografi
Segmen pembinaan diurus dalam dua kawasan geografi utama, iaitu Malaysia dan Hong Kong. Segmen
pembangunan hartanah beroperasi di Malaysia sahaja.
KEN HOLDINGS BERHAD (106173-M) ANNUAL REPORT 2007
Dalam membentangkan maklumat berdasarkan segmen geografi, hasil segmen adalah berdasarkan kepada
lokasi geografi pelanggan. Aset segmen adalah berdasarkan pada lokasi geografi aset tersebut.
132
Nota-nota kepada Penyata Kewangan (samb.)
Segmen perniagaan
Jumlah hasil luaran 4,026 17,415 56,175 58,062 - - 60,201 75,477
Hasil antara segmen 44,911 43,850 144 144 (45,055) (43,994) - -
Jumlah hasil segmen 48,937 61,265 56,319 58,206 (45,055) (43,994) 60,201 75,477
Keputusan segmen 659 (4,212) 12,455 17,206 (3,505) (2,499) 9,609 10,495
Perbelanjaan tidak
diagihkan (341) (519)
Pendapatan faedah 414 558
Kos kewangan (533) (587)
Keuntungan
sebelum cukai 11,842 9,947
Perbelanjaan cukai (3,412) (6,080)
Kepentingan minoriti - 206
Keuntungan untuk
tahun 8,430 4,073
Aset segmen 51,056 47,518 110,832 119,486 (37,891) (30,085) 123,997 136,919
Aset tidak diagihkan 23,096 8,713
Liabiliti segmen 22,792 33,672 42,119 30,089 (39,244) (27,895) 25,667 35,866
Liabiliti tidak diagihkan 9,093 7,444
KEN HOLDINGS BERHAD (106173-M) ANNUAL REPORT 2007
Perbelanjaan bukan
tunai selain daripada
susut nilai dan
pelunasan 1,108 3,022 - - - - 1,108 3,022
133
Nota-nota kepada Penyata Kewangan (samb.)
Segmen geografi
Hasil daripada
pelanggan luaran 57,662 58,412 2,539 17,065 - - 60,201 75,477
27. Kontingensi
Pengarah berpendapat bahawa peruntukan tidak diperlukan berhubung dengan perkara ini, oleh kerana tidak
mungkin ganjaran ekonomi untuk masa hadapan diperlukan atau jumlahnya tidak cukup untuk ukuran yang
tepat.
- - 1,000 5,981
sebanyak RM14.4 juta (2006 - RM14.4 juta) berhubung dengan pelbagai kerja kontrak. Satu peruntukan bagi
hutang ragu sebanyak RM14.4 juta (2006 - RM14.4 juta) telah dibuat dalam penyata kewangan. Penghutang
tersebut mempertikaikan tuntutan itu dan berdasarkan nasihat peguam, para Pengarah berpendapat
bahawa subsidiari berkenaan mempunyai satu tuntutan yang baik terhadap penghutang itu. Pengarah
berpendapat sebarang pendedahan lanjut adalah bersifat berat sebelah bagi kepentingan Syarikat.
Pekerja pengurusan utama adalah orang yang mempunyai kuasa dan tanggungjawab merancang, mengarah
dan mengawal aktiviti Kumpulan sama ada secara langsung ataupun secara tidak langsung. Pekerja pengurusan
utama termasuklah semua Pengarah Kumpulan.
134
Nota-nota kepada Penyata Kewangan (samb.)
- 346
Subsidiari
Penerimaan yuran pengurusan
- Ken Grouting Sdn. Bhd. (120) (120)
- Ken Projects Sdn. Bhd. (124) (120)
- Ken Property Sdn. Bhd. (240) (420)
(484) (660)
(3,540) (4,752)
Terma dan syarat untuk urusniaga di atas berdasarkan terma dagangan biasa. Semua jumlah tertunggak adalah
tidak bercagar dan dijangka dibayar dengan tunai.
135
Nota-nota kepada Penyata Kewangan (samb.)
Penjualan KEL mempunyai kesan berikut ke atas aliran tunai, jumlah aset dan jumlah liabiliti Kumpulan:
3.10.2007
RM’000
Tunai diterima -
Tunai dikeluarkan (5)
Keputusan dan aliran tunai KEL bagi tempoh sehingga tarikh penjualan adalah seperti berikut:
Dari 1.1.2007
hingga 3.10.2007
RM’000
Hasil 1,965
Kos penjualan (4,809)
136
Nota-nota kepada Penyata Kewangan (samb.)
29.3 Pada bulan Ogos 2006, Kumpulan telah membuat permohonan untuk mengeluarkan subsidiari, Success
Goal Asia Limited (“SGAL”) daripada Register of the Hong Kong Companies Registry. Pada tahun 2007,
pengeluaran SGAL telah selesai.
Pembelian dan penjualan dalam tahun 2006 tidak mempunyai kesan kewangan yang besar ke atas aset dan
liabiliti Kumpulan kerana subsidiari tersebut adalah separa-dorman dan mengendalikan perkhidmatan pengurusan
hartanah manakala SGAL adalah syarikat yang dorman.
ii) Pada Oktober 2007, syarikat subsidiari Kenly (HK) Ltd. menjual 1,000 saham biasa pada harga HK$1.00
sesaham, mewakili 100% kepentingan ekuiti Kenly Engineering Ltd. untuk jumlah tunai sebanyak HK$2.00.
Penjualan subsidiari ini menghasilkan perolehan dari penjualan berjumlah HK$6,112,000 (lebih kurang
RM2,693,000) pada tahap Kumpulan.
Kumpulan mempunyai beberapa subsidiari luar negara, yang beroperasi di Hong Kong di mana hasil dan
perbelanjaannya dinominasikan dalam mata wang asing ini.
Kumpulan mengekalkan perlindungan nilai, di mana mungkin, melalui pinjaman dalam mata wang negara di mana
perniagaan tersebut terletak yang padan dengan aliran hasil yang akan dijana daripada pelaburannya.
Kumpulan meminimumkan pendedahan risiko untuk subsidiari yang beroperasi di luar negara dengan
memadankan hasil mata wang tempatan dengan kos mata wang tempatan.
Risiko kredit
Pihak pengurusan mempunyai satu polisi kredit dan pendedahan kepada risiko kredit diawasi secara
berterusan.
Pendedahan maksimum kepada risiko kredit diwakili oleh jumlah dibawa setiap aset kewangan dalam lembaran
imbangan.
137
Nota-nota kepada Penyata Kewangan (samb.)
Risiko kecairan
Kumpulan dan Syarikat menguruskan dan mengekalkan satu paras tunai dan bersamaan tunai supaya dapat
memastikan kesemua kehendak pendanaan dicapai. Sebagai sebahagian daripada pengurusan kecairan,
Kumpulan dan Syarikat mengekalkan paras tunai untuk memenuhi kehendak modal kerjanya di mana dana yang
tidak digunakan diletakkan di dalam deposit tetap dengan instrumen kewangan berdaftar yang diluluskan.
Kumpulan
2007
Deposit dalam bank berlesen 14 2.93% 10,289
2006
Deposit dalam bank berlesen 14 3.10% 11,413
syarikat
2007
Deposit dalam bank berlesen 14 2.86% 2,365
2006
Deposit dalam bank berlesen 14 3.11% 4,831
KEN HOLDINGS BERHAD (106173-M) ANNUAL REPORT 2007
Nilai saksama
Jumlah dibawa tunai dan bersamaan tunai, penerimaan, pembayaran lain dan pinjaman jangka pendek
menganggarkan nilai saksama disebabkan oleh sifat jangka pendek instrumen-instrumen kewangan ini.
Syarikat menyediakan jaminan kewangan kepada bank bagi kemudahan kredit yang ditawarkan kepada subsidiari
tertentu. Nilai saksama bagi jaminan kewangan ini tidak dijangka tinggi kerana kemungkinan subsidiari melanggar
garisan kredit adalah kecil.
Berhubung dengan jumlah yang terhutang dari subsidiari, ianya adalah tidak praktikal untuk menganggarkan nilai
saksama kerana ketiadaan terma pembayaran yang khusus yang dipersetujui oleh pihak-pihak yang terlibat dan
tanpa kos yang berlebihan.
Ianya juga adalah tidak praktikal untuk menganggar nilai saksama untuk pelaburan Kumpulan dalam saham tidak
disebut harga kerana ketiadaan harga pasaran yang sebanding dan ketidakupayaan untuk menganggar nilai
saksama tanpa menyebabkan kos yang berlebihan.
138
Analysis of Shareholdings Analisa Pemegang Saham
as at 11 April 2008 pada 11 April 2008
139
Analysis of Shareholdings Analisa Pemegang Saham
as at 11 April 2008 (cont’d) pada 11 April 2008 (samb.)
140
Analysis of Shareholdings Analisa Pemegang Saham
as at 11 April 2008 (cont’d) pada 11 April 2008 (samb.)
SUBSTANTIAL SHAREHOLDERS
(As Shown in the Register of Substantial Shareholders) /
PEMEGANG SAHAM TERBESAR
(Seperti Yang Ditunjukkan Dalam Daftar Pemegang Saham Terbesar)
No. of Ordinary Shares of RM1.00 Each /
Bil. Saham Biasa Berharga RM1.00 Setiap Satu
Direct / % Indirect / %
Name of Substantial Shareholders / Secara Secara Tidak
Nama Pemegang Saham Terbesar Langsung Langsung
7) Dato’ Seri Raja Haji Ahmad Zainuddin bin Raja Haji Omar - -
8) YTM Tengku Sri Panglima Raja Terengganu,
Tengku Dato’ Seri Baderul Zaman
Ibni Almarhum Sultan Mahmud (Resigned on 15 April 2008) - -
9) Sha Thiam Fook - -
By virtue of their interest in the Company, Mr. Tan Boon Kang and Madam Lau Pek Kuan are also deemed to be
interested in the shares in all subsidiaries to the extent that the Company has an interest.
Di atas asas kepentingan mereka dalam Syarikat, Encik Tan Boon Kang dan Puan Lau Pek Kuan dianggap mempunyai
kepentingan dalam saham-saham syarikat subsidiari setakat mana Syarikat mempunyai kepentingan.
141
List of Properties Senarai Hartanah
as at 31 December 2007 pada 31 Disember 2007
Geran Nos. 63978 and 35098 Two parcels of Freehold - 2.53 5,523 2005
Lot No. 20 and 419, Section 1 beach front acres
Bandar Batu Ferringgi undeveloped
District of Timur Laut land
State of Penang
Geran Nos. 63978 and 35098 2 bidang Milik - 2.53 5,523 2005
Lot No. 20 and 419, Seksyen 1 tanah yang bebas ekar
Bandar Batu Ferringgi berhadapan
Daerah Timur Laut dengan pantai
Pulau Pinang yang belum
dimajukan
KEN HOLDINGS BERHAD (106173-M) ANNUAL REPORT 2007
Geran 6372A, 6373 to 6377 Six parcels Freehold - 50.98 1,741 2005
Lot Nos. 8272 to 8277 of agriculture acres
Mukim of Chenderiang land
District of Batang Padang
State of Perak Darul Ridzuan
142
List of Properties Senarai Hartanah
as at 31 December 2007 (cont’d) pada 31 Disember 2007 (samb.)
PM 269, Lot No. 13555 A parcel of Leasehold/ 71 years 47,006 1,673 2005*
Mukim of Sungai Buloh land occupied February 1, unexpired sq ft
District of Petaling as store 2079 lease
State of Selangor Darul Ehsan
PM 269, Lot No. 13555 Sebidang Pajakan/ 71 tahun 47,006 1,673 2005*
Mukim Sungai Buloh tanah yang 1 Februari tempoh kps
Daerah Petaling digunakan 2079 tamat
Negeri Selangor Darul Ehsan sebagai stor
Mukim 270, Lot No. 13559 A parcel of Leasehold/ 71 years 36,909 1,459 2005*
Locality of land occupied February 1, Unexpired sq ft
Kampung Sungai Kayu Ara as store 2079 Lease
Mukim of Sungai Buloh
District of Petaling
State of Selangor Darul Ehsan
KEN HOLDINGS BERHAD (106173-M) ANNUAL REPORT 2007
Mukim 270, Lot No. 13559 Sebidang Pajakan/ 71 tahun 36,909 1,459 2005*
Kawasan Kampung tanah yang 1 Februari tempoh kps
Sungai Kayu Ara digunakan 2079 tamat
Mukim Sungai Buloh sebagai stor
Daerah Petaling,
Negeri Selangor Darul Ehsan
Lot 29504, H.S.(O) 4926 One unit of Freehold 27 years 1,875 1,862 2005*
Mukim and District of Kuala Lumpur three-storey (Building) sq ft
State of Federal Territory terrace
Postal address: shophouse/
6, Jalan Datuk Sulaiman occupied as
Taman Tun Dr. Ismail corporate
60000 Kuala Lumpur office
Federal Territory
143
List of Properties Senarai Hartanah
as at 31 December 2007 (cont’d) pada 31 Disember 2007 (samb.)
Lot 29504, H.S.(O) 4926 Seunit rumah Milik 27 tahun 1,875 1,862 2005*
Mukim dan Daerah Kuala Lumpur kedai teres bebas (Bangunan) kps
Wilayah Persekutuan tiga tingkat/
Alamat: 6, Jalan Datuk Sulaiman digunakan
Taman Tun Dr. Ismail sebagai
60000 Kuala Lumpur pejabat
Wilayah Persekutuan korporat
144
List of Properties Senarai Hartanah
as at 31 December 2007 (cont’d) pada 31 Disember 2007 (samb.)
Lot A1-G-01 to A1-G-10 and 14 units of Leasehold/ 7 Years 9,100 1,607 2005*
A8-G-01 to A8-G-04 Groundfloor May 1, 2098 (Building) sq ft
Rumah Pangsa Shoplots 90 years
Kampung Aman Satu unexpired
Jalan SK6/1 Taman Bukit Serdang leases
Seksyen 4&5, 43300 Selangor
State of Selangor Darul Ehsan
Lot A1-G-01 to A1-G-10 and 14 unit Pajakan/ 7 tahun 9,100 1,607 2005*
A8-G-01 to A8-G-04 lot kedai 1 Mei 2098 (Bangunan) kps
Rumah Pangsa tingkat bawah 90 tahun
Kampung Aman Satu tempoh
Jalan SK6/1 Taman Bukit Serdang tamat
Seksyen 4&5, 43300 Selangor
Negeri Selangor Darul Ehsan
A-3A-1, A-3A-2, A-3A-3, 9 unit lot Milik 5 tahun 6,247 856 2005*
A-3A-3A, A-3A-7, B-3A-5, runcit bebas kps
C-3A-2, C-3A-3, C-3A-6 komersial
Ken Damansara Kondominium
No. 217 Jalan SS2/72
47400 Petaling Jaya
KEN HOLDINGS BERHAD (106173-M) ANNUAL REPORT 2007
145
List of Properties Senarai Hartanah
as at 31 December 2007 (cont’d) pada 31 Disember 2007 (samb.)
GM 43019 Lot No. 37448 and Two parcels Freehold - Approxi- 25,000 2003
GM 1849 Lot No. 17494 of land mately
Mukim of Kapar, District of Klang for residential 69.18
State of Selangor Darul Ehsan development acres
GM 43019 Lot No. 37448 dan 2 bidang Milik - Lebih 25,000 2003
GM 1849 Lot No. 17494 tanah untuk bebas kurang
Mukim Kapar, Daerah Klang pembangunan 69.18
Negeri Selangor Darul Ehsan perumahan ekar
Geran 44855 (formerly H.S.(D) 7212) Two parcels Freehold - Approxi- 15,956 2007
Lot 31210 and Geran 44856 of land mately
(formerly H.S.(D) 7213) Lot 31211 for investment 1.21
Mukim and District of Kuala Lumpur acres
Federal Territory
146
Proxy Form
I/We...............................................................................................................................................................
(FULL NAME IN BLOCK LETTERS)
of....……................................................................................................................................……................
(ADDRESS)
..................................................................................................................................................……….….....
(FULL NAME)
of....……................................................................................................................................……................
(ADDRESS)
of....……................................................................................................................................……................
(ADDRESS)
or failing him/her, the Chairman of the Meeting as *my/our proxy to vote for *me/us on *my/our behalf at the
TWENTY-FOURTH ANNUAL GENERAL MEETING of the Company, to be held at the East VIP Lounge, Kuala
Lumpur Golf & Country Club, No. 10, Jalan 1/70D, Off Jalan Bukit Kiara, 60000 Kuala Lumpur on Monday, 26 May
2008, at 10.00 a.m. and at any adjournment thereof. (*Strike out whichever is not desired)
(Should you desire to direct your Proxy as to how to vote on the Resolutions set out in the Notice of Meeting,
please indicate an “X” in the appropriate space. Unless otherwise instructed, the proxy may vote or abstain from
voting at his discretion.)
6) Re-election of Dato’ Seri Raja Haji Ahmad Zainuddin bin Raja Haji Omar
as Director
Notes:
1. A member entitled to attend and vote at the meeting is entitled to appoint a proxy to attend and vote instead of him/her. 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 may appoint up to two (2) persons to be his/her proxy. Where a member appoints more than one (1) proxy, the appointment
shall be invalid unless he/she specifies the proportions of his/her holdings to be represented by each proxy.
3. In the case of a corporate body, the proxy appointed must be in accordance with the Memorandum and Articles of Association, and
the instrument appointing a proxy shall be given under the Company’s Common Seal or under the hand of an officer or attorney duly
authorised.
4. The Form of Proxy must be deposited at the Company’s Registered Office at No. 6, Jalan Datuk Sulaiman, Taman Tun Dr. Ismail,
60000 Kuala Lumpur not less than 48 hours before the time set for the meeting or any adjournment thereof.
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STAMP
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Borang Proksi
Saya/Kami................................................................................................................................................................
(NAMA PENUH DALAM HURUF BESAR)
dari....……................................................................................................................................……................
(ALAMAT)
dari....……................................................................................................................................……................
(ALAMAT)
dari....……................................................................................................................................……................
(ALAMAT)
atau jika beliau tidak dapat hadir, Pengerusi Syarikat sebagai proksi *saya/kami akan mengundi mewakili *saya/kami
dan bagi pihak *saya/kami di MESYUARAT AGUNG TAHUNAN KEDUA PULUH EMPAT Syarikat, yang akan
berlangsung di East VIP Lounge, Kuala Lumpur Golf & Country Club, No. 10, Jalan 1/70D, Off Jalan Bukit Kiara,
60000 Kuala Lumpur pada hari Isnin, 26 Mei 2008, pada jam 10.00 pagi dan mana-mana mesyuarat ditangguhkan.
(*Batalkan mana-mana yang tidak berkenaan)
(Sekiranya anda ingin mengarahkan Proksi anda bagaimana mengundi untuk Resolusi yang dibentangkan dalam Notis
Mesyuarat, sila tanda “X“ dalam ruang yang disediakan. Jika tiada arahan tentang pengundian diberi, proksi boleh
mengundi atau tidak mengundi mengikut budi bicaranya sendiri.)
6) Pemilihan semula Dato’ Seri Raja Haji Ahmad Zainuddin bin Raja Haji Omar
sebagai Pengarah
7) Pemilihan semula Dato’ Ahmad Badri bin Mohamed Basir sebagai Pengarah
Nota-nota:
1. Seorang ahli Syarikat yang layak untuk hadir dan mengundi dalam mesyuarat ini berhak melantik seorang proksi atau proksi-proksi untuk
hadir dan mengundi bagi pihaknya. Seorang proksi tidak semestinya ahli Syarikat dan peruntukan Seksyen 149(1)(b) Akta Syarikat, 1965
tidak dipakai terhadap Syarikat.
2. Seorang ahli boleh melantik sehingga dua (2) orang sebagai proksi bagi pihaknya. Jika ahli melantik lebih satu (1) proksi, perlantikan
berkenaan adalah tidak sah melainkan dia menyatakan kadar pegangan sahamnya yang akan diwakili oleh setiap proksi.
3. Jikalau melibatkan badan korporat, perlantikan proksi mestilah menurut Memorandum dan Artikel Persatuan, dan suratcara melantik
proksi mestilah dimeterai dengan meterai rasminya atau ditandatangani oleh pegawai atau wakil yang diberi kuasa.
4. Borang Proksi tersebut mesti diserahkan ke Pejabat Berdaftar Syarikat di No. 6, Jalan Datuk Sulaiman, Taman Tun Dr. Ismail, 60000 Kuala
Lumpur tidak kurang daripada 48 jam sebelum masa yang ditetapkan untuk mesyuarat tersebut dan sebarang penangguhannya.
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STAMP
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KEN HOLDINGS BHD (106173-M)
6, Jalan Datuk Sulaiman, Taman Tun Dr. Ismail, 60000 Kuala Lumpur, Malaysia
Tel : 03 7727 9933 Fax : 03 7728 8246 Email : khb@kenholdings.com.my
www.kenholdings.com.my