Globetronics Technology BHD - Annual Report 2021

SMART FUTURE
A N N UA L R E P O R T 2 0 2 1
YEARS
TECHNOLOGY
CONNEC TING
PEOPLE
TABLE OF
CONTENTS
VISION 2 59
Corporate Governance
Corporate Information
To be the global business Overview Statement
partner of choice in niche
products and services. 3 66
Group Corporate Structure Additional Compliance
Information
4 67
MISSION Financial Highlights Statement on Risk
Management and Internal
Control
To deliver continuous
growth and breakthroughs
5 72
Board of Directors Directors’ Responsibility
in business performance
Statement
with total customer
satisfaction.
6 73
Profile of Directors Financial Statements and
Notes
BELIEF
11 158
People are our greatest asset Profile of Key Senior Statistics on Shareholdings
Management
Results-oriented with customer
satisfaction 14 163
Founder and Executive Notice of AGM
Organizational agility Chairman’s Message
Focus on corporate excellence
19 166
Integrity at all times Management Discussion and List of Properties
Analysis by the CEO
Team-based approach
22 Enclosed
Sustainability Statement Proxy Form
52
Audit and Risk Management
Committee Report
CORPORATE
INFORMATION
Audit and Risk

Board of Directors Management Committee
Chairwoman
Ms. Lam Voon Kean
Members
Mr. Michael Ng Kweng Chong
Dato’ Syed Mohamad Bin Syed Murtaza
(Founder and Executive Chairman)
Ms. Ong Huey Min
Dato’ Heng Huck Lee

(Chief Executive Officer) Secretaries
Lee Peng Loon (MACS 01258)
Ms. Lam Voon Kean SSM PC NO. 201908002340
P’ng Chiew Keem (MAICSA 7026443)

Dato’ Syed Mohamad Bin Syed Murtaza SSM PC NO. 201908002334
Mr. Ng Kok Khuan

Registered Office
Ms. Ong Huey Min 51-21-A, Menara BHL Bank,
Jalan Sultan Ahmad Shah,
10050 Penang, Malaysia.
Encik Hj. Mohammad Hazani Bin Hj. Hassan T (604) 210 8833 / F (604) 210 8831
(Appointed on 7 May 2021)
Share Registrars
Agriteum Share Registration Services Sdn Bhd
2nd Floor, Wisma Penang Garden,
42, Jalan Sultan Ahmad Shah,
10050 Penang, Malaysia.
T (604) 228 2321 / F (604) 227 2391
Auditors
KPMG PLT
Chartered Accountants
Principal Financial Institutions

Citibank Berhad
OCBC Bank (Malaysia) Berhad
AmBank Berhad
HSBC Bank Malaysia Berhad
Public Bank Berhad
CIMB Bank Berhad
Principal Solicitor
Ghazi & Lim
Stock Exchange Listing

Main Market of Bursa Malaysia Securities Berhad
Stock Code: 7022
2 | Annual Report 2021

GROUP CORPORATE
STRUCTURE
100%
Globetronics Sdn Bhd (“GSB”)
Assembly and Testing of Integrated Circuits (“IC”),
Optoelectronic Products and Technical Plating
Services
Globetronics Manufacturing Sdn Bhd

(“GMSB”)
Development and Assembly of Sensors and Optical
Products for Smart Mobile and Wearable Applications
ISO Technology Sdn Bhd (“ISO”)
49%
Manufacturing of Small Outline Components,
Light-Emitting-Diode (“LED”) Components and
Modules and Technical Plating Services for the
Semiconductor Industry
Globetronics (KL) Sdn Bhd (“GKL”) NGK Globetronics Technology Sdn Bhd
Advanced Ceramic Piece-Parts Manufacturing
Temporarily ceased its operation
Globetronics Medical Technology

Sdn Bhd
Provision of Computer Hardware and Software,
System Solutions and Consultations
Globetronics International Incorporated

Investment Holding
-100% Globetronics (HK) Limited
Trading of Electronics/Semiconductor Components
Globetronics Industries Sdn Bhd

Dormant
Trilion Suntech Sdn Bhd

Dormant
Globetronics Technology Bhd 3

|
FINANCIAL
HIGHLIGHTS
2017 2018 2019 2020 2021
Year Ended 31 December RM’000 RM’000 RM’000 RM’000 RM’000
Turnover 304,558 327,956 216,316 227,523 206,043

Profit Before Taxation 55,873 74,785 46,038 51,996 55,472
Profit After Taxation 51,147 70,117 44,714 50,804 52,949
Profit Attributable to Shareholders 51,147 70,117 44,714 50,804 52,949
As at 31 December
Total Assets Employed 397,143 376,069 337,777 333,689 334,922
Shareholders’ Fund 281,345 301,145 296,792 297,101 300,982
Net Earnings Per Share (Sen) 7.72 * 10.50 6.68 7.59 7.91
Net Tangible Assets Per Share (RM) 0.42 * 0.45 0.44 0.44 0.45
* The comparative figures for Net Earning Per Share and Net Tangible Assets Per Share have been restated to reflect the
adjustment arising from the Subdivision and Bonus Issue completed in financial year 2018.
Shareholders’ Fund Profit Before Taxation

(RM’000) (RM’000)
350,000 90,000
80,000
300,000
70,000
250,000
60,000
200,000 50,000
300,982
150,000 40,000
55,472
281,345
301,145
296,792
297,101
30,000
55,873
74,785
46,038
51,996
100,000
20,000
50,000
10,000
0 0
2017 2018 2019 2020 2021 2017 2018 2019 2020 2021
Net Earnings Per Share* Turnover

(Sen) (RM’000)
10 350,000
9
300,000
8
7 250,000
6
200,000
5
206,043
150,000
4
304,558
327,956
216,316
227,523
7.91
3 100,000
10.50
7.72*
6.68
7.59
2
50,000
1
0 0
2017 2018 2019 2020 2021 2017 2018 2019 2020 2021

BOARD
OF DIRECTORS
Mr. Micheal Ng Kweng Chong Dato’ Heng Huck Lee

Founder and Executive Chairman Chief Executive Officer
Ms. Lam Voon Kean Dato’ Syed Mohamad Mr. Ng Kok Khuan
Bin Syed Murtaza
Ms. Ong Huey Min Encik Hj. Mohammad Hazani

Bin Hj. Hassan

|
PROFILE
OF DIRECTORS
Mr. Michael
Ng Kweng Chong Age
74
Non-Independent Executive Director
of Globetronics Technology Bhd. (“GTB”)
Gender
Director since 5 August 1997
Male
Executive Chairman and Chief Executive Officer
since 19 May 1998
Founder and Executive Chairman since 3 January 2008 Nationality
Malaysian
Mr. Michael Ng is currently the Founder and Executive

Chairman of GTB. He was the original founder of GSB in
1991. He nurtured the Company from an initial paid-up
capital of RM3 million 30 years ago and led the Company
to a successful IPO in 1997. Today, Globetronics has
grown to become a company listed on the Main Market
of Bursa Malaysia Securities Berhad with nine subsidiaries
and one associated company with a paid-up capital of
more than RM180 million.
Mr. Michael Ng graduated from the University of

London in 1972 with an Honours Degree in Mechanical
Engineering. He has earned many certifications and
recognition in the areas of technical, management
and business developments and expertise in the High
Technology Semiconductor manufacturing arena.
In his 18 successful years working for Intel Technology

Sdn. Bhd., Michael Ng grew rapidly from an Engineer in
1972 to various senior management positions within Intel
Penang, the Asia Pacific and the US. Of significance were
the senior management positions spanning 1 year in Intel
US, 2 years each for the Far East Automotives Business
Group and the Asia Pacific Quality Support Group
covering South Korea, Taiwan, Hong Kong, Singapore
and Malaysia.
He attended all 5 Board Meetings held during the

financial year ended 31 December 2021.
Mr. Michael Ng is the uncle of Mr. Ng Kok Khuan who is

a director of GTB.
He has no conflict of interest in any business arrangement

involving the Company.

PROFILE OF DIRECTORS (Cont’d)

Age
Non-Independent Executive Director of GTB
65
Director since 10 November 1997
Chief Operating Officer (“COO”) since 25 May 1998
Chief Executive Officer (“CEO”) since 3 January 2008 Gender
Male
Nationality
Malaysian
He graduated with a Bachelor of Applied Science

(Honours) majoring in Computer and Electronic
Technology from University Sains Malaysia (“USM”)
in 1982. He also obtained a Master in Business
Administration from East Asia University in 1991. His
past working experience includes a 10-year operations/
management position with Intel Technology Sdn. Bhd.,
one of the world’s largest semiconductor manufacturer.
He also has more than 5 years working experience as a
Group General Manager with Shinca Sdn. Bhd., an Original
Equipment Manufacturer/subcontract manufacturer for a
wide range of electronics and computer products from
1991 to 1997.
Dato’ Heng was the President of Frepenca (The Free

Industrial Zone, Penang, Companies’ Association) from
2011 to 2015.
Dato’ Heng is a committee member of Electrical and

Electronic Strategic Council (“EESC”) of Malaysian
Investment Development Authority (“MIDA”), Frepenca,
Penang Strategic Investment Advisory Council (“PSIAC”)
and Penang Socio-Economic Recovery Consultative
Council (“PSERCC”) Industri/SMI/SME.
He is also an industrial advisor for Faculty of Business and

Finance of University Tunku Abdul Rahman (”UTAR”).
He attended all 5 Board Meetings held during the

Dato’ Heng Huck Lee does not have any family relationship
with any director and/or major shareholder of GTB, nor
any conflict of interest in any business arrangement

|
Ms. Lam Voon Kean

Age
Independent Non-Executive Director of GTB
70
Director since 15 May 2013
Gender
Female
Nationality
Malaysian
She is a member of the Malaysian Institute of Accountants

(“MIA”) and Malaysian Institute of Certified Public
Accountants (“MICPA”). She joined KPMG Penang
in year 1974 as an articled student and qualified as a
Certified Public Accountant in 1981. She was one of the
senior audit managers of KPMG Penang and acted as the
engagement manager for various audit engagements
and also for assignments relating to the listing of shares
on the Malaysian Stock Exchange and was involved in the
review and preparation of profit and cash flow forecasts
and projections.
She left KPMG Penang and joined M&C Services Sdn.

Bhd. (now known as Boardroom Corporate Services Sdn.
Bhd.) in 1994 and was promoted to Executive Director
managing a suite of business solutions and services for
public listed companies, private companies and branches
of multi-national companies. She was promoted to
Managing Director of Boardroom Corporate Services
Sdn. Bhd. (“Boardroom”) consequent to an internal
restructuring exercise in year 2005 and retired on 31
December 2011. Upon retirement, she accepted a one
year contract to act as consultant to Boardroom effective
1 January 2012.
She is the Chairwoman of Audit and Risk Management

Committee (“ARMC”), a member of Employee Share
Option Scheme (“ESOS”) Committee and Nomination
Committee (“NC”) in GTB. Ms. Lam currently sits on the
Board of Asia File Corporation Bhd., RGB International
Bhd., Alcom Group Bhd. and Tambun Indah Land Bhd.
She attended all 5 Board Meetings held during the

Ms. Lam Voon Kean does not have any family relationship
with any director and/or major shareholder of GTB, nor
any conflict of interest in any business arrangement

Dato’ Syed Mohamad Dato’ Syed has over 49 years of vast experience in the business, corporate
Bin Syed Murtaza and entrepreneurial exposures. After completing his education at Penang
Free School, he joined Kah Motors and has since been appointed to several
Independent Non-Executive Director of GTB key positions in various business and non-business organizations both locally
Director since 18 May 2011 and internationally. He has served in reputable Multinational Companies
(“MNCs”) such as Shell Malaysia and was the Chairman of Penang Port
Commission. He was the former Chairman of DRB HICOM Berhad and
former President of The Federation of Asia Motorcycle Industries and
International Motorcycle Manufacturers Association.
Dato’ Syed is experienced in a diverse range of businesses from automotive

and manufacturing to exports, trading, property and oil and gas.
He is the Chairman of NC, a member of ARMC and a member of

Remuneration Committee (“RC”). He currently sits on the boards of Master-
Pack Group Berhad (Executive Chairman), Yayasan Bumiputra Pulau Pinang
Berhad, MITTAS Berhad, Boon Siew Credit Berhad, Penang Tourists Centre
Berhad, Tourism Entrepreneur Centre Berhad and several private limited
companies such as Armstrong Auto Parts Sdn. Bhd., Penang Port Sdn.
Bhd., and Usains Holdings Sdn. Bhd., the corporate arm for Universiti Sains
Malaysia. He is also the Executive Chairman of USIM Tijarah Holding Sdn.
Bhd., the corporate arm of Universiti Sains Islam Malaysia.
He also heads Penang Tourist Centre Berhad, MITTAS Berhad, and is the
Advisor of Motorcycle, Scooter Assembly and Distributor Association of
Malaysia. He was appointed as a committee member to Penang Socio
Economic Recovery Consultative Council (“PSERCC”) by the Penang State
Government in June 2020.
Age Gender Nationality
75 Male Malaysian He attended all 5 Board Meetings held during the financial year ended 31
December 2021.
Dato’ Syed does not have any family relationship with any director and/
or major shareholder of GTB, nor any conflict of interest in any business
arrangement involving the Company.
He graduated with a Diploma of Business Studies in 1975 from Australia Mr. Ng Kok Khuan
and is a member of MIA. From 1976 to 1977 he was employed as the
Internal Auditor of Central Finance Berhad. In 1978 he was appointed as Non-Independent
the Company Secretary of General Produce Agency Sdn. Bhd. and he has Non-Executive Director of GTB
held the position since then. Director since 19 May 1998
He is a member of the ESOS Committee of GTB.
He attended all 5 Board Meetings held during the financial year ended 31
December 2021.
Mr. Ng Kok Khuan is the nephew of Mr. Michael Ng, who is a director and
major shareholder of GTB.
He has no conflict of interest in any business arrangement involving the

Company.

71 Male Malaysian

|
Ms. Ong Huey Min She is a member of MIA, MICPA and Chartered Tax Institute of Malaysia
(“CTIM”). She was with KPMG Malaysia for more than 35 years and was a
Independent Non-Executive Director of GTB Partner with KPMG and Head of Tax Division of KPMG Penang prior to her
Director since 23 October 2017 retirement on 31 December 2014.
She has extensive experience in tax compliance and advisory throughout her
career. She was the engagement partner for a wide range of companies which
included public listed companies and multinationals in various industries,
mainly in manufacturing, property development, construction and hotels.
She has advised foreign investors on their initial setting up of operations
in Malaysia including on the various tax incentives being promised by the
Government. She is currently a partner with YNWA Advisory PLT.
She is a Chairwoman of ESOS Committee, a member of the ARMC and RC

in GTB.
Ms. Ong currently sits on the Board of Pensonic Holdings Bhd.
She attended all 5 Board Meetings held during the financial year ended 31
December 2021.
Ms. Ong Huey Min does not have any family relationship with any director
and/or major shareholder of GTB, nor any conflict of interest in any business
Age Gender Nationality arrangement involving the Company.
64 Female Malaysian
Encik Hazani holds a degree in Mechanical Engineering from California State Encik Hj. Mohammad
University at Sacramento and Diploma in Technology Management from
Singapore Institute of Engineering Technology. He is also a certified coach. Hazani Bin Hj. Hassan
He currently oversees the management of various funds at MTDC. The funds Independent Non-Executive Director of GTB
include Business Start-up Fund, Business Growth Fund and Business Expansion
Director since 7 May 2021
Fund. Prior to joining MTDC, he was a Principal of Kumpulan Modal Perdana
Sdn. Bhd (“KMP”) and was involved in the operations of various projects and
funds undertaken by KMP, namely the venture capital fund locally and in the
US and China as well as the local microchip design initiative. He was also in
charge of the business accelerator operation through Plug and Play Technology
Management.
He has vast experiences in fund management, venture capital and technology

transfer having been involved in the industry for the last twenty years both
locally and internationally. He spent three years working for a venture capital
fund in Silicon Valley. Currently, he is the Chairman of the Malaysian Venture
Capital Association (“MVCA”) and sits on the Board of a number of MTDC’s
investee companies. Previously, he sat on Technopreneur Association of Malaysia
(“TeAM”) management committee.
Before joining KMP in 2001, Mohammad Hazani was an Assistant General

Manager Special Project and Investment at MTDC. Prior to that he was the
Section Head of Engineering at Omron (M) Sdn Bhd and Assistant Research
Officer at SIRIM Berhad.
He is a Chairman of RC and a member of the NC in GTB.
He attended 3 of the 5 Board Meetings held during the financial year ended 31
December 2021 since his appointment on 7 May 2021.
Encik Hazani does not have any family relationship with any director and/or major
shareholder of GTB, nor any conflict of interest in any business arrangement
Additional information:
None of the Directors has: 57 Male Malaysian
(i) been convicted of any offence (other than traffic offences) within the past five (5)
years; and
(ii) been imposed with any public sanction or penalty by the relevant regulatory
bodies during the financial year ended 31 December 2021.

PROFILE
OF KEY SENIOR MANAGEMENT
Mr. Micheal Ng Kweng Chong Dato’ Heng Huck Lee

Founder and Executive Chairman Chief Executive Officer
Mr. Ng Kok Choon Ms. Heng Charng Yee
Mr. Ng Kok Yu Mr. Yip Wai Chee

|
PROFILE OF KEY SENIOR MANAGEMENT (Cont’d)
Mr. Michael Ng Kweng Chong

Founder and Executive Chairman Age Gender Nationality
74 Male Malaysian
Mr. Michael Ng Kweng Chong is a Non-Independent Executive Director of GTB. He was appointed to the Board of GTB on
5 August 1997.
His profile is listed in the Profile of Directors on page 6.

Chief Executive Officer Age Gender Nationality
65 Male Malaysian
Dato’ Heng Huck Lee is a Non-Independent Executive Director of GTB. He was appointed to the Board of GTB on 10
November 1997.
His profile is listed in the Profile of Directors on page 7.
Mr. Ng Kok Choon

Chief Financial Officer (“CFO”) Age Gender Nationality
56 Male Malaysian
Mr. Ng Kok Choon graduated with a Bachelor of Commerce (Accounting) degree from University of New South Wales,
Australia.
He joined KPMG Penang in 1989 and qualified as a Certified Practicing Accountant (Australia) and Chartered Accountant with
MIA.
He joined GSB in January 1996 as an Accountant and worked his way to be the Chief Financial Officer of GTB in July 2006.
He currently sits on the board of all the subsidiaries and an associated company of GTB.
Mr. Ng Kok Choon is the nephew of Mr. Michael Ng and cousin of Mr. Ng Kok Khuan who are the directors of GTB.
He has no conflict of interest in any business arrangement involving the Company.
Ms. Heng Charng Yee

Chief Operating Officer (“COO”) Age Gender Nationality
38 Female Malaysian
Ms. Heng Charng Yee graduated with a Degree in Engineering (Major in Electronics) from Multimedia University, Malaysia.
She started her career with Tyco Fire and Security in Malaysia as an Asia Management Trainee in September 2007. Her
career in Tyco Fire and Security expanded to roles in Project Management, Regional Business Operations and Operational
Excellence and Strategic business expansion in Malaysia, Singapore and Shanghai.
She joined Globetronics Manufacturing Sdn. Bhd. (“GMSB”) in 2013 as a Quality and Strategic Business Manager in charge of
overseeing quality across GSB and GMSB as well as development of strategic projects. She was appointed as Vice President
of Business and Operations in January 2018 and subsequently appointed as COO of GTB in January 2021.
Ms. Heng Charng Yee is the daughter of Dato’ Heng Huck Lee, who is a director of GTB. She has no conflict of interest in any
business arrangement involving the Company.

PROFILE OF KEY SENIOR MANAGEMENT (Cont’d)
Mr. Ng Kok Yu
Corporate Director Age Gender Nationality
46 Male Malaysian
Mr. Ng Kok Yu graduated with a Bachelor of Science degree in Finance from Arizona State University.
He started his career with GSB in April 1999 as a Corporate Planning Officer in charge of treasury functions and investment
holding companies of the Group. He was appointed as the Corporate Director of GTB in July 2016, in charge of merger and
acquisition (“M&A”) opportunities, legal review as well as handling of investor relations with the investment community.
Mr. Ng Kok Yu is the son of Mr. Michael Ng and cousin of Mr. Ng Kok Khuan, who are the directors of GTB.
He has no conflict of interest in any business arrangement involving the Company.
Mr. Yip Wai Chee

Vice President of Business and Operations Age Gender Nationality
54 Male Malaysian
Mr. Yip Wai Chee graduated with Bachelor of Mechanical Engineering degree from University of Malaya.
He started his career with Intel Technology Sdn Bhd in Penang in May 1993 as Assembly Equipment Engineer. During his 22
years tenure in Intel, he expanded his roles to Assembly/Test Equipment Manager, Test Engineering Manager, Operations
Manager, Lean Manufacturing Manager and Senior Product Manager.
He joined GMSB in December 2016 as the Business and Operations Director. He manages smart devices sensor business
division and be the key interface to customer. His roles and responsibilities include new product qualification, capacity
planning, output execution strategies, product quality improvement and cost management. He has led multiple generations
of sensor products start up and ramp in mass production successfully. He was appointed as Vice President of Business and
Operations in January 2022.
Mr. Yip Wai Chee does not have any family relationship with any director and/or major shareholder of GTB. He has no conflict
of interest in any business arrangement involving the company.
Additional information:
None of the Key Senior Management has:
(i) been convicted of any offence (other than traffic offences) within the past five (5) years; and
(ii) been imposed with any public sanction or penalty by the relevant regulatory bodies during the financial year ended 31 December 2021.

|
FOUNDER AND EXECUTIVE
CHAIRMAN’S MESSAGE
It is with much humility that I would like to begin my report with my sincerest
and heartfelt appreciation to all the staff and employees of Globetronics
Technology Bhd. (“GTB”) for their intense focus and unmatchable devotion,
striving selflessly in order for our Group to sail through another treacherous
year in FY2021. While it is undeniable that FY2021 was even more challenging
than FY2020 particularly due to another yearlong border closures, sporadic
lockdowns, supply chain interruptions and the likes, our Group stood tall
throughout the last 2 years of epic trauma caused by the energy sapping,
yearlong Covid-19 pandemic related challenges and interruptions posed to
us throughout FY2021.
Our Group of highly motivated workforce under the meticulous and

outstanding stewardship of CEO (Dato’ Heng), CFO (Ng Kok Choon) and
COO (Heng Charng Yee) took the bull by the horns, converting many crises
into gainful opportunities while delivering a reasonable bottom line result in
spite of the softer revenue for the year due mainly to the Covid-19 pandemic
related business interruptions and the phased-exit of some matured, zero-
margin product-lines in our Kuala Lumpur (“KL”) factory.
Compared to our Group’s FY2020 financial results, FY2021’s profit-after-tax

(“PAT”) of RM52.9 million improved by 4% whilst the revenue softened by
9% at RM206 million. It is noteworthy that a line-up of four new projects /
businesses had been actively worked on in FY2021 and are ready to start
contributing towards the second half of FY2022 together with another two
new businesses ready for contribution in early FY2023. On top of that, our
Group continued to deliver strong dividend payout of RM50.2 million to our
shareholders while closing FY2021 with a healthy RM195.1 million in cash
and bank balances. However, due to various Covid-19 pandemic related
business interruptions which impeded the Group’s FY2021 financial growth,
GTB’s market capitalization closed FY2021 lower at approximately RM1.1
billion versus RM1.8 billion at the end of FY2020.
Notwithstanding the multiple challenges posed to our Group in the full

compliances to all Covid-19 pandemic related standard operating procedures
(“SOPs”) leading to human-resource shortages, prolonged border closures,
material supply chain disruptions as well as restricted overseas-travels, our
Group’s Sensors Division continued to deliver 100% delivery-commitment
to our customer’s products and service-demands while successfully
qualified three new projects ready to go into mass production in FY 2022/23
timeframe. Our quartz crystal timing devices Division on the other hand
faced severe price competition as well as technology replacement, which
made us decide to exit the legacy product-lines while consolidating other
businesses into our Penang operations to reduce overhead costs. As for our
Group’s LED / laser / optical devices’ Division, improved product-loadings
from certain key customers coupled with tight operational cost-controls
translated into a year with strong growth in both revenue and PAT compared
to FY2020’s financial results.
On the governance front, our Group continued its work towards proactive
compliances to a host of revamped statutory, regulatory and reporting
requirements in the Malaysian Corporate scene. The key activities include
the completion of risk assessment studies and analysis of ‘adequate
procedures’ set out in the Ministerial Guidelines on Adequate Procedures
issued pursuant to Section 17(A) of Malaysian Anti-corruption Commission
2009 (Amendment 2018) (“MACC”) Act to enhance the overall transparency
of GTB Group as well as the revamping of Group’s Sustainability /
Environmental, Social, Governance (“ESG”) initiatives as follow:

FOUNDER AND EXECUTIVE CHAIRMAN’S MESSAGE (Cont’d)
Sustainability and ESG Initiatives

Major revamping of GTB Group’s Sustainability and ESG initiatives were instituted in FY2021 with quarterly review sessions
being conducted for GTB Board of Directors as well as for the ARMC whilst monthly review sessions are being conducted for
all top executive and management teams together with all relevant ESG-team leaders.
Our Group also initiated dialogue and briefing sessions with Bursa Malaysia to understand our latest score and standing on
Sustainability and ESG fronts.
A revamp of GTB Group’s Sustainability and ESG initiatives were instituted in FY2021 focusing on “Themes exposure for
Globetronics”, where high exposure areas have been identified and focused on to improve our Group’s overall sustainability
and ESG practices. Some of the identified action plans have been reinforced through the creation of new policies to emphasize
and align the Group’s direction toward the relevant themes. We also continue to prioritize areas of relevant themes such as
climate change, pollution and resources, environment supply chain, social supply chain, water security, health and safety and
labour standard. This is demonstrated through the careful planning of our new building expansion which would incorporate
the latest environmentally friendly materials and equipment that is projected to have energy avoidance and carbon footprint
reduction through a more efficient use of the Group’s energy and water resources.
On the Social portion, one of our key focuses was in ensuring that all our employees are fully vaccinated through our
vaccination drive in conjunction with Program Imunisasi Industri COVID-19 Kerjasama Awam-Swasta (“PIKAS”) while all our
workers accommodations that were audited by Labour Department (Jabatan Tenaga Kerja) had all been certified to be fully
compliant to the Employee’s Minimum Standards of Housing and Amenities Act. On top of that, our efforts to continue
upskilling our employees with expanded training budget and training hours per employee focussing on Digital Technology
programs have come in handy in our drive towards Industrial Revolution 4.0 (“IR 4.0”) initiatives and readiness towards
advanced manufacturing technologies in our industry.
Yearly Donation to STEM Penang COO in “Woman in Science” Event
Consultation At Globetronics
Vaccination Drive For Employees Healthcare Centre

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Financials / Dividends
It is always my pleasure to announce to our shareholders that our Group continued to stay firm to our commitment of paying
the best possible dividends to our loyal shareholders and it is no difference in FY2021, our Group paid out a heartwarming
amount of RM50.2 million in dividends to shareholders which translates into almost 95% of the net profit for the year while
maintaining a very strong cash-flow position with cash and bank balances standing at RM195.1 million (FY2020: RM163.7
million).
Details of the dividend payments are as follows:
1. Year 2020’s third interim and special dividend of 3 sen per share amounting to RM 20.1 million on 25 March 2021;
2. Year 2021’s first interim and special dividend of 2 sen per share amounting to RM 13.4 million on 5 July 2021; and
3. Year 2021’s second interim and special dividend of 2.5 sen per share amounting to RM 16.7 million on 2 December 2021.
Net Profit (RM’000) Share Price (RM’000)
80,000 8.00%
300% 2.83 3.00
2.70
70,000
250% 2.50
2.33
60,000 6.00%
200% 2.00
50,000
1.75
40,000 150% 4.00% 1.66 1.50
30,000
100% 1.00
112%
99% 95%
20,000 89% 2.00%
82%
52,949
4.52%
50% 0.50
51,147
70,117
44,714
50,804
10,000
2.42%
4.91%
3.22%
2.78%
0 0% 0.00% 0.00
2017 2018 2019 2020 2021 2017 2018 2019 2020 2021
Net Profit (RM’000) Dividend Yield (%)

% of Dividend Declared Over Net Profit (%) Share Price

Impending Changes in CEO and Boardroom

After having devoted 25 years of his most valuable and productive life into leading our Group and delivering endless
outstanding contributions and transformational accomplishments to our Group together with a streak of stellar and unbroken
profit-track record and breakthroughs, our beloved CEO Dato’ Heng Huck Lee has decided to seek retirement as GTB Group’s
director right after this year’s upcoming 11 May 2022 Annual General Meeting (“AGM”) and will retire as GTB Group’s CEO
on 30 June 2022.
On behalf of our Board of Directors, management and staff, I would like to thank Dato’ Heng from the bottom of my heart for
having devoted a quarter century of his most valuable and productive life into leading our Group with stellar accomplishments.
Way beyond just being an outstanding CEO to our Group, Dato’ Heng has also become the soul of our organization as well
as the most trusted and dedicated friend to each and everyone of us. Dato’ Heng besides being a highly admired and adored
CEO in our industry and community, has also been my personal best friend and confidant throughout the last quarter century!!
Once again on behalf of our Board of Directors, management and staff and all our stakeholders, I would like to place on record
our heartfelt gratitude and appreciation to Dato’ Heng for all his 25 years’ of outstanding and glorious contributions to the
GTB Group and we wish him the very best in his well-earned, well-deserved retirement. Thank you very much for everything,
Dato’ Heng.
By the same token, I would like to take this opportunity to convey our Group’s heartfelt gratitude and sincerest appreciation to
Dato’ Syed Mohamad Bin Syed Murtaza (Dato’ Aidid) who after devoting 11 years as our Group’s Independent Non-Executive
Director with the highest degree of professionalism and faithful services, will also be retiring from the GTB Board after the
upcoming AGM on 11 May 2022. We shall miss Dato’ Aidid dearly and would like to wish him the very best in everything
going forward!
Kudos to our Group’s proactive succession planning system, I take pleasure to report that our Group have ensured an
impeccable top-executive-succession-plan years in advance. It is thus an opportune time for me to make an auspicious
announcement that our current Group COO Ms Heng Charng Yee will succeed Dato’ Heng as GTB’s Executive Director on 12
May 2022 and as GTB’s Group CEO on 1 July 2022. Our heartfelt congratulations and warmest welcome-on-board are due
here to Ms Heng Charng Yee!
At this juncture, it is incumbent upon me on behalf of GTB’s management, staff and stakeholders to take this opportunity
to convey our heartfelt gratitude and sincere appreciation to each and everyone of our highly respected Board of Directors
for their meticulous guidance, timely support and invaluable motivation provided to our teams and workforce throughout all
these past years.
Last but not least, on behalf of GTB Group, I would like to thank each and every one of our shareholders and stakeholders for
your unfailing encouragement and support to us over the past years.
Thank you all very much!
Outlook and Projection for Year 2022
Since the beginning of Covid-19 pandemic in late 2019 which quickly engulfed the world with epic trauma since early 2020,
not only has the pandemic caused sicknesses and deaths, it has been creating huge havoc in the technology and automotive
industry. In the early phases of the pandemic, the work-from-home (“WFH”) decree caused the auto demand to plunge
worldwide and automakers subsequently began to shut down plants which halted semiconductor orders from their suppliers
while the WFH-trend started a surge in demand for cellphones, televisions, computers, games and home appliances and the
likes. As a result, semiconductor suppliers switched their production capacity away from automotive devices to other electronics
systems that were in higher demand. When the auto industry came back online in the latter half of FY2020, semiconductor
suppliers who had shifted production capacity away from automotive applications, could not meet their renewed demand and
a serious shortage ensued in the automotive industry. On top of that, Covid-19 pandemic continued to create major political
divides in most industrialized countries which further led to material-supply-chain interruptions, thus tripling the effects of
supply-shortages of sensors, optoelectronics, discrete semiconductors and actuators for the semiconductor, automotive and
Internet-of-Things (“IoT”) arena.

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Outlook and Projection for Year 2022 (Cont’d)

Allied Market Research recently published a report that the global IoT-sensor industry was pegged at USD12.4 billion in
year 2020 and is expected to reach USD141.8 billion by year 2030, growing at a compound annual growth rate (“CAGR”) of
28.1% from year 2021 to year 2030. Rise in use of sensors in IoT applications, surges in the use of IoT-sensors in automotive
and industrial sectors and a high demand for connected and wearable devices have all boosted the growth of the global IoT
sensors’ market. Increase in demand for IoT-sensors in the development of smart cities and the beneficial applications of smart
sensors in automobiles, consumer electronics, healthcare sector would propel the growth of the global smart sensor market
with new opportunities for the market players in the future. Increasing demand for energy-efficient and cost-effective devices
and growing consumer interest in smart homes, smart devices and wearable electronics on top of the advancements made in
the autonomous-electric-vehicles sector would further benefit the global smart sensor market going forward.
With focus of our business portfolio on a wide range of sensors, LED, laser and optical devices together with other emerging
technologies in the pipeline, demand would continue to be filled by the continual adoption of IoTs, process-home-factory
automation, electric vehicles, gaming and smart devices with new applications. The movement toward integrating the
multifacets of these new technologies into a new medium called the Metaverse would require the acceleration of 5G and
maybe even 6G technology in assisted applications like smart health-care networks through an amalgamation of IoT-devices
that require improved network performance and enhanced cellular coverage coupled with all the previously mentioned
applications. All these will result in astronomical demand for components that we are currently manufacturing and will
potentially manufacture in the near future.
The Asia-Pacific region is anticipated to emerge as the highest contributor in the global smart sensor market to be followed by
North America and Europe due to the growing smart cities and rising demand for self-diagnosis, energy conservation, wireless
technology across various sectors including automotive, consumer electronics and healthcare.
Closer to home, as a result of the prolonged US-China trade war and the U.S. now offering incentives for big US and EU
multinational corporations in repatriating their manufacturing capacities out of China back to their homeland, we have recently
noticed a surge of enquiries for potential relocation of manufacturing activities especially out of China to Malaysia. We are
hopeful that all these enquiries will translate into new growth drivers for us in the coming years.
However, we may be faced with another uncertainty in the global economy recovery due to the Russia-Ukraine conflict.
When Russia invaded Ukraine roughly a month ago, it was considered an isolated, regional infraction. It has since exploded
into a global confrontation of sorts which has affected the global economy via three main channels, i.e. financial sanctions,
commodities prices and supply chain interruptions. The global technology industry has similarly been hit hard as economic
uncertainties dragged the technology-market sentiment down the slippery slope where it is no difference here in Asia and
Malaysia. As of this writing there is still no clarity as to where the Russia Ukraine war was heading. As far as our Group is
concerned, we are much more resilient now after overcoming two full years’ of Covid-19 related interruptions and volatilities
and are thus more ready now to tackle similar challenges by closely monitoring the situation with our customers, business
circles and relevant governmental agencies to stay proactive at all times. We shall remain agile in navigating the evolving
environment and remain committed to our core businesses.
With the dwindling effects of Covid-19 pandemic on our Group’s business operations now that almost 100% of our employees
are fully vaccinated (and 97% vaccinated with booster shots as of 10 March 2022) together with the expected recovery of
the supply chain globally in the next one to two years, pending unforeseeable uncertainty from the Russia- Ukraine conflict,
our Group will continue to focus on escalating up the value chain and riding on the research and development initiatives in
new products design and development with our key customers moving forward. While the Group’s financial performance
is expected to be satisfactory for year 2022, we are optimistic of our new growth opportunities with stronger financial
performances for our Group in FY2023 and beyond.

MANAGEMENT DISCUSSION AND
ANALYSIS BY THE CEO
Year 2021 was a tough year for the Group and industry, with the pandemic
inducing more Covid-19 pandemic related challenges for our Group such
as supply chain disruption, weaker business growth and loading volatilities
from our customers. Despite the yearlong border shutdown and restrictions,
our team responded with solid operational excellence to qualify new
customers, new businesses and new projects.
Our senior management team led by the strong leadership and outstanding
business acumen of Ms Heng Charng Yee (COO) went through extreme
test and challenges in ensuring our total operational commitment and
excellence for our key business units.
The operational team overcame all the challenges like human resource
shortages due to restriction in foreign workers’ hiring and material supply
chain disruptions that had impacted our operational productivity and
profitability.
Border-closure and overseas-travels restriction did not hinder or stop us from

engaging many new projects. Our business development and new product
introduction (“NPI”) teams had done an outstanding job in positioning us
to secure four (4) to five (5) potential new projects that will create significant
diversification and growth opportunities in the next two to three years.
The goal to achieve a fully automated or “lights off” factory for some of the
key product lines within the next two years remains intact with continued
investments and partner selections being the progress made in year 2021.
Milestones in automating many manual processes and analyzing production
line data have also been achieved to optimize our pilot line, with plans to use
augmented reality to assist operators in identifying issues and improving line
performance. There would be a continued focus on automation to reduce
manual labour and bigger use of analytics to identify line improvements, thus
reducing dependence on direct workers and improving line efficiency and
productivity. The first phase of our pilot line was successfully implemented
and went live in Quarter 4, 2021. We are happy and excited with the results
and productivity gain to date, with the second phase expected to go live in
Quarter 2, 2022.
Notwithstanding the challenges faced during the year, our subsidiaries

managed to deliver a respectable set of financial performance for the year.
GMSB, our sensor business subsidiary continued to deliver 100% delivery-
commitment to our customer’s product and service demands. The team had
also successfully qualified 2 new projects that went into mass production in
June’21.
As for our Group’s business in GSB-KL, due to severe price competition

and volume erosion caused by technology replacement, our Japanese
customer decided to End-of-Life (“EOL”) all the matured products that were
manufactured in GSB-KL. With the tight cost management implemented, we
managed to improve GSB-KL’s financial position to avoid causing any major
erosion to our Group performance in spite of having to cater to employee
severance packages during the year.
ISO Tech led by our Vice President of Business and Operation, Ms GL Lim,
did an outstanding job in managing and balancing all the controls and
customer requirements in spite of the same Covid-19 pandemic related
restrictions and constraints. Through improved loadings from certain key
customers coupled with tight operations cost controls, ISO Tech managed
to achieve a double-digit growth in its financial performance versus year
2020.

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MANAGEMENT DISCUSSION AND ANALYSIS BY THE CEO (Cont’d)
On the ESG front, with the commitment of the Board and our entire senior management, the Group successfully developed
and started to implement a comprehensive strategy and plan that would steer us towards a carbon neutral future. To this end,
we have seen an increased contribution from our energy saving initiatives like more efficient compressor system and improved
contribution from renewable energy from rooftop solar system initiatives. We have also factored in “green efforts” in our new
building expansion where we will be implementing multi facet activities like environmentally friendly roofing, glass panels,
chillers and condenser water pumps that are expected to achieve energy avoidance of close to 300,000 kwH per year once
implemented. The new building would also come with a rain water harvesting system that is targeted to collect, rainwater for
general purposes once implemented. Our commitment to address some of the climate change issue would be through all
our various other efforts like 3R, energy reduction, waste management, emissions controls that can be found in more detail
in the Sustainability Statement. On the adoption of corporate liability provision under Section 17A of MACC Act 2018, the
Group continues to uphold its anti-corruption and bribery stand seriously with refresher courses conducted via self-learning
to all level of employees and where employees are required to complete and score more than 90% for theory test paper that
can be submitted electronically.
For the year, the Group posted a respectable set of financial results with revenue of RM206 million and a net profit of RM52.9
million, which represents a drop of 9% and increase of 4% respectively over year 2020. In terms of liquidity, the operations
continue to generate healthy cash flows and closed the year with cash and cash equivalents of RM195.1 million which is higher
than year 2020 of RM163.7 million. As a result of this healthy cash position, we are expected to internally fund our Capex
requirements for year 2022 which is currently projected at around RM40 to 50 million to support all the new projects in the
pipeline, implementation of industry 4.0 project and facilitation of the new space with class 100 and class 1K cleanrooms.
Globetronics Sdn Bhd / Globetronics Manufacturing Sdn Bhd

Our Group’s Sensors Division went through extreme test and challenges in ensuring our customer demand and changes are
100% supported without fail. This accomplishment was achieved through the outstanding operational focus and execution,
despite the challenges with tighter Covid-19 pandemic SOPs, material supply chain disruption and increased operational
costs in instituting stringent Covid-19 containment requirements.
Our team further prevailed and excelled throughout year 2021 to achieve 100% performance-scores for all the critical lines
and ensured Zero customer-lines-down situation throughout the whole period. We also successfully launched 2 new products
that are extremely crucial to our end customer 5G’s smartphone introduction in September 2021.

MANAGEMENT DISCUSSION AND ANALYSIS BY THE CEO (Cont’d)
Globetronics Sdn Bhd, Kuala Lumpur (“GSB-KL”)

Year 2021 was tough and challenging for GSB-KL. Due to severe price competition and volume erosion caused by technology
replacement, our Japanese customer decided to EOL all their products manufactured by GSB-KL. Coupled with MCO and
Covid-19 pandemic restriction, we were expected to suffer losses or at best achieve breakeven due to the shrinking volume-
loadings and also voluntary separation scheme (“VSS”) expenses to be incurred for our employees.
As a result of the outstanding effort in cost control and VSS management, there was no major financial impact to the Group
as a result of the EOL.
ISO Technology Sdn Bhd (“ISO”)

ISO faced a challenging but in hindsight, a good recovery year by doing an outstanding job in managing and balancing all the
controls and customer requirements in spite of facing workers’ shortages. While all of its product lines were affected by MCO,
ISO saw a strong recovery in their various key production loadings.
The scaling down of GSB-KL was timely to release all the extra workers who agreed to move to work in Penang to help in
relieving some of the critical worker shortages in ISO. With improved loadings for certain key customers and coupled with a
tight operation cost controls, ISO managed to turn around with an improved financial performance versus year 2020.
With most lines stabilizing, we are hopeful that year 2022 will see the sustainable positive momentum and improvement in its
financial and operations performance.
Risks
The clogging of the global supply chain that resulted in a shortage of chips has caused disruptions to many industries, some
of them in the segments we operate in. Shortage of materials which initially hit mainly the automotive segment eventually
reached other segments like consumer electronics, resulting in end demand of our products and therefore affecting our
production loadings. We had to remain agile and creative in deploying our resources across the Group in order to counter this
trend. We expect the normalization of the supply chain by end of first half of year 2022.
With one of our customers decided to EOL their products that were manufactured in our KL factory, we may face a short-
term erosion in our topline while pending new business backfilling that affect our year 2022 performance, we are hopeful the
pipeline of new businesses will be coming to fruition soon.
Due to the aggressive efforts from our business development and NPI teams, we are excited with many new projects that are
expected to go into mass production in the near future that will backfill the void left by the EOL, and that would also go a
positive way in diversifying and expanding our customer’s base, thereby addressing some of the customer concentration risk.
We are exposed to normal NPI risks that cause delays in revenue and profit contribution, due to product reliability concerns,
delay in end customers engagement, supply chain disruption and also extended border closures restriction.
Prospects
The current pandemic did not end in year 2021 despite the introduction of vaccines globally, with demand and use of
electronic gadgets, connectivity, cloud and virtual meetings continuing to be strong. The acceleration in the progress
of 5G, artificial intelligent (“AI”) and IoT together with the adoption of electric vehicles (“EV”) are the technology
themes that continue to create demand for chips and other components that help to proliferate the enabling of these
technologies.
We continue to leverage our experience in miniaturized sensors to explore new product development exposure in the
areas like bio sensing, 5G and advanced packaging that is poised to reap the benefits of these technology rollout. We
also expect our existing product of laser headlamp components to show healthy growth while complementing the
growth from adoption of EV and satisfying the hunger for new power efficient technology.
The continued US-China trade tensions would also provide outsourcing opportunities for companies like us in Malaysia
as our potential customers assess the viability of shifting and diversifying their supply chains.
All these new opportunities are expected to fall nicely in place where our new factory expansion project of creating an
additional 25,000 square feet of additional manufacturing space would be completed by Quarter 1 2022, thus ready to
take on these new opportunities.

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SUSTAINABILITY STATEMENT
It is our pleasure to present to you the Group Sustainability Report for year 2021. As a supplier in the global electronics
semiconductor supply chain, GTB Group strives to be a reliable and competent manufacturing partner to our world-
renowned customers in bringing the latest miniaturize components and applications into smart devices to improve the
lives and connectivity of global consumers. As a home-grown Malaysian company, we are committed to play our part in
making sustainability a part of our organizational values in evaluating our business strategies and decisions. With a focus of
striking a working balance in managing the economic, environment, society, governance criterias within our community whilst
maintaining operational profitability, we are preparing the Group to succeed now as well as into the future.
Being a high technology manufacturing company with links to the local community, some of the key material matters
for us would be to ensure that we are always in compliance with all regulatory standards in our environmental and social
management, and this include the welfare of our employees, practicing sustainable procurement practices, manufacturing
excellence, practicing the 3R’s (Reduce, Reuse, Recycle) in our business operations and exploring the use of renewable energy
sources in caring for our environment.
The Board leads the Group in embedding sustainability as part of our business strategy going forward. The Group has
adopted a Sustainability Policy which has been proliferated to our employees and would govern the way we do business with
all our stakeholders in the future.
A copy of the Sustainability Policy is available for reference at the Company’s website www.globetronics.com.my.
Scope of Report
The scope of the Sustainability Statement covers the period from 1 January 2021 to 31 December 2021.The policies and
strategies discussed in the report apply to all subsidiaries within the Group save for Globetronics International Incorporated
(foreign investment holding company), Globetronics (HK) Limited (trading of electronics / semiconductor equipment),
Globetronics Industries Sdn Bhd (dormant company), Globetronics (KL) Sdn Bhd (temporary ceased its operation), Globetronics
Medical Technology Sdn Bhd (provision of computer hardware and software, system solutions and consultations), Trilion
Suntech Sdn Bhd (dormant company) and NGK Globetronics Technology Sdn Bhd (associate company with 49% stake). The
scope will cover all our manufacturing operations as listed below:
Subsidiaries Activities Total Employees

Assembly and testing of integrated circuits (“IC”),
Globetronics Sdn Bhd optoelectronic products and technical plating
services.
Development and assembly of sensors and

Globetronics Manufacturing Sdn Bhd optical products for smart mobile and wearable 823
applications.
Manufacturing of small outline components,

Light-Emitting-Diode (“LED”) components and
ISO Technology Sdn Bhd modules, and technical plating services for the
semiconductor industry.
Reporting Basis, Standard and Initiative

Bursa Malaysia Securities Berhad (“Bursa Malaysia”) Listing Requirements
We have prepared this statement in compliance with the Main Market Listing Requirements issued by Bursa Malaysia. The
preparation of the statement is guided by Bursa’s Sustainability Reporting Guide and Toolkits.
Responsible Business Alliance (“RBA”)
We have aligned this report to the RBA Code of Conduct which establishes standards to ensure that working conditions in
the electronics industry or industries in which electronics is a key component and its supply chains are safe, that workers are
treated with respect and dignity, and that business operations are environmentally responsible and conducted ethically. Based
on this, we continue to pursue improvements in the economic and Environment, Social and Governance (“ESG”) dimensions
of our business, and in resolving environmental and social issues.

SUSTAINABILITY STATEMENT (Cont’d)
Sustainability Governance Structure

The drive to initiate and embed sustainability into our business strategies is led by our Board of Directors, who play a
critical role in continually establishing and formulating new business strategies such as sustainability and the Enterprise Risk
Management (“ERM”) framework to ensure that the Group remains proactive and dynamic in dealing with the constantly
changing global environment to succeed now as well as into the future. The Board is supported by the CEO and Audit and
Risk Management Committee (“ARMC”) in providing guidance and implementing policies to ensure that the Group assets are
protected and the sustainability and risk governance issues are proliferated across the subsidiaries in the Group.
The senior management has designated the Corporate Director to assist in focusing on sustainability strategically on ESG in
terms of targets, priorities and key performance indicators (“KPIs”). He is the key person to manage and integrate ESG into
operations with the support of Business/Operation Risk Review Committee (“BORRC”) and ESG Committee.
BORRC would implement the business strategies that ensures the sustainable performance of the Group economically
through the implementation of manufacturing excellence, NPI, supply chain management and data integrity/security. The
activities and proposals from business units are actively monitored through daily updates, bi weekly managerial meetings as
well as detailed monthly business review where strategies and decisions are evaluated to ensure that they are in line with the
Group’s vision and direction.
ESG Committee headed by the CEO, business unit leaders and key management personnel has been tasked to ensure the
smooth facilitation and embedding of sustainability into the key activities of the Group. The ESG committee meets once a
month to present indicators such as energy usage, emissions, safety as well as propose environmental and social projects to
be carried out within the Group.
CEO, Corporate
Director and
BORRC
ESG Committee,
Board Guides Management and Organization
Business Units
ARMC
Stakeholders Engagement
Stakeholders represent the diverse group of parties that have a degree of interest and influence on the Group and the way
it operates. The Group is committed to regularly engage with its key stakeholder base that include customers, employees,
government/regulators, investors/media and our Board to find out issues that concern them and to build a balanced, holistic
business strategy that is incorporated based on the prioritization of the respective stakeholders. Some of our key stakeholders
and the type of engagement we have with them is summarized as below.
Stakeholder Group Type of Engagement Sustainability Concerns

Customers ● Dialogue/Conference Calls ● Competitive Prices, Quality, Yield
● Status Updates and Operational ● Customer Satisfaction
Presentations ● Timely Ramp Up for Product Transfers
● Line and Systems Audits ● Adherence to Local and Federal law
● Customer Visits ● Data Integrity and Security
● Customer Surveys ● Good ESG and Procurement Practices
● Compliance to Local and International
Regulations (e.g. Registration, Evaluation,
Authorisation and Restriction of Chemicals
(“REACH”) and Restriction of Hazardous
Substances (“RoHS”))

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Stakeholders Engagement (Cont’d)
Stakeholder Group Type of Engagement Sustainability Concerns

Board of Directors ● Board Meetings ● Revenue and Profit Growth
● Audit and Risk Management Committee ● Return on Investment (“ROI”) and CAPEX
Meetings Protection
● Other Committee Meetings ● Covid-19 SOPs Compliance
● Corporate Governance Compliance to All
Relevant Regulations and Law
● Retaining Key Internal Talent
● Adequate Procedures on Anti-Corruption
and Bribery
● ESG Targets, Priorities and KPIs
Employees ● Health and Safety Talks ● Competitive Compensation and Benefit

● Suggestion Box Packages
● Volunteer and Recreation Programs ● Career Path Planning and Training
● Annual Appraisal ● Safe and Humane Working Environment
● Employee Engagement Survey ● Covid-19 Prevention Measures
Investors ● Quarterly Results Briefing ● Continuous Revenue and Profit Growth

● Roadshows and Non-Deal Roadshows ● Short Product Lifecycles
● Investor Conferences ● Good Dividend Payout
● Annual General Meetings ● Customer Concentration Risk
● Employees Safety, Health and Welfare
● Good ESG Practices
Procurement/Suppliers ● Supplier Selection ● Adherence to Environmental, Legal and

● Acknowledge of Supplier Code of Conduct Social Regulations
● Supplier Evaluation and Periodic Audits ● Compliance to Supplier Code of Conduct
● Similar Good Practices in Supply Chain
Regulators ● Air, Water, Emissions Compliance and ● Adherence to Law and Regulations
Report Submissions ● Corporate Governance and Compliances
● Scheduled Waste Disposals ● Covid-19 Testing, SOPs and Workers Living
● Survey, Statistics Requests by Regulators Conditions Compliance
● Quarterly Results Announcements
Materiality Assessment
Our materiality assessment process is done through our evaluation of various stakeholders’ engagement throughout the year,
peer comparison reviews and cognizance of the current economic, environmental as well as social trends both locally and
globally. On top of this, there is a continual scanning of the business environment done to ensure that we stay on top of the
business risks and opportunities that abound as a result of the rapidly changing global environment.
This would surmise to determine the key material matters that would impact the Group and stakeholders based on our
interaction with stakeholders and from internal discussions in the ESG Committee.
The list of sustainability matters shows that human rights have increased in importance to become a higher focus material
matter to both stakeholder and the Group as a result of the labour spotlight in Malaysia. Besides this, the list covers similar
matters to year 2020 which is still relevant as we continue to focus on growing the business, make progress on our Industry
4.0 implementation plan, managing our emissions and having good corporate governance.

Materiality Assessment (Cont’d)

The focus on the Covid-19 pandemic continues where we are still operationally impacted by the implementation of the various
restrictions during the year. The focus is on the safety of our employees during this period which is a matter of importance
to the various stakeholders such as the government/regulators, investors as well as ourselves that our employees’ health and
well-being are taken care of by providing decent living conditions, maintaining proper SOPs, arranging full vaccination drive
for all employees and conducting the necessary testing in the work place. We are also targeting to reduce carbon footprint
by enhancing our measurement indicators and coming up with new proposed activities to further reduce the impact of our
operations to the environment.
Some of the key sustainability matters identified and prioritized by the Group are detailed below.
Identifying Sustainability Matters
Material Assessment
Key Stakeholders Theme and Indicator
and Matrix
1. Customers
2. Employees
3. Board of Directors
4. Investors
5. Suppliers
6. Regulators
Scope and Boundry:

All Operation
Key Sustainability Matters Identified
Environment Economic Social
1. Water Management 1. Business Growth and 1. Employee Safety, Health and

2. Waste Management and Diversification Welfare
Emission 2. Corporate Governance and 2. Human Rights
3. Environmental Management - Ethics 3. Human Capital Development
Compliance, Energy 3. Manufacturing Excellence – 4. Workforce Diversity
Management, GHG Emission Customer Satisfaction, 5. Social Contributions and
4. Renewable Energy - Solar Industry 4.0 Implementation, Community Projects
5. Caring for the Environment Digitization, 3R
Activities 4. Supply Chain Management
5. Data integrity, Privacy and
Cybersecurity

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Materiality Assessment (Cont’d)
High Materiality Matrix
● Human Rights ● Business Growth and Diversification

● Social Contributions and Community
● Corporate Governance and Ethics ● Customer Satisfaction
Projects
● Waste Management and Emission ● Manufacturing Excellence
Stakeholders
● Water Management ● Renewable Energy - Solar

● Workforce Diversity ● Caring for the Environment ● Industrial 4.0
● Data Integrity, Privacy and ● Supply Chain Management
Cybersecurity
● Reduce, Reuse, Recycle (“3R”) ● Employee Safety, Health and Welfare ● Human Capital Development
Low Importance to GTB Group High
How Do We Contribute To UN SDGs

In September 2015, the United Nations General Assembly has set up the Sustainable Development Goals (“SDGs”) which
comprise a set of 17 goals as per below with respective targets to be achieved by year 2030. These SDGs is with the aim of
creating a better world for mankind. In our sustainability drive, we are aware of the role we can play in helping to achieve the
SDGs and will illustrate our contributions in the respective activities.

How Do We Contribute To UN SDGs (Cont’d)
ESG Highlights 2021

Environment ● GHG intensity ● Water intensity
> 9% > 11%
● Renewable energy > 800,000 kwH
Social ● Compliance to Minimum Standards of Housing and Amenities Act

● Full vaccination for all employees
● Increase in training amount spent and training hours per employee
Governance ● Female board diversity : 22% 29%

● Compliance to all regulations on waste and emissions
● Zero reported cases and fines on environment, corruption and bribery
Environment (SGD 3,6,7,12,13,14,15)
At the Group’s various plants, we ensure strict compliance with the environmental laws governing plant operations and
maintenance in areas relating to environmental standards, emission standards, noise level management and treatment of plant
effluents and waste water. As part of our corporate responsibility agenda, we have measures in place to minimize the adverse
impact on the environment and to achieve continuous improvement of our plants/factories’ environmental performance.
The key indicators of electricity usage, CO2 emissions and water consumption are now reported in a monthly ESG Committee
meeting. Activities undertaken and programs introduced to reduce usage of the key environment elements are also presented
in this meeting for progress monitoring.
Biodiversity
The Group is mindful of the need on preservation of biodiversity in the areas where we operate in. All our operation sites are
located within the industrial zones in Malaysia and not located in any nature reserve or protected habitat.
Water Management
Water used for our manufacturing sites form a crucial part of the process for most of the production lines, as unclean water can
cause high particle counts that disrupt the ability to produce a quality product. As such, we have in place the proper filtration
and distilling equipment to ensure high quality water supply to our lines at all times.
Municipal water is our primary source of water (Perbadanan Bekalan Air Pulau Pinang) and accounts for all our water withdrawal
for operations. We do not operate in water stress areas and we maintain engagement with municipal authorities through
dialogue when necessary and activities like the completion of surveys to address relevant matters that ensure optimum supply
of our water requirements.

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Environment (SGD 3,6,7,12,13,14,15) (Cont’d)

Water Management (Cont’d)
Waste water Discharge Compliance
Industrial and sewage effluents are measured against a range of parameters to ensure that is compliant to all industrial
standards, as untreated waste water discharged to the environment contains harmful chemicals that may affect the biodiversity
of the environment it is discharged into. This is measured and reported in the monthly ESG meeting and all subsidiaries are
in compliance in the area of effluent discharge. Effluent water discharge is measured against legally set parameters, of which
are disclosed below. All subsidiaries effluent discharge are within the parameters.
Effluent Discharge Parameters

Biological Oxygen Demand (BOD) Copper (Cu)
ph Value Manganese (Mn)
Suspended Solid Nickel (Ni)
Chemical Oxygen Demand Tin
Oil and Grease Zinc (Zn)
Mercury (Hg) Boron (B)
Cadmium (Cd) Iron (Fe)
Chromium Hexavalent (Cr6+) Silver (Ag)
Arsenic (As) Aluminium (AI)
Cyanide (as CN-) Selenium (Se)
Lead (Pb) Free Residue Chlorine (as CI2)
Chromium Trivalent (Cr3+) Sulphide (as S2-)
Colour, ADMI (Adjusted pH) Ammoniacal Nitrogen
Water Saving
Scheduled production shutdowns (to improve UPH) and regular preventive maintenance are performed on facilities chiller,
cooling tower, strainer, vacuum, transfer pump and circulation pump to the reduce usage of water. Over the years, we have
implemented water saving initiatives like replacing continual flush urinals with one push cisterns, and for the wafer sawing
process, water that is normally discharged to the drain is circulated back to the tank instead. Overall, we are seeing a reduction
of our water consumption by 35,294 m3 or about 9.2% in year 2021 versus year 2020.
Water Consumption (m3) Water Discharged (m3)
337,323 127,973
349,229 164,921
384,523 129,286
2019 2020 2021 2019 2020 2021
In terms in efficiency of water use, using a baseline of year 2020, we are seeing a reduction in water intensity by 11.7% to
indicate a more effective use of our water resources per unit product produced.
Indicator Unit 2020 2021 Change

Water Intensity m / PU
3
0.0001747 0.0001543 11.7%
Note: PU stands for Production Units


Water Management (Cont’d)
Rain Water Harvesting
As part of efforts to adopting environmentally friendly practices in our new activities, we would be implementing a rain water
harvesting system as part of green building efforts in our building expansion in Penang that is expected to be completed in
Quarter 1, 2022. Based on available data, the implementation of the rain water harvesting system would be able to collect
rain water that can be used for non-operations general purposes.
Waste Management
Scheduled waste management programs are also in place with a waste code list measured and submitted to the Department
of Environment (“DOE”) on a monthly basis. The following is a summary of the waste disposal activities carried out by the
Group.
2019 2020 2021

Description (Kg) (Kg) (Kg)
Disposed containers, bags, or equipment contaminated with chemicals, 7,179 5,644 5,767
pesticides, mineral oil or schedule wastes (SW409)
Rags, plastics, papers or filters contaminated with schedule wastes 2,468 2,086 2,103
(SW410)
Waste containing mercury or its compound (SW109) 14 - -
Waste from electrical and electronic assemblies containing components 30 104 131
such as accumulators, mercury-switches, glass from cathode-ray tubes
and other activated glass polychlorinated biphenyl-capacitors, or
contaminated with cadmium, mercury, lead, nickel, chromium, copper,
lithium, silver, manganese or polychlorinated biphenyl (SW110)
Sludges containing one or several metals including chromium, copper, 217 - -
nickel, zinc, lead, cadmium, aluminium, tin, vanadium and beryllium
(SW204)
Waste of non-halogenated organic solvents (SW322) 2,101 1,690 -
Spent lubricating oil (SW305) 971 380 -
Dust, slag, dross or ash containing arsenic, mercury, lead, cadmium, - 36 65
chromium, nickel, copper, vanadium, beryllium, antimony, tellurium,
thallium or selenium excluding slag from iron and steel factory (SW104)
Total 12,980 9,940 8,066
Industrial scraps and salvageable material are either sold to licensed scrap vendors or recycled/reused in the production lines
to minimize waste to the environment.
Emission
For the areas where air quality is concerned, they are measured on a periodic basis and include the areas of generator set
(concentration of particulate matter and dark smoke to be within limit), gas and piping maintenance to ensure no leaks and
compliance to environmental standards. Our plating operations houses scrubber and exhaust systems where the air pollutant
concentration are to be in compliance to Environmental Quality (Clean Air) Regulation 2014. We are in compliance and within
the limit for our emissions levels for year 2021 in all areas. Samples of the selective completed test results for year 2021 are
as follows:
A summary of the Group’s compliance to the Environment Quality (Clean) Air Regulation 2014 as follows:
Year
Sampling Points 2019 2020 2021
Genset (Particulate matter, Dark Smoke) Complied Complied Complied

Scrubber (Particulate matter, Chloride, Hydroxide, Isopropyl Alcohol,
Acids) Complied Complied Complied
Exhaust (Particulate matter, Isopropyl Alcohol) Complied Complied Complied

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Environmental Compliance and Certifications
In year 2021, we had complied to all environmental regulations and have had no penalties or fines resulting from non-
compliance for all our operations in Malaysia.
Currently, all our Penang manufacturing factories are certified to the international environmental management systems
standard, ISO 14001.
Energy Management and Greenhouse Gas (“GHG”) Emission
In terms of GHG Emissions, we would expand our disclosure scope to include Scope 1 and Scope 2, where we had previously
only measured electricity purchased as that is the main bulk of energy consumption. This is part of our efforts to widen the
scope of measurement of the total GHG emissions so that we can work on initiatives to reduce the harmful effects of emissions
to the environment. Our focus will still be mainly on how to reduce our electricity consumption which forms the major bulk of
our GHG emissions.
For energy reduction, we have implemented the Intelligent Flow Controller (“IFC”) to the air compressor systems of most
of our subsidiaries and for our new projects, the chiller systems that we are installing would also be of the energy efficient
variant. Other activities include preventive maintenance of facilities equipment, installation of stabilizers on air compressors,
temperature control on relevant processes and scheduled shutdown of operations to reduce electrical usage. For year 2021,
we are seeing a decrease of energy consumption by 2.3 million kwH or 6.6% versus year 2020, and among the reduction
activities were the implementation of zero loss dryer and energy efficient compressors.
Energy Consumed (kwH)
32,492,485
32,705,609
35,018,520
2019 2020 2021
2020 2021 Change

Energy Intensity (kwH/PU) 0.001591 0.001446 9.11%
Carbon Footprint (kg)
22,549,784
22,697,693
24,302,853
2019 2020 2021
Scope 2 CO2 Emissions
The total GHG emissions are measured by our Scope 1 and Scope 2 Emissions. The ESG Committee would then work on
activities that contribute to the reduction of emissions / carbon footprint, with the activities converted to the equivalent CO2
kg to get an indicator on how we are doing in addressing climate change. For year 2021, a summary of the activities of the
Group that have been put in place to reduce or avoid emissions are listed below. The activities have resulted in a reduction
and avoidance of more than 6% of our total emissions based on our calculations.

Energy Management and Greenhouse Gas (“GHG”) Emission (Cont’d)
No Reduction of GHG / CO2 Emission CO2 kg

1 Scope 1 – Direct
All direct emission from activities of company where source uncontrolled – truck, forklift and etc. 15,488
2 Scope 2 – Indirect
Indirect emission from electricity purchased 22,697,393
Total Emission 22,712,881
No Carbon Reduction and Avoidance Activities CO2 kg

1 Renewable energy – solar 555,615
2 3R project – Reuse metal ring, carton, gold wire, others 675,044
3 Resource – Paper reduction, blade life extension, recycle bubble bags 1,644
Energy reduction – Installation of zero loss dryer and efficient compressor (energy savings in
4
comparison to old equipment) 229,802
5 Schedule waste - recycle, recovery and reuse 6,407
Total CO2 Reduction 1,468,512
Current Average Percentage Reduction of GHG / CO2 kg 6.46%
Other than this, the Group have also contributed to indirect emissions reduction that could not be measured tangibly but that
has resulted in GHG emission reduction as follows:
1) The setting up of work from home (“WFH”) facilities, infrastructure and capabilities for all levels of employees, thus
reducing the number of work commute and resulting carbon emissions. WFH is implemented to stagger workforce
proximity during the presence of workplace clusters and when the number of Covid-19 cases are high, even when
government restrictions are no longer in place.
2) Reduction of local and international travel as result of investor relations meetings being conducted virtually. Virtual
meetings have been conducted more than 90% of the time for the past 2 years when interacting with investors.
3) Virtual AGM conducted in year 2021 that reduce shareholders, directors, employees commute to a physical AGM
venue.
We would be starting to use the GHG intensity indicator this year to track on the effectiveness of our carbon footprint
reduction programs. Using the baseline of year 2020, we are seeing a reduction of GHG intensity by about 9%, which is a
similar figure the reduction in Energy Intensity as Purchased Electricity (Scope 2) makes the large majority of our emissions.
The Group targets to have a consistent reduction in the GHG intensity on a year to year basis to ensure the continued
reduction of emissions to the environment.
Indicator Unit 2020 2021 Change

GHG Intensity (Scope 1 and Scope 2) CO2 kg / PU 0.01104 0.01004 9.05%
We remain committed to reducing our CO2 emissions and water consumption and are evaluating several proposed activities
to take us to the next level over the next few years. Some of proposed activities would undergo further discussion and analysis
before a decision is made, while some will be proliferation of our current practices to other operation sites. Among the
immediate activities that expected to be implemented are:
1) Careful selection of environmentally friendly design and materials (roofing, glass panels, bricks) together with
implementation of energy reducing equipment as part of the new building expansion fitting process that includes
chillers, condensers and cooling tower fans. There were noticeable changes from our initial concept of having more
glass for better view of our new building to our current completed structure of being more environmentally friendly, as
illustrated in the pictures on the next page.
(Estimated energy avoidance of 300,000 kwH per year once implemented in Quarter 1, 2022).

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Energy Management and Greenhouse Gas (“GHG”) Emission (Cont’d)
2) Implementation of rain water harvesting system in one of our buildings to conserve the natural resource of water.
Initial Building Design Final Building Design
Renewable Energy – Solar
Development of sustainable energy initiatives have been one of our Group’s key focuses particularly in the reduction of
electricity consumption via the installation of solar panels on the rooftops of our building sites. The solar panels are negotiated
on a lease agreement, where the panels belong to the installer and for our side, there would be zero investment costs and
maintenance fees while securing a rate lower than the current Tenaga Nasional Berhad (“TNB”) rates for the energy produced
by the panels. The installation has been completed for all buildings that are feasible to be fitted with solar panels. For year
2021, our total energy generated from solar panels has also increased significantly. We are pleased to report the following
contributions from our renewable energy project:
Renewable Energy 2019 2020 2021

Solar Panels (Energy generated kwH) 286,240 376,780* 800,598
* Lower savings due to inverter incident resulted in operations suspended for 7 months in year 2020
Reduction >
550,000 kg
CO2 Emissions
in year 2021
This had enabled us to reduce our carbon footprint by more than 550,000 kg of reduced CO2 emissions this year. (using ratio
of 0.694 as per Greentech Malaysia at http://www.greentechmalaysia.my/carboncalculator/).


Caring for the Environment
The following projects were created with the aim to reduce the harmful effects to our environment which had been set up
among the various subsidiaries within the Group.
Project: Proper disposal of batteries
Description: An employee program had been set up to dispose of batteries. Improper disposal of batteries is harmful
to the environment as they contain materials like mercury and lead that can cause the emission of greenhouse gasses as
they decompose in landfills. A collection centre was set up in one of our subsidiaries (ISO Technology) and employees are
encouraged to bring their dead batteries for disposal. Shipments have been arranged 2 times per annum to pick up these
batteries for proper disposal.
Recycled amount: 43 kg
Project: 3R program (Reduce, Recycle and Reuse)
Description: Recycling program to dispose of recyclable waste such as plastic bottles, cans and papers. For certain waste such
as empty carton, lead frame, tray, empty spool and wooden pallet are returned to suppliers or recycle internally.
Breakdown of year 2021 recyclable waste:
3% 1%
0.01%
2%
5%
2%
0.3%
Reuse of Metal Ring

Reuse of Empty Au Wire Spool
Reuse of Plastic Tray
3R Recycle of Carton Box (GSB)
PROGRAM 2021 Reuse of Carton Box (ISO)
Reuse of Wooden Pallet
Recycle of Paper and Plastic Bottle
Recycle of Plastic Tray
87%
No 3R Program Amount (kg)

1 Reuse of Metal Ring 138,053
2 Reuse of Empty Au Wire Spool 410
3 Reuse of Plastic Tray 2,976
4 Recycle of Carton Box (GSB) 8,500
5 Reuse of Carton Box (ISO) 2,930
6 Reuse of Wooden Pallet 4,260
7 Recycle of Paper and Plastic Bottle 1,852
8 Recycle of Plastic Tray 16
Total 158,997

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Caring for the Environment (Cont’d)
Project: 3R program (Reduce, Recycle and Reuse) (Cont’d)
Tray and metal ring are recycled through established cleaning process. Recycling
helps to reduce energy usage, reduce the consumption of fresh raw materials,
reduce air pollution and water pollution (from land filling) by reducing the need
for “conventional” waste disposal and also reduces greenhouse gases emissions.
Reuse of metal ring
We have set up a program to encourage employees to recycle paper/mineral

water (plastic) as per Majlis Bandaraya Pulau Pinang (“MBPP”) waste segregation
program to help in conserving the environment while contributing to the
underprivileged. Plastics are one of the major items that is degrading the global
environment and we are happy to be able to play our small part in recycling these
items. For GSB plant, all recycled items are collected and contributed to SIMA
Handicapped Centre, as part of our social contribution to the local community
by helping them financially in this area. Recycle bins are provided at designated
factory areas to conveniently enable contributions from employees.
Donation to SIMA by GSB: 1,852kg
Recycled plastic mineral

water bottlers
Banning of plastic straws and one use plastic
As plastics play an increasingly wide role in global pollution and the disruption of natural life both on land and in sea, the
Group has also decided to contribute in our role to reduce waste disposal to the environment. Supporting the government
initiatives in this area, we have banned the use of plastic straws in our factories.
One use plastic has also been banned almost completely (except for the minimal usage for take away of food with gravy) and
replaced with more environmentally/recyclable containers for food and drinks. Our employees have been very supportive in
this area and are glad to play their part in helping to conserve our environment. While the numbers in terms of weight are not
large, it is these small particles that have caused the loss of many marine life.
Paper saving initiatives
We had been actively encouraging our employees to reduce the use of paper throughout the organization to reduce the
number of trees that are chopped down and thus reduce the impact to the environment. This is done by the monthly tracking
of paper usage by department to ensure no unnecessary wastage and also programs like digitization of documents wherever
possible.
One example of the activities was the Employee Health Declaration Form that was implemented during the Covid-19 pandemic
where employees are required to fill up their health conditions and contacts on a weekly basis as part of the Covid-19 controls.
Initially the form was filled and signed manually to be submitted to Human Resources (“HR”) for record keeping. After some
time, our Management Information System (“MIS”) department came up with a solution by developing an online / web form
for the health declaration which we have used since and is one of the activities that help to contribute to carbon footprint
reduction under HR.
Estimated carbon footprint reduction 2021 = 240 CO2 kg.

ECONOMIC (SDG 8,9,12)
Business Growth and Diversification
The goal of most businesses/organizations is to make a profit on a yearly and consistent basis, and GTB Group is no different
as making a profit is one of the main keys of survival. Over the years, we have constantly evolved to fit and meet the
ever changing requirements of the business environment through a diversification of the products we do, the customers we
serve and the manufacturing capabilities we have. While it is not easy, we are humbly pleased to report that we have been
profitable for every single year since we started business in year 1991 and would continue to endeavour to do so in the years
ahead through the continued pursuit of new business opportunities, identifying new business trends and improving our
manufacturing and development capabilities.
As product lifecycles become shorter due to the rapid technological advancements, the ability to introduce new products
to the marketplace in a timely manner has become a very crucial key to success. Our business model is increasingly skewed
towards the co-development of new components/products with our customers, that upon mass production, will be a totally
new introduction to the market. At any point in time, we have multiple products that are progressively in development stage
waiting to be adopted by the customers and market place that will lead to mass production. Year 2021 has been a slow
year for start-up of new business or new product due to border closure as a result of Covid-19 pandemic. The Group has
successfully qualified and started mass production of light sensor Gen 5 for our European customers to be designed into the
latest smart devices.
On top of this, there are many exciting products that are moving into various stages of qualifications that are targeted to go
into mass production in year 2022, among which:
1) Light sensor Gen 6 for our European customer to be designed into this year’s smart devices;
2) Gen 2 gesture sensor for bluetooth wireless device; and
3) Gen 3 motion sensor for smart wearable device.
There are also products in discussion stage that could potentially be new products in year 2022, where some were slated
for introduction in year 2021 but was delayed. These are expected to go into applications of exciting areas like autonomous
driving and bio-sensing for smart wearable devices. On top of this, we continue to make headway in our product and customer
diversification front through some small prototype builds of advanced optical components and medical devices with European
customers, of which are in the early stages but expected to be a solid part of our business portfolio in the next couple of
years. These are important parts of our business diversification process where we actively pursue new business opportunities
to diversify our customers as well as product base on a continual basis.
New business opportunities are evaluated on a thorough basis by the Board, BORRC and goes through proper risk assessment
as per our Enterprise Risk Management Policy.
All capital expenditure (“CAPEX”) spending are justified using various indictors of return on investment (“ROI”), useful life risk
and taking into consideration the position of all stakeholders in the company.
Corporate Governance and Ethics
GTB Group is committed to the principles and best practices of corporate governance as laid out in the Main Market Listing
Requirements of Bursa Malaysia Securities Berhad and MCCG. We ensure that the standards of corporate governance are
being observed throughout the Group with the ultimate objective of enhancing long term shareholders value and returns to
our stakeholders. Details of our corporate governance framework and practices are presented in the Corporate Governance
Overview Statement of this Annual Report as well as Corporate Governance Report which is available on the Company’s website
www.globetronics.com.my.

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ECONOMIC (SDG 8,9,12) (Cont’d)

Corporate Governance and Ethics (Cont’d)
Principles of Business Conduct
The Group is of the belief that the correct internal values should be made as part of our corporate culture and in turn lead to
business success when conduct is governed through these principles.
Our Principles of Business Conduct (“Code”) addresses the need for all employees and business associates to conduct all
business transactions with trust, integrity and transparency where any form of bribery, corruption, insider trading and other
unethical conduct is strictly prohibited. The Code also aims to create safe and conducive working environment where all the
respective environmental, social, cybersecurity and safety regulations are fully adhered to. The Code is communicated to all
employees and directors to ensure that the values and principles of the Group are properly aligned to. A copy of the Principles
of Business Conduct can be found at our website at www.globetronics.com.my.
There were no cases of breach of ethical conducts in year 2021.
Anti-Corruption and Bribery Policy
As a reinforcement to our Code, the Group Anti-Corruption and Bribery Policy states clearly the Group has zero tolerance for
bribery and corruption. In line with this, the Board of Directors together with the management has reviewed the adequate
measures implemented to determine the adequacy of controls in the Group to prevent corruption and bribery. An evaluation
was done by Triune ABMS Advisory Sdn Bhd in year 2021 to examine the existing policies and procedures for anti-corruption
and bribery prevention for GTB Group. The outcome of the evaluation led to the establishment of a more robust anti-
corruption and bribery program and revision of Whistleblowing Policy and Procedure for GTB Group after taking into
consideration the findings and proposed action plans based on the 5 principles for Adequate Procedures as contained in the
Ministerial Guidelines.
Principle 1: Top Level Commitment

Principle 2: Risk Assessment
Principle 3: Undertake Control Measures
Principle 4: Systematic Review, Monitoring and Measurement
Principle 5: Training and Communication
MACC Act training has been conducted to all employees in year 2020 when MACC Act was enacted, and as part of our
governance commitment, refresher training for all employees was carried out this year. The refresher sessions were conducted
via self-learning and employees are required to complete and score more than 90% for theory test paper that can be submitted
electronically. Self-learning and test was completed in November 2021.
Whistleblowing Policy and Procedure
GTB Group Whistleblowing Policy is implemented to achieve the standards set in our Principles of Business Conduct and zero
tolerance of corruption set in GTB’s Anti-Corruption and Bribery Policy. All employees and stakeholders are encouraged to
report genuine concerns about unethical behavior, malpractices, illegal acts or failure to comply with regulatory requirements
without fear of reprisal should they act in good faith when reporting such concerns.
All disclosures made will be dealt with in a confidential manner. Whistle blower’s identity shall be protected. Whistle blowers
will be protected from any reprisal (disciplinary measures, demotion, suspension or termination of employment service) within
GTB Group as a direct consequence of the disclosure. Reports or disclosure can be made through e-mail or mail and address
to the immediate superior, CEO or Chairman of the Audit and Risk Management Committee.
Tax Governance
Being a good corporate citizen entails paying the taxes due to the government and authorities of the country we operate in,
where in our case is Malaysia. All our taxation matters are handled in a transparent and professional manner with approval
from the Board, where necessary.
Business Ethics and Case Description and Corrective

Regulatory Compliance Monetary Amount Action Taken
Number of cases in relation to business ethics 0 0
Environmental fines / penalties 0 0
Number of incidents related to corruption 0 0


Customer Satisfaction
Customer satisfaction is one of our key beliefs which is aligned with our vision to the be the global business partner of choice.
The framework of our customer satisfaction covers the four primary segments of Quality, Cost, Delivery and Service (“QCDS”).
The expectations are communicated and aligned with the customer on a regular basis.
● RMA1 Tracking
● Price Competitivenss
● CA1 Effectiveness
● Value Engineering
● Customer distruption impact
QUALITY COST
SERVICE DELIVERY
● Scheduling Agility
● One Time Delivery
● Technical Capability
● Expeditation Requirements
● Responsiveness
Note 1
Return Material Authorization
2
Corrective Actions
On an annual basis, surveys are conducted along this framework for a close loop feedback to assess areas of focus. These
surveys would provide our Vice President / Director of Business and Operations with the focus areas to improve on (using
scoring indicators) and also address any customer concerns highlighted to ensure that we always provide the best service and
solutions to our customers.
For year 2021, we saw improved customer survey ratings compared to year 2020 and exceeded our target rating of 80%. The
main area for improvement from customers to us would be under cost where the operations team would address this through
value engineering, yield and process improvement, productivity and automation.
Cost competitiveness, one of the key focus areas of our operation excellence team has been value engineering via process
design and sourcing of alternative materials. We aim to increase workforce productivity via Industry 4.0 pillars, KAIZEN and
workforce upskilling. We share a common goal with our customer to provide leading edge technology at a commercially
competitive price point.
The pandemic triggered supply chain disruption has elevated the need for better data transparency and seamless
communication of data flow between multiple channels. We continue to enhance end-to-end horizontal integration of critical
data from our suppliers to our customers. The transparency created has deepened customer relationships and improved
production agility and flexibility.
Manufacturing Excellence and Continuous Improvements
The Group puts emphasis on manufacturing excellence at all times, to ensure that all our lines and processes are benchmarked
and meet all globally defined manufacturing standards. This is done through regular internal line audits, external audits by
independent auditors for quality standards, as well as ongoing customer audits to ensure that our operations comply with all
requirements and have continuous improvement plans for our manufacturing lines.
We have expanded our manufacturing capabilities over the years from copy exact type of contract manufacturing work to
today where we play a key role and a co-development partner in coming up with manufacturing processes for new products/
components that are scheduled to hit the marketplace. Our manufacturing capabilities now include wafer level packaging and
flip chip processes for the more advanced components in the market place, wafer saw and sorting for advanced LED products
and in the process of qualifying new components for the sensors, smart devices, Internet of Things, health and automotive
sectors.
Automation has also been a focus area for us in the last few years with auto optical inspection (“AOI”) machines taking over
the more labor intensive and strenuous back end manual operations.

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Industry 4.0 Framework and Implementation Progress
Our Industry 4.0 readiness assessment was successfully completed and rated “Experienced” via SIRIM’s Industrial 4.0 Readiness
Assessment (“RA”). Spearheaded by the Vice President of Business and Operations and championed by our Chief Operating
Officer (“COO”), a multidisciplinary task force was formed to formulate objectives, implementation goals and plans for factory
modernization plans. To date, we have completed Phase 1 of the modernization plan.
Industry 4.0 Key Focus Areas
Technology Data Process Organization Security Governance
● Real-time data ● Enhancing ● System

transparency Process Value infrastructure
● Smart Machines ● Process ● Cybersecurity
● Smart workforce Transformation management
● Workforce
● Data Digitization Transformation ● Leadership
● Smart Quality ● Smart centric Strategic Direction
culture
Data Digitization and Smart Quality
For the identified Light’s Off pilot line, our machines are in various stages of digitization maturity. 90% of key manufacturing
processes have achieved development level of real time visibility and transparency. A prototype line on our key operations
will utilize big data analytics with other new technologies to enhance yield, reduce defects and enable real time monitoring
of all the key indicators. The new lines would serve as a benchmark to existing lines, to encompass industry leading and
government lead initiatives for companies to adopt Industry 4.0 into their operations.
With the implementation of centralised controls, real-time connected machines and automated consumable changes in year
2021, our wafer processes have seen an improvement in productivity of more than 40% after implementation. For year 2022,
big data retrieved from the setup and engineering know-how from our subject matter experts will be key pillars in driving
predictive capability.
Our home grown manufacturing execution system (“MES”) (e-BizOS) team continue to expand capabilities, working with
various local and global partners to connect brownfield machines. To date, more than 70% of brownfield machines are
connected with ability to share real-time transaction data. This allows for improved transparency in material movement,
machine performance, translating to more accurate tracking of Overall Equipment Effectiveness (“OEE”).


Industry 4.0 Framework and Implementation Progress (Cont’d)
Process Transformation and Enhancing Process Value
Over processing was identified as an area of focus. We continue to expand use of AOI in our visual and measurement
processes. Through close collaboration with local partners, we continue to enhance our equipment platform and knowledge
in vision systems and defect judgement. Improvements in software algorithms helped reduced manual offline inspection by
more than 50%. We continue to work with partners to utilize Machine Learning and Artificial Intelligence (“AI”) in our AOI data
with the target to fully eliminate manual offline inspection as well as improve data classification.
With the upgraded software infrastructure and storage systems deployed in year 2021, unstructured data from machines,
materials and processes were mined by our data analytics team to improve process yields. Quarterly yield targets from
customer were met and some exceeded.
A control room where all line processes and data can be controlled, tracked and analysed using big data analytics is being set
up where the “live” action on the line can be observed. The complete pilot line is expected to be ready and up and running
by Quarter 3, 2022. This would be an exciting and important milestone for us as we move towards a lights off factory.
Supply Chain Management
It is increasingly important to maintain a stable and reliable supply chain in today’s operating environment. The Covid-19
pandemic and the global ship shortages in year 2020 and this year has demonstrated the importance of strong partnerships
with our suppliers in overcoming challenges together to ensure uninterrupted supply of materials that have been key to
manufacturing excellence and delivery of quality product and services.
At GTB Group, we feel it is also equally important that our suppliers are aligned to our corporate values in ensuring a
responsible supply chain by being aligned in the areas of labor, health and safety, environment, ethics and management
systems through the signing of a Supplier’s Code of Conduct.
Suppliers are expected to conduct a self-assessment to ensure they are in compliance to these requirements. They are also
measured under a Supplier Rating and Ranking system using QCDS to ensure that the Group consistently has a reliable
and reputable supply chain to provide the best service and support to our customers. Furthermore, we conduct supplier
bidding program where suppliers bid and are selected after going through the evaluated indicators of cost, delivery, service,
regulation compliance/ licenses and others.
Our suppliers are also evaluated on their quality and environmental management system to where areas like system
controls, purchasing, design, logistics, emergency preparedness and response, legal compliance, etc. are assessed. For the
environmental side, suppliers are also required to be in compliance to RoHS and Conflict Free Minerals policies as part of
our requirements. Based on the review of the evaluations, suppliers that perform poorly on the metrics measured would be
subject to audit by us or jointly with our customers.
For our part, where possible, we try to localize some of the procurement sources. With the increasing availability of local
players in the automation and testing space, sourcing AOI machines, testing equipment and procuring software solutions
from them where possible when we automate production processes or set up new lines. Currently we are in the midst of
sourcing AOI machines from a relatively new local supplier for our qualification with a potential new customer. We are also
pleased to say that for our Industry Readiness 4.0 (“IR 4.0”) initiatives, we have partnered with some suppliers who are local
players in the aforementioned fields like software application, and we look forward to growing together with them as we
embark on this important new initiative.
Our procurement practices also play a key role in maintaining the competitiveness of our products in the supply chain. There
is a continual effort to find suitable, sustainable and cost competitive materials to complement our product improvement
programs as part of our value added solutions to the customers. The sourcing of a more sustainable material for one of
our assembly process, continued reduction of package size of our products and the recycling of various packaging material
are some of the activities we are working on with our customers to positively impact the supply chain and they are now
undergoing various stages of qualifications.
During the year, our Supply Chain Management (“SCM”) team did a commendable job of ensuring uninterrupted supplies of
all our material needs despite the MCOs and lockdowns globally by partnering successfully with their suppliers.

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Supply Chain Management (Cont’d)
Conflict-Free Minerals Policy
On top of our supply chain management practices, we have established a Conflict-Free Mineral Policy to ensure that material
defined as conflict minerals do not directly or indirectly finance or benefit the armed groups in the Democratic Republic of the
Congo, or any adjoining countries while continuing to support responsible mineral sourcing in the region.
GTB Group has defined its Conflict Minerals Due Diligence Programme as aligned with the framework of “Due Diligence
Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Area” promulgated by the
Organisation for Economic Cooperation and Development. We have also evaluated its internal controls for conflict minerals
and encourage our suppliers to conduct similar evaluation with their suppliers. We encourage our suppliers to purchase
minerals from smelters who are listed on the Conflict-Free Smelter Program Compliant Smelter List to ensure the materials
used in our supply chain are conflict-free. Our Conflict-Free Minerals Policy is made available on our company’s website
Reduce, Reuse, Recycle (“3R”)
For the Group, the 3Rs are one area where sustainability is a material matter to us. This stems from the fact that we are doing
high volume manufacturing, and the potential for waste from material usage to the environment is high. The initiatives we
undertook would serve to have multifold effects, by ensuring our businesses are operating at optimal levels through the
efficient use of our resources while at the same time prolonging our equipment and materials from hitting the environment
as scrap earlier.
Various initiatives were identified upon analysis of all categories of materials. The rise in popularity in e-Commerce drove
up use of packaging material and for year 2021, we collaborated with our customers to recycle various types of packaging
material as well as to reduce package sizes to reduce waste. Printed paper used for shipment purposes were also digitized
and reduced. Other activities include the blade life extension in manufacturing process and the reuse / recovery of scheduled
waste by our vendor such as diamaflow bottle and epoxy syringe.
Proposals for alternative materials with sustainable sources or wastage reduction in packaging were proposed to customer
and are in various stages of qualifications.
Data Integrity, Privacy and Cybersecurity
Data integrity and cyber security has become an increasingly important aspect of business operations. This is especially
evident in view of the escalating cases of accounting fraud/scandals globally as well as the recent ransomware virus attack.
One of our values is “Integrity at all times” and for us, this would also mean protecting the confidential information of our
customers, employees and other parties. One of the primary methods is through the signing and enforcing of Non-Disclosure
Agreements (“NDA”) which is one of the ways of protecting our customer’s as well as other parties confidentiality which had
been disclosed and which is extended to all our employees and associates who have a need to access this data. All computers,
laptops and workstations are also equipped with password protection, anti-virus software and firewalls to protect against the
theft or loss of data.
In year 2021, the management team had also embarked on an exercise to identify the key confidential information of the
Group and to come up with renewed steps to enhance the security of this data. The exercise is still in progress of full
implementation but many areas have been identified to further enhance security through digitization, multi-layered password
protection and restricted access to key users to safeguard the key data of the organization. The implementation would be
done hand in hand with the MIS budget and upgrades of the Group.
The ransomware virus attack had also exposed the vulnerability of many firms globally to cyber attacks. Whilst no system is
fool proof against these attacks, the Group is continually monitoring and implementing all the necessary anti-virus programs
and firewalls to secure our data. Being part of the global supply chain for components in key electronic devices, the Group
needs to ensure a reliable and accurate live tracking of its data to ensure uninterrupted delivery of its production lines.
In terms of hardware and software replacement cycle for our Group, we have upgraded and consolidated our email
communication infrastructure in phases to host it under Microsoft Exchange Online (Microsoft Cloud Infrastructure). In terms
of email security, Exchange Online eliminate threats before they reach the Group firewall or users with multi-layered, real-time
anti-spam and multi-engine anti-malware protection.
Our Wireless Local Area Network (“WLAN”) has also been upgraded with improved internet speed to support and enable our
efforts of Industry 4.0 and using live data and analytics with proper infrastructure to support it.


Data Integrity, Privacy and Cybersecurity (Cont’d)
On the cyber security front, the Group continues to stay vigilant by implementing the following activities:
● Installing NextGen firewall that have the latest cyber security protection;
● Installing devices control system to allow only registered devices to access our wireless or wired network;
● Implementing hybrid end point protection that able to manage, control and tighten users’ laptop protection even when
they are working from home in long period during the Covid-19 pandemic;
● Integrating NextGen firewall and hybrid end point protection with devices control system to enhance our cybersecurity
protection to the next level. Any compromised workstation, machines, or laptops that was detected with any suspicious
malware or virus behavior will be blocked and quarantine from accessing to our network or Internet;
● Migrating our in-house web application to latest platform due to previous platform is EOL and is vulnerable to cyber
attack;
● Improving data backup by increasing backup copies with more retention period; and
● Sharing of latest cybersecurity threat and phishing technique to users to raise awareness.
We are also planning the next phase of major upgrades which will include comprehensive back up and recovery solution for
live, archive and backed up data to mitigate against any cyber risk or threats.
SOCIAL (SDG 3,4,5,8)
Employees
We have a total headcount of approximately 823 employees in our group. As a niche player in the very competitive technology
industry, being a responsible and caring employer to our very important assets, our employees, remain one of our key
priorities. We strive to provide a safe, conducive and growth environment for every one of our employees and this can be
tracked through the various indicators listed. Our Group is aligned to the Responsible Business Alliance (“RBA”) Code of
Conduct and use the principles herein to ensure a safe and conducive working environment for all our employees.
Employee Safety and Health
Occupational Safety and Health
Our Environmental, Health and Safety (“EHS”) team which is a part of the ESG Committee ensures that health and safety
policies are effectively implemented and continuously improved to ensure they reflect the operational, industry, regulatory
changes, and health and safety performance within the Group. Our EHS management system are in compliance with
Occupational Safety and Health Act (“OSHA”) 1994, where we are in full compliance.
To ensure a safe and healthy working condition for our employees and external parties within the factory premises, the Group
has developed guidelines to safeguard employees in all of its business operations, where we have adopted a Health and
Safety Policy, with salient points as follows:
1. Comply with all regulations, statutory guidelines, codes and legislations in relation to occupational health and safety.
2. Co-operate with health and safety authorities to submit documentation and perform audits when requested.
3. Implement industry best practices to prevent injury, death and loss of worktime in the factory.
4. Reduce injury risk through constant evaluation of safety procedures and perform risk assessment and cross sharing of
accident cases to avoid repeat incidents within the Group.
5. Advise visitors and contractors on the need to comply with all safety precautions when they are within the premises of
the Group.
A copy of our Health and Safety Policy can be found on our website at www.globetronics.com.my.
To safeguard employees and instill the values and knowledge essential to a safe and healthy workplace, we continuously
undertake first aid training, health talks, fire drills and plant evacuation exercises.

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SOCIAL (SDG 3,4,5,8) (Cont’d)

Employee Safety and Health (Cont’d)
Occupational Safety and Health (Cont’d)
A summary of the types of training programmes conducted during the financial year under review is as follows:
• Fire and Gas Emergency Response Team;

• Equipment Handling;
• Plant Evacuation Exercise;
• Health Talks;
• First Aid;
• Chemical Spillage; and
• Safety Hazard.
All safety and health incidents would follow standard operating procedures on the requirement of filing an incident report
that describe the nature of the incident, the cause and correction action taken. These are shared in the ESG Committee to
ensure that root causes are identified and cross learning applied so that no recurrence occurs, and including key learning of
new safety implementations.
For year 2021, we are pleased to report that we have met the internally set Total Recordable Injury Frequency Rate (“TRIFR”)
of < 2 during the year (TRIFR for year 2021 = 1.31). This was done through the implementation of safety measures after
review of internal and external safety incidents. Three accident cases were mostly people related as summarized below with
no serious injuries:
Accident Description Date Root Cause Corrective Action

IPA menda bottle dropped May 2021 IPA menda bottle not Safety goggles were provided and required it to
and caused splash to eye of closed tightly be worn during cleaning process.
operator resulting in minor eye
irritation Established goggles and personal protective
equipment.
Chair legs broke resulting in Aug 2021 Broken chair legs Replaced defective chair.
employee falling down resulting
in back ache – 1 day MC Reminded employees that it is user
responsibility to check items before use and to
alert superior of any damage for action to be
taken.
Employee finger was clamped Aug 2021 FT#4 machine bypassed Engaged supplier to set up Technician /
at FT#4 machine resulting in “Technician Mode” Engineering password
minor cut and swollen finger – 1
day MC Operator opened safety Added in nozzle disable selection in “Operator
door while machine was Mode”
running.
Briefed operators on re-test units and technician
required to be triggered in order to bypass
testing nozzle.
Description Year 2019 Year 2020 Year 2021

A Factory Accident 8 2 3
- Fatalities (Cases) - - -
- With Man-hour Lost (Cases) 4 2 2
(137 hrs) (16.5hr) (16.5hr)
- Without Man-hour Lost (Cases) 4 - 1
B Near Miss Incident 3 2 1
C Safety Violation - - -
D Fire Incident 3 - -
E Faulty Fire Alarm - - -
F Nature Environmental Impact - - -
G Others - 1 -


Human Rights
In alignment with the international belief in fair employment, GTB Group is committed to upholding and protecting the
human rights of our employees. This task is handled by our HR Department which implements policies and systems to ensure
that we comply with regulations set by the Department of Labour. Issues relating to basic human rights covers all of our
employees and is also extended to our Supply Chain through the Supplier’s Code of Conduct, where suppliers are to meet
our requirements in the following areas:
Ethics
(a) Business Integrity
Suppliers are expected not to practice or tolerate any form of corruption, extortion or embezzlement. Suppliers are not
to offer or accept bribes, kickbacks, inappropriate gifts or hospitality, or other unlawful incentives to/from their business
partners or to government officials. Suppliers are expected not to offer to the Group’s employees’ gifts or any other
kind of personal benefit resulting from the relationships with the suppliers. Suppliers are to comply with the Group’s
Anti-Corruption and Bribery Policy and to understand the Group’s Whistleblowing Policy and Procedure.
(b) Privacy and Intellectual Property
Suppliers are to safeguard and make only appropriate use of confidential information and ensure that all employees’
and business partners’ privacy and valid intellectual property rights are protected.
Labor and Human Rights
(a) Suppliers are to respect the basic human rights of employees as follows:
● to promote equal opportunities for and treatment of its employees irrespective of skin color, race, nationality,
social background, disabilities, sexual orientation, political or religious conviction, sex or age;
● to respect the personal dignity, privacy and rights of each individual;
● to refuse to employ or make anyone work against his/her will;
● to refuse to tolerate any unacceptable treatment of employees, such as mental cruelty, sexual harassment or
discrimination;
● to prohibit behavior including gestures, language and physical contact, that is sexual, coercive, threatening,
abusive or exploitative;
● to provide fair remuneration and to guarantee the applicable national statutory minimum wage;
● to comply with the maximum number of working hours laid down in the applicable laws; and
● to recognize, as far as legally possible, the right of free association of employees and to neither favor nor
discriminate against members of employee organizations or trade unions.
(b) Prohibition of child labor
Suppliers are to avoid any sort of child labor in their business operations by not employing workers under the age of
15 or, in those countries subject to the developing country exception of the International Labour Organization (“ILO”)
Convention 138, not to employ workers under the age of 14.
(c) Health and safety of employees
Suppliers to provide a safe and healthy working environment for its employees as follows:
● to take responsibility for the health and safety of its employees;

● to control hazards and take the best reasonably possible precautionary measures against accidents and
occupational diseases;
● to provide training and ensure that employees are educated in health and safety issues; and
● to set up or use a reasonable occupational health and safety management system.
Environmental Protection
Suppliers to operate in an environmentally responsible and efficient manner. Suppliers are:
● to act in accordance with the applicable statutory and international standards regarding environmental protection;
● to minimize environmental pollution and make continuous improvements in environmental protection; and
● to set up or use a reasonable environmental management system.

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Human Rights (Cont’d)
Environmental Protection (Cont’d)
As a demonstration of our commitment to upholding the human rights of our employees, GTB Group has also invested
resources to improve the accommodation of our employees with more space per individual together with facilities upgrade in
our accommodation locations. We have also been audited and certified by local authorities for most of our accommodation
locations in fulfilling the requirements of the Employee’s Minimum Standards of Housing and Amenities Act in year 2021,
which we expect to be successfully completed in year 2022.
Jabatan Tenaga Kerja Received JTK

Subsidiary Total Units (“JTK”) Audit (DONE ) Certificate Pending JTK Audit
GSB/GMSB 48 48 18 0
ISO 47 47 4 0
(As at 7 March 2022)
Fair Treatment of Foreign Labour
All foreign labours are hired with proper documentation and complete legal permits, with contract of employment and
enjoying similar benefits as local employees. As our foreign workers are provided with accommodation, they are also covered
under the Employee’s Minimum Standards of Housing and Amenities Act which we are compliant to.
Overall, there had been no reported cases of discrimination, child labor, or workplace harassment for the Group during
year 2021. Nevertheless, in view of the spotlight of labour practices in Malaysia, we remain committed to the continued
improvement of our overall labour practices, where we had undertaken an internal study to identify gaps for improvement
against best practices that would be implemented in stages throughout the Group.
Employee Welfare
We believe that business sustainability goes hand in hand with the welfare and well-being of our employees. To this end, we
continually benchmark against industry standards or utilize internal solutions to ensure a competitive compensation package
and promoting an environment that is conducive for the well-being and growth of employees in the organization. Some of the
benefits and privileges provided to our employees are as follows :
Insurance/Medical Coverage
● Executive health screening.

● Free medical attention and treatment by medical practitioner duly appointed by GTB Group.
● Dental treatment subsidy.
● Hospitalisation scheme extended to the employees’ family or dependents.
● Outpatient medical benefits extended to family or dependents.
● Personal accident, hospitalisation and term life insurance coverage to all permanent employees.
● Social insurance.
Benefits Mandated by Law
● Adherence to minimum wages or better.

● Annual leave, maternity leave, medical, parental leave, hospitalisation leave, compassionate leave, calamity leave and
others.
● Contribution to statutory funds such as EPF, SOCSO, EIS and HRDF.
● Overtime payments.
● Public holidays.
In-house facilities for all employees
● Car parking space where available for all employees.

● Hostel for operators.
● Personal lockers.
● Prayer rooms.
● Transport services.
● 24-hour canteen.
● In-house clinic with mother’s nursing room and sickbay for employees.


Employee Welfare (Cont’d)
Other Benefits
● Dedicated parking spaces for disabled/pregnant employees.

● Car interest subsidy.
● Food and beverage discounts on selected participating dining outlets.
Employee Engagement Survey
As part of continuous efforts to improve on engaging our employees, we have embarked on an Employee Engagement Survey
in December 2021. This pilot program began this year with the survey covering job categories of Non-Exempt 2 and above.
The purpose of the survey would be to gather feedback and understand the viewpoints of employees in GTB Group. For
the survey, employee satisfaction is measured in areas like equality, teamwork, support, personal development and company
image and culture. For this first survey, we are pleased to report that we managed to get full participation from the targeted
audience base.
Participation Percentage (%)

Employee Engagement Survey FY2021
By Job Category
Manager 100%
Exempt Level 100%
Non-Exempt Level 100%
The results showed an employee satisfaction rate of about 80% (average score 3.90 out of 5). As the survey covers different
level of working groups, departments and job functions, the management team plans to carry out a more detailed analysis
prior to deriving specific improvement plans on becoming a more desirable workplace for the employees.
Covid-19 Measures
With the raging Covid-19 pandemic, the Group put in all the necessary resources to ensure our employee’s safety and well-
being with work from home arrangements, daily sanitization, providing free face masks and implementing social distancing
measures at our workplace. Many activities were carried out to ensure the utmost care for the safety of employees, especially
for those whom we provide accommodation and transportation.
Employee’s Accommodation
To ensure safe and conducive living environment:
● Monthly hostel self-audit system has been put in place. Hostel leaders and agents are responsible to carry out the self-
audits and report to HR Department.
● Quarterly hostel audits by HR Department to confirm hostel conditions.
● Hostel weekly spot audit on Covid-19 SOPs.
● Hostel weekly sanitization and reporting.
● WhatsApp group – sharing of Covid-19 information and regular reminder on SOPs.
Employee’s Transportation Safety
● Social distancing while waiting for buses.

● Sanitization of factory buses 2 times per day.
● Daily temperature check and MySejahtera check in for drivers.
● Sharing of daily report with the management.
Vaccination Drive
To ensure the safety of our employees, we had committed to a vaccination drive to fully vaccinate all our employees. This
activity was done through the Program Imunisasi Industri COVID-19 Kerjasama Awam-Swasta (PIKAS) program where
vaccinations were conducted from July 2021 onwards at approved vaccination centers in the Free Industrial Zone (“FIZ”). We
are pleased to report that since then, all willing employees have been fully vaccinated as of this writing, with their co-operation
helping to create a safer workplace for all.

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Vaccination Drive (Cont’d)
Fully Vaccinated Percentage (%)

COVID-19 Vaccination Program FY2021
By Subsidiaries
Globetronics Sdn Bhd 100%
Globetronics Manufacturing Sdn Bhd 100%
ISO Technology Sdn Bhd 99.8%
PIKAS Vaccination Program
Self-Test Exercise
All employees are required to perform self-test for Covid-19 every 2 weeks with test kits provided by the company nurse.
Employees need to upload their self-test results in MySejahtera and the Group e-form for compilation by the company nurse.
This practice also extends to all suppliers and visitors who are also required to show a negative test result prior to entering
the factory premises.
Fostering better ties with our employees and improving their quality of life are areas that have continuously been given
importance in the Group’s corporate responsibility initiatives. We have tailored specific programs to cover a holistic
representation of our employees’ welfare in the areas of health awareness, sports and food. The programs we have carried
out in year 2021 are as follows:
(i) People Program
3 festive celebrations (Chinese New Year, Hari Raya Aidilfitri and Deepavali) celebrated via food vouchers due to
Covid-19 pandemic.
3 festive celebrations (Chinese New Year, Hari Raya Aidilfitri and Deepavali


Self-Test Exercise
(ii) Sports and Recreational Activities

Zumba lessons and badminton sessions (where allowed) have been coordinated to achieve work life balance. Good
turnout seen for both events.
(iii) Healthcare Activities
The main health activities for the year due to Covid-19 restrictions were on high blood pressure and high glucose level
awareness program to educate our employees on how to attain a healthier lifestyle. We had a good participation rate
by employees and those categorized in the high-level categories managed to show good improvements after the
programs, which included change in diet and recommended exercise techniques.
Employees Health Awareness Program
Human Capital Development
One of our key corporate responsibility initiatives is the development of human capital as our employees are our greatest
asset. The development is achieved through the implementation of various initiatives such as in-house cross training and
employees’ productivity improvement, building university relationships and encouraging workplace diversity. The ultimate
aim of these objectives is the unity of all employees in striving for a common objective i.e., the success of the Group in terms
of economic, social and environmental development. Our employees’ evaluation criteria have also been revamped over the
years and we have put in place comprehensive evaluation systems that not only measure the hard skills but also the soft skills
of employees like relationship building and charisma, to build them to be highly marketable in any industry.
We have also committed to do a 100% appraisal of all employees on an annual basis to ensure alignment to the Group’s key
performance metrics and values, to provide career path guidance and to obtain feedback from employees on their view of
the Group. This commitment has been achieved in the current year as well as the previous 3 years, with appraisal criteria
consistently being improved and matched to best industry practices. These appraisal sessions are also important as an avenue
for identifying the right candidates to head the respective leadership roles with the Group of Companies.
In terms of nurturing future leaders, many programs have been put in place that include both general and specific targets of
key employees at various levels in the Group.

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Human Capital Development (Cont’d)
We invested a total of a total of RM252,165 for human capital development in year 2021 which represents a significant
increase vs year 2020, with 2,347 training hours achieving the following:
Amount Spent on Training RM

Year 2020 154,582
Year 2021 252,165
Average Training
Training Hours No. of Hours Hour Per Employee
Year 2020 2,205 1.9
Year 2021 2,347 2.3
No Training Program by Category %

1 Technical Skills Enhancement 55%
2 Operational Excellence and Workfore Transformation 13%
3 Environmental, Health and Safety (“EHS”) 6%
4 Finance, Human Resource Development and Management (“HRDM”) 8%
5 Leadership Skill 2%
6 Legal and Standards 8%
7 Digital Technology 8%
100%
Training Program by Category
Technical Skills
Enhancement
55%
Digital Technology
8%
Legal and Standards
8%
Leadership Skill
2%
Finance and HRDM
8%
EHS
6%
Operational Excellence and
Workforce Transformation
13%
For year 2021, in line with our IR 4.0 initiatives and moving towards fully automated / lights off factory in the future, much
emphasis was given on the technical education of our employees where more than two-thirds were focused on technical skills
enhancement, operational excellence and workforce transformation.


Human Capital Development (Cont’d)
Out of the new training programs, it can be observed that most of the new programs conducted in year 2021were geared to
upgrade our people’s competency levels to new products and technologies, with exposures as follows:
New Training Programs in year 2021
Total Training : 163
No Description %
1 Technical Skills Enhancement 62%
2 Operational Excellence and Workforce Transformation 6%
3 Environmental, Health and Safety (“EHS”) 5%
4 Finance, Human Resource Development and Management (“HRDM”) 11%
5 Legal and Standards 5%
6 Digital Technology 11%
100%
Digital technology represents 11% of total new training programs in year 2021 and have been on a steadily increasing trend
over the years. This is expected to further increase in the coming years as we gear up our workforce in the continued IR 4.0
implementation and the preparation for potential new businesses that require new technical knowledge.
Overall, there was an increase in training hours per employee of 2.3 in year 2021 versus 1.9 in year 2020.
Workforce Diversity
The Group believes in tapping the resources of a diverse workforce that utilizes the unique gift of each individual. Presently
our workforce is made up of multiple nationalities that include Malaysians, Indonesians, Filipinos and Nepalese and we have
a male to female ratio of 29:71. We are also proud to say our leadership is also balanced, with women making about 30 % of
positions of manager and above.
In terms of Board Diversity, with the new structure of the Board in year 2021, we have also seen an increase in female board
representation from 22% to 29%. This would be very close to the desired 30% female representation rate and we would be
working to achieve and exceed this figure in the near future.
Women Percentage
Overall workforce 71%
Management 29%
Board 29%
Our recruitment process is based solely on merit and the qualification of the candidates, and our remuneration policy assures
that no pay distinctions are made in regards to gender or ethnicity in the Group.
In terms of employee turnover, the rate remains stable as compared to year 2020.
Percentage (%)
Turnover Rate Year 2020 Year 2021
By Gender
Male 10.4% 8.9%
Female 1.5% 3%
Total: 11.9% 11.9%

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Corporate Governance and Ethics
With the enforcement of the corporate liability provision under Section 17A of MACC Act effective on 1 June 2020, the Board
of Directors and senior management have already attended seminars and talks to familiarize themselves with the revised laws
and definitions. There were also sessions conducted for all our employees throughout the year so that all of them are now
familiar with this ruling and are aligned with the Group’s zero corruption and bribery stance.
The whistle blowing policy and procedures has also been enhanced and communicated to all employees where they would
have the opportunity to report their grievances/concerns to an appropriate party with their identity protected for any level of
corruption or bribery committed by any employee up to the highest level of the organization.
Social Contributions and Community Projects
As a home-grown Malaysian company, we are aware of how important it is to build up the local community and to provide
opportunities for the upcoming generation to succeed. The focus of our social contributions is directed on the basis of
achieving current impactful goals to community building and nation through the sponsorship of relevant initiatives and
programs.
The Covid-19 pandemic had not only impacted our operations but also the local and national community. We continue our
support for our front liners and public in the Covid-19 fight by donating hospital beds and chairs to Penang General Hospital
(“Penang GH”).
On the social front, we put our focus on the UN SDG 4 to “Ensure inclusive and equitable quality education and promote
lifelong learning opportunities for all”. Many of our sponsorship programs are geared toward the promotion of Science,
Technology, Engineering and Mathematics (“STEM”) and technical areas like robotics to continue to build up the potential
technical workforce pool for Penang and Malaysia.
In year 2021, the following were our contribution in various community and education projects:
1) Sponsorship of RM10,000 to Tech Dome Penang’s “Women in Science” program.

2) Sponsorship of RM10,000 to Techdome Penang “Robomania 2021”.
2) Collaboration with universities and Forward School where we obtained a total of 6 interns for the areas of engineering,
quality assurance, information technology and finance.
3) Collaboration with Penang STEM – RM20,000 sponsorship for Step Up Initiative Program – adopted Phor Tay Secondary
School.
4) Hiring of 3 employees under the The National Economic Recovery Plan (“PENJANA”) program by Northern Corridor
Economic Region (“NCER”).
5) Contribution to Penang GH – Double decker beds and chairs costing RM5,400 and High Dependency Ward (“HDW”)
beds costing RM42,500.
Overall, we aim to bring a balanced but targeted approach in supporting our local community from the contributions to
various local societal organizations and academia to make the community we operate in a better place.
COVID-19 Donation of HDW Beds to Penang GH Intensive Care Unit


Social Contributions and Community Projects (Cont’d)
COVID-19 Donation - Contribution of Double Decker Sponsorship to SMK Phor Tay to Promote STEM
Beds and Chairs to Penang GH Education
Sponsorship to Tech Penang “Robomania 2021” Sponsorship to Tech Dome Penang “Women in Science”

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AUDIT AND RISK MANAGEMENT
COMMITTEE REPORT
From left:
Dato’ Syed Mohamad Bin Syed Murtaza, Ms. Lam Voon Kean, Ms. Ong Huey Min
The ARMC of GTB is pleased to present the ARMC Report for the financial year ended 31 December 2021 in compliance
with Paragraph 15.15 of the Main Market Listing Requirements (“MMLR”) of Bursa Malaysia Securities Berhad (“Bursa
Malaysia”).
ARMC was established to serve as a committee of the Board and is guided by its terms of reference in performing their
duties and discharging their responsibilities. The terms of reference of ARMC can be viewed at the Company’s website at
COMPOSITION AND MEETINGS

There was a redesignation of membership on 27 July 2021, whereby Dato’ Syed Mohamad Bin Syed Murtaza was
redesignated from Chairman to member and Ms Lam Voon Kean was redesignated from member to Chairwoman.
Ms Lam Voon Kean and Ms Ong Huey Min are members of the Malaysian Institute of Accountants. The ARMC, therefore,
meets the requirements of Paragraph 15.09(1)(c) of the MMLR which stipulate that at least one (1) member of the
ARMC must be a qualified accountant.

AUDIT AND RISK MANAGEMENT COMMITTEE REPORT (Cont’d)
Composition and Meetings (Cont’d)
ARMC members and details of attendance of each member at the ARMC meetings held during the year are as follows:
Members Number of Meetings

Held Attended
Ms. Lam Voon Kean
Chairwoman/Independent Non-Executive Director 6 6
Independent Non-Executive Director 6 6
Ms. Ong Huey Min
Independent Non-Executive Director 6 6
Summary of the work of the ARMC
In line with the terms of reference of the ARMC, the work carried out by the ARMC in the discharge of its functions and
duties for the financial year ended 31 December 2021 are as follows:
Financial Procedures and Financial Reporting
• Reviewed the following Group financial statements and made recommendations to the Board for approval of the
same, as detailed below:
Date of ARMC Meeting Quarterly Results/Financial Statements Review

24 February 2021 Unaudited fourth quarter results of the Group for the financial year ended 31
December 2020
27 April 2021 Unaudited first quarter results for the period ended 31 March 2021
27 July 2021 Unaudited second quarter results for the period ended 30 June 2021
26 October 2021 Unaudited third quarter results for the period ended 30 September 2021
The review of the unaudited quarterly financial results is to ensure the disclosures are in compliance with the
Malaysian Financial Reporting Standards (“MFRS”) 134 Interim Financial Reporting and latest requirement of
applicable disclosure provisions in the MMLR.
• Reviewed the audited financial statements of the Company and the Group for the financial year ended 31
December 2021 which covers the financial position and performance for the year to ensure that they presented a
true and fair view and complied with all disclosures and regulatory requirements and recommended the audited
financial statements to the Board for approval.
• Ensured publication of Annual Report.
In the review of the audited financial statements of the Company/Group and quarterly financial results of the Group,
ARMC focuses particularly on the below areas:
- Changes in accounting policies and practices;

- Significant adjustments arising from the audit;
- The going concern assumption;
- Significant and unusual events; and
- Management judgements and estimations made on the recognition, measurement and presentation of financial
statements.

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Summary of the work of the ARMC (Cont’d)
Internal Audit
• Reviewed and approved the internal audit plan;

• Reviewed and reported the adequacy of the scope, functions and resources of the internal audit function and that
it had the necessary authority to carry out its duties;
• Reviewed the results of the Group’s internal audit procedures and the adequacy of actions taken by the
management based on the reports;
• Reviewed any appraisal or assessment of the performance of the internal audit function; and
• Reviewed any whistleblowing cases, if any and management responses and resolutions. For the year under
review, there was no whistle blowing cases reported.
External Audit
• Reviewed with the external auditors, the audit plan, scope of the audit and the areas of audit of the Company/
Group;
• Reviewed with the external auditors, their evaluation of the system of internal controls and audit findings;
• Discussed problems and reservations arising from the audit, and any other matters the auditors had wished to
discuss;
• Reviewed the auditors’ report;
• Met with the external auditors twice on without the presence of the management to review and discuss on key
issues within their duties and responsibilities. There were no major concerns raised by the external auditors at the
meetings;
• Reviewed and reported the assistance given by the Company’s/Group’s Officers to the external auditors and the
overall conduct of the audit;
• Reviewed and approved the audit and non-audit fees on services provided by external auditors. The amount of
audit and non-audit fees are disclosed in the Additional Compliance Information on page 66;
• Assessed the independence of the external auditors and obtained written assurance from them stating their
independence throughout the audit in accordance with all relevant professional and regulatory requirements;
and
• Performed an evaluation on the suitability and independence of the external auditors. ARMC was satisfied
the work performed based on the firm capabilities, professional team assigned, proposed methodology,
independence and timeline. Accordingly, it had affirmed the suitability and independence of the external auditors
and recommended to the Board to re-appoint KPMG PLT as the external auditors as well as the proposed audit
fees for approval.
Risk Management
• Reviewed the adequacy and effectiveness of risk management and internal control systems instituted within
the Group which includes corporate liability provision under Section 17A of the Malaysian Anti-Corruption
Commission Act 2009 (Amendment 2018), the appropriateness of anti-corruption mitigating measures, corruption
risk management as well as the Group’s Anti-Corruption policy and procedures; and
• Provided oversight and direction to the risk management process, specifically to:
- ensure that appropriate risk management policies, guidelines and processes are implemented;
- consider whether response strategies (and contingency plans) to manage or mitigate material risks are
appropriate and effective given the nature of the identifiable risks; and
- evaluate the risk profile and risk tolerance of the Group.
Related Party Transactions
Reviewed the related party transactions that had arisen within the Company or the Group and the disclosure of such
transactions in the Annual Report.

Summary of the work of the ARMC (Cont’d)
Other Functions
Reviewed the ARMC Report, Statement on Risk Management and Internal Control, Corporate Governance Overview
Statement and Corporate Governance Report in the spirit of the new corporate governance framework to promote
greater internalisation of corporate governance culture and greater transparency before submitting for the Board’s
approval and inclusion in the Annual Report.
Summary of the work of the Internal Audit Function
The ARMC is assisted by an in-house Internal Audit function in discharging its duties and responsibilities. The Internal
Audit function reports directly to the ARMC. The Internal Audit function conducts regular and systematic reviews of the
key controls and processes in the operating units of the Group and assesses compliance with the established policies
and procedures. This provides reasonable assurance that such systems would continue to operate satisfactorily and
effectively in the Group. In addition, the Internal Audit function also conducts investigations and special reviews at the
request of the management and ARMC.
On a quarterly basis, the Internal Audit function submits the audit reports on their activities to the ARMC for its review
and deliberation. The internal audit findings are presented in the ARMC meetings and appropriate recommendations
are made on any areas of concern within the Company and the Group for the ARMC’s deliberation.
The following were the activities carried out by the internal audit function for the financial year ended 31 December
2021:
• Reviewed updated risk management framework, action plans and activities performed especially on those
defined as key principal risks;
• Reviewed the proposed amendment on Whistleblowing Policy and Procedure, Board Charter, terms of reference
of Board Committees namely ARMC, NC and RC, External Auditors Policy and Remuneration Policy and Procedure
for Directors and senior management before submitting for the ARMC and Board’s approval;
• Reviewed the progress update on the Sustainability and ESG Report;
• Reviewed the risk assessment and control measures on anti-corruption and bribery prevention;
• Reviewed the related party transaction and transfer pricing update;
• Reviewed the Group cash and bank balances and cash advance procedure;
• Reviewed the allocation of share options pursuant to ESOS Scheme 2020;
• Reviewed the Finance IT system upgrade for accounting, human resources and payroll system; and
• Reviewing the Group foreign workers based on the 11 indicators of forced labour by International Labour
Organisation (“ILO”).
During the financial year ended 31 December 2021, the total cost incurred for the internal audit function was RM190,000.

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Trainings Attended by the ARMC
During the year under review, the ARMC attended the following conferences and seminars:
Name of Director Conference/Seminar/Workshop Presenter/Organiser Date

KPMG Board Leadership Centre Exclusive KPMG 9 April 2021
(in collaboration with HSBC) “Sustainable
Finance: Making Better Financial
Decisions”
Integrated Reporting IR: The ASEAN Malaysian Institute of 19 April 2021
Experience Accountants
Section 17A of the MACC Act 2009 Lee Min On 7 July 2021
KPMG Board Leadership Centre Exclusive KPMG 21 July 2021
“The New Reality of Cyber Hygiene”
IASB ED/2021/3 Disclosure Requirements Malaysian Accounting 26 July 2021
in IFRS Standards Standards Board
(“MASB”)
Updates on Malaysian Code on In-house 27 July 2021
Ms. Lam Transfer Pricing War Stories KPMG 18 August 2021
Voon Kean
KPMG Board Leadership Centre Exclusive KPMG 15 September 2021
“US Forced Labor Legislation: Impact on
Corporate Malaysia”
Updated Malaysian Code on Corporate Lee Min On 29 September 2021
Governance 2021
The 2022 Budget: Insights From Dr The Malaysian Institute 18 November 2021
Veerinderjeet Plus a Members Forum of Certified Public
Accountants (“MICPA”)
Audit Oversight Board Conversation with Securities Commission 6 December 2021
Audit Committees
Power Talk Global Series 2021 - ASEAN Institude of Corporate 13 December 2021
Board Trends Survey 2022: What Keeps Directors Malaysia
You Awake at Night? (“ICDM”)

Trainings Attended by the ARMC (Cont’d)
During the year under review, the ARMC attended the following conferences and seminars: (Cont’d)

Power Talk Global Series 2021 - Your ICDM 14 December 2021
biggest “S” in ESG: Sustainable Human
Capital Management and Workplace
Transformation
Power Talk Global Series 2021 - ICDM 15 December 2021
Ms. Lam Demystifying Investors’ ESG Expectations,
Voon Kean the Do’s and Don’ts
Budget 2022 Update In-house 16 December 2021
Special Voluntary Disclosure and Amnesty KPMG 22 December 2021
(“VA”) for Indirect Taxes
Corporate Governance Updates for the Asia School of Business 17 to 18 June 2021
Capital Markets
Dawn Raid -Since Section 17A MACC Act Asia School of Business 30 June to 1 July 2021
has Come Into Force Don’t Be Caught
Unprepared
Updates on Malaysian Code on In-house 27 July 2021
Penang Future Forward Summit 2021 KSI Strategic Institute for 25 October 2021
Dato’ Syed Asia Pacific
Mohamad
Bin Syed Murtaza Intentional Integrity: How Smart Asia School of Business 28 October 2021
Companies Can Lead an Ethical
Revolution
Audit Oversight Board Conversation with Securities Commission 29 November 2021
Audit Committees
The Updated Malaysian Code on MSWG 8 December 2021
Asia Pacific Board Leadership Centre - KPMG 7 May 2021

Board and Audit Committees Priorities
2021
Tax Audit and Investigation - What’s Next Rosli Dahlan Saravana 7 June 2021
After MCO 3.0? (“RDS”) Partnership
Corporate Fraud - Looking Beyond the RDS Partnership 11 June 2021
Boardroom
Ms. Ong Huey Compensation for Termination of RDS Partnership 23 June 2021
Min Contract and the Consequential Tax
Treatment
Tax Treatment of Financing Expenses: RDS Partnership 1 July 2021
Interest, Guarantee Fee and Other
Related Expenses
Virtual LHAG Corporate Counsel Lee Hishammuddin Allen 15 to 16 July 2021
Conference - Legal Currents: Tech for & Gledhill
2021

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Trainings Attended by the ARMC (Cont’d)
During the year under review, the ARMC attended the following conferences and seminars: (Cont’d)

National Tax Conference 2021 Chartered Tax Institute 27 to 28 July 2021
of Malaysia (“CTIM”) and
Lembaga Hasil Dalam
Negeri Malaysia (“LHDN”)
Setting the ESG Agenda to Achieve MICPA and Ernst & Young 29 July 2021
Sustainable Long Term Value
Transfer Pricing War Stories KPMG 18 August 2021
Property Development: Current Legal and RDS Partnership 2 September 2021
Tax Issues
Tax Assessments - Rescuing Taxpayers RDS Partnership 24 September 2021
Ms. Ong Huey from a Financial Conundrum
Min
MSWG Webinar - Covid Creates Unique MSWG 21 October 2021
Governance Issues
KPMG Tax and Business Summit 2021 KPMG 17 to 18 November
2021
Measurement of Value Creation MICPA 26 November 2021
Audit Oversight Board Conversation with Securities Commission 29 November 2021
Audit Committees
Recapitulation of Significant Tax Cases for Lee Hishammuddin Allen 10 December 2021
2021 & Gledhill
Annual Performance Assessment
The Board performed an annual assessment of the ARMC’s effectiveness in carrying out its duties as set out in the terms
of reference. The Board is satisfied that the ARMC has effectively discharged its duties in accordance with its terms of
reference. The Board Effectiveness Assessment 2021 further commended that the ARMC has the right composition
with sufficient relevant skills and expertise.

Overview Statement
Corporate Governance Overview Statement is prepared pursuant to paragraph 15.25 of the Main Market Listing
Requirements (“MMLR”) of Bursa Malaysia Securities Berhad (“Bursa Malaysia”) and Malaysian Code on Corporate
Governance (“MCCG”) 2021 issued by Securities Commission Malaysia. This statement gives the shareholders an
overview of the corporate governance practices of the Group during financial year 2021.
This Corporate Governance Overview Statement is to be read together with the Corporate Governance (“CG”) Report
which provides a detailed application for each practice as set out in MCCG 2021. This CG Report is available for
reference on the Company’s website at www.globetronics.com.my, as well as on Bursa Malaysia Berhad’s website at
www.bursamalaysia.com.
The Board of Directors (“Board”) of Globetronics Technology Berhad (“GTB”) is committed to practice the highest
standards in corporate governance throughout the Group. The Board believes that good governance supports long-
term value creation. GTB has in place a set of well-defined polices to enhance corporate governance, as well as to
protect the interest of the stakeholders.
This statement together with the CG Report demonstrates the Board’s commitment in sustaining high standards of
corporate governance and outlines the extent the Group has complied with the principles set out in MCCG 2021 with
regards to the recommendations stated under each principle for the year under review.
PRINCIPLE A – BOARD LEADERSHIP AND EFFECTIVENESS
I. BOARD RESPONSIBILITIES
The Board is responsible for delivering shareholder value over the long term, in line with the Group’s culture, strategy,
values and governance, while considering the interests of all our stakeholders and contributing to wider society. The
Board provides entrepreneurial leadership of the Group and is collectively responsible for setting policies, which ensure
that the Group’s objective and performance targets are met. There is a division of functions between the Board and
the management, whereby the former’s focus lies more on the Company’s governance; the latter on management in
accordance with the direction of and delegation by the Board. Thus, the Board leads the Group and plays a strategic
role in overseeing the overall activities of the management in carrying out the delegated duties in achieving the
Group’s corporate objectives and long-term strategic plans of the business. The below Group Governance Framework
is established to ensure that the responsibilities and duties are discharged effectively.
The Group’s Governance Framework
Shareholders Regulators Board Committees
Company Nomination
Board of Directors
Secretaries
Remuneration
Executive Chairman / Employee Share

Chief Executive Officer Option Scheme
Audit and
Risk Management
ESG Business / Operations Executive External

Committee Risk Review Committe Management Group Auditors
Internal
Auditors

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Corporate Governance Overview Statement (Cont’d)
PRINCIPLE A – BOARD LEADERSHIP AND EFFECTIVENESS (Cont’d)
I. BOARD RESPONSIBILITIES (Cont’d)
The Chairman is responsible for leadership of the Board and is pivotal in creating the conditions for overall Board,
Board Committees and individual director effectiveness. The Board supports the practice of separate individuals for the
Chairman and CEO positions to ensure the effective functioning of the Board and appropriate balance of power and
authority which is stated in the Board Charter. The Board Charter sets out the roles and responsibilities of the Board,
composition and matters related to Board. The Board Charter was reviewed and revised in July 2021 to embody the
latest changes in corporate governance and amendments to relevant legal requirements practices. It is available for
reference on the Company’s website at www.globetronics.com.my.
In order to ensure effective discharge of its duties, the Board has delegated certain functions and responsibilities to the
following Board Committees:
• Nomination Committee (“NC”);

• Remuneration Committee (“RC”);
• Audit and Risk Management Committee (“ARMC”); and
• Employee Share Options Scheme (“ESOS”) Committee
The Chairman of the Board is not a member of any Board Committees. However, the Chairman of the Board is invited
to attend the Board Committees to be the guide on the side to observe the presiding and conduct of the Board
Committees meeting. He does not participate in any decision making process of the Board Committees. This ensures
objectivity of the observations and recommendations put forth by the Board Committees to the Board.
In view of the Covid-19 pandemic and the Government-imposed Movement Control Orders, therefore all Board and
Board Committee meetings during the financial year were held on hybrid basis, where part of the attendees had joined
the meetings from the office while the other attendees had joined remotely, enabled by audio and video conferencing
technology. This was done to limit face-to-face meetings as a preventive measure to curb the spread of Covid-19.
All Board Committees meetings were conducted separately from Board meetings to enable objective and independent
discussion during the meetings. All Board Committees report to the Board on matters deliberated and the Board
is ultimately responsible for the decision making. Each Committee operates within its respective defined Terms of
Reference (“TOR”) which have been approved by the Board. The details of TOR for the respective Board Committees
were reviewed and updated accordingly in July 2021, and are available for reference on the Company’s website at
www.globetronics.com.my. Reference can also be made to the CG Report for their application of the practices
encapsulated in the MCCG.
To assist in fulfilling their duties, procedures are in place for the board members to seek independent advice and
services of the Company Secretaries who are responsible for advising the Board on any updates relating to statutory and
regulatory requirements pertaining to duties and responsibilities of directors and governance matters. The Company
Secretaries have years of working experience with sufficient skills, knowledge and resources in advising the Board on
governance and regulatory matters.
With the amendment to the Malaysian Anti-Corruption Commission 2009 (Amendment 2018) (“MACC Act”) whereby
corporate liability provision under Section 17A came into force on 1 June 2020, the Board has taken various initiatives
to align to the procedures outlined in the “Guidelines on Adequate Procedures”. An external review was done in
February 2021 to assess the procedures in place and some improvements were implemented and some are in progress.
The Group emphasises its zero-tolerance position on bribery and corruption in ensuring good standards of ethical
behaviour flow through all levels of the Group to prevent unethical practices and consequently, support the delivery
of long-term sustainable success of the Group. During the financial year, all employees participated in online refresher
course on anti-corruption and bribery conducted internally.
The Board also provides an avenue for employees to report their genuine concerns of any unlawful or unethical situations
or any suspected violation of the Principles of Business Conduct through its Whistleblowing Policy and Procedure. The
policy was reviewed and revised in April 2021 after taking into consideration the input from the external consultant’s
review. The Group treat all reports confidentially and genuine whistle blower will be protected from any reprisal within
GTB Group as a direct consequence of the disclosure. There were no whistleblowing cases reported during year 2021.

I. BOARD RESPONSIBILITIES (Cont’d)
The details of Anti-Corruption and Bribery Policy, Principles of Business Conduct and Whistleblowing Policy and
Procedure are available for reference on the Company’s website at www.globetronics.com.my.
In terms of sustainability, the Board together with management is responsible for the oversight and strategic management
of the Group’s sustainability matters. The Board acknowledges the importance of delivering durable and sustainable
value as well as maintaining the confidence of its stakeholders. The Corporate Director has been designated to lead
sustainability matters together with the key management team. The Group communicates its sustainability strategies
and priorities to stakeholders via the Sustainability Statement on pages 22 to 51 of this Annual Report.
II. BOARD COMPOSITION
The Board recognizes the importance of boardroom diversity and the practice of the MCCG pertaining to the
establishment of a diversity policy in skills, experiences, knowledge, age, gender, ethnicity and educational
background. The Board has in place its Diversity Policy and it is available for reference on the Company’s website at
www.globetronics.com.my. The details of directors’ background, experiences and qualifications are set out on pages 6
to 10 under the Profile of Directors of the Annual Report. The overview of the Board composition, balance and diversity
as of 31 December 2021 is as below:
Gender Diversity Race/Ethnicity Diversity Age Group Diversity Board Experience
Male 71% Malay 29% 70 years and above 57% Multinational/International 86%
Female 29% Chinese 71% 61-69 years 29% Science/Engineering/Bio industry 57%
60 years and below 14% Accounting/Finance/Economic 57%
Public/Legal/Regulatory Affair 43%
Note: Under the Board Experience, individual Directors may fall into one or more categories.
The Board is assisted by NC in discharging its responsibilities by overseeing the selection and assessment of Directors
to ensure that the Board’s composition has an appropriate mix of skills, experience, knowledge, age and gender. The
Committee meets when necessary. For the financial year ended 31 December 2021, one (1) NC meeting was held.
There were seven (7) members on the Board of Directors for the financial year ended 31 December 2021, comprising
two (2) Executive and five (5) Non-Executive Directors, four (4) of whom are Independent. NC reviewed the size and
composition of the Board, and the skills and core competencies of its members, to ensure an appropriate balance and
diversity of skills and experience. The Board, through its NC, have upon their annual assessment, concluded that the
current Board comprises of a balanced mix of skills, knowledge and experience in the relevant areas to enable the
Board to carry out its responsibilities in an effective and efficient manner.
In conformity with Practice 5.2 of MCCG, whereby at least half of the board comprised of independent directors, Encik
Hj. Mohammad Hazani Bin Hj. Hassan has been appointed as an Independent Non-Executive Director during the year
under review after the resignation of Dato’ Norhalim Bin Yunus, a Non-Independent Non-Executive Director in May
2021. The Board, through the assessment and recommendation of the NC, approved Encik Hj. Mohammad Hazani’s
appointment and was of the view that his vast experience and extensive knowledge in corporate strategy, engineering,
high technology, finance and digital transformation would further enhance the Board’s strength and contribute positively
to the overall effectiveness of the Board. The detailed profile of Encik Hj. Mohammad Hazani can be found in the Profile
of the Board of Directors on page 10 of the Annual Report.
In terms of the tenure of independence, the Board recognizes the MCCG’s recommendation that the service tenure
of an Independent Director, does not exceed a cumulative term of nine (9) years. Upon completion of the nine (9)
years, an Independent Director may continue to serve on the Board subject to the Director’s re-designation as a
Non-Independent Director or the Board shall justify and seek annual shareholders’ approval through a two-tier voting
process in the event the director is retained as an Independent Director.

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II. BOARD COMPOSITION (Cont’d)
NC reviewed and assessed the independence of Independent Directors and their tenure of service. Two (2) of the
Independent Directors, Dato’ Iskandar Mizal Bin Mahmood and Mr Yeow Teck Chai had reached their ninth (9th) year
of service during the financial year and had retired accordingly. As for Dato’ Syed Mohamad bin Syed Murtaza who has
served the Board for a cumulative term of more than nine (9) years, he would be retiring accordingly in the forthcoming
AGM.
Length of service of Independent Non-Executive Directors is as below:
Directors Date of Appointment Length of Service (Years) *
Dato’ Syed Mohamad Bin Syed Murtaza 18-May-11 10.9

Ms. Lam Voon Kean 15-May-13 8.9
Ms. Ong Huey Min 23-Oct-17 4.4
Encik Hj. Mohammad Hazani Bin Hj. Hassan 7-May-21 0.9
*as at 1 April 2022
NC also recommended the re-appointment and re-election of Directors at the AGM to the Board for its approval.
Directors are subject to retire by rotation at least once every three (3) years. Retiring Directors, being eligible, offer
themselves for re-election at the forthcoming AGM. The Directors retiring by rotation in accordance with Article 105
of the Company’s Constitution at this forthcoming AGM are Mr Michael Ng and Dato’ Heng Huck Lee. Mr Michael Ng,
being eligible, offers himself for re-election while Dato’ Heng Huck Lee had expressed his intention not to seek for re-
election per the announcement to Bursa Malaysia made on 22 February 2022.
The Company’s Constitution also provides that any Director appointed during the year is subject to retirement and seek
re-election by the shareholders at the forthcoming AGM immediately after his/her appointment. Therefore, Encik Hj.
Mohammad Hazani will be subject to retirement and will be seeking re-election in the forthcoming AGM.
NC together with the Board continues to evaluate and determine the training needs of Directors by identifying
and encouraging Board members to attend various external professional training programs relevant and useful
in contributing to the effective discharge of their duties. During the financial year ended 31 December 2021, the
Directors had attended trainings covering a broad range of areas such as statutory regulations, corporate governance,
sustainability, taxation, financial planning, legal, and information technology. The details of trainings attended by each
individual Director are disclosed in Practice 1.1 of the CG Report.
The Board, through NC, conducted an annual evaluation of the Board’s effectiveness and composition, including
the effectiveness of the Board Committees which were undertaken internally by way of written questionnaire. The
results indicated that the Board is seen as well run, with an experienced Chair who facilitates constructive challenge
and healthy discussion. The Board and its Committees continued to operate effectively in discharging its duties and
responsibilities. Going forward, the Board would like to dedicate more time in the setting and discussion of the Group’s
strategic plans and mitigation measures in response to challenges faced by the Group’s existing operations and the
factors impacting the industry as well as focusing on the review of the Group’s sustainability priorities in relation to the
Group’s business decision and strategies. It is the Board’s intention to continue to review annually its performance and
that of its committees.
III. REMUNERATION
Remuneration Committee (“RC”)
The RC is responsible for recommending to the Board the remuneration packages for Directors as well as senior
management. The RC has in place a Remuneration Policy on Directors and senior management with the aim to provide
remuneration packages needed to attract, retain and motivate Directors and senior management of the quality required
to manage the business of the Group and to align the interest of the Directors and senior management with those of
the shareholders.
The Remuneration Policy is available for reference on the Company’s website at www.globetronics.com.my.

III. REMUNERATION (Cont’d)
Remuneration Committee (“RC”) (Cont’d)
During the year, RC has reviewed and recommended to the Board the remuneration packages for Executive Directors
and senior management as well as fees for Non-Executive Directors.
None of the Executive Directors and senior management participated in any way in determining their individual
remuneration. Executive Directors’ remunerations are linked to their respective performance and subject to the
approval of the Board.
The Board as a whole determines the fees for the services of Non-Executive Directors on an annual basis and fee
revision once every two (2) years based on the recommendation of the RC and subject to the approval of shareholders
in the AGM. The Committee meets when necessary.
The remuneration for the Board and Board Committees in the form of fees for the financial year under review are as
follows:
Chairman Member
Board/Board Committees (RM/Year) (RM/Year)
Board 116,000 116,000

Audit and Risk Management Committee 20,000 17,000
Nomination Committee 5,000 4,000
Remuneration Committee 5,000 4,000
ESOS Committee 5,000 4,000
The Non-Executive Directors are paid a meeting allowance of RM500 per day for each Board meeting and/or Board
Committee meeting they attend.
Specific disclosure of Directors’ remuneration and senior management’s remuneration in relation to Practice 8.1 and 8.2
of the MCCG 2021 are provided in the CG report.
For the financial year ended 31 December 2021, one (1) RC meeting was held.
Employee Share Options Scheme (“ESOS”) Committee
The ESOS Committee was established to assist the Board in their responsibilities to implement and administer the
ESOS scheme in accordance with the By-laws of the ESOS. During the financial year under review, two (2) ESOS
meetings were held whereby the Committee met and deliberated on the allocation of shares under ESOS scheme 2020
to eligible employees of the Group.
PRINCIPLE B – EFFECTIVE AUDIT AND RISK MANAGEMENT
The Board is responsible for assessing the integrity of the Group’s financial information and the adequacy and
effectiveness of the Group’s internal control and risk management processes. The Board delegates these specific
matters to the ARMC to assist in the discharge of its responsibilities.
I. AUDIT AND RISK MANAGEMENT COMMITTEE (“ARMC”)
The ARMC comprises of three (3) Independent Non-Executive Directors. For the financial year ended 31 December
2021, six (6) ARMC meetings were held, and a summary of the activities of the ARMC including the internal audit
function during the year under review is set out in the ARMC Report on pages 52 to 58 of this Annual Report.

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PRINCIPLE B – EFFECTIVE AUDIT AND RISK MANAGEMENT (Cont’d)
I. AUDIT AND RISK MANAGEMENT COMMITTEE (“ARMC”) (Cont’d)
None of the ARMC members were former audit partners who are required to observe a cooling-off period of at least
three (3) years before being appointed in accordance with the terms of reference of ARMC.
Based on the External Auditors Policy, ARMC also reviewed the suitability, objectivity and independence of the external
auditors. The review process covered the assessment and evaluation of their performance, quality of work, non-audit
services provided and timeliness of services deliverables.
The Board performed an annual assessment of the Committee’s effectiveness in carrying out its duties as set out in the
terms of reference. The Board is satisfied that the Committee has effectively discharged its duties in accordance with its
terms of reference. All members of ARMC are financially literate and are able to understand matters under the purview
of the ARMC including the financial reporting process.
II. RISK MANAGEMENT AND INTERNAL CONTROL FRAMEWORK
The Board recognizes the importance of risk management and internal controls in the overall management process. An
ongoing process has been established for identifying, evaluating and managing risks faced by the Group. During the
year, the Board considered the nature and extent of the risks it was willing to take to achieve its strategic goals. The
Statement on Risk Management and Internal Control which provides an overview of the Group’s risk management and
internal control framework is set out on pages 67 to 71 of this Annual Report.
PRINCIPLE C – INTEGRITY IN CORPORATE REPORTING AND MEANINGFUL RELATIONSHIP

WITH STAKEHOLDERS
I. COMMUNICATION WITH STAKEHOLDERS
The Company remains committed to delivering high standards of corporate disclosure and transparency in our
communications with shareholders, investors and stakeholder, except where commercial confidentiality dictates
otherwise. The Company provides timely, regular, relevant and complete information regarding the Group’s businesses
and corporate developments. In this respect, the Company follows the Corporate Disclosure Guide and Best Practices
as proposed by Bursa Malaysia. The GTB Corporate Disclosure Policy and Procedures is available for reference at the
Company’s website, www.globetronics.com.my.
The Board’s primary contact with all shareholders is via the Chief Financial Officer (“CFO”) and Corporate Director,
who have regular dialogue and meetings with institutional investors, analysts and fund investors periodically. The
Chairman and the Chief Executive Officer, as appropriate, also meet with various institutional shareholders from time
to time. The outcomes of the meetings that required attention of the board are reported to the Board to ensure that
the Board keeps in touch with shareholder views. For the financial year ended 31 December 2021, there were limited
physical meetings with fund managers and analysts due to Movement Control Order and border-closures arising from
COVID-19 pandemic outbreak. However, both CFO and Corporate Director continued to connect with regional and
Malaysian investors and analysts via conference calls and/or video conferences. They have attended more than 50
conference calls and/or video conferences. These meetings continue to keep the investment community abreast of the
Group’s strategic developments and financial performance.
The information published at the Company’s website, www.globetronics.com.my and announcements made to Bursa
Malaysia’s website, www.bursamalaysia.com, are the key source of information for the shareholders and stakeholders.
Announcements and release of financial results on a quarterly basis are posted on the Company’s website, which
will provide the shareholders and stakeholders with an overview of the Group’s performance and operations. The
Company’s website also serve as a forum for the shareholder and stakeholders to communicate with the Company.
Requests for information or feedback on the Company can be forwarded to its dedicated Corporate Finance team
through the same website.

PRINCIPLE C – INTEGRITY IN CORPORATE REPORTING AND MEANINGFUL RELATIONSHIP

WITH STAKEHOLDERS (Cont’d)
II. CONDUCT OF GENERAL MEETING
Annual General Meetings (“AGM”)
The AGM is the principal forum for dialogue and interaction with the shareholders of the Company. All shareholders are
welcome to attend the AGM and are encouraged to take advantage of the opportunity to direct questions to members
of the Board.
The Company distributed the Notice of 24th AGM at least 28 days ahead in line with the CG practice providing sufficient
time for shareholders to review the Notice of AGM and appoint proxies to attend the AGM if necessary. The Notice of
AGM was also advertised in The Star newspaper for the benefit of shareholders.
In view of the COVID-19 pandemic situation and as per the Guidance frequently asked question on the Conduct of
General Meetings for Listed Issuers issued by the Securities Commission Malaysia, the Company had successfully
convened its 24th AGM via live streaming on 6 May 2021. All members of the Board joined the AGM online and the
Chairman of the Board chaired the meeting in an orderly manner. Shareholders had joined the AGM online and vote
electronically using the Remote Participation and Voting (“RPV”) facilities provided by Agmo Digital Solutions Berhad
via its Vote2U Online website.
The Chairman presented an overview of the Company’s results and prospects at the AGM prior to the commencement
of the formal business of the meeting. Members of the Board and management were present at the meeting to
respond to the questions raised by the shareholders or proxies who submitted their questions electronically via the
Vote2U Online website before and during the AGM in relation to the operational and financial performance of the
Group. An independent external party is appointed as scrutineer for the electronic poll voting process. Electronic poll
voting was conducted on all resolutions with immediate announcement of results.
In line with good CG practice, the Company will continue to explore the leveraging of technology, to enhance the quality
of engagement with its shareholders and facilitate further participation by shareholders at AGMs of the Company.
The Corporate Governance Overview Statement was approved by the Board of Directors on 1 April 2022.

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Additional Compliance
Information
1. Meeting Attendance Record for 2021
Directors’ attendance record at the AGM, scheduled Board meetings and Board Committee meetings, for the year
ended 31 December 2021 is as set out in the table below. For Board and Board Committee meetings, attendance is
expressed as the number of meetings attended out of the number that each Director was eligible to attend.
Annual Audit and Risk Employees Share

General Management Committee Nomination Committee Remuneration Committee Option Scheme (“ESOS”)
Directors Independence Meeting Board (“ARMC”) (“NC”) (“RC”) Committee
Membership *Attendance Membership *Attendance Membership *Attendance Membership *Attendance Membership *Attendance
Mr Michael Non-
√ Chairman 5/5
Ng Kweng Chong Independent
Non-
Dato’ Heng Huck Lee √ CEO 5/5
Independent
Dato’ Syed Member Chairman Member

Member
Mohamad Bin Independent √ Member 5/5 (Redesignated 6/6 (Redesignated 1/1 (Appointed 1/1 1/1
(Resigned on
to member as chairman on
Syed Murtaza on 27.7.2021) on 27.7.2021) 27.7.2021)
27.7.2021)
Non-
Mr. Ng Kok Khuan √ Member 5/5 Member 2/2
Independent
Chairwoman Member Member

Ms. Lam Voon Kean Independent √ Member 5/5 (Redesignated 6/6 (Appointed (Redesignated 2/2
as chairwoman on as member
on 27.7.2021) 27.7.2021) on 27.7.2021)
Member
Chairwoman
Member (Appointed
Ms. Ong Huey Min Independent √ Member 5/5 6/6 1/1 (Appointed on 1/1
on
27.7.2021)
27.7.2021)
Chairman
(Appointed
Member Member as member
Encik Hj. Mohammad Appointed (Appointed on 17.5.2021
Independent √ 3/3 1/1
Hazani Bin Hj. Hassan on on and
7.5.2021 27.7.2021) redesignated to
chairman on
27.7.2021)
Member
Dato’ Norhalim Non- Resigned
√ 2/2 Member
Bin Yunus Independent on
7.5.2021
Member
Dato‘ Iskandar Mizal Resigned
Independent √ 2/2 Chairman 1/1 Member
Bin Mahmood on
17.5.2021
Member
Resigned Member Chairman
Mr. Yeow Teck Chai Independent √ 2/2 1/1
on
17.5.2021
*Reflects the attendance and the number of meetings held during the period the Director held office.
The following information is provided in accordance with Paragraph 9.25 of Main Market Listing Requirements of Bursa
Malaysia Securities Berhad of set out in Part A of Appendix 9C.
2. Utilisation of Proceeds Raised from Corporate Proposals
There were no proceeds raised from corporate proposals.
3. Audit and Non-Audit Fees
The amount of audit fees paid or payable to the external auditors, KPMG PLT, for services rendered to the Company
and the Group for the financial year ended 31 December 2021 amounted to RM26,000 and RM165,500 respectively.
The amount of non-audit fees paid or payable to the external auditors, KPMG PLT and its affiliates, were only for the
services rendered to the Company for the financial year ended 31 December 2021 amounted to RM13,900.
4. Material Contracts
There were no material contracts entered into by the Company and/or its subsidiaries involving directors’ and major
shareholders’ interest either still subsisting at the end of the financial year ended 31 December 2021 or entered into
since the end of the previous financial year.

Statement on Risk Management
and Internal Control
INTRODUCTION
The Board of Directors is pleased to provide the following Statement on Risk Management and Internal Control
(“Statement”) pursuant to paragraph 15.26(b) of the Main Market Listing Requirements of Bursa Malaysia Securities
Berhad. The Board is guided by the Statement on Risk Management and Internal Control-Guidelines for Directors of
Listed Issuers in making disclosures concerning the main features of the Risk Management Framework and Internal
Control System of the Group and is committed to fulfilling its responsibility of maintaining a sound system of risk
management and internal control in the Group. The Statement outlines the nature and state of risk management and
internal control of the Group during the year.
BOARD RESPONSIBILITY
The Board recognises the importance of risk management framework and a sound system of internal control to good
corporate governance practices. The Board affirms its overall responsibility for the Group’s system of risk management
and internal control, and for reviewing the adequacy and effectiveness of those system. In view of the inherent limitations
in any system of internal control, the systems are designed to manage, rather than eliminate the risk of failure to achieve
the goals and objectives of the Group. In pursuing these, internal control can only provide reasonable rather than
absolute assurance against material misstatement of management and financial information, financial losses, fraud and
breaches of laws or regulations.
The Group’s system of risk management and internal control involves the management and staff from each business
units of its respective subsidiaries. The Board is responsible for determining key strategies for significant risks and
control issues, whilst functional managers of the subsidiaries are responsible to implement the Board’s strategies
effectively by designing, operating and monitoring the control processes and managing risks.
KEY COMPONENTS OF RISK MANAGEMENT AND INTERNAL CONTROL ENVIRONMENT

Risk Management Framework
GTB has established an Enterprise Risk Management (“ERM”) Framework in line with Committee of Sponsoring
Organizations of the Treadway’s Commission (“COSO”) ERM framework. This serves as a platform to provide guidance
in identifying and managing risk pertaining to the Group’s goals and objectives. The Framework is summarised as
follows:
• Key principles of Risk Management Framework;

• Approach and process in identifying, assessing, responding, monitoring and reporting of risks and controls; and
• The roles and responsibilities of each level of management in the Group.
The assessment of business risks is carried out primarily by the Executive Directors and/or BORRC through their
participation in management meetings, desktop reviews, deliberation or communication with key management staff to
ensure the adequacy and integrity of the system of internal control. These initiatives would ensure that the Company
and the Group have in place an ongoing process to identify measures to manage the significant risks affecting the
achievement of its business objectives.

|
Statement on Risk Management and Internal Control
(Cont’d)

(Cont’d)
Risk Management Framework (Cont’d)
The process includes systematic activities of risk identification, risk assessment and measurement, risk response and
action, monitoring and reporting. The Group’s risk management structure to assign responsibility for risk management
and facilitate the process for assessing and communicating risk issues from transactional levels to the Board is
summarised in the diagram below:
Board of Directors
Audit and Risk Management Committee (“ARMC”) Internal Audit
Business / Operations Risk Review Committee (“BORRC”)
Business Units Support Functions
During the financial year, the Group under its review of risk management has identified sixteen key risks in relation to
sustainability, operational, financial and compliance risks and the Group has evaluated the potential impact of these
risks. The Risk Register was updated, and meetings were held to communicate and deliberate the issues or risks and
where appropriate, the control systems and action plans were implemented and taken to ensure the continuous risk
mitigation and risk management.
The principal risks for financial year 2021 have been reviewed by the Board of Directors and are as follows:
Sustainability Risk
With the increasing awareness on the environmental, social and governance, particularly concerning global warming,
climate change and infringement of human rights, there are greater expectations and demands by stakeholders for the
Group to operate in a sustainable and responsible manner. The Group’s sustainability governance is led by the Board
and supported by both BORRC and ESG Committees that have been implementing business strategies to ensure the
sustainable performance of the Group economically as well as facilitating and embedding sustainability initiatives and
activities as set out in the Sustainability Statement on pages 22 to 51. The Group’s Sustainability Policy is available on
the Company’s website at www.globetronics.com.my.
Operational Risk
In the Group’s line of business, the Group’s performance is highly dependent on customers’ performance. The
fluctuations in their operations would have an impact on the Group’s operations. Therefore, one of the key roles of
senior management team is to be on the lookout for ways to manage these risks, monitor the performance of the
customers and build relationships with customers.
Financial Risk
The Group is exposed to financial risks relating to credit risk, liquidity risk, interest rates risk and foreign currency risk.
The Group’s risk management objectives and policies coupled with the required quantitative and qualitative disclosures
relating to its financial risks are set out in Note 26 to the financial statements on pages 139 to 151 .
Compliance Risk
The Group’s business is governed by relevant laws, regulations and standards. There are frequent changes and updates
to the regulations and standards from time to time and there may be a risk/exposure of non-compliance. The Group
keeps themselves informed of such changes by receiving/subscribing to e-mail alerts and written materials from
governing bodies and professional bodies and also attending seminars and training to keep themselves armed with
knowledge of the latest developments.
(Cont’d)

(Cont’d)
Investment Risk
One of the Group’s strategic initiatives is to create additional revenue streams by venturing into new business or
expanding existing business. Nonetheless, the Group recognises the risk and repercussions involved in poor investment
decisions and the management of these new business. To manage this risk, all major/material new business proposal
and investments would need to be tabled for Board’s discussion, review and approval. Further to that, a start-up team
is put together to manage the start-up and to ensure successful transition from start-up to mass production.
Cyber Risk
The current business environment is globally interconnected, thus increasing the organisation’s exposure to cyber
threats. To manage this risk, controls have been put in place to manage and protect the confidentiality, integrity and
availability of data and critical infrastructure. Amongst others, adequate IT industrial standard network security layer
equipment, encryption protocols, virus scanning tools and application are being put in place to protect and secure the
accessibility to the Group’s IT environment. The Group will continue its focus in this area to enhance its IT infrastructure.
Governance and Integrity Risk
The Group holds strongly to its key value of integrity at all times to ensure high ethical standards and good corporate
governance are maintained. We believe that sound corporate governance is a key success factor when conducting
business in a global, highly competitive, regulated and changing market. The Group’s Principles of Business Conduct
sets out rules and guidelines on how personnel acting for or on behalf of the Group are expected to conduct business.
In line with the Government’s effort to combat corruption and promote better corporate governance culture, the
Group has implemented an anti-corruption programme to strengthen the Group’s ethics parameters, particularly in
the area of anti-corruption and anti-bribery, and continue to focus on maintaining and further enhancing corporate
governance standards to support the Group’s business integrity and ethical conduct.
Economic Risk
Changes in the regional and global economic conditions, such as trade tensions and other global headwinds which result
in the uncertainties and volatilities in the economic environment, may have an adverse effect on the demand and supply
chain of the semiconductor services or components, and hence on the Group’s financial performance and operations.
The Group manages these economic risks by keeping themselves abreast with the economic and market development,
maintaining good relationship with customers and closely following the latest news on customers’ products performance
and business, exploring further businesses or products expansion with customers as well as continuously seeking new
businesses or products or assessing the possibility of diversification to grow the Group. The Group monitors the supply
chain risk or situation closely, whenever there is a disruption as a result of the Covid-19 pandemic, the Group will gather
feedbacks from suppliers to assess the impact on supply chain and take action including checking with suppliers on the
contingency plan, seeking qualified alternative supplier, change in production plan as well as discuss with customers for
the next cause of action on those critical parts.
Covid-19 Pandemic
The prolonged Covid-19 pandemic has significantly impacting the people and businesses around the world. The
Group had established a Covid-19 Task Force to proactively monitor and manage the Covid-19 impact to business and
operations, implementing and complying with Standard Operating Procedures (“SOPs”) issued by Malaysian National
Security Council to prevent the Covid-19 outbreak in the workplace. The Group implements various safety and health
measures, inclusive of work-from-home and split team arrangements; frequent communication on health awareness,
providing rapid antigen test kits for scheduled self-test by employees, declaration of employees’ Personal Health
and self-test results, declaration of Personal Health by all visitors and suppliers; and taking daily precautions, such as
sanitisation and daily temperature screening. The Group had participated in National Covid-19 Immunization Program
to help achieve herd immunity. All employees are fully vaccinated and majority of the employees are vaccinated through
Program Imunisasi Industri COVID-19 Kerjasama Awam-Swasta (“PIKAS”) that was arranged and co-ordinated by the
Group. The Group continues to monitor the latest development of Covid-19 cases in Malaysia and globally, and will do
its best to protect its employees and supply chain.

|
(Cont’d)

(Cont’d)
Board Meetings
The Board meets at least quarterly and has a formal agenda on matters for discussion. The Founder and Executive
Chairman, together with the CEO, lead the presentation of board papers and provide explanation on pertinent issues.
In arriving at any decision on recommendation by the management, a thorough deliberation and discussion by the
Board is a prerequisite. In addition, the Board is kept updated on the Company’s and the Group’s activities on a regular
basis.
Management Meetings
Annual strategic planning meetings are held before the beginning of the financial year whereby the Group’s yearly
strategies, objectives, key results and its measurement are finalised between the Executive Directors and the key
management team of the respective major subsidiaries, for organization calibration and alignment purposes.
Bi-monthly management meetings are held to identify, discuss and resolve operational, financial and key management
issues. The meetings are attended by the CEO, COO, Business and Operation Directors, key managers and key relevant
staffs in which the meeting serves as a platform whereby the Group’s goals, objectives and key results are continuously
communicated and reinforced with potential risk areas identified, evaluated and managed.
Business Review Meetings
Monthly business review meetings are carried out at the major subsidiaries with meetings attended by the Executive
Directors, COO, CFO, its various Business and Operation Directors and Finance Managers. The COO and Business and
Operation Directors will lead the discussion/presentation on the various areas such as monthly profit and loss for its key
product lines, comparison of its actual monthly/year-to-date results versus forecast, business planning and strategies,
productivity/improvement plans and others for the respective major subsidiaries of the Group.
Organisational Structure with Formally Defined Responsibility Lines and Delegation of Authority
There is an organisational structure with formally defined responsibility lines and authorities to facilitate timely response
to changes in the evolving business environment and accountability for operational performance. Capital and non-
capital expenditures, acquisition and disposal of investment are subject to appropriate review by the management, and
if required, approval by the Board.
Performance Management Framework
Management reports are generated on a regular and consistent basis to facilitate the Board, the Company’s and the
Group’s management to perform financial and operational reviews on the various key operating units. The reviews
encompass areas such as financial and non-financial key performance indicators, variances between budget and
operating results, effectiveness of the processes in its internal control system and compliance with laws and regulations.
Operational Policies and Procedures
The documented policies and procedures form an integral part of the internal control system to safeguard the Company’s
and the Group’s assets against material losses and seek to ensure complete and accurate financial information. The
documents consist of memoranda, circulars, manuals and handbooks that are continuously being revised and updated
to meet operational needs.

(Cont’d)

(Cont’d)
Integrity and Ethical Values
The Board and management set the tone at the top for corporate behaviour and corporate governance. The Group
had formalized its Anti-Corruption and Bribery Policy and Principles of Business Conduct which outlines the Group’s
approach in combating bribery and corruption by providing guidelines to directors, employees and associated persons
to act professionally, fairly and with integrity in all business dealings and relationships. The Group’s Principles of
Business Conduct and Anti-Corruption and Bribery Policy cover areas such as compliance with respect to local laws and
regulations, anti-corruption, anti-bribery, gift, donations, business conduct, conduct in the workplace, protection of the
Group’s assets, conflict of interest and confidentiality.
These policies related to the Group’s stance in combating corruption and bribery are available on the Company’s
website at www.globetronics.com.my.
Whistleblowing Policy and Procedure
The Group has in place a Whistle Blowing Policy and Procedure that provides clarity on the oversight and responsibilities
of the whistleblowing process, the reporting process, protection and confidentiality to whistle-blowers. The policy sets
out a structured channel for employees and stakeholders to raise genuine concerns, malpractices and misconduct
within the Group for remedial action. This policy is available on the Company’s website at www.globetronics.com.my.
Group Internal Audit
The Internal Audit Function, which reports to the ARMC, conducts reviews on the system of risk management and
internal control that the controls are in place to identify, manage and evaluate risks. The routine reviews are being
conducted on the Group’s major business units/divisions.
Significant findings, recommendations for improvement and management responses were reported to the ARMC, with
periodic follow-up on the implementation of action plans. The management is responsible for ensuring that remedial
actions were implemented accordingly.
The internal control systems discussed in this Statement do not apply to the associated company which falls under the
control of its major shareholders. Nonetheless, the interest of the Group is safeguarded through our representatives on
the Board of the associated company.
REVIEW OF STATEMENT BY THE BOARD
The Board has reviewed the adequacy and effectiveness of the Group’s risk management and internal control system
for the year under review and up to the date of approval of this Statement for inclusion in the Annual Report. The Board
is of the view that the system of risk management and internal control instituted by the Group is sound and effective
and there were no material losses incurred during the year under review as a result of internal control weaknesses or
adverse/non-compliance events. The monitoring, review and reporting arrangement in place give reasonable assurance
that the operation of controls is appropriate for the Group’s operations.
The Board has received assurance from the CEO and the CFO that the Group’s risk management and internal control
system is operating adequately and effectively, in all material aspects based on the risk management and internal
control system of the Group.
Reviews of all the control procedures will be continuously carried out to ensure the ongoing effectiveness and adequacy
of the system of risk management and internal control, so as to safeguard shareholders’ investments and the Group’s
assets.
This Statement on Risk Management and Internal Control was approved by the Board of Directors on 1 April 2022.

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Directors’
Responsibility Statement
For The Audited Financial Statements
In respect of the preparation of the audited financial statements, the Directors are required by the Companies Act 2016
to prepare financial statements for the financial year so that to give a true and fair view of the state of affairs of the
Company and Group and their results and cash flows for that year. In preparing the financial statements for the financial
year ended 31 December 2021, the Directors have:
• Used appropriate accounting policies and applied them consistently;

• Made judgements and estimates that are reasonable and prudent; and
• Stated whether applicable accounting standards have been followed, subject to any material departures disclosed
and explained in the financial statements.
The Directors are responsible for ensuring that proper accounting records are kept and which disclose with reasonable
accuracy the financial position of the Company and Group to enable them to ensure that the financial statements
comply with the Companies Act 2016. They have an overall responsibility for taking such steps as are reasonably open
to them to safeguard the assets of the Company, to prevent and detect fraud and other irregularities.
The ARMC assists the Board in reviewing and scrutinizing the information in terms of accuracy, adequacy, transparency
and completeness for disclosure to ensure reliability and compliance with applicable financial reporting standards. The
ARMC reviewed the quarterly and annual audited financial statements of the Group prior to recommendation of the
same to the Board for approval and submission to Bursa Malaysia.

FINANCIAL
STATEMENTS
74
Directors’ Report
80
Statements of Financial Position
82
Statements of Profit or Loss and
Other Comprehensive Income
84
Consolidated Statement of Changes in
Equity
86
Statement of Changes in Equity
88
Statements of Cash Flows
91
Notes to the Financial Statements
152
Statement by Directors
153
Statutory Declaration
154
Independent Auditors’ Report
Directors’
report
For the year ended 31 December 2021
The Directors have pleasure in submitting their report and the audited financial statements of the Group and of the
Company for the financial year ended 31 December 2021.
Principal activities
The Company is an investment holding company whilst the principal activities of the subsidiaries are as stated in Note
5 to the financial statements. There has been no significant change in the nature of these activities during the financial
year.
Subsidiaries
The details of the Company’s subsidiaries are disclosed in Note 5 to the financial statements.
Results
Group Company
RM’000 RM’000
Profit for the year attributable to owners of the Company 52,949 55,207
Reserves and provisions
There were no material transfers to or from reserves and provisions during the financial year under review except as
disclosed in the financial statements.
Dividends
Since the end of the previous financial year, the amount of dividends paid by the Company were as follows :
(i) In respect of the financial year ended 31 December 2020 as reported in the Directors’ Report of that year :
• a third interim single tier ordinary dividend of 1.0 sen per share and a single tier special dividend of 2.0 sen
per share, totalling RM20,083,337 declared on 25 February 2021 and paid on 25 March 2021.
(ii) In respect of the financial year ended 31 December 2021 :
• a first interim single tier ordinary dividend of 1.0 sen per share and a single tier special dividend of 1.0 sen
per share, totalling RM13,388,891 declared on 2 June 2021 and paid on 5 July 2021;
• a second interim single tier ordinary dividend of 1.0 sen per share and a single tier special dividend of 1.5
sen per share, totalling RM16,736,116 declared on 1 November 2021 and paid on 2 December 2021; and
• a third interim single tier ordinary dividend of 1.0 sen per share and a single tier special dividend of 2.0 sen
per share, totalling RM20,083,337 declared on 24 February 2022 and paid on 24 March 2022.
The Directors do not recommend any final dividend to be paid for the financial year under review.

Directors’ report (Cont’d)
Directors of the Company
Directors who served during the financial year until the date of this report are :
Ng Kweng Chong - Founder and Executive Chairman

Ng Kok Khuan
Lam Voon Kean
Ong Huey Min
Hj. Mohammad Hazani Bin Hj. Hassan (Appointed on 7.5.2021)
Dato’ Norhalim Bin Yunus (Resigned on 7.5.2021)
Dato’ Iskandar Mizal Bin Mahmood (Resigned on 17.5.2021)
Yeow Teck Chai (Resigned on 17.5.2021)
Directors of the subsidiaries
The Directors who served on the Board of subsidiaries of the Company during the financial year until the date of this
report are as follows :
Ng Kweng Chong
Ng Kok Khuan
Ng Kok Choon
Directors’ interests in shares
The interests and deemed interests in the shares of the Company and of its related corporations (other than wholly-
owned subsidiaries) of those who were Directors at financial year end (including the interests of the spouses or
children of the Directors who themselves are not Directors of the Company) as recorded in the Register of Directors’
Shareholdings are as follows :
Number of ordinary shares

At At
1.1.2021 Bought (Sold) 31.12.2021
Interests in the Company
Ng Kweng Chong
- Own 6,979,165 - - 6,979,165
- Others * 2,894,866 - - 2,894,866

- Own 1,804,600 - - 1,804,600
- Others * 200,498 - (10,000) 190,498

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Directors’ interests in shares (Cont’d)
Number of ordinary shares

At At
1.1.2021 Bought (Sold) 31.12.2021
Interests in the Company (Cont’d)
Ng Kok Khuan
- Own 123,333 - - 123,333
- Others * 223,160 - - 223,160
Ong Huey Min

- Others * 286,000 - - 286,000
Deemed interests in the Company
Ng Kweng Chong
- Own 30,880,205 616,000 (2,300,000) 29,196,205
At At
1.1.2021 Granted (Exercised) 31.12.2021
ESOS
Ng Kweng Chong
- others * - 26,600 - 26,600

- others * - 170,400 - 170,400
* These are shares held in the name of the spouses and children and are treated as interest of the respective Directors
in accordance with the Companies Act 2016.
None of the other Directors holding office at 31 December 2021 had any interests in the ordinary shares and options
over shares of the Company and of its related corporations during the financial year.
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 those fees and other benefits included in the aggregate amount of remuneration received or
due and receivable by Directors as shown in the financial statements of the Company or of a related corporation) 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 as disclosed in Note
25 to the financial statements.

Directors’ benefits (Cont’d)
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 apart from the issue of the Employee Share Option Scheme (“ESOS”) as disclosed in Note 24 to the
financial statements.
Issue of shares and debentures
There were no changes in the issued and paid-up capital of the Company and no debentures were in issue during the
financial year.
Options granted over unissued shares
No options were granted to any person to take up unissued shares of the Company during the financial year apart from
the issue of options pursuant to the Employee Share Option Scheme (“ESOS”).
At an extraordinary general meeting held on 22 July 2020, the Company’s shareholders approved the establishment
of an ESOS of not more than 10% of the issued share capital of the Company, to eligible Executive Directors and
employees of the Group.
The salient features of ESOS are, inter alia, as follows :
i) The total number of shares to be offered under ESOS shall not exceed 10% of the issued and paid-up share
capital of the Company at any point in time during the existence of ESOS;
ii) ESOS shall continue to be in force for a period of five years from 3 August 2020;
iii) The option is personal to the grantee and is non-assignable, transferable, disposable or chargeable except for
certain conditions provided for in the By-Laws;
iv) Eligible persons are full-time employees and Executive Directors of the Group who is at least 18 years of age
and is not an undischarged bankrupt nor subject to any bankruptcy proceedings. The eligible employees are
those who have been confirmed in the employment of the Group for at least three months of continuous service
prior to and up to the date of offer and the employment must have been confirmed in writing prior to the offer
date. Whilst the eligible Executive Directors are those who have been appointed as an Executive Directors of the
Group for such period as may be determined by the ESOS committee prior to and up to the offer date;
v) The option granted may be exercised in full or in lesser number of ordinary shares provided that the number shall
be in multiple of and not less than 100 shares;
vi) The option price for each ordinary share shall be at a discount of not more than ten per centum (10%) of the
5-day weighted average market price of the shares, as quoted on Bursa Malaysia Securities Berhad (“Bursa”)
immediately preceding the date of offer;
vii) In the event of any alteration in the capital structure of the Company during the option period, whether by way
of a right issue, bonus issue or other capitalisation issue, consolidation or subdivision of shares or reduction of
capital or any other variation of capital shall take place or if the Company shall make a capital distribution during
the option period, such corresponding alterations (if any) shall be made in the number of shares relating to the
unexercised options and option price;

|
Options granted over unissued shares (Cont’d)
The salient features of ESOS are, inter alia, as follows : (Cont’d)
viii) The options granted do not confer any dividend or other distribution declared to the shareholders as at a date
which precedes the date of exercise of the option and will be subject to all the provisions of the Constitution of
the Company; and
ix) 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.
The options offered (under ESOS) to take up unissued ordinary shares and the option exercise prices are as follows :
Number of options over ordinary shares
Option At At
Date of offer Expiry date exercise price 1.1.2021 Granted (Forfeited) 31.12.2021
19.3.2021 2.8.2025 2.74 - 1,292,900 (192,700) 1,100,200
25.10.2021 2.8.2025 2.14 - 581,700 (9,000) 572,700
The aggregate maximum allocation of ESOS to Executive Directors and senior management of the Group shall not
exceed 50%. The actual allocation of share options to Executive Directors and senior management was 16.85% as at
31 December 2021.
Indemnity and insurance costs
During the financial year, the total amount of premium paid for insurance effected for Directors and officers of the
Group was RM21,038 for a total sum insured of RM15 million. No indemnity was given to any Director and officer of the
Company during the financial year.
There was no indemnity given to/or insurance effected for auditors of the Company during the financial year.
Other statutory information
Before the financial statements of the Group and of the Company were made out, the Directors took reasonable steps
to ascertain that :
i) there are no bad debts to be written off and no provision needs to be made for doubtful debts, and
ii) any current assets which were unlikely to be realised in the ordinary course of business have been written down
to an amount which they might be expected so to realise.
At the date of this report, the Directors are not aware of any circumstances :
i) that would render it necessary to write off any bad debts or provide for any doubtful debts, or
ii) that would render the value attributed to the current assets in the financial statements of the Group and of the
Company 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
iv) not otherwise dealt with in this report or the financial statements that would render any amount stated in the
financial statements of the Group and of the Company misleading.

Other statutory information (Cont’d)
At the date of this report, there does not exist :
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, the financial performance of the Group and of the Company for the financial year ended
31 December 2021 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.
Auditors
The auditors, KPMG PLT, have indicated their willingness to accept re-appointment.
The auditors’ remuneration is disclosed in Note 17 to the financial statements.
Signed on behalf of the Board of Directors in accordance with a resolution of the Directors :
Ng Kweng Chong
Director

Director
Penang,
Date: 1 April 2022

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Statements of
financial position
As at 31 December 2021
Group Company
2021 2020 2021 2020
Note RM’000 RM’000 RM’000 RM’000
Assets
Property, plant and equipment 3 68,521 96,988 - -

Investment properties 4 14,222 6,336 - -
Investments in subsidiaries 5 - - 162,373 161,316
Investment in an associate 6 5,670 5,493 784 784
Other investments 7 9,555 10,923 4,767 4,797
Deferred tax assets 8 110 319 - -
Total non-current assets 98,078 120,059 167,924 166,897
Inventories 9 8,190 5,652 - -

Current tax assets 619 675 11 -
Trade and other receivables 10 32,938 43,639 87 86
Cash and cash equivalents 11 195,097 163,664 32,611 27,733
Total current assets 236,844 213,630 32,709 27,819
Total assets 334,922 333,689 200,633 194,716
Equity
Share capital 12 186,463 186,463 186,463 186,463
Reserves 13 114,519 110,638 13,309 7,388
Total equity attributable

to owners of the Company 300,982 297,101 199,772 193,851

Statements of financial position (Cont’d)
As at 31 December 2021
Group Company
2021 2020 2021 2020
Note RM’000 RM’000 RM’000 RM’000
Liabilities
Deferred income 14 - 399 - -
Total non-current liability - 399 - -
Current tax liabilities 699 109 - 5

Trade and other payables 15 33,241 36,080 861 860
Total current liabilities 33,940 36,189 861 865
Total liabilities 33,940 36,588 861 865
Total equity and liabilities 334,922 333,689 200,633 194,716
The notes on pages 91 to 151 are an integral part of these financial statements.

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Statements of profit or loss
and other comprehensive income
For the year ended 31 december 2021
Group Company
2021 2020 2021 2020
Note RM’000 RM’000 RM’000 RM’000
Continuing operations
Revenue 16 206,043 227,523 57,516 51,547

Cost of sales (124,188) (148,721) - -
Gross profit 81,855 78,802 57,516 51,547
Other income 8,677 8,019 48 8

Administrative expenses (36,695) (36,378) (2,328) (2,391)
Net gain on impairment of financial
17 - 439 - -
instruments
Other expenses (129) (746) - -
Results from operating activities 53,708 50,136 55,236 49,164
Finance income 17.3 1,587 1,810 - -
Operating profit 55,295 51,946 55,236 49,164
Share of profit of an
equity-accounted associate, net of tax 6 177 50 - -
Profit before tax 17 55,472 51,996 55,236 49,164
Tax expense 18 (2,523) (1,192) (29) (66)
Profit for the year 52,949 50,804 55,207 49,098

Statements of profit or loss and other comprehensive income
(Cont’d)
Group Company
2021 2020 2021 2020
Note RM’000 RM’000 RM’000 RM’000
Other comprehensive
(expense)/income, net of tax
Item that will not be reclassified

subsequently to profit or loss
Net change in fair value of equity

investments designated at fair
value through other comprehensive
(638) 127 (135) (168)
income (“FVOCI”)
Item that is or may be reclassified

subsequently to profit or loss
Foreign currency translation

- -
differences for foreign operations 721 (414)
Other comprehensive income/(expense)

19
for the year, net of tax 83 (287) (135) (168)
Total comprehensive income for the year 53,032 50,517 55,072 48,930
Profit attributable to :
Owners of the Company 52,949 50,804 55,207 49,098
Total comprehensive income attributable

to :
Owners of the Company 53,032 50,517 55,072 48,930
Basic/Diluted earnings
20
per ordinary share (sen) 7.91 7.59

|
84
Attributable to owners of the Company
Non-distributable Distributable
Share Capital Fair value Translation Retained Total
capital reserve reserve reserve earnings equity
RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
At 1 January 2020 186,463 41 719 2,877 106,692 296,792
| Annual Report 2021

Foreign currency translation differences for foreign operations - - - (414) - (414)
Net change in fair value of equity investment designated at
- - 127 - - 127
FVOCI
Total other comprehensive income/(expense) for the year - - 127 (414) - (287)
Profit for the year - - - - 50,804 50,804
Total comprehensive income/(expense) for the year - - 127 (414) 50,804 50,517
changes in equity
Distributions to owners of the Company
Dividends to owners of the Company (Note 21) - - - - (50,208) (50,208)
Total transactions with owners of the Company - - - - (50,208) (50,208)
Transfer upon the disposal of equity investment designated at

- - 25 - (25) -
FVOCI
Consolidated statement of
At 31 December 2020 186,463 41 871 2,463 107,263 297,101

Note 12 Note 13
Share Fair
Share option Capital value Translation Retained Total
capital reserve reserve reserve reserve earnings equity
RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
At 1 January 2021 186,463 - 41 871 2,463 107,263 297,101
Foreign currency translation differences for foreign

operations - - - - 721 - 721
Net change in fair value of equity investment designated

at FVOCI - - - (638) - - (638)
Total other comprehensive (expense)/income for the year - - - (638) 721 - 83

Profit for the year - - - - - 52,949 52,949
Total comprehensive (expense)/income for the year - - - (638) 721 52,949 53,032
Dividends to owners of the Company (Note 21) - - - - - (50,208) (50,208)

Share-based payment transactions (Note 24) - 1,057 - - - - 1,057
Total transactions with owners of the Company - 1,057 - - - (50,208) (49,151)
Transfer upon the disposal of equity investment

Consolidated statement of changes in equity (Cont’d)
designated at FVOCI - - - (14) - 14 -
At 31 December 2021 186,463 1,057 41 219 3,184 110,018 300,982
Globetronics Technology Bhd

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Note 12 Note 13
85
Statement of
changes in equity

Non-
distributable Distributable
Share Fair value Retained Total
capital reserve earnings equity
RM’000 RM’000 RM’000 RM’000
At 1 January 2020 186,463 235 8,431 195,129
Net change in fair value of equity investment

designated at FVOCI - (168) - (168)
Profit for the year - - 49,098 49,098
Total comprehensive (expense)/income for the

year - (168) 49,098 48,930
Dividends to owners of the Company (Note 21)

- - (50,208) (50,208)
Total transactions with owners of the Company - - (50,208) (50,208)
Transfer upon the disposal of

equity investment designated at FVOCI - 25 (25) -
At 31 December 2020 186,463 92 7,296 193,851

Note 12 Note 13

Statement of changes in equity (Cont’d)

Fair
Share Share option value Retained Total
capital reserve reserve earnings equity
RM’000 RM’000 RM’000 RM’000 RM’000
At 1 January 2021 186,463 - 92 7,296 193,851
Net change in fair value of

equity investment
designated at FVOCI - - (135) - (135)
Profit for the year - - - 55,207 55,207
Total comprehensive
(expense)/income for the year - - (135) 55,207 55,072
Distributions to owners
of the Company
Dividends to owners of the

Company (Note 21) - - - (50,208) (50,208)
Share-based payment
transactions (Note 24) - 1,057 - - 1,057
Total transactions with owners

of the Company - 1,057 - (50,208) (49,151)
At 31 December 2021 186,463 1,057 (43) 12,295 199,772

Note 12 Note 13

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Statements of
cash flows
Group Company
2021 2020 2021 2020
Note RM’000 RM’000 RM’000 RM’000
Cash flows from operating activities
Profit before tax from continuing

operations 55,472 51,996 55,236 49,164
Adjustments for :
Depreciation of :
- property, plant and equipment 3 27,247 40,482 - -
- investment properties 4 388 257 - -
Property, plant and equipment written off 108 13 - -
Impairment loss on plant and equipment 3 343 707 - -
Reversal of impairment loss on trade
receivables - (439) - -
Gain on disposal of plant and equipment (482) (1,274) - -
Dividends from subsidiaries - - (56,957) (50,750)
Interest income (2,148) (2,633) (559) (797)
Amortisation of deferred income 14 (399) (1,654) - -
Share of profit of an equity-accounted
associate, net of tax 6 (177) (50) - -
Share-based payments 24 1,057 - - -
Operating profit/(loss)
before changes in working capital 81,409 87,405 (2,280) (2,383)
Change in inventories (2,538) 2,649 - -

Change in trade and other receivables 10,701 (1,876) (1) 20
Change in trade and other payables (309) (1,782) 1 (13)
Cash generated from/(used in)

89,263 86,396 (2,280) (2,376)
operations
Interest received 561 823 559 797

Dividends received from subsidiaries - - 56,957 50,750
Tax paid (1,668) (938) (45) (66)
Net cash from operating activities 88,156 86,281 55,191 49,105

Statements of cash flows (Cont’d)
Group Company
2021 2020 2021 2020
Note RM’000 RM’000 RM’000 RM’000
Cash flows from investing activities
Acquisition of :
- property, plant and equipment A (12,630) (17,560) - -
- other investments (905) (5,024) (105) (4,105)
Proceeds from disposal of :
- property, plant and equipment 3,072 2,231 - -
- other investments 1,806 4,356 - 4,356
Interest received 1,587 1,810 - -
Net cash (used in)/from investing

(7,070) (14,187) (105) 251
activities
Cash flows from financing activities
Dividends paid to owners of the Company 21 (50,208) (50,208) (50,208) (50,208)

Repayment of revolving credits, net - (4,128) - -
Net cash used in financing activities (50,208) (54,336) (50,208) (50,208)
Net increase/(decrease)
in cash and cash equivalents 30,878 17,758 4,878 (852)
Effect of exchange rate

fluctuations on cash held 555 (330) - -
Cash and cash equivalents at

1 January 163,664 146,236 27,733 28,585
Cash and cash equivalents

at 31 December 11 195,097 163,664 32,611 27,733

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Statements of cash flows (Cont’d)
Cash outflows for leases as a lessee - Group
2021 2020
Note RM’000 RM’000
Included in net cash from operating activities
Payment relating to short-term leases 17 1,695 1,559
Reconciliation of movements of liabilities to cash flows arising from financing activities - Group

Net changes At
from 31.12.2020/
At financing 1.1.2021/
1.1.2020 cash flows 31.12.2021
RM’000 RM’000 RM’000
Revolving credits 4,128 (4,128) -
NOTE
A. Acquisition of property, plant and equipment - Group
During the financial year, the Group acquired property, plant and equipment with an aggregate cost of RM10.10
million (2020 : RM20.64 million), of which RM1.86 million (2020 : RM4.39 million) remained unpaid at the reporting
date. The total amount of RM12.63 million (2020 : RM17.56 million) was paid by cash.

Notes to the
financial statements
Globetronics Technology Bhd. is a public limited liability company, incorporated and domiciled in Malaysia and is
listed on the Main Market of Bursa Malaysia Securities Berhad. The addresses of the principal place of business and
registered office of the Company are as follows :
Principal place of business
Plot 2, Phase 4
Free Industrial Zone
Bayan Lepas
11900 Penang
Registered office
51-21-A, Menara BHL Bank

Jalan Sultan Ahmad Shah
10050 Penang
The consolidated financial statements of the Company as at and for the financial year ended 31 December 2021
comprise the Company and its subsidiaries (together referred to as the “Group” and individually referred to as “Group
entities”) and the Group’s interest in an associate.
The Company is principally engaged in investment holding activity. The principal activities of its subsidiaries are as
stated in Note 5 to the financial statements.
These financial statements were authorised for issue by the Board of Directors on 1 April 2022.
1. Basis of preparation
(a) Statement of compliance
The financial statements of the Group and the Company have been prepared in accordance with Malaysian
Financial Reporting Standards (“MFRSs”), International Financial Reporting Standards and the requirements
of the Companies Act 2016 in Malaysia.
The following are accounting standard and amendments of the MFRSs that have been issued by the
Malaysian Accounting Standards Board (“MASB”) but have not been adopted by the Group and the
Company :
MFRSs, interpretations and amendments effective for annual periods beginning on or after 1 April
2021
• Amendment to MFRS 16, Leases - Covid-19-Related Rent Concessions beyond 30 June 2021
MFRSs, interpretations and amendments effective for annual periods beginning on or after 1 January
2022
• Amendments to MFRS 1, First-time Adoption of Malaysian Financial Reporting Standards (Annual
Improvements to MFRS Standards 2018 - 2020)
• Amendments to MFRS 3, Business Combinations - Reference to the Conceptual Framework
• Amendments to MFRS 9, Financial Instruments (Annual Improvements to MFRS Standards 2018 -
2020)
• Amendments to Illustrative Examples accompanying MFRS 16, Leases (Annual Improvements to
MFRS Standards 2018 - 2020)
• Amendments to MFRS 116, Property, Plant and Equipment - Proceeds before Intended Use
• Amendments to MFRS 137, Provisions, Contingent Liabilities and Contingent Assets - Onerous
Contracts - Cost of Fulfilling a Contract
• Amendments to MFRS 141, Agriculture (Annual Improvements to MFRS Standards 2018 - 2020)

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Notes to the financial statements (Cont’d)
1. Basis of preparation (Cont’d)
(a) Statement of compliance (Cont’d)
MFRSs, interpretations and amendments effective for annual periods beginning on or after 1 January
2023
• MFRS 17, Insurance Contracts
• Amendments to MFRS 17, Insurance Contracts - Initial application of MFRS 17 and MFRS 9 -
Comparative Information
• Amendments to MFRS 101, Presentation of Financial Statements - Classification of Liabilities as
Current or Non-current and Disclosures of Accounting Policies
• Amendments to MFRS 108, Accounting Policies, Changes in Accounting Estimates and Errors -
Definition of Accounting Estimates
• Amendments to MFRS 112, Income Taxes - Deferred Tax related to Assets and Liabilities arising from
a Single Transaction
MFRSs, interpretations and amendments effective for annual periods beginning on or after a date
yet to be confirmed
• Amendments to MFRS 10, Consolidated Financial Statements and MFRS 128, Investments in
Associates and Joint Ventures - Sale or Contribution of Assets between an Investor and its Associate
or Joint Venture
The Group and the Company plan to apply the above mentioned amendments where applicable, in the
respective financial years when the above amendments become effective.
The Group and the Company do not plan to apply MFRS 17, amendments to MFRS 17 and MFRS 141 that
are effective for annual periods beginning on or after 1 January 2023 and 1 January 2022 respectively as
they are not applicable to the Group and the Company.
The initial application of the above amendments is not expected to have any material financial impact to
the current period and prior period financial statements of the Group and the Company.
(b) Basis of measurement
The financial statements have been prepared on the historical cost basis other than as disclosed in Note 2
to the financial statements.
(c) Functional and presentation currencies
These financial statements are presented in Ringgit Malaysia (“RM”), which is the Company’s functional
currency. All financial information is presented in RM and has been rounded to the nearest thousand, unless
otherwise stated.
(d) Use of estimates and judgements
The preparation of the financial statements in conformity with MFRSs requires management to make
judgements, estimates and assumptions that affect the application of accounting policies and the reported
amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates
are recognised in the period in which the estimates are revised and in any future periods affected.
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.

2. Significant accounting policies
The accounting policies set out below have been applied consistently to the periods presented in these financial
statements and have been applied consistently by Group entities, unless otherwise stated.
(a) Basis of consolidation
(i) Subsidiaries
Subsidiaries are entities, including structured entities, controlled by the Company. The financial
statements of subsidiaries are included in the consolidated financial statements from the date that
control commences until the date that control ceases.
The Group controls an entity when it is exposed, or has rights, to variable returns from its involvement
with the entity and has the ability to affect those returns through its power over the entity. Potential
voting rights are considered when assessing control only when such rights are substantive. The
Group also considers it has de facto power over an investee when, despite not having the majority
of voting rights, it has the current ability to direct the activities of the investee that significantly affect
the investee’s return.
Investments in subsidiaries are measured in the Company’s statement of financial position at cost less
any impairment losses, unless the investment is classified as held for sale or distribution. The cost of
investment includes transaction costs.
(ii) Business combinations
Business combinations are accounted for using the acquisition method from the acquisition date,
which is the date on which control is transferred to the Group.
For new acquisitions, the Group measures the cost of goodwill at the acquisition date as :
• the fair value of the consideration transferred; plus

• the recognised amount of any non-controlling interests in the acquiree; plus
• if the business combination is achieved in stages, the fair value of the existing equity interest in
the acquiree; less
• the net recognised amount (generally fair value) of the identifiable assets acquired and liabilities
assumed.
When the excess is negative, a bargain purchase gain is recognised immediately in profit or loss.
For each business combination, the Group elects whether it measures the non-controlling interests in
the acquiree either at fair value or at the proportionate share of the acquiree’s identifiable net assets
at the acquisition date.
Transaction costs, other than those associated with the issue of debt or equity securities, that the
Group incurs in connection with a business combination are expensed as incurred.
(iii) Acquisitions of non-controlling interests
The Group accounts for all changes in its ownership interest in a subsidiary that do not result in a
loss of control as equity transactions between the Group and its non-controlling interest holders.
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.

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2. Significant accounting policies (Cont’d)
(a) Basis of consolidation (Cont’d)
(iv) Loss of control
Upon the loss of control of a subsidiary, the Group derecognises the assets and liabilities of the
former subsidiary, any non-controlling interests and the other components of equity related to the
former subsidiary from the consolidated statement of financial position. Any surplus or deficit arising
on the loss of control is recognised in profit or loss. If the Group retains any interest in the former
subsidiary, then such interest is measured at fair value at the date that control is lost. Subsequently,
it is accounted for as an equity accounted investee or as a financial asset depending on the level of
influence retained.
(v) Associates
Associates are entities, including unincorporated entities, in which the Group has significant influence,
but not control, over the financial and operating policies.
Investments in associates are accounted for in the consolidated financial statements using the equity
method less any impairment losses, unless it is classified as held for sale or distribution. The cost of
the investment includes transaction costs. The consolidated financial statements include the Group’s
share of the profit or loss and other comprehensive income of the associates, after adjustments if
any, to align the accounting policies with those of the Group, from the date that significant influence
commences until the date that significant influence ceases.
When the Group’s share of losses exceeds its interest in an associate, the carrying amount of that
interest including any long-term investments is reduced to zero, and the recognition of further losses
is discontinued except to the extent that the Group has an obligation or has made payments on
behalf of the associate.
When the Group ceases to have significant influence over an associate, any retained interest in the
former associate at the date when significant influence is lost is measured at fair value and this
amount is regarded as the initial carrying amount of a financial asset. The difference between the fair
value of any retained interest plus proceeds from the interest disposed of and the carrying amount
of the investment at the date when equity method is discontinued is recognised in the profit or loss.
When the Group’s interest in an associate decreases but does not result in a loss of significant influence,
any retained interest is not remeasured. Any gain or loss arising from the decrease in interest is
recognised in profit or loss. Any gains or losses previously recognised in other comprehensive income
are also reclassified proportionately to the profit or loss if that gain or loss would be required to be
reclassified to profit or loss on the disposal of the related assets or liabilities.
Investments in associates are measured in the Company’s statement of financial position at cost less
any impairment losses, unless the investment is classified as held for sale or distribution. The cost of
investment includes transaction costs.
(vi) Non-controlling interests
Non-controlling interests at the end of the reporting period, being the equity in a subsidiary
not attributable directly or indirectly to the equity holders of the Company, are presented in the
consolidated statement of financial position and statement of changes in equity within equity,
separately from equity attributable to the owners of the Company. Non-controlling interests
in the results of the Group is presented in the consolidated statement of profit or loss and other
comprehensive income as an allocation of the profit or loss and the comprehensive income for the
year between non-controlling interests and owners of the Company.
Losses applicable to the non-controlling interests in a subsidiary are allocated to the non-controlling
interests even if doing so causes the non-controlling interests to have a deficit balance.

(a) Basis of consolidation (Cont’d)
(vii) Transactions eliminated on consolidation
Intra-group balances and transactions, and any unrealised income and expenses arising from intra-
group transactions, are eliminated in preparing the consolidated financial statements.
Unrealised gains arising from transactions with equity-accounted associates are eliminated against
the investment to the extent of the Group’s interest in the investees. Unrealised losses are eliminated
in the same way as unrealised gains, but only to the extent that there is no evidence of impairment.
(b) Foreign currency
(i) Foreign currency transactions
Transactions in foreign currencies are translated to the respective functional currencies of Group
entities at exchange rates at the dates of the transactions.
Monetary assets and liabilities denominated in foreign currencies at the end of the reporting period
are retranslated to the functional currency at the exchange rate at that date.
Non-monetary assets and liabilities denominated in foreign currencies are not retranslated at the end
of the reporting period, except for those that are measured at fair value which are retranslated to the
functional currency at the exchange rate at the date that the fair value was determined.
Foreign currency differences arising on retranslation are recognised in profit or loss, except for
differences arising on the retranslation of equity instruments where they are measured at fair value
through other comprehensive income which are recognised in other comprehensive income.
In the consolidated financial statements, when settlement of a monetary item receivable from or
payable to a foreign operation is neither planned nor likely to occur in the foreseeable future, foreign
exchange gains and losses arising from such a monetary item are considered to form part of a net
investment in a foreign operation and are recognised in other comprehensive income, and are
presented in the foreign currency translation reserve (“FCTR”) in equity.
(ii) Operations denominated in functional currencies other than Ringgit Malaysia
The assets and liabilities of operations denominated in functional currencies other than RM, including
goodwill and fair value adjustments arising on acquisition, are translated to RM at exchange rates
at the end of the reporting period, except for goodwill and fair value adjustments arising from
business combinations before 1 January 2011 (the date when the Group first adopted MFRS) which
are treated as assets and liabilities of the Company. The income and expenses of foreign operations
are translated to RM at exchange rates at the dates of the transactions.
Foreign currency differences are recognised in other comprehensive income and accumulated in
the FCTR in equity. However, if the operation is a non-wholly owned subsidiary, then the relevant
proportionate share of the translation difference is allocated to the non-controlling interests. When a
foreign operation is disposed of such that control, significant influence is lost, the cumulative amount
in the FCTR related to that foreign operation is reclassified to profit or loss as part of the gain or loss
on disposal.
When the Group disposes of only part of its interest in a subsidiary that includes a foreign operation,
the relevant proportion of the cumulative amount is reattributed to non-controlling interests. When
the Group disposes of only part of its investment in an associate that includes a foreign operation
while retaining significant influence, the relevant proportion of the cumulative amount is reclassified
to profit or loss.

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(c) Financial instruments
(i) Recognition and initial measurement
A financial asset or a financial liability is recognised in the statements of financial position when,
and only when, the Group or the Company becomes a party to the contractual provisions of the
instrument.
A financial asset (unless it is a trade receivable without significant financing component) or a financial
liability is initially measured at fair value plus or minus, for an item not at fair value through profit or
loss, transaction costs that are directly attributable to its acquisition or issuance. A trade receivable
without a significant financing component is initially measured at the transaction price.
An embedded derivative is recognised separately from the host contract where the host contract is
not a financial asset, and accounted for separately if, and only if, the derivative is not closely related
to the economic characteristics and risks of the host contract and the host contract is not measured at
fair value through profit or loss. The host contract, in the event an embedded derivative is recognised
separately, is accounted for in accordance with policy applicable to the nature of the host contract.
(ii) Financial instrument categories and subsequent measurement
Financial assets
Categories of financial assets are determined on initial recognition and are not reclassified subsequent
to their initial recognition unless the Group or the Company changes its business model for managing
financial assets in which case all affected financial assets are reclassified on the first day of the first
reporting period following the change of the business model.
(a) Amortised cost
Amortised cost category comprises financial assets that are held within a business model whose
objective is to hold assets to collect contractual cash flows and its contractual terms give rise on
specified dates to cash flows that are solely payments of principal and interest on the principal
amount outstanding. The financial assets are not designated as fair value through profit or loss.
Subsequent to initial recognition, these financial assets are measured at amortised cost using
the effective interest method. The amortised cost is reduced by impairment losses. Interest
income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any
gain or loss on derecognition is recognised in profit or loss.
Interest income is recognised by applying effective interest rate to the gross carrying amount
except for credit impaired financial assets (see Note 2(k)(i)) where the effective interest rate is
applied to the amortised cost.
(b) Fair value through other comprehensive income
(i) Debt investments
Fair value through other comprehensive income category comprises debt investment
where it is held within a business model whose objective is achieved by both collecting
contractual cash flows and selling the debt investment, and its contractual terms give
rise on specified dates to cash flows that are solely payments of principal and interest on
the principal amount outstanding. The debt investment is not designated as at fair value
through profit or loss. Interest income calculated using the effective interest method,
foreign exchange gains and losses and impairment are recognised in profit or loss. Other
net gains and losses are recognised in other comprehensive income. On derecognition,
gains and losses accumulated in other comprehensive income are reclassified to profit
or loss.

(c) Financial instruments (Cont’d)
(ii) Financial instrument categories and subsequent measurement (Cont’d)
Financial assets (Cont’d)
(b) Fair value through other comprehensive income (Cont’d)
(i) Debt investments (Cont’d)
Interest income is recognised by applying effective interest rate to the gross carrying
amount except for credit impaired financial assets (see Note 2(k)(i)) where the effective
interest rate is applied to the amortised cost.
(ii) Equity investments
This category comprises investment in equity that is not held for trading, and the Group
and the Company irrevocably elect to present subsequent changes in the investment’s
fair value in other comprehensive income. This election is made on an investment-by-
investment basis. Dividends are recognised as income in profit or loss unless the dividend
clearly represents a recovery of part of the cost of investment. Other net gains and losses
are recognised in other comprehensive income. On derecognition, gains and losses
accumulated in other comprehensive income are not reclassified to profit or loss.
All financial assets, except for equity investments measured at fair value through other comprehensive
income, are subject to impairment assessment (see Note 2(k)(i)).
Financial liabilities
Amortised cost
Financial liabilities are subsequently measured at amortised cost using the effective interest method.
Interest expense and foreign exchange gains and losses are recognised in the profit or loss. Any gains
or losses on derecognition are also recognised in the profit or loss.
(iii) Regular way purchase or sale of financial assets
A regular way purchase or sale of financial assets is recognised and derecognised, as applicable,
using trade date or settlement date accounting in the current year.
Trade date accounting refers to :
(a) the recognition of an asset to be received and the liability to pay for it on the trade date, and
(b) derecognition of an asset that is sold, recognition of any gain or loss on disposal and the
recognition of a receivable from the buyer for payment on the trade date.
Settlement date accounting refers to :
(a) the recognition of an asset on the day it is received by the Group or the Company, and
(b) derecognition of an asset and recognition of any gain or loss on disposal on the day that is
delivered by the Group or the Company.
Any change in the fair value of the asset to be received during the period between the trade date and
the settlement date is accounted in the same way as it accounts for the acquired asset.
Generally, the Group or the Company applies settlement date accounting unless otherwise stated for
the specific class of asset.

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(c) Financial instruments (Cont’d)
(iv) Financial guarantee contracts
A financial guarantee contract is a contract that requires the issuer to make specified payments to
reimburse the holder for a loss it incurs because a specified debtor fails to make payment when due
in accordance with the original or modified terms of a debt instrument.
Financial guarantees issued are initially measured at fair value. Subsequently, they are measured at
higher of :
• the amount of the loss allowance; and

• the amount initially recognised less, when appropriate, the cumulative amount of income
recognised in accordance to the principles of MFRS 15, Revenue from Contracts with Customers.
Liabilities arising from financial guarantees are presented together with other provisions.
(v) Derecognition
A financial asset or part of it is derecognised when, and only when, the contractual rights to the
cash flows from the financial asset expire or transferred, or control of the asset is not retained or
substantially all of the risks and rewards of ownership of the financial asset are transferred to another
party. On derecognition of a financial asset, the difference between the carrying amount of the
financial asset and the sum of consideration received (including any new asset obtained less any new
liability assumed) is recognised in profit or loss.
A financial liability or a part of it is derecognised when, and only when, the obligation specified in the
contract is discharged, cancelled or expires. A financial liability is also derecognised when its terms
are modified and the cash flows of the modified liability are substantially different, in which case,
a new financial liability based on modified terms is recognised at fair value. On derecognition of a
financial liability, the difference between the carrying amount of the financial liability extinguished or
transferred to another party and the consideration paid, including any non-cash assets transferred or
liabilities assumed, is recognised in profit or loss.
(vi) Offsetting
Financial assets and financial liabilities are offset and the net amount presented in the statements of
financial position when, and only when, the Group or the Company currently has a legally enforceable
right to set off the amounts and it intends either to settle them on a net basis or to realise the asset
and liability simultaneously.
(d) Property, plant and equipment
(i) Recognition and measurement
Items of property, plant and equipment are measured at cost less any accumulated depreciation and
any accumulated impairment losses.
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. The
cost of self-constructed assets also includes the cost of materials and direct labour. For qualifying
assets, borrowing costs are capitalised in accordance with the accounting policy on borrowing costs.
Purchased software that is integral to the functionality of the related equipment is capitalised as part
of that equipment.

(d) Property, plant and equipment (Cont’d)
(i) Recognition and measurement (Cont’d)
The cost of property, plant and equipment recognised as a result of a business combination is based
on fair value at acquisition date. The fair value of property is the estimated amount for which a
property could be exchanged between knowledgeable willing parties in an arm’s length transaction
after proper marketing wherein the parties had each acted knowledgeably, prudently and without
compulsion. The fair value of other items of plant and equipment is based on the quoted market
prices for similar items when available and replacement cost when appropriate.
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.

The gain or loss on disposal of an item of property, plant and equipment is determined by comparing
the proceeds from disposal with the carrying amount of property, plant and equipment and is
recognised net within “other income” and “other expenses” respectively in profit or loss.
(ii) Subsequent costs
The cost of replacing a component of an item of property, plant and equipment is recognised in
the carrying amount of the item if it is probable that the future economic benefits embodied within
the component will flow to the Group or the Company, and its cost can be measured reliably. The
carrying amount of the replaced component is derecognised to profit or loss. The costs of the day-
to-day servicing of property, plant and equipment are recognised in profit or loss as incurred.
(iii) Depreciation
Depreciation is based on the cost of an asset less its residual value. Significant components of
individual assets are assessed, and if a component has a useful life that is different from the remainder
of that asset, then that component is depreciated separately.
Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of
each component of an item of property, plant and equipment from the date that they are available
for use. Freehold land is not depreciated. Property, plant and equipment under construction are not
depreciated until the assets are ready for their intended use.
The estimated useful lives for the current and comparative periods are as follows :
Buildings and factory improvements 2 - 20

Plant and equipment * 10 - 33.33
Motor vehicles, office equipment, furniture and fixtures 10 - 20
* The Group depreciates certain plant and equipment over the expected production output to
be derived from those plant and equipment of which the expected usage of these assets by
the Group ranges from 3 to 7 years.
Depreciation methods, useful lives and residual values are reviewed at end of the reporting period,
and adjusted as appropriate.
Periodically, the Group will review the estimated useful life of its plant and machinery especially those
specific plant and machinery to match the life cycle of the products.

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(e) Leases
(i) Definition of a lease
A contract is, or contains, a lease if the contract conveys a right to control the use of an identified
asset for a period of time in exchange for consideration. To assess whether a contract conveys the
right to control the use of an identified asset, the Group assesses whether :
• the contract involves the use of an identified asset - this may be specified explicitly or implicitly,
and should be physically distinct or represent substantially all of the capacity of a physically
distinct asset. If the supplier has a substantive substitution right, then the asset is not identified;
• the customer has the right to obtain substantially all of the economic benefits from use of the
asset throughout the period of use; and
• the customer has the right to direct the use of the asset. The customer has this right when it
has the decision-making rights that are most relevant to changing how and for what purpose
the asset is used. In rare cases where the decision about how and for what purpose the asset
is used is predetermined, the customer has the right to direct the use of the asset if either the
customer has the right to operate the asset; or the customer designed the asset in a way that
predetermines how and for what purpose it will be used.
At inception or on reassessment of a contract that contains a lease component, the Group allocates
the consideration in the contract to each lease and non-lease component on the basis of their relative
stand-alone prices. However, for leases of properties in which the Group is a lessee, it has elected not
to separate non-lease components and will instead account for the lease and non-lease components
as a single lease component.
(ii) Recognition and initial measurement
(a) As a lessee
The Group recognises a right-of-use asset and a lease liability at the lease commencement
date. The right-of-use asset is initially measured at cost, which comprises the initial amount
of the lease liability adjusted for any lease payments made at or before the commencement
date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the
underlying asset or to restore the underlying asset or the site on which it is located, less any
lease incentives received.
The lease liability is initially measured at the present value of the lease payments that are not
paid at the commencement date, discounted using the interest rate implicit in the lease or, if
that rate cannot be readily determined, the respective Group entities’ incremental borrowing
rate. Generally, the Group entities use their incremental borrowing rate as the discount rate.
Lease payments included in the measurement of the lease liability comprise the following :
• fixed payments, including in-substance fixed payments less any incentives receivable;
and
• penalties for early termination of a lease unless the Group is reasonably certain not to
terminate early.
The Group has elected not to recognise right-of-use assets and lease liabilities for short-term
leases that have a lease term of 12 months or less and leases of low-value assets. The Group
recognises the lease payments associated with these leases as an expense on a straight-line
basis over the lease term.

NOTES TO THE FINANCIAL STATEMENTS (Cont’d)
(e) Leases (Cont’d)
(ii) Recognition and initial measurement (Cont’d)
(b) As a lessor
When the Group acts as a lessor, it determines at lease inception whether each lease is a
finance lease or an operating lease.
To classify each lease, the Group makes an overall assessment of whether the lease transfers
substantially all of the risks and rewards incidental to ownership of the underlying asset. If this
is the case, then the lease is a finance lease; if not, then it is an operating lease.
If an arrangement contains lease and non-lease components, the Group applies MFRS 15 to
allocate the consideration in the contract based on the stand-alone selling prices.
When the Group is an intermediate lessor, it accounts for its interests in the head lease and the
sublease separately. It assesses the lease classification of a sublease with reference to the right-
of-use asset arising from the head lease, not with reference to the underlying asset. If a head
lease is a short-term lease to which the Group applies the exemption described above, then it
classifies the sublease as an operating lease.
(iii) Subsequent measurement
(a) As a lessee
The right-of-use asset is subsequently depreciated using the straight-line method from the
commencement date to the earlier of the end of the useful life of the right-of-use asset or the
end of the lease term. The estimated useful lives of right-of-use assets are determined on the
same basis as those of property, plant and equipment. In addition, the right-of-use asset is
periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of
the lease liability.
The lease liability is measured at amortised cost using the effective interest method. It is
remeasured when there is a change in future lease payments arising from a change in an index
or rate, if there is a revision of in-substance fixed lease payments, or if there is a change in the
Group’s estimate of the amount expected to be payable under a residual value guarantee,
or if the Group changes its assessment of whether it will exercise a purchase, extension or
termination option.
When the lease liability is remeasured, a corresponding adjustment is made to the carrying
amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the
right-of-use asset has been reduced to zero.
(b) As a lessor
The Group recognises lease payments received under operating leases as income on a straight-
line basis over the lease term as part of “other income”.
(f) Research and development
Expenditure on research activities, undertaken with the prospect of gaining new scientific or technical
knowledge and understanding, is recognised in profit or loss as incurred.
Expenditure on development activities, whereby the application of research findings are applied to a plan
or design for the production of new or substantially improved products and processes, is capitalised only
if development costs can be measured reliably, the product or process is technically and commercially
feasible, future economic benefits are probable and the Group intends to and has sufficient resources to
complete development and to use or sell the asset.

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(f) Research and development (Cont’d)
The expenditure capitalised includes the cost of materials, direct labour and overheads costs that are
directly attributable to preparing the asset for its intended use. For qualifying assets, borrowing costs are
capitalised in accordance with the accounting policy on borrowing costs. Other development expenditure
is recognised in profit or loss as incurred.
Capitalised development expenditure is measured at cost less any accumulated amortisation and any
accumulated impairment losses.
(g) Investment properties
(i) Investment properties carried at cost
Investment properties are properties which are owned or right-of-use asset held under a lease contract
to earn rental income or for capital appreciation or for both but not for sale in the ordinary course of
business, use in the production or supply of goods or services or for administrative purposes.
Investment properties initially and subsequently measured at cost and are accounted for similarly to
property, plant and equipment. Investment properties are measured at cost less any accumulated
depreciation and any accumulated impairment losses. Depreciation is charged on a straight-line basis
over the estimated useful life of 50 years.
Cost includes expenditure that is directly attributable to the acquisition of the investment property.
The cost of self-constructed investment property includes the cost of materials and direct labour, any
other costs directly attributable to bringing the investment property to a working condition for their
intended use and capitalised borrowing costs.
Transfers between investment properties and property, plant and equipment do not change the
carrying amount of the property transferred.
An investment property is derecognised on its disposal, or when it is permanently withdrawn from

use and no future economic benefits are expected from its disposal. The difference between the net
disposal proceeds and the carrying amount is recognised in profit or loss in the period in which the
item is derecognised.
(ii) Determination of fair value
The Directors estimate the fair values of the Group’s investment properties without the involvement
of independent valuers.
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.
(h) Inventories
Inventories are measured at the lower of cost and net realisable value.
The cost of inventories is calculated using the first-in, first-out method, and includes expenditure incurred
in acquiring the inventories, production or conversion costs and other costs incurred in bringing them to
their existing location and condition. In the case of work-in-progress and manufactured inventories, cost
includes an appropriate share of production overheads based on normal operating capacity.
Net realisable value is the estimated selling price in the ordinary course of business, less the estimated
costs of completion and the estimated costs necessary to make the sale.

(i) Contract cost
(i) Incremental cost of obtaining a contract
The Group or the Company recognises incremental costs of obtaining contracts when the Group or
the Company expects to recover these costs.
(ii) Cost to fulfil a contract
The Group or the Company recognises a contract cost that relate directly to a contract or to an
anticipated contract as an asset when the cost generates or enhances resources of the Group or the
Company, will be used in satisfying performance obligations in the future and it is expected to be
recovered.
These contract costs are initially measured at cost and amortised on a systematic basis that is
consistent with the pattern of revenue recognition to which the asset relates. An impairment loss is
recognised in the profit and loss when the carrying amount of the contract cost exceeds the expected
revenue less expected cost that will be incurred. Where the impairment condition no longer exists or
has improved, the impairment loss is reversed to the extent that the carrying amount of the contract
cost does not exceed the amount that would have been recognised had there been no impairment
loss recognised previously.
(j) Cash and cash equivalents
Cash and cash equivalents consist of cash on hand, balances and deposits with banks and highly liquid
investments which have an insignificant risk of changes in fair value with original maturities of three months
or less, and are used by the Group and the Company in the management of their short term commitments.
For the purpose of the statements of cash flows, cash and cash equivalents are presented net of bank
overdrafts.
(k) Impairment
(i) Financial assets
The Group and the Company recognise loss allowances for expected credit losses on financial
assets measured at amortised cost and debt investments measured at fair value through other
comprehensive income. Expected credit losses are a probability-weighted estimate of credit losses.
The Group and the Company measure loss allowances at an amount equal to lifetime expected credit
loss, except for debt securities that are determined to have low credit risk at the reporting date, cash
and bank balance and other debt securities for which credit risk has not increased significantly since
initial recognition, which are measured at 12-month expected credit loss. Loss allowances for trade
receivables is always measured at an amount equal to lifetime expected credit loss.
When determining whether the credit risk of a financial asset has increased significantly since initial
recognition and when estimating expected credit loss, the Group and the Company consider
reasonable and supportable information that is relevant and available without undue cost or effort.
This includes both quantitative and qualitative information and analysis, based on the Group’s
historical experience and informed credit assessment and including forward-looking information,
where available.
Lifetime expected credit losses are the expected credit losses that result from all possible default
events over the expected life of the asset, while 12-month expected credit losses are the portion of
expected credit losses that result from default events that are possible within the 12 months after
the reporting date. The maximum period considered when estimating expected credit losses is the
maximum contractual period over which the Group and the Company are exposed to credit risk.

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(k) Impairment (Cont’d)
(i) Financial assets (Cont’d)
The Group and the Company estimate the expected credit losses on trade receivables using a
provision matrix with reference to historical credit loss experience.
An impairment loss in respect of financial assets measured at amortised cost is recognised in profit
or loss and the carrying amount of the asset is reduced through the use of an allowance account.
An impairment loss in respect of debt investments measured at fair value through other comprehensive
income is recognised in profit or loss and the allowance account is recognised in other comprehensive
income.
At each reporting date, the Group and the Company assess whether financial assets carried at
amortised cost and debt securities at fair value through other comprehensive income are credit-
impaired. A financial asset is credit-impaired when one or more events that have a detrimental impact
on the estimated future cash flows of the financial asset have occurred.
The gross carrying amount of a financial asset is written off (either partially or full) to the extent that
there is no realistic prospect of recovery. This is generally the case when the Group or the Company
determines that the debtor does not have assets or sources of income that could generate sufficient
cash flows to repay the amounts subject to the write-off. However, financial assets that are written off
could still be subject to enforcement activities in order to comply with the Group’s or the Company’s
procedures for recovery amounts due.
(ii) Other assets
The carrying amounts of other assets (except for inventories and deferred tax assets) are reviewed at
the end of each reporting period to determine whether there is any indication of impairment. If any
such indication exists, then the asset’s recoverable amount is estimated.
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 cash-generating units. Subject to an operating segment ceiling test, for the purpose
of goodwill impairment testing, cash-generating units to which goodwill has been allocated are
aggregated so that the level at which impairment testing is performed reflects the lowest level at
which goodwill is monitored for internal reporting purposes. The goodwill acquired in a business
combination, for the purpose of impairment testing, is allocated to a cash-generating unit or a group
of cash-generating units that are expected to benefit from the synergies of the combination.
The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair
value less costs of disposal. 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 or cash-generating unit.
An impairment loss is recognised if the carrying amount of an asset or its related cash-generating unit
exceeds its estimated recoverable amount.
Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of cash-
generating units are allocated first to reduce the carrying amount of any goodwill allocated to the
cash-generating unit (group of cash-generating units) and then to reduce the carrying amounts of
the other assets in the cash-generating unit (groups of cash-generating units) on a pro rata basis.

(k) Impairment (Cont’d)
(ii) Other assets (Cont’d)
An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment
losses recognised in prior periods are assessed at the end of each reporting period 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 since the last impairment loss
was recognised. 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 profit or loss in the financial year in which the reversals are recognised.
(l) Equity instruments
Instruments classified as equity are measured at cost on initial recognition and are not remeasured
subsequently.
(i) Issue expenses
Costs directly attributable to the issue of instruments classified as equity are recognised as a deduction
from equity.
(ii) Ordinary shares
Ordinary shares are classified as equity.
(m) Employee benefits
(i) Short-term employee benefits
Short-term employee benefit obligations in respect of salaries, annual bonuses, paid annual leave
and sick leave are measured on an undiscounted basis and are expensed as the related service is
provided.
A liability 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.
(ii) State plans
The Group’s contributions to statutory pension funds are charged to profit or loss in the financial year
to which they relate. Prepaid contributions are recognised as an asset to the extent that a cash refund
or a reduction in future payments is available.
(iii) Share-based payment transactions
The grant date fair value of share-based payment granted to employees is recognised as an employee
expense, with a corresponding increase in equity, over the period that the employees unconditionally
become entitled to the awards. The amount recognised as an expense is adjusted to reflect the
number of awards for which the related service and non-market vesting conditions are expected to
be met, such that the amount ultimately recognised as an expense is based on the number of awards
that meet the related service and non-market performance conditions at the vesting date.
For share-based payment awards with non-vesting conditions, the grant date fair value of the share-
based payment is measured to reflect such conditions and there is no true-up for differences between
expected and actual outcomes.

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(m) Employee benefits (Cont’d)
(iii) Share-based payment transactions (Cont’d)
The fair value of the employee share options is measured using a binomial lattice model. Measurement
inputs include share price on measurement date, exercise price of the instrument, expected volatility
(based on weighted average historic volatility adjusted for changes expected due to publicly available
information), weighted average expected life of the instruments (based on historical experience
and general option holder behaviour), expected dividends, and the risk-free interest rate (based on
government bonds). Service and non-market performance conditions attached to the transactions
are not taken into account in determining fair value.
(n) Provisions
A provision is recognised if, as a result of a past event, the Group has a present legal or constructive
obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be
required to settle the obligation. Provisions are determined by discounting the expected future cash flows
at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific
to the liability. The unwinding of the discount is recognised as finance cost.
(o) Revenue and other income
(i) Revenue from contracts with customers
Revenue is measured based on the consideration specified in a contract with a customer in exchange
for transferring goods or services to a customer, excluding amounts collected on behalf of third
parties. The Group or the Company recognises revenue when (or as) it transfers control over a product
or service to customer. An asset is transferred when (or as) the customer obtains control of the asset.
The Group or the Company transfers control of a good or service at a point in time unless one of the
following over time criteria is met :
(a) the customer simultaneously receives and consumes the benefits provided as the Group or the
Company performs;
(b) the Group’s or the Company’s performance creates or enhances an asset that the customer
controls as the asset is created or enhanced; or
(c) the Group’s or the Company’s performance does not create an asset with an alternative use and
the Group or the Company has an enforceable right to payment for performance completed to
date.
(ii) Rental income
Rental income from investment property is recognised in profit or loss on a straight-line basis over
the term of the lease. Lease incentives granted are recognised as an integral part of the total rental
income, over the term of the lease. Rental income from sub-leased property is recognised as “other
income”.
(iii) Government grants
Government grants are recognised initially as deferred income at fair value when there is reasonable
assurance that they will be received and that the Group will comply with the conditions associated
with the grant; they are then recognised in profit or loss as other income on a systematic basis over
the useful life of the asset.
Grants that compensate the Group for expenses incurred are recognised in profit or loss as other
income on a systematic basis in the same period in which the expenses are recognised.

(o) Revenue and other income (Cont’d)
(iv) Dividend income
Dividend income is recognised in profit or loss on the date that the Group’s or the Company’s right
to receive payment is established, which in the case of quoted securities is the ex-dividend date.
(v) Interest income
Interest income is recognised as it accrues using the effective interest method in profit or loss.
(p) Borrowing costs
Borrowing costs that are not directly attributable to the acquisition, construction or production of a
qualifying asset are recognised in profit or loss using the effective interest method.
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets,
which are assets that necessarily take a substantial period of time to get ready for their intended use or
sale, are capitalised as part of the cost of those assets.
The capitalisation of borrowing costs as part of the cost of a qualifying asset commences when expenditure
for the asset is being incurred, borrowing costs are being incurred and activities that are necessary to
prepare the asset for its intended use or sale are in progress. Capitalisation of borrowing costs is suspended
or ceases when substantially all the activities necessary to prepare the qualifying asset for its intended use
or sale are interrupted or completed.
Investment income earned on the temporary investment of specific borrowings pending their expenditure
on qualifying assets is deducted from the borrowing costs eligible for capitalisation.
(q) Income tax
Income tax expense comprises current and deferred tax. Current tax and deferred tax are recognised in
profit or loss except to the extent that it relates to a business combination or items recognised directly in
equity or other comprehensive income.
Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using
tax rates enacted or substantively enacted by the end of the reporting period, and any adjustment to tax
payable in respect of previous financial years.
Deferred tax is recognised using the liability method, providing for temporary differences between the
carrying amounts of assets and liabilities in the statements of financial position and their tax bases. 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 or 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 end of the reporting period.
The amount of deferred tax recognised is measured based on the expected manner of realisation or
settlement of the carrying amount of the assets and liabilities, using tax rates enacted or substantively
enacted at the reporting date. Deferred tax assets and liabilities are not discounted.
Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax
liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable
entity, or on different tax entities, but they intend to settle current tax assets and liabilities on a net basis
or their tax assets and liabilities will be realised simultaneously.

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(q) Income tax (Cont’d)
A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be
available against which the temporary difference can be utilised. Deferred tax assets are reviewed at the
end of each reporting period and are reduced to the extent that it is no longer probable that the related
tax benefit will be realised.
Unutilised investment tax allowance being tax incentives that is not a tax base of an asset, is recognised as
a deferred tax asset to the extent that it is probable that the future taxable profits will be available against
the unutilised tax incentive can be utilised.
(r) Earnings per ordinary share
The Group presents basic and diluted earnings per share data for its ordinary shares (“EPS”).
Basic EPS is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company
by the weighted average number of ordinary shares outstanding during the period, adjusted for own
shares held.
Diluted EPS is determined by adjusting the profit or loss attributable to ordinary shareholders and the
weighted average number of ordinary shares outstanding, adjusted for own shares held, for the effects of
all dilutive potential ordinary shares, which comprise share options granted to employees.
(s) Operating segments
An operating segment is a component of the Group that engages in business activities from which it may
earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of
the Group’s other components. Operating segment results are reviewed regularly by the chief operating
decision maker, which in this case is the Chief Executive Officer of the Group, to make decisions about
resources to be allocated to the segment and to assess its performance, and for which discrete financial
information is available.
(t) Contingencies
(i) 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 not recognised in the statements of financial position and is
disclosed as a 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 outflow
of economic benefits is remote.
(ii) Contingent assets
When an inflow of economic benefit of an asset is probable where it arises from past events and
where existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain
future events not wholly within the control of the entity, the asset is not recognised in the statements
of financial position but is being disclosed as a contingent asset. When the inflow of economic benefit
is virtually certain, then the related asset is recognised.
(u) Fair value measurements
Fair value of an asset or a liability, except for share-based payment and lease transactions, is determined
as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. The measurement assumes that the transaction
to sell the asset or transfer the liability takes place either in the principal market or in the absence of a
principal market, in the most advantageous market.

(u) Fair value measurements (Cont’d)
For non-financial asset, the fair value measurement takes into account a market participant’s ability to
generate economic benefits by using the asset in its highest and best use or by selling it to another market
participant that would use the asset in its highest and best use.
When measuring the fair value of an asset or a liability, the Group uses observable market data as far as
possible. Fair value is categorised into different levels in a fair value hierarchy based on the input used in
the valuation technique as follows :
Level 1 : quoted prices (unadjusted) in active markets for identical assets or liabilities that the Group
can access at the measurement date.
Level 2 : inputs other than quoted prices included within Level 1 that are observable for the asset or
liability, either directly or indirectly.
Level 3 : unobservable inputs for the asset or liability.
The Group recognises transfers between levels of the fair value hierarchy as of the date of the event or
change in circumstances that caused the transfers.

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3. Property, plant and equipment - Group
110
Motor
vehicles,
office
Buildings equipment, Capital
Freehold Land (Right- and factory Plant and furniture work-in-

land of-use assets) improvements equipment and fixtures progress Total
RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
Cost
At 1 January 2020 6,025 7,187 64,368 326,861 30,025 1,667 436,133
Additions - - 665 11,098 848 8,033 20,644

Disposals - - (98) (16,183) (463) (592) (17,336)
Write-off - - - (1,351) (801) - (2,152)
Reclassifications - - - 1,068 - (1,068) -
At 31 December 2020/1 January 2021 6,025 7,187 64,935 321,493 29,609 8,040 437,289
Additions - - 242 5,164 915 3,774 10,095

Transfer to investment properties (2,038) (2,523) (18,539) - - - (23,100)
Disposals - - - (50,024) (144) (2,093) (52,261)
Write-off - - (2,126) (10,568) (3,503) - (16,197)

Reclassifications - - - 5,942 - (5,942) -
At 31 December 2021 3,987 4,664 44,512 272,007 26,877 3,779 355,826

3. Property, plant and equipment - Group (Cont’d)
Motor
vehicles,
office
RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
Depreciation and impairment losses
At 1 January 2020
Accumulated depreciation - 2,437 34,446 246,788 25,750 - 309,421

Accumulated impairment losses - - 274 7,195 740 - 8,209
- 2,437 34,720 253,983 26,490 - 317,630
Depreciation for the year - 137 1,078 37,515 1,752 - 40,482

Impairment loss during the year - - 2 541 164 - 707
Disposals - - (98) (15,818) (463) - (16,379)
Write-off - - - (1,349) (790) - (2,139)
At 31 December 2020

- 2,574 35,702 274,872 27,153 - 340,301

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111
112
Motor
vehicles,
office

RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
(Cont’d)
At 1 January 2021

- 2,574 35,702 274,872 27,153 - 340,301
Depreciation for the year - 110 1,101 25,031 1,005 - 27,247

Impairment loss during the year - - - 343 - - 343
Transfer to investment properties - (311) (14,515) - - - (14,826)
Disposals - - - (49,527) (144) - (49,671)
Write-off - - (2,117) (10,485) (3,487) - (16,089)
At 31 December 2021

- 2,373 20,171 240,234 24,527 - 287,305

Motor
vehicles,
office
RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
Carrying amounts
At 1 January 2020 6,025 4,750 29,648 72,878 3,535 1,667 118,503
At 31 December 2020/1 January 2021 6,025 4,613 29,233 46,621 2,456 8,040 96,988
At 31 December 2021 3,987 2,291 24,341 31,773 2,350 3,779 68,521


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113
3.1 Impairment of property, plant and equipment
The Group assesses its assets whenever there are indications of impairment. During the financial year, the
Group re-assessed the recoverable amount of a number of assets related to production of certain end of
life product lines. Based on the assessment, the recoverable amounts of the plant and equipment were
lower than its carrying amounts and accordingly, the carrying amount of these plant and equipment have
been impaired by RM343,000 (2020 : RM707,000).
3.2 Change in estimates
In the previous financial year, the Group conducted an operational efficiency review on one of its production
lines and resulted in changes in the expected usage of certain plant and equipment. Certain plant and
equipment, which management previously estimated the useful lives of 3 to 7 years, were now expected
to remain in production for 2 - 3 years from the date of capitalisation. As a result, the expected useful lives
of these assets decreased and their estimated residual values decreased. The effect of these changes on
depreciation expenses, recognised in cost of sales, in financial year 2020 and future periods were as follows :
2020 2021 2022 2023 2024

RM’000 RM’000 RM’000 RM’000 RM’000
Increase/(Decrease)
in depreciation expense 1,848 253 (799) (799) (503)
3.3 Right-of-use assets
The Group leases a number of land that run for 60 years (2020: 60 years to 99 years).
3.4 Transfer to investment properties
During the financial year, one of the Group’s land and building was transferred to investment properties as
it was no longer used by the Group and was partially leased to a third party.
3.5 Property, plant and equipment subject to operating lease
The Group leases part of its buildings to third parties. The leases contain a non-cancellable period from 3
months to 12 months. Subsequent renewals are negotiated with the lessees.
The Group generally does not require a financial guarantee on the lease arrangement. Nevertheless, the
Group requires three months of rental as deposit from the lessees. These leases do not include residual
value guarantee.
The following are recognised in profit or loss :

2021 2020
RM’000 RM’000
Lease income 734 1,456

3.5 Property, plant and equipment subject to operating lease (Cont’d)
The operating lease payments to be received are as follows :
2021 2020
RM’000 RM’000
Less than one year 684 1,404

One to two years 456 1,344
More than two years - 456
Total undiscounted lease payments 1,140 3,204
4. Investment properties - Group
Freehold Land (Right-

land of-use assets) Buildings Total
RM’000 RM’000 RM’000 RM’000
Cost
At 1 January 2020/31 December 2020/

1 January 2021 - - 12,840 12,840
Transfer from property, plant and equipment 2,038 2,523 18,539 23,100
At 31 December 2021 2,038 2,523 31,379 35,940
At 1 January 2020 - - 6,247 6,247
Depreciation for the year - - 257 257
At 31 December 2020/1 January 2021 - - 6,504 6,504
Depreciation for the year - 27 361 388

Transfer from property, plant and equipment - 311 14,515 14,826

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4. Investment properties - Group (Cont’d)
Freehold Land (Right-

land of-use assets) Buildings Total
RM’000 RM’000 RM’000 RM’000
At 31 December 2021
Accumulated depreciation - 338 21,374 21,712

Accumulated impairment losses - - 6 6
- 338 21,380 21,718
Carrying amounts
At 1 January 2020 - - 6,593 6,593
At 31 December 2020/1 January 2021 - - 6,336 6,336
At 31 December 2021 2,038 2,185 9,999 14,222
Investment properties comprise land and factory buildings that are leased to an associate of the Group and a
third party. The Group generally does not require a financial guarantee on the lease arrangement. Nevertheless,
the Group requires RM1.33 million (2020: RM1 million) as deposits from the lessees. No contingent rents are
charged.
During the financial year, one of the Group’s land and building has been transferred from property, plant and
equipment to investment properties (see Note 3) since the land and building was no longer used by the Group
and has been partially leased to a third party.
The following are recognised in profit or loss :
2021 2020
RM’000 RM’000
Lease income 3,255 2,508

Direct operating expenses :
- income generating investment property 640 295
The operating lease payments to be received are as follows :
2021 2020
RM’000 RM’000
Less than one year 3,287 2,508

One to two years 2,567 2,528
More than two years 1,294 3,861
Total undiscounted lease payments 7,148 8,897

4. Investment properties - Group (Cont’d)
4.1 Fair value information
The fair value of the investment properties of the Group is based on the Directors’ estimation using the
latest available market information and recent experience and knowledge in the location and category of
property being valued. The fair value of the investment properties of the Group as at 31 December 2021
is classified as level 3 fair value (2020: level 3 fair value), estimated at approximately RM37.6 million (2020
: RM14.6 million).
Policy on transfer between levels
The fair value of an asset to be transferred between levels is determined as of the date of the event or
change in circumstances that caused the transfer.
There has been no transfer between the fair value levels during the financial year (2020: no transfer in either
directions).
Level 3 fair value
Level 3 fair value is estimated using unobservable inputs for the investment properties.
Estimation uncertainty and key assumptions
The Directors estimate the fair value of the Group’s investment properties based on the following key
assumptions :
- Comparison of the Group’s investment properties with similar properties that were published 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.

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5. Investments in subsidiaries - Company
2021 2020
RM’000 RM’000
Cost of investment 154,767 154,767

Share-based payments allocated to subsidiaries 7,653 6,596
Less : Impairment loss (47) (47)
162,373 161,316
Details of the subsidiaries are as follows :
Principal
place of Effective
business/ ownership
Country of interest and
Name of entity incorporation voting interest Principal activities
2021 2020
Globetronics Sdn. Bhd. Malaysia 100% 100% Assembly and testing of integrated
circuits, optoelectronic products and
technical plating services
ISO Technology Sdn. Bhd. Malaysia 100% 100% Manufacturing of small outline
components, Light-Emitting-Diode
components and modules,
and technical plating services for the
semiconductor industry
Globetronics (KL) Sdn. Bhd. Malaysia 100% 100% Temporarily ceased its operation
Globetronics Manufacturing Malaysia 100% 100% Development and assembly of sensors and
Sdn. Bhd. optical products for smart mobile and
wearable applications
Globetronics (HK) Limited *^ Hong Kong 100% 100% Trading of electronics / semiconductor
components
Globetronics Industries Malaysia 100% 100% Dormant
Sdn. Bhd.
Globetronics Medical Malaysia 100% 100% Provision of computer hardware and
Technology Sdn. Bhd. software, system solutions and
consultations
Globetronics British Virgin 100% 100% Investment holding
International Incorporated # Islands
Trilion Suntech Sdn. Bhd. * Malaysia 100% 100% Dormant
* Not audited by member firms of KPMG PLT.

# The unaudited management financial statements were consolidated in the Group’s financial statements as
the subsidiary was not required by the local legislation to have audited financial statements.
^ Held through Globetronics International Incorporated.

6. Investment in an associate
Group Company
2021 2020 2021 2020
RM’000 RM’000 RM’000 RM’000
Investment in shares 784 784 784 784

Share of post-acquisition reserves 4,886 4,709 - -
5,670 5,493 784 784
Details of the associate which is having a principal place of business and incorporated in Malaysia are as follows :
Effective ownership
interest and voting
Name of entity interest Nature of the relationship
2021 2020
NGK Globetronics Technology Sdn. Bhd. 49% 49% Tenant for the investment property
of the Group
The following table summarises the information of the Group’s associate, adjusted for any differences in
accounting policies and reconciles the information to the carrying amount of the Group’s interest in the associate.
2021 2020
RM’000 RM’000
Group
Summarised financial information
As at 31 December
Non-current assets 24,209 11,569

Current assets 11,490 9,907
Non-current liabilities (15,803) (5,857)
Current liabilities (8,324) (4,408)
Net assets 11,572 11,211
Year ended 31 December
Profit from continuing operations representing total comprehensive income 361 102

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6. Investment in an associate (Cont’d)
2021 2020
RM’000 RM’000
Group
Included in the total comprehensive income is :
Revenue 14,640 12,527
Reconciliation of net assets to carrying amount as at 31 December
Group’s share of net assets representing carrying

amount in the statement of financial position 5,670 5,493
Group’s share of results for the year ended

31 December
Group’s share of profit from continuing operations representing Group’s share

of total comprehensive income 177 50
7. Other investments
Shares Bonds/Funds Total

RM’000 RM’000 RM’000
Non-current
Group
2021
Fair value through other comprehensive income 2,954 6,601 9,555
2020
Fair value through other comprehensive income 3,644 7,279 10,923

7. Other investments (Cont’d)
2021 2020
RM’000 RM’000
Company
Bonds/Funds
Fair value through other comprehensive income 4,767 4,797
Equity instruments designated at fair value through other comprehensive income
The Group designated the investments in equity securities shown below as fair value through other comprehensive
income since these investments in equity securities represent investments that the Group intends to hold for
long-term strategic purposes.

Group
2021 2020
Dividend Dividend
income income
recognised recognised
Fair value at during the Fair value at during the
31 December year 31 December year
RM’000 RM’000 RM’000 RM’000
China Construction Bank 232 15 246 14
Industrial and Commercial Bank of China 106 7 118 6
Galaxy Entertainment Group Limited 217 - 315 3
UBS (LUX) Key selection SICAV - - 335 26
UBS (LUX) Equity
- Global income - - 314 25
- US total yield 598 14 458 21
- China Opportunity 491 - 368 -
- All China 541 - 428 -
Hong Kong Land Holdings Ltd 174 7 134 8
Sprott Physical Gold Trust - - 550 -
Sprott Physical Silver Trust 336 - 378 -
Capital International Fund SICAV 259 - - -
2,954 43 3,644 103

|
7. Other investments (Cont’d)
Equity instruments designated at fair value through other comprehensive income (Cont’d)
During the year, the Group disposed the following investments which are carried at fair value through other
comprehensive income due to adjustment in the Group’s investment portfolio :
2021
Cumulative Dividend
Fair value at gain/(loss) on recognised in
derecognition disposal 2021
RM’000 RM’000 RM’000
Group
UBS (LUX) Equity - Global income 325 (94) 4

Sprott Physical Gold Trust 507 161 -
UBS (LUX) Key selection SICAV 355 (63) 7
1,187 4 11
8. Deferred tax assets - Group
Recognised deferred tax assets
Deferred tax assets are attributable to the following :
2021 2020
RM’000 RM’000
Property, plant and equipment

- capital allowances 110 319
Movements in temporary differences during the year
Recognised Recognised
in profit or At in profit or
At loss 31.12.2020/ loss At
1.1.2020 (Note 18) 1.1.2021 (Note 18) 31.12.2021
RM’000 RM’000 RM’000 RM’000 RM’000
- capital allowances 213 106 319 (209) 110

8. Deferred tax assets - Group (Cont’d)
Unrecognised deferred tax assets
Deferred tax assets have not been recognised in respect of the following items (stated at gross) :
2021 2020
RM’000 RM’000

- capital allowances 8,941 12,275
Unabsorbed capital allowances 10,859 7,317
Tax losses carry-forward 1,856 901
Investment tax allowances carry-forward 919 919
Other deductible temporary differences 5,703 9,299
28,278 30,711
The unabsorbed capital allowances and investment tax allowances carry-forward do not expire under current
tax legislation. As stipulated in the Finance Act 2021, any tax losses carry-forward can be carried forward for a
maximum period of 10 consecutive year of assessments (“YAs”). The tax losses carry-forward for YA 2019 and
prior YAs can be carried forward until YA 2029. Any amounts not utilised upon expiry of the 10-year period will
be disregarded.
As at 31 December 2021, the tax losses carry-forward will expire in the following YAs :
2021 2020
RM’000 RM’000
- YA 2029 885 890

- YA 2030 11 11
- YA 2031 960 -
1,856 901
The comparative figures have been restated to reflect the revised capital allowances carry-forwards, unabsorbed
capital allowances and other deductible temporary differences available to the Group.

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9. Inventories - Group
2021 2020
RM’000 RM’000
Raw materials 3,402 1,862

Work-in-progress 1,582 1,317
Manufactured inventories 928 141
Consumables 1,676 1,638
Trading inventories 602 694
8,190 5,652
Recognised in profit or loss :
2021 2020
RM’000 RM’000
Inventories recognised as cost of sales 125,665 149,388

Reversal of write-down (1,477) (667)
The write-down is included in cost of sales.
10. Trade and other receivables
Group Company
2021 2020 2021 2020
Note RM’000 RM’000 RM’000 RM’000
Trade
Trade receivables 30,267 42,397 - -
Non-trade
Amount due from subsidiaries 10.1 - - 40 40

Amount due from an associate 10.1 28 25 - -
Other receivables 1,530 450 25 25
Deposits 274 254 5 4
Prepayments 839 513 17 17
2,671 1,242 87 86
32,938 43,639 87 86

10. Trade and other receivables (Cont’d)
10.1 Amounts due from subsidiaries and an associate
The non-trade amounts due from subsidiaries and an associate are unsecured, interest-free and repayable
on demand.
11. Cash and cash equivalents
Group Company
2021 2020 2021 2020
Note RM’000 RM’000 RM’000 RM’000
Funds placed with financial
institutions :
- Short-term investment funds 11.1 122,009 66,565 23,847 18,314
- Short-term deposits 26,276 31,493 8,568 8,405
Cash and bank balances 46,812 65,606 196 1,014
195,097 163,664 32,611 27,733
Market value
- Short-term investment funds 11.1 122,295 66,908 23,996 18,429
Included in cash and cash equivalents of the Group and the Company are amounts which earn interest as follows :
Group Company
2021 2020 2021 2020
RM’000 RM’000 RM’000 RM’000
Cash and cash equivalents 156,577 155,057 32,415 27,596

Interest rates per annum 0.01% - 2.13% 0.01% - 2.62% 1.42% - 2.12% 1.75% - 2.62%
11.1 Short-term investment funds
Short-term investment funds represent investments in fixed income funds which can be redeemed within a
period of less than 31 days.
Included in short-term investment funds of the Group and the Company is an amount of RM108.53 million
(2020 : RM56.04 million) and RM23.30 million (2020 : RM17.77 million) respectively representing short-term
funds placed in Sukuk and Short Term Islamic Money Market Instruments.

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12. Share capital - Group and Company
2021 2020
Number of Number of
shares Amount shares Amount
’000 RM’000 ’000 RM’000
Issued and fully paid ordinary shares with no
par value classified as equity instruments 669,445 186,463 669,445 186,463
Ordinary shares
The holders of 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.
13. Reserves
Group Company
2021 2020 2021 2020
Note RM’000 RM’000 RM’000 RM’000
Non-distributable
Translation reserve 13.1 3,184 2,463 - -

Capital reserve 41 41 - -
Fair value reserve 13.2 219 871 (43) 92
Share option reserve 13.3 1,057 - 1,057 -
4,501 3,375 1,014 92
Distributable
Retained earnings 110,018 107,263 12,295 7,296
114,519 110,638 13,309 7,388
13.1 Translation reserve
The translation reserve comprises all foreign currency differences arising from the translation of the financial
statements of foreign operations.
13.2 Fair value reserve
The fair value reserve comprises the cumulative net change in the fair value of equity and debt securities
designated at fair value through other comprehensive income until the assets are derecognised or impaired.

13. Reserves (Cont’d)
13.3 Share option reserve
The share option reserve comprises the cumulative value of employee services received for the issue of
share options.
14. Deferred income - Group
2021 2020
RM’000 RM’000
Non-current
Government grants
At 1 January 399 2,053

Amortisation during the year (Note 17) (399) (1,654)
At 31 December - 399
The Group received government grants from 2008 to 2018 for the purpose of acquisition of certain plant and
equipment. The grants are being amortised over the useful lives of the plant and equipment.
15. Trade and other payables
Group Company
2021 2020 2021 2020
Note RM’000 RM’000 RM’000 RM’000
Trade
Trade payables 5,005 5,096 - -
Non-trade
Amount due to a subsidiary 15.1 - - 151 -

Other payables 10,478 10,876 - 1
Accrued expenses 15,868 18,242 710 859
Deposits received 1,890 1,866 - -
28,236 30,984 861 860
33,241 36,080 861 860

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15. Trade and other payables (Cont’d)
15.1 Amount due to a subsidiary
The non-trade amount due to a subsidiary is unsecured, interest-free and payable on demand.
16. Revenue
Group Company
2021 2020 2021 2020
RM’000 RM’000 RM’000 RM’000
Revenue from contracts with customers 205,360 226,507 - -
Other revenue
- Dividend income 122 193 56,957 50,750

- Interest income 561 823 559 797
683 1,016 57,516 51,547
Total revenue 206,043 227,523 57,516 51,547
16.1 Disaggregation of revenue - Group
Revenue mainly consists of manufacture, assembly, testing and sale of integrated circuits, optoelectronic
products, chip carrier quartz crystal products, small outline components, LED components and modules,
sensors and optical products, electronics/semiconductor components and technical plating services for
semiconductor and electronics industries. Disaggregation of revenue based on primarily geographical
market has been disclosed in Note 23 to the financial statements.
16.2 Nature of goods - Group
Revenue from the sale of products in the course of ordinary activities is typically recognised at point in time
when the goods are delivered and accepted by the customers. The payment terms granted to customers is
60 days from invoice date. There is no variable element in consideration, obligation for returns or refunds
and warranty attached to the goods sold by the Group.
16.3 Transaction price allocated to the remaining performance obligations

The Group applies the practical expedient exemption in paragraph 121(a) of MFRS 15 on the exemption
for disclosure of information on remaining performance obligations that have original expected durations
of one year or less.

17. Profit before tax
Group Company
2021 2020 2021 2020
RM’000 RM’000 RM’000 RM’000
Profit before tax is arrived at after
charging/(crediting) :
Auditors’ remuneration :
- Audit fees
- KPMG PLT in Malaysia
- current year 166 166 26 26
- prior year - (4) - -
- Other auditors 10 10 - -
- Non-audit fees
- KPMG PLT in Malaysia 10 10 10 10
- Local affiliate of KPMG PLT in Malaysia 4 4 4 4
Directors’ emoluments
- Directors of the Company
- Current Directors
- Fees 854 1,137 506 789
- Others 7,757 7,589 - -
- Past Directors
- Fees 134 - 134 -
- Other Director
- Fees 116 116 - -
- Others 1,029 972 - -
Depreciation on :
- property, plant and equipment 27,247 40,482 - -
- investment properties 388 257 - -
Impairment loss on plant and equipment 343 707 - -
Reversal of inventories written down (1,477) (667) - -
Net foreign exchange (gain)/loss (2,878) 647 (44) -
Amortisation of deferred income (399) (1,654) - -
Gain on disposal of plant and equipment (482) (1,274) - -
Finance income (Note 17.3) 1,587 1,810 - -
Personnel expenses (including key
management personnel) :
- Wages, salaries and others 56,126 60,201 - -
- Contributions to Employee Provident
Fund 2,570 2,652 - -
Voluntary Separation Scheme Expense 1,097 - - -

|
17. Profit before tax (Cont’d)
Group Company
2021 2020 2021 2020
RM’000 RM’000 RM’000 RM’000
Expenses/(income) arising from leases
Expenses relating to short-term leases

(Note 17.2) 1,695 1,559 - -
Income from :
- subleasing of buildings (734) (1,456) - -
- investment properties (3,255) (2,508) - -
Net gain on impairment of financial

instruments
Reversal of impairment loss on trade

receivables - (439) - -

17.1 The estimated monetary value of Directors’ benefits-in-kind is RM47,900 (2020 : RM47,015).
17.2 The Group leases employees’ hostel and equipment with contract term of 1 year or shorter. The lease is
short-term. The Group has elected not to recognise right-of-use assets and lease liabilities for these leases.
17.3 Finance income represents interest income of financial assets calculated using the effective interest method
that are at amortised cost.
18. Tax expense
Recognised in profit or loss
Group Company
2021 2020 2021 2020
RM’000 RM’000 RM’000 RM’000
Income tax expense on continuing
2,523 1,192 29 66
operations
Share of tax of an equity- accounted
56 16 - -
associate
Total income tax expense 2,579 1,208 29 66

18. Tax expense (Cont’d)
Recognised in profit or loss (Cont’d)
Major components of income tax expense include :
Group Company
2021 2020 2021 2020
RM’000 RM’000 RM’000 RM’000
Current tax expense
- Current year 2,563 1,301 40 60

- Prior year (249) (3) (11) 6
Total current tax recognised in profit or loss 2,314 1,298 29 66
Deferred tax expense

- Origination and reversal of temporary
differences 209 (106) - -
Share of tax of an equity- accounted

56 16 - -
associate

|
18. Tax expense (Cont’d)
Reconciliation of tax expense
Group Company
2021 2020 2021 2020
RM’000 RM’000 RM’000 RM’000
Profit for the year 52,949 50,804 55,207 49,098

Profit excluding tax 55,528 52,012 55,236 49,164
Income tax calculated using Malaysian tax rate

of 24% 13,327 12,483 13,257 11,799
Effect of tax rate in different jurisdiction 5 2 - -
Non-deductible expenses 1,127 1,242 557 572
Non-taxable income (14) (553) (11) (2)
Tax exempt income (419) (337) (13,764) (12,320)
Tax incentive (10,741) (13,526) - -
Deferred tax assets not recognised (584) 1,704 - -
Other items 127 196 1 11
2,828 1,211 40 60
(Over)/Under provision in prior year (249) (3) (11) 6
2,579 1,208 29 66

19. Other comprehensive income/(expense)
2021 2020
Before Tax Net of Before Tax Net of
tax expense tax tax expense tax
RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
Group
Item that will not be reclassified subsequently

to profit or loss
Net change in fair value of equity investments at fair

value through other comprehensive income (638) - (638) 127 - 127
Item that is or may be reclassified subsequently

to profit or loss
Foreign currency translation differences for foreign

operations
- Gains/(Losses) during the year 721 - 721 (414) - (414)
83 - 83 (287) - (287)
Company
Item that will not be reclassified subsequently

to profit or loss
Net change in fair value of equity investments at fair

value through other comprehensive income (135) - (135) (168) - (168)

|
133
20. Earnings per ordinary share - Group
Basic earnings per ordinary share
The calculation of basic earnings per ordinary share was based on the profit attributable to ordinary shareholders
and a weighted average number of ordinary shares outstanding, calculated as follows :
2021 2020
RM’000 RM’000
Profit attributable to ordinary shareholders 52,949 50,804
2021 2020
‘000 ‘000
Weighted average number of ordinary shares 669,445 669,445
2021 2020
Sen Sen
Basic earnings per ordinary share 7.91 7.59
Diluted earnings per ordinary share
The diluted earnings per ordinary share is the same as basic earnings per ordinary share as the effect of the
assumed exercise of ESOS is not considered as the exercise price of the ESOS is higher than the average market
price of the Company’s shares.
21. Dividends - Group and Company
Dividends recognised by the Company :
Total
Sen amount
per share RM’000 Date of payment
2021
Third interim 2020 ordinary and special 3.0 20,083 25 March 2021
First interim 2021 ordinary and special 2.0 13,389 5 July 2021
Second interim 2021 ordinary and special 2.5 16,736 2 December 2021
50,208
2020
Third interim 2019 ordinary and special 3.0 20,083 26 March 2020
First interim 2020 ordinary and special 2.0 13,389 2 July 2020
Second interim 2020 ordinary and special 2.5 16,736 3 December 2020
50,208
21. Dividends - Group and Company (Cont’d)
A third interim single tier ordinary dividend of 1.0 sen per share and a single tier special dividend of 2.0 sen per
share, totalling RM20,083,337 were declared on 24 February 2022 and paid on 24 March 2022. These dividends
will be recognised in the financial year ending 31 December 2022.
22. CAPITAL COMMITMENTS - GROUP
2021 2020
RM’000 RM’000

- Contracted but not provided for 4,257 1,198

23. Operating segments - Group
The Group is principally confined to the manufacture, assembly, testing and sale of integrated circuits,
optoelectronic products, chip carrier quartz crystal products, small outline components, LED components and
modules, sensors and optical products, electronics/semiconductor components and technical plating services for
the semiconductor and electronics industries. Accordingly, information by operating segments on the Group’s
operations as required by MFRS 8 is not presented.
Geographical segments
The Group’s manufacturing activities are performed in Malaysia while sales and distribution activities are mainly
performed in three principal geographical areas namely Malaysia, Singapore and United States.
In presenting information on the basis of geographical segments, segment revenue is based on geographical
location of customers. Segment assets are based on the geographical location of the assets. The amounts of non-
current assets do not include financial instruments (including investment in an associate and other investments)
and deferred tax assets.
United
Malaysia Singapore States Others Consolidated
RM’000 RM’000 RM’000 RM’000 RM’000
2021
Revenue from external

customers 50,190 146,540 9,078 235 206,043
Non-current assets 82,743 - - - 82,743
2020
Revenue from external

customers 51,567 162,829 11,145 1,982 227,523
Non-current assets 103,324 - - - 103,324
Major customers

Two (2020 : Two) major customers of the Group, with revenue equal or more than 10% of the Group’s total
revenue, contribute approximately 73% (2020 : 79%) or RM149,898,000 (2020 : RM179,531,000) of the Group’s
total revenue.

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24. Employee benefits - Group and Company
Share-based payments arrangement
The Group granted share options to Executive Directors and confirmed full-time employees with at least three
months of service to purchase shares in the Company under the Employee Share Option Scheme (“ESOS”)
approved by the shareholders of the Company on 22 July 2020.
The contractual lives of ESOS are five years commencing from 3 August 2020.
Details of the grant are as follows :
Number of options
Grant date (’000)
19 March 2021 1,293

25 October 2021 582
The terms and conditions related to the grants of the share option program are that the eligible persons are
entitled to exercise the number of options granted over the remaining lives of ESOS from the granting dates on
condition that the eligible persons are still in employment.
The number and weighted average exercise prices of share options are as follows :
2021
Weighted average Number of
exercise price options
RM ’000
ESOS
Outstanding at 1 January - -
Granted during the year 2.55 1,875
Forfeited during the year 2.71 (202)
Outstanding at 31 December 2.53 1,673
Exercisable at 31 December 2.53 1,673
The options outstanding at 31 December 2021 had an exercise price in the range of RM2.14 to RM2.74 and a
weighted contractual life of 3.6 years.
No share options were exercised during both financial years.

24. Employee benefits - Group and Company (Cont’d)
Share-based payments arrangement (Cont’d)
The fair value of services received in return for share options granted is based on the fair value of share options
granted, measured using a binomial lattice model, with the following inputs :
Employees
2021
RM
Fair value of share options and assumptions
Fair value at grant date 0.77 & 0.37
Weighted average share price 2.74 & 2.14

Share price at grant date 2.75 & 2.14
Expected volatility (weighted average volatility) 40.20% & 28.50%
Option life (expected weighted average life) 3.6 years
Expected dividends 2.73% & 3.50%
Risk-free interest rate (based on Malaysian government bonds) 1.95% & 1.90%

No share options were granted during the previous financial year.
Value of employee services received for issue of share options
2021
RM’000
Share options forfeited (153)

Share options granted 1,210
Total expense recognised as share-based payments 1,057
The share options expense is not recognised in the profit or loss of the Company as it has been re-charged to the
subsidiaries benefiting from the services of the employees.
25. Related parties
Identity of related parties
For the purposes of these financial statements, parties are considered to be related to the Group if the Group
or the Company has the ability, directly or indirectly, to control or jointly control the party or exercise significant
influence over the party in making financial and operating decisions, or vice versa, or where the Group or the
Company and the party are subject to common control. Related parties may be individuals or other entities.
Related parties also include key management personnel 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.

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25. Related parties (Cont’d)
Identity of related parties (Cont’d)
The Group has related party relationship with :
(i) subsidiaries and associate of the Company as disclosed in Notes 5 and 6 to the financial statements;
(ii) key management personnel; and
(iii) companies in which a Director, Mr Ng Kweng Chong is deemed to have a substantial financial interest :
- Ng Kweng Chong Holdings Sdn. Bhd. (Registration No : 197901007294 (51580-M))
- Wiserite Sdn. Bhd. (Registration No : 199601038240 (410593-W))
- Glencare Sdn. Bhd. (Registration No : 200101013301 (549058-U)).
Significant related party transactions
Related party transactions have been entered into in the normal course of business under normal trade terms.
The significant related party transactions of the Group and of the Company are shown below. The balances
related to the below transactions are shown in Notes 10 and 15 to the financial statements.
Group
2021 2020
RM’000 RM’000
i) Transactions with an associate
NGK Globetronics Technology Sdn. Bhd.

- Rental of investment property 2,508 2,508
- Provision of management support services 202 137
Company
2021 2020
RM’000 RM’000
ii) Transactions with subsidiaries
Globetronics Sdn. Bhd.

- Provision of management support services 1,340 1,191
ISO Technology Sdn. Bhd.

- Dividend income 900 1,000
Globetronics (KL) Sdn. Bhd.

- Dividend income 1,320 -
Globetronics Manufacturing Sdn. Bhd.

- Dividend income 49,500 49,750
Globetronics International Incorporated

- Dividend income 5,238 -

25. Related parties (Cont’d)
Significant related party transactions (Cont’d)
iii) Transactions with Directors and key management personnel
There were no transactions with the Directors and key management personnel other than the remuneration
package paid to them in accordance with the terms and conditions of their appointment as disclosed in Note
17 to the financial statements.
26. Financial instruments
26.1 Categories of financial instruments
The table below provides an analysis of financial instruments categorised as follows :
(a) Amortised cost (“AC”); and

(b) Fair value through other comprehensive income (“FVOCI”)
- Equity instrument designated upon initial recognition (“EIDUIR”).
Carrying FVOCI
amount AC - EIDUIR
RM’000 RM’000 RM’000
Financial assets
2021
Group
Other investments 9,555 - 9,555

Trade and other receivables (excluding prepayments) 32,099 32,099 -
Cash and cash equivalents 195,097 195,097 -
236,751 227,196 9,555
Company

Trade and other receivables (excluding prepayments) 70 70 -
37,448 32,681 4,767

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26. Financial instruments (Cont’d)
26.1 Categories of financial instruments (Cont’d)
The table below provides an analysis of financial instruments categorised as follows :
Carrying FVOCI
amount AC - EIDUIR
RM’000 RM’000 RM’000
Financial assets (Cont’d)
2020
Group

Trade and other receivables (excluding prepayments) 43,126 43,126 -
217,713 206,790 10,923
Company

Trade and other receivables (excluding prepayments) 69 69 -
32,599 27,802 4,797

26.1 Categories of financial instruments (Cont’d)
Carrying
amount AC
RM’000 RM’000
Financial liabilities
2021
Group
Trade and other payables 33,241 33,241
Company
Trade and other payables 861 861
2020
Group
Trade and other payables 36,080 36,080
Company
Trade and other payables 860 860

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26.2 Net gains and losses arising from financial instruments
Group Company
2021 2020 2021 2020
RM’000 RM’000 RM’000 RM’000
Net gains/(losses) on :
Equity instruments designated at FVOCI
- recognised in profit or loss 122 193 - -

- recognised in other
comprehensive income (638) 127 (135) (168)
(516) 320 (135) (168)

Financial assets at amortised cost 5,166 2,460 603 797
Financial liabilities at amortised cost (140) (35) - -
4,510 2,745 468 629
26.3 Financial risk management
The Group has exposure to the following risks from its use of financial instruments :
• Credit risk
• Liquidity risk
• Market risk
26.4 Credit risk
Credit risk is the risk of a financial loss if a customer or counterparty to a financial instrument fails to
meet its contractual obligations. The Group’s exposure to credit risk arises principally from the individual
characteristics of each customer and investment in debt securities. The Company’s exposure to credit risk
arises principally from advances to subsidiaries and financial guarantees given to several banks for credit
facilities granted to subsidiaries. There are no significant changes as compared to prior periods.
Trade receivables
Risk management objectives, policies and processes for managing the risk
Management has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis.
Normally credit evaluations are performed on customers requiring credit over a certain amount.
At each reporting date, the Group or the Company assesses whether any of the trade receivables is credit
impaired.


26.4 Credit risk (Cont’d)
Trade receivables (Cont’d)
Risk management objectives, policies and processes for managing the risk (Cont’d)
The gross carrying amount of credit impaired trade receivables is written off (either partially or full) when
there is no realistic prospect of recovery. This is generally the case when the Group or the Company
determines that the debtor does not have assets or sources of income that could generate sufficient cash
flows to repay the amounts subject to the write-off. Nevertheless, trade receivables that is written off could
still be subject to enforcement activities.
There are no significant changes as compared to previous year.
Exposure to credit risk, credit quality and collateral

As at the end of the reporting period, the maximum exposure to credit risk arising from trade receivables
is represented by the carrying amounts in the statements of financial position.
Concentration of credit risk
The exposure of credit risk for trade receivables as at the end of the reporting period by geographical
region was :
Group
2021 2020
RM’000 RM’000
Domestic 9,586 9,582

Singapore 19,668 32,128
United States 1,013 675
Others - 12
30,267 42,397
Recognition and measurement of impairment loss
In managing credit risk of trade receivables, the Group manages its debtors and takes appropriate actions
(including but not limited to legal actions) to recover long overdue balances. Generally, trade receivables
will pay within 60 days. The Group’s debt recovery process is as follows :
a) Above 30 days past due after credit term, the Group’s Finance and Business Development
management team will start to monitor and follow up with the Finance Department counterpart for
a consistent debts repayment process; and
b) Above 90 days past due, the matter will be escalated to the senior management whereby discussion
and structured debts recovery process will be initiated and monitored closely.
The Group uses an allowance matrix to measure Expected Credit Losses (“ECLs”) of trade receivables.
Consistent with the debt recovery process, invoices which are past due 90 days will be considered as credit
impaired.
Loss rates are calculated using a ‘roll rate’ method based on the probability of a receivable progressing
through successive stages of delinquency to 90 days past due.

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Recognition and measurement of impairment loss (Cont’d)
Loss rates are based on actual credit loss experience over the past three years. The Group also considers
differences between (a) economic conditions during the period over which the historic data has been
collected, (b) current conditions and (c) the Group’s view of economic conditions over the expected lives
of the receivables. Nevertheless, the Group believes that these factors are immaterial for the purpose of
impairment calculation for the year.
The following table provides information about the exposure to credit risk and ECLs for trade receivables.
Gross
carrying Loss Net
amount allowance balance
RM’000 RM’000 RM’000
Group
2021
Current (not past due) 27,991 - 27,991

1 - 30 days past due 2,224 - 2,224
31 - 60 days past due 52 - 52
30,267 - 30,267
2020
Current (not past due) 39,894 - 39,894

1 - 30 days past due 2,430 - 2,430
31 - 60 days past due 69 - 69
Past due more than 60 days 4 - 4
42,397 - 42,397

Recognition and measurement of impairment loss (Cont’d)
The movements in the allowance for impairment in respect of trade receivables during the year are shown
below.
Trade receivables-
credit impaired
2021 2020
RM’000 RM’000
Group
Balance at 1 January - 471

Impairment loss reversed - (439)
Amounts written off - (32)
Balance at 31 December - -
Cash and cash equivalents
The cash and cash equivalents are held with banks and financial institutions. As at the end of the reporting
period, the maximum exposure to credit risk is represented by their carrying amounts in the statements of
financial position.
These banks and financial institutions have low credit risks. In addition, some of the bank balances are
insured by government agencies. Consequently, the Group and the Company are of the view that the loss
allowance is not material and hence, it is not provided for.
Other receivables
Credit risk on other receivables are mainly arising from deposits paid for rented hostels and utilities. These
deposits will be received at the end of each lease terms. The Group manages the credit risk together with
the leasing arrangement.
As at the end of the reporting period, the maximum exposure to credit risk is represented by their carrying
amounts in the statements of financial position.
As at the end of the reporting period, the Group and the Company did not recognise any allowance for
impairment loss.
Financial guarantees
The Company provides unsecured financial guarantees to banks in respect of banking facilities granted to
certain subsidiaries. The Company monitors the ability of the subsidiaries to service their banking facilities
on an individual basis.

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Financial guarantees (Cont’d)
Exposure to credit risk, credit quality and collateral
The maximum exposure to credit risk amounts to RM3.06 million (2020 : RM3.60 million) representing the
outstanding banking facilities of the subsidiaries as at the end of the reporting period.
Recognition and measurement of impairment loss
The Company assumes that there is a significant increase in credit risk when a subsidiary’s financial position
deteriorates significantly. The Company considers a financial guarantee to be credit impaired when :
• The subsidiary is unlikely to repay its credit obligation to the bank in full; or
• The subsidiary is continuously loss making and is having a deficit shareholder’s fund.
The Company determines the probability of default of the guaranteed loans individually using internal
information available.
As at the end of the reporting period, the Company did not recognise any allowance for impairment loss.
26.5 Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The
Group’s exposure to liquidity risk arises principally from its various payables, loans and borrowings.
The Group maintains a level of cash and cash equivalents and banking facilities deemed adequate by the
management to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when
they fall due.
It is not expected that the cash flows included in the maturity analysis could occur significantly earlier, or at
significantly different amounts.
Maturity analysis
The table below summarises the maturity profile of the Group’s and the Company’s financial liabilities as at
the end of the reporting period based on undiscounted contractual payments :

26.5 Liquidity risk (Cont’d)
Maturity analysis (Cont’d)
Contractual
interest
Carrying rates Contractual Under
amount per annum cash flows 1 year
RM’000 % RM’000 RM’000
Non-derivative financial liabilities
Group
2021
Trade and other payables 33,241 - 33,241 33,241
2020
Trade and other payables 36,080 - 36,080 36,080
Company
2021
Trade and other payables 861 - 861 861

Financial guarantees - - 3,060 3,060
861 3,921 3,921
2020
Trade and other payables 860 - 860 860

Financial guarantees - - 3,603 3,603
860 4,463 4,463

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26.6 Market risk
Market risk is the risk that changes in market prices, such as foreign exchange rates and interest rates that
will affect the Group’s financial position or cash flows.
26.6.1 Currency risk
The Group is exposed to foreign currency risk on sales, purchases, cash and cash equivalents that are
denominated in a currency other than the respective functional currencies of the Group entities. The
currency giving rise to this risk is primarily U.S. Dollar (“USD”).
The Group ensures that the net exposure is kept to an acceptable level by buying or selling foreign
currencies at spot rates where necessary to address short-term imbalances.
Exposure to foreign currency risk
The Group’s exposure to foreign currency (a currency which is other than the functional currency of the
Group entities) risk, based on carrying amounts as at the end of the reporting period are as follows :
2021 2020
RM’000 RM’000
Denominated in USD
Trade and other receivables 24,534 32,935

Cash and cash equivalents 36,080 34,630
Trade and other payables (8,084) (4,864)
Net exposure 52,530 62,701
Currency risk sensitivity analysis
Foreign currency risk arises from Group entities which have a RM functional currency. The exposure to
currency risk of Group entities which do not have a RM functional currency is not material and hence,
sensitivity analysis is not presented.
A 5% (2020 : 5%) strengthening of the RM against USD at the end of the reporting period would have
decreased post-tax profit or loss by RM1,996,000 (2020: RM2,383,000). This analysis is based on foreign
currency exchange rate variances that the Group entities considered to be reasonably possible at the
end of the reporting period. This analysis assumes that all other variables, in particular interest rates,
remained constant and ignores any impact of forecasted transactions.
A 5% (2020 : 5%) weakening of the RM against USD at the end of the reporting period would have
had equal but opposite effect on USD to the amount shown above, on the basis that all other variables
remained constant.

26.6 Market risk (Cont’d)
26.6.2 Interest rate risk
The Group’s investments in fixed rate debt securities are exposed to a risk of change in their fair value
due to changes in interest rates. Investments in equity securities and short-term receivables and payables
are not significantly exposed to interest rate risk.
The Group is presently enjoying competitive interest rates which are reviewed and negotiated on a yearly
basis.
Exposure to interest rate risk
The interest rate profile of the Group’s and the Company’s significant interest earning financial instruments,
based on carrying amounts as at the end of the reporting period are as follows :
Group Company
2021 2020 2021 2020
RM’000 RM’000 RM’000 RM’000
Fixed rate instruments
Financial assets
- Bonds/Funds 6,601 7,279 4,767 4,797
- Cash and cash equivalents 156,577 155,057 32,415 27,596
163,178 162,336 37,182 32,393
Interest rate risk sensitivity analysis
(a) Fair value sensitivity analysis for fixed rate instruments
The Group does not account for any fixed rate financial assets at fair value through profit or loss.
Therefore, a change in interest rates at the end of the reporting period would not affect profit or
loss.
26.7 Fair value information
The carrying amounts of cash and cash equivalents, short-term receivables and payables and short-term
borrowings reasonably approximate their fair values due to the relatively short term nature of these
financial instruments.

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150
26.7 Fair value information (Cont’d)
The table below analyses other financial instruments at fair value.
Fair value of financial instruments Fair value of financial instruments

carried at fair value not carried at fair value Total Carrying
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total fair value amount
RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
Financial assets
2021
Group
Quoted bonds/funds - 6,601 - 6,601 - - - - 6,601 6,601

Quoted shares 2,954 - - 2,954 - - - - 2,954 2,954
2,954 6,601 - 9,555 - - - - 9,555 9,555
Company
2020
Group

Quoted shares 3,644 - - 3,644 - - - - 3,644 3,644
3,644 7,279 - 10,923 - - - - 10,923 10,923
Company

26.7 Fair value information (Cont’d)

Policy on transfer between levels
The fair value of an asset to be transferred between levels is determined as of the date of the event or
change in circumstances that caused the transfer.
Transfers between Level 1 and Level 2 fair values
There has been no transfer between Level 1 and 2 fair values during the financial year (2020 : No transfer
in either directions).
27. Capital management
The Group’s objectives when managing capital is to maintain a strong capital base and safeguard the Group’s
ability to continue as a going concern, so as to maintain investor, creditor and market confidence and to sustain
future development of the business.
There were no changes in the Group’s approach to capital management during the financial year.

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Statement
by Directors
Pursuant to Section 251(2) of The Companies Act 2016
In the opinion of the Directors, the financial statements set out on pages 80 to 151 are drawn up in accordance with
Malaysian Financial Reporting Standards, International Financial Reporting Standards and the requirements of the
Companies Act 2016 in Malaysia so as to give a true and fair view of the financial position of the Group and of the
Company as of 31 December 2021 and of their financial performance and cash flows for the financial year then ended.
Signed on behalf of the Board of Directors in accordance with a resolution of the Directors :
Ng Kweng Chong
Director

Director
Penang,
Date : 1 April 2022

Statutory
declaration
Pursuant to Section 251(1)(b) of the Companies Act 2016
I, Ng Kok Choon, the officer primarily responsible for the financial management of Globetronics Technology Bhd.,
do solemnly and sincerely declare that the financial statements set out on pages 80 to 151 are, to the best of my
knowledge and belief, correct and I make this solemn declaration conscientiously believing the declaration to be true,
and by virtue of the Statutory Declarations Act 1960.
Subscribed and solemnly declared by the abovenamed Ng Kok Choon, NRIC: 660114-07-5371, MIA CA7976, at
George Town in the State of Penang on 1 April 2022.
Ng Kok Choon
Before me :
Goh Suan Bee (No. P125)

Pesuruhjaya Sumpah
(Commissioner of Oaths)
Penang

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INDEPENDENT
AUDITORS’ REPORT
TO THE MEMBERS OF GLOBETRONICS TECHNOLOGY BHD.
(Registration No. 199601037932 (410285 - W))(Incorporated In Malaysia)
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of Globetronics Technology Bhd., which comprise the statements of financial
position as at 31 December 2021 of the Group and of the Company, and the statements of profit or loss and other
comprehensive income, statements of changes in equity and statements of cash flows of the Group and of the Company
for the year then ended, and notes to the financial statements, including a summary of significant accounting policies,
as set out on pages 80 to 151.
In our opinion, the accompanying financial statements give a true and fair view of the financial position of the Group
and of the Company as at 31 December 2021, and of their financial performance and their cash flows for the year then
ended in accordance with Malaysian Financial Reporting Standards, International Financial Reporting Standards and
the requirements of the Companies Act 2016 in Malaysia.
Basis for Opinion
We conducted our audit in accordance with approved standards on auditing in Malaysia and International Standards
on Auditing. Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the
Audit of the Financial Statements section of our auditors’ report. We believe that the audit evidence we have obtained
is sufficient and appropriate to provide a basis for our opinion.
Independence and Other Ethical Responsibilities
We are independent of the Group and of the Company in accordance with the By-Laws (on Professional Ethics, Conduct
and Practice) of the Malaysian Institute of Accountants (“By-Laws”) and the International Ethics Standards Board
for Accountants’ International Code of Ethics for Professional Accountants (including International Independence
Standards) (“IESBA Code”), and we have fulfilled our other ethical responsibilities in accordance with the By-Laws and
the IESBA Code.
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of
the financial statements of the Group and of the Company for the current year. These matters were addressed in
the context of our audit of the financial statements of the Group and of the Company as a whole, and in forming our
opinion thereon, and we do not provide a separate opinion on these matters.

INDEPENDENT AUDITORS’ REPORT (Cont’d)
Report on the Audit of the Financial Statements (Cont’d)
Key Audit Matters (Cont’d)
Revenue recognition
Refer to Note 2(o)(i) (accounting policy) and Note 16 Revenue
The key audit matter How the matter was addressed in our audit
As the demand for the Group’s products are subject to Our audit procedures performed included, amongst
the global economic conditions and competitive pricing, others :
the performance of the Group is vulnerable to external
factors. • Evaluated the design and implementation of control
over revenue recognition;
We have identified revenue recognition as a key audit
matter since the performance of the Group is susceptible • Inspected significant new contracts during the financial
to external parties expectations and hence, there is a risk year on material terms of contracts and non-standard
that revenue may be misstated. arrangements for proper recognition in accordance with
relevant accounting standard;
• Agreed sales recognised before and after year end

on sampling basis to the delivery documents and
considered whether the sales were recognised in the
appropriate accounting period;
• Tested sales around year end for proper revenue

recognition in the financial year by obtaining written
confirmations of sales transactions from customers
or compared the sales recognised to the delivery
documents; and
• Assessed significant credit notes issued subsequent

to year end to check whether they were related to the
We have determined that there are no key audit matters in the audit of the separate financial statements of the
Company to communicate in our auditors’ report.
Information Other than the Financial Statements and Auditors’ Report Thereon
The Directors of the Company are responsible for the other information. The other information comprises the information
included in the annual report, but does not include the financial statements of the Group and of the Company and our
auditors’ report thereon.
Our opinion on the financial statements of the Group and of the Company does not cover the annual report and we do
not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements of the Group and of the Company, our responsibility is to read
the annual report and, in doing so, consider whether the annual report is materially inconsistent with the financial
statements of the Group and of the Company or our knowledge obtained in the audit, or otherwise appears to be
materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of the annual report, we
are required to report that fact. We have nothing to report in this regard.

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Responsibilities of the Directors for the Financial Statements
The Directors of the Company are responsible for the preparation of financial statements of the Group and of the
Company that give a true and fair view in accordance with Malaysian Financial Reporting Standards, International
Financial Reporting Standards and the requirements of the Companies Act 2016 in Malaysia. The Directors are also
responsible for such internal control as the Directors determine is necessary to enable the preparation of financial
statements of the Group and of the Company that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements of the Group and of the Company, the Directors are responsible for assessing
the ability of the Group and of the Company to continue as a going concern, disclosing, as applicable, matters related
to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the
Group or the Company or to cease operations, or have no realistic alternative but to do so.
Auditors’ Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements of the Group and of the
Company as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’
report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit
conducted in accordance with approved standards on auditing in Malaysia and International Standards on Auditing will
always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of
users taken on the basis of these financial statements.
As part of an audit in accordance with approved standards on auditing in Malaysia and International Standards on
Auditing, we exercise professional judgement and maintain professional scepticism throughout the audit. We also :
• Identify and assess the risks of material misstatement of the financial statements of the Group and of the Company,
whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
internal control of the Group and of the Company.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by the Directors.
• Conclude on the appropriateness of the Directors’ use of the going concern basis of accounting and, based on
the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast
significant doubt on the ability of the Group or of the Company to continue as a going concern. If we conclude that
a material uncertainty exists, we are required to draw attention in our auditors’ report to the related disclosures
in the financial statements of the Group and of the Company or, if such disclosures are inadequate, to modify
our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors’ report.
However, future events or conditions may cause the Group or the Company to cease to continue as a going
concern.
• Evaluate the overall presentation, structure and content of the financial statements of the Group and of the
Company, including the disclosures, and whether the financial statements of the Group and of the Company
represent the underlying transactions and events in a manner that gives a true and fair view.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business
activities within the Group to express an opinion on the financial statements of the Group. We are responsible
for the direction, supervision and performance of the group audit. We remain solely responsible for our audit
opinion.

Auditors’ Responsibilities for the Audit of the Financial Statements (Cont’d)
We communicate with the Directors regarding, among other matters, the planned scope and timing of the audit and
significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide the Directors with a statement that we have complied with relevant ethical requirements regarding
independence, and to communicate with them all relationships and other matters that may reasonably be thought to
bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied.
From the matters communicated with the Directors, we determine those matters that were of most significance in the
audit of the financial statements of the Group and of the Company for the current year and are therefore the key audit
matters. We describe these matters in our auditors’ report unless law or regulation precludes public disclosure about
the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our
auditors’ report because the adverse consequences of doing so would reasonably be expected to outweigh the public
interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
In accordance with the requirements of the Companies Act 2016 in Malaysia, we report that the subsidiaries of which
we have not acted as auditors are disclosed in Note 5 to the financial statements.
Other Matter
This report is made solely to the members of the Company, as a body, in accordance with Section 266 of the Companies
Act 2016 in Malaysia and for no other purpose. We do not assume responsibility to any other person for the content
of this report.
KPMG PLT Dato’ Ooi Kok Seng

(LLP0010081-LCA & AF 0758) Approval Number : 02432/05/2023 J
Chartered Accountants Chartered Accountant
Penang
Date : 1 April 2022

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Statistics On
Shareholdings
As at 28 March 2022
Analysis by size of shareholdings
Total number of issued shares : 669,444,558

Voting right : One vote per Ordinary Share
Number of % of Number of % of Issued

Size of Shareholdings Shareholders Shareholders Issued Shares Shares
1 - 99 526 3.20 23,964 0.00
100 - 1,000 2,643 16.08 1,914,835 0.29
1,001 - 10,000 9,316 56.68 42,861,687 6.40
10,001 - 100,000 3,518 21.41 99,760,186 14.90
100,001 - 33,472,226 (*) 431 2.62 399,555,939 59.69
33,472,227 and above (**) 2 0.01 125,327,947 18.72
Total 16,436 100.00 669,444,558 100.00
Remark: * Less than 5% of Issued Shares

** 5% and above of Issued Shares

Statistics On Shareholdings (Cont’d)
As at 28 March 2022
Top 30 Shareholders
(Without Aggregating Securities From Different Securities Accounts Belonging To The Same Person)
Number % of
of Issued Issued
No. Name Shares Shares
1 Citigroup Nominees (Tempatan) Sdn Bhd 77,540,329 11.58
Employees Provident Fund Board
2 General Produce Agency Sdn. Berhad 34,895,324 5.21
3 Lembaga Tabung Haji 33,245,000 4.97
4 Ng Kweng Chong Holdings Sdn. Bhd. 23,689,222 3.54
5 Amanahraya Trustees Berhad 16,450,000 2.46
Public Islamic Opportunities Fund
Employees Provident Fund Board (Cimb Prin)
7 Pertubuhan Keselamatan Sosial 14,143,700 2.11
8 General Produce Agency Sdn. Berhad 12,892,294 1.93
Employees Provident Fund Board (Nomura)
10 Maybank Investment Bank Berhad 9,518,800 1.42
Ivt (16)
11 Cartaban Nominees (Tempatan) Sdn Bhd 9,130,500 1.36
Pamb For Prulink Equity Fund
12 Db (Malaysia) Nominee (Tempatan) Sendirian Berhad 9,066,200 1.35
Deutsche Trustees Malaysia Berhad For Eastspring Investments Small-Cap Fund
Amanah Saham Bumiputera 2
Kumpulan Wang Persaraan (Diperbadankan) (Principal Eqits)
Public Smallcap Fund
16 Ng Kweng Chong 6,979,165 1.04
Employees Provident Fund Board (Amundi)
Asn Umbrella For Asn Equity 3
Kumpulan Wang Persaraan (Diperbadankan) (Kenanga)
Employees Provident Fund Board (Am Inv)
Great Eastern Life Assurance (Malaysia) Berhad (Leef)
Great Eastern Life Assurance (Malaysia) Berhad (Shf)
Employees Provident Fund Board (Pheim)

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As at 28 March 2022
Top 30 Shareholders (Cont’d)

(Without Aggregating Securities From Different Securities Accounts Belonging To The Same Person) (Cont’d)
Number % of
of Issued Issued
No. Name Shares Shares
Great Eastern Life Assurance (Malaysia) Berhad (Dr)
Amanah Saham Nasional
26 Citigroup Nominees (Asing) Sdn Bhd 3,367,400 0.50
Cbny For Norges Bank (Fi 17)
27 Engee Holdings Sendirian Berhad 3,277,778 0.49
28 Maybank Nominees (Tempatan) Sdn Bhd 3,149,300 0.47
Maybank Trustees Berhad For Dana Makmur Pheim (211901)
29 Cimb Group Nominees (Tempatan) Sdn Bhd 3,076,233 0.46
Cimb Commerce Trustee Berhad For Kenanga Shariah Growth Opportunities
Fund (50156 Tr01)
30 Citigroup Nominees (Asing) Sdn Bhd 3,053,745 0.46
Cbny For Emerging Market Core Equity Portfolio Dfa Investment Dimensions
Group Inc
Total 352,663,790 52.68

As at 28 March 2022
Substantial Shareholdings as at 28 March 2022
No. of issued shares held

Direct Deemed
Substantial Shareholders Interest % Interest %
Ng Kweng Chong 6,979,165 1.04 29,336,205 (N1)

4.38
General Produce Agency Sdn Berhad 47,787,618 7.14 5,646,983 (N2)

0.84
Employees Provident Fund Board 127,028,929 18.98 - -
Lembaga Tabung Haji 36,184,600 5.41 - -
Notes :
(N1) Deemed interested by virtue of Section 8 of the Companies Act, 2016 held through Ng Kweng Chong Holdings
Sdn. Bhd., Wiserite Sdn. Bhd. and Glencare Sdn. Bhd.
(N2) Deemed interested by virtue of Section 8 of the Companies Act, 2016 held through Wiserite Sdn. Bhd. and
Glencare Sdn. Bhd.

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As at 28 March 2022
Directors’ Shareholdings as at 28 March 2022
No. of issued shares held

Direct Deemed
Directors Interest % Interest %
Ng Kweng Chong 6,979,165 1.04 29,336,205 N1
4.38
3,074,866 N3
0.46
Dato’ Heng Huck Lee 1,804,600 0.27 190,498 N3
0.03
Dato’ Syed Mohamad Bin Syed Murtaza - - - - -
Ng Kok Khuan 123,333 0.02 223,160 N3

0.03
Lam Voon Kean - - - - -
Ong Huey Min - - 240,000 N2

0.04
56,000 N3
0.01
Hj. Mohammad Hazani Bin Hj. Hassan - - - - -
(Appointed on 07.05.2021)
Notes :
(N1) Deemed interested by virtue of Section 8 of the Companies Act, 2016 held through Ng Kweng Chong Holdings
Sdn. Bhd., Wiserite Sdn. Bhd. and Glencare Sdn. Bhd.
(N2) Deemed interested by virtue of Section 8 of the Companies Act, 2016 held through Grafik Impresif Sdn. Bhd.
(N3) Deemed interested by virtue of Section 59(11)(c) of the Companies Act, 2016 held through family members

NOTICE OF ANNUAL GENERAL
MEETING
NOTICE IS HEREBY GIVEN that the 25th Annual General Meeting (“AGM”) of the Company will be held through live
streaming from the Broadcast Venue at the Conference Room of Globetronics Technology Bhd, Plot 2, Phase 4, Free
Industrial Zone, 11900 Bayan Lepas, Penang on Wednesday, 11 May 2022 at 10.30 am for the following purposes: -
AGENDA
Ordinary Business
1. To receive the Audited Financial Statements for the financial year ended 31 December Please refer to Note 8
2021 together with the Reports of Directors and Auditors thereon.
2. To re-elect Mr. Ng Kweng Chong, a director who retires by rotation in accordance with Resolution 1
Article 105 of the Company’s Constitution and who, being eligible, offers himself for re-
election.
3. To re-elect Encik Hj. Mohammad Hazani Bin Hj. Hassan, a director who retires in accordance Resolution 2
with Article 112 of the Company’s Constitution and who, being eligible, offers himself for
re-election.
4. To approve the payment of directors’ fees amounting to RM1,104,292 for the financial Resolution 3
year ended 31 December 2021.
5. To approve the payment of directors’ benefits up to an amount not exceeding RM40,000 Resolution 4
to non-executive directors of the Company from 25th AGM to 26th AGM of the Company. Please refer to Note 10
6. To re-appoint Messrs. KPMG PLT as auditors of the Company to hold office until the Resolution 5
conclusion of the next AGM of the Company and to authorise the directors to fix their
remuneration.
7. To transact any other business of which due notice shall have been given in accordance with the Company’s
Constitution and the Companies Act, 2016.
By Order of the Board,
LEE PENG LOON (MACS 01258)

SSM PC NO. 201908002340
P’NG CHIEW KEEM (MAICSA 7026443)

SSM PC NO. 201908002334
Company Secretaries
Penang
Date: 12 April 2022

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NOTICE OF ANNUAL GENERAL MEETING (Cont’d)
NOTES ON APPOINTMENT OF PROXY
(1) A proxy may but need not be a member of the Company.

(2) For a proxy to be valid, the proxy form duly completed must be deposited at the registered office of the
Company, 51-21-A Menara BHL Bank, Jalan Sultan Ahmad Shah, 10050 Georgetown, Penang not less than
forty-eight (48) hours before the time for holding the meeting or adjournment thereof, or in the case of a poll
not less than twenty-four (24) hours before the time appointed for the taking of the poll. Any completed proxy
form transmitted by facsimile or electronic mail will not be accepted.
(3) A member shall be entitled to appoint up to a maximum of two (2) proxies to attend and vote instead of him at
the same meeting and where a member appoints two (2) proxies to vote at the same meeting, such appointment
shall be invalid unless he specifies the proportion of his shareholdings to be represented by each proxy.
(4) Where a member is an Exempt Authorised Nominee as defined under the Securities Industry (Central
Depositories) Act, 1991 (“Exempt Authorised Nominee”) which holds ordinary shares in the Company for
multiple beneficial owners in one securities account (“omnibus account”) there is no limit to the number of
proxies which the Exempt Authorised Nominee may appoint in respect of each omnibus account it holds.
(5) Where a member is an Exempt Authorised Nominee, it may appoint at least one (1) proxy but not more than two
(2) proxies in respect of each securities account it holds which is credited with the shares of the Company. The
appointment of two (2) proxies in respect of a particular securities account shall be invalid unless the authorised
nominee specifies the proportion of its shareholding to be represented by each proxy.
(6) In the case of a corporate member, the proxy form must be executed under the corporation’s common seal or
under the hand of an officer or attorney duly authorised.
(7) For the purpose of determining a member who shall be entitled to attend the AGM, the Company shall be
requesting the Bursa Malaysia Depository Sdn. Bhd. to issue a General Meeting Record of Depositors as at
28 April 2022. Only Depositors whose names appear on the Record of Depositors as at 28 April 2022 shall be
entitled to attend the said meeting or appoint proxies to attend and/or vote on his behalf.
NOTES ON ORDINARY BUSINESS

(8) Agenda 1 is meant for discussion only as the provision of Section 340(1)(a) of the Companies Act 2016 does not
require the shareholders’ approval for the Audited Financial Statements. Hence, Agenda 1 is not put forward
for voting.
(9) Dato’ Heng Huck Lee will be retiring by rotation in accordance with Article 105 of the Company’s Constitution
and he had expressed his intention not to seek for re-election as a director of the Company at the forthcoming
AGM. Hence, Dato’ Heng Huck Lee shall retire at the conclusion of the forthcoming 25th AGM. The Board would
like to thank Dato’ Heng Huck Lee for his invaluable support, commitment and contributions rendered to the
Group for the past 25 years of service.
(10) The Resolution 4, if passed, will enable the Company to pay meeting allowances and other benefits to non-
executive directors of the Company in accordance with Section 230(1) of the Companies Act 2016. The total
amount of directors’ benefits payable is estimated based on the number of non-executive directors involved as
well as the number of scheduled meetings of the Board and Board Committees.
NOTES ON REMOTE PARTICIPATION AND VOTING (“RPV”) FACILITIES
(11) Members are advised to refer to the letter to shareholders dated 12 April 2022 and follow the procedures set
out therein in order to participate remotely via the RPV Facilities.

Statement Accompanying
Notice of Annual General Meeting
(Pursuant to Paragraph 8.27(2) of Main Market Listing Requirements of Bursa Securities)
1) No individuals are standing for election as directors at the forthcoming 25th AGM of the Company.
2) The profiles of the directors who are standing for re-election as in Agenda 2 and 3 of the Notice of the 25th AGM
of the Company are set out in the Profile of Directors’ section of the Annual Report for the financial year ended
31 December 2021 (“Annual Report 2021”) issued on 12 April 2022.
3) The details of the directors’ interests in the securities of the Company as at 28 March 2022 are set out in the
Statistics on Shareholdings section of the Annual Report 2021 issued on 12 April 2022.

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List
of Properties
Carring
Amounts
Land Build-up Tenure as at
Registered Owner/ Area Area (Expiry Age 31.12.2021 Date of
Location Description (acres) (sq. ft.) date) (Years) (RM’000) Acquisition
Globetronics Sdn Bhd Leasehold Land 5.35 Leasehold 912 1.8.1990
Plot 2, Phase 4, 60 years
Free Industrial Zone, (14.5.2051)
11900 Bayan Lepas, Factory Building 70,000 29 3,816
Penang.
Factory Building 110,000 27 6,079
Globetronics Sdn Bhd Freehold Land 2.14 Freehold 3,987 31.12.2006

Lot 5 & 7, Jalan SS8/4,
Free Industrial Zone
Sungai Way,
47300 Petaling Jaya,
Selangor Darul Ehsan
Globetronics (KL) Sdn Leasehold Land 0.75 Leasehold 1,536 28.7.2009

Bhd 99 years
Lot 1, Jalan SS 8/4, (30.10.2100)
Free Industrial Zone Leasehold Land 0.31 Leasehold 649
Sungai Way, 99 years
47300 Petaling Jaya, (11.10.2105)
Selangor Darul Ehsan.
Freehold Land 0.41 Freehold 1,166
Freehold Land 0.31 Freehold 872
ISO Technology Sdn Bhd Leasehold Land 2.02 Leasehold 383 5.1.1999
290, 291 & 292, Phase 3 60 years
Free Industrial Zone, (22.9.2049)
11900 Bayan Lepas, Leasehold Land 1.09 Leasehold 206
Penang. 60 years
(6.3.2050)
ISO Technology Sdn Bhd Leasehold Land 1.56 Leasehold 546 20.11.2002
242 & 243, 60 years
Lebuh Kampung Jawa, (21.11.2033)
Sungai Kluang, Phase 3, Leasehold Land 0.70 Leasehold 244
Free Industrial Zone, 60 years
11900 Bayan Lepas, (2.3.2040)
Penang.

PROXY FORM
Number of Shares Held CDS ACCOUNT NO.

- -
I/We (*NRIC/Passport/Company No. )

(Full Name in Block Letters)
of
(Address)
being a * member / members of the abovenamed Company, hereby appoint:
Full Name in Block Letters NRIC / Passport No. Proportion of Shareholdings
No. of Shares %
Address
Email Address
Telephone No.
*and/or
Full Name in Block Letters NRIC / Passport No. Proportion of Shareholdings
No. of Shares %
Address
Email Address
Telephone No.
or failing whom, the Chairman of the meeting as *my/our proxy to vote for *me/us on *my/our behalf at the 25th Annual
General Meeting (“AGM”) of the Company to be held virtually through live streaming from the Broadcast Venue at the
Conference Room of Globetronics Technology Bhd, Plot 2, Phase 4, Free Industrial Zone, 11900 Bayan Lepas, Penang
on Wednesday, 11 May 2022 at 10.30 a.m. and at any adjournment thereof.
ORDINARY RESOLUTIONS FOR AGAINST
1. To re-elect Mr. Ng Kweng Chong as a director of the Company
2. To re-elect Encik Hj. Mohammad Hazani Bin Hj. Hassan as a director of the Company
3. To approve the payment of directors’ fees
4. To approve the payment of directors’ benefits to non-executive directors
5. To re-appoint Messrs. KPMG PLT as auditors of the Company
Signed this day of ,2022.

Notes: Signature of Member(s)/Common Seal
1. A proxy may but need not be a member of the Company.
2. For a proxy to be valid, the proxy form duly completed must be deposited at the registered office of the Company, 51-21-A Menara BHL Bank, Jalan Sultan
Ahmad Shah, 10050 Georgetown, Penang not less than forty-eight (48) hours before the time for holding the meeting or adjournment thereof, or in the
case of a poll not less than twenty-four (24) hours before the time appointed for the taking of the poll. Any completed proxy form transmitted by facsimile
or electronic mail will not be accepted.
3. A member shall be entitled to appoint up to a maximum of two (2) proxies to attend and vote instead of him at the same meeting and where a member
appoints two (2) proxies to vote at the same meeting, such appointment shall be invalid unless he specifies the proportion of his shareholdings to be
represented by each proxy.
4. Where a member is an Exempt Authorised Nominee as defined under the Securities Industry (Central Depositories) Act, 1991 (“Exempt Authorised
Nominee”) which holds ordinary shares in the Company for multiple beneficial owners in one securities account (“omnibus account”) there is no limit to the
number of proxies which the Exempt Authorised Nominee may appoint in respect of each omnibus account it holds.
5. Where a member is an Exempt Authorised Nominee, it may appoint at least one (1) proxy but not more than two (2) proxies in respect of each securities
account it holds which is credited with the shares of the Company. The appointment of two (2) proxies in respect of a particular securities account shall be
invalid unless the authorised nominee specifies the proportion of its shareholding to be represented by each proxy.
6. In the case of a corporate member, the proxy form must be executed under the corporation’s common seal or under the hand of an officer or attorney
duly authorised.
7. For the purpose of determining a member who shall be entitled to attend the AGM, the Company shall be requesting the Bursa Malaysia Depository Sdn.
Bhd. to issue a General Meeting Record of Depositors as at 28 April 2022. Only Depositors whose names appear on the Record of Depositors as at 28 April
2022 shall be entitled to attend the said meeting or appoint proxies to attend and/or vote on his behalf.
8. Members are advised to refer to the letter to shareholders dated 12 April 2022 and follow the procedures set out therein in order to participate remotely
via the Remote Participation and Voting (RPV) Facilities.
* Strike out whichever is not applicable.
Please fold across the line and close
STAMP
HERE
To
The Company Secretaries
Globetronics Technology Bhd.
Registration No. 199601037932 (410285-W)
51-21-A, Menara BHL Bank

Jalan Sultan Ahmad Shah
10050 Georgetown, Penang, Malaysia
Please fold across the line and close

Globetronics Technology Bhd.
Registration No. 199601037932 (410285-W)
Plot 2, Phase 4, Free Industrial Zone

Bayan Lepas, 11900 Penang, Malaysia
T: 604-644 4906 F: 604-644 6517
w w w. gl ob e t roni c s. co m . my

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SMART FUTURE

Audit and Risk

Dato’ Heng Huck Lee

P’ng Chiew Keem (MAICSA 7026443)

Mr. Ng Kok Khuan

Principal Financial Institutions

Stock Exchange Listing

2 | Annual Report 2021

Globetronics Manufacturing Sdn Bhd

ISO Technology Sdn Bhd (“ISO”)

Globetronics Medical Technology

Globetronics International Incorporated

Globetronics Industries Sdn Bhd

Trilion Suntech Sdn Bhd

Globetronics Technology Bhd 3

Turnover 304,558 327,956 216,316 227,523 206,043

Shareholders’ Fund Profit Before Taxation

Net Earnings Per Share* Turnover

4 | Annual Report 2021

Mr. Micheal Ng Kweng Chong Dato’ Heng Huck Lee

Ms. Ong Huey Min Encik Hj. Mohammad Hazani

Globetronics Technology Bhd 5

Mr. Michael Ng is currently the Founder and Executive

Mr. Michael Ng graduated from the University of

In his 18 successful years working for Intel Technology

He attended all 5 Board Meetings held during the

Mr. Michael Ng is the uncle of Mr. Ng Kok Khuan who is

He has no conflict of interest in any business arrangement

6 | Annual Report 2021

Dato’ Heng Huck Lee

He graduated with a Bachelor of Applied Science

Dato’ Heng was the President of Frepenca (The Free

Dato’ Heng is a committee member of Electrical and

He is also an industrial advisor for Faculty of Business and

He attended all 5 Board Meetings held during the

Globetronics Technology Bhd 7

Ms. Lam Voon Kean

She is a member of the Malaysian Institute of Accountants

She left KPMG Penang and joined M&C Services Sdn.

She is the Chairwoman of Audit and Risk Management

She attended all 5 Board Meetings held during the

8 | Annual Report 2021

Dato’ Syed is experienced in a diverse range of businesses from automotive

He is the Chairman of NC, a member of ARMC and a member of

He is a member of the ESOS Committee of GTB.

He has no conflict of interest in any business arrangement involving the

Age Gender Nationality

Globetronics Technology Bhd 9

She is a Chairwoman of ESOS Committee, a member of the ARMC and RC

Ms. Ong currently sits on the Board of Pensonic Holdings Bhd.

He has vast experiences in fund management, venture capital and technology

Before joining KMP in 2001, Mohammad Hazani was an Assistant General

He is a Chairman of RC and a member of the NC in GTB.

10 | Annual Report 2021

Mr. Micheal Ng Kweng Chong Dato’ Heng Huck Lee

Mr. Ng Kok Choon Ms. Heng Charng Yee

Mr. Ng Kok Yu Mr. Yip Wai Chee

Globetronics Technology Bhd 11

Mr. Michael Ng Kweng Chong