Keck Seng (Malaysia) Berhad

KECK SENG (MALAYSIA) BERHAD
196801000565 (8157-D)
2022
A N N U A L R E P O R T
KECK SENG (MALAYSIA) BERHAD 196801000565 (8157-D)
(Incorporated in Malaysia) 2022 A N N U A L R E P O R T
C O N T E N T S
Page
About Keck Seng Malaysia 2
Group Overview 3
Financial Highlights 4
Chairman's Statement 5
Management Discussion And Analysis 6-7
Corporate Information 8
Directors' Profile 9 - 18
Key Senior Management’s Profile 19 - 25
Corporate Governance Overview Statement 26 - 48
Audit Committee Report 49 - 53
Statement On Risk Management And Internal Control 54 - 57
Sustainability Statement 58 - 76
Directors' Report 77 - 81
Statement By Directors 82
Statutory Declaration 82
Independent Auditors' Report 83 - 88
Statements Of Comprehensive Income 89 - 90
Statements Of Financial Position 91 - 92
Consolidated Statement Of Changes In Equity 93 - 94
Company Statement Of Changes In Equity 95
Statements Of Cash Flows 96 - 97
Notes To The Financial Statements 98 - 173
Analysis Of Shareholdings 174 - 176
Particulars Of Group Major Properties 177
Notice Of Annual General Meeting 178 - 183
Proxy Form Enclosed
1
A B O U T K E C K S E N G M A L AY S I A
Keck Seng (Malaysia) Berhad (“Keck Seng Malaysia”) traces its history
back to 1943 when Mr Ho Yeow Koon co-founded a small trading business
in Singapore which he subsequently expanded to Malaysia.
He bought land in Masai, Johor, and ventured into rubber planting in 1959,
followed by oil palm cultivation in 1965.
The plantation was the beginning of Keck Seng Malaysia, which was
publicly listed on 26 May 1977. Over the years, we have grown to
a diversified group with business operations extending from plantations to hotels,
golf resort, property development and investment.
Our Vision
• To build a diversified corporation
• To provide sustainable long term growth and value to shareholders
Our Values
We value our people as our strength, and will retain and develop our
human capital through our core values of:
• integrity • commitment • diligence • cost efficiency • innovation
Our Community
We believe in contributing to and growing together with our
communities, and will continue to engage in socially beneficial
activities.
2
GROUP OVERVIEW
Keck Seng Malaysia has three core businesses:
Plantations and Manufacturing

We are an integrated player with oil palm plantations, mill, refinery and manufacturing operations based in Johor, Malaysia.
Property Development and Investment

We are a property developer focusing in Johor, Malaysia. Our projects include:
Projects Location
Bandar Baru Kangkar Pulai 27 km Pontian Road immediately after Kangkar Pulai Village.
Tanjong Puteri Resort 35 km south-east of Johor Bahru. Adjacent to Pasir Gudang Industrial Estate.
Taman Daya 13 km north-east of Johor Bahru (near Kampong Baru, Kangkar Tebrau).
We are also involved in property investment. Our key investments include:
Buildings Location Description

Menara Keck Seng 203, Jalan Bukit Bintang, 55100 Kuala Lumpur. Office
Regency Tower 8, Jalan Ceylon, 50200 Kuala Lumpur. Condominium
Hotels and Resort

We own hotels in North America and operate a golf resort in Malaysia.
Hotels/Resort Location Description
DoubleTree by Hilton Alana - 1956, Ala Moana, Boulevard, Honolulu, 18 storey hotel with 317 rooms
Waikiki Beach Hawaii, 96815, USA. and an adjoining 7 storey
office building
SpringHill Suites 25, West 37th Street, New York, 19 storey hotel with 173 rooms
New York NY, 10018, USA.
Midtown Manhattan

Delta Hotels by Marriott Toronto 655, Dixon Road, Toronto, Ontario Canada, 12 storey hotel with 433 rooms
Airport and Conference Centre M9W 113.
Tanjong Puteri Golf Resort 35 km south-east of Johor Bahru. 54 holes golf course, clubs
Adjacent to Pasir Gudang and other recreational facilities
Industrial Estate.
3
FINANCIAL HIGHLIGHTS
(RM’000) 2018 2019 2020 2021 2022

Revenue by business segments
Plantations and Manufacturing 590,854 525,883 627,665 1,057,706 1,438,939

Property 115,065 184,184 176,152 142,903 124,969
Hotels and Resort 250,152 256,375 63,870 102,309 256,015
Dividend income 11,206 12,164 6,776 9,060 7,649
Total revenue 967,277 978,606 874,463 1,311,978 1,827,572
Profit/(Loss) before tax 69,521 101,766 (85,230) 98,012 257,179

Profit/(Loss) net of tax 39,169 91,641 (71,974) 74,596 209,375
Profit/(Loss) attributable to owners of
the parent 36,472 88,317 (64,561) 79,020 201,573
Earnings/(Loss) per share (sen) 10 25 (18) 22 56
Dividend per share (sen) 10 4 0 5 14
Equity attributable to owners of

the parent 2,244,108 2,244,760 2,154,137 2,259,612 2,435,866
Total assets 2,775,528 2,795,928 2,655,231 2,756,073 2,919,974
Loans and borrowings 232,090 235,563 229,857 223,296 177,460
Share Price (RM) 2018 2019 2020 2021 2022
Highest daily close 4.92 4.98 4.69 4.01 3.99

Lowest daily close 3.92 4.07 3.41 3.32 3.36
Year-end closing 4.08 4.70 3.84 3.44 3.58
4
C H A I R M A N ’ S S TAT E M E N T
Dear Shareholders,
In response to the pandemic shock caused by COVID-19, global central banks spent a record stimulus from 2020-2021. The US Federal
Reserve (FED) maintained a zero-rate interest rate policy after expanding money supply by an unprecedented amount during those two
years. As it raised interest rates by 450 basis points last year to tame inflation, this rapid reversal of monetary policy saw the worst
combined stock and bond market performance since 1931. We remain cautious on the global economy, given the potential slowdown in
the US and Europe and the still nascent recovery in China.
Performance
In 2022, the Group reported a profit after tax of RM209 million versus RM75 million in 2021. Revenue from manufacturing and hotel
segments was higher in 2022 versus 2021. Revenue from property development was lower in 2022 versus 2021.
We will continue to build on our strengths to deliver to our shareholders.
Dividend
We understand the importance of enhancing our shareholders’ return. The Board has approved a single-tier final dividend of 9 sen per
share for the financial year ended 31 December 2022 and payable on 18 May 2023.
Acknowledgement
On behalf of the Board, I wish to express my sincere appreciation to the Management and staff of our Group for their diligence, dedication
and loyalty. I wish to offer my gratitude in particular to the Management and staff locally and across the globe who have done their utmost
under very trying circumstances. I would also like to express my sincere appreciation to all our shareholders, business partners and
stakeholders for their support.
Ho Kim Swee @ Ho Kian Guan
Chairman
6 April 2023
5
M A N A G E M E N T D I S C U S S I O N A N D A N A LY S I S
FINANCIAL REVIEW
Revenue in 2022 increased by 39% to RM1,827.6 million as compared with 2021. The increase was mainly derived from the Manufacturing
and Hotel segments. Manufacturing segment's revenue increase was the result of higher palm product selling prices and quantity of
refined oil sold, whilst the increase in the Hotels' revenue were the result of the rebound in demand after the easing of travel restriction
and COVID-19 pandemic lockdown measures.
Profit before tax recorded a 162% increase to RM257.2 million due to better refining margins, higher forex gain, reversal of impairment
loss recognised on an overseas hotel, better hotel occupancies and average room rates.
Overall, the Group managed to maintain a stable financial position.
OPERATIONS REVIEW
The Plantation Division had to deal with the dual challenges of all-time high inorganic fertiliser prices and higher labour costs due to labour
shortages in the first three quarters of 2022, when crude palm oill (“CPO”) prices were at their peak. When labour conditions improved in
4Q 2022, CPO price dropped due to seasonal year-end weakness. As a result, this division’s financial performance was weaker despite
the higher crop volume produced in 2022 versus 2021.
Manufacturing segment continued to benefit from overall higher palm product prices and refining margins in 2022 as compared to 2021
and achieved better financial performance.
Property
With the reopening of Malaysia's national borders to international travel on 1 April 2022, we saw a return of much-needed people flow,
and a pick up in economic activities.
Due to tighter monetary and financial policies globally, the Malaysian gross domestic product (GDP) growth also slowed while the Malaysian
Ringgit depreciated against major currencies. These affected property pricing and construction timelines. Meanwhile, disruption to global
supply chains caused by the COVID-19 pandemic impacted margins negatively.
The Government continued to provide initiatives, such as stamp duty exemptions for first-time homebuyers and the removal of financing
limit for the purchase of third residential properties, to aid the property sector in 2022. To lower inflation, Bank Negara Malaysia also hiked
interest rates four times in 2022 to 2.75% and this adversely affected property sales.
The Property Division continues to focus on our strengths to deliver quality homes and living spaces. We are encouraged by the improved
consumer sentiment for property purchases and tenancies in 2022 and 2023.
In Bandar Baru Kangkar Pulai (BBKP), we had two new launches last year, namely double-storey cluster houses and double-storey terrace
houses. In 2023, we intend to launch new phases of the same project as we foresee healthy demand for cluster houses.
In Tanjong Puteri Resort (TPR), we sold 94% of our single-storey terrace houses and plan to launch new phases of single-storey and
double-storey terrace houses.
In 2022, 98.5% of TD Central leases were signed and/or committed, while 82% of TD Point were tenanted. These will continue to provide
a steady source of recurring income.
6
M A N A G E M E N T D I S C U S S I O N A N D A N A LY S I S ( c o n t ' d )
OPERATIONS REVIEW (cont’d)
Property (cont’d)
Menara Keck Seng continues to address the twin challenges of office oversupply and remote/hybrid work arrangements affecting demand.
As we move into 2023, we hope to reverse the trend of falling occupancy and rental through more aggressive social media and digital
marketing.
The lobby refurbishment for Regency Tower was completed in 2022. We will be retrofitting some of the rooms which we believe will aim
towards higher occupancy. In addition, management is adopting new digital marketing initiatives to improve the occupancy.
Hotels and Resort
The occupancy levels of the hotels at Hawaii have returned to pre-pandemic levels. Travel from Japan is expected to pick up in 2H 2023,
which will benefit both our hotel business and office tenants. Hotel management is now focused on mitigating strategic risks, and is
working on a nine-month project which includes repair and painting in 2023.
The SpringHill Suites Hotel in New York City did well despite soft demand early in the year arising from a surge in COVID-19 infections.
The hotel achieved total sales matching 2019 levels and overall profitability was at 92% of 2019 levels. Overall, the hotel was able to
outperform its peers to achieve a year-end revenue per available room (RevPAR) Index of 110%. With the return in leisure demand and a
resumption in corporate travel, we believe the hotel will see further recovery in demand. So far in 2023, consumer discretionary spending
continues to be positive and will help mitigate any headwinds from prolonged inflation or even a mild recession.
The Delta Toronto Airport Hotel performed well with the lifting of COVID-19 travel restrictions in 2022, and performed reasonably well
within its competitors set. Management does not expect the same level of “revenge consumption” over the summer months in 2023, with
recession fear and cost inflation. That said, the hotel is expected to perform better on its occupancy levels and daily rates as compared to
both 2022 and pre-COVID-19 levels.
In 2022, Tanjong Puteri Golf Resort (“TPGR”) continued to show minor revenue improvements from the easing of travel restrictions for
international travellers and golfers. The steep increase in costs of food ingredient, operating supplies and manpower limited the prospect
for profit margin improvement. Management will continue to seek cost saving initiatives to help counter the recent severe price increase
in goods and other operating expenses. Inflationary costs remain a significant risk to TPGR’s financial performance now and for the
foreseeable future and the business environment remains extremely challenging.
7
C O R P O R AT E I N F O R M AT I O N
BOARD OF DIRECTORS
Ho Kim Swee @ Ho Kian Guan Executive Chairman
Dato’ Ho Cheng Chong @ Ho Kian Hock Managing Director
Ho Eng Chong @ Ho Kian Cheong Non-Independent Non-Executive Director
Chan Lui Ming Ivan Executive Director
Lee Huee Nan @ Lee Hwee Leng (f) Executive Director
Too Hing Yeap @ Too Heng Yip Senior Independent Non-Executive Director
Tai Lam Shin Independent Non-Executive Director
Mahathir Bin Mohamed Ismail Independent Non-Executive Director
Liew Foong Yuen Independent Non-Executive Director
Dato’ Dr. Zaha Rina Binti Zahari (f) Independent Non-Executive Director
Ho Chung Kain (He ChongJing) Alternate to Dato’ Ho Cheng Chong @ Ho Kian Hock
Ho Chung Hui Alternate to Lee Huee Nan @ Lee Hwee Leng (f)
Ho Chung Tao Alternate to Chan Lui Ming Ivan
Ho Chung Kiat, Sydney (He ChongJie, Sydney) Alternate to Ho Eng Chong @ Ho Kian Cheong
COMPANY SECRETARIES AUDITORS

Te Hock Wee Ernst & Young PLT
(SSM PC No. 202008002124) Registration No. 202006000003
(MAICSA 7054787) (LLP0022760-LCA & AF 0039)
Fong Sok Yee Chartered Accountants
(SSM PC No. 202008001180) B-15, Medini 9, Persiaran Medini Sentral 1,
(MAICSA 7066501) Bandar Medini Iskandar,
79250 Iskandar Puteri,
Johor Darul Takzim, Malaysia.
Tel: 607-288 3111 Fax: 607-288 3112
REGISTERED OFFICE PRINCIPAL BANKERS

Suite 1301, 13th Floor, City Plaza, Malayan Banking Berhad
Jalan Tebrau, Registration No. 196001000142 (3813-K)
80300 Johor Bahru
Johor Darul Takzim, Malaysia. OCBC Bank (Malaysia) Berhad
Tel: 607-332 2088 Fax: 607-332 8096 Registration No. 199401009721 (295400-W)
SHARE REGISTRAR LISTING

Tricor Investor & Issuing House Services Sdn Bhd Main Market of Bursa Malaysia Securities Berhad
Registration No. 197101000970 (11324-H)
Unit 32-01, Level 32, Tower A,
Vertical Business Suite, STOCK CODE
Avenue 3, Bangsar South, 3476
No. 8, Jalan Kerinchi,
59200 Kuala Lumpur.
Wilayah Persekutuan, Malaysia. WEBSITE
Tel: 603 -2783 9299 Fax: 603 -2783 9222 https://my.keckseng.com
8
DIRECTORS’ PROFILE
HO KIM SWEE @ HO KIAN GUAN

Executive Chairman
AGE/GENDER NATIONALITY
Age 77/Male Singaporean
ACADEMIC/PROFESSIONAL QUALIFICATION
Business Administration and Commerce.
DATE APPOINTED/WORK EXPERIENCE

Mr. Ho was appointed to the Board on 15 September 1970. He has spent 52 years successfully steering the Group.
OTHER DIRECTORSHIP
Listed Issuers : Nil.
Public Companies : Tanjong Puteri Golf Resort Berhad and Lim & Lim Plantations Berhad.
[Both companies are subsidiaries of the Company]
FAMILY RELATIONSHIP
Mr. Ho is the brother of Dato’ Ho Cheng Chong @ Ho Kian Hock (Managing Director) and Mr. Ho Eng Chong @ Ho Kian Cheong (Non-
Independent Non-Executive Director).
[Both of them are substantial shareholders of the Company]
Mr. Ho is the father of Mr. Ho Chung Tao.
Mr. Ho is the uncle of Mr. Chan Lui Ming Ivan, Mr. Ho Chung Kain (He ChongJing), Mr. Ho Chung Hui and Mr. Ho Chung Kiat, Sydney (He
ChongJie, Sydney).
CONFLICT OF INTERESTS
None.
CONVICTIONS FOR OFFENCES

Mr. Ho has no conviction for any offences within the past 5 years (other than traffic offences, if any), nor any public sanction or penalty imposed
by the relevant regulatory bodies during the financial year.
BOARD MEETINGS ATTENDED

5 out of 5.
DATO’ HO CHENG CHONG @ HO KIAN HOCK

Managing Director
Bachelor of Science and Engineering (1st Class Honours), University of New South Wales, Australia.

Dato’ Ho was appointed to the Board on 8 June 1971 and has been the Managing Director since 11 June 1975. He has over 50 years of
working experience in Corporate Planning and Management.
OTHER DIRECTORSHIP
9
DIRECTORS’ PROFILE (cont'd)
DATO’ HO CHENG CHONG @ HO KIAN HOCK (cont’d)

Managing Director
FAMILY RELATIONSHIP
Dato’ Ho is the brother of Mr. Ho Kim Swee @ Ho Kian Guan (Executive Chairman) and Mr. Ho Eng Chong @ Ho Kian Cheong (Non-
Dato’ Ho is the father of Mr. Ho Chung Kain (He ChongJing) and Mr. Ho Chung Hui.
Dato’ Ho is the uncle of Mr. Chan Lui Ming Ivan, Mr. Ho Chung Tao and Mr. Ho Chung Kiat, Sydney (He ChongJie, Sydney).
None.

Dato’ Ho has no conviction for any offences within the past 5 years (other than traffic offences, if any), nor any public sanction or penalty
imposed by the relevant regulatory bodies during the financial year.

5 out of 5.
HO ENG CHONG @ HO KIAN CHEONG

Non-Independent Non-Executive Director
Bachelor of Science Degree, University of Singapore.

Mr. Ho was appointed to the Board on 21 September 1987. He has more than 40 years of working experience in the management of private
and public companies.
OTHER DIRECTORSHIP
Public Companies : Nil.
FAMILY RELATIONSHIP
Mr. Ho is the brother of Mr. Ho Kim Swee @ Ho Kian Guan (Executive Chairman) and Dato’ Ho Cheng Chong @ Ho Kian Hock (Managing
Director).
Mr. Ho is the father of Mr. Ho Chung Kiat, Sydney (He ChongJie, Sydney).
Mr. Ho is the uncle of Mr. Chan Lui Ming Ivan, Mr. Ho Chung Kain (He ChongJing), Mr. Ho Chung Hui and Mr. Ho Chung Tao.
None.


5 out of 5.
10
CHAN LUI MING IVAN

Executive Director
Bachelor of Business Administration (Honours), National University of Singapore; and
Master of Science (Real Estate), National University of Singapore.

Mr. Chan was appointed to the Board on 28 April 2009. He has over 20 years of working experience in managing the Company’s various
projects.
OTHER DIRECTORSHIP
FAMILY RELATIONSHIP
Mr. Chan is the nephew of Mr. Ho Kim Swee @ Ho Kian Guan (Executive Chairman), Dato’ Ho Cheng Chong @ Ho Kian Hock (Managing
Director) and Mr. Ho Eng Chong @ Ho Kian Cheong (Non-Independent Non-Executive Director).
[All of them are substantial shareholders of the Company]
Mr. Chan is the cousin of Mr. Ho Chung Kain (He ChongJing), Mr. Ho Chung Hui, Mr. Ho Chung Tao and Mr. Ho Chung Kiat, Sydney (He
ChongJie, Sydney).
None.

Mr. Chan has no conviction for any offences within the past 5 years (other than traffic offences, if any), nor any public sanction or penalty

5 out of 5.
LEE HUEE NAN @ LEE HWEE LENG

Executive Director
Age 71/Female Malaysian
Diploma in Business Studies, Ngee Ann College, Singapore.

Ms. Lee was appointed to the Board on 29 April 1980. She has more than 40 years of working experience in corporate administration and
financial management.
OTHER DIRECTORSHIP
11
LEE HUEE NAN @ LEE HWEE LENG (cont’d)

Executive Director
FAMILY RELATIONSHIP
None.
None.

Ms. Lee has no conviction for any offences within the past 5 years (other than traffic offences, if any), nor any public sanction or penalty

5 out of 5.
TOO HING YEAP @ TOO HENG YIP

Senior Independent Non-Executive Director
Chairman of the Audit Committee
Chairman of the Nominating Committee
Member of the Remuneration Committee
Age 75/Male Malaysian
Bachelor of Laws, 2nd Class Honours (Upper Division), University of Singapore.

Mr. Too was appointed to the Board on 27 April 2010. After graduating from the University of Singapore in 1971, Mr. Too joined Shook
Lin & Bok (“SLB”) in 1972 as a legal assistant. He taught briefly at the University of Malaya in the 1970’s. He was emplaced as a Limited
Partner of SLB in 1975, thereafter as a General Partner in 1980 and then as Deputy Managing Partner in 1992. He was SLB’s Executive
Partner since 1998 and was also the Head of the Banking and Finance Litigation Department until his retirement in December 2012.
OTHER DIRECTORSHIP
FAMILY RELATIONSHIP
None.
None.

Mr. Too has no conviction for any offences within the past 5 years (other than traffic offences, if any), nor any public sanction or penalty

5 out of 5.
12
TAI LAM SHIN

Independent Non-Executive Director
Member of the Audit Committee
Member of the Nominating Committee
Chartered Accountant, Malaysian Institute of Accountants (MIA); and
Fellow of Chartered Association of Certified Accountants (FCCA, United Kingdom).

Mr. Tai was appointed to the Board on 26 June 2014. He is exposed and experienced in areas of audit assurance, financial and corporate
advisory, due diligence review and reporting accountants to public listed corporations, multinationals and private companies.
OTHER DIRECTORSHIP
Listed Issuers : MCE Holdings Berhad and White Horse Berhad.
FAMILY RELATIONSHIP
None.
None.

Mr. Tai has no conviction for any offences within the past 5 years (other than traffic offences, if any), nor any public sanction or penalty

5 out of 5.
MAHATHIR BIN MOHAMED ISMAIL

Chairman of the Remuneration Committee
Bachelor of Commerce & Accounting, University of Western Australia;
Fellow, CPA Australia; and
Chartered Accountant, Malaysian Institute of Accountants (MIA).

Mr. Mahathir was appointed to the Board on 23 June 2015. He has considerable experience in the banking and finance field with his
tenure at 3 Malaysian financial institutions, listed companies and private companies from January 1976 to March 2005. Thereafter from
June 2005 to 31 December 2018, he was a Lecturer in Audit & Corporate Governance, Audit & Assurance, Accounting and Business
Ethics in Taylor’s University.
13
MAHATHIR BIN MOHAMED ISMAIL (cont’d)

Chairman of the Remuneration Committee
OTHER DIRECTORSHIP
FAMILY RELATIONSHIP
None.
None.

Mr. Mahathir has no conviction for any offences within the past 5 years (other than traffic offences, if any), nor any public sanction or
penalty imposed by the relevant regulatory bodies during the financial year.

5 out of 5.
LIEW FOONG YUEN

Bachelor of Laws (Honours), University of Warwick, United Kingdom; and
Masters of Business Administration (Finance), City University, London, United Kingdom.

Mr. Liew was appointed to the Board on 29 November 2019. He is a lawyer by training, having qualified to practise in England and Wales
and in Malaysia. He began his career in London before returning to work in Malaysia and Singapore. Mr. Liew was in practise for 19 years
before taking on a senior management role in a multi-disciplinary professional services group.
OTHER DIRECTORSHIP
Public Companies : Nil
FAMILY RELATIONSHIP
None.
None.

Mr. Liew has no conviction for any offences within the past 5 years (other than traffic offences, if any), nor any public sanction or penalty

5 out of 5.
14
DATO’ DR. ZAHA RINA BINTI ZAHARI

Doctorate in Business Administration, University of Hull, United Kingdom;
MBA, University of Hull, United Kingdom; and
Bachelor of Accounting and Finance, Leeds Metropolitan University, United Kingdom.

Dato’ Dr. Zaha Rina was appointed to the Board on 26 August 2021. She has more than 33 years of experience in financial (including
Islamic), commodities and securities industries and the developing of the Malaysian Capital Market, mergers and acquisitions in insurance
and Takaful companies.
She is also an independent board member in Financial Institutions, licensed by the Securities Commission of Malaysia to provide corporate
advisory services and a member of the Appeals Committee of Bursa Malaysia Berhad.
OTHER DIRECTORSHIP
Listed Issuers : Manulife Holdings Berhad, Hibiscus Petroleum Berhad, IGB Berhad and Pacific & Orient Berhad.
Public Companies : Pacific & Orient Insurance Co. Berhad and Mizuho Bank (Malaysia) Berhad.
FAMILY RELATIONSHIP
None.
None.

Dato’ Dr. Zaha Rina has no conviction for any offences within the past 5 years (other than traffic offences, if any), nor any public sanction
or penalty imposed by the relevant regulatory bodies during the financial year.

5 out of 5.
HO CHUNG KAIN (HE CHONGJING)

Alternate to Dato’ Ho Cheng Chong @ Ho Kian Hock
Bachelor of Business Administration, Murdoch University, Perth, Australia.

Mr. Ho was appointed as Alternate Director on 24 February 2011. He is presently the General Manager of Keck Seng (Malaysia) Berhad.
He has 24 years of working experience in property development, property management, plantations, palm oil mill and refinery. Mr. Ho is
also a member of the Board of the Singapore Hotel Association.
15
HO CHUNG KAIN (HE CHONGJING) (cont’d)

Alternate to Dato’ Ho Cheng Chong @ Ho Kian Hock
OTHER DIRECTORSHIP
FAMILY RELATIONSHIP
Mr. Ho is the son of Dato’ Ho Cheng Chong @ Ho Kian Hock.
[Managing Director and substantial shareholder of the Company]
Mr. Ho is the nephew of Mr. Ho Kim Swee @ Ho Kian Guan (Executive Chairman) and Mr. Ho Eng Chong @ Ho Kian Cheong (Non-
Mr. Ho is the brother of Mr. Ho Chung Hui.
Mr. Ho is the cousin of Mr. Chan Lui Ming Ivan, Mr. Ho Chung Tao and Mr. Ho Chung Kiat, Sydney (He ChongJie, Sydney).
None.

HO CHUNG HUI
Alternate to Ms. Lee Huee Nan @ Lee Hwee Leng
Bachelor of Science in Economics, The London School of Economics, United Kingdom.

Mr. Ho was appointed as Alternate Director on 26 June 2014. He is presently the Commercial/Corporate Director of Keck Seng (Malaysia)
Berhad. He had previously worked for a major US consultancy firm on various practices of strategy, finance and business process re-
engineering and human capital in Singapore.
OTHER DIRECTORSHIP
16
HO CHUNG HUI (cont’d)

Alternate to Ms. Lee Huee Nan @ Lee Hwee Leng
FAMILY RELATIONSHIP
Mr. Ho is the son of Dato’ Ho Cheng Chong @ Ho Kian Hock.
[Managing Director and substantial shareholder of the Company]
Mr. Ho is the nephew of Mr. Ho Kim Swee @ Ho Kian Guan (Executive Chairman) and Mr. Ho Eng Chong @ Ho Kian Cheong (Non-
Mr. Ho is the brother of Mr. Ho Chung Kain (He ChongJing).
Mr. Ho is the cousin of Mr. Chan Lui Ming Ivan, Mr. Ho Chung Tao and Mr. Ho Chung Kiat, Sydney (He ChongJie, Sydney).
None.

HO CHUNG TAO
Alternate to Mr. Chan Lui Ming Ivan
Bachelor of Science in Hotel Administration, Cornell University, USA.

Mr. Ho was appointed as Alternate Director on 26 June 2014. He is presently the Executive Director of Keck Seng Investments (Hong Kong)
Limited. He had previously worked for a major US investment bank based in Japan where he focused on real estate acquisitions. He also
has experience in working for a venture capital company in Japan and a securities firm in Singapore.
OTHER DIRECTORSHIP
FAMILY RELATIONSHIP
Mr. Ho is the son of Mr. Ho Kim Swee @ Ho Kian Guan.
[Executive Chairman and substantial shareholder of the Company]
Mr. Ho is the nephew of Dato’ Ho Cheng Chong @ Ho Kian Hock (Managing Director) and Mr. Ho Eng Chong @ Ho Kian Cheong (Non-
Mr. Ho is the cousin of Mr. Chan Lui Ming Ivan, Mr. Ho Chung Kain (He ChongJing), Mr. Ho Chung Hui and Mr. Ho Chung Kiat, Sydney (He
ChongJie, Sydney).
None.

17
HO CHUNG KIAT, SYDNEY (HE CHONGJIE, SYDNEY)

Alternate to Mr. Ho Eng Chong @ Ho Kian Cheong
Master of Engineering in Electrical and Electronic Engineering (First Class Honours), Imperial College of Science, Technology and Medicine,
United Kingdom.

Mr. Ho was appointed as Alternate Director on 15 October 2018. He is presently the Executive Director of Hub Synergy (S) Pte. Ltd., Leefon
Corporation Pte. Ltd. and i.Contemporary Living Pte. Ltd. He is responsible for the marketing and operations of a commercial building,
supervising the redevelopment of a 26 storey commercial building and for the day-to-day operations, marketing and leasing of warehouse
lots in an industrial building. Previously, he was also involved in the development of a 49 unit, 30 storey residential project.
OTHER DIRECTORSHIP
FAMILY RELATIONSHIP
Mr. Ho is the son of Mr. Ho Eng Chong @ Ho Kian Cheong.
[Non-Independent Non-Executive Director and substantial shareholder of the Company]
Mr. Ho is the nephew of Mr. Ho Kim Swee @ Ho Kian Guan (Executive Chairman) and Dato’ Ho Cheng Chong @ Ho Kian Hock (Managing
Director).
Mr. Ho is the cousin of Mr. Chan Lui Ming Ivan, Mr. Ho Chung Kain (He ChongJing), Mr. Ho Chung Hui and Mr. Ho Chung Tao.
None.

18
KEY SENIOR MANAGEMENT’S PROFILE
PLANTATIONS
HEE VUI YONG @ VINCENT

General Manager
Johor, Malaysia
Master of Science (Plantation Management), University Putra Malaysia;
Associate Diploma (AISP) awarded by Incorporated of Planters; and
Licentiate Diploma (LISP) awarded by Incorporated of Planters.

Mr. Hee started his planting career in 1982 based in Sabah and had been working in Indonesia since 2003. He had served in various key
positions throughout his career in the Indonesia planting industry as a Visiting Agent with Asian Agri Group Sumatera before being seconded
as Head of Business Unit for Agrindo Group (under Falcon Capital affiliated subsidiary of Royal Golden Eagle Group – KALIMANTAN &
PAPUA) and his last position was as Plantation Advisor for TSH Resources Berhad covering all plantations in Indonesia under TSH Resources
Berhad. He was appointed as the General Manager of Keck Seng (Malaysia) Berhad (KSM) - Plantation Division on 4 December 2017.
OTHER DIRECTORSHIP
MANUFACTURING
CHUA TECK NGIN

General Manager
Johor, Malaysia
Bachelor of Chemical Engineering, University Malaya; and
P. Eng (Malaysia).

Mr. Chua has been with Keck Seng (Malaysia) Berhad since 1 August 1984 and was promoted to General Manager on 1 July 2007.
OTHER DIRECTORSHIP
Public Companies : Lim & Lim Plantations Berhad.
[A subsidiary of the Company]
19
KEY SENIOR MANAGEMENT’S PROFILE (cont'd)
PROPERTY DEVELOPMENT
KENNY KOH GUAN KAI

Deputy General Manager
Johor, Malaysia
Bachelor of Science in Civil Engineering, University Technology Malaysia (“UTM”)

Mr. Koh started his career in the construction industry. He was with the Singapore Tunnel Project in 2002. Thereafter in 2006, he worked in
Malaysia as a Project Manager with a Contractor’s firm where he was involved in the construction of both buildings and infrastructures. Mr.
Koh joined Keck Seng (Malaysia) Berhad – Property Division as a Project Manager on 1 June 2015 and was tasked to oversee the planning
and construction of the Property Division’s development projects. Mr. Koh was promoted to his current position on 1 January 2022.
OTHER DIRECTORSHIP
PROPERTY INVESTMENT
PAULINE TAN
General Manager
Kuala Lumpur, Malaysia
Diploma in Business Administration.

Pauline has been with Lusaka Holdings Sdn. Bhd. since 1 September 1989. She has over 30 years of experience in administration, leasing
and building management. She was appointed to her current position on 28 February 2009.
OTHER DIRECTORSHIP
20
PROPERTY INVESTMENT (cont’d)
SIM YOKE KENG

General Manager
Kuala Lumpur, Malaysia
Diploma in Programming, Informatics College; and
Postgraduate Diploma in Marketing, The Chartered Institute of Marketing.

Ms. Sim joined HKH Holdings Sdn. Bhd. on 11 July 2006 and was promoted to her current position on 1 April 2017.
OTHER DIRECTORSHIP
RESORT
DATO' DR. ABDUL RAHIM BIN RAMLI

Senior Advisor to Keck Seng (Malaysia) Berhad
Johor, Malaysia
Bachelor of Arts (Honors) Economics, University Malaya.
Honorary PhD Pengurusan Kesultanan Johor from University Tun Hussein Onn Johor.

Dato’ has been the Chief Executive Officer of Tanjong Puteri Golf Resort Berhad since January 1997 and presently Senior Advisor to Keck
Seng (Malaysia) Berhad effective from 12 September 2018.
OTHER DIRECTORSHIP
Public Companies : Tanjong Puteri Golf Resort Berhad.
[A subsidiary of the Company]
21
RESORT (cont’d)
WOLFGANG BOETTCHER
Director of Hotel Operations Asia Pacific
Singapore and Johor, Malaysia
Age 54/Male German
Certifications in Meat Science Berufschule Friedrichshafen; and
Certification as Instructor for Culinary Education.

Mr. Boettcher was appointed as Director of Hotel Operations Asia Pacific in March 2018. He was with Starwood Hotels & Resorts and
Marriott International for the past 27 years. His past experience included appointments as an Area Vice President, Area Managing Director
and other various General Manager roles in Southeast Asia and Greater China.
OTHER DIRECTORSHIP
HOTEL
PETER WONG
President – North America
San Francisco, USA
Age 71/Male American
MBA, California Coast University;
Diploma in Management Studies, Hong Kong Polytechnic; and
Advance Hotel Investments Course, Cornell University.

Peter has been the President of Keck Seng Group’s North America Properties since 1998. His past work experiences include appointment as
Director of Sales & Marketing, Regional Director of Sales & Marketing, Project Manager / Acting General Manager, Owner’s Representative/
Director of Development & Corporate Affairs and also as Vice President in other major international hotel companies.
OTHER DIRECTORSHIP
22
HOTEL (cont’d)
ROBERT ROY
Regional Vice President (RVP)
New York, USA
Age 59/Male Canadian
Bachelor of Commerce Honors, University of Ottawa; and
Baccalaureate in Administration.

Robert was appointed as RVP effective from 1 April 2015. He was previously the General Manager at Sheraton Ottawa Hotel, Canada.
OTHER DIRECTORSHIP
DEREK SASANO
Vice President (VP), Finance & Administration
Honolulu, USA
A.S. Degree in Accounting; and
Certificate in Hospitality Financial Management.

Derek was appointed as the Owners’ Controller in December 2000 and in December 2009, he was promoted to Corporate Controller,
subsequently in April 2015 he was promoted to his current role as VP, Finance & Administration.
OTHER DIRECTORSHIP
23
HOTEL (cont’d)
DAVID KAM
Corporate Controller, Keck Seng Group – North America
San Francisco, USA
AAS Accounting, University of Hawaii.

David was promoted to his current position on 1 January 2019 and is responsible for the financial reporting of Keck Seng (Malaysia)
Berhad’s North American hotels. His previous work experiences include working for Interstate Hotels and Resorts as Assistant Director of
Finance from year 2000 to 2006 and for Hilton Hotels Worldwide as its Director of Finance from year 2006 to 2009.
OTHER DIRECTORSHIP
INVESTMENT HOLDING
PAUL TSE SEE FAN

Director
Hong Kong
Age 68/Male Hong Kong, China
Master of Business Administration.

Paul Tse has been an Executive Director of Keck Seng Investments (Hong Kong) Limited, an affiliate of the Company, since 1979. He also
holds directorships in numerous companies within the affiliated Group and is also a Non-Executive Director of Banco Nacional Ultramarino,
a note-issuing bank in the Macau Special Administrative Region. Paul Tse was appointed as Director in two (2) of Keck Seng (Malaysia)
Berhad’s investment holding subsidiaries on 30 January 1981 and 27 December 1984 respectively.
OTHER DIRECTORSHIP
24
GROUP FINANCE
REUSON SEET
Group Accountant
Johor, Malaysia
Bachelor of Commerce (majoring in Accounting), Curtin University of Technology, Australia;
Chartered Accountant of the Malaysian Institute of Accountants;
Fellow of CPA Australia; and
Associate of the Chartered Tax Institute of Malaysia.

Reuson started his career as an auditor with Arthur Andersen, where he gained valuable experience in audit, accounting and taxation.
In 2000, he joined Keck Seng (Malaysia) Berhad as an Accountant and was subsequently promoted as Group Accountant in 2014. He
has more than 20 years of experience in IFRS financial accounting and reporting, group consolidation, tax compliance and planning, risk
management and internal controls.
OTHER DIRECTORSHIP
GAN KIM BUAN

Financial Consultant
Johor, Malaysia
Bachelor of Accountancy, National University of Singapore.

Mr. Gan was appointed as Keck Seng (Malaysia) Berhad’s Accountant in July 1975. He is in his current position since 2014.
OTHER DIRECTORSHIP
None of the key senior management team has:
1) any family relationship with any director and/or major shareholder of the Company;
2) any conflict of interests that the person has with the Company; and
3) any conviction for offences (other than traffic offences, if any) within the past 5 years or any sanction or penalty imposed by the relevant regulatory
bodies during the financial year ended 31 December 2022.
25
C O R P O R AT E G O V E R N A N C E O V E R V I E W S TAT E M E N T
The Board of Directors (“the Board”) of Keck Seng (Malaysia) Berhad’s Group (“the Group”) acknowledges the importance of good
corporate governance (“CG”) in protecting and enhancing the interest of shareholders and for long-term sustainable growth. The Board
and Senior Management, who are responsible for the governance of the Group are committed to ensure good CG practices are adopted
and continued.
The Board is pleased to provide its shareholders and other stakeholders an insight of the Group’s CG practices for the financial year ended
31 December 2022 (“FY 2022”) through its CG Overview Statement (“CGOS”) and CG Report (“CGR”).
The CGOS and CGR are prepared in compliance with the Main Market Listing Requirements (“MMLR”) of Bursa Malaysia Securities Berhad
(“Bursa Securities”) and guided by Practice Note 9 of the MMLR, the CG Guide (4th edition) issued by Bursa Securities and the Malaysian
Code on Corporate Governance 2021 (“CG Code”).
To better understand the Group’s CG principles and practices, the CGOS should be read together with the CGR and other statements in
the Annual Report (“AR”), including the Statement on Risk Management and Internal Control and the Audit Committee Report. The CGR is
available on the Company’s website, https://my.keckseng.com and Bursa Securities’ website.
ADOPTION OF THE CG CODE
The Company has generally applied the practices under the CG Code for FY 2022.
The CGR explains the extend of the Group’s application, departures and alternative measures adopted for its CG practices.
The Board continues to evaluate the Group’s governance practices and enhance it in response to adopting best practices and the changing
needs of the Group.
PRINCIPLE A: BOARD LEADERSHIP AND EFFECTIVENESS
I. Board Responsibilities
The Board is responsible for the overall leadership, values, directions and performance of the Group.
The Board Charter which is available on the Company’s website, https://my.keckseng.com, outlines the responsibilities of the Board, both
individually and collectively, and on matters reserved for the Board.
The Board has constituted three (3) Board Committees, namely Audit Committee (“AC”), Nominating Committee (“NC”) and Remuneration
Committee (“RC”) to which it has delegated its authorities in certain matters to support the Board. The Board is informed of the activities
of the Board Committees by the respective Board Committee chairman and the Board Committees’ meeting minutes are presented to the
Board for notation. Further details on the work of the AC, NC and RC are provided in the respective sections of this AR.
26
C O R P O R AT E G O V E R N A N C E O V E R V I E W S TAT E M E N T ( c o n t ' d )
PRINCIPLE A: BOARD LEADERSHIP AND EFFECTIVENESS (cont’d)
I. Board Responsibilities (cont’d)
The governance structure of the Board is as follows:
Responsible for the overall directions and performance of the Group

Has oversight on matters delegated to the Management
Board of Directors
[4 Executive Directors ("EDs");
1 Non-Independent Non-Executive Director ("NINED"); and
5 Independent Non-Executive Directors ("INEDs")]
Advising the Board

Facilitate effective communication
and information flows
Company Secretaries
Oversees financial reporting Oversees matters pertaining Oversees matters

process, risk management to the nomination and pertaining to the
& internal control, appointment of Directors remuneration package
sustainability matters, and the annual assessment of the Directors and
related party transactions of the Board, Senior Management
and conflict of interest Board Committees of the Group
and individual Directors
Audit Nominating Remuneration

Committee Committee Committee
[5 INEDs] [5 INEDs] [5 INEDs]
Provides assurance to the

Audit Committee on the
effectiveness of governance
and system of internal control
Internal Audit
27
Differentiation between EDs and INEDs:
ED INED
• Plan the business directions of the Group. • Advise and support the Board.
• Make and implement the Board’s decisions. • Provide independent judgement, scrutiny, experience and objectivity.
• Drive the Group’s businesses and performance. • Ensure the effectiveness of the system of risk management and internal
• Deal with day-to day operational matters. control.
• Actively involved in the various Board Committees.
Key matters considered by the Board in FY 2022 are:
Strategic matters Governance matters Financial and other matters
• Business strategies and • Board and Board Committees Charters • Quarterly unaudited financial
performance review statements and annual audited
• Succession planning • New policies review and adoption: financial statements of the Group
• Dividend decisions ➢ Directors’ Fit and Proper Policy; including announcements
and
➢ Conflict of Interest Policy.
• Existing Board policies review and
adoption:
➢ Code of Conduct and Ethics;
➢ Whistleblowing Policy;
➢ External Auditors’ Independence
Policy;
➢ Corporate Disclosure Policy;
➢ Diversity Policy; and
➢ Remuneration Policy and
Procedures for Directors and
Senior Management.
• Corporate statements and reports review
• Risk management, internal control and
sustainability framework review
• Internal audit reports, risk assessment
analysis reports and Material
Sustainability Matters Summary review
• Annual evaluation on Board, Board
Committees and individual Director
• Adapting the use of digital tools for
communications and shareholders’
engagement
• Adoption of applicable CG Code
practices
CG in FY 2023 and beyond:
• Monitor business strategies and performance.

• Promote and enhance the Group’s sustainability practices and disclosures.
• Explore new business opportunities including business diversifications.
• Continue succession planning for Board and Senior Management.
• Review the participation of women in Senior Management roles.
• Align policies and procedures with applicable new laws and regulations.
• Assess non-application of CG practices for adoption and focus on Bursa Securities’ enhanced sustainability reporting.
• Review the Environmental, Social & Governance (“ESG”) framework and sustainability matters.
28
Chairman and Managing Director’s Role
To be effective, clarity of various roles and responsibilities of individual directors must exist. A clear division of responsibilities has been
established between the Executive Chairman (“EC”) and Managing Director (“MD”). The positions are held by different individuals to ensure
that there is a balance of power and authority. Both the EC and MD are not members of the Board Committees.
The EC is responsible for leading and ensuring Board effectiveness, governance and conduct. With the assistance of the Company
Secretary, Board meetings are scheduled in advance and clear information are disseminated to Board members, enabling the Board to
perform its duties effectively. The EC acts as a facilitator during Board meetings, encourages constructive and respectful relations between
the Board members and between the Board and Management. The EC also ensures that the Board Committees function properly and that
open, healthy and effective debates that leverage on the Directors’ diverse backgrounds and knowledge are held by allowing sufficient
time to be given on deliberation of issues.
The MD fulfills the Chief Executive Officer’s role. He is overall responsible for the financial performance and development of the Group’s
strategy. The MD oversees the Group’s day-to-day operations, ensures principal risks and sustainability matters of the Group are monitored
and there is effective implementation of policies and strategies adopted by the Board throughout the entire organisation. The MD is
supported in this role by Senior Management.
The Board Charter sets out the responsibilities of the EC and the MD.
Company Secretaries
The Board is supported by two (2) suitably qualified and experienced Company Secretaries who are members of the Malaysian Institute
of Chartered Secretaries and Administrators (MAICSA) and are qualified to act as company secretary under Section 235(2)(a) of the
Companies Act 2016.
All Directors have direct access to the advice and services of the Company Secretaries. The Company Secretary(ies) attend(s) all Board
meetings and are responsible to ensure that all Board and Board Committees’ meeting procedures are adhered to, deliberations and
conclusions are recorded. The minutes of the previous Board meetings are distributed prior to Board meetings for their perusal before
confirmation of the minutes.
The Company Secretaries provide advice on the Company’s Constitution, laws, rules, governance practices, procedures and regulations
including Directors’ disclosure obligations as well as assisting in the induction of new Directors and professional development as required.
They also facilitate the effective flow of information between the Board, Board Committees and relevant management parties.
Together with the Board, the Company Secretaries ensure compliance with the Companies Act 2016, MMLR and relevant laws and
regulations applicable to the Company.
The appointment and removal of the Company Secretary is determined by the Board as a whole. The Board is satisfied with the support
rendered by the Company Secretaries to the Board in discharging their duties.
Access to Information and Advice
The Board has unrestricted access to timely and accurate information based on the agreed meeting agenda. The information is not
restricted to quantitative information but may include other information deemed proper.
All Directors are furnished with meeting agenda and Board papers at least seven (7) days prior to each Board meeting. Sufficient time is
given to enable the Directors to read and understand the matters to be deliberated on, and where necessary, to obtain further explanation,
information or be properly briefed before the meeting. The Board papers encompass all aspects of the matters being considered, enabling
the Board to look at both the quantitative and qualitative factors so that informed decisions are made.
In furtherance of their duties, where necessary and in appropriate circumstances, the Board is entitled to seek independent professional
advice at the Company’s expense to enable it to discharge its responsibilities effectively. The Directors are also accessible to the
Management for information and exchange of views outside formal Board meetings.
29
Board and Board Committee Charters
The Board Charter acts as a source of reference and primary induction material in providing insights to Board members and Senior
Management. It defines, among others, the Board’s objectives, roles, responsibilities, individual and collective authorities of the Board, its
committees and meeting procedures.
Apart from the Board’s responsibilities mentioned in the Board Charter, the Board reserves specific decision rights on matters relating to:
• Conflict of interest issues;

• Material acquisitions and disposition of assets not in the ordinary course of business;
• Significant capital expenditures;
• Strategic investments, mergers and acquisitions and corporate exercises;
• Limits of authority;
• Treasury policies;
• Risk management policies; and
• Key human resource issues.
The abovementioned matters are not conclusive and may be amended by the Board, where necessary.
The Board Committee Charters encompass the respective Committees’ responsibilities and authorities. The Board Charter and Board
Committee Charters are periodically reviewed and updated in accordance with the needs of the Company or when changes arise in the
corporate and business environment.
The Board and Board Committee Charters were last reviewed and approved by the Board on 25 November 2022 and are publicly available
on the Company’s website.
All other matters not specifically reserved for the Board or the Board Committees but are necessary for the day-to-day operations of the
Group have been delegated to the Management. The Management’s responsibilities conferred by the Board are delegated through the MD
and is under the MD’s purview.
The responsibilities of the Management are to ensure that:
• Plans are formulated and implemented to meet strategic objectives;

• Risk and sustainability frameworks are in place;
• Effective internal control systems are in place;
• Succession plans are in place;
• Compliance with legal and statutory requirements;
• Policies and procedures are drawn up, reviewed and updated, where necessary; and
• Timely, accurate and clear financials and information are maintained and available.
30
Code of Conduct and Ethics, Anti-Bribery & Anti-Corruption, Whistleblowing Policy and Conflict of Interest Policy
Our commitment to uphold high ethical standards, governance and professional conduct at all times is reflected from the establishment
of the following Board policies:
• Code of Conduct and Ethics (“Code”) – sets the principles, ethical and standards of business ethics and conduct of the Group that
aim to promote ethical conduct throughout the Group;
• Anti-Bribery & Anti-Corruption (“ABAC”) Policy – sets out the parameters on unacceptable activities/practices and guidance on
how to deal with such issues that may arise in the course of conducting business. The ABAC Policy is applicable to all Directors,
employees and stakeholders who are performing work or services for and on behalf of the Group, whether directly or indirectly;
• Whistleblowing Policy – provides an avenue by which an individual, may in confidence, raise genuine concerns on possible
improprieties in financial reporting, suspected criminal offence, breaches in legal obligations, non-compliance, endangerment,
unfair treatment, misconduct, wrongdoings, corruption, bribery, blackmail and instances of fraud, waste, and/or abuse involving
the resources of the Group. Complaints can be channelled in an appropriate and timely manner to any Senior Management and/
or MD or AC Chairman or the Head of Internal Audit. Protections will be accorded to the whistleblower; and
• Conflict of Interest (“COI”) Policy – guides all directors and employees of the Group on how to identify, declare and deal with COI
situations as they arise.
Both the Code and Whistleblowing Policy were last reviewed and approved by the Board on 25 November 2022. The new COI Policy was
established and adopted on the same date. The Code, ABAC, Whistleblowing and COI Policies are available on the Company’s website.
Sustainable Practices
As the Board is accountable to its shareholders and stakeholders for the conduct and long-term success of the Group and Company,
the plans and business strategies that it forms must ensure that sustainable issues are considered. The Board is committed in ensuring
that there is proper governance throughout the Group, and business activities and practices do not detrimentally impact society and
environment.
Through the Management’s engagements with relevant stakeholders, sustainability risks and opportunities are identified, reviewed and
assessed prior to any decision making and implementation of plans and strategies.
The shareholders and other stakeholders are kept abreast with the Group’s sustainable efforts through the Sustainable Statement featured
in this AR on pages 58 to 76.
The Board keeps abreast with sustainable related issues through their interaction with Senior Management, sustainability related articles
and via professional development updates. Details of the Directors’ training and professional development during FY 2022 can be found
on pages 37 to 40.
31
II. Board Composition
BOARD COMPOSITION BOARD AGE PROFILE

AS AT 31 DECEMBER 2022 AS AT 31 DECEMBER 2022
20%
40%
50% 20%
60%
10%
4 EDs 2 Directors age 50 - 59
1 NINED 2 Directors age 60 - 69
5 INEDs 6 Directors age 70 - 79
BOARD ETHNICITY BOARD GENDER DIVERSITY

20% 20%
80% 80%
8 Chinese Directors 2 Bumiputra Directors 8 Male Directors 2 Female Directors

Independent Directors
The composition of the current Board complies with Paragraph 15.02 of the MMLR of Bursa Securities which requires at least two (2) or
one-third (1/3) of the Board of the Company, whichever is higher to be Independent Directors and at least one (1) Director is a woman.
The current Board composition ensures that no individual or a group of Directors can dominate the decision-making process and thus,
safeguards the interest of the shareholders.
The INEDs play an important role in corporate accountability because they provide objective and independent judgement, bring strategic
guidance and constructive challenges to the Management.
Mr. Too Hing Yeap @ Too Heng Yip is the appointed Senior Independent Non-Executive Director (“SID”), to whom shareholders or stakeholders
may convey their concerns if there are reasons that the normal channel of communication is considered to be inappropriate or inadequate.
32
II. Board Composition (cont’d)
Independent Directors (cont’d)
The Board together with the NC have performed an annual assessment of the INEDs and concluded that each of the INED remains
independent in character and judgement as they are able to provide unbiased and independent views to the Board, provide objective
challenge to the Management on commercial and corporate governance matters and there are no business or other relationships which
are likely to affect the independence of the INEDs.
Further to the annual assessment, each of the INED has also submitted an annual independence declaration. All the INEDs have fulfilled
the criteria of “independence” as defined under the MMLR of Bursa Securities and other criteria pursuant to the CG Code.
The Board is aware of the amendments on the MMLR on long-serving INED (with
TENURE OF INEDs
tenure of more than twelve (12) years), where the long-serving INED must resign or
AS AT 31 DECEMBER 2022
re-designated as Non-Independent Director by 1 June 2023 and it is mindful that
the exit of long-serving Board members may result in a significant loss of experience
20% and expertise to the Company. The Board advocates that the two-tier voting process
40% will not be conducted but will seek the shareholders’ approval at each AGM for the
re-appointment of Independent Directors who have served the Board for more than
40% nine (9) years.
Save for Mr. Too Hing Yeap @ Too Heng Yip, the tenure of all the other INEDs does
not exceed nine (9) years.
2 Directors with tenure 0-5 years
2 Directors with tenure 6-9 years
1 Director with tenure >9 years
Diversity
The Board recognises the value of a diverse Board. The NC annually reviews the size, composition and skills mix of the Board and Board
Committees to ensure that the Board and Board Committee members have the required mix of industry-specific knowledge, broad business
and commercial experience to govern the Group effectively. The Directors are professionals in the fields of business management, banking,
finance, accounting, audit, commodities and securities, legal, internal control, corporate governance, property development, agriculture
and health and safety. They also bring informed, independent and balanced perspective to the Group’s strategy and performance so as to
ensure that the Group maintains the highest standards of conduct and integrity.
The Company endeavours to achieve the aspirational target of 30% representation of women directors on the Board for boardroom
gender diversity. The Board advocates that fair and equal opportunities be given to all suitable candidates by taking into consideration
the candidate’s skills, knowledge, expertise, experience, professionalism, integrity, competencies, independence and diversity (including
gender diversity, ethnicity and age).
GROUP GENDER DIVERSITY (ALL EMPLOYEES) GENDER DIVERSITY (MANAGERS & ABOVE)
35% 38%
65% 62%
737 Male employees 400 Female employees 64 Male Managers 40 Female Managers
33
Diversity (cont’d)
The Group is having a male-dominated workforce as certain work in the Plantation and Manufacturing segments was more suitable for
men due to the heavy physical nature of the tasks.
However, the Group is committed to promote a culture of diversity, inclusivity, fairness, integrity, honesty, courtesy, respect, dignity and
equal opportunity, where employees can succeed based on personal ability and contribution. The Group’s employees spread across all
age brackets, represent a variety of nationalities, genders, cultural background, skills and experience. A diverse workforce would enable
the Group to have a competitive edge by providing access to new ideas, better decision making and the ability to attune to a variety of
customers and cultures.
The Company has in place a Diversity Policy which outlines the Group’s approaches in achieving and maintaining diversity (including
gender diversity, ethnicity and experience) on its Board and Senior Management positions. The Diversity Policy was last reviewed on 25
November 2022 and is available on the Company’s website.
Appointments and Annual Assessment
The NC was established by the Board to ensure a formal and transparent procedure is in place for the appointment and re-election of
Directors of the Company.
The Board had on 27 May 2022 adopted a Directors’ Fit and Proper Policy for the appointments and re-election of Directors of the Group
and it is available on the Company’s website. The NC will assess the fitness and propriety of a candidate for appointment or re-election as
Director of the Board based on the following four (4) main criteria: -
• Probity, character and integrity;

• Experience and competency;
• Time and commitment; and
• Financial integrity.
The NC is entrusted to review the composition of the Board and empowered to bring to the Board recommendations as to the appointment
of any new executive or non-executive director, provided that the Chairman of the NC, in developing such recommendations, consults
all Directors and reflects that consultation in any recommendation of the NC brought forward to the Board. Candidates considered for
appointment as Director may be facilitated through recommendations from Directors, Management, advisors, business associates and any
other external parties/professional bodies.
The process for Board appointments is as follows:
1. 2. 3. 4. 5.
Identification of Evaluation Interview Final Recommendation
candidates deliberation to the Board
The process for the re-election of Directors is as follows:
1. 2. 3. 4. 5.
Identification of directors Evaluation Recommendation by Recommendation by Shareholders'
due for re-election NC to the Board the Board to the consideration and
shareholders approval at AGM
34
Appointments and Annual Assessment (cont’d)
The NC has direct access to the advice and services of the Company Secretary who is responsible for ensuring that all appointments and
re-elections are properly executed and all necessary information are obtained and documented.
All newly appointed Directors will undergo induction programmes that may include business area familiarisation, which will help the new
Director to get acquainted with the environment that the Group operates in and the business operations of the various divisions and/or
attend suitable training programmes. All Directors will be updated on the Group’s business, the competitive and regulatory environments
in which it operates and other changes, by written briefings and meetings. They will also be advised of their legal and other obligations as
Directors of a listed company.
In accordance with the Company’s Constitution, all newly appointed directors are subject to re-election by the shareholders at the next
AGM subsequent to their appointment. The Constitution also provides that at least one-third (1/3) of the Board including the MD is subject
to re-election at each AGM and at least once in every three (3) years.
All Directors are expected to devote sufficient time in discharging their duties and responsibilities to meet the time commitment criteria
set. Thus, each Director shall not hold more than five (5) directorships in listed issuers. Directors must consult the Chairman of the Board
prior to accepting any new directorship on listed issuers and notify the Board on any changes to their external appointment. The Directors
are required to disclose and update their directorship and shareholdings in other companies as and when necessary. For details of the
Directors’ other directorship, please refer to Directors’ profile on pages 9 to 18 of this AR.
Meetings for each financial year are scheduled in advance for the Directors to plan their schedule ahead. The Board meets at least four
(4) times a year at regular intervals. Additional meetings are held as and when required. The Directors are expected to attend all Board
and Board Committee meetings except for exceptional circumstances such as personal commitments or health reasons, it is recognised
then that Director is unable to attend.
The NC facilitates the annual assessment of the Board, Board Committees and individual Director’s performance and effectiveness based
on a set of predetermined criteria. In addition, the NC has obtained fit and proper declarations from the retiring directors prior to its
recommendation to the Board on their re-election as Directors.
35
Board and Board Committees Composition and Meeting Attendance
During FY 2022, the Board and Board Committees members have discharged their duties and responsibilities through their attendance at
the respective meetings set out in the table below:
Members Board AC NC RC

Mr. Ho Kim Swee @ Ho Kian Guan 5/5
Executive Chairman
Dato’ Ho Cheng Chong @ Ho Kian Hock 5/5

(Alternate: Mr. Ho Chung Kain [He ChongJing])
Managing Director
Mr. Ho Eng Chong @ Ho Kian Cheong 5/5

(Alternate: Mr. Ho Chung Kiat, Sydney [He ChongJie, Sydney])
Non-Independent Non-Executive Director
Mr. Chan Lui Ming Ivan 5/5

(Alternate: Mr. Ho Chung Tao)
Executive Director
Ms. Lee Huee Nan @ Lee Hwee Leng 5/5

(Alternate: Mr. Ho Chung Hui)
Executive Director
Mr. Too Hing Yeap @ Too Heng Yip 5/5 4/5 2/2 2/2
Senior Independent Non-Executive Director
Mr. Tai Lam Shin 5/5 5/5 2/2 2/2

Encik Mahathir Bin Mohamed Ismail 5/5 5/5 2/2 2/2

Mr. Liew Foong Yuen 5/5 5/5 2/2 2/2

Dato’ Dr. Zaha Rina Binti Zahari 5/5 5/5 2/2 2/2
Chairman of the Board / Chairman of Board Committees
Member
36
Summary of activities of the NC
The NC has carried out the following activities in discharging its duties and responsibilities for FY 2022:
• Reviewed the size, composition and dynamics of the Board and Board Committees and it was satisfied that:
➢ the Board possesses the required mix of skills, experience, competencies and other qualities needed by the Group for its
business activities; and
➢ the respective Board Committees have the necessary skills set, experience, competencies and other qualities to undertake
the duties and responsibilities defined in the respective Committees’ Charters.
• Conducted internally an annual assessment that comprises performance, independence and peer and self-evaluations of
the individual Directors, Board and Board Committees collectively. The assessment exercise was facilitated by the Company
Secretary. The assessment process encompasses the completion of questionnaires, collation of results, preparation of findings
and deliberations. Based on the results of the assessments, no major findings were identified. The NC was satisfied with the
performance and effectiveness of the Board and Board Committees.
• Obtained from each INED an annual independence declaration.
• Reviewed the terms of office and performance of the AC and each of its members pursuant to the MMLR of Bursa Securities.
• Reviewed the trainings accomplished by the Directors and determined the training needs of each Director.
• Assessed each of the Directors who is due for re-election, to ensure the fulfillment of the fit and proper criteria before recommending
to the Board for consideration.
• Reviewed the tenure of Mr. Too Hing Yeap @ Too Heng Yip, the INED who have served as INED of the Company for a cumulative
term of more than twelve (12) years and the composition of the Board and Board Committees.
• Reviewed the NC Charter and Diversity Policy and recommended the same to the Board for approval.
Directors’ Professional Development
In order to meet the challenges face by the Board and effectively discharge their roles and responsibilities, the Directors acknowledge
the importance of keeping abreast with relevant regulatory developments by attending webinars, seminars, conferences or dialogues
organised by relevant regulatory authorities, professional bodies, commercial training providers or through the in-house tax department.
37
Directors’ Professional Development (cont’d)
During the financial year under review, the Directors have attended the following webinars/seminars/conferences/dialogues:
Webinars/Seminars/Conferences/Dialogues Attended
Topic 1 2 3-4 5 6-7 8 9 10 11 12 13-15 16 17 18 19 20 21-23 24 25 26 27-29 30 31-32

Reference
Members
Mr. Ho Kim Swee 4 4

@ Ho Kian Guan
Dato’ Ho Cheng Chong 4 4 4 4 4

@ Ho Kian Hock
(Alternate: Mr. Ho Chung Kain
[He ChongJing])
Mr. Ho Eng Chong 4 4

@ Ho Kian Cheong
(Alternate: Mr. Ho Chung Kiat,
Sydney [He ChongJie, Sydney])
Mr. Chan Lui Ming Ivan 4 4

(Alternate: Mr. Ho Chung Tao)
Ms. Lee Huee Nan 4 4 4 4 4

@ Lee Hwee Leng
(Alternate: Mr. Ho Chung Hui)
Mr. Too Hing Yeap 4

@ Too Heng Yip
Mr. Tai Lam Shin 4 4 4 4 4 4 4 4 4 4
Encik Mahathir Bin 4 4

Mohamed Ismail
Mr. Liew Foong Yuen 4
Dato’ Dr. Zaha Rina 4 4 4 4 4 4 4 4 4 4 4

Binti Zahari
Mr. Ho Chung Kain 4 4 4 4 4

(He ChongJing)
Mr. Ho Chung Hui 4 4 4 4 4
Mr. Ho Chung Tao 4 4
Mr. Ho Chung Kiat, Sydney 4 4

(He ChongJie, Sydney)
38
Topic Reference – Webinars/Seminars/Conferences/Dialogues attended:
Topics Date
1. Tax Seminar (In-house): 05/01/2022
• Update on Personal Tax for YA 2021
• Filing of Form e-BE
• Employer’s Responsibilities
• Tax Clearance Letter (SPC)
2. Tax Seminar (In-house): 20/01/2022

• Employer’s Responsibilities
• Submission of Form e-E
• Audit Framework on Employer
• Type of Employment Income
• MTD Calculation
3. Prevention of Financial Crime and Market Misconduct Under CMSA 2007 28/01/2022
4. ESG, Stakeholder Capitalism and Sustainable and Responsible Investment (SRI) 28/01/2022
5. Service Tax, Sales Tax, GST & Customs Duties: Special Tax Incentives in 2022 – 15/02/2022
Voluntary Disclosure & Amnesty
6. MIDF Green Conference 2022 Virtual Event with YB Dato’ Sri Mustapa Mohamed 09/03/2022
(Minister in PM’s Dept – Economy)
7. Offshore Technology Conference Asia (OTC) 22/03/2022 - 25/03/2022
8. Dividends – When and How to Pay 24/03/2022
9. Climate Governance Malaysia (CGM) in collaboration with CEO Action Network (CAN) - 22/04/2022
Exploring A Low Emission Pathway for Malaysia
10. Corporate Governance Code update 31/05/2022
11. Islamic Finance for Board of Directors Programme 01/06/2022 – 02/06/2022
12. BDO INED Virtual Forum 12/07/2022 – 13/07/2022
13. FIDE Forum’s Engagement session with Board Members of General Insurers and 11/08/2022
Takaful Operators on Motor Claims Reforms
14. CGM Conversations with Chairmen : A Standing Item in Board Agendas 15/08/2022
15. ESG and Climate Risk Impacts on the Insurance Industry 23/08/2022
16. TCFD 101: Getting started with climate-related financial reporting 23/08/2022

17. Dialogue with YB Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz, Minister of Finance - 26/08/2022
Pre-Budget 2023
18. TCDF 102: Building experience in climate-related financial reporting 31/08/2022
39
Topic Reference – Webinars/Seminars/Conferences/Dialogues attended: (cont’d)
Topics Date
19. Dialogue with Hon Lawrence Wong, Singapore Deputy PM and Minister of Finance – 05/09/2022
Global Headwinds: A Singapore Perspective
20. Transfer or Transmission of Shares 08/09/2022
21. Malaysian Banking Conference 2022 12/09/2022 – 13/09/2022
22. Cyber Security Training 2022 14/09/2022
23. Voluntary Carbon Market (VCM) Exchange 20/09/2022
24. Macroeconomics & Investment Strategies for Business Sustainability 28/09/2022
25. Executive Training - Investments 10/10/2022
26. Application of Fit and Proper Policy; and Winning the Sustainability Game 04/11/2022
Through Risk Management
27. Virtual Invest Malaysia KL Series 2 – The Road to Electric Vehicles 09/11/2022
28. Singapore Global Restructuring Initiative Inaugural Conference 2022 14/11/2022 – 15/11/2022
School of Accountancy, Singapore Management University Singapore
29. Audit Oversight Board Conversation with Audit Committees 17/11/2022
30. Anti-Bribery & Corruption (Personal & Corporate Liability) – 29/11/2022

Compliance & Implementation Awareness
31. Anti-Bribery Management System – A tool for Adequate Procedures 06/12/2022
32. Self Control in the Face of Multiple Projects 07/12/2022
40
III. Remuneration
Remuneration of Directors and Senior Management
The Executive Directors’ and Senior Management’s remuneration packages are structured to ensure that they are competitive and
sufficient to attract, retain and motivate people of calibre, expertise and relevant experience to manage the Group and the Company in a
competitive environment. Their remuneration packages are linked to the strategic objectives of the Group, measured against financial and
sustainability targets set at the start of the financial year, takes into account their job responsibilities, complexity of their role(s) and the
prevailing market practice. Their remuneration packages are made up of fixed components i.e., basic salary, allowances and benefits-in-
kind (“BIK”) and variable components i.e., performance related bonuses.
The INEDs’ remuneration packages are structured to ensure that it does not conflict with their obligations to bring objectivity and
independent judgement to Board and Board Committee meetings.
Directors’ fees and meeting allowances paid reflect the individual director’s attendance, responsibilities and contribution levels of individual
members in respective Board and Board Committees in terms of statutory duties, fiduciary duties, risk, intensity/complexity of works, time
commitment and effort.
Senior Management’s remuneration packages are reviewed annually together with the other employees’ annual increment evaluation and
is under the purview of the MD.
The Remuneration Policy and Procedures for Directors and Senior Management was last reviewed and approved by the Board on 25
November 2022 and is made available on the Company’s website.
The RC has carried out the following activities in discharging its duties and responsibilities for FY 2022:
• Reviewed the remuneration packages of EDs.

• Reviewed and recommended the remuneration packages of the Non-Executive Directors to the Board, save and except where the
remuneration is in respect of any member or members of this Committee.
• Reviewed the RC Charter and the Remuneration Policy and Procedures for Directors and Senior Management and recommended
the same to the Board for approval.
All Directors’ fees and meeting allowances are reviewed, deliberated and approved at the RC and Board levels. The fees and allowances
paid/payable for every financial year are subject to shareholders’ approval at AGM.
The Company has adopted the fixed board fees plus set fees for chairperson or members of a committee. The structure of the fees payable
to Directors of the Company for FY 2022 is as follows:
Fees per annum (RM)

Appointment Board AC NC RC
Chairman 115,000 25,000 20,000 20,000
Member 85,000 15,000 10,000 10,000
41
III. Remuneration (cont’d)
Remuneration of Directors and Senior Management (cont’d)
The details of the remuneration of Directors of the Company comprising remuneration received/receivable from the Group and the
Company during FY 2022 are as follows:
The Group Salaries Fees Bonus Others (*) Total

RM'000 RM'000 RM'000 RM'000 RM'000
Executive
Mr. Ho Kim Swee @ Ho Kian Guan 1,484 119 439 93 2,135
Dato’ Ho Cheng Chong @ Ho Kian Hock 3,393 101 956 377 4,827
Mr. Chan Lui Ming Ivan - 101 96 25 222
Ms. Lee Huee Nan @ Lee Hwee Leng 356 101 72 68 597
Mr. Ho Chung Kain (He ChongJing) 524 16 72 78 690
Mr. Ho Chung Hui 524 16 72 78 690
Non-Executive
Mr. Ho Eng Chong @ Ho Kian Cheong - 85 - 7 92
Mr. Too Hing Yeap @ Too Heng Yip - 140 - 17 157
Mr. Tai Lam Shin - 120 - 17 137
Encik Mahathir Bin Mohamed Ismail - 130 - 17 147
Mr. Liew Foong Yuen - 120 - 17 137
Dato’ Dr. Zaha Rina Binti Zahari - 120 - 17 137
Mr. Ho Chung Tao - - - - -
Mr. Ho Chung Kiat, Sydney (He ChongJie, Sydney) - - - - -
Total 6,281 1,169 1,707 811 9,968
42
The Company Salaries Fees Bonus Others (*) Total

RM'000 RM'000 RM'000 RM'000 RM'000
Executive
Mr. Ho Kim Swee @ Ho Kian Guan 1,233 115 355 66 1,769
Dato’ Ho Cheng Chong @ Ho Kian Hock 2,739 85 789 312 3,925
Mr. Chan Lui Ming Ivan [N1] - 85 96 25 206
Ms. Lee Huee Nan @ Lee Hwee Leng 356 85 72 68 581
Non-Executive
Mr. Ho Eng Chong @ Ho Kian Cheong - 85 - 7 92
Mr. Too Hing Yeap @ Too Heng Yip - 140 - 17 157
Mr. Tai Lam Shin - 120 - 17 137
Encik Mahathir Bin Mohamed Ismail - 130 - 17 147
Mr. Liew Foong Yuen - 120 - 17 137
Dato’ Dr. Zaha Rina Binti Zahari - 120 - 17 137
Mr. Ho Chung Kain (He ChongJing) 356 - 72 78 506
(Alternate to Dato’ Ho Cheng Chong @ Ho Kian Hock) [N2]
Mr. Ho Chung Hui 356 - 72 78 506
(Alternate to Ms. Lee Huee Nan @ Lee Hwee Leng) [N3]
Mr. Ho Chung Tao - - - - -
(Alternate to Mr. Chan Lui Ming Ivan)
Mr. Ho Chung Kiat, Sydney (He ChongJie, Sydney) - - - - -
(Alternate to Mr. Ho Eng Chong @ Ho Kian Cheong)
Total 5,040 1,085 1,456 719 8,300
(*) Others – Include benefits-in-kind, allowances and EPF contributions on salary and bonus by employer.
[N1] – On unpaid sabbatical leave during the financial year under review.
[N2] – Remuneration paid by virtue of his position as General Manager of Keck Seng (Malaysia) Berhad.
[N3] – Remuneration paid by virtue of his position as Commercial/Corporate Director of Keck Seng (Malaysia) Berhad.
43
The remuneration details for Senior Management are not disclosed on a named basis, as the Board is of the view that it would not be in the
best interest of the Group given the competitiveness in the market. The remuneration of the top five (5) Senior Management is as follows:
Remuneration Band No. of Person

RM0 to RM400,000 -
RM400,001 to RM450,000 1
RM450,001 to RM500,000 -
RM500,001 to RM550,000 1
RM550,001 to RM600,000 1
RM600,001 to RM650,000 1
RM650,001 to RM950,000 -
RM950,001 to RM1,000,000 1
Total 5
Note: Remuneration of certain Senior Management Personnel have been paid in foreign currencies and converted at the exchange rate prevailing at
year end.
PRINCIPLE B: EFFECTIVE AUDIT AND RISK MANAGEMENT
I. AC
AC Composition
The AC comprises solely of five (5) Independent Non-Executive Directors and is chaired by Mr. Too Hing Yeap @ Too Heng Yip, the Senior
Independent Non-Executive Director, who is distinct from the Chairman of the Board. None of the current AC member was a former key
audit partner of the Company’s existing auditing firm or corporation.
External Auditors’ Independence
The AC is established to assists the Board in ensuring the integrity of the Group’s financial statements as well as reviewing, assessing and
monitoring the performance, suitability, objectivity and independence of the External Auditors (“EA”). The AC has established the External
Auditors’ Independence Policy which governs the guidelines and procedures to ensure the suitability and independence of the EA and is
entrusted with the duty to:
• oversee the appointment, remuneration and removal of the EA;

• assess the EA’s competency and resources;
• assess the EA’s independence;
• assess whether non-audit services rendered would impair the independence of the EA;
• ensure that the audit partner responsible for the audit of the Group is rotated according to the By-Laws of the Malaysian Institute of
Accountants;
• ensure that the Company observe a cooling period of at least three (3) years before appointing any former audit partner to be a
member of the AC;
44
PRINCIPLE B: EFFECTIVE AUDIT AND RISK MANAGEMENT (cont’d)
I. AC (cont’d)
External Auditors’ Independence (cont’d)
• review the annual audit plan of the EA; and

• carry out an annual assessment on the performance, suitability, objectivity and independence of the EA.
The External Auditors’ Independence Policy was last reviewed and approved by the Board on 25 November 2022 and is accessible via
the Company’s website.
Related Party Transactions
The AC has reviewed the related party transactions of the Group to ensure that these transactions are conducted at arm’s length, fair,
reasonable and in the best interest of the Group and not detrimental to the interest of the minority shareholders. The Directors are aware
that they have to declare their respective interests in transactions with the Group and the Company, if any and abstain from deliberation
and voting on the relevant resolution in respect of such transactions.
Financial Reporting
The Board is responsible for presenting a fair assessment of the Group and Company’s position and prospects through quarterly reports
to Bursa Securities and the AR to shareholders and is required under Paragraph 15.26(a) of the MMLR of Bursa Securities to issue a
statement, which is appended below, explaining its responsibility for preparing the annual audited financial statements.
The AC assists the Board by overseeing, monitoring and assessing the reliability and quality of the financial statements and financial
reporting practices.
Directors’ Responsibility Statement In Relation To The Financial Statements
The Directors are responsible to ensure that the Group and the Company’s annual audited financial statements for the financial year are
drawn up in accordance with the applicable Financial Reporting Standards and the provisions of the Companies Act 2016 so as to give a
true and fair view of the financial position of the Group and the Company as at 31 December 2022 and of the financial performance and
cash flows of the Group and the Company for the financial year.
In preparing for the abovementioned statements, the Directors are of the opinion that:
• appropriate accounting policies have been adopted and applied consistently;

• judgements and estimates made are reasonable and prudent;
• all applicable approved accounting standards have been adopted, subject to any material departures disclosed in the notes to the
financial statements;
• impact of new accounting standards or policies that became effective during the year is stated in the notes to the financial statements;
• financial statements have been prepared on a going concern basis;
• reasonable steps have been taken to ensure that the Group and the Company maintain proper accounting and other records as
required by the Companies Act 2016 and disclosed with reasonable accuracy the financial position of the Group and the Company;
• appropriate internal controls are in place to safeguard the assets of the Group and the Company; and
• steps are taken to prevent and detect fraud, irregularities and material misstatements.
The Directors are satisfied that the Group and the Company’s quarterly and annual financial results which are released to shareholders,
within the stipulated time frame reinforce the Board’s commitment to provide a true and fair view of the Group and Company’s state of
affairs.
45
PRINCIPLE B: EFFECTIVE AUDIT AND RISK MANAGEMENT (cont’d)
II. Risk Management and Internal Control Framework
Risk Management and Internal Control Function
The Board is responsible for establishing and maintaining a sound risk management framework and internal control system to ensure that
the shareholders’ investments, stakeholders’ interests and assets of the Group are safeguarded. It directs the Group in managing risks
and determines the level of risk that the Group is willing to accept in the conduct of its business activities.
The AC assists the Board in overseeing the Group’s risk management and internal control function, evaluating the adequacy and
effectiveness of the Group’s risk management framework and internal control system, reviewing the key risks identified to ensure that
adequate measures are in place to mitigate those risks and monitoring these risks.
During FY 2022, the Board continues to review the effectiveness of the Group’s risk management framework and internal control system
and ensuring that the risk and sustainability framework established by the Risk and Sustainability Committees (“RSC”) are in place. The
activities of the AC with regard to the Group and the Company’s risk management, material sustainability and internal control matters
for FY 2022 are separately set out in the AC Report on pages 49 to 53, whilst the management of the risk management framework and
internal control system are outlined in the Statement on Risk Management and Internal Control on pages 54 to 57.
Internal Audit Function
The Group’s internal audit function is carried out by its dedicated in-house Internal Audit Department (“IAD”). The IAD reports directly to
the AC and supports the Committee in discharging its responsibility. This line of reporting promotes independence and allows the IAD to
have unrestrictive access to operations, records, property and personnel within the Group.
The appointments and resignations of the internal auditors are under the purview of the AC. The IAD consist of professional and accounting
graduates and is headed by the Head of Internal Audit, who is a qualified Accountant registered with the Malaysian Institute of Accountants,
Fellow member of the Chartered Certified Accountants, UK and The Institute of Internal Auditors, Malaysia respectively.
All the Internal Audit members are free from any relationship with any Director and/or major shareholder of the listed issuer and from any
conflict of interests with the listed issuer, which could impair their objectivity and independence.
The internal audit was conducted using a risk-based approach and in accordance with a recognised framework, i.e., International
Professional Practice Framework (IPPF). The activities of the IAD for FY 2022 are guided by the Internal Audit Charter and Annual Audit
Plan. These activities are separately set out in the AC Report on pages 49 to 53.
PRINCIPLE C: INTEGRITY IN CORPORATE REPORTING AND MEANINGFUL RELATIONSHIP WITH STAKEHOLDERS
I. Engagement with Stakeholders
Strengthening Relationship with Stakeholders
As guided by the MMLR’s Continuing Disclosure Requirements and the Company’s Corporate Disclosure Policy, timely corporate
announcements, quarterly financial reports, AR and AGM minutes are disseminated to all stakeholders through announcements to Bursa
Securities and/or via the Company’s website. The Company’s Corporate Disclosure Policy sets out the procedures and practices on
corporate disclosures encompassing material information, timing of announcements, public dissemination, events that may require trading
halt or suspension, clarification of rumours, unusual market activities, unwarranted promotional disclosure and insider trading. This Policy
was last reviewed and approved by the Board on 25 November 2022 and is made available on the Company’s website.
The Group’s investor relations activities are aimed in developing and maintaining a positive relationship with all its stakeholders through
an active two-way communication by promoting and demonstrating a high standard of integrity and transparency through timely, accurate
and full disclosure of material information and to enhance the stakeholders’ understanding of the core businesses and operations of the
Group, thereby enabling them to make informed decision.
We encourage our shareholders to embrace the benefits of electronic communication. As at 3 April 2023, 52.4% of the total number of
shareholders were eligible to receive notices electronically.
46
PRINCIPLE C: INTEGRITY IN CORPORATE REPORTING AND MEANINGFUL RELATIONSHIP WITH STAKEHOLDERS (cont’d)
II. Conduct of General Meetings
The AGM is the principal forum for the Board and Management to interact with shareholders of the Company. It is the platform where
the Board and Management are able to listen and understand shareholders’ views and obtain the necessary feedback in assisting future
decision making.
To enable shareholders to make adequate preparation, the Notice of AGM is issued at least 28 days before each AGM. The Notice of 52nd
AGM was sent to the shareholders on 28 April 2022 and the Company’s AGM was held on 27 May 2022. The same Notice was also
published on the Company’s website.
Embracing the benefits of digital communication, the Board was able to engage with the shareholders through its virtually conducted
AGM. The Company’s 52nd AGM was held on 27 May 2022 and live streamed from designated broadcast venue, which is in line with the
Securities Commission Guidance Note on the Conduct of General Meetings for Listed Issuers to ensure companies can continue to fulfil
their obligations under the law and to shareholders.
To enable the shareholders to make informed decisions, explanatory notes are provided for each item in the AGM’s agenda. Shareholders
are encouraged to ask questions, clarify facts and provide feedback to the Board and Management using Remote Participation and Voting
(“RPV”) facilities provided by KSM’s Share Registrar, Tricor Investor & Issuing House Services Sdn Bhd (“Tricor”) via TIIH Online at https://
tiih.online. Tricor had put in place information security measures to prevent cyber threats and data breaches.
Appointed proxies are allowed to participate and vote on behalf of the shareholders. Shareholders are also encouraged to forward their
questions before the AGM for the Board to respond. All the Directors, the Senior Management and External Auditors were present to
provide meaningful responses to questions raised by the shareholders during the AGM. During the 52nd AGM, sufficient time was allocated
to the shareholders to pose questions.
Poll voting in respect of all resolutions was carried out via RPV facilities. All shareholders were briefed on the voting procedures by the poll
administrator prior to poll voting. The poll results were verified by the Independent Scrutineers appointed by the Company and announced
on the same day of the AGM.
During the 52nd AGM, the Company has adopted/complied with:
• Practice 13.3 of the CG Code – leverage technology to facilitate (a) voting including voting in absentia; and (b) remote shareholders’
participation at general meetings, as well as to take the necessary steps to ensure good cyber hygiene practices are in place including
data privacy and security to prevent cyber threats;
• Practice 13.6 of the CG Code – the minutes of the general meeting are circulated to shareholders no later than 30 business days after
the meeting;
• Paragraph 9.21(2)(b) of MMLR – a summary of key matters discussed during the AGM, as soon as practicable after the conclusion of
the AGM are published on the Company’s website;
• Paragraph 8.29(A)(1) of MMLR – all resolutions are voted by poll; and
• Paragraph 8.29(A)(2) of MMLR – to appoint at least one (1) scrutineer to validate the votes cast at the AGM.
The minutes of the 52nd AGM together with the responses to questions raised by shareholders were made available on the Company’s
website on 14 July 2022.
47
OTHER COMPLIANCE INFORMATION
Utilisation of Proceeds
No proceeds were raised from corporate proposals or exercises during the financial year.
Audit and Non-Audit Fees
Details of the audit and non-audit fees for services rendered by the External Auditors to the Group and the Company for FY 2022 are disclosed
in the AC Report on page 51 and Note 7 of the Financial Statements on pages 120 to 121 of this AR.
Material Contracts Involving Interests of Directors and Major Shareholders
No material contracts were entered into by the Company and/or its subsidiaries involving the interests of the Directors and major
shareholders during the financial year.
Recurrent Related Party Transactions of a Revenue or Trading Nature (“RRPT”)
The details of the RRPT undertaken by the Company during FY 2022 are disclosed on Note 38 of the Financial Statements on page 156
of this AR.
Although the Company is no longer required to seek the shareholders’ mandate for RRPT, these transactions are still closely monitored
and tracked by the Management and regularly reported to the AC.
48
AUDIT COMMITTEE REPORT
Pursuant to Paragraph 15.15 of the Main Market Listing Requirements (“MMLR”) of Bursa Malaysia Securities Berhad (“Bursa Securities”),
the Board of Directors (“the Board”) of Keck Seng (Malaysia) Berhad (“the Company”) is pleased to present the Audit Committee Report
for the financial year ended 31 December 2022 (“FY 2022”).
COMPOSTION AND MEETINGS
Composition
The Audit Committee (“AC”) consists of five (5) members, all of whom are Independent Non-Executive Directors.
The members of the AC and their respective designation are as follows:
Chairman:
Mr. Too Hing Yeap @ Too Heng Yip

(Senior Independent Non-Executive Director)
Members:
Mr. Tai Lam Shin

(Independent Non-Executive Director)
Encik Mahathir Bin Mohamed Ismail

Mr. Liew Foong Yuen

Dato' Dr. Zaha Rina Binti Zahari

The biography of each AC member is set out in the Directors’ Profile on pages 9 to 18.
All AC members are financially literate and able to read and understand matters under the purview of the AC during the financial reporting
process to effectively discharge their duties and responsibilities. Both Mr. Tai Lam Shin and Encik Mahathir Bin Mohamed Ismail are
members of the Malaysian Institute of Accountants, thus complied with Paragraph 15.09(1) of the MMLR of Bursa Securities.
The term of office and performance of each of the AC members is reviewed annually by the Nominating Committee (“NC”) to determine
whether the AC have carried out their duties in accordance with the AC Charter.
Meetings
During FY 2022, the AC met on five (5) occasions. Their attendance details can be found on page 36 of this Annual Report (“AR”).
Other Board members, employees and/or representatives of the External and Internal Auditors, upon invitation by the AC, were also present
at the meetings to provide briefings, updates and clarifications on matters under the AC’s purview. The AC Chairman may call for additional
meetings on matters relating to the Group at any time at his discretion. Both the External and Internal Auditors may also request for a
meeting if they consider it is necessary.
The Company Secretary is entrusted to assist the AC to develop and distribute agendas and meeting papers, and record the meeting
proceedings and decisions made by the AC. Minutes, including those taken at AC meetings by instantaneous telecommunication device
are kept, approved and circulated to all members of the AC and the Board. The AC Chairman reports on key issues discussed at the AC
meeting to the Board following each AC meeting.
49
AUDIT COMMITTEE REPORT (cont'd)
COMPOSTION AND MEETINGS (cont’d)
Charter
The roles and responsibilities of the AC, as well as their rights are set out in the AC Charter and is available on the Company’s website at
https://my.keckseng.com. The AC Charter is reviewed periodically to ensure it complies with current legislation and best practices. The AC
Charter was last reviewed and approved by the Board on 25 November 2022.
ANNUAL PERFORMANCE REVIEW OF THE AC
An annual assessment and evaluation on the performance and effectiveness of the AC for FY 2022 was undertaken by the NC. The AC
was assessed for overall effectiveness and quality, internal and external audit functions, financial reporting, compliance with legal and
regulatory requirements and risk management.
The Board was satisfied that the AC has discharged its functions, duties and responsibilities appropriately and effectively and in accordance
with its Charter.
SUMMARY OF ACTIVITIES FOR THE FINANCIAL YEAR
During FY 2022, the AC continued to assist the Board in fulfilling its fiduciary duties as well as providing oversight on the process and
integrity of the Group’s audit processes and financial reporting, adequacy and effectiveness of the risk management framework and
internal control system, performance management system and compliance to applicable laws, standards and regulations.
The summary of activities carried out by the AC for the financial year under review are described as follows:
1. Financial Reporting
• reviewed the unaudited quarterly financial results and annual audited financial statements for FY 2022 and recommended to the
Board for approval and announcement to Bursa Securities. Its focus was on:
➢ financial reporting process;

➢ clarity and presentation of disclosures;
➢ adoption and consistent application of suitable accounting policies;
➢ changes or implementation of new accounting principles and standards, issues or practices;
➢ major judgements or estimates;
➢ going concern assessment;
➢ uncorrected misstatements;
➢ key audit matters;
➢ significant and unusual events; and
➢ compliance with the MMLR, applicable Financial Reporting Standards and other legal and regulatory requirements.
2. External Audit
• reviewed and endorsed the audit plan for FY 2022 to ensure that their scope of work adequately covers the activities of the
Group and the Company;
• discussed on areas of audit emphasis during the audit plan review session;
• assessed the suitability, objectivity and independence of the External Auditors (“EA”). The EA have confirmed their independence
and remain in compliance with the By-laws (on Professional Ethics, Conduct and Practice) of the Malaysian Institute of
Accountants and the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants;
• briefed by the EA on its 2022 Transparency Report;
• reviewed and discussed with the Management and the EA the key audit areas in relation to the annual audited financial
statements including key audit matters and internal control observations, recommendations and management responses and is
satisfied that the Management is responsive to any findings made by the EA;
50
SUMMARY OF ACTIVITIES FOR THE FINANCIAL YEAR (cont’d)
2. External Audit (cont’d)
• held two (2) private meetings with the EA on 26 August 2022 and 6 April 2023 respectively without the presence of the
Management to discuss on audit-related matters. No major issues were raised during the meetings;
• evaluated the competence of the audit team, quality and effectiveness of the audit, communication and interaction with the
Management, ability to meet deadlines and resources capacity of the EA, before recommending to the Board their re-appointment
as EA of the Company for the ensuing year;
• reviewed with the EA, the Statement on Risk Management and Internal Control for inclusion in the Company’s 2022 AR;
• reviewed audit fees; and
• reviewed non-audit services rendered by the EA as part of its independence assessment. These fees constituted approximately
9.09% of the total audit fees and do not compromise the independence of the EA.
The amount of audit and non-audit fee incurred for FY 2022 were as follows:
Audit Fee Non-Audit Fee

RM’000 RM’000
The Company
- Current 220 20
The Group
- Current 1,058 (*) 25

* includes audit fees amounting to RM578,000 paid to other auditors of subsidiaries in Singapore, Canada, Hong Kong and United States of
America.
Following the review and assessment, the AC was satisfied with the performance and independence of the EA and concluded that the
EA continued to possess the competency, independence and experience required to fulfil their duties effectively. The Board, based on
the recommendation of the AC, will seek shareholders’ approval on the re-appointment of Ernst & Young PLT as EA of the Company
at the forthcoming Annual General Meeting (“AGM”).
3. Internal Audit
• reviewed and approved the proposed risk-based annual audit plan;

• reviewed the adequacy of the scope of audit, programmes and processes to ensure that principal risks, key entities and
functions have been adequately identified and covered in the internal audit plan;
• assessed the independence, competency, performance and effectiveness of the Internal Auditors (“IA”);
• reviewed the internal audit reports on their findings, recommendations and the Management’s responses and corrective actions;
• reviewed the follow-up reports and the status of mitigating measures taken by the Management to ensure all key risks and
control weakness have been properly addressed;
• reviewed the adequacy of the Internal Audit Department’s (“IAD”) resources;
• reviewed the findings on investigative case(s) and recommendations including the Management’s responses and resolutions
thereon; and
• held one (1) private meeting with the IA on 6 April 2023, without the presence of the Management to discuss any issues and
significant matters. No critical issues were raised by the IA and they conveyed that they had received full co-operation from the
Management throughout the course of their audits.
The AC was satisfied that the:
• audits of the Group’s systems of internal control have been carried out impartially, proficiently and with due professional care
and that it is able to obtain the necessary assurance it requires on the effectiveness of the systems of internal control;
• IAD’s resources are adequate;
• IAD is able to access information to undertake its duties effectively; and
• IA’s independence has been maintained.
51
SUMMARY OF ACTIVITIES FOR THE FINANCIAL YEAR (cont’d)
4. Risk Management
• reviewed the Risk Assessment Analysis (“RAA”) dashboards/reports and the Summary of Sustainability Matters (“SM”)/Material
Sustainability Matters (“MSM”);
• assessed the adequacy and effectiveness of the risk management framework of the Group and the appropriateness of the
corrective actions taken by the Management in mitigating the risks as well as ensuring all risks were adequately controlled;
• ensured that the Company’s risk tolerance is not exceeded and report to the Board on any significant financial and/or reputational
risks identified in the RAA dashboard/reports; and
• assessed the SM/MSM identified by the Risk and Sustainability Committees and monitored the achievability of the sustainability
targets.
5. Annual Report
• reviewed and endorsed Corporate Governance Report and the following statements/reports before recommending the same to
the Board for approval and inclusion in the 2022 AR:
➢ Corporate Governance Overview Statement;
➢ AC Report;
➢ Statement on Risk Management and Internal Control; and
➢ Sustainability Statement;
• reviewed the applicable amendments to the MMLR and CG Code and the extent of the Group’s application of the best practices
set out in the CG Code.
6. Related Party Transactions
• reviewed the Related Party Transactions (“RPT”) and Recurrent Related Party Transactions (“RRPT”) entered into by the
Group and the Company on quarterly basis, to ensure that such transactions are undertaken at arm’s length basis, on normal
commercial terms and on terms not more favourable to the related party(ies) than those generally available to the public and are
not detrimental to the interests of the minority shareholders.
• reviewed conflict of interest transactions that may give rise to questions of the Board or Senior Management’s integrity.
During FY 2022, there were no RPT and RRPT that triggered the disclosure threshold under the MMLR and required shareholders’
approval, nor were there any conflict of interest situations that required disclosure.
7. Other Matters
• reviewed the AC Charter, External Auditors’ Independence Policy and Whistleblowing Policy with reference to the new provisions
in the CG Code and/or MMLR and recommended the same to the Board for approval.
TRAINING
During the financial year, the AC members have attended webinars and kept abreast of relevant developments in accounting and auditing
standards, practices and rules. The AC’s training details are available on pages 37 to 40 of this AR.
INTERNAL AUDIT FUNCTION
The AC is supported by an independent and adequately resourced in-house IAD, which is essential in assisting the AC in obtaining the
assurance it requires regarding the adequacy and effectiveness of the Group’s systems of internal control.
The IAD provides independent and objective assurance and advisory services to add value and improve the operations and internal controls
of the Group. The IAD is governed by its Internal Audit Charter, which has been approved by the Board. The IAD conducts risk-based audits
in accordance with a professional recognised framework, i.e. Internal Professional Practices Framework (IPPF) in a systematic, disciplined
and credible manner.
52
INTERNAL AUDIT FUNCTION (cont’d)
The IAD consists of four (4) independent associates and is headed by Ms. Suenitha Chupaya. The IAD associates consist of two (2)
Qualified Professionals and two (2) Accounting & Finance Degree Holders.
The main functions of the IAD are to:
• undertake regular and systematic reviews of the effectiveness and adequacy of the systems of internal control. The review and
assessment process must be carried out impartially, proficiently and with due professional care;
• assess and report on the Management’s progress and effectiveness in addressing weaknesses in internal controls and update on
the extent to which recommendations have been implemented within the required timeframe to ensure that all potential weaknesses
under review are mitigated or are within acceptable levels;
• review and report on the extent of the Management’s compliance with established internal policies and procedures; and
• investigate and report on suspected fraud or malpractices (if any).
INTERNAL AUDIT WORK CARRIED OUT FOR THE FINANCIAL YEAR UNDR REVIEW
During FY 2022, the IAD performed the following:
• operational and financial audits and reviews based on the approved risk-based annual audit plan for 2022;
• business process improvement reviews;
• reviewing inter-company/related party transactions of the Group;
• performing follow-up audits to ensure proper and effective remedial actions have been taken on issues reported in the previous audits;
and
• conducting impact assessment on the system of internal controls resulting from operational exercises.
All internal audits were conducted in-house. The IAD performs routine audits and reviews on all operating business units within the Group
and special audits, where necessary. The on-site audits of the Group’s overseas business units have been postponed to 2023 due to visa
issues encountered upon application. In lieu of on-site audits, the IAD carried out off-site audits or performed data analysis for the overseas
business units. During FY 2022, a total of twenty-eight (28) routine internal audit reports were presented to the AC incorporating findings,
IA recommendations and the Management’s comments. There were no special audits conducted during the year. The internal audit reports
covered the following business segments:
Segment Routine Audits (No. of Reports)
Manufacturing 4
Hotels and Resort 10
Property Development and Investment 6
Plantations 2
Share Investment 6
Total 28
The IAD held a meeting with the EA without the presence of the Board or Management on 19 October 2022, to discuss on its audit
coverage during the year, issues that arose during the course of their audit, their resolutions and any other areas of audit concern. This
meeting was held to ensure that the audit coverage is efficient and effective for both the Internal and External Auditors and to exchange
information.
The total cost incurred to manage the internal audit function of the Group for FY 2022 was RM512,600 (RM680,400 in 2021).
53
S TAT E M E N T O N R I S K M A N A G E M E N T A N D I N T E R N A L C O N T R O L
INTRODUCTION
The Board of Directors (“the Board”) of Keck Seng (Malaysia) Berhad (“KSM”) is pleased to present the Statement on Risk Management
and Internal Control (“SORMIC”) for the financial year ended 31 December 2022 (“FY 2022”), issued in compliance with paragraph
15.26(b) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad (“Bursa Securities”), with guidance from the
Statement on Risk Management & Internal Control: Guidelines for Directors of Listed Issuers.
RESPONSIBILITIES
The Board
The Board affirms its responsibility for maintaining a sound risk management framework and internal control system. The Board continually
articulates, implements and reviews the adequacy and effectiveness of the Group’s system of risk management and internal control to
ensure that:
• the operations are effective and efficient;

• the financial information is readily available and reliable;
• the laws and regulations are complied with; and
• the shareholders’ and other stakeholders’ interests and Group assets are safeguarded.
The Board recognises that:
• internal controls are designed to manage and minimise rather than eliminate the risk of failure to achieve business objectives and can
only provide reasonable and not absolute assurance against material misstatement, loss, fraud, error or illegal acts and the occurrence
of unforeseeable circumstances; and
• the process to identify, evaluate, monitor and manage risks is a collective and continuing effort.
Audit Committee
The Audit Committee (“AC”) is established to assist the Board in fulfilling its statutory and fiduciary responsibilities in the governance of
financial processes, accounting and financial reporting, system of risk management and internal control and compliance with applicable
laws and regulations. The AC is governed clearly by its Charter which deals with its duties and authority. The AC is entrusted by the Board
to ensure that the Group’s risks are identified, evaluated, monitored and managed and internal controls in place are adequate and effective
to address these risks.
Internal Audit Department
The Internal Audit Department (“IAD”) is an integral part of the Group’s internal control system and reports directly to the AC. The IAD
is governed by its Internal Audit Charter and performs risk-based audits on various operating business units based on its approved
annual audit plan. The IAD’s primary role is to provide an independent, reasonable and objective assurance in addition to providing
recommendations to add value and improve the efficiency of the business units’ operations. The IAD conducts checks and assessments
on the adequacy and effectiveness of the system of internal control, compliance with policies and procedures and assesses the integrity
of financial information and highlights findings on non-compliance. Audit findings and recommendations together with follow-up reviews
are tabled in the AC meetings.
Risk and Sustainability Committees
Risk and Sustainability Committees (“RSCs”) were formed by the respective key business units and led by the respective Senior
Management personnel to assist the Managing Director (“MD”) in performing regular risk and/or sustainability assessments. The RSCs’
key responsibilities are to:
• identify, evaluate, monitor and manage key risks and sustainability matters;
• recommend risk mitigating measures, if required;
• update existing risks and sustainability matters to reflect changes in ratings, status and action plans;
• review and update policies, procedures and guidelines, where necessary;
• ensure policies, laws and regulations are complied with; and
• report to the MD on its assessments.
54
(cont’d)
KEY ELEMENTS OF THE GROUP’S SYSTEM OF RISK MANAGEMENT AND INTERNAL CONTROL
The key elements of the Group’s system of risk management and internal control are described below:
Organisational Structure and Authorisation Procedures
Defined organisational structures exist with clear delegation of responsibilities and authorities.
Policies and Procedures
Fomalised policies and procedures on monitoring and regulating financial and operating activities are in place. These policies are updated
as and when needed to conform with internal controls, laws and regulations.
Integrity and Ethics
The established Code of Conduct and Ethics (“Code”) and Anti-Bribery & Anti-Corruption Policy clearly sets out the expected behaviour
of Directors and employees of the Group, whilst the Whistleblowing Policy provides a dedicated and confidential channel to individuals to
raise genuine concerns without fear and retaliation. During the financial year, the Conflict of Interest Policy was established to guide the
Group on how to identify, declare and implement actions to deal with conflict of interest situations.
Regular Performance Review and Reporting
At operational level, daily or regular meetings are held to address operational issues.
The respective Management teams monitors and reviews the financial performance of their respective business units. Monthly financial
reports are forwarded to the MD and Executive Directors (“ED”). Regular meetings are also held between the MD, ED and Management.
Interim and annual financial statements together with papers covering financial performance and key business indicators are prepared
quarterly and annually for the AC and Board’s review and approval prior to the submission to Bursa Securities.
Insurance
Insurable risks are covered by insurance. Annual insurance reviews are conducted and actions taken to ensure that there is adequate
coverage against losses.
Human Capital
An experienced human capital function is maintained to oversee the Group’s human capital related matters together with succession plans
to ensure operational continuity.
RISK MANAGEMENT FRAMEWORK AND REVIEWS
The RSCs develop, execute and maintain the risk management framework which has been formulated based on the understanding
of the Group’s culture, needs, size and business diversity to ensure that the Group’s objectives are achieved within the set risk limits.
The identified risks, together with the risk mitigating measures are reported to the AC and the Board based on the annually approved
assessment work schedule.
During FY 2022, the respective RSCs conducted reviews and updates on their Business Units’ (“BUs”) significant risks, reassess financial
risks and reputational impacts, and recommend mitigation measures. A total of nine (9) Risk Assessment Analysis (“RAA”) reports have
been tabled before the AC and the Board for deliberation during FY 2022. The RAA reports have been communicated to the respective
risk owners for implementation. No new risk category has been identified during the year whilst the following risk areas have been re-
evaluated:
55
(cont’d)
RISK MANAGEMENT FRAMEWORK AND REVIEWS (cont’d)
• Strategic – risks that affect business directions.

➢ market shifts.
➢ consumer trends.
➢ competitors.
➢ governmental policy changes.
➢ geo-political issues.
• Operational – risks that affect the day-to-day business operations.

➢ business continuity.
➢ efficiencies and yield.
➢ safety & health of our employees and business associates.
➢ environmental impact.
➢ manpower supply, retention and succession.
➢ supply chain.
• Compliance – risks that affect legal, statutory and governance.

➢ maintaining certifications and accreditations in light of changes in laws and regulations.
➢ adherence to legal and other regulatory bodies’ timelines and requirements.
• Information Technology (“IT”) – risks that affect data storage, cybersecurity and offsite accessibility of the IT system to users.
• Financial – risks that affect financial processes and reporting.

➢ credit exposure.
➢ cash management.
➢ interest rates and market fluctuations.
➢ foreign currency exchange fluctuations.
• Code of Conduct and Corruption – risks that affect human rights, diversity, ethical standing, company reputation, bribery and corruption.
The AC has reviewed the RAA reports and considered the effectiveness of the current risk assessment process in identifying, assessing,
addressing and monitoring the risks of the Group.
BOARD ASSESSMENT AND CONCLUSION
The Board has received assurance from the MD and Group Accountant, that the Group has to the best of its ability mitigated its risks
and that the system of risk management and internal control are operating adequately and effectively, in all material aspects during the
financial year under review. The Board also received similar assurances from the respective operating BUs’ General Managers and Heads
of Accounts/Finance. The IAD has also provided assurance to the Board that the Group’s system of internal control is adequate.
The Board concludes and confirms that:
• the Group has taken the necessary measures to mitigate its risk exposures to an acceptable level including modifying processes
according to business conditions or risks changes to ensure business continuity;
• the Group’s system of risk management and internal control are operating adequately and effectively;
• the risk management process in identifying, analysing, evaluating and managing the significant risks faced by the Group is in place;
and
• the Group’s system of internal control is robust and able to provide a reasonable but not absolute assurance against any material
misstatements, financial losses, contingencies, uncertainties, defalcations or fraud that would warrant disclosure in the Annual Report
2022.
56
(cont’d)
REVIEW OF THE STATEMENT BY EXTERNAL AUDITORS
The External Auditors (“EA”), Ernst & Young PLT have reviewed this Statement on Risk Management and Internal Control for inclusion
in the Annual Report 2022. Their limited assurance review was performed in accordance with Audit and Assurance Practice Guide 3
(“AAPG 3”): Guidance for Auditors on Engagement to Report on the Statement on Risk Management and Internal Control, issued by the
Malaysian Institute of Accountants. AAPG 3 does not require the auditors to form an opinion on the adequacy and effectiveness of the risk
management and internal control of the Group.
The EA state that nothing has come to their attention and caused them to believe that this SORMIC, in all material aspects, was not
prepared in accordance with the disclosures required by paragraphs 41 and 42 of the Statement on Risk Management & Internal Control:
Guidelines for Directors of Listed Issuers nor is this SORMIC factually inaccurate.
This Statement on Risk Management and Internal Control is made in accordance with a resolution of the Board dated 6 April 2023.
57
S U S TA I N A B I L I T Y S TAT E M E N T
This Sustainability Statement (“Statement”) has been prepared after considering the Sustainability Reporting Guide (3rd edition) and its
accompanying Toolkits published by Bursa Malaysia Securities Berhad (“Bursa Securities”). In determining Keck Seng (Malaysia) Berhad
(“KSM”) Group’s sustainability scope and governance structure, the Board has considered the Group’s culture, needs, size, business
diversity and its maturity in responding to sustainability matters.
SCOPE
KSM Group’s structure and principal activities have remained unchanged during the financial year ended 31 December 2022 (“FY
2022”). Activities of the Company and Business Units (“BU”) that fall under the main four (4) business segments namely Plantations,
Manufacturing, Property Development & Investment and Hotels & Resort are covered in this Statement.
Details of the respective BU and the Group’s segmental information can be found on pages 169 to 173 of this Annual Report (“AR”).
GOVERNANCE STRUCTURE
The roles of each team in the Governance Structure are as follows:-
Board of Directors (“Board”) • Responsible for:

➢ establishing sustainability strategies, priorities and targets;
➢ the governance of Material Sustainable Matters (“MSM”); and
➢ the Sustainability Statement.
Audit Committee (“AC”) • Oversees the:

➢ management of identified MSM; and
➢ preparation of the Sustainability Statement.
• Reviews the Summary of Sustainability Matters ("SM")/MSM and recommends to
the Board for approval.
Managing Director (“MD”) • Reviews and approves the Summary of SM/MSM prior to the AC’s review,
deliberation and approval.
Risk and Sustainability • The RSC are led by the respective Senior Management Personnel.
Committees (“RSC”) • Assist the MD to:
➢ identify, evaluate, monitor, manage and report on sustainability matters
("SM"); and
➢ categorise and prioritise SM to identified MSM, at least on an annual basis.
Department Managers • Manage the identified SM and ensure that objectives and targets are achieved
through policies and action plans.
• Monitor and report on sustainability performance to the RSC.
During FY 2022, three (3) summary of SM/MSM were presented to the AC for review, deliberation and approval. The AC is of the view
that the Group’s sustainability framework is adequate in identifying and addressing environment, social and governance (“ESG”) matters.
58
S U S TA I N A B I L I T Y S TAT E M E N T ( c o n t ' d )
SUSTAINABILITY MATTERS
Stakeholders’ Engagements and Prioritisation
Engaging with our stakeholders is crucial towards identifying groups in which our Company or BU may have a significant impact on them.
The engagement sessions help the respective BU understand and fulfill their key stakeholders’ expectations as well as to communicate
the Company’s sustainability performance, strategies, priorities and targets to them. Through the different modes of engagements held
with key stakeholders, the Company and BU are able to identify the SM that impact their respective operations.
Stakeholder Mode of
Group engagement Topics Solutions / Actions
Board Board Meetings

• Sustainability strategy. • Continue to build on the Company’s
• Performance. core strength to deliver to shareholders.
• Dividend payouts. • Uphold high ethical standards,
governance and professional conduct.
Shareholders
Performance. Annual General •
• Close monitoring of currency fluctuation
Meetings
Quoted investments held. •
and enter into forward contracts to
Impairment of assets. Announcements •
hedge against the fluctuation.
Return on equity. Company Website •
• Hold the quoted investment portfolio
Future outlook and for long-term.•
expansion plans. • Provide necessary impairment in the
financial statements.
• Monitor the returns on its A21
investments but outlook remains
uncertain as the Ukraine conflict has
not been resolved and recovery from
the COVID-19 pandemic is slow.
• No expansion plans due to the current
geopolitical landscape.
Government /
• ESG issues. Meetings • Meet, discuss and resolve issues raised.
Regulators Inspections
• Local and sectoral development. • Ensure and improve on legal,
Joint Surveys
• Compliance with legal, regulatory and listing compliance.
Seminars
regulatory and listing • Joint patrolling exercise conducted.
requirements. Talks • Engage more certified competent
Correspondences
• Product quality and food safety. persons.
• Certifications. • Continuous research & development
efforts.
• Relevant certifications are obtained and
maintained.
Non-Governmental Meetings
• Environmental protection. • Engage in collaborative projects to
Organisations
• Biodiversity conservation. rehabilitate riparian buffer zones,
• Social welfare. mangrove forest reserve, establish
wildfire corridors and protect wildlife.
59
SUSTAINABILITY MATTERS (cont’d)
Stakeholders’ Engagements and Prioritisation (cont’d)
Stakeholder Mode of
Group engagement Topics Solutions / Actions
Customers
Meetings
Certifications. • • Relevant certifications are obtained
Tele-conversation •
Sustainable procurement and maintained.
Emails
practices. • Meet with customers to discuss and
Social media •
Market competitiveness. solve issues to achieve 100%
Feedbacks •
Product and services review. traceability supply chain.
Dialogue •
Uptrend, support and sustain • Maintain and improve on its integrated

commercial and community palm oil processing complex.
activities. • Improve the design of development
projects.
• Maintain price affordability range for
the properties developed.
• Consistently uptrend, support and
sustain the commercial and community
activities within its townships.
• Upkeep investment, hotels & resort
properties and provide quality services
to customers.
Suppliers Meetings • Sustainable procurement • Meet with suppliers to discuss and

practices. solve issues to achieve 100%
• Compliance. traceability supply chain.

Employees Meetings • Staff retention. • Annual performance appraisal and
Conferences • Awareness on safety and health, assessment.
Social Impact sustainability requirements and • Hold briefing and training sessions.
Assessment company policies and procedures. • Hold townhall sessions.
Dialogue and direct • Staff welfare, labour policy and • Hold meetings with workers’
engagement practices, workers’ rights and representative for collective bargaining
Annual Performance quality of life. and to discuss on issues raised.
Appraisal
Town Hall
Local Meetings
• Relationship with the Company. • Create share valued initiatives.
Communities Dialogue
• Employment opportunities. • Open employment opportunities to
Direct engagements
• Complaints and grievances, eligible locals.
Social media
including health and safety issues. • Attend and resolve any complaints
Company website
• Community development. and grievances.
• Environmental impact. • Contribute to community
development / projects through our
Corporate Social Responsibility (“CSR”)
activities.
• Close interaction with local
communities via social media
exchanges,feedbacks and
participate in community events.
• Source quality operators for our
developed/developing townships.
60
SUSTAINABILITY MATTERS (cont’d)
Stakeholders’ Engagements and Prioritisation (cont’d)
Following the identification of the SM, a materiality assessment process is conducted to further identify MSM. The MSM are determined
from common sustainability issues arising from the palm oil, palm oil mill & refinery industry and also from SM assessments and ratings.
The Group has commenced physical stakeholders’ engagement sessions but continues to also hold engagements through social media
platforms, survey forms or via phone interviews.
The Group’s identified MSM for FY 2022 are as below:
Environment • Good Agricultural Practices

• Waste and Emission Management
• Energy and Water Management
Social • Diversity
• Employment Practices and Human Rights
• Occupational Safety and Health
Governance • Performance
• Integrity & Ethics and Laws & Regulations
• Quality Products and Services
• Supply Chain Management
ENVIRONMENT
Good Agricultural Practices
Plantations
Our oil palm plantations’ good agricultural practices include but are not limited to the following:
a) Land Management and Biodiversity
Target: Zero soil erosion reported incidences per hectare.

Actual: No reported incidences in 2022, 2021 and 2020.
➢ Soil Protection:
• restrict new development or new planting on certain terrain;
• conserve existing cover crop, vegetation or planting of forest plants on flat or low gradient land;
• maintain soil condition, moisture and stability;
• monitor, identify and estimate area for any potential erosion incidents; and
• strictly adhere to soil erosion management plan, which forms part of our efficient planting techniques to ensure sustainable
land cultivation.
Target: Zero water contamination reported incidences.

Actual: No reported incidences in 2022, 2021 and 2020.
61
ENVIRONMENT (cont’d)
Good Agricultural Practices (cont’d)
Plantations (cont’d)
➢ Buffer Zone or Riparian Area:

• maintain natural or engineered buffer zone or riparian area;
• mark palms and place warning signages to raise awareness that these areas are considered as conservation area;
• no new planting or replanting are carried out in these areas;
• agrochemical activities are not allowed;
• strict adherence to water management plan, which includes prohibiting chemical spraying or fertiliser application in the
buffer zone and conducting water sampling/analysis to ensure water quality is maintained; and
• educate workers on the importance of maintaining buffer zone or riparian reserves.
Target: Zero Development on High Conservation Value (“HCV”) areas and peatland
Actual: No development carried out on HCV areas and peatland in 2022, 2021 and 2020
➢ HCV Areas and Biodiversity:

• maintain and/or enhance identified HCV areas;
• allocate HCV areas and buffer zones within our operating boundaries;
• put up signages to create awareness of prohibited acts such as trespassing and hunting;
• frequent monitoring of HCV areas;
• preserve and protect flora and fauna species;
• handing over any endangered wildlife species found in our premises to the Department of Wildlife and National Parks;
• carry out annual joint inspection and patrolling activities with the Johor State Forestry Department; and
• two of our plantations have been chosen by the Malaysian Palm Oil Certification Council (“MPOCC”) to participate in its HCV
pilot test for the development of HCV guidelines and approach for Malaysian Standard (“MS”) 2530:2022.
➢ Peatland Development:
• prohibit the planting of palms on peatland.
b) Integrated Pest Management (“IPM”) and Chemical Usage:
Amount of pesticide used (active ingredients per hectare)
Target Actual
Year (litre/hectare) (litre/hectare)
2022 1.15
2021 2.00 1.60
2020 3.70
62
Good Agricultural Practices (cont’d)
b) Integrated Pest Management (“IPM”) and Chemical Usage: (cont’d)
• maintain delicate equilibrium between the destructive insect pests and the natural biological agents;
• monitor closely for any outbreak of pest infestation in our oil palm plantations to ensure that it is quickly brought under control
and maintained below the economic damage threshold level;
• introduce mitigating measures such as biological and physical controls to reduce dependency on chemical-based herbicides
and pesticides;
• use mechanical spreaders and provide personal protection equipment (“PPE”) to minimise human contact with chemicals;
• sound chemical management is in place throughout the chemicals’ life cycle, with spills containment kits and PPE prepared for
the management of chemical leaks and spills;
• standard operating procedures (“SOPs”) are in place for weed management;
• workers are briefed on work safety before commencement of work and subjected to annual medical check-ups; and
• the plantations are required to routinely undergo Chemical Health Risk Assessments.
Prevention management – Preservation of Beneficial Plants Biological control – Barn Owl

(Turnera Subulata)
Waste and Emission Management
Plantations
Target : 30% recycled out of total waste

Actual : 2022 – 25% recycled out of 6 tonnes of waste
2021 – 24% recycled out of 6 tonnes of waste
2020 – 19% recycled out of 5 tonnes of waste
As part of our efforts to reduce pollutants that contribute to climate change, our Plantations Segment adopts and adheres to a zero-burning
policy. No fire is used for the preparation or clearing of land areas. Our oil palms are felled, chipped, exposed to direct sunlight and left to
decompose. These decomposing chips will add nutrients to the soil and inhibits the spread of Ganoderma.
All forms of open burnings are prohibited by our workers, staff and contractors within our premises. Plantation employees and workers are
trained to respond to fire emergency situations and frequent patrolling are conducted to ensure no open burning or fire outbreaks occur
within the plantations. Other emission management efforts include reducing nitrogen emission from fertiliser application by adopting the
Agronomist’s oil palm manuring recommendation, planting of legumes cover crops such as Mucuna bracteate to recycle nitrogen back into
the soil, reduce soil erosion and water runoff. Timely maintenance is performed on our tractors to reduce carbon emission from such vehicles.
63
Waste and Emission Management (cont’d)
Plantations’ wastes are mainly managed through recycling or disposed through licensed contractors. The Plantations’ Agricultural Manual
outlines the responsible methods on cutting palm fronds and replanting methods of biomass. Our empty fruit bunches are shredded for
mulching and composting, whilst scheduled waste management guidelines are in place and strictly followed to minimise any adverse
effects to human health and the environment.
Manufacturing
Target carbon emission for our Crude Palm Oil, Palm Kernel, Palm Kernel Oil and Palm Kernel
Expeller products: < 3.5 tCO2e/tProduct
Actual : 2022 - Ranges between 0.59 to 0.64 tCO2e/tProduct

2021 - Ranges between 0.70 to 0.72 tCO2e/tProduct
2020 - Ranges between 2.85 to 2.91 tCO2e/tProduct
[Extracted from Masai Palm Oil Mill Emission Summary Reports]
Keck Seng Palm Oil Processing Complex is an integrated complex located in close proximity to most of our plantations. The complex
encompasses our palm oil mill, kernel crushing plant, palm oil refinery and vitamin extraction plant. Our palm oil mill, through anaerobic
digester tanks is able to treat its Palm Oil Mill Effluent (“POME”) and at the same time use the methane gas produced as a source of
renewable energy.
Our carbon emission reduced in year 2022 due to higher production, lesser wastewater generated and lesser fertilisation.
We continue to closely monitor and engage in improvement plans to ensure that water effluent discharge resulting from our palm oil
processing and the amount of smoke produced by our boilers are managed and comply with the requirements of the relevant authority.
Based on the Stack Emission Analysis conducted, our boilers’ dust particulate emission reading are as follows:
Target : Target: <150mg/Nm3.

Actual : 2022 - 91mg/Nm3
2021 - 109mg/Nm3
2020 - 73mg/Nm3
The commissioning of our new dust particulate arrestor system has been postponed from 2020 to April 2023 due to supply chain delays
caused by COVID-19.
Property Development
Our Property Division is committed to ensuring that our property development projects do not materially affect the environment. We ensure
that all relevant environmental rules and regulations pertaining to waste, emission, pollution and soil erosion are complied. We engage
with environmental consultants in the early stages of our property development to ensure that our development projects would not affect
the environment negatively. Samples and readings that are benchmarked against monitoring indicators are taken and sent for laboratory
analysis.
We know that disaster risk reduction is essential if our development is to be sustainable for the future. Our engineer consultant has been
tasked to ensure that our township’s stormwater drainage flow design caters for sudden flood situations that maybe caused by climate
change.
No major flooding incidences have been reported within our developed/developing townships.
64
Waste and Emission Management (cont’d)
Hotels and Resort

FY2022
Company Waste Recycled Recycled

(tonnes) (Target [%]) (Actual [%])
KSD 642.26 35% 70%
KSG 158.40 18% 17%
KSNY 5.12 45% 40%
% Of Waste Recycle % Of Waste Recycle

70% 70%
70% 70%
60% 60%
50% 40% 40% 50% 38% 40% 40%
40% 40%
30% 18% 17% 30%
16% 17% 15%
20% 20%
10% 10%
0% 0%
KSD KSG KSNY KSD KSG KSNY
2022 2021 2022 2019
Abbreviation: KSD – KSD Enterprises Ltd.; KSG – KSG Enterprises Ltd.; KSNY – KSNY Enterprises Ltd.; TPGR – Tanjong Puteri Golf Resort Berhad
Note:
1. TPGR does not track its recycled waste or waste sent to the landfill. Instead, it monitors its Food & Beverage (“F&B”) wastage, ensuring that it does
not exceed 2% of its total F&B cost. For FY 2022, it had recorded a 0.02% wastage of its total F&B cost, which is approximately RM594.00.
Our respective Hotels and Resort reduce their waste generation through prevention, reduction, recycling and reuse efforts that may include
one or more of the followings:
• Elimination of plastic bags;

• Promote and provide eco-friendly utensils;
• Have adequate and accessible bins available with proper signages and educational information to employees and visitors;
• Refurbish furniture to extend its useful life;
• Control overages on employee meals or prepare to-order meals;
• Eliminate disposable containers used in employee lounge and replacing it with chinaware plating and silver utensils;
• Monitor food temperatures, rotate their stock and track food waste to decrease the need to discard food;
• Food cooked should commensurate with the occupancy rates, event guest count or need-to basis;
• Food products are cross utilised to minimise waste;
• Ensure that produce ordered and delivered are fresh with adequate shelf life;
• Outsourced F&B function;
• Train kitchen staff on proper food handling and storage;
• Use environmentally friendly cleaning agents and chemicals;
• Use latex paint to eliminate the use of thinners; and
• Recycle used computer paper for office use.
65
Energy and Water Management
Plantations
Our Plantations Segment has developed and implemented a comprehensive water management plan to maintain the quality and availability
of surface and ground water which include maintaining buffer or riparian zones, conducting annual water sampling, reuse gray water for
gardening and ensuring all taps, pipes and toilets are properly maintained to avoid leakages.
With climate change happening now, insufficient water issues affecting the plantations may develop in the very near future. As such, plans
will be developed to tackle this issue.
Manufacturing
Methane gas captured from our POME treatment process, together with palm biomass which consist of mesocarp fibre, shells and empty
fruit bunches are used as a renewable energy source to generate steam and electricity for our Mill and Refinery. This source of renewable
energy is environmentally sustainable and allows us to save on a yearly basis more than 85% and 40% of fossil fuel and power cost
respectively.
Purchased Energy Per Annum
Target 2022 2021 2020
3% 4.43% 2.68% 4.81%
The volume of energy purchased co-relates to the amount of fresh fruit bunches (“FFB”) available for Palm Oil Mill’s (“POM”) processing.
The lesser the amount of FFB processed, the amount of energy purchased would increase as the amount of renewable energy produced
would inevitably drop. However, in 2022 even though the amount of FFB processed had increased by 7%, POM’s purchased energy had
not decreased as the POM’s biomass boiler had to be shut down to undergo maintenance, resulting in lesser renewable energy being
generated.
Water used to process

per tonne of FFB (m3) Target 2022 2021 2020
< 3m3 2.38m3 2.55m3 2.29m3
POM’s uses water to process its FFB as well as generate steam to supply to Palm Oil Refinery and the vitamin extraction plant. Therefore,
since POM’s FFB processed had increased by 7% in 2022, the computed amount of water used to process per tonne of FFB has decreased
in 2022.
Water is widely used in our palm oil processing complex. We are committed to consistently supply safe drinking water for our staff and
workers’ domestic usage and that the treated water meets our operational process requirements without compromising on the quality of
our Refinery’s end products. We are guided by our water management manual for the treatment of raw water/waste water, monitoring of
river water quality, water outflow to the natural waterways and water usage in the mill.
Over the years, we have invested and upgraded our effluent treatment system to ensure that the water effluent discharged from our palm
oil processing plant, is treated and made safe before being released into the environment.
66
Energy and Water Management (cont’d)
Hotels and Resort
Company Target 2022

(< KWh per room) (KWh per room)
KSD 75.00 58.31
KSG 28.30 26.10
KSNY 19.65 20.65
Company Target 2022

(< m3 per room) (m3 per room)
KSD 1.10 0.77
KSG 0.58 0.48
KSNY 0.26 0.32
Note:
1. No comparative data is presented since the operations of the hotels and resort were temporary suspended during the respective countries’
government-imposed lockdowns and border closures caused by COVID-19 in 2021 and 2020.
2. Since TPGR’s main revenue is not derived from the letting out of rooms, TPGR’s does not track its energy and water consumption on this basis.
% Increase (Decrease) % Increase (Decrease)

in Energy & Water Consumption in Energy & Water Consumption
(2022 vs 2021) (2022 vs 2019)
80%
0%
80% -2%
5%
60% 10%
37% 40% 40% -13% -12%
15% -16%
40% -17%
22%
25% 20%
12% 14% 25% -26% -25%
20%
30% -31%
0% 35%
KSNY KSD KSG TPGR KSNY KSD KSG TPGR
Energy Water Energy Water
Note:
1. The respective establishment’s energy and water consumption have shown an increase when compared to 2021 but are below 2019’s consumption
levels as the occupancy rates for the hotels and resort have yet to achieve pre-pandemic levels.
67
Energy and Water Management (cont’d)
Hotels and Resort (cont’d)
Our Hotels and Resort Segment strive to maintain efficient systems to minimise energy consumption. We understand that conservation of
energy, water and recycling of waste requires team effort and continuous education of all our employees. The respective hotels and resort
adopt many of the following conservation efforts:
• Employees are educated to monitor areas and locate the root cause of energy wastage or leakage;
• Provide remedial training to employees when necessary;
• Lead energy using equipment are placed on maintenance agreement to ensure that they operate properly and efficiently.
• Carry out preventive maintenance checks and conduct annual inspections to ensure that equipment is run at its peak efficiency;
• Where necessary replace equipment with energy and water efficient replacements;
• Equipment such as air-conditioners (temperature control), thermostats and washers (set at cold wash) are set to conserve energy;
• Switching off the power for back-of-house spaces, vacant storage, unoccupied rooms or villa units;
• Encourage staff to use the stairs when travelling between 1 or 2 floors;
• Inculcate in all employees the habit of switching off the lights, computers and kitchen equipment when not in use;
• Where comparable, supplies are source locally, which means less fuel is used in transporting the items to our premises;
• Consolidate delivery or collection of goods to or from the property to reduce delivery trips made;
• Use water saver toilet flush valves, low flow shower heads and low flow aerators in the restrooms;
• Stop water running for long periods of time to defrost food or washing; and
• Plant draught resistant plants and use drip irrigation that are time controlled.
Property Investment
Target: 5% reduction Target: 5% reduction

Actual in 2022: 11% increased. Actual in 2022: 27% increased.
Note:
No comparative data is presented since the operations of the commercial property was affected by the government’s movement control orders caused
by COVID-19 in 2021 and 2020.
Our commercial property's energy and water consumption for 2022 have increased, as many of our tenants’ employees have resumed
working on site after the government had ended all movement control orders and COVID-19 health restrictions.
We are committed to conserving energy and water and our conservation efforts include carrying out regular maintenance on our plant and
equipment or replacing non-efficient equipment, ensure air-conditioning to vacant units are switched off, shutting down the chiller when
the weather is cooler, reducing water wastage when cleaning common areas, lowering water pressure for toilets and taps, responding
quickly in any repairs required and educating users. We have explored the possibility of solar panel installations on our building to generate
renewable energy, however due to the location and position of our building, which is shadowed by other neighbouring high-rise buildings,
we have been advised of the unfeasibility of this plan as there is insufficient sunlight available to generate sufficient power.
68
SOCIAL
Our Employees
Diversity
We strongly believe that our employees form the backbone of our success. We are committed to diversity and equality in our workplace,
striving to create a balanced and inclusive working environment, prioritising people development and promoting a well-balanced work life.
As at 31 December 2022, we have a total of 1,137 (1,079 in 2021) employees and 77 (94 in 2021) contract workers engaged across
our major business segments.
Presented below is an analysis of our manpower as at 31 December 2022 (excluding contract workers):-
Manpower Analysis
By Business Segments:
KSM Group
Manpower Analysis By Business Segments 2022
Hotels & Resort 541

507
100
Property Development &
Investment 97
395
Manufacturing
362
Plantations 101
113
- 100 200 300 400 500 600
2022 2021
Manpower Analysis By Age 2022 Manpower Analysis By Nationality 2022
172
Others
19 148
> 70
13
255
135 Canadian
61-70 214
96
212 136
51-60 American
228
128
246
41-50
292 5
Singaporean
258 5
31-40
218
569
267 Malaysian
18-30 584
232
- 100 200 300 400 - 200 400 600 800
2022 2021 2022 2021
69
SOCIAL (cont’d)
Employment Practices and Human Rights
KSM Group recognises that our people are our assets. We are committed to ensuring that our people and other stakeholders succeed
to secure a sustainable future and economic growth. We strongly uphold our commitment to be a responsible and compassionate
organisation and strive to accord to all our employees the following:
• fair treatment;
• productive employment and decent work;
• equal opportunity;
• gender equality;
• human rights;
• available dispute, grievance or complaint avenues;
• free from workplace/sexual harassment;
• women’s reproductive rights;
• right to form and join trade unions and to bargain collectively;
• ethical recruitment i.e., no to forced, trafficked or child (less than 16 years old) labour, zero recruitment fee;
• decent housing with basic necessities (for our foreign workers); and
• strict compliance to the respective countries’ applicable labour laws, rules and regulations.
Any non-compliance detected during recertification or governmental audits are addressed and corrective actions and preventive measures
will be taken and communicated.
Target: Zero human rights violations reported.

Actual: 2022 - 2 human rights violations were reported
2021 - 0 human rights violations were reported
2020 - 10 human rights violations were reported (*)
Note:
(*) relates to manpower rationalisation exercise.
The violations reported in 2022 relate to sexual harassment cases. Appropriate actions have been taken by the respective BU’s human
resource department to address the issue.
To assist our employees in reaching greater heights, we advocate that employees attend the necessary training and development
programmes that would lead to the upgrading of their professional knowledge or skills.
During FY 2022, a total of 6,805 hours or 78 training sessions have been vested on our employees. These covered matters on employment,
taxes, occupational safety and health, environmental related matters, Bursa Securities updates, SOPs on workshop, harvesting operation,
chemical spraying & manuring, Malaysian Sustainable Palm Oil (MSPO) Internal Auditor Training, policy on Roundtable Sustainable Palm
Oil (RSPO), social environment, anti-bribery & corruption and many more.
70
SOCIAL (cont’d)
Employment Practices and Human Rights (cont’d)

Training - Sexual Harassment in Workplace (19.07.2022)
Occupational Safety and Health
Number of employees in the Group trained in health and safety standards in 2022: 377 pax.
Maintaining and ensuring the safety, health and environment of our employees and stakeholders is one of our Group’s priorities. All the BUs
adhere strictly to their respective local Occupational Safety and Health Policy, act or other related regulations. Our Code of Conduct and
Ethics (“Code”) guides us in improving the working environment, safety and health of our employees and business associates.
We strive to promote the wellbeing for all at all ages by establishing and maintaining a workplace environment that is safe and healthy.
Any loss of life or injury could impact the families of those affected and also productivity. It is our responsibility to ensure that there are
proper policies and procedures in place to minimise the risk of employee illness or injury at the workplace. All operational sites have safety
committees or competent safety officers that regularly conduct audits, review and identify risks of illnesses and injury. On-going safety
and health awareness programmes and trainings are carried out. Incidences are promptly addressed by the respective safety committee
or officer to prevent any repeat of accidents. Key operational risk areas are inspected and assessed to ensure that adequate safety and
health controls are in place. We also heavily subsidised clinical treatments for our employees.
During FY 2022, we continue to encourage our employees to get vaccinated, maintain strict hygiene protocols and wear masks to combat
the spread of the COVID-19 virus.
We are pleased to report that there were no fatalities which occurred as a result of workplace accidents in 2022.
71
SOCIAL (cont’d)
Occupational Safety and Health (cont’d)
On-site COVID-19 vaccination for our Zumba Class held for our
Plantations and Manufacturing Segment’s Staff Plantations and Manufacturing Segment’s Staff
(08.02.2022, 10.02.2022 and 14.02.2022) (18.10.2022)
Gotong Royong campaign at KSM Labour and Staff Quarters

(02.10.2022)
Welfare
KSM Group takes pride in caring for its employees through various means, some of which are mentioned below:
• granted educational merit awards to deserving employees’ dependents.

• increase employer’s contribution to savings/profit-sharing plans for certain non-unionised employees.
• conduct employment assistance programme.
• donated to the families of needier employees during festive celebrations.
Festive donations to needy families

(22.04.2022 & 20.10.2022)
72
SOCIAL (cont’d)
Work-Life Balance
We strive to create and promote strong social bonds amongst our employees and their family members by organising social and sporting
activities which includes festive celebrations, sports carnival, staff family day and sports & national day celebrations.
Merdeka Celebrations Family Day at Punggai Bayu Beach Resort

(31.08.2022) (17.12.2022)
Our Community
Safety and Health
To safeguard our local communities' health, anti-malaria / dengue spraying and fogging are regularly conducted around our plantations
and property development worksites.
Safety-coordination meetings are held on our worksites by our contractors’ competent safety officers. Adequate first aid boxes and safety
green books are available on-site and other health and safety matters are also attended to regularly. These safety officers have also kept
abreast with the latest COVID-19 SOPs and ensured that the SOPs are strictly implemented on-site.
There were no major accidents or incidents that occurred in 2022.
Community Service and Projects
Our BUs have always been actively involved in community activities or participated in initiatives that will strengthen community growth and
welfare. During FY 2022, the following corporate social responsibility activities were carried out by our:
Local BU

Contributed school bags and stationeries to underprivileged Contribution to Program Kasih Lebaran JPKK Kampung
students of Sekolah Kebangsaan Kong Kong Laut Cahaya Baru Bersama Anak Yatim Asnaf
(27.04.2022) (30.04.2022)
73
SOCIAL (cont’d)
Our Community (cont’d)
Community Service and Projects (cont’d)
Local BU (cont’d)
Contribution to IPD Seri Alam in relation to their Contributed satay and ketupat to the residents’ committee of
Anti-Crime campaign Selat Medana Kong Kong during their
(25.05.2022) 2022 Hari Raya celebration (31.05.2022)
Contributed canopies, tables and chairs to Sekolah Kebangsaan Donation made to Majilis Sukan Negeri Johor in conjuction
Kong Kong Laut in conjunction with their 49th Sports Day to their Mountain Bike Event held at the newly opened
(26.06.2022) Recreational Park at Bandar Baru Kangkar Pulai
(01.11.2022)
Overseas BU
Bake-O-Rama in conjunction with the Children’s Miracle Network (14.12.2022)

74
GOVERNANCE
Performance
KSM Group has recorded a revenue of RM1,827,572,000 for 2022 (RM1,311,978,000 for 2021; RM874,463,000 in 2020). In 2022, it
has contributed RM30,975,000 (RM26,079,000 in 2021; RM27,696,000 in 2020) in income taxes and RM127,985,000 (RM86,951,000
in 2021; RM81,062,000 in 2020) in employee benefits respectively.
Reference can be made to Note 4, Statements of Cash Flows and Note 8 of the Financial Statements on pages 118, 96 to 97 and 121
of this AR.
Integrity & Ethics and Laws & Regulations
We conduct our business in a legal and professional manner with the highest standard of integrity and ethics. We know that failure to do
so may bring negative impacts to our people, community and perhaps the environment which will inevitably threaten KSM Group’s integrity
and reputation. As laws and regulations differ from country to country, to ensure compliance, we work closely with all relevant parties and
agencies that we operate in. We set targets and performance indicators to monitor our compliance and operational effectiveness.
Our directors and employees are governed by our Code, the Anti-Bribery & Anti-Corruption (“ABAC”) and Conflict of Interest (“COI”)
Policies, which reinforces our value of integrity by providing guidance on moral, ethical behaviour in laws, business dealings, policies,
standards and procedures. Our Whistleblowing Policy facilitates reporting on any violation of our Code, COI Policy, concerns of wrongdoing,
corruption and fraud.
The Code, Whistleblowing, ABAC and COI Policies are accessible via the Company’s website, https://my.keckseng.com.
In 2022, there were no complaints brought against KSM Group on Code, ABAC and COI breaches, nor were there confirmed bribery or
corruption cases or penalties imposed for legal and regularity breaches. The number of employees in the Group that attended anti-bribery
& anti-corruption trainings in 2022 amounted to 160 persons.
Quality Products and Services
KSM Group is committed in ensuring that our products and services are of quality and safe for consumption.
Our POM monitors the source and quality of its FFB and the palm oil refinery through research and development to meet the expectations
of the market and consumers in developing better, safer and healthier products for consumption.
External assurance is provided wherever possible to enhance credibility and build trust with relevant stakeholders. This is reflected in our
sustainability and quality related assurance and certificates obtained by the BU under our Plantations and Manufacturing Divisions which
include:
Maintained
➢ RSPO Principles & Criteria

➢ RSPO Supply Chain (Mass Balance) / (Segregation)
➢ MSPO MS2530-3:2013 / MS2530-4:2013
➢ Malaysian Palm Oil Board Code of Practice (MPOB COP)
➢ MSPO Supply Chain Certification Standards (MSPO-SCCS)
➢ Hazard Analysis and Critical Control Points (HACCP)
➢ Good Manufacturing Practice (GMP)
➢ ISO: 9001: 2015
➢ Kosher and Halal certifications
➢ International Sustainability and Carbon Certification (ISCC)
There were no new certifications obtained during FY 2022.
Regular audits were conducted by respective accreditation bodies to ensure that high quality standards are maintained and/or improved.
75
GOVERNANCE (cont’d)
Property Development and Investment
At our Property Division, we focus on building quality and value for money properties. We aim to ensure that our townships are sustainable
and are hubs for commerce, culture, social, human and economic development. Our new developments now incorporate value added and
lifestyle improving enhancements that will improve the quality of life of the residents and surrounding communities.
Our new recreational park at Bandar Baru Kangkar Pulai was officially opened to the public in 2022. To reduce land degradation and loss
of biodiversity, the Park was designed to maintain its natural terrain as much as possible and retain existing plants.
Our investment properties located in Kuala Lumpur are managed by our dedicated in-house management team, who ensure that the
lettable office and residential units are properly maintained.
Hotels
In addition, our overseas hotels are managed under the Marriott and Hilton business standards accordingly. Hotels operating under the
Marriott and Hilton brand names are required to maintain high service standards in the hospitality industry.
Supply Chain Management
Where practical and in terms of quality comparability, our BUs in the respective segments are committed to source for their supplies locally.
Manufacturing
Our POM sourcing team continues to work towards achieving the 100% traceability to plantation rate. As of 2022, it has achieved a rate
67.80%.
CONCLUSION
Moving forward, the Group will continue to pursue and undertake more initiatives to broaden its role in managing ESG risks and opportunities.
76
DIRECTORS’ REPORT
The directors have pleasure in presenting their report together with the audited financial statements of the Group and of the Company
for the financial year ended 31 December 2022.

Principal activities

The principal activities of the Company consist of the cultivation of oil palm, processing and marketing of refined palm oil products,
property development, property investment and share investment.
The principal activities and other information of the subsidiaries are described in Note 18 to the financial statements.

Results
Group Company
RM’000 RM’000
Profit net of tax 209,375 164,507
Profit net of tax attributable to:

Owners of the parent 201,573 164,507
Non-controlling interests 7,802 -
209,375 164,507

There were no material transfers to or from reserves or provisions during the financial year other than as disclosed in the financial
statements.
In the opinion of the directors, the results of the operations of the Group and of the Company during the financial year were not
substantially affected by any item, transaction or event of a material and unusual nature other than as disclosed in the financial
statements.
Dividends
The amounts of dividends paid by the Company since 31 December 2021 were as follows:
RM’000
In respect of the financial year ended 31 December 2021 as reported
in the directors' report of that year:
Single tier final dividend of 5 sen per share on 359,303,610
ordinary shares, declared on 7 April 2022 and paid on 6 July 2022 17,965
In respect of the financial year ended 31 December 2022:

Single tier interim dividend of 5 sen per share on 359,303,610
ordinary shares, declared on 18 March 2022 and paid on 12 April 2022 17,965
35,930
On 6 April 2023, the Board of Directors approved and declared a single-tier final dividend in respect of the financial year ended
31 December 2022, of 9 sen per share on 359,303,610 ordinary shares, amounting to a dividend of RM32,337,324.90, payable
on 18 May 2023.
The financial statements for the current financial year do not reflect the above dividends. These dividends will be accounted for in
equity as an appropriation of retained earnings in the financial year ending 31 December 2023.
77
DIRECTORS’ REPORT (cont’d)
Directors
The names of the directors of the Company in office since the beginning of the financial year to the date of this report are:
Ho Kim Swee @ Ho Kian Guan**

Dato' Ho Cheng Chong @ Ho Kian Hock**
Ho Eng Chong @ Ho Kian Cheong
Lee Huee Nan @ Lee Hwee Leng**
Too Hing Yeap @ Too Heng Yip
Tai Lam Shin
Chan Lui Ming Ivan**
Mahathir Bin Mohamed Ismail
Liew Foong Yuen
Dato' Dr. Zaha Rina Binti Zahari
Ho Chung Kain (He ChongJing)** (alternate to Dato' Ho Cheng Chong @ Ho Kian Hock)
Ho Chung Tao** (alternate to Chan Lui Ming Ivan)
Ho Chung Hui** (alternate to Lee Huee Nan @ Lee Hwee Leng)
Ho Chung Kiat, Sydney (He ChongJie, Sydney) (alternate to Ho Eng Chong @ Ho Kian Cheong)
**These directors are also directors of the Company’s subsidiaries.
The names of the directors of the Company’s subsidiaries in office since the beginning of the financial year to the date of this report
(not including those directors listed above) are:
Tan Ee Leng
Chua Teck Ngin
Kang Tai Peng
Dato' Dr. Abdul Rahim Bin Ramli
Tea Hing San
Gan Kim Buan
Tse See Fan Paul
Peter Wong
Evelyn Chow Yuet Chu
Cheah Siu Hoe
Lee Beng Ghee
Chua Ngeun Seong (resigned on 1 July 2022)
During the financial year, an insurance premium of RM25,000 has been paid by the Company for the indemnity coverage of
RM20,000,000 for the directors and the officers of the Group and the Company.
Directors’ benefits
Neither at the end of the financial year, nor at any time during that year, did there subsist any arrangement to which the Company
was a party, whereby the directors might acquire benefits by means of the acquisition of shares in or debentures of the Company
or any other body corporate.
Since the end of the previous financial year, no director has received or become entitled to receive a benefit (other than benefits
included in the aggregate amount of emoluments received or due and receivable by the directors or the fixed salary of a full-time
employee of the Company as shown in Note 9 to the financial statements) by reason of a contract made by the Company or a
related corporation with any director or with a firm of which he is a member, or with a company in which he has a substantial
financial interest, except as disclosed in Note 38 to the financial statements.
78
Directors’ benefits (cont’d)
The directors’ benefits are as follows:

Group Company
RM’000 RM’000
Salaries and other emoluments 6,724 5,175

Fees 1,185 1,085
Bonus 1,783 1,455
Defined contribution plan 667 558
Estimated money value of benefits-in-kind 36 28
10,395 8,301
Directors’ interests

According to the register of directors' shareholdings, the interests of directors in office at the end of the financial year in shares in
the Company and its related corporations during the financial year were as follows:
Number of ordinary shares
The Company 1.1.2022 Acquired Sold 31.12.2022
Ho Kim Swee @ Ho Kian Guan

- direct interest 24,395,538 - - 24,395,538
- indirect interest 103,075,673 38,700 - 103,114,373
Dato' Ho Cheng Chong @ Ho Kian Hock
- direct interest 24,899,687 - - 24,899,687
- indirect interest 103,075,673 38,700 - 103,114,373
Ho Eng Chong @ Ho Kian Cheong
- direct interest 24,662,436 - - 24,662,436
- indirect interest 18,000,000 - - 18,000,000
Lee Huee Nan @ Lee Hwee Leng
- direct interest 88,593 - - 88,593
Chan Lui Ming Ivan
- direct interest 102,000 - - 102,000
Ho Chung Kain (He ChongJing)
- direct interest 640,000 356,100 - 996,100
Subsidiary
- Lim & Lim Plantations Berhad
Direct Interest
Ho Kim Swee @ Ho Kian Guan 5,000 - - 5,000
Dato' Ho Cheng Chong @ Ho Kian Hock 5,500 - - 5,500
Lee Huee Nan @ Lee Hwee Leng 2,000 - - 2,000
Ho Kim Swee @ Ho Kian Guan, Dato' Ho Cheng Chong @ Ho Kian Hock and Ho Eng Chong @ Ho Kian Cheong by virtue of
their interests in shares of the Company are also deemed interested in shares of all the Company's subsidiaries to the extent the
Company has an interest.
The other directors in office at the end of the financial year had no interest in shares in the Company or its related corporations
during the financial year.
Treasury shares

Treasury shares relate to ordinary shares of the Company that are repurchased and held by the Company in accordance with the
requirement of Section 127(6) of the Companies Act 2016 in Malaysia.
There was no repurchase of the Company’s issued ordinary shares, nor any resale, cancellation or distribution of treasury shares
during the financial year.
As at 31 December 2022, the Company held as treasury shares a total of 2,174,000 out of its 361,477,000 issued ordinary shares.
Such treasury shares are held at a carrying amount of RM7,054,000 and further relevant details are disclosed in Note 34(c) to the
financial statements.
79
Other statutory information
(a) Before the statements of comprehensive income and statements of financial position of the Group and of the Company were
made out, the directors took reasonable steps:
(i) to ascertain that proper action had been taken in relation to the writing off of bad debts and the making of allowance
for doubtful debts and satisfied themselves that all known bad debts had been written off and that adequate allowance
had been made for doubtful debts; and
(ii) to ensure that any current assets which were unlikely to realise their value as shown in the accounting records in the
ordinary course of business had been written down to an amount which they might be expected so to realise.
(b) At the date of this report, the directors are not aware of any circumstances which would render:
(i) the amount written off for bad debts or the amount of the allowance for doubtful debts in the financial statements of
the Group and of the Company inadequate to any substantial extent; and
(ii) the values attributed to the current assets in the financial statements of the Group and of the Company misleading.
(c) At the date of this report, the directors are not aware of any circumstances which have arisen which would render adherence
to the existing method of valuation of assets or liabilities of the Group and of the Company misleading or inappropriate.
(d) At the date of this report, the directors are not aware of any circumstances not otherwise dealt with in this report or financial
statements of the Group and of the Company which would render any amount stated in the financial statements misleading.
(e) As at the date of this report, there does not exist:
(i) any charge on the assets of the Group or of the Company which has arisen since the end of the financial year which
secures the liabilities of any other person; or
(ii) any contingent liability of the Group or of the Company which has arisen since the end of the financial year.
(f) In the opinion of the directors :
(i) no contingent or other liability has become enforceable or is likely to become enforceable within the period of twelve
months after the end of the financial year which will or may affect the ability of the Group or of the Company to meet
their obligations when they fall due; and
(ii)
no item, transaction or event of a material and unusual nature has arisen in the interval between the end of the financial
year and the date of this report which is likely to affect substantially the results of the operations of the Group or of the
Company for the financial year in which this report is made.

80
Auditors

The auditors, Ernst & Young PLT, have expressed their willingness to continue in office.
Auditors' remuneration for the Group and the Company is as follows:

Group Company
RM’000 RM’000
Ernst & Young PLT
- Current year 480 220
- Other services 25 20
505 240
Signed on behalf of the Board in accordance with a resolution of the directors dated 6 April 2023.
Ho Kim Swee @ Ho Kian Guan Dato' Ho Cheng Chong @ Ho Kian Hock
81
S TAT E M E N T B Y D I R E C T O R S
P U R S U A N T T O S E C T I O N 2 5 1 ( 2 ) O F T H E C O M PA N I E S A C T 2 0 1 6
We, Ho Kim Swee @ Ho Kian Guan and Dato' Ho Cheng Chong @ Ho Kian Hock, being two of the directors of Keck Seng (Malaysia)
Berhad, do hereby state that, in the opinion of the directors, the accompanying financial statements set out on pages 89 to 173
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 at 31 December 2022 and of their financial performance and cash flows for the year then ended.
Signed on behalf of the Board in accordance with a resolution of the directors dated 6 April 2023.
Ho Kim Swee @ Ho Kian Guan Dato' Ho Cheng Chong @ Ho Kian Hock

S tatutory declaration
P ursuant to S ection 2 5 1 ( 1 ) ( b ) of the C ompanies A ct 2 0 1 6

I, Reuson Seet, being the officer primarily responsible for the financial management of Keck Seng (Malaysia) Berhad, do solemnly and
sincerely declare that the accompanying financial statements set out on pages 89 to 173 are in my opinion correct, and I make this
solemn declaration conscientiously believing the same to be true and by virtue of the provisions of the Statutory Declarations Act, 1960.

Subscribed and solemnly declared by )
by the abovenamed Reuson Seet )
at Johor Bahru in the State of Johor ) Reuson Seet
on 6 April 2023. ) (MIA 15467)

Before me,

Commissioner of Oaths
Mohd Ali Bin Talib
No. J 270

82
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF

KECK SENG (MALAYSIA) BERHAD (Incorporated in Malaysia)
Report on the audit of the financial statements

Opinion
We have audited the financial statements of Keck Seng (Malaysia) Berhad, which comprise the statements of financial position as
at 31 December 2022 of the Group and the Company, and the statements of comprehensive income, statements of changes in
equity and statements of cash flows of the Group and 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 89 to 173.
In our opinion, the accompanying financial statements give a true and fair view of the financial position of the Group and the
Company as at 31 December 2022, 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 report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
audit opinion.
Independence and other ethical responsibilities

We are independent of the Group and 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 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 significant 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. For each matter below, our description of how our audit addressed the matter is provided in that context.
We have fulfilled the responsibilities described in the Auditors’ responsibilities for the audit of the financial statements section of our
report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to
our assessment of the risks of material misstatement of the financial statements. The results of our audit procedures, including the
procedures performed to address the matters below, provide the basis of our audit opinion on the accompanying financial statements.
Impairment assessment of property, plant and equipment of a subsidiary which is involved in the operation of a hotel
(Refer to Notes 2.9, 2.12, 3.1(c) and 14 to the financial statements)
The Group is required to perform an impairment test of the cash generating units (“CGU”) or groups of CGU when there is an
indication that a CGU or groups of CGU may be impaired or an impairment loss recognised in prior periods on the CGU or groups
of CGU, other than goodwill, may no longer exist or may have decreased.
A subsidiary of the Group which is involved in the operation of a hotel recorded losses during the financial year, indicating that the
carrying amount of the CGU comprising the property, plant and equipment of the subsidiary of RM171.90 million, representing 6%
of the Group's total assets, may be impaired.
Management has engaged an independent valuer to determine the fair value of the hotel property which involves assessing the fair
value less costs of disposal ("FVLCD") as well as value in use of the hotel. Management determined that FVLCD is higher than the
value in use and accordingly, FVLCD is used as the recoverable amount.
83

KECK SENG (MALAYSIA) BERHAD (Incorporated in Malaysia) ( c o n t ’ d )
Report on the audit of the financial statements (cont’d)
Key audit matters (cont'd)
Impairment assessment of property, plant and equipment of a subsidiary which is involved in the operation of a hotel (cont'd)
(Refer to Notes 2.9, 2.12, 3.1(c) and 14 to the financial statements)
The estimation of FVLCD of the hotel property is based on assumptions that are highly judgmental, in particular, the assumptions
on capitalisation rate of the expected level of potential net income to be generated, discount rate and revenue per available room
in which the FVLCD is most sensitive to.
Although the subsidiary recorded losses during the year, the hotel industry is showing a positive outlook due to the increasing trend
in hotel occupancy following the lifting of Covid-19 travel restrictions in most of the countries around the world. As a result of the
improvement in the market conditions of the hotel industry, management’s assessment has resulted in a reversal of impairment
loss amounting to RM19.64 million during the current financial year in respect of the hotel property included in property, plant
and equipment of the Group. The accumulated impairment losses in respect of the above hotel property as at 31 December 2022
amounted to RM113.36 million.
How our audit addressed the matter
Given the significance of the carrying amount, the magnitude of the reversal of impairment and the judgements and estimates involved
in the assessment of the recoverable amounts, we have identified this to be a key matter for our audit.
We involved the component auditors in our evaluation of the assessment of recoverable amount of the property, plant and equipment
of the CGU. To address these areas of audit focus, we considered the work of the component auditors, amongst others, in the
following areas:
- Obtained an understanding of the methodologies adopted by the management and independent valuer in estimating the value
in use and FVLCD of the property, plant and equipment and assessed whether such methodology is consistent with those
used in the industry.
- Assessed the competence, objectivity, independence and expertise of the independent valuer.
- Evaluated the reasonableness of the key assumptions used by making comparisons to historical performance and market data,
taking into consideration the current and expected outlook of economic growth in the hotel industry.
We have also evaluated the adequacy of the note disclosures concerning those key assumptions to which the outcome of the
impairment test is most sensitive. The disclosures on key assumptions are included in Note 3.1(c) and 14 to the financial statements.
Revenue and cost of sales from property development activities recognised based on percentage of completion method
(Refer to Notes 2.22(i)(d), 3.1(a), 4 and 5 to the financial statements)
A proportion of the Group’s and the Company’s profits are derived from property development contracts. For the financial year ended
31 December 2022, property development revenue represents 5.4% and 6.2% of total revenue of the Group and the Company while
its related cost of sales represents 3.8% and 4.0% of total cost of sales of the Group and the Company. The gross profits generated
from property development activities represent 12.3% and 21.5% of total gross profits of the Group and the Company for the year.
The Group and the Company use the percentage of completion method in accounting for these property development contracts.
Significant judgement and estimates are required in determining the progress towards complete satisfaction of the performance
obligation and this includes determining the extent of property development costs incurred and the total estimated costs of property
development, which in turn is used to determine the percentage of completion and gross profit margin of property development
activities undertaken by the Group and the Company.
The amount of revenue and profit recognised from property development activities are dependent on, amongst others, the extent of
costs incurred to the total estimated costs of property development to derive the percentage of completion; the actual number of
units sold and the estimated total revenue for each of the respective projects. We identified revenue and cost of sales from property
development activities as areas requiring audit focus as significant management judgement and estimates are involved in estimating
the total property development costs (which is used to determine gross profit margin of the property development activities undertaken
by the Group and the Company).
84

Revenue and cost of sales from property development activities recognised based on percentage of completion method (cont'd)
(Refer to Notes 2.22(i)(d), 3.1(a), 4 and 5 to the financial statements)
In assessing the appropriateness of the extent of costs incurred, total estimated costs of property development and total estimated
revenue collectively, amongst others, we have:
- obtained an understanding of the internal controls over the accuracy and timing of revenue recognized in the financial statements
including the controls maintained by management in estimating the total budgeted costs on each project;
- inspected the sales and purchase agreements signed with property purchasers during the year and obtained an understanding
of the specific terms and conditions. We also read the construction contracts including letters of award entered into with
contractors on a sample basis;
- obtained an understanding of the process in deriving the percentage of completion, evaluated the determination of the progress
towards complete satisfaction of the Group's and the Company's satisfaction of the performance obligations by examining
supporting evidences such as certified progress claims from contractors and architect certificates and assessed the reasonableness
of project development estimated costs by verifying major costs to letter of awards issued to contractors;
- observed the progress of the property development phases by performing site visits. We have also discussed the status of
on-going property development phases with management, finance personnel and project officials; and
- assessed the mathematical accuracy of revenue based on percentage of completion calculations.
Fair value of investment in unquoted instruments of A2I Holdings S.A.R.L.

(Refer to Notes 3.1(d), 19 and 39 to the financial statements)
The Group classifies its investment in unquoted instruments of A2I Holdings S.A.R.L. (“A2I”) as financial assets carried at fair value
through profit or loss. A2I is a special purpose vehicle that is set up for the investment in AccorInvest Group S.A. (“AIG”). The investment
in A2I comprises equity instrument and investment in Tracking Preferred Equity Certificates (''TPEC'') of A2I which is considered a debt
instrument. As at 31 December 2022, the carrying amount of the Group’s investment in A2I amounted to approximately RM70.83
million and the Group recorded a fair value gain of RM5.63 million in respect of the investment during the current financial year.
In estimating the fair value of the investment, the Group used the adjusted net asset value method which takes into consideration
key inputs such as fair values of the hotel properties of AIG and the discount rate applied for the lack of control and marketability.
We focused on the valuation of the investment in A2I because of the judgements involved in the estimation of the fair value of the
hotel properties.
With the involvement of the component auditors, our audit procedures to address this area of focus included amongst others the
following procedures:
- We obtained an understanding of the methodology adopted by management in estimating the fair values of the investment
and assessed whether such methodology is consistent with those commonly used to value such instruments.
- We obtained and checked the arithmetic accuracy of the computation of the adjusted net asset value.
- We verified the net assets value to the audited financial statements of AIG as at 31 December 2022.
- We assessed the appropriateness of the key adjustments in deriving the adjusted net asset value which comprises the fair
value of the hotel properties of AIG by agreeing to the valuation reports issued by independent valuers.
- We evaluated the reasonableness of the key assumptions underpinning the fair value of the hotel properties of AIG on a sample
basis.
85

Fair value of investment in unquoted instruments of A2I Holdings S.A.R.L. (cont'd)

(Refer to Notes 3.1(d), 19 and 39 to the financial statements)
How our audit addressed the matter (cont'd)
- We evaluated the competence, capabilities, objectivity and independence of the valuers.
- We assessed whether the discount rate applied on the adjusted net asset value is within reasonable range by tracing to
comparable recent transactions and also by benchmarking against available market data with the assistance of our internal
specialist.
We have also evaluated the adequacy of the note disclosures concerning the determination of the fair value of the investment and
the significant unobservable inputs. The disclosures are included in Note 39 to the financial statements.
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 Directors' Report, but
does not include the financial statements of the Group and of the Company and our auditors’ report thereon, which we obtained
prior to the date of this auditors’ report, and the Annual Report, which is expected to be made available to us after the date of this
auditors’ report.
Our opinion on the financial statements of the Group and of the Company does not cover the other information and we do not and
will 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 other
information and, in doing so, consider whether the other information 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 on the other information that we obtained prior to the date of this auditors’ report, we conclude that there
is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
When we read the Annual Report, if we conclude that there is a material misstatement therein, we are required to communicate
the matter to the directors of the Company and take appropriate action.
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 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 the Company that are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements of the Group and the Company, the directors are responsible for assessing the Group's and
the Company’s ability 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 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.
86

Auditors’ responsibilities for the audit of the financial statements (cont’d)

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 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 Group's and Company’s internal
control.
- 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 Group's or the Company’s ability 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
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 the Company, including
the disclosures, and whether the financial statements of the Group and the Company represent the underlying transactions
and events in a manner that achieves fair presentation.
- 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.

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, related safeguards.
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 report because the adverse consequences of
doing so would reasonably be expected to outweigh the public interest benefits of such communication.
87

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 18 to the financial statements.
Other matters
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.

Ernst & Young PLT Tan Jin Xiang
202006000003 (LLP0022760-LCA) & AF 0039 03348/01/2024 J
Chartered Accountants Chartered Accountant
Johor Bahru, Malaysia

Date: 6 April 2023
88
S tatemen T S of C O M P R E H E N S I V E I N C O M E
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022
Group Company
Note 2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000
Revenue 4 1,827,572 1,311,978 1,592,574 1,388,814

Cost of sales 5 (1,484,706) (1,080,059) (1,396,969) (1,056,231)
Gross profit 342,866 231,919 195,605 332,583

Other income 6 96,724 24,798 79,426 34,424
Distribution costs (52,343) (35,353) (40,037) (29,426)
Administrative expenses (104,977) (89,918) (40,665) (33,806)
Other expenses (18,361) (28,715) (2,766) (5)
Operating profit 263,909 102,731 191,563 303,770

Finance costs 10 (6,730) (4,719) (1,258) (2,141)
Profit before tax 7 257,179 98,012 190,305 301,629

Income tax 11 (47,804) (23,416) (25,798) (20,719)
Profit net of tax 209,375 74,596 164,507 280,910
Profit net of tax

attributable to:
Owners of the parent 201,573 79,020 164,507 280,910
Non-controlling interests 7,802 (4,424) - -
209,375
74,596 164,507 280,910
Earnings per share

attributable to owners of
the parent (sen per share)
Basic 12 56.10 21.99
Diluted 12 N/A N/A
89
S tatemen T S of C O M P R E H E N S I V E I N C O M E ( c o n t ’ d )
Group Company
Note 2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000
Other comprehensive income:

Items that may be reclassified
subsequently to profit or loss in
subsequent periods (net of tax)
Foreign currency translation,
representing net other comprehensive
loss that may be reclassified to
profit or loss in subsequent periods 21,462 13,721 - -
Items that will not be reclassified

subsequently to profit or loss in
subsequent periods (net of tax)
Net (loss)/gain on equity instruments
designated at fair value through other
comprehensive income, representing
net other comprehensive (loss)/income
that will not be reclassified to profit or
loss in subsequent periods (10,934) 13,734 (10,979) 18,555
Other comprehensive income/

(loss) for the year, net of tax 10,528 27,455 (10,979) 18,555
Total comprehensive income

for the year, net of tax 219,903 102,051 153,528 299,465
Total comprehensive income/(loss)

attributable to:
Owners of the parent 212,184 105,475 153,528 299,465
Non-controlling interests 7,719 (3,424) - -
219,903 102,051 153,528 299,465
The accompanying accounting policies and explanatory notes form an integral part of the financial statements.
90
S tatement S of F I N A N C I A L P O S I T I O N
Group Company
Note 2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000
Assets
Non-current assets
Property, plant and equipment 14 486,902 463,395 32,988 31,279
Investment properties 15 176,515 171,771 87,645 80,458
Right-of-use assets 16 20,661 21,887 - -
Bearer plants 17 19,248 18,353 12,166 10,835
Investment in subsidiaries 18 - - 118,667 178,667
Investment securities 19 419,501 418,688 176,383 187,269
Intangible assets 20 64 83 8 8
Inventories:
- land held for property development 21(a) 240,721 242,376 231,082 232,737
Other receivables 24 - - 346,627 325,228
Deferred tax assets 36 34,994 41,830 14,173 14,518
1,398,606 1,378,383 1,019,739 1,060,999
Current assets
Inventories:
- property development costs 21(b) 22,513 17,700 22,513 17,700
- others 22 173,091 206,580 161,098 192,430
Biological assets 23 1,223 1,194 104 57
Trade and other receivables 24 79,917 88,587 258,413 236,693
Other current assets 25 27,486 28,488 25,811 26,735
Tax recoverable 6,572 15,799 - -
Derivatives 26 - 268 - 268
Short term funds 27 248,306 164,037 220,583 84,160
Cash and bank balances 28 962,260 855,037 628,747 606,853
1,521,368 1,377,690 1,317,269 1,164,896
Total assets
2,919,974 2,756,073 2,337,008 2,225,895
91
S tatements of F I N A N C I A L P O S I T I O N ( c o n t ’ d )
Group Company
Note 2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000
Equity and liabilities
Current liabilities
Loans and borrowings 29 177,460 50,523 3,493 32,193
Trade and other payables 30 133,331 102,600 105,438 81,168
Other current liabilities 31 3,638 4,030 3,423 3,892
Lease liability 32 797 602 - -
Derivatives 26 490 - 490 -
Tax payable 8,310 8,855 6,138 5,677
324,026 166,610 118,982 122,930
Net current assets 1,197,342 1,211,080 1,198,287 1,041,966
Non-current liabilities
Trade and other payables 30 7,035 10,666 6,696 9,089
Non-refundable deposits 461 605 461 605
Lease liability 32 2,537 3,351 - -
Deferred tax liabilities 36 4,631 4,757 - -
Loans and borrowings 29 - 172,773 - -
14,664 192,152 7,157 9,694
Total liabilities 338,690 358,762 126,139 132,624
Net assets 2,581,284 2,397,311 2,210,869 2,093,271
Equity attributable to owners

of the parent
Share capital 33 372,005 372,005 372,005 372,005
Other reserves 34 171,432 161,605 110,586 121,561
Retained earnings 35 1,892,429 1,726,002 1,728,278 1,599,705
2,435,866 2,259,612 2,210,869 2,093,271

Non-controlling interests 145,418 137,699 - -
Total equity 2,581,284 2,397,311 2,210,869 2,093,271
Total equity and liabilities 2,919,974 2,756,073 2,337,008 2,225,895
92
C O N S O L I D AT E D S TAT E M E N T O F C H A N G E S I N E Q U I T Y
(Incorporated in Malaysia)
<–––––––––––––––––––––––– Attributable to owners of the parent –––––––––––––––––––––––>

<––––––––––––––––– Non-distributable –––––––––––––––––>
Premium on
acquisition of Non-
Share Treasury Translation Fair value non-controlling Retained controlling Total
capital shares reserve reserve interests earnings Total interests equity
(Note 33) (Note 34) (Note 34) (Note 34) (Note 35)
RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
At 1 January 2022 372,005 (7,054) 110,163 59,129 (633) 1,726,002 2,259,612 137,699 2,397,311
Total comprehensive income - - 21,545 (10,934) - 201,573 212,184 7,719 219,903
372,005 (7,054) 131,708 48,195 (633) 1,927,575 2,471,796 145,418 2,617,214

Transfer of fair value reserve of equity instruments
93
designated at fair value through other
comprehensive income upon derecognition - - - (784) - 784 - - -
Dividends (Note 13) - - - - - (35,930) (35,930) - (35,930)
At 31 December 2022 372,005 (7,054) 131,708 47,411 (633) 1,892,429 2,435,866 145,418 2,581,284
2022
A N N U A L
R E P O R T
93
C O N S O L I D AT E D S TAT E M E N T O F C H A N G E S I N E Q U I T Y ( c o n t ’ d )
<––––––––––––––––––––––––– Attributable to owners of the parent ––––––––––––––––––––––––––>

<–––––––––––––––––– Non-distributable ––––––––––––––––––>
Premium on
acquisition of Non-
Share Treasury Translation Fair value non-controlling Retained controlling Total
capital shares reserve reserve interests earnings Total interests equity
(Note 33) (Note 34) (Note 34) (Note 34) (Note 35)
RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
At 1 January 2021 372,005 (7,054) 97,442 50,296 (633) 1,642,081 2,154,137 139,727 2,293,864
Total comprehensive income - - 12,721 13,734 - 79,020 105,475 (3,424) 102,051
372,005 (7,054) 110,163 64,030 (633) 1,721,101 2,259,612 136,303 2,395,915
94
Transfer of fair value reserve of equity
instruments designated at fair value
through other comprehensive income upon
derecognition - - - (4,901) - 4,901 - - -
Share capital contributed by
non-controlling shareholders - - - - - - - 1,617 1,617
Dividend paid to non-controlling interests - - - - - - - (221) (221)
At 31 December 2021 372,005 (7,054) 110,163 59,129 (633) 1,726,002 2,259,612 137,699 2,397,311
2022
A N N U A L
R E P O R T
94
C O M PA N Y S TAT E M E N T O F C H A N G E S I N E Q U I T Y
<– Non-distributable –> Distributable

Share Treasury Fair value Retained Total
capital shares reserve earnings equity
(Note 33) (Note 34) (Note 34) (Note 35)
RM’000 RM’000 RM’000 RM’000 RM’000
At 1 January 2021 372,005 (7,054) 110,866 1,317,989 1,793,806
Total comprehensive income - - 18,555 280,910 299,465

through other comprehensive income
upon derecognition - - (806) 806 -
At 31 December 2021
and 1 January 2022 372,005 (7,054) 128,615 1,599,705 2,093,271
Total comprehensive income - - (10,979) 164,507 153,528
Dividends (Note 13) - - - (35,930) (35,930)

through other comprehensive income
upon derecognition - - 4 (4) -
At 31 December 2022 372,005 (7,054) 117,640 1,728,278 2,210,869
95
S TAT E M E N T S O F C A S H F L O W S
Group Company
2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000
Cash flows from operating activities
Profit before tax 257,179 98,012 190,305 301,629
Adjustments for:
Amortisation of intangible assets 22 26 3 3
Amortisation of deferred loan costs 54 25 - -
Depreciation of right-of-use assets 1,241 1,221 - -
Depreciation of property, plant and equipment 24,974 26,623 3,155 3,242
Depreciation of investment properties 5,307 4,173 2,147 1,027
Depreciation of bearer plants 1,055 733 471 149
Dividend income (7,649) (9,060) (29,363) (194,987)
Property, plant and equipment written off 170 275 17 3
Bearer plants written off 85 - - -
Bad debts written off 88 163 6 -
Investment property written off 45 - 43 -
Inventories written off 808 1 - -
Inventories written back (150) (828) (150) (827)
Write down of inventories 23 - - -
Write down of land held for development - 1,250 - 1,250
Gain on disposal of property, plant
and equipment (18) (25) - -
Gain on disposal of investment property - (1) - -
Net fair value loss/(gain) on derivatives 758 (185) 758 (185)
Fair value (gain)/loss on financial assets at
fair value through profit or loss (7,064) 3,658 (1,404) (10)
Gain on fair value change in biological assets (29) (615) (47) (18)
Interest expense 6,730 4,719 1,258 2,141
Interest income (14,198) (6,245) (18,549) (9,443)
Allowance for impairment on trade receivables 78 55 - -
Allowance for impairment on amount due from
a subsidiary - - 8,345 7,495
(Reversal of)/impairment loss on property, plant
and equipment (19,636) 13,825 - -
Gain on redemption of short term funds - (241) - (72)
Waiver of loan received from paycheck
protection program (11,527) - - -
Unrealised foreign exchange gain (26,419) (9,238) (46,671) (22,165)
Operating profit before changes

in working capital 211,927 128,321 110,324 89,232
Receivables 3,556 31,334 9,353 43,763
Payables 27,088 (5,304) 21,292 (64,974)
Inventories 32,798 (68,909) 31,482 (68,507)
Property development costs 9,482 23,482 9,482 23,482
Cash generated from operations 284,851 108,924 181,933 22,996

Interest paid on bank overdraft (1,258) (2,141) (1,258) (2,141)
Income tax paid (30,975) (26,079) (24,899) (15,129)
Net cash generated from

operating activities 252,618 80,704 155,776 5,726
96
S TAT E M E N T S O F C A S H F L O W S ( c o n t ’ d )
Group Company
2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000
Cash flows from investing activities
Purchase of property, plant
and equipment (12,874) (6,032) (4,900) (2,068)
Purchase of intangible assets (3) (20) (3) (10)
Purchase of investment properties (9,772) (242) (9,377) (160)
Purchase of investment securities (235) (1,491) (235) (1,200)
Addition to bearer plants (2,035) (1,118) (1,802) (1,058)
Addition to land held for property development (12,640) (6,329) (12,640) (6,329)
Proceeds from disposal of investment securities 2,658 5,272 143 1,079
Proceeds from disposal of property,
plant and equipment 72 26 19 -
Proceeds from disposal of investment properties - 2 - -
Dividends received 7,556 8,940 29,270 194,868
Interest received 14,198 6,268 18,549 9,443
Advance to subsidiaries - - (36,285) (40,002)
Redemption of redeemable preference
shares of subsidiary - - 60,000 -
Subscription of additional shares in subsidiary - - - (1,617)
Redemption of short term funds - 98,801 - 30,200
Placement of short term funds (82,836) (63,081) (135,019) (86,597)
(Placement)/withdrawal of deposits with
maturity more than three months (1,210) 56,980 8,154 49,408
Net cash (used in)/generated from

investing activities (97,121) 97,976 (84,126) 145,957
Cash flows from financing activities

Dividends paid to non-controlling interests - (221) - -
Dividends paid (35,930) - (35,930) -
Interest paid on notes payable (5,265) (2,300) - -
Interest paid on lease liability (207) (234) - -
Repayment of principal portion of lease liability (622) (539) - -
Proceeds from issuance of shares
by subsidiary to non-controlling interests - 1,617 - -
Drawdown of loans and borrowings - 10,945 - -
Repayment of loans and borrowings (16,468) (7,323) - -

financing activities (58,492) 1,945 (35,930) -
Net increase in cash and

cash equivalents 97,005 180,625 35,720 151,683
Effects of exchange rate changes
on cash and cash equivalents 57,053 1,883 42,985 (1,450)
Cash and cash equivalents at 1 January 634,619 452,111 391,747 241,514
Cash and cash equivalents at

31 December (Note 28) 788,677 634,619 470,452 391,747

97
N O T E S T O T H E F I N A N C I A L S TAT E M E N T S
1. Corporate information

The Company is a public limited liability company incorporated and domiciled in Malaysia, and is listed on Bursa Malaysia
Securities Berhad. The registered office of the Company is located at Suite 1301, 13th Floor, City Plaza, Jalan Tebrau, 80300
Johor Bahru, Johor.
The principal activities of the Company consist of the cultivation of oil palm, processing and marketing of refined palm oil
products, property development, property investment and share investment. The principal activities and other information of
the subsidiaries are described in Note 18.
2. significant accounting policies

2.1 Basis of preparation
The financial statements of the Group and of the Company have been prepared in accordance with Malaysian Financial
Reporting Standards ("MFRS"), International Financial Reporting Standards ("IFRS") and the requirements of the Companies
Act 2016 in Malaysia.
The financial statements have been prepared on the historical cost basis except as disclosed in the accounting policies
below.
The financial statements are presented in Ringgit Malaysia (RM), which is also the functional currency of the Company.
All values are rounded to the nearest thousand (RM'000) except when otherwise indicated.

2.2 Changes in accounting policies

The accounting policies adopted are consistent with those of the preceding year except as follows:
On 1 January 2022, the Group and the Company adopted the following Annual Improvements and Amendments mandatory
for annual financial periods beginning on or after 1 January 2022:
Effective for annual periods

Description beginning on or after
Annual Improvements to MFRS Standards 2018-2020 1 January 2022

Amendments to MFRS 3: Business Combinations - Reference to the
Conceptual Framework 1 January 2022
Amendments to MFRS 116: Property, Plant and Equipment
- Proceeds before Intended Use 1 January 2022
Amendments to MFRS 137: Provisions, Contingent Liabilities and
Contingent Assets - Onerous Contracts - Cost of Fulfilling a Contract 1 January 2022
The adoption of the above Annual Improvements and Amendments did not have any significant impact on the financial
statements.
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N O T E S T O T H E F I N A N C I A L S TAT E M E N T S (cont’d)
2. significant accounting policies (cont’d)
2.3 Standard and Amendments issued but not yet effective
The Standard and Amendments that are issued but not yet effective up to the date of issuance of the Group's and of
the Company's financial statements are disclosed below. The Group and the Company intend to adopt these Standard
and Amendments, if applicable, when they become effective.
Effective for annual periods

Description beginning on or after
MFRS 17 Insurance Contracts 1 January 2023

Amendments to MFRS 101: Presentation of Financial Statements
- Classification of Liabilities as Current or Non-current 1 January 2023
- Disclosure of Accounting Policies 1 January 2023
Amendments to MFRS 108: Accounting Policies, Changes in Accounting
Estimates and Errors - Definition of Accounting Estimates 1 January 2023
Amendments to MFRS 112: Income Tax - Deferred Tax related to Assets
and Liabilities arising from a Single Transaction 1 January 2023
Amendments to MFRS 17: Insurance Contracts - Initial Application of
MFRS 17 and MFRS 9 - Comparative Information 1 January 2023
Amendments to MFRS 16: Leases - Lease Liability in a Sale and Leaseback 1 January 2024
Amendments to MFRS 101: Presentation of Financial Statements
- Non-current Liabilities with Covenants 1 January 2024
Amendments to MFRS 10 and MFRS 128: Sale or Contribution of
Assets between an Investor and its Associate or Joint Venture Deferred
The directors are of opinion that the Standards and Amendments above would not have any material impact on the
financial statements in the year of initial adoption.
2.4 Current versus non-current classification
Assets and liabilities in the statements of financial position are presented based on current/non-current classification.
An asset is current when it is:
- Expected to be realised or intended to be sold or consumed in normal operating cycle;

- Held primarily for the purpose of trading;
- Expected to be realised within twelve months after the reporting period; or
- Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve
months after the reporting period.
All other assets are classified as non-current.
A liability is current when:
- It is expected to be settled in normal operating cycle;

- It is held primarily for the purpose of trading;
- It is due to be settled within twelve months after the reporting period; or
- There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting
period.
All other liabilities are classified as non-current.
Deferred tax assets and liabilities are classified as non-current assets and liabilities.
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N O T E S T O T H E F I N A N C I A L S TAT E M E N T S ( c o n t ’ d )
2.5 Fair value measurement
Fair value is 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 fair value measurement is based on the presumption that
the transaction to sell the asset or transfer the liability takes place either:
- In the principal market for the asset or liability; or
- In the absence of a principal market, in the most advantageous market for the asset or liability.
The principal or the most advantageous market must be accessible by the Group.
The fair value of an asset or a liability is measured using the assumptions that market participants would use when
pricing the asset or liability, assuming that market participants act in their economic best interest.
A fair value measurement of a non-financial asset 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.
Valuation techniques that are appropriate in the circumstances and for which sufficient data are available, are used to
measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs.
All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the
fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement
as a whole:
Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities
Level 2 - Valuation techniques for which the lowest level input that is significant to the fair value measurement is
directly or indirectly observable
Level 3 - Inputs for the asset or liability that are not based on observable market data (unobservable inputs)
For assets and liabilities that are recognised in the financial statements on a recurring basis, the Group determines
whether transfers have occurred between levels in the hierarchy by re-assessing categorisation (based on the lowest
level input that is significant to the fair value measurement as a whole) at the end of each reporting period.
Policies and procedures are determined by senior management for both recurring fair value measurement and for non-
recurring measurement.
External valuers are involved in valuation of significant assets and significant liabilities. Involvement of external valuers
is decided by senior management. Selection criteria include market knowledge, reputation, independence and whether
professional standards are maintained. The senior management decides, after discussions with the external valuers, which
valuation techniques and inputs to use for each case.
For the purpose of fair value disclosures, classes of assets and liabilities are determined based on the nature, characteristics
and risks of the asset or liability and the level of the fair value hierarchy as explained above.

100
2.6 Basis of consolidation

The consolidated financial statements comprise the financial statements of the Company and its subsidiary as at the
reporting date. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement
with the investee and has the ability to affect those returns through its power over the investee.
Specifically, the Group controls an investee if, and only if, the Group has:
- Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of the
investee)
- Exposure, or rights, to variable returns from its involvement with the investee
- The ability to use its power over the investee to affect its returns
Generally, there is a presumption that a majority of voting rights result in control. To support this presumption and when
the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts
and circumstances in assessing whether it has power over an investee, including:
- The contractual arrangement with the other vote holders of the investee
- Rights arising from other contractual arrangements
- The Group’s voting rights and potential voting rights
The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes
to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control
over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses
of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the
date the Group gains control until the date the Group ceases to control the subsidiary.
Profit or loss and each component of other comprehensive income ("OCI") are attributed to the equity holders of the
parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit
balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting
policies into line with the Group’s accounting policies. All intra-group assets and liabilities, equity, income, expenses and
cash flows relating to transactions between members of the Group are eliminated in full on consolidation.
A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction.
If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, non-controlling
interest and other components of equity while any resultant gain or loss is recognised in profit or loss. Any investment
retained is recognised at fair value.
In the Company’s separate financial statements, investments in subsidiaries are accounted for at cost less impairment
losses. Dividend income is recognised when the Company's right to receive payment is established. On disposal of
such investments, the difference between net disposal proceeds and their carrying amounts is included in statement of
comprehensive income.
2.7 Transactions with non-controlling interests

Non-controlling interests represent the equity in subsidiaries not attributable, directly or indirectly, to owners of the parent,
and is presented separately in the consolidated statement of comprehensive income and within equity in the consolidated
statement of financial position, separately from equity attributable to owners of the parent.
Changes in the Company owners’ ownership interest in a subsidiary that do not result in a loss of control are accounted
for as equity transactions. In such circumstances, the carrying amounts of the controlling and non-controlling interests are
adjusted to reflect the changes in their relative interests in the subsidiary. Any difference between the amount by which
the non-controlling interest is adjusted and the fair value of the consideration paid or received is recognised directly in
equity and attributed to owners of the parent.
101
2.8 Foreign currency
(a) Functional and presentation currency
The individual financial statements of each entity in the Group are measured using the currency of the primary
economic environment in which the entity operates ("the functional currency"). The consolidated financial statements
are presented in Ringgit Malaysia (RM), which is the Company's functional currency.

(b) Foreign currency transactions
Transactions in foreign currencies are initially translated to the respective functional currencies of the Company and
its subsidiaries at the exchange rates at the transaction dates.
Monetary assets and liabilities denominated in foreign currencies at reporting date are translated at the rate of
exchange ruling at that date and the exchange differences arising from the translation are recognised in profit or
loss. Exchange differences arising on the settlement of monetary items are also recognised in profit or loss except
for exchange differences arising on items that form part of the Group’s net investment in foreign operations, which
are recognised initially in other comprehensive income and accumulated under foreign currency translation reserve in
equity. The foreign currency translation reserve is reclassified from equity to profit or loss of the Group on disposal
of the foreign operation.
Non-monetary items denominated in foreign currencies recorded at historical cost or fair value could be remeasured.
The remeasurement may result in gains and losses and translation differences. The treatment to be accorded to the
translation differences shall be in line with whether the gains or losses arising from remeasurement are recognised
in profit or loss or in equity.

(c) Foreign operations
The assets and liabilities of foreign operations are translated into RM at the rate of exchange ruling at the reporting
date and income and expenses are translated at an average exchange rate for the year, unless the daily exchange
rates during the year fluctuated significantly during that year, in which case the exchange rates at the dates of the
transactions are used. The exchange differences arising on the translation are taken directly to other comprehensive
income. On disposal of a foreign operation, the cumulative amount recognised in other comprehensive income
and accumulated in equity under foreign currency translation reserve relating to that particular foreign operation is
recognised in the profit or loss.
Goodwill and fair value adjustments arising on the acquisition of foreign operations are treated as assets and liabilities
of the foreign operations and are recorded in the functional currency of the foreign operations and translated at the
closing rate at the reporting date.
2.9 Property, plant and equipment
All items of property, plant and equipment are initially recorded at cost. The cost of an item of property, plant and
equipment is recognised as an asset if, and only if, it is probable that future economic benefits associated with the item
will flow to the Group and the cost of the item can be measured reliably.
Subsequent to recognition, property, plant and equipment are measured at cost less accumulated depreciation and
accumulated impairment losses. When significant parts of property, plant and equipment are required to be replaced in
intervals, the Group recognises such parts as individual assets with specific useful lives and depreciation, respectively.
Likewise, when a major inspection is performed, its cost is recognised in the carrying amount of the plant and equipment
as a replacement if the recognition criteria are satisfied. All other repair and maintenance costs are recognised in profit
or loss as incurred.
Government grant received by a subsidiary for the purchase of the necessary plant and equipment are credited to the
related capital expenditure and are amortised to profit or loss over the useful life of the assets.
102
2.9 Property, plant and equipment (cont’d)
Freehold estates have unlimited useful life and therefore is not depreciated. Work-in-progress are also not depreciated
as these assets are not yet available for use. Depreciation of other property, plant and equipment is computed on a
straight-line basis over the estimated useful lives of the assets as follows:

Golf course over 86 to 90 years
Building and structures 2 - 10%
Plant and machinery 5 - 20%
Vehicles, furniture and equipment 5 - 33%
The carrying values of property, plant and equipment are reviewed for impairment when events or changes in circumstances
indicate that the carrying value may not be recoverable.
The residual value, useful life and depreciation method are reviewed at each financial year-end, and adjusted prospectively,
if appropriate.
An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected
from its use or disposal. Any gain or loss on derecognition of the asset is included in the profit or loss in the year the
asset is derecognised.

2.10 Investment properties
Investment properties are initially measured at cost, including transaction costs. Subsequent to initial recognition, investment
properties are stated at cost less accumulated depreciation and any accumulated impairment losses.
Freehold land has an unlimited useful life and therefore is not depreciated. Depreciation of other investment property is
provided for on a straight-line basis to write-off the cost of each asset to its residual value over the estimated useful
life, at the following annual rates:
Leasehold land and buildings 2 - 10%
A property interest under an operating lease is classified and accounted for as an investment property on a property-
by-property basis when the Group holds it to earn rentals or for capital appreciation or both.
Investment properties are derecognised when either they have been disposed of or when the investment property is
permanently withdrawn from use and no future economic benefit is expected from its disposal. Any gain or loss on the
retirement or disposal of an investment property is recognised in profit or loss in the year of retirement or disposal.
2.11 Patents
Patents and intellectual property are recognised as intangible assets if it is probable that the future economic benefits
that are attributable to such assets will flow to the enterprise and the costs of such assets can be measured reliably.

Patents and intellectual property are stated at cost less accumulated amortisation and impairment losses. Amortisation
is charged to the statements of comprehensive income based on a straight line basis over a period of fifteen (15) to
twenty (20) years from the date of successful registration.

103
2.12 Impairment of non-financial assets

The Group assesses at each reporting date or when an impairment assessment for an asset is required whether there is
an indication that an asset may be impaired. If any such indication exists, the Group makes an estimate of the asset’s
recoverable amount.
An asset’s recoverable amount is the higher of an asset’s fair value less costs of disposal and its value in use. For the
purpose of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash
flows (cash-generating units (“CGU”)).
In assessing value in use, the estimated future cash flows expected to be generated by the asset 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. In determining fair value less costs of disposal, the fair value is derived based on sales
comparison approach or income approach. Where the carrying amount of an asset exceeds its recoverable amount, the
asset is written down to its recoverable amount.
Impairment losses are recognised in profit or loss.
An assessment is made at each reporting date as to whether there is any indication that previously recognised impairment
losses may no longer exist or may have decreased. A previously recognised impairment loss is reversed only if there has
been a change in the estimates used to determine the asset’s recoverable amount since the last impairment loss was
recognised. If that is the case, the carrying amount of the asset is increased to its recoverable amount. That increase
cannot exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been
recognised previously. Such reversal is recognised in profit or loss.
2.13 Financial instruments - Initial recognition and subsequent measurement

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity
investment of another entity.
(a) Financial assets
Initial recognition and measurement
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through
other comprehensive income ("OCI") or fair value through profit or loss.
The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow
characteristics and the Group's and the Company’s business model for managing them. The Group and the Company
initially measure a financial asset at its fair value plus transaction costs, in the case of a financial asset not at fair
value through profit or loss.
In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it needs to
give rise to cash flows that are ‘solely payments of principal and interest ("SPPI")’ on the principal amount outstanding.
This assessment is referred to as the SPPI test and is performed at an instrument level.
The Group's and the Company’s business model for managing financial assets refers to how it manages its financial
assets in order to generate cash flows. The business model determines whether cash flows will result from collecting
contractual cash flows, selling the financial assets, or both.
Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or
convention in the market place (regular way trades) are recognised on the trade date, i.e., the date that the Group
and the Company commit to purchase or sell the asset.
104
2. Significant accounting policies (cont’d)
2.13 Financial instruments - initial recognition and subsequent measurement (cont'd)
(a) Financial assets (cont'd)
Subsequent measurement
For purposes of subsequent measurement financial assets are classified in four categories:
- Financial assets at fair value through OCI with recycling of cumulative gains and losses (debt instruments)
- Financial assets at amortised cost (debt instruments)
- Financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon
derecognition (equity instruments)
- Financial assets at fair value through profit or loss
The Group and the Company do not have any financial assets at fair value through OCI with recycling of cumulative
gains and losses (debt instruments).
- Financial assets at amortised cost (debt instruments)
This category is the most relevant to the Group and the Company. The Group and the Company measure financial
assets at amortised cost if both of the following conditions are met:
- The financial asset is held within a business model with the objective to hold financial assets in order to
collect contractual cash flows;
and
- The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments
of principal and interest on the principal amount outstanding.
Financial assets at amortised cost are subsequently measured using the effective interest rate (''EIR'') method
and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised,
modified or impaired.
The Group's and the Company’s financial assets at amortised cost consist mainly of trade and other receivables
and cash and bank balances.
- Financial assets designated at fair value through OCI with no recycling of cumulative gains and
losses upon derecognition (equity instruments)
Upon initial recognition, the Group and the Company may elect to classify irrevocably its equity investments
as equity instruments designated at fair value through OCI when they meet the definition of equity under IAS
32 Financial Instruments: Presentation and are not held for trading. The classification is determined on an
instrument-by-instrument basis.
Gains and losses on these financial assets are never recycled to profit or loss. Dividends are recognised as
revenue in the statements of comprehensive income when the right of payment has been established, except
when the Group and the Company benefits from such proceeds as a recovery of part of the cost of the financial
asset, in which case, such gains are recorded in OCI. Equity instruments designated at fair value through OCI
are not subject to impairment assessment.
The Group and the Company elected to classify irrevocably its listed and certain unquoted equity investments
under this category.
105
Subsequent measurement (cont'd)
- Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss include financial assets held for trading, financial assets
designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required
to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the
purpose of selling or repurchasing in the near term. Financial assets with cash flows that are not solely payments
of principal and interest are classified and measured at fair value through profit or loss, irrespective of the
business model. Notwithstanding the criteria for debt instruments to be classified at amortised cost or at fair
value through OCI, as described above, debt instruments may be designated at fair value through profit or loss
on initial recognition if doing so eliminates, or significantly reduces, an accounting mismatch. Financial assets at
fair value through profit or loss are carried in the statements of financial position at fair value with net changes
in fair value recognised in the statements of comprehensive income.
This category comprises of the Group's and the Company's derivative instruments and fund placements with
licensed financial institutions. The Group and the Company use derivative financial instruments such as forward
currency contracts to hedge its foreign currency risks. Such derivative financial instruments are initially recognised
at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair
value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when
the fair value is negative.
Dividends are recognised as revenue in the statements of comprehensive income when the right of payment
has been established. Interests are recognised as finance income in the statements of comprehensive income
when the right of payment has been established.
Short term funds are investments in income trust funds carried in the statements of financial position at fair
value with net changes in fair value recognised in the statements of comprehensive income.
A subsidiary of the Group, Brosna Ltd, invests in A2I Holdings S.A.R.L. (''A2I''). The investment in shares in A2I
is considered as equity instrument and investment in Tracking Preferred Equity Certificates (“TPEC”) of A2I is
considered as debt instrument. Both investments are subsequently measured at fair value through profit or loss.
Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is
primarily derecognised (i.e., removed from the Group's and the Company’s statement of financial position) when:
- The rights to receive cash flows from the asset have expired; or
- The Group and the Company have transferred its rights to receive cash flows from the asset or has assumed
an obligation to pay the received cash flows in full without material delay to a third party under a ‘pass-through’
arrangement; and either (a) the Group and the Company have transferred substantially all the risks and rewards
of the asset, or (b) the Group and the Company have neither transferred nor retained substantially all the risks
and rewards of the asset, but have transferred control of the asset.
When rights to receive cash flows from an asset have been transferred or a pass-through arrangement has been
entered, the Group and the Company evaluate to what extent the risks and rewards of ownership are retained by
the Group and the Company.
106
Derecognition (cont'd)
When all the risks and rewards of the assets have not been transferred or not retained substantially or when the
control of the asset has not been transferred, the Group and the Company continue to recognise the transferred
asset to the extent of its continuing involvement. In that case, the Group and the Company also recognise an
associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights
and obligations that the Group and the Company have retained.
Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the
original carrying amount of the asset and the maximum amount of consideration that the Group and the Company
could be required to repay.
Impairment of financial assets
The Group and the Company recognise an allowance for expected credit losses ("ECLs") for all debt instruments not
held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in
accordance with the contract and all the cash flows that the Group and the Company expect to receive, discounted
at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the
sale of collateral held or other credit enhancements that are integral to the contractual terms.
ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit
risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within
the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase
in credit risk since initial recognition, a loss allowance is required for credit losses expected over the remaining life
of the exposure, irrespective of the timing of the default (a lifetime ECL).
For trade receivables and contract assets, the Group and the Company apply a simplified approach in calculating
ECLs. Therefore, the Group and the Company do not track changes in credit risk, but instead recognises a loss
allowance based on lifetime ECLs at each reporting date.
The Group and the Company consider a financial asset in default when contractual payments are 180 days - 365
days past due. However, in certain cases, the Group and the Company may also consider a financial asset to be in
default when internal or external information indicates that the Group and the Company are unlikely to receive the
outstanding contractual amounts in full before taking into account any credit enhancements held by the Group and
the Company. A financial asset is written off when there is no reasonable expectation of recovering the contractual
cash flows.
(b) Financial liabilities
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans
and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables,
net of directly attributable transaction costs.
The Group's and the Company’s financial liabilities consist mainly of loans and borrowings, lease liability, as well as
trade and other payables.
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(b) Financial liabilities (cont'd)
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
- Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial
liabilities designated upon initial recognition as at fair value through profit or loss.
Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near
term. This category also includes derivative financial instruments entered into by the Group and the Company that
are not designated as hedging instruments in hedge relationships as defined by MFRS 9. Separated embedded
derivatives are also classified as held for trading unless they are designated as effective hedging instruments.
Gains or losses on liabilities held for trading are recognised in the statement of comprehensive income.
Financial liabilities designated upon initial recognition at fair value through profit or loss are designated at the
initial date of recognition, and only if the criteria in MFRS 9 are satisfied. The Group and the Company have
not designated any financial liability as at fair value through profit or loss.
- Loans and borrowings
After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using
the effective interest rate (''EIR'') method. Gains and losses are recognised in profit or loss when the liabilities
are derecognised as well as through the EIR amortisation process.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs
that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statements of
comprehensive income.
This category generally applies to the Group's and the Company's loans and borrowings, lease liability, as well
as trade and other payables.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When
an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms
of an existing liability are substantially modified, such an exchange or modification is treated as the derecognition
of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is
recognised in the statement of comprehensive income.
(c) Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount is reported in the statement of financial position
if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on
a net basis, to realise the assets and settle the liabilities simultaneously.
2.14 Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits, and short- term, highly liquid investments
that are readily convertible to known amount of cash and which are subject to an insignificant risk of changes in value
and have a short maturity of generally within three months when acquired. These also include bank overdrafts that form
an integral part of the Group’s and the Company's cash management.
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2.15 Inventories

(i) Inventory properties
Land held for property development
Land held for property development consists of land where no development activities have been carried out or where
development activities are not expected to be completed within the normal operating cycle. Such land is classified
within non-current assets and is held as inventory and is measured at the lower of cost and net realisable value.
Net realisable value is the estimated selling price in the ordinary course of the business, based on market prices at
the reporting date and discounted for the time value of money if material, less costs to completion and the estimated
costs of sales.
Land held for property development is transferred to property development costs under current assets when the
development activities have commenced and are expected to be completed within the normal operating cycle.

Property development costs

Inventory properties under construction are referred to as property development costs. Property development costs
are stated at the lower of costs and net realisable value. Property development costs comprise all costs that are
directly attributable to development activities or that can be allocated on a reasonable basis to such activities. The
cost of land, related development costs common to whole projects and direct building costs less cumulative amounts
recognised as expense in the profit or loss for property under development are carried in the statements of financial
position as property development costs. The property development cost is subsequently recognised as an expense
in profit or loss as and when the control is transferred to the customer.
Property development cost of unsold unit is transferred to completed properties once the development activity is
completed.
(ii) Inventory - others
Inventories are stated at the lower of cost (determined on the weighted average basis) and net realisable value.
Cost of refined oil products, crude palm oil and palm kernel includes raw materials, direct labour and appropriate
proportions of manufacturing overheads based on normal operating capacity. The cost of unsold completed properties
comprises cost associated with the acquisition of land, direct costs and appropriate proportions of common costs.
Cost of spare parts, chemicals, food, beverage and utensils comprise cost of purchase.
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.
2.16 Contract assets and contract liabilities

A contract asset is the right to consideration in exchange for goods or services transferred to the customer. If the Group
and the Company have transferred goods or services to a customer before the customer pays consideration or before
payment is due, a contract asset is recognised for the earned consideration that is conditional. In the case of property
development, contract asset is the excess of cumulative revenue earned over the billings to date. A contract asset is
stated at cost less accumulated impairment. Contract assets are subject to impairment in accordance of MFRS 9 Financial
Instruments.
A contract liability is the obligation to transfer goods and services to a customer for which the Group and the Company
have received consideration or an amount of consideration is due from the customer. In the case of property development,
contract liability is the excess of the billings to date over the cumulative revenue earned. Contract liabilities are recognised
as revenue when the Group and the Company have performed their obligation under the contracts.
109
2.17 Provisions
Provisions are recognised when the Group and the Company have a present obligation (legal or constructive) as a result
of a past event, it is probable that an outflow of economic resources will be required to settle the obligation and the
amount of the obligation can be estimated reliably.
Provisions are reviewed at each reporting date and adjusted to reflect the current best estimate. If it is no longer
probable that an outflow of economic resources will be required to settle the obligation, the provision is reversed. If the
effect of the time value of money is material, provisions are discounted using a current pre tax rate that reflects, where
appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage
of time is recognised as a finance cost.
2.18 Government grants
Government grants are recognised at their fair value where there is reasonable assurance that the grant will be received
and all conditions attached will be met. Where the grant relates to an asset, the fair value is recognised as deferred
capital grant in the statements of financial position and is amortised to profit or loss over the expected useful life of the
relevant asset by equal annual instalments. Alternatively, government grants related to an asset may be presented in the
statements of financial position by deducting the grants in arriving at the carrying amount of the asset.
When the grant relates to an expense item, it is recognised as income on a systematic basis over the periods that the
related costs, for which it is intended to compensate, are expensed.
2.19 Borrowing costs
Borrowing costs are capitalised as part of the cost of a qualifying asset if they are directly attributable to the acquisition,
construction or production of that asset. Capitalisation of borrowing costs commences when the activities to prepare the
asset for its intended use or sale are in progress and the expenditures and borrowing costs are incurred. Borrowing
costs are capitalised until the assets are substantially completed for their intended use or sale.
All other borrowing costs are recognised in profit or loss in the period they are incurred. Borrowing costs consist of
interest and other costs that the Group and the Company incurred in connection with the borrowing of funds.
2.20 Employee benefits

Defined contribution plans
The Group participates in the national pension schemes as defined by the laws of the countries in which it has operations.
The Malaysian companies in the Group make contributions to the Employee Provident Fund in Malaysia, a defined
contribution pension scheme. Contributions to defined contribution pension schemes are recognised as an expense in
the period in which the related service is performed.
2.21 Leases
The Group and the Company assess at contract inception whether a contract is, or contains, a lease. That is, if the
contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.
(a) The Group and the Company as lessee
The Group and the Company recognise a right-of-use asset and a lease liability at the commencement date of the
contract for all leases excluding short-term leases or leases for which the underlying asset is of low value, conveying
the right to control the use of an identified asset for a period of time.
The right-of-use assets are initially recorded at cost, which comprises:
- the amount of the initial measurement of the lease liability;
- any lease payments made at or before the commencement date of the lease, less any lease incentives received; and
- any initial direct costs incurred by the Group and the Company.
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2.21 Leases (cont'd)

(a) The Group and the Company as lessee (cont'd)
Subsequent to the initial recognition, the right-of-use assets are measured at cost less any accumulated depreciation
and accumulated impairment losses, and adjusted for any remeasurement of the lease liability.
Depreciation is computed on a straight-line basis over the estimated useful lives of the right-of-use assets. The
state-owned lands are amortised over their lease terms of 99 years.
If the lease transfers ownership of the underlying asset to the Group and the Company by the end of the lease term
or if the cost of the right-of-use asset reflects that the Group and the Company will exercise a purchase option,
the Group and the Company depreciate the right-of-use asset from the commencement date to the end of the
useful life of the underlying asset. Otherwise, the Group and the Company depreciate the right-of-use asset 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 lease liability is initially measured at the present value of the lease payments that are not paid at that date. The
lease payments are discounted using the Group's and the Company's incremental borrowing rate. Subsequent to
the initial recognition, the Group and the Company measure the lease liability by increasing the carrying amount to
reflect interest on the lease liability, reducing the carrying amount to reflect lease payments made, and remeasuring
the carrying amount to reflect any reassessment or lease modifications.

(b) The Group and the Company as lessor
The Group and the Company classified its leases as either operating lease or finance lease. Leases where the Group
and the Company retain substantially all the risks and rewards of ownership of the leased assets are classified as
operating leases. Initial direct costs incurred in negotiating an operating lease are added to the carrying amount of
the leased asset and recognised over the lease term on the same basis as rental income.
If the Group and Company transfer substantially all the risks and rewards incidental to ownership of the leased
assets, leases are classified as finance leases and are capitalised at an amount equal to the net investment in the
lease.
2.22 Revenue and other income recognition
The Group and the Company recognise revenue from contracts with customers based on the five-step model as set out
below:
(i) Identify contract with a customer. A contract is defined as an agreement between two or more parties that creates
enforceable rights and obligations and sets out the criteria that must be met.
(ii) Identify performance obligations in the contract. A performance obligation is a promise in a contract with a customer
to transfer a good or service to the customer.
(iii) Determine the transaction price. The transaction price is the amount of consideration to which the Group and the
Company expect to be entitled in exchange for transfering promised goods or services to a customer, excluding
amounts collected on behalf of third parties.
(iv) Allocate the transaction price to the performance obligations in the contract. For a contract that has more than one
performance obligation, the Group and the Company allocate the transaction price to each performance obligation
in an amount that depicts the amount of consideration to which the Group and the Company expect to be entitled
in exchange for satisfying each performance obligation.
(v) Recognise revenue when (or as) the Group and the Company satisfy a performance obligation.
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2.22 Revenue and other income recognition (cont'd)
The Group and the Company satisfy a performance obligation and recognise revenue over time if the Group's and the
Company's performance:
(i) Do not create an asset with an alternative use to the Group and the Company and have an enforceable right to
payment for performance completed to-date; or
(ii) Create or enhance an asset that the customer controls as the asset is created or enhanced; or
(iii) Provide benefits that the customer simultaneously receives and consumes as the Group and the Company perform.
For performance obligations where any one of the above conditions is not met, revenue is recognised at the point in
time at which the performance obligation is satisfied.
Revenue is measured at the amount of consideration to which the Group and the Company expect to be entitled in
exchange for transferring promised goods or services.
The following describes the performance obligation in contracts with customers:
(i) Revenue

(a) Sale of goods
The Group and the Company contract with its customers for sales of oil palm related products. Revenue from
sale of goods is recognised at the point in time when control of the asset is transferred to the customer,
generally upon the transfer of significant risks and rewards of ownership of the goods to the customer. Payment
is generally due up to 30 days from transfer of risks and rewards. Revenue is not recognised to the extent
where there are significant uncertainties regarding recovery of the consideration due, associated costs or the
possible return of goods.
(b) Delivery service
The Group and the Company provide delivery services that are bundled together with the sale of goods to a
customer. The delivery services can be obtained from other providers and do not significantly customise or
modify the goods sold.
Contracts for bundled sales of goods and delivery services are comprised of two performance obligations
because the promises to transfer goods and provide delivery services are capable of being distinct and separately
identifiable. Accordingly, the Group and the Company allocate the transaction price based on the relative stand-
alone selling prices of the goods and delivery services.
The Group and the Company recognise revenue from delivery services over time, using an input method to
measure progress towards complete satisfaction of the service, because the customer simultaneously receives
and consumes the benefits provided by the Group and the Company. Payment is generally due up to 30 days
from delivery.
(c) Rendering of services
Revenue from services rendered is recognised net of taxes and discounts as and when the services are
performed.

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(i) Revenue (cont'd)
(d) Sales of properties
Contracts with customers may include multiple promises to customers and therefore accounted for as separate
performance obligations. In this case, the transaction price will be allocated to each performance obligation
based on the stand-alone selling prices. When these are not directly observable, they are estimated based on
the percentage of completion method. The percentage of completion is determined by the proportion of property
development costs incurred for work performed to date over the estimated cost for the respective development
projects.
The revenue from property development is measured at the fixed transaction price agreed under the sale and
purchase agreement.
Revenue from property development is recognised as and when the control of the asset is transferred to the
customer and it is probable that the Group and the Company will collect the consideration to which they will
be entitled in exchange for the asset that will be transferred to the customer. Depending on the terms of the
contract and the laws that apply to the contract, control of the asset may transfer over time or at a point in
time.
This is generally established when:
(i) the promised properties are specifically identified by its plot, lot and parcel number and its attributes
(such as its size and location) in the sale and purchase agreements and the attached layout plan and
the purchasers could enforce its rights to the promised properties if the Group and the Company seek
to sell the unit to another purchaser. The contractual restriction on the Group’s and the Company’s ability
to direct the promised properties for another use is substantive and the promised properties sold to the
purchasers do not have an alternative use to the Group and the Company; and
(ii) the Group and the Company have the right to payment for performance completed to date and is entitled
to continue to transfer to the customer the development units promised and has the rights to complete
the construction of the properties and enforce its rights to full payment.
(iii) If control of the asset transfers over time, revenue is recognised over the period of the contract by
reference to the progress towards complete satisfaction of that performance obligation. Otherwise, revenue
is recognised at a point in time when the customer obtains control of the asset.
The Group and the Company recognise revenue over time using the percentage of completion method using input
method which is based on the actual cost incurred to date on the property development project as compared
to the total estimated cost for the respective development projects.
The Group and the Company recognise sales at a point in time for the sale of completed properties, when
the control of the properties has been transferred to the purchasers, being when the properties have been
completed and delivered to the customers and it is probable that the Group and the Company will collect the
considerations to which it will be entitled to in exchange for the assets sold.
(e) Revenue from hotel operations
Revenue from hotel rooms is recognised over time during the period of stay for the hotel guests. Revenue from
food and beverage sales, parking and other ancillary services is generally recognised at the point in time when
the services are rendered.
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(i) Revenue (cont'd)
(f) Revenue from golf club and resort operations
Revenue from club operations consists of monthly subscription fees, golf, sports and other facilities. Where
there are more than one performance obligations, the transaction price will be allocated to each of the separate
performance obligations. When these are not directly observable, they are estimated based on expected cost
plus margin.
Revenue from club activities excluding subscription fees are recognised at the point in time when the services
are rendered. Subscription fees are recognised over time over the subscription period. The payment of the
transaction price is due immediately upon delivery of the services.
Room revenue is recognised over time during the period of stay for the room guests. Revenue from food and
beverage sales is recognised at the point in time when the services are rendered.
(g) Dividend income
Dividend income is recognised when the Group’s right to receive payment is established.
(h) Rental income
Rental income is accounted for on a straight-line basis over the lease terms. The aggregate costs of incentives
provided to lessees are recognised as a reduction of rental income over the lease term on a straight-line basis.
(ii) Other income

(a) Interest income
Interest income is recognised using the effective interest method.
(b) Management fees
Management fees are recognised when services are rendered.
2.23 Taxation
(a) Current tax
Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation
authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively
enacted by the reporting date.
Current taxes are recognised in profit or loss except to the extent that the tax relates to items recognised outside
profit or loss, either in other comprehensive income or directly in equity.
114
2.23 Taxation (cont'd)
(b) Deferred tax
Deferred tax is provided using the liability method on temporary differences at the reporting date between the tax
bases of assets and liabilities and their carrying amounts for financial reporting purposes.
Deferred tax liabilities are recognised for all temporary differences, except:
- where the deferred tax liability arises from the initial recognition of goodwill or of an asset or liability in a
transaction that is not a business combination and, at the time of the transaction, affects neither the accounting
profit nor taxable profit or loss; and
- in respect of taxable temporary differences associated with investments in subsidiaries and associates, where
the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary
differences will not be reversed in the foreseeable future.

Deferred tax assets are recognised for all deductible temporary differences, carry forward of unused tax credits and
unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible
temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised except:
- where the deferred tax asset relating to the deductible temporary difference arises from the initial recognition
of an asset or liability in a transaction that is not a business combination and, at the time of the transaction,
affects neither the accounting profit nor taxable profit or loss; and
- in respect of deductible temporary differences associated with investments in subsidiaries and associates, deferred
tax assets are recognised only to the extent that it is probable that the temporary differences will reverse in the
foreseeable future and taxable profit will be available against which the temporary differences can be utilised.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is
no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be
utilised. Unrecognised deferred tax assets are reassessed at each reporting date and are recognised to the extent
that it has become probable that future taxable profit will allow the deferred tax assets to be utilised.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the
asset is realised or the liability is settled, based on tax rates and tax laws that have been enacted or substantively
enacted at the reporting date.
Deferred tax relating to items recognised outside profit or loss is recognised outside profit or loss. Deferred tax items
are recognised in correlation to the underlying transaction either in other comprehensive income or directly in equity.
Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to set off current tax
assets against current tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation
authority.
(c) Sales and Services Tax (“SST”)
Revenue are recognised net of the amount of SST.
The amount of SST incurred in a purchase of assets or services is not recoverable from the taxation authority and
is recognised as part of the cost of acquisition of the asset or as part of the expense item as applicable.
The amount of SST payable to the taxation authority is included as part of payables in the statements of financial
position.
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2.24 Segment reporting

For management purposes, the Group is organised into operating segments based on their products and services which
are independently managed by the respective segment managers responsible for the performance of the respective
segments under their charge. The segment managers report directly to the management of the Company who regularly
review the segment results in order to allocate resources to the segments and to assess the segment performance.
Additional disclosures on each of these segments are shown in Note 42, including the factors used to identify the
reportable segments and the measurement basis of segment information.
2.25 Share capital and share issuance expenses
An equity instrument is any contract that evidences a residual interest in the assets of the Group and the Company after
deducting all of its liabilities.
Ordinary shares are recorded at the proceeds received, net of directly attributable incremental transaction costs. Ordinary
shares are classified as equity. Dividends on ordinary shares are recognised in equity in the period in which they are
approved.
2.26 Treasury shares
When shares of the Company, that have not been cancelled, recognised as equity are reacquired, the amount of
consideration paid is recognised directly in equity. Reacquired shares are classified as treasury shares and presented as
a deduction from total equity. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation
of treasury shares. When treasury shares are reissued by resale, the difference between the sales consideration and the
carrying amount is recognised in equity.
2.27 Contingencies
A contingent liability or asset is a possible obligation or asset that arises from past events and whose existence will be confirmed
only by the occurrence or non-occurrence of uncertain future event(s) not wholly within the control of the Group.
Contingent liabilities and assets are not recognised in the statements of financial position of the Group.
2.28 Bearer plants
Bearer plants are living plant that are used in the production or supply of agriculture produce for more than one period
and have remote likelihood of being sold as agriculture produce, except for incidental scrap sales. The bearer plants that
are available for use are measured at cost less accumulated depreciation and any accumulated impairment losses. Cost
includes plantation expenditure, which represents the total cost incurred from land clearing to the point of harvesting.
Bearer plants have an average life cycle of twenty-five (25) years with the first three (3) years as immature bearer plants
and the remaining years as mature bearer plants. The mature bearer plants are depreciated over its remaining useful
lives of twenty-two (22) years on a straight-line basis. The immature bearer plants are not depreciated until such time
when it is available for use.
2.29 Biological assets
Produce growing on bearer plants are measured at fair value less costs to sell. Any gains or losses arising from changes
in the fair value less costs to sell of produce growing on bearer plants are recognised in profit or loss. Fair value is
determined based on the present value of expected net cash flows from the produce growing on bearer plants. The
expected net cash flows are estimated using expected output method and the estimated market price of the produce
growing on bearer plants.
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3. Significant accounting judgements and estimates
The preparation of the Group’s financial statements requires management to make judgements, estimates and assumptions
that affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities at
the reporting date. However, uncertainty about these assumptions and estimates could result in outcomes that could require
a material adjustment to the carrying amount of the asset or liability affected in the future.
3.1 Key sources of estimation uncertainty

The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that
have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next
financial year are discussed below.
(a) Property development
Revenue on property development activities are recognised in accordance with the accounting policy set out in Note
2.22 (i)(d) above. The terms of the property development contracts and the laws that apply to these contracts, will
determine whether the control of the properties sold is transferred and the corresponding revenue is recognised over
time or at a point in time.
The Group and the Company recognise certain of their property development activities based on the percentage of
completion method using input method which is based on the actual cost incurred to date on the property development
project as compared to the total estimated cost for the respective development projects.
Estimation is required in determining the progress towards complete satisfaction of the performance obligation and
this includes determining the extent of property development costs incurred and the total estimated costs of property
development, which in turn is used to determine the percentage of completion and gross profit margin of property
development activities undertaken by the Group and the Company. In making these judgements, management relies
on past experience and the work of architect.
(b) Deferred tax assets
Deferred tax assets are recognised for unused tax losses, capital allowances and other deductible temporary differences
to the extent that it is probable that taxable profit will be available against which the losses can be utilised. Significant
management judgement is required to determine the amount of deferred tax assets that can be recognised, based
upon the likely timing and the level of future taxable profits, together with future tax planning strategies.
The management’s estimates of future taxable profits are subject to risks and uncertainty, hence there is a possibility
that changes in circumstances will alter expectations, which may impact the amount of deferred tax assets recognised
in the statements of financial position.
Further details on deferred tax assets are disclosed in Note 36.
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3. Significant accounting judgements and estimates (cont’d)
3.1 Key sources of estimation uncertainty (cont’d)

(c) Impairment of property, plant and equipment and right-of-use assets
The Group and the Company are required to perform an impairment test of the cash generating units (“CGU”) or
groups of CGU when there is an indication that a CGU or groups of CGU may be impaired or an impairment loss
recognised in prior periods on the CGU or groups of CGU, other than goodwill, may no longer exist or may have
decreased.
Indicators of impairment which could trigger an impairment review include evidence of obsolescence or physical
damage, a significant fall in market values, significant underperformance relative to historical or projected future
operating results, significant changes in the use of assets or the strategy of the business, and significant adverse
industry or economic changes. Impairment exists when the carrying value of an asset or cash generating unit
exceeds its recoverable amount, which is higher of its fair value less cost of disposal and its value in use. The fair
value is derived based on sales comparison approach or income approach. The value in use calculation is based
on discounted cash flows arising from the future operating performance, revenue generating capacity of the assets
and future market conditions. Changes in circumstances may lead to changes in estimates and assumptions, and
result in changes to the recoverable amounts of assets and impairment losses needed.
Although a foreign subsidiary involved in the operation of a hotel recorded losses during the current financial year,
the Group recognised a reversal of impairment loss of approximately RM19,636,000 (2021: impairment loss of
approximately RM13,825,000) in respect of the foreign subsidiary's hotel property due to improvement in the market
conditions of the hotel industry. The recoverable amount is determined based on a valuation done by an accredited
independent valuer using the income capitalisation approach. The key assumptions used to determine the fair value,
including the discount rate and capitalisation rate, are disclosed in Note 14 to the financial statements.
(d) Fair value of investment in A2I Holdings S.A.R.L. (''A2I'')
The investment in A2I comprises equity instrument and investment in Tracking Preferred Equity Certificates (''TPEC'')
of A2I which is considered a debt instrument. The fair value of investment in A2I is determined based on the adjusted
net assets of the investee discounted using an appropriate rate. Judgements and estimates include considerations of
the appropriate discount for lack of control and marketability and inputs in measuring the fair value of the underlying
hotel assets of the investee. The carrying amount of the investment in A2I and further details about the determination
of fair value are disclosed in Note 19 and Note 39 to the financial statements respectively.
4. Revenue
Group Company
2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000
Type of revenue
Oil palm produce 1,438,939 1,057,706 1,455,121 1,069,100
Sale of properties 98,148 119,136 98,148 119,136
Dividend income 7,649 9,060 29,363 194,987
Management and operation of golf club 11,135 5,238 - -
Operation of hotels and conference centre 241,066 93,825 - -
Revenue from contracts with customers 1,796,937 1,284,965 1,582,632 1,383,223

Rental income 30,635 27,013 9,942 5,591
1,827,572 1,311,978 1,592,574 1,388,814

Timing of revenue recognition
- At a point in time 1,524,341 1,117,170 1,529,619 1,306,123
- Over time 272,596 167,795 53,013 77,100
1,796,937 1,284,965 1,582,632 1,383,223
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4. Revenue (cont’d)
4.1 Contract balances

Group and Company
2022 2021
RM’000 RM’000
Contract assets (Note 25) 18,898 18,436
Contract liability (Note 31) (3,267) (3,622)
15,631 14,814
At beginning of the year 14,814 36,938

Consideration paid and payable to customers 5,479 5,319
Revenue recognised during the year 98,148 119,136
Progress billings during the year (102,810) (146,579)
At end of the year 15,631 14,814
Revenue from property development activities is recognised over time using the input method, which is based on the actual
cost incurred to date on the property development projects over the total estimated cost of the respective development
projects.
The transaction price allocated to the unsatisfied performance obligations as at 31 December 2022 for the Group and
the Company is RM35,114,000 (2021: RM12,653,000). The remaining performance obligations are expected to be
recognised as follows:
Group and Company 2022 2021

RM’000 RM’000
Within 1 year 35,114 12,653
5. COST OF SALES
Group Company
2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000
Property development costs 56,056 56,556 56,056 56,556

Cost of inventories sold 1,283,942 946,247 1,340,913 999,675
Cost of services rendered 144,708 77,256 - -
1,484,706 1,080,059 1,396,969 1,056,231
119
6. OTHER INCOME
Group Company
2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000
Interest income from deposits 14,198 6,245 11,019 3,682

Interest income from subsidiaries - - 7,530 5,761
14,198 6,245 18,549 9,443
Unrealised gain on foreign exchange 26,419 9,238 46,671 22,165
Realised gain on foreign exchange 9,293 70 9,157 44
Net fair value gain on derivatives - 185 - 185
Management fee received from subsidiaries - - 1,146 1,146
Gain on fair value change in biological assets 29 615 47 18
Gain on trading of palm oil - 170 - 170
Gain on redemption of short term funds - 241 - 72
Fair value gain on financial assets at
fair value through profit or loss 7,064 - 1,404 10
Reversal of impairment loss on property,
plant and equipment (Note 14) 19,636 - - -
Waiver of loan received from
paycheck protection program 11,527 - - -
Government grants received
by foreign subsidiary 5,183 6,079 - -
Miscellaneous 3,375 1,955 2,452 1,171
96,724 24,798 79,426 34,424
7. Profit before tax

The following items have been included in arriving at profit before tax:

Group Company
2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000

Auditors’ remuneration:
Statutory audits
- Current year
- Ernst & Young PLT 480 370 220 170
- Other auditors 578 522 - -
- Underprovision in prior year
- Other auditors - 32 - -
Other services
- Ernst & Young PLT 25 20 20 20
Bad debts written off 88 163 6 -
Bad debts recovered (3) - - -
Employee benefits expense (Note 8) 127,985 86,951 30,646 28,138
Direct operating expenses arising from
revenue generating properties 7,766 6,441 1,738 894
Amortisation of intangible assets (Note 20) 22 26 3 3
Amortisation of deferred loan costs (Note 40 (f)) 54 25 - -
Depreciation of property, plant
and equipment (Note 14) 24,974 26,623 3,155 3,242
Depreciation of investment properties (Note 15) 5,307 4,173 2,147 1,027
Depreciation of right-of-use assets (Note 16) 1,241 1,221 - -
Depreciation of bearer plants (Note 17) 1,055 733 471 149
Property, plant and equipment written off 170 275 17 3
Bearer plants written off 85 - - -
120
7. Profit before tax (cont’d)

The following items have been included in arriving at profit before tax: (cont'd)
Group Company
2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000
Investment property written off 45 - 43 -

Inventories written off 808 1 - -
Inventories written back (150) (828) (150) (827)
Write down of inventories 23 - - -
Write down of land held for
development (Note 21 (a)) - 1,250 - 1,250
Allowance for impairment on trade
receivables (Note 24 (a)) 78 55 - -
Allowance for impairment on amount due
from a subsidiary (Note 24) - - 8,345 7,495
Realised gain on foreign exchange (9,293) (70) (9,157) (44)
Unrealised gain on foreign exchange (26,419) (9,238) (46,671) (22,165)
Gain on fair value change in
biological assets (Note 23) (29) (615) (47) (18)
Fair value (gain)/loss on financial assets
at fair value through profit or loss (7,064) 3,658 (1,404) (10)
Gain on redemption of short term funds - (241) - (72)
Fair value loss/(gain) on derivatives 758 (185) 758 (185)
(Reversal of)/impairment loss on
property, plant and equipment (Note 14) (19,636) 13,825 - -
Gross dividends from quoted investments:
- Malaysian corporations (2,452) (1,744) (2,216) (1,618)
- Foreign corporations (4,655) (6,810) (3,324) (3,147)
Gross dividends from unquoted investments:
- Malaysian corporations (542) (506) (542) (506)
- Subsidiaries - - (23,281) (189,716)
(7,649) (9,060) (29,363) (194,987)
Gain on disposal of investment properties - (1) - -
Gain on disposal of property, plant and equipment (18) (25) - -

8. Employee benefits expense (excluding key management personnel)
Group Company
2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000

Wages and salaries 96,100 67,702 27,892 25,570
Social security and employee insurance
contributions 3,673 2,567 293 256
Contributions to defined contribution plan 5,382 4,151 2,461 2,312
Other benefits 22,830 12,531 - -
127,985 86,951 30,646 28,138
121
9. Compensation of key management personnel

Group Company
2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000
Directors' remuneration:
Fees 1,185 1,163 1,085 1,063
Salaries, bonus and other emoluments 9,174 7,226 7,188 5,333
Benefits-in-kind 36 31 28 28
10,395 8,420 8,301 6,424
Key management personnel comprises Directors of the Company, who have authority and responsibility for planning, directing
and controlling the activities of the Group, either directly or indirectly.
10. Finance costs

Group Company
2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000
Interest expenses on:
- Notes payable 5,265 2,300 - -
- Bank overdraft 1,258 2,141 1,258 2,141
- Lease liability 207 234 - -
- Unwinding of discount on tenant deposits - 44 - -
6,730 4,719 1,258 2,141

11. Income tax

Components of income tax
The components of income tax expense for the years ended 31 December 2022 and 2021 are:

Group Company
2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000
Statement of comprehensive income:
Current income tax:
- Malaysian income tax 35,838 32,054 25,234 20,335
- Foreign tax 3,649 (120) 151 152
39,487 31,934 25,385 20,487
Under/(over)provision in prior years:

- Malaysian income tax 83 306 67 362
- Foreign tax 10 4 1 (1)
93 310 68 361
Deferred income tax (Note 36):

- Origination and reversal of temporary differences 8,212 (8,821) 327 (113)
- Under/(over)provision in prior years 12 (7) 18 (16)
8,224 (8,828) 345 (129)

Income tax recognised in statements of
comprehensive income 47,804 23,416 25,798 20,719
122
11. Income tax (cont’d)
Reconciliation between tax and accounting profit

The reconciliation between income tax and the product of accounting profit multiplied by the applicable corporate tax rate for
the years ended 31 December 2022 and 2021 is as follows:
2022 2021
RM’000 RM’000
Group
Profit before tax 257,179 98,012
Taxation at Malaysian statutory tax rate of 24% (2021: 24%) 61,723 23,523
Different tax rates in other countries (1,743) 987
Income not subject to tax (30,472) (10,941)
Expenses not deductible for tax purposes 18,997 4,548
Effect of increase of tax rate based on the incremental chargeable income 337 -
Utilisation of previously unrecognised business losses and other deductible
temporary differences (3,633) -
Deferred tax asset not recognised on unabsorbed capital allowances and
unutilised business losses 2,490 4,996
Underprovision of income tax in prior years 93 310
Under/(over)provision of deferred tax in prior years 12 (7)
Income tax recognised in profit or loss 47,804 23,416
Company
Profit before tax 190,305 301,629
Taxation at Malaysian statutory tax rate of 24% (2021: 24%) 45,673 72,391
Income not subject to tax (34,632) (54,185)
Expenses not deductible for tax purposes 14,567 2,398
Effect of increase of tax rate based on the incremental
chargeable income 337 -
Different tax rates in other countries (233) (230)
Underprovision of income tax in prior years 68 361
Under/(over)provision of deferred tax in prior years 18 (16)
Income tax recognised in profit or loss 25,798 20,719
Domestic income tax is calculated at the Malaysian statutory tax rate of 24% (2021: 24%) of the estimated assessable profit
for the year. Taxation for other jurisdictions is calculated at the rates prevailing in the respective jurisdictions.
123
12. Earnings per share
Basic earnings per share amounts are calculated by dividing profit for the year, net of tax, attributable to owners of the parent
by the weighted average number of ordinary shares after adjusting for treasury shares.
Group
2022 2021
Profit net of tax attributable to owners of the parent (RM'000) 201,573 79,020
Weighted average number of ordinary shares in issue ('000) 359,303 359,303
Basic earnings per share (sen) 56.10 21.99
No diluted earnings per share have been presented as there were no dilutive potential ordinary shares outstanding as at 31
December 2022 and 31 December 2021.
13. Dividends
Group and Company

2022 2021
RM'000 RM'000
Recognised during the financial year:
Dividends on ordinary shares:

- Final single tier dividend for 2021: 5 sen
(2020: Nil) per share 17,965 -
- Interim single tier dividend for 2022: 5 sen
(2021: Nil) per share 17,965 -
35,930 -
On 6 April 2023, the Board of Directors approved and declared a single-tier final dividend in respect of the financial year
ended 31 December 2022, of 9 sen per share on 359,303,610 ordinary shares, amounting to a dividend of RM32,337,324.90,
payable on 18 May 2023.
The financial statements for the current financial year do not reflect the above dividend. This dividends will be accounted for
in equity as an appropriation of retained earnings in the financial year ending 31 December 2023.
124
14. Property, plant and equipment

Estates, Vehicles,
golf course, land Plant and furniture and Work-in-
and buildings machinery equipment progress Total
Group RM’000 RM’000 RM’000 RM’000 RM’000
Cost/deemed cost
At 1 January 2022
At cost 796,397 135,729 132,198 7,938 1,072,262
At deemed cost 23,410 - - - 23,410
Government grant - (7,414) - - (7,414)
819,807 128,315 132,198 7,938 1,088,258

Additions 2,320 2,227 2,128 6,199 12,874
Reclassification 45 6,057 740 (6,842) -
Write offs (427) (406) (349) - (1,182)
Disposals - (138) (281) - (419)
Exchange differences 28,379 - 2,682 18 31,079
At 31 December 2022 850,124 136,055 137,118 7,313 1,130,610
Representing:
At cost 826,852 143,469 137,118 7,313 1,114,752
At deemed cost 23,272 - - - 23,272
850,124 136,055 137,118 7,313 1,130,610
Accumulated depreciation
and impairment
At 1 January 2022
At cost 391,576 123,453 117,248 - 632,277
391,576 116,039 117,248 - 624,863
Charge for the year (Note 7) 13,819 2,725 8,430 - 24,974

Write offs (286) (397) (329) - (1,012)
Disposals - (138) (227) - (365)
Reversal of impairment loss
(Note 7) (19,636) - - - (19,636)
Exchange differences 12,491 - 2,393 - 14,884
At 31 December 2022 397,964 118,229 127,515 - 643,708
Representing:
At cost 397,964 125,643 127,515 - 651,122
397,964 118,229 127,515 - 643,708
Accumulated depreciation 284,605 118,229 127,515 - 530,349

Accumulated impairment loss 113,359 - - - 113,359
397,964 118,229 127,515 - 643,708
Net carrying amount
At 31 December 2022
At cost 428,888 17,826 9,603 7,313 463,630
At deemed cost 23,272 - - - 23,272
452,160 17,826 9,603 7,313 486,902
125
14. Property, plant and equipment (cont’d)
Estates, Vehicles,
golf course, land Plant and furniture and Work-in-
and buildings machinery equipment progress Total
Group RM’000 RM’000 RM’000 RM’000 RM’000
Cost/deemed cost
At 1 January 2021
At cost 771,984 135,462 128,649 6,991 1,043,086
At deemed cost 23,410 - - - 23,410
795,394 128,048 128,649 6,991 1,059,082

Additions 674 2,404 979 1,975 6,032
Reclassification 2,085 (1,062) (162) (861) -
Write offs (511) (1,075) (426) - (2,012)
Disposals - - (291) - (291)
Transfer to inventories - - - (222) (222)
Exchange differences 22,165 - 3,449 55 25,669
At 31 December 2021 819,807 128,315 132,198 7,938 1,088,258
Representing:
At cost 796,397 135,729 132,198 7,938 1,072,262
At deemed cost 23,410 - - - 23,410
819,807 128,315 132,198 7,938 1,088,258
and impairment
At 1 January 2021
At cost 354,661 121,946 103,964 - 580,571
354,661 114,532 103,964 - 573,157
Charge for the year (Note 7) 12,824 2,569 11,230 - 26,623

Write offs (255) (1,062) (420) - (1,737)
Disposals - - (290) - (290)
Impairment loss (Note 7) 13,825 - - - 13,825
Exchange differences 10,521 - 2,764 - 13,285
At 31 December 2021 391,576 116,039 117,248 - 624,863
Representing:
At cost 391,576 123,453 117,248 - 632,277
391,576 116,039 117,248 - 624,863
Accumulated depreciation 265,690 116,039 117,248 - 498,977

Accumulated impairment loss 125,886 - - - 125,886
391,576 116,039 117,248 - 624,863
Net carrying amount
At 31 December 2021
At cost 404,821 12,276 14,950 7,938 439,985
At deemed cost 23,410 - - - 23,410
428,231 12,276 14,950 7,938 463,395
126
Estates, Vehicles,
land and Plant and furniture and Work-in-
buildings machinery equipment progress Total
Company RM’000 RM’000 RM’000 RM’000 RM’000
Cost/deemed cost
At 1 January 2022 29,216 110,780 16,124 903 157,023

Additions 197 472 692 3,539 4,900
Write offs - (323) (124) - (447)
Disposals - (115) (99) - (214)
At 31 December 2022 29,413 110,814 16,593 4,442 161,262
Representing:
At cost 20,399 110,814 16,593 4,442 152,248
At deemed cost 9,014 - - - 9,014
29,413 110,814 16,593 4,442 161,262
At 1 January 2022 11,024 101,051 13,669 - 125,744

Charge for the year (Note 7) 416 1,798 941 - 3,155
Write offs - (313) (117) - (430)
Disposals - (115) (80) - (195)
At 31 December 2022 11,440 102,421 14,413 - 128,274
Net carrying amount
At 31 December 2022
At cost 8,959 8,393 2,180 4,442 23,974
At deemed cost 9,014 - - - 9,014
17,973 8,393 2,180 4,442 32,988
127
Estates, Vehicles,
land and Plant and furniture and Work-in-
buildings machinery equipment progress Total
Cost/deemed cost
At 1 January 2021 29,203 109,486 15,581 773 155,043

Additions 13 1,087 624 344 2,068
Reclassification - 214 - (214) -
Write offs - (7) (81) - (88)
At 31 December 2021 29,216 110,780 16,124 903 157,023
Representing:
At cost 20,202 110,780 16,124 903 148,009
At deemed cost 9,014 - - - 9,014
29,216 110,780 16,124 903 157,023
At 1 January 2021 10,621 99,149 12,817 - 122,587

Charge for the year (Note 7) 403 1,908 931 - 3,242
Write offs - (6) (79) - (85)
At 31 December 2021 11,024 101,051 13,669 - 125,744
Net carrying amount
At 31 December 2021
At cost 9,178 9,729 2,455 903 22,265
At deemed cost 9,014 - - - 9,014
18,192 9,729 2,455 903 31,279
128
(i) The details of the estates, golf course, land and buildings are as follows:

Cost/ Accumulated Net carrying Depreciation
deemed cost depreciation amount charge
Group RM’000 RM’000 RM’000 RM’000
2022

At deemed cost
Freehold estates 23,272 - 23,272 -
At cost
Golf course 78,739 24,150 54,589 900
Freehold land and buildings 744,754 373,814 370,940 12,919
826,852 397,964 428,888 13,819
Total 850,124 397,964 452,160 13,819
2021
At deemed cost
At cost
Golf course 78,739 23,253 55,486 900
Freehold land and buildings 714,297 368,323 345,974 11,924
796,397 391,576 404,821 12,824
Total 819,807 391,576 428,231 12,824
129
(i) The details of the estates, golf course, land and buildings are as follows (cont'd):

Cost/ Accumulated Net carrying Depreciation
deemed cost depreciation amount charge
Company RM’000 RM’000 RM’000 RM’000
2022
At deemed cost
At cost
Freehold land and buildings 17,253 11,440 5,813 416
20,399 11,440 8,959 416
Total 29,413 11,440 17,973 416
2021
At deemed cost
At cost
Freehold land and buildings 17,056 11,024 6,032 403
20,202 11,024 9,178 403
Total 29,216 11,024 18,192 403
(ii) Property, plant and equipment of certain subsidiaries with net carrying amount of RM308,764,000 (2021: RM280,404,000) are
pledged for bank facilities as disclosed in Note 29.
(iii) During the current financial year, a reversal of impairment loss of RM19,636,000 (2021: impairment loss of RM13,825,000) was
recognised on certain property, plant and equipment of a subsidiary involved in the hotel segment, KSNY Enterprises Ltd ("KSNY").
This was recognised in the statement of comprehensive income as other income and other expenses in the respective years. The
recoverable amount of RM191,459,000 (2021: RM166,840,000) as at 31 December 2022 was determined at the level of the
cash-generating unit of KSNY based on fair value less costs of disposal. The fair value less costs of disposal was based on income
capitalisation approach which utilises the discounted cash flow technique to measure the present value of projected income flows
and the reversion of the property sale. The significant unobservable valuation inputs are as below:

2022 2021
Revenue per available room USD 237 to USD 341 USD 161 to USD 310
Discount rate 9.00% 8.50%
Capitalisation rate 6.50% 6.50%
(iv) Future minimum rentals receivable under non-cancellable operating leases on certain property, plant and equipment of the Group
is disclosed in Note 15 to the financial statements.
130
15. Investment properties

Freehold Leasehold
land and land and
buildings buildings Total
Group RM’000 RM’000 RM’000
2022
Cost

At 1 January 2022 262,670 18,249 280,919
Additions 9,669 103 9,772
Write offs (78) - (78)
Disposals (2) - (2)
Exchange differences - 735 735
At 31 December 2022 272,259 19,087 291,346

At 1 January 2022 102,617 6,531 109,148
Charge for the year (Note 7) 5,267 40 5,307
Disposals (2) - (2)
At 31 December 2022 107,849 6,982 114,831
Net carrying amount
At 31 December 2022 164,410 12,105 176,515
2021
Cost

At 1 January 2021 264,177 18,099 282,276
Additions 242 - 242
Disposals (13) - (13)
Reversal (1,666) - (1,666)

At 31 December 2021 262,670 18,249 280,919

At 1 January 2021 98,566 6,407 104,973
Disposals (12) - (12)

At 31 December 2021 102,617 6,531 109,148
Net carrying amount
At 31 December 2021 160,053 11,718 171,771
131

15. Investment properties (cont’d)

Freehold Leasehold
land and land and
buildings buildings Total
Company RM’000 RM’000 RM’000
2022

Cost

At 1 January 2022 85,035 6,703 91,738
Additions 9,274 103 9,377
At 31 December 2022 94,247 6,806 101,053

At 1 January 2022 11,200 80 11,280
At 31 December 2022 13,288 120 13,408
Net carrying amount
At 31 December 2022 80,959 6,686 87,645
2021
Cost

At 1 January 2021 86,541 6,703 93,244
Additions 160 - 160
Reversal (1,666) - (1,666)
At 31 December 2021 85,035 6,703 91,738

At 1 January 2021 10,213 40 10,253
Charge for the year (Note 7) 987 40 1,027
At 31 December 2021 11,200 80 11,280
Net carrying amount
At 31 December 2021 73,835 6,623 80,458
132
15. Investment properties (cont’d)

As at 31 December 2022, the fair value of investment properties for the Group and Company is approximately RM652,112,000
(2021: RM661,926,000) and RM354,118,000 (2021: RM349,650,000 respectively. The valuations were conducted by
independent professional valuers using the comparison and investment methods except for an investment property held by a
foreign subsidiary in year 2021 valued at RM82,198,000 which was estimated by directors using the comparison method.
The fair value measurement of the Group’s and the Company's investment properties are categorised within Level 3 of the
fair value hierarchy. There were no transfers between all three (3) levels of the fair value hierarchy during the financial year.
The Group has entered into operating leases on its investment properties and certain property, plant and equipment. Future
minimum rentals receivable under these non-cancellable operating leases as at 31 December are as follows:
Group Company
2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000
Within one year 24,362 22,188 10,152 9,121

Within two to five years 26,669 32,381 20,100 21,749
After five years 43,943 47,873 43,943 47,873
94,974 102,442 74,195 78,743
16. RIGHT-OF-USE ASSETS
The following table presents the carrying amounts of the right-of-use assets recognised and the movements during the period for
the Group:
Car park State-owned
land land Total
RM’000 RM’000 RM’000
At 1 January 2021 - 18,612 18,612

Additions 4,533 - 4,533
Depreciation charge for the year (Note 7) (907) (314) (1,221)
Exchange differences (37) - (37)
At 31 December 2021 and 1 January 2022 3,589 18,298 21,887

Depreciation charge for the year (Note 7) (927) (314) (1,241)
Exchange differences 15 - 15
At 31 December 2022 2,677 17,984 20,661
The Group has right-of-use over state-owned land which is used for the cultivation of oil palm and a parcel of land which is
used as a parking lot. The right-of-use has a remaining tenure of 93 years (2021: 94 years) expiring in 2115 and 3 years
(2021: 4 years) expiring in 2025, respectively.
133
17. BEARER PLANTS

Group Company
2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000
Cost/deemed cost
At 1 January 25,078 23,960 11,369 10,311

Additions 2,035 1,118 1,802 1,058
Write offs (252) - (165) -
At 31 December 26,861 25,078 13,006 11,369
At 1 January 6,725 5,992 534 385

Charge for the year (Note 7) 1,055 733 471 149
Write offs (167) - (165) -
At 31 December 7,613 6,725 840 534
Net carrying amount
At 31 December 19,248 18,353 12,166 10,835
Analysis of bearer plants:
Immature 3,415 8,545 2,653 7,934

Matured 15,833 9,808 9,513 2,901
19,248 18,353 12,166 10,835
134
18. Investment in subsidiaries

Company
2022 2021
RM’000 RM’000
Unquoted shares, at cost

- In Malaysia 167,854 227,854
- Outside Malaysia 4 4
167,858 227,858
Less: Impairment losses (49,191) (49,191)
118,667 178,667
Details of the subsidiaries are as follows:

Country of Proportion of
Name of subsidiaries incorporation Principal activities ownership interest
2022 2021
% %
Held by the Company
Johore (Masai) Plantations Malaysia Oil palm estate and 100 100
Sdn. Bhd. investment holding

Kota Tinggi Oil Palm Malaysia Oil palm estate and 100 100
Plantations Sdn. Bhd. investment holding

Lian Huap Oil Palm Plantations Malaysia Oil palm estate and 100 100

Sin Lian Oil Palm Plantations Malaysia Oil palm estate and 100 100

HKH Holdings Sdn. Bhd. Malaysia Property investment 100 100
Ragamo Sdn. Bhd. Malaysia Processing of palm kernel 100 100

products and investment
holding
Lim & Lim Plantations Berhad Malaysia Oil palm estate and 99.8 99.8
investment holding

Supervitamins Sdn. Bhd. Malaysia Manufacturing and trading 100 100
of nutraceutical and
health-care materials

Tanjong Puteri Golf Resort Berhad Malaysia Operation of golf club 99.97 99.97
Keck Seng Investments Pte. Ltd.* Singapore Investment holding 100 100
Brosna Limited* Hong Kong Investment holding 100 100
135
18. Investment in subsidiaries (cont’d)
Details of the subsidiaries are as follows (cont'd):

Country of Proportion of
Name of subsidiaries incorporation Principal activities ownership interest
2022 2021
% %
Held by the Company (cont'd)
Keck Seng International Private Limited* Singapore Dormant 100 100
Lusaka Holdings Sdn. Bhd. Malaysia Property investment 70 70
Siris Management Sdn. Bhd. Malaysia Dormant 100 100
K.S.F. Enterprises Sdn. Bhd. Malaysia Investment holding 50+1** 50+1**
Held by K.S.F. Enterprises Sdn. Bhd.
KSD Enterprises Ltd.* Canada Operation of hotels 50+1** 50+1**
Held by Brosna Limited
Promas Limited* Hong Kong Investment holding 100 100
K.S.A Enterprises Limited* Canada Dormant 100 100
KSG Enterprises Ltd.* United States Operation of hotels 100 100
Held by KSG Enterprises Ltd.
KSNY Enterprises Ltd.* United States Operation of hotels 100 100
* Audited by firms of auditors other than Ernst & Young PLT

** The equity interest of the Company is 50% plus one share
136
Summarised financial information on subsidiaries with significant non-controlling interests

Proportion of equity interest held by non-controlling interests:
2022 2021
% %
Lusaka Holdings Sdn. Bhd. 30.00 30.00

K.S.F. Enterprises Sdn. Bhd. 50.00 50.00
Tanjong Puteri Golf Resort Berhad 0.03 0.03
2022 2021
RM’000 RM’000
Accumulated balances of material

non-controlling interest:
- Lusaka Holdings Sdn. Bhd. 16,585 15,435
- K.S.F. Enterprises Sdn. Bhd. 30,586 24,025
- Tanjong Puteri Golf Resort Berhad 98,197 98,197
145,368 137,657

Attributable to non-controlling interest
of subsidiary that is individually immaterial 50 42
145,418 137,699
Total comprehensive loss attributable to

material non-controlling interest:
- Lusaka Holdings Sdn. Bhd. 1,149 1,284
- K.S.F. Enterprises Sdn. Bhd. 6,562 (4,711)
- Tanjong Puteri Golf Resort Berhad - -
7,711 (3,427)

Attributable to non-controlling interest
of subsidiary that is individually immaterial 8 3
7,719 (3,424)
137

Summarised financial information on subsidiaries with significant non-controlling interests (cont’d)
Summarised financial information of Lusaka Holdings Sdn. Bhd., K.S.F. Enterprises Sdn. Bhd. Group and Tanjong Puteri Golf Resort Berhad which have non-controlling interests
that are material to the Group is set out below. The summarised financial information presented below is the amount before inter-company elimination.
(i) Summarised statements of financial position

Lusaka Holdings K.S.F. Enterprises Tanjong Puteri Golf
Sdn. Bhd. Sdn. Bhd. Group # Resort Berhad Total

2022 2021 2022 2021 2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
Non-current assets 45,853 47,912 47,371 53,589 74,036 76,342 167,260 177,843
Current assets 14,924 68,851 33,200 11,481 4,736 3,505 52,860 83,837
138
Total assets 60,777 116,763 80,571 65,070 78,772 79,847 220,120 261,680
Current liabilities 3,965 3,341 16,853 13,661 54,728 44,713 75,546 61,715
Non-current liabilities 1,530 1,971 2,537 3,351 - 1,238 4,067 6,560
Total liabilities 5,495 5,312 19,390 17,012 54,728 45,951 79,613 68,275
Net assets 55,282 111,451 61,181 48,058 24,044 33,896 140,507 193,405
2022
Equity attributable to:

- owners of the Company 38,697 96,016 30,595 24,033 (74,153) (64,301) (4,861) 55,748
- non-controlling interests 16,585 15,435 30,586 24,025 98,197 98,197 145,368 137,657
A N N U A L
55,282 111,451 61,181 48,058 24,044 33,896 140,507 193,405
#
R E P O R T
refers to K.S.F. Enterprises Sdn. Bhd. and its subsidiary, i.e. KSD Enterprises Ltd.
138
(ii) Summarised statements of comprehensive income

2022 2021 2022 2021 2022 2021 2022 2021
Revenue 14,390
14,780 88,174 25,075 11,135 5,238 113,699 45,093
Profit/(Loss) for the year attributable to:

- owners of the Company 4,080 4,796 6,645 (5,710) (7,274) (6,396) 3,451 (7,310)
139
- non-controlling interests 1,149 1,284 6,645 (5,710) - - 7,794 (4,426)

5,229 6,080 13,290 (11,420) (7,274) (6,396) 11,245 (11,736)
Other comprehensive (loss)/income attributable to:

- owners of the Company - - (84) 1,000 - - (84) 1,000
- non-controlling interests - - (83) 999 - - (83) 999
Other comprehensive income for the year - - (167) 1,999 - - (167) 1,999
2022
Total comprehensive income/(loss) attributable to:

- owners of the Company 4,080 4,796 6,561 (4,710) (7,274) (6,396) 3,367 (6,310)
- non-controlling interests 1,149 1,284 6,562 (4,711) - - 7,711 (3,427)
A N N U A L
Total comprehensive income/(loss) for the year 5,229 6,080 13,123 (9,421) (7,274) (6,396) 11,078 (9,737)
#
R E P O R T
139

(iii) Summarised statements of cash flows

2022 2021 2022 2021 2022 2021 2022 2021
Net cash generated from/(used in)

operating activities 6,441 6,483 28,780 (692) (3,927) (5,796) 31,294 (5)
Net cash generated from/(used in)
investing activities 54,907 (4,855) (2,429) (1,355) (322) (69) 52,156 (6,279)
140
financing activities (61,398) (1,800) (829) 2,461 6,117 5,557 (56,110) 6,218

Net (decrease)/increase in cash and
cash equivalents (50) (172) 25,522 414 1,868 (308) 27,340 (66)
Effects of exchange rate changes on cash
and cash equivalents - - (975) 77 - - (975) 77
Cash and cash equivalents at beginning
of the year 589 761 5,568 5,077 440 748 6,597 6,586

Cash and cash equivalents at end
2022
of the year 539 589 30,115 5,568 2,308 440 32,962 6,597

#
A N N U A L
R E P O R T
140
19. Investment securities

Group Company
2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000
Financial assets at fair value through
other comprehensive income
Equity instruments
Quoted in Malaysia 61,486 57,113 57,682 54,029
Quoted outside Malaysia 283,550 293,371 115,074 129,797
Unquoted in Malaysia 3,630 3,447 3,627 3,443
348,666 353,931 176,383 187,269
Financial assets at fair value through

profit or loss
Debt instrument
Unquoted outside Malaysia * 20,540 64,757 - -
Equity instrument
Unquoted outside Malaysia * 50,295 - - -
70,835 64,757 - -
419,501 418,688 176,383 187,269
* This is related to investment in A2I Holdings S.A.R.L. (''A2I''), a company incorporated in Luxembourg and engaged in
investment holdings. A2I is a special purpose vehicle that is set up for the investment in AccorInvest Group S.A. (“AIG”).
The investment in A2I comprises equity instrument and investment in Tracking Preferred Equity Certificates (''TPEC'')
which is considered a debt instrument. As at 31 December 2022, the fair value of equity instrument is RM50,824,000
(2021: Nil). The Group's intention is to hold the investment for long term contractual cash flow return. The determination
of fair value is described in Note 39(a).
20. Intangible assetS

Group Company
2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000
Cost
At 1 January 1,954 1,934 1,505 1,495

Addition 3 20 3 10
At 31 December 1,957 1,954 1,508 1,505
Accumulated amortisation
At 1 January 1,871 1,845 1,497 1,494

Amortisation for the year (Note 7) 22 26 3 3
At 31 December 1,893 1,871 1,500 1,497
Net carrying amount
At 31 December 64 83 8 8

141
21. INVENTORIES

(a) Land held for property development
Freehold Leasehold Development
land land costs Total
RM’000 RM’000 RM’000 RM’000
Group
2022
At 1 January 2022 59,714 55,601 127,061 242,376

Additions 219 407 12,014 12,640
Transfer to property development
cost (Note 21(b)) (133) (3,056) (11,106) (14,295)
At 31 December 2022 59,800 52,952 127,969 240,721
Representing:
At cost 59,800 52,952 127,969 240,721
2021
At 1 January 2021 65,014 57,567 127,157 249,738

Additions 26 33 6,270 6,329
Write down (Note 7) - (1,250) - (1,250)
cost (Note 21(b)) (5,326) (749) (6,366) (12,441)

At 31 December 2021 59,714 55,601 127,061 242,376
Representing:
At cost 59,714 55,601 127,061 242,376
142
21. INVENTORIES (cont’d)

(a) Land held for property development (cont’d)
Freehold Leasehold Development
land land costs Total
RM’000 RM’000 RM’000 RM’000
Company
2022

At 1 January 2022 50,075 55,601 127,061 232,737
Additions 219 407 12,014 12,640
cost (Note 21(b)) (133) (3,056) (11,106) (14,295)

At 31 December 2022 50,161 52,952 127,969 231,082
Representing:
At cost 50,161 52,952 127,969 231,082
2021
At 1 January 2021 55,375 57,567 127,157 240,099

Additions 26 33 6,270 6,329
Write down (Note 7) - (1,250) - (1,250)
cost (Note 21(b)) (5,326) (749) (6,366) (12,441)

At 31 December 2021 50,075 55,601 127,061 232,737
Representing:
At cost 50,075 55,601 127,061 232,737
143
21. INVENTORIES (cont’d)
(b) Property development costs

Group and Company
2022 2021
RM’000 RM’000
At cost
At 1 January
Freehold land 3,048 173
Leasehold land 1,705 748
Development costs 12,947 27,820
17,700 28,741
Development costs incurred during the year 23,204 32,206
Cost recognised in profit or loss during the year (30,352) (38,201)
Transfer from land held for property development (Note 21(a)) 14,295 12,441
Transfer to inventory (2,334) (17,487)
11,961 (5,046)
At 31 December 22,513 17,700
22. Inventories - OTHERS

Group Company
2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000
At cost
Refined oil products 61,761 96,409 52,822 85,901
Crude palm oil, crude palm
kernel oil and palm kernel 27,411 38,729 27,744 38,339
Spare parts and chemicals 6,615 6,411 4,822 4,587
Completed properties 34,360 50,114 34,360 50,114
Food, beverage and utensils 738 1,428 - -
130,885 193,091 119,748 178,941
At net realisable value

Refined oil products 40,558 11,686 39,702 11,686
Completed properties 1,648 1,803 1,648 1,803
42,206 13,489 41,350 13,489
173,091 206,580 161,098 192,430
144
23. Biological assets

Group Company
2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000
At fair value
At 1 January 1,194 579 57 39

Changes in fair value (Note 7) 29 615 47 18

At 31 December 1,223 1,194 104 57
The biological assets of the Group and the Company comprise fresh fruit bunches (“FFB”) prior to harvest. The valuation model
adopted by the Group and the Company considers the present value of the net cash flows expected to be generated from
the sale of FFB. To arrive at the fair value, the management has considered the ripeness of the FFB and assumed that the
net cash flows to be generated from FFB more than 15 days prior to harvest is negligible. Therefore, the quantity of FFB on
bearer plant of up to 15 days prior to harvest was used for valuation purposes. The value of the unripe FFB was estimated
to be approximately 80% of the ripe FFB. Costs to sell include harvesting cost, transport and windfall profit levy.
The Group’s and the Company's biological assets are categorised within Level 3 of the fair value hierarchy. There were no
transfers between all three (3) levels of the fair value hierarchy during the financial year.
24. Trade and other receivables

Group Company
2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000
Current
Trade receivables
Third parties 60,950 74,176 41,329 52,926
Less: Allowance for impairment (644) (566) - -
60,306 73,610 41,329 52,926
Other receivables
Amounts due from subsidiaries - - 198,276 175,258
Refundable deposits 2,556 3,635 2,211 2,351
Sundry receivables 17,055 11,342 16,597 6,158
19,611 14,977 217,084 183,767
Total trade and other receivables (current) 79,917 88,587 258,413 236,693
Non-current
Other receivables
Amounts due from subsidiaries - - 396,507 366,763
Less: Allowance for impairment - - (49,880) (41,535)
- - 346,627 325,228
Total trade and other receivables

(current and non-current) 79,917 88,587 605,040 561,921
Add: Cash and bank balances (Note 28) 962,260 855,037 628,747 606,853
Total financial assets at amortised cost 1,042,177 943,624 1,233,787 1,168,774
145
24. Trade and other receivables (cont’d)
(a) Trade receivables
Trade receivables are non-interest bearing and are generally on 0 to 30 days (2021 : 0 to 30 days) terms. They are
recognised at their original invoice amounts which represent their fair values on initial recognition.
Ageing analysis of trade receivables
The ageing analysis of the Group’s and the Company's trade receivables is as follows:
Group Company
2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000
Neither past due nor impaired 43,190 42,582 32,463 29,243

1 to 30 days past due not impaired 14,965 27,779 8,309 22,590
31 to 60 days past due not impaired 1,600 1,758 321 414
61 to 90 days past due not impaired 326 292 66 65
91 to 120 days past due not impaired 79 76 24 -
More than 120 days past due not impaired 146 1,123 146 614
17,116 31,028 8,866 23,683

Impaired 644 566 - -
60,950 74,176 41,329 52,926
Receivables that are impaired
The Group’s and the Company's trade receivables that are impaired at the reporting date and the movement of the
allowance accounts used to record the impairment are as follows:
Individually impaired
Group Company
2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000
Trade receivables - nominal amounts 644 566 - -

Less: Allowance for impairment (644) (566) - -
- - - -
Movement in allowance accounts

At 1 January 566 511 - -
Charge for the year (Note 7) 78 55 - -
At 31 December 644 566 - -
Trade receivables that are individually determined to be impaired at the reporting date relate to debtors that are in
significant financial difficulties and have defaulted on payments. These receivables are not secured by any collateral or
credit enhancements.
146
24. Trade and other receivables (cont’d)
(b)
Other receivables - amounts due from subsidiaries

Current
Amounts due from subsidiaries are unsecured, non-interest bearing and repayable upon demand. Included in the amounts
are RM198,218,000 (2021: RM175,204,000) arising from a deposit placed in a foreign financial institution under a
foreign subsidiary's name.
Non-Current
Amounts due from subsidiaries are unsecured, bear interest ranging from 0.38% to 6.06% per annum (2021: 0.38%
to 6.06% per annum) and are not expected to be repaid within the next twelve months.
Individually impaired
Company
2022 2021
RM’000 RM’000
Movement in allowance accounts
At 1 January 41,535 34,040
Charge for the year (Note 7) 8,345 7,495
At 31 December 49,880 41,535

25. Other current assets
Group Company
2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000
Prepayments 5,376 6,422 3,701 4,668

Deposits paid 3,212 3,630 3,212 3,631
Accrued billings in respect of property
development costs 16,955 17,572 16,955 17,572
Consideration paid/payable to customers 1,943 864 1,943 864
Contract assets (Note 4.1) 18,898 18,436 18,898 18,436
27,486 28,488 25,811 26,735
Consideration paid/payable to customers relate to discounts given and legal fees incurred to secure sales of property units
and are recognised in profit or loss over time based on the input method.
147
26. Derivatives
<---------2022----------> <----------2021---------->
Contract/ Contract/
Notional Notional
Amount Liability Amount Asset
RM’000 RM’000 RM’000 RM’000
Group and Company
Non-hedging derivatives:
Current

Forward currency contracts 10,517 (490) 29,197 268

The Group and the Company use forward currency contracts to manage some of the exposure of foreign currency transactions.
These contracts are not designated as cash flow or fair value hedges and are entered into for periods consistent with the
transaction. Such derivatives do not qualify for hedge accounting.
Forward currency contracts are used to reduce the level of foreign currency risk for the Group’s and the Company's sales
denominated in USD for which firm commitments exist as at the reporting date.
27. SHORT TERM FUNDS
Group Company
2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000
Money market funds, at fair value through
profit or loss 248,306 164,037 220,583 84,160

Money market funds earn interest at floating rates based on daily bank deposit rates. Money market funds are highly liquid
and readily convertible to cash but do not meet the criteria for presentation as cash and cash equivalents.
The weighted average effective interest rate of the investments as at the reporting date for the Group and the Company
were 1.63% (2021: 1.96%) per annum and 1.52% (2021: 1.83%) per annum respectively. The maturities of the investments
as at the reporting date for the Group and the Company were 1 to 31 days (2021: 1 to 31 days) and 1 day (2021: 1 day)
respectively.
28. Cash and bank balances

Group Company
2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000
Cash at banks and on hand 344,435 276,581 214,473 209,201

Deposits with:
Licensed banks 291,015 272,248 154,802 144,804
Foreign financial institutions 326,810 306,208 259,472 252,848
Total cash and bank balances (Note 24) 962,260 855,037 628,747 606,853
148
28. Cash and bank balances (cont’d)
Included in cash and bank balances of the Group and of the Company is an amount of RM109,245,000 (2021: RM133,090,000)
held pursuant to Section 7A of the Housing Development (Control and Licensing) Act 1966, and restricted from use in other
operations.
Short-term deposits are made for varying periods of between one to twelve months depending on the immediate cash
requirements of the Group and of the Company, and earn interest at the respective short-term deposit rates. The weighted
average effective interest rates as at 31 December 2022 for the Group and the Company were 2.48% (2021: 0.37%) per
annum and 3.09% (2021: 0.44%) per annum respectively.
For the purpose of the statements of cash flows, cash and cash equivalents comprise the following at each reporting date:
Group Company
2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000
Cash and bank balances 962,260 855,037 628,747 606,853

Less:
Bank overdrafts (Note 29) (3,493) (32,193) (3,493) (32,193)
Deposits with licensed banks with
maturity more than three months (170,090) (188,225) (154,802) (182,913)
Cash and cash equivalents 788,677 634,619 470,452 391,747

29. LOANS AND Borrowings

Group Company
2022 2021 2022 2021
Maturity RM’000 RM’000 RM’000 RM’000
Current
Unsecured:
Bank overdrafts (Note 28) On demand 3,493 32,193 3,493 32,193
Secured:
Notes payable 2023 173,967 18,330 - -
177,460 50,523 3,493 32,193
Non-Current
Secured:
Notes payable 2023 - 172,773 - -
Total loans and borrowings (Note 30) 177,460 223,296 3,493 32,193
The remaining maturities of the loans and borrowings as at 31 December 2022 and 2021 are as follows:
Group Company
2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000
On demand or within 1 year 177,460 50,523 3,493 32,193

More than 1 year and less than 5 years - 172,773 - -
177,460 223,296 3,493 32,193
149
29. LOANS AND Borrowings (cont’d)
Bank overdrafts
Bank overdrafts are denominated in RM and bear interest at BLR + 0.75% (2021: BLR + 0.75%) per annum.
Notes payable
In 2021, included in current notes payables were amounts of RM10,982,000 which bear interest of 1% per annum and are
related to the loans received by the foreign subsidiaries in United States of America, under the Paycheck Protection Program
established by the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The loans and related accrued interest are
subject to forgiveness to the extent the proceeds are used to pay expenses permitted by the Paycheck Protection Program. In
2022, the outstanding loans were forgiven and were recognised in the statement of comprehensive income as other income.
Other than as disclosed above, the other notes payables of the Group are loans with banks which bear interest ranging from
LIBOR + 1.03% to 1.30% (2021: LIBOR + 1.03% to 1.30%) per annum and mature in July 2023. The loans are denominated
in USD, secured by corporate guarantee from the Company and are collateralized by a Deed of Trust over property, plant and
equipment of the Group amounting to RM308,764,000 (2021: RM280,404,000) as disclosed in Note 14.
30. Trade and other payables
Group Company
2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000
Current
Trade payables
Third parties 72,544 50,718 56,932 46,480
Amount due to subsidiaries - - 20,118 13,318
72,544 50,718 77,050 59,798

Other payables
Accruals 24,010 22,882 8,813 8,951
Sundry payables 29,480 21,404 16,694 8,471
Refundable deposits 5,697 4,538 1,280 890
Amount due to a director related company 1,600 3,058 1,600 3,058
Amount due to a subsidiary - - 1 -
60,787 51,882 28,388 21,370
Total trade and other payables (current) 133,331 102,600 105,438 81,168
Non-current
Trade payables
Retention sum 4,043 6,319 4,043 6,319
Other payables
Refundable deposits 2,992 4,347 2,653 2,770
Total trade and other payables (non-current) 7,035 10,666 6,696 9,089
Total trade and other payables

(current and non-current) 140,366 113,266 112,134 90,257
Add: Loans and borrowings (Note 29) 177,460 223,296 3,493 32,193
Add: Lease liability (Note 32) 3,334 3,953 - -
Total financial liabilities carried at amortised cost 321,160 340,515 115,627 122,450
150
30. Trade and other payables (cont’d)
(a) Trade payables - third parties
Trade payables are non-interest bearing and are normally settled on 30 to 45 days (2021: 30 to 45 days) terms.
(b) Other payables

Other payables are non-interest bearing and are normally settled on 30 to 60 days (2021: 30 to 60 days) terms.
(c) Amounts due to subsidiaries

These amounts are unsecured, non-interest bearing and repayable on demand.
31. Other current liabilities

Group Company
2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000
Contract liability (Note 4.1)

- Progress billings in respect of property
development costs 3,267 3,622 3,267 3,622
Deposits received from tenants 371 408 156 270
3,638 4,030 3,423 3,892
32. LEASE LIABILITY

Group
2022 2021
RM’000 RM’000
Car park land
Lease liability
Current 797 602
Non-current 2,537 3,351
3,334 3,953
The movement of lease liability during the financial year is as follows:

Group
2022 2021
RM’000 RM’000
At 1 January 3,953 -
Additions - 4,533
Interest expense on lease liability (Note 10) 207 234
Payments of:
- Principal (622) (539)
- Interest (207) (234)
Exchange differences 3 (41)
At 31 December 3,334 3,953
151
33. Share capital

Number of ordinary
shares Amount
2022 2021 2022 2021
’000 ’000 RM’000 RM’000
Issued and fully paid
At 1 January/31 December 361,477 361,477 372,005 372,005

The holders of ordinary shares (except treasury shares) are entitled to receive dividends as and when declared by the Company.
All ordinary shares carry one vote per share without restrictions and rank equally with regard to the Company's residual assets.
34. Other reserves
The nature and purpose of each category of reserves are as follows:

Non-distributable reserves

(a) Fair value reserve
Fair value reserve represents the cumulative fair value changes, net of tax, of financial assets measured at fair value
through other comprehensive income until they are disposed of.
(b) Translation reserve
The translation reserve represents exchange differences arising from the translation of the financial statements of foreign
operations whose functional currencies are different from that of the Group's presentation currency.
(c) Treasury shares
Treasury shares relate to ordinary shares of the Company that are reacquired and held by the Company. The amount
consists of acquisition costs.
The shareholders of the Company, by an ordinary resolution passed in an Annual General Meeting held on 22 June
2022, renewed their approval for the Company's plan to repurchase its own shares. The directors of the Company are
committed to enhancing the value of the Company to its shareholders and believe that the repurchase plan can be
applied in the best interests of the Company and its shareholders. The shares repurchase are being held as treasury
shares in accordance with the requirement of Section 127(6) of the Companies Act 2016.
There was no repurchase of the Company’s issued ordinary shares, nor any resale, cancellation or distribution of treasury
shares during the financial year.

Out of the total 361,477,000 (2021: 361,477,000) issued and fully paid ordinary shares, 2,174,000 (2021: 2,174,000)
are held as treasury shares by the Company. The number of outstanding ordinary shares after set-off is 359,303,000
(2021: 359,303,000).

35. RETained earnings
The entire retained earnings of the Company as at 31 December 2022 may be distributed as dividends under the single tier
system.
152
36. Deferred taxation
Deferred income tax as at 31 December relates to the following:
As at 1 Recognised As at 31 Recognised As at 31
January in profit Exchange December in profit Exchange December
2021 or loss differences 2021 or loss differences 2022
(Note 11) (Note 11)
Group RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
Deferred tax liabilities:

Property, plant and equipment
and investment properties 18,196 (593) 492 18,095 (400) 797 18,492
Bearer plants 4,312 92 - 4,404 215 - 4,619
Biological assets 140 148 - 288 7 - 295
Right-of-use assets 2,055 (43) - 2,012 (43) - 1,969
Inventories - land held for
property development 1,244 (39) - 1,205 (23) - 1,182
Receivables 1,755 (508) 60 1,307 77 76 1,460
Derivatives 21 44 - 65 (65) - -
Others 84 (39) - 45 29 - 74
27,807 (938) 552 27,421 (203) 873 28,091
Deferred tax assets:

Property, plant and equipment (31,102) (3,974) (1,114) (36,190) 5,645 (2,044) (32,589)
Unutilised business losses and
unabsorbed capital allowances (2,200) (3,203) (88) (5,491) 3,161 (292) (2,622)
Provisions (2,535) (387) (10) (2,932) (215) (25) (3,172)
Inventories - others (1,456) (20) - (1,476) (266) - (1,742)
Derivatives - - - - (118) - (118)
Inventories - land held for
property development (17,525) - - (17,525) - - (17,525)
Other payables (560) (8) (14) (582) (60) (26) (668)
Others - (298) - (298) 280 - (18)
(55,378) (7,890) (1,226) (64,494) 8,427 (2,387) (58,454)
Deferred tax liabilities/(assets) (27,571) (8,828) (674) (37,073) 8,224 (1,514) (30,363)
2022 2021
Group RM’000 RM’000
Presented after appropriate offsetting as follows:

Deferred tax assets (34,994) (41,830)
Deferred tax liabilities 4,631 4,757
(30,363) (37,073)
153
36. Deferred taxation (cont’d)
As at 1 Recognised As at 31 Recognised As at 31
January in profit December in profit December
2021 or loss 2021 or loss 2022
(Note 11) (Note 11)
Deferred tax liabilities:

Property, plant and equipment 2,553 (12) 2,541 (154) 2,387
Bearer plants 2,382 218 2,600 319 2,919
Biological assets 10 4 14 12 26
Inventories - land held for property development 1,244 (39) 1,205 (22) 1,183
Derivatives 21 44 65 (65) -
Others 40 (39) 1 29 30
6,250 176 6,426 119 6,545
Deferred tax assets:

Provisions (2,467) (238) (2,705) 28 (2,677)
Inventories - others (615) 199 (416) 36 (380)
Derivatives - - - (118) (118)
Inventories - land held for property development (17,525) - (17,525) - (17,525)
Unabsorbed capital allowances (32) 32 - - -
Others - (298) (298) 280 (18)
(20,639) (305) (20,944) 226 (20,718)
Deferred tax liabilities/(assets) (14,389) (129) (14,518) 345 (14,173)
Company
2022 2021
RM’000 RM’000
Deferred tax assets (14,173) (14,518)
154
36. Deferred taxation (cont’d)
Deferred tax assets have not been recognised in respect of the following items:
Group
2022 2021
RM’000 RM’000
Unutilised business losses, expiring in:
- 2028 8,276 8,276
- 2029 2,948 2,948
- 2030 5,344 5,344
- 2031 6,428 6,428
- 2032 7,583 -
- 2034 - 2,004
- 2035 - 1,438
- 2037 - 5,519
- 2040 10,087 14,081
- 2041 9,697 9,737
50,363 55,775
Unabsorbed capital allowances 68,932 66,139
Other deductible temporary differences 6,818 8,959
126,113
130,873
Deferred tax assets have not been recognised because it is not probable that future taxable profit will be available against which the Group
can utilise the benefits therefrom.
The unabsorbed capital allowances can be carried forward to be deducted from the adjusted income of the subsequent years of assessment
indefinitely until it is fully utilised.

37. Commitments
Group Company
2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000
(a) Capital expenditures

Approved and contracted for
- property, plant and equipment 11,727 2,348 937 2,051
- investment properties 350 151 350 -
12,077 2,499 1,287 2,051
(b) Management and franchise license agreement
(i) KSG Enterprises Ltd. ("KSG") has an agreement with DoubleTree Management LLC to operate a hotel. Under the
agreement, KSG is required to pay a base management fee and incentive fee.
(ii) KSNY Enterprises Ltd. ("KSNY") has an agreement with SpringHill FMC, LLC to operate a hotel. Under the agreement,
KSNY is required to pay a base management fee and incentive fee.
(iii) KSD Enterprises Ltd. ("KSD") has a franchise license agreement with Global Hospitality Licensing S.A.R.L. to operate a
Delta Hotel and Resorts Canadian franchise which allows the hotel to use the brand name of Delta at a fee mutually
agreed by both parties.
155

38. Related party disclosures
Sale and purchase of goods and services

In addition to the related party balances disclosed in Notes 24 and 30, the following related party transactions between the
Company and related parties that took place at terms agreed between the parties during the financial year:
Company
2022 2021
RM’000 RM’000
With subsidiaries:
Purchases 92,582 73,809
Sales 97,750 77,910
Rental income 1,266 684
Gross dividends 23,281 189,716
Interest income 7,530 5,761
Management fees 1,146 1,146
Significant transactions with Keck Seng (Singapore) Private Limited, a company in which certain directors namely, Ho Kim Swee @
Ho Kian Guan, Dato' Ho Cheng Chong @ Ho Kian Hock, Ho Eng Chong @ Ho Kian Cheong and Chan Lui Ming Ivan, have interest,
undertaken during the financial year were as follows:
Group and Company
2022 2021
RM’000 RM’000
Commission on sales and purchases 13,626 10,431
During the year, consultancy fees amounting to RM989,000 (2021: RM636,000) was paid by a foreign subsidiary to an entity
related to a director of the foreign subsidiary.
39. Fair value of financial instruments

(a) Determination of fair value

Financial instruments that are not carried at fair value and whose carrying amounts are reasonable approximations of
fair value
The following are classes of financial instruments that are not carried at fair value and whose carrying amounts are
reasonable approximations of fair value:
Note
Trade and other receivables (current and non-current) 24

Trade and other payables (current and non-current) 30
Lease liability (current and non-current) 32
Loans and borrowings (current and non-current) 29
The carrying amounts of current financial assets and liabilities are reasonable approximations of fair values due to their
short-term nature and the insignificant impact of discounting.
The carrying amounts of non-current financial assets and liabilities are reasonable approximations of fair values as the
interest charge on these loans and borrowings are pegged to, or close to, market interest rates near or at reporting date.
Quoted equity instruments
The fair value of quoted equity instruments is determined directly by reference to their published market closing bid price
at the reporting date.
156
39. Fair value of financial instruments (cont’d)

(a) Determination of fair value (cont’d)
Unquoted equity instruments in Malaysia
The fair value of unquoted equity instruments in Malaysia is determined based on its adjusted net assets value.
Unquoted equity and debt instrument outside Malaysia
These relate to the unquoted investment in A2I and its fair value is determined based on the adjusted net asset value
after applying an appropriate discount rate for lack of control and marketability.
Information on fair value measurement of the above unquoted equity and debt instrument is as follows:
a) Valuation technique: Adjusted net asset value
b) Significant unobservable inputs:

(i) Valuation of underlying hotel assets using income approach;
(ii) Discount for lack of control and marketability: 18.3% (2021: 18.3%)
c) Sensitivity to change in significant unobservable inputs: the estimated fair value would increase if the underlying
assets' value is higher; or the discount for the marketability is lower.
The fair value measurement is positively correlated to the underlying assets’ values. As at reporting date, it is estimated
that with other variables held constant, an increase/decrease of 5% (2021: 5%) on the underlying asset values would
have increased/decreased the Group’s profit by RM3,542,000 (2021: RM3,238,000). The fair value measurement is
negatively correlated to the discount for lack of control and marketability. As at reporting date, it is estimated that with
other variables held constant, a decrease/increase in discount for lack of control and marketability by 1% (2021: 1%)
would have increased/decreased the Group’s profit by RM708,000 (2021: RM648,000).
Short term funds
The short term funds for money market funds are valued using a valuation technique with market observable inputs.
Derivatives
The derivatives for forward currency contracts are valued using a valuation technique with market observable inputs.

157

(b) Fair value hierarchy
The following table shows an analysis of financial instruments carried at fair value by level of fair value hierarchy:
<------ Fair value measurement using ------>

Quoted prices Significant Significant
in active observable unobservable
markets inputs inputs
Total (Level 1) (Level 2) (Level 3)
RM’000 RM’000 RM’000 RM’000
At 31 December 2022
Group

Assets/(liabilities) measured at fair value
Fair value through other
comprehensive income
- Equity instruments
(quoted in Malaysia) 61,486 61,486 - -
(quoted outside Malaysia) 283,550 283,550 - -
(unquoted in Malaysia) 3,630 - - 3,630
Fair value through profit or loss
- Debt instrument
(unquoted outside Malaysia) 20,540 - - 20,540
- Equity instrument
- Short term funds
(money market funds) 248,306 - 248,306 -
- Derivatives (490) - (490) -
667,317 345,036 247,816 74,465

Company

Assets/(liabilities) measured at fair value
- Short term funds
- Derivatives (490) - (490) -
396,476 172,756 220,093 3,627
158

(b) Fair value hierarchy (cont’d)
The following table shows an analysis of financial instruments carried at fair value by level of fair value hierarchy (cont'd):

<------ Fair value measurement using ------>
Quoted prices Significant Significant
in active observable unobservable
markets inputs inputs
Total (Level 1) (Level 2) (Level 3)
RM’000 RM’000 RM’000 RM’000
At 31 December 2021
Group

Assets measured at fair value
- Debt instrument
- Short term funds
- Derivatives 268 - 268 -
582,993 350,484 164,305 68,204

Company

Assets measured at fair value
- Short term funds
- Derivatives 268 - 268 -
271,697 183,826 84,428 3,443

159
40. Financial risk management objectives and policies

The Group and the Company are exposed to financial risks arising from their operations and the use of financial instruments.
The key financial risks include interest rate risk, foreign currency risk, liquidity risk, credit risk and market price risk.
The Board of Directors decides and reviews policies and procedures for the management of these risks and the Group’s policy
is not to engage in speculative transactions.
It is and has been the Group's policy throughout the current and previous financial year that no derivatives be undertaken
except for the use as hedging instruments where appropriate and cost-efficient. The Group and the Company do not apply
hedge accounting.
The following sections provide details regarding the Group's and Company's exposure to the above-mentioned financial risks
and the objectives, policies and processes for the management of these risks.
(a) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of the Group's and the Company's financial instruments
will fluctuate because of changes in market interest rates.
The Group had no substantial long-term interest-bearing assets as at 31 December 2022. The investment in financial
assets are mainly short term in nature and have been mostly placed in fixed deposits, marketable securities and
occasionally, in short term commercial papers which yield better returns than deposits with banks.
The Group’s and the Company's primary interest rate risk relates to interest-bearing borrowings and money market
funds. The Group and the Company manage its interest rate exposure by maintaining a prudent mix of fixed and floating
rate borrowings. Interest on financial instruments subject to floating interest rates is contractually repriced at intervals
determined by the financial institutions. Interest on financial instruments at fixed rates are fixed until the maturity of the
instrument.
160
40. Financial risk management objectives and policies (cont’d)
(a) Interest rate risk (cont’d)
The table below shows the carrying amount and interest rate profile of the interest bearing financial instruments of the
Group and the Company as at the reporting date:

Note 2022 2021
RM’000 RM’000
Group
Fixed rate instruments

Deposits with licensed banks and
foreign financial institutions 28 617,825 578,456
Floating rate instruments

Money market funds 27 248,306 164,037
Bank overdrafts 29 (3,493) (32,193)
Notes Payable 29 (173,967) (191,103)
70,846 (59,259)
Company
Fixed rate instruments

Deposits with licensed banks and
foreign financial institutions 28 414,274 397,652
Floating rate instruments

Money market funds 27 220,583 84,160
Bank overdrafts 29 (3,493) (32,193)
217,090 51,967
Sensitivity analysis for interest rate risk
At the reporting date, if interest rates had been 25 basis points lower/higher, with all other variables held constant, the
decrease/increase to the Group's and the Company's profit net of tax is RM2,000 (2021: RM32,000) and RM206,000
(2021: RM61,000) respectively.
161

(b) Foreign currency risk
Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because
of changes in foreign exchange rates.
The net unhedged financial assets and liabilities of the Group and Company that are not denominated in their functional
currencies are as follows:
China United Hong
Yuan Euro Canadian Singapore States Kong
Renminbi Dollar Dollar Dollar Dollar Dollar
("CNY") ("EUR") ("CAD") ("SGD") ("USD") ("HKD") Total
Group RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
2022
Financial assets
Trade receivables - - - - 22,835 - 22,835
Cash and
bank balances 22,177 22 15,276 341,986 354,555 85 734,101
Financial
liabilities
Trade and other
payables - - - (191) (6,762) - (6,953)
Net financial
assets 22,177 22 15,276 341,795 370,628 85 749,983
Less : Forward
currency
contracts - - - - (11,029) - (11,029)
Net exposure 22,177 22 15,276 341,795 359,599 85 738,954
China United Hong

Yuan Euro Canadian Singapore States Kong
Renminbi Dollar Dollar Dollar Dollar Dollar
("CNY") ("EUR") ("CAD") ("SGD") ("USD") ("HKD") Total
RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
2021
Financial
assets
Trade receivables - - - 4 6,295 - 6,299
Cash and bank
balances - 22 2,307 314,731 352,793 628 670,481
Financial
liabilities
Trade and other
payables - - - (125) (314) - (439)
Net financial
assets - 22 2,307 314,610 358,774 628 676,341
Less : Forward
currency contracts - - - - (29,197) - (29,197)
Net exposure - 22 2,307 314,610 329,577 628 647,144
162

(b) Foreign currency risk (cont’d)

The net unhedged financial assets and liabilities of the Group and Company that are not denominated in their functional
currencies are as follows (cont'd):
China United Hong
Yuan Singapore States Kong
Renminbi Dollar Dollar Dollar
("CNY") ("SGD") ("USD") ("HKD") Total
2022
Financial assets
Trade receivables - - 21,822 - 21,822
Due from subsidiaries - - 198,218 347,537 545,755
Cash and bank balances 22,177 332,197 145,710 85 500,169

Financial liabilities
Trade and other payables - (191) (6,762) - (6,953)
Net financial (liabilities)/assets 22,177 332,006 358,988 347,622 1,060,793

Less : Forward currency
contracts - - (11,029) - (11,029)
Net exposure 22,177 332,006 347,959 347,622 1,049,764
China United Hong

Yuan Singapore States Kong
Renminbi Dollar Dollar Dollar
("CNY") ("SGD") ("USD") ("HKD") Total
RM’000 RM’000 RM’000 RM’000 RM’000
2021
Financial assets
Trade receivables - 4 4,177 - 4,181
Due from subsidiaries - - 175,204 322,228 497,432
Cash and bank balances - 305,646 161,639 628 467,913
Financial liabilities
Trade and other payables - (125) (314) - (439)
Net financial (liabilities)/assets - 305,525 340,706 322,856 969,087

Less : Forward currency
contracts - - (29,197) - (29,197)
Net exposure - 305,525 311,509 322,856 939,890
163
(b) Foreign currency risk (cont'd)
Sensitivity analysis for foreign currency risk
The following table demonstrates the sensitivity of the Group's and Company's profit net of tax resulting from change
in the exchange rates of USD, SGD, HKD, EUR and CAD against the functional currency of the Group entities since the
financial year end until the most practical date of completion of this report.
Profit net of tax
Group Company
2022 2021 2022 2021 2022 2021
strengthened/(weakened) RM’000 RM’000 RM’000 RM’000
% %

USD/RM 0.69 0.55 1,886 1,378 1,825 1,302
SGD/RM 0.99 0.26 2,572 622 2,498 604
HKD/RM 0.07 0.36 - 2 243 1,162
EUR/RM 0.64 (0.47) - - - -
CNY/RM 1.25 0.00 211 - 211 -
CAD/RM 0.78 1.16 91 20 - -
Total 4,760 2,022 4,777 3,068
If the foreign exchange rates were to fluctuate in the opposite direction, it would cause the profit net of tax of the Group
and Company to change by the amounts above in the opposite direction.
(c) Liquidity risk

Liquidity risk is the risk that the Group or the Company will encounter difficulty in meeting financial obligations arising
principally from payables and borrowings due to shortage of funds.
As part of the overall prudent liquidity management, the Group and the Company maintain sufficient levels of cash or
cash equivalents and stand-by credit facilities from financial institutions to meet their working capital requirements and
to achieve overall cost effectiveness.
The following table indicates the maturity profile of the Group’s and the Company’s financial liabilities at the reporting
date based on undiscounted contractual payments:
On demand
or within
1 year 1 - 5 years Total
RM’000 RM’000 RM’000
At 31 December 2022
Group
Financial liabilities:
Trade and other payables 133,331 7,035 140,366
Loans and borrowings 178,916 - 178,916
Lease liability 995 2,791 3,786
Total undiscounted financial liabilities 313,242 9,826 323,068
Company
164
(c) Liquidity risk (cont'd)
On demand
or within
1 year 1 - 5 years Total
RM’000 RM’000 RM’000
At 31 December 2021
Group
Loans and borrowings 52,437 173,856 226,293
Lease liability 803 3,666 4,469
Company
(d) Credit risk

Credit risk is the risk of loss that may arise on outstanding financial instruments counterparty default on its obligations.
The Group's and the Company's exposure to credit risk arises primarily from trade and other receivables. It is the Group's
policy that all customers who wish to trade on credit terms are subject to credit verification procedures. In addition,
receivable balances are monitored on an ongoing basis with the results that the Group's exposure to bad debts is not
significant. For other financial assets (including investment securities, cash and bank balances and derivatives), the Group
and the Company minimise credit risk by dealing exclusively with high credit rating counterparties. The Group's objective
is to seek continual revenue growth while minimising losses from such risk.
The Company has a concentration of credit risk in the form of outstanding balances from its subsidiaries representing
90% (2021: 89%) of its total receivables.
The ageing analysis of receivables which are trade in nature is disclosed in Note 24. Short-term funds, short-term
deposits with banks and other financial institutions that are neither past due nor impaired are placed with or entered
into with reputable banks and financial institutions with high credit ratings and no history of default.
Exposure to credit risk

At the reporting date, the Group's and the Company's maximum exposure to credit risk is represented by the carrying
amount of each class of financial assets recognised in the statements of financial position, including derivatives with
positive values and the following corporate guarantee:
Company
2022 2021
RM’000 RM’000
Corporate guarantees for borrowing facilities granted
by financial institutions to subsidiaries 173,967 191,103
165
(d) Credit risk (cont'd)
Exposure to credit risk (cont'd)
Financial guarantees have not been recognised in the financial statements as the directors are of the opinion that the
fair value on initial recognition was not material and that it is not probable that a future sacrifice of economic benefits
will be required.
Credit risk concentration profile
The Group and the Company determine concentrations of credit risk by monitoring the country and industry sector profile
of its trade receivables on an ongoing basis. The credit risk concentration profile of the Group’s trade receivables at the
reporting date are as follows:
Group
2022 2021
RM’000 % of total RM’000 % of total
By country:

Malaysia 28,098 46 58,290 78
Singapore 11,063 18 4,132 6
Other countries 21,789 36 11,754 16
60,950 100 74,176 100

By industry sectors:
Manufacturing 40,705 67 39,283 53

Property development and investment 9,551 16 24,890 34
Hotel and resort 10,694 17 10,003 13
60,950 100 74,176 100
Company
2022 2021
RM’000 % of total RM’000 % of total
By country:

Malaysia 19,505 47 48,581 92
Singapore 11,062 27 4,132 8
Other countries 10,762 26 213 -
41,329 100 52,926 100

By industry sectors:
Manufacturing 32,536 79 28,752 54
Property development and investment 8,793 21 24,174 46
41,329 100 52,926 100
166
(e) Market price risk

Market price risk is the risk that the fair value or future cash flows of the Group's financial instruments will fluctuate
because of changes in market price (other than interest or exchange rate).
The Group is exposed to equity price risk arising from its investments in quoted equity instruments quoted on Bursa
Malaysia, SGX in Singapore, HKEx in Hong Kong, NYSE and NASDAQ in United States of America and EURONEXT Paris
in France. These instruments are measured at fair value through other comprehensive income.
The Group's objective is to invest in investment grade shares with steady dividend yield. At the reporting date, the Group's
equity portfolio consists of primarily investment grade shares.
Sensitivity analysis for equity price risk

If the FTSE Bursa Malaysia KLCI, STI in Singapore, HSI in Hong Kong, DJI in United States of America, FCHI in France
were to change by positive or negative 7%, 4%, 15%, 10%, and 2% (2021: 1%, 8%, 4%, 11%, and 3%) respectively
with all other variables held constant, the effects on other comprehensive income for the Group and the Company would
have been as follows:
Group Company
2022 2021 2022 2021
Other comprehensive income RM’000 RM’000 RM’000 RM’000
Listed in Malaysia
- increased by 4,304 1,713 4,038 1,621
- decreased by (4,304) (1,713) (4,038) (1,621)
Listed in Singapore
- increased by 4,733 15,266 3,690 12,411
- decreased by (4,733) (15,266) (3,690) (12,411)
Listed in Hong Kong

- increased by 23,361 35,967 2,001 3,816
- decreased by (23,361) (35,967) (2,001) (3,816)
Listed in United States of America

- increased by 674 449 674 449
- decreased by (674) (449) (674) (449)
Listed in France
- increased by 55 269 55 269
- decreased by (55) (269) (55) (269)
167
(f) Changes in liabilities arising from borrowings

Group
2022 2021
RM’000 RM’000
At 1 January ** 191,103 181,039

Interest expense on borrowings 5,265 2,300
Cash flows:
- Repayments of loans and borrowings (16,468) (7,323)
- Drawdown of loans and borrowings - 10,945
- Waiver of loans and borrowings (11,527) -
- Interest paid (5,265) (2,300)
Deferred loan costs amortised (Note 7) 54 25
Foreign exchange movement 10,805 6,417
At 31 December ** 173,967 191,103
** Excludes bank overdrafts
41. Capital management

The primary objective of the Group’s capital management is to ensure that it maintains healthy capital ratios in order to support
its business and maximise shareholder value.
The Group manages its capital structure and makes adjustments to it, in line with the changes in economic conditions. To
maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders, return capital to shareholders
or issue new shares.
Funds in excess of working capital requirement will be placed with financial institutions in short term interest bearing financial
instruments to maximise interest income.
Certain subsidiaries of the Group were subject to certain financial covenants imposed by the lenders. The covenant requires
the subsidiaries to maintain their debt service ratio by above 1.3 but this requirement was waived for the years ended 31
December 2022 and 2021. The loan balances were also kept to below 50% to 60% of the value of the hotel properties during
the financial year.
The Group monitors capital using the debt-to-equity ratio. The debt-to-equity ratios at 31 December 2022 and at 31 December
2021 were as follows:
Group
2022 2021
RM’000 RM’000
Total loans and borrowings (Note 29) 177,460 223,296

Lease liability (Note 32) 3,334 3,953
Less: Cash and bank balances (Note 28) (962,260) (855,037)
Net surplus (781,466) (627,788)
Total equity 2,581,284 2,397,311
Debt-to-equity ratio (times) N/A N/A

168
42. Segment information
(a) Business segments:

The Group is organised on a worldwide basis into four major business segments:
(i) Manufacturing - processing and marketing of refined palm oil products;
(ii) Hotels and resort - operations of hotels and golf resort;
(iii) Property - property development and investment; and
(iv) Plantations - cultivation of oil palm.
Other business segments comprise mainly of share investment holding.
The directors are of the opinion that all inter-segment transactions have been entered into in the normal course of business
and have been established on terms and conditions that are mutually agreed upon.
Property
Hotels development Share
and and investment
Manufacturing resort investment Plantations holding Others Eliminations Consolidated
2022 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
REVENUE AND
EXPENSES
Revenue
- External sales 1,438,939 256,015 124,969 - 7,649 - - 1,827,572
- Intra/inter-
segment sales 147,274 - 1,266 46,033 23,281 - (217,854) -
Total revenue 1,586,213 256,015 126,235 46,033 30,930 - (217,854) 1,827,572

Results

Operating results 90,499 60,060 45,874 17,943 27,140 1,433 (16,197) 226,752
Foreign exchange
gain - - - - - 22,886 73 22,959
Finance costs (29) (857) - - (6,594) (6,730) 7,480 (6,730)
Interest income - - - - - 21,728 (7,530) 14,198
Profi before tax 90,470 59,203 45,874 17,943 20,546 39,317 (16,174) 257,179
Income tax (47,804)
Profit net of tax 209,375
169
42. Segment information (cont’d)
Property
and and investment
Manufacturing resort investment Plantations holding Others Eliminations Consolidated
2021 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
REVENUE AND
EXPENSES
Revenue
- External sales 1,057,706 102,309 142,903 - 9,060 - - 1,311,978
- Intra/inter-
segment sales 114,200 - 684 39,200 189,716 - (343,800) -
Total revenue 1,171,906 102,309 143,587 39,200 198,776 - (343,800) 1,311,978

Results

Operating results 53,537 (50,262) 65,619 18,877 184,673 149 (183,130) 89,463
Foreign exchange
gain - - - - - 7,041 (18) 7,023
Finance costs (91) (570) (44) - (5,091) (4,675) 5,752 (4,719)
Interest income - - - - - 12,006 (5,761) 6,245
Profit/(loss)
before tax 53,446 (50,832) 65,575 18,877 179,582 14,521 (183,157) 98,012
Income tax (23,416)
Profit net of tax 74,596
170
Property
and and investment
Manufacturing resort investment Plantations holding Eliminations Consolidated
2022 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
ASSETS AND
LIABILITIES
Segment assets 532,972 436,259 727,199 75,540 1,037,326 69,111 2,878,407

Unallocated assets 41,567
Consolidated total
assets 2,919,974

Segment liabilities 54,842 213,465 52,885 4,310 (4) 251 325,749
Unallocated liabilities 12,941
Consolidated total
liabilities 338,690
OTHER
INFORMATION
Capital expenditure 6,500 5,485 10,512 2,187 - - 24,684

Depreciation 3,869 21,488 5,666 1,554 - - 32,577
Amortisation 3 73 - - - - 76
(Reversal of)/allowance
for impairment on
trade receivables - (67) 145 - - - 78
Reversal of impairment
loss on property, plant
and equipment - (19,636) - - - - (19,636)
Fair value loss on
financial assets at fair
value through profit
or loss - (5,631) - - - - (5,631)
171
Property
and and investment
Manufacturing resort investment Plantations holding Eliminations Consolidated
2021 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
ASSETS AND
LIABILITIES
Segment assets 381,975 369,883 801,145 74,650 997,144 73,647 2,698,444

Unallocated assets 57,629
Consolidated total
assets 2,756,073

Segment liabilities 69,823 221,889 51,198 1,967 23 250 345,150
Unallocated liabilities 13,612
Consolidated total
liabilities 358,762
OTHER
INFORMATION
Capital expenditure 3,850 2,065 352 1,145 - - 7,412

Depreciation 3,713 23,377 4,436 1,224 - - 32,750
Amortisation 7 44 - - - - 51
(Reversal of)/allowance for
impairment on trade
receivables - (5) 60 - - - 55
Impairment loss on
property, plant and
equipment - 13,825 - - - - 13,825
Fair value loss on
financial assets at fair
value through profit
or loss - 3,566 92 - - - 3,658
172
(b) Geographical segments:
The Group's four major business segments are operated in five principal geographical areas of the world. In Malaysia,
its home country, the areas of operation are principally manufacturing, plantations, property development and investment,
golf resort and share investment holding. Areas of operation in other countries are as follows:
Singapore - investment holding

Hong Kong - investment holding
Canada - operation of hotel
United States of America - operation of hotel
United States
Malaysia Singapore Hong Kong Canada of America Consolidated
2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021
RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
Gross
revenue 1,580,841 1,210,668 1,601 1,342 250 2,897 82,752 25,074 162,128 71,997 1,827,572 1,311,978
Segment
assets 1,976,062 1,950,581 220,194 194,857 250,030 241,951 80,571 65,059 393,117 303,625 2,919,974 2,756,073
Capital
expenditure 19,522 5,423 - - - - 2,805 1,358 2,357 631 24,684 7,412
43. Authorisation of financial statements for issue

The financial statements for the year ended 31 December 2022 were authorised for issue in accordance with a resolution of
the directors on 6 April 2023.
173
A N A LY S I S O F S H A R E H O L D I N G S
ANALYSIS OF SHAREHOLDINGS AS AT 3 APRIL 2023
Total Number of Issued Shares : 361,477,110 ordinary shares (including 2,173,500 shares held as treasury shares)
Class of Shares : Ordinary shares
Voting Rights : One (1) vote per ordinary share
A. SIZE OF SHAREHOLDINGS
Holdings No. of Holders % No. of Shares %
Less than 100 172 2.395 5,806 0.001
100 to 1,000 900 12.533 719,403 0.200
1,001 to 10,000 4,393 61.175 18,069,519 5.029
10,001 to 100,000 1,518 21.139 45,044,280 12.537
100,001 to less than 5% issued shares 193 2.688 85,352,287 23.755
5% and above of issued shares 5 0.070 210,112,315 58.478
7,181 100.000 359,303,610* 100.000
* Excluding a total of 2,173,500 shares bought back by the Company and retained as treasury shares.
B. THIRTY (30) LARGEST SHAREHOLDERS

No. Name No. of Shares Held %^
1. HSBC Nominees (Asing) Sdn Bhd 76,954,778 21.418
Exempt AN for Bank Julius Baer & Co. Ltd. (Singapore Branch)
Exempt AN for Bank Julius Baer & Co. Ltd. (Hong Kong Branch)
3. Ho Eng Chong @ Ho Kian Cheong 23,658,162 6.584
4. UOB Kay Hian Nominees (Asing) Sdn Bhd 21,790,786 6.065
Exempt AN for UOB Kay Hian Pte Ltd (A/C Clients)
5. Plentong Quarry (M) Sdn Bhd 18,225,000 5.072
6. Citigroup Nominees (Asing) Sdn Bhd 12,013,872 3.344
Exempt AN for UBS AG Hong Kong (Foreign)
7. Ang Teow Cheng & Sons Sdn Bhd 4,300,000 1.197
8. UOB Kay Hian Nominees (Tempatan) Sdn Bhd 4,297,325 0.918
Exempt AN for UOB Kay Hian Pte Ltd (A/C Clients)
9. Alliancegroup Nominees (Tempatan) Sdn Bhd 2,970,000 0.827
Pledged Securities Account for Teh Win Kee (8106483)
10. Ang Seng Chin 2,500,000 0.696
11. Alliancegroup Nominees (Tempatan) Sdn Bhd 2,471,450 0.688
Pledged Securities Account for Teh Win Kee (8016787)
12. Tan Ai Leng 2,110,866 0.587
13. DB (Malaysia) Nominee (Asing) Sdn Bhd 1,975,300 0.550
Exempt AN for Deutsche Bank AG Singapore (Maybank SG PWM)
14. Tunku Zahrah Binti Tunku Osman 1,545,000 0.430
15. Chinchoo Investment Sdn. Berhad 1,530,000 0.426
16. Citigroup Nominees (Asing) Sdn Bhd 1,370,552 0.381
Exempt AN for OCBC Securities Private Limited (Client A/C-NR)
Exempt AN for Credit Suisse (SG BR-TST-Asing)
174
A N A LY S I S O F S H A R E H O L D I N G S ( c o n t ’ d )
B. THIRTY (30) LARGEST SHAREHOLDERS (cont’d)

No. Name No. of Shares Held %^
18. Thong Weng Tim 1,145,100 0.319
19. Wong Yu @ Wong Wing Yu 1,083,500 0.302
20. Key Development Sdn. Berhad 1,024,050 0.285
21. Lim Peng Jin 1,000,000 0.278
22. Maybank Securities Nominees (Asing) Sdn Bhd 1,000,000 0.278
Maybank Securities Pte Ltd for Ho Chung Kain
23. Tan Kien Leng 957,000 0.266
24. Kenanga Nominees (Asing) Sdn Bhd 926,650 0.258
Exempt AN for Phillip Securities Pte Ltd (Client Account)
25. Firmstead Realty Sendirian Berhad 835,312 0.232
26. RHB Nominees (Asing) Sdn Bhd 807,525 0.225
Exempt AN for Phillip Securities Pte. Ltd. (A/C Clients)
27. Eu Lee Chuan Enterprise Sdn Berhad 750,000 0.209
28. UOB Kay Hian Nominees (Asing) Sdn Bhd 742,500 0.207
Exempt AN for UOB Kay Hian (Hong Kong) Limited (A/C Clients)
29. Gooi Seow Mee 740,250 0.206
30. Citigroup Nominees (Asing) Sdn Bhd 732,600 0.204
CBNY for Dimensional Emerging Markets Value Fund
259,241,167 72.151
^ Excluding a total of 2,173,500 shares bought back by the Company and retained as treasury shares.
C. SUBSTANTIAL SHAREHOLDERS
According to the Register of Substantial Shareholders as at 3 April 2023
Direct Interest Indirect Interest

Name No. of Shares (%)* No. of Shares (%)*
Ho Yeow Koon And Sons Private Limited 58,381,589 16.25 21,920,512 1
6.10
Dato’ Ho Cheng Chong @ Ho Kian Hock 24,899,687 6.93 103,114,373 2
28.70
Ho Kim Swee @ Ho Kian Guan 24,395,538 6.79 103,114,373 2
28.70
Ho Eng Chong @ Ho Kian Cheong 24,662,436 6.86 18,000,000 3 5.01
KS Ocean Inc. 22,812,272 6.35 - -
Plentong Quarry (M) Sdn. Bhd. 18,225,000 5.07 - -
Notes:
1
Deemed interested by virtue of its interest in Plentong Quarry (M) Sdn. Bhd., Firmstead Realty Sendirian Berhad and South West Holdings
Sdn. Bhd.
2
Deemed interested by virtue of his interest in Ho Yeow Koon And Sons Private Limited, Plentong Quarry (M) Sdn. Bhd., Firmstead Realty
Sendirian Berhad, South West Holdings Sdn. Bhd. and KS Ocean Inc.
3
Deemed interested by virtue of his interest in Laser Ace Ventures Ltd (BVI), Liteace Management Ltd (BVI), Vuitton Assets Ltd (BVI) and
Skytrax Ventures Ltd.
175
A N A LY S I S O F S H A R E H O L D I N G S ( c o n t ’ d )
D. DIRECTORS' SHAREHOLDINGS
According to the Register of Directors’ Shareholdings as at 3 April 2023

Name of Directors No. of Shares %* No. of Shares %*
1. Dato’ Ho Cheng Chong @ Ho Kian Hock 24,899,687 6.93 103,114,373 1 28.70

2. Ho Kim Swee @ Ho Kian Guan 24,395,538 6.79 103,114,373 1 28.70
3. Ho Eng Chong @ Ho Kian Cheong 24,662,436 6.86 18,000,000 2 5.01
4. Chan Lui Ming Ivan 102,000 0.03 – –
5. Lee Huee Nan @ Lee Hwee Leng 88,593 0.02 – –
6. Too Hing Yeap @ Too Heng Yip – – – –
7. Tai Lam Shin – – – –
8. Mahathir Bin Mohamed Ismail – – – –
9. Liew Foong Yuen – – – –
10. Dato’ Dr. Zaha Rina Binti Zahari – – – –
11. Ho Chung Kain (He ChongJing) 1,000,000 0.28 – –
[Alternate to Dato’ Ho Cheng Chong @
Ho Kian Hock]
12. Ho Chung Hui – – – –
[Alternate to Lee Huee Nan @ Lee Hwee Leng]
13. Ho Chung Tao – – – –
[Alternate to Chan Lui Ming Ivan]
14. Ho Chung Kiat, Sydney (He ChongJie, Sydney) – – – –
[Alternate to Ho Eng Chong @ Ho Kian Cheong]
Notes:
1
Deemed interested by virtue of his interest in Ho Yeow Koon And Sons Private Limited, Plentong Quarry (M) Sdn. Bhd., Firmstead Realty
Sendirian Berhad, South West Holdings Sdn. Bhd. and KS Ocean Inc.
2
Deemed interested by virtue of his interest in Laser Ace Venture Ltd (BVI), Liteace Management Ltd (BVI), Vuitton Assets Ltd (BVI) and
Skytrax Ventures Ltd.
LIST OF DIRECTORS' SHAREHOLDINGS IN SUBSIDIARY COMPANY: LIM & LIM PLANTATIONS BERHAD

Name of Directors No. of Shares % No. of Shares %
1. Ho Kim Swee @ Ho Kian Guan 5,000 0.04 – –

2. Dato’ Ho Cheng Chong @ Ho Kian Hock 5,500 0.04 – –
3. Lee Huee Nan @ Lee Hwee Leng 2,000 0.01 – –
By virtue of their interests in the shares of the Company, all of the directors except Too Hing Yeap @ Too Heng Yip, Tai Lam Shin, Mahathir
Bin Mohamed Ismail, Liew Foong Yuen, Dato’ Dr. Zaha Rina Binti Zahari, Ho Chung Hui, Ho Chung Tao and Ho Chung Kiat, Sydney (He
ChongJie, Sydney), are deemed to be interested in the shares of all subsidiaries of the Company to the extent the Company has an interest.
176
PA RT I C U L A R S O F G R O U P M A J O R P R O P E RT I E S
LAND FOR AGRICULTURE, HOUSING DEVELOPMENT AND BUILDING
Estate/ Location Tenure Area Description Approximate Net Date Of Last

Housing Project/ Age Of Carrying Revaluation(#)
Building Type Building Amount /Date Of
(Years) RM'000 Acquisition
Tanjong Puteri 35 km south-east of Johor Bahru. Freehold 208 hec 54 holes golf course, – 81,846 18-04-1980 #
Golf Resort Adjacent to Pasir Gudang (Land area) clubs and other recreational
Industrial Estate. facilities.
Bandar Baru 27 km Pontian Road immediately Freehold/ 2,470,212 sq metres Development of residential & – 175,612 18-04-1980 #
Kangkar Pulai after Kangkar Pulai Village. Leasehold (Development area) commercial units including
area planted with oil palm. The
99 year lease expires in 2102.
Tanjong Puteri 35 km south-east of Johor Bahru. Freehold 3,646,995 sq metres Development of residential & – 42,264 18-04-1980 #
Resort Adjacent to Pasir Gudang (Development area) commercial units including area
Industrial Estate. planted with oil palm.
Bukit Chantek, 10 km east of Ulu Tiram Freehold/ 2,382 hec Oil palm estate including 7.32 – 30,144 18-04-1980/ #
Tong Hing & Tanjong and 30 km from Johor Bahru. Leasehold (Planted area) hectares of industrial land with 30-04-1987
Langsat Estate 3 industrial buildings erected on it.
The 99 year lease expires in 2115.
Hotel
1956, Ala Moana, Boulevard, Freehold 18,525 sq metres 18 Storey DoubleTree Alana 51 115,582 01-12-2000
Honolulu, Hawaii, 96815, USA. (Buildup area) Waikiki Hotel (317 Rooms)
with an adjoining 7 storey
office building occupying
a total land area of
3,315 sq metres.
Hotel
25, West 37th Street, Freehold 6,624 sq metres 19 Storey SpringHill Suites 9 189,121 24-07-2014
New York, NY, 10018, USA. (Buildup area) New York Hotel (173 Rooms)
occupying a land area of
2,841 sq metres.
Office Space Menara Keck Seng, Freehold 24,538 sq metres Office space for rental. 27 42,151 15-08-1996
203, Jalan Bukit Bintang, (Floor area)
55100 Kuala Lumpur.
Hotel
655, Dixon Road, Toronto, Freehold 52,954 sq metres 12 Storey Delta Hotels by 58 41,041 31-10-1997
Ontario Canada, M9W 113. (Buildup area) Marriott Toronto Airport
and Conference Centre
(433 Rooms) occupying
a land area of
28,328 sq metres.
Condominium 8, Jalan Ceylon, Freehold 20,178 sq metres 23 Storey building known as 32 46,197 11-07-2006
Block 50200 Kuala Lumpur. (Floor area) Regency Tower (76 units
luxury apartments) with an
annexed 3-storey car park
(108 bays) and other facilities.
TD Central
Jalan Sagu 18 & Jalan Sagu 21, Freehold 101,922 sq metres Restaurant building, commercial 3 54,984 01-03-2020
@ Taman Daya
Taman Daya, 81100 Johor Bahru, (Land area) complex & commercial buildings
Johor.

177
NOTICE OF ANNUAL GENERAL MEETING
NOTICE IS HEREBY GIVEN THAT the Fifty-Third Annual General Meeting (“53rd AGM”) of the Company will be conducted entirely through
live streaming from the Broadcast Venue at Conference Room, Suite 15-01, 15th Floor, Menara Keck Seng, 203 Jalan Bukit
Bintang, 55100 Kuala Lumpur, Malaysia on Friday, 26 May 2023 at 10.00 a.m. for the following purposes:
AS ORDINARY BUSINESS:
1. To receive the Audited Financial Statements for the financial year ended 31 December 2022 together (Please refer to the
with the Reports of the Directors and Auditors thereon. Explanatory Notes to the
Agenda)
2. To approve the payment of Directors’ fees of RM1,085,000 for the financial year ended 31 December (Ordinary Resolution 1)
2022.
3. To approve the payment of Directors’ benefits up to an aggregate amount of RM350,000 from the date (Ordinary Resolution 2)
of the forthcoming Annual General Meeting until the next Annual General Meeting of the Company.
4. To re-elect the following Directors who are retiring pursuant to Clause 76(3) of the Constitution of the
Company:-
(a) Mr Tai Lam Shin (Ordinary Resolution 3)
(b) Mr Liew Foong Yuen (Ordinary Resolution 4)
5. To re-appoint Ernst & Young PLT as Auditors of the Company and to authorise the Board of Directors to (Ordinary Resolution 5)
fix their remuneration.
AS SPECIAL BUSINESS:
To consider and if thought fit, to pass the following resolutions, with or without modification(s):
6. Waiver of Pre-emptive Rights pursuant to Section 85 of the Companies Act 2016 (Special Resolution)
“THAT pursuant to Section 85 of the Companies Act 2016 read together with Clause 12(3) of the
Constitution of the Company, approval be and is hereby given for the waiver of the statutory pre-emptive
rights of the shareholders of the Company to be offered new shares in the Company ranking equally to
the existing issued shares in the Company arising from any issuance of new shares in the Company to
the allottees subject to the passing of Ordinary Resolution 6 – Authority to Issue and Allot Shares pursuant
to Sections 75 and 76 of the Companies Act 2016.”
7. Authority to Issue and Allot Shares pursuant to Sections 75 and 76 of the Companies Act 2016 (Ordinary Resolution 6)
“THAT contingent upon the passing of the Special Resolution on waiver of pre-emptive rights under
Section 85 of the Companies Act 2016 and pursuant to Sections 75 and 76 of the Companies Act 2016
and subject to the Constitution of the Company, the Main Market Listing Requirements of Bursa Malaysia
Securities Berhad and the approval of the relevant regulatory authorities (if any), the Directors of the
Company be and are hereby authorised to issue and allot shares in the Company from time to time, at
such price, upon such terms and conditions and for such purposes and to such persons whomsoever
as the Directors may in their absolute discretion deem fit PROVIDED THAT the aggregate number of
shares to be issued pursuant to this resolution, when aggregated with the total number of such shares
issued during the preceding twelve (12) months does not exceed ten per centum (10%) of the total
number of issued shares (excluding treasury shares) of the Company for the time being AND THAT the
Directors be authorised to do all such things as they may deem fit and expedient in the best interest of
the Company to give effect to the issuance of new shares under this resolution including making such
applications to Bursa Malaysia Securities Berhad for the listing of and quotation for the additional shares
so issued on Bursa Malaysia Securities Berhad AND THAT such authority shall continue to be in force
until the conclusion of the next Annual General Meeting of the Company held after the approval was
given or at the expiry of the period within which the next Annual General Meeting is required to be held
after the approval was given, whichever is earlier, unless revoked or varied by an ordinary resolution of
the Company at a general meeting.”
178
NOTICE OF ANNUAL GENERAL MEETING (Cont'd)
8. Proposed Renewal of Shareholders’ Mandate for Share Buy-Back (Ordinary Resolution 7)

“THAT subject to the Companies Act 2016, the Constitution of the Company, the Main Market Listing
Requirements of Bursa Malaysia Securities Berhad and the approvals of all relevant governmental and/
or regulatory authorities (if any), the Company be and is hereby authorised to purchase such amount of
ordinary shares in the Company as may be determined by the Directors of the Company from time to
time through Bursa Malaysia Securities Berhad upon such terms and conditions as the Directors of the
Company may deem fit and expedient in the interest of the Company provided that:
(a) the aggregate number of ordinary shares in the Company which may be purchased and/or held by
the Company at any point in time pursuant to the Share Buy-Back Mandate shall not exceed ten
percent (10%) of the total number of issued shares of the Company at any point in time;
(b) the maximum funds to be allocated by the Company for the purpose of purchasing its ordinary
shares shall not exceed the total retained profits of the Company based on the latest audited financial
statements and/or the latest management accounts (where applicable) available at the time of the
purchase; and
(c) the Directors of the Company may decide either to retain the shares so purchased as treasury
shares or cancel the shares so purchased or retain part of the shares so purchased and cancel
the remainder or resell the treasury shares on Bursa Malaysia Securities Berhad or distribute the
treasury shares as dividends or transfer the treasury shares under an employees’ share scheme
or as purchase consideration or otherwise use the treasury shares for such other purpose in the
manner as prescribed by the applicable laws, guidelines, rules and regulations.
THAT the authority conferred by this resolution will be effective upon the passing of this resolution and
will continue to be in force until:
(i) the conclusion of the next Annual General Meeting of the Company, at which time it shall lapse, unless
by an ordinary resolution passed at that meeting, the authority is renewed, either unconditionally
or subject to conditions;
(ii) the expiration of the period within which the next Annual General Meeting of the Company after
that date is required by law to be held; or
(iii) revoked or varied by an ordinary resolution passed by the shareholders in a general meeting,
whichever occurs first, but shall not prejudice the completion of purchase(s) by the Company of its
own shares before the aforesaid expiry date and, in any event, in accordance with the provisions of the
Main Market Listing Requirements of Bursa Malaysia Securities Berhad and any prevailing laws, rules,
regulations, orders, guidelines and requirements issued by any relevant authority.
AND THAT authority be and is hereby given to the Directors of the Company to take all such steps to
implement, finalise and to give full effect to the Proposed Renewal of Shareholders’ Mandate for Share
Buy-Back with full power to assent to any conditions, modifications, variations and/or amendments as
may be required by the relevant authorities or as the Directors deem fit and expedient at their discretion
in the best interest of the Company.”
9. To transact any other business of which due notice shall have been given in accordance with the
Companies Act 2016 and the Constitution of the Company.
By Order of the Board
TE HOCK WEE (MAICSA 7054787) (SSM PC NO. 202008002124)

FONG SOK YEE (MAICSA 7066501) (SSM PC NO. 202008001180)
Company Secretaries
Kuala Lumpur
27 April 2023
179
NOTICE OF ANNUAL GENERAL MEETING (cont’d)
NOTES:
1. The Broadcast Venue is strictly for the purpose of complying with Section 327(2) of the Companies Act 2016 which requires the
Chairman of the meeting to be present at the main venue of the meeting.
Members/proxies/corporate representatives/attorneys WILL NOT BE ALLOWED to attend the 53rd AGM in person at the Broadcast
Venue on the day of the meeting. Members are to attend, speak (including posing questions to the Board via real time submission
of typed texts) and vote remotely (collectively, “participate”) at the 53rd AGM via Remote Participation and Voting facilities (“RPV”)
provided by Tricor Investor & Issuing House Services Sdn Bhd via TIIH Online at https://tiih.online. Members are advised to read and
follow the procedures provided in the Administrative Guide enclosed herein in order to participate remotely via RPV.
2. For the purposes of determining who shall be entitled to attend this meeting, the Company shall be requesting the Record of
Depositors as at 18 May 2023. Only a member whose name appears on this Record of Depositors shall be entitled to attend this
meeting or appoint a proxy to attend, participate, speak and vote on his/her/its behalf.
3. A member who is entitled to attend and vote at a general meeting may appoint a proxy or attorney or in the case of a corporation, to
appoint a duly authorised representative to attend, participate, speak and vote in his place. A proxy may but need not be a member
of the Company.
4. A member who is entitled to attend and vote at a general meeting of the Company may appoint not more than two (2) proxies to
attend, participate, speak and vote instead of the member at the general meeting.
5. Where a member of the Company is an authorised nominee as defined in the Securities Industry (Central Depositories) Act 1991
(“Central Depositories Act”), it may appoint not more than two (2) proxies in respect of each securities account it holds in ordinary
shares of the Company standing to the credit of the said securities account.
6. Where a member of the Company is an 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. An exempt authorised nominee refers to an authorised nominee defined
under the Central Depositories Act which is exempted from compliance with the provisions of Section 25A(1) of the Central Depositories
Act.
7. Where a member, an authorised nominee or an exempt authorised nominee appoints more than one (1) proxy, the proportion of
shareholdings to be represented by each proxy must be specified in the instrument appointing the proxies. The appointment shall not
be valid unless he specifies the proportions of his holdings to be represented by each proxy.
8. The appointment of a proxy may be made in a hard copy form or by electronic means in the following manner and must be received
by the Company not less than forty-eight (48) hours before the time appointed for holding the 53rd AGM or adjourned general meeting
at which the person named in the appointment proposes to vote:
(i) In hard copy form
To be deposited with the Company’s Share Registrar, Tricor Investor & Issuing House Services Sdn Bhd at Unit 32-01, Level 32,
Tower A, Vertical Business Suite, Avenue 3, Bangsar South, No. 8, Jalan Kerinchi, 59200 Kuala Lumpur, Malaysia or alternatively,
Tricor Customer Service Centre at Unit G-3, Ground Floor, Vertical Podium, Avenue 3, Bangsar South, No. 8, Jalan Kerinchi, 59200
Kuala Lumpur, Malaysia.
(ii) By electronic means via TIIH Online website
The proxy form can be lodged electronically via TIIH Online website at https://tiih.online. Please refer to the Administrative Guide
for further information on electronic lodgement of proxy form via TIIH Online.
9. Any authority pursuant to which such an appointment is made by a power of attorney must be deposited with the Company’s Share
Registrar at Unit 32-01, Level 32, Tower A, Vertical Business Suite, Avenue 3, Bangsar South, No. 8, Jalan Kerinchi, 59200 Kuala
Lumpur, Malaysia or alternatively, Tricor Customer Service Centre at Unit G-3, Ground Floor, Vertical Podium, Avenue 3, Bangsar South,
No. 8, Jalan Kerinchi, 59200 Kuala Lumpur, Malaysia not less than forty-eight (48) hours before the time appointed for holding the
53rd AGM or adjourned general meeting at which the person named in the appointment proposes to vote. A copy of the power of
attorney may be accepted provided that it is certified notarially and/or in accordance with the applicable legal requirements in the
relevant jurisdiction in which it is executed.
180
10. For a corporate member who has appointed a representative, please deposit the original or duly certified certificate of appointment
at the Company’s Share Registrar at Unit 32-01, Level 32, Tower A, Vertical Business Suite, Avenue 3, Bangsar South, No. 8, Jalan
Kerinchi, 59200 Kuala Lumpur, Malaysia or alternatively, Tricor Customer Service Centre at Unit G-3, Ground Floor, Vertical Podium,
Avenue 3, Bangsar South, No. 8, Jalan Kerinchi, 59200 Kuala Lumpur, Malaysia if it has not been lodged with the Company’s Share
Registrar’s office earlier. The certificate of appointment should be executed in the following manner:
(i) If the corporate member has a common seal, the certificate of appointment should be executed under seal in accordance with
the Constitution of the corporate member.
(ii) If the corporate member does not have a common seal, the certificate of appointment should be affixed with the rubber stamp
of the corporate member (if any) and executed by:
(a) at least two (2) authorised officers, one (1) of whom shall be a director; or
(b) any director and/or authorised officers in accordance with the laws of the country under which the corporate member is
incorporated.
11. A member who has appointed a proxy or attorney or authorised representative to participate in the 53rd AGM must request his/her
proxy or attorney or authorised representative to register himself/herself for the RPV at the Share Registrar’s TIIH Online website at
https://tiih.online. Please read and follow the procedures provided in the Administrative Guide in order to participate remotely via RPV.
12. Please ensure ALL the particulars as required in the proxy form are completed, signed and dated accordingly.
13. Last day, date and time for lodging the proxy form is Wednesday, 24 May 2023 at 10.00 a.m.
14. Pursuant to Paragraph 8.29A(1) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, all the resolutions set
out in the Notice of the 53rd AGM will be put to vote by way of poll.
EXPLANATORY NOTES TO THE AGENDA

(i) Item 1 of the Agenda
Audited Financial Statements for the financial year ended 31 December 2022
This item is meant for discussion only. The provisions of Sections 248(2) and 340(1)(a) of the Companies Act 2016 require the audited
financial statements and the reports of the Directors and Auditors thereon be laid before the Company at its AGM. Hence, this Agenda
item is not a business which requires a motion to be put forward to vote by shareholders.
(ii) Ordinary Resolution 1

Payment of Directors’ fees
The payment of Directors’ fees of RM1,085,000 for the financial year ended 31 December 2022 will only be made if the proposed
Ordinary Resolution 1 has been passed at the 53rd AGM of the Company.
(iii) Ordinary Resolution 2

Payment of Directors’ benefits
Directors’ benefits consist of benefits-in-kind and allowances payable to Directors and in determining the estimated amount, the
Board has considered various factors including the current board size and number of scheduled meetings for the Board and Board
Committees for the period from the date of the forthcoming AGM until the next AGM as well as the number of Independent Directors
involved in the meeting. In the event the proposed amount is insufficient (due to more meetings or enlarged board size), approval will
be sought at the next AGM for the shortfall.
181
(iv) Ordinary Resolutions 3 and 4

Re-election of Directors
Mr Tai Lam Shin and Mr Liew Foong Yuen are standing for re-election as Directors of the Company and being eligible, have offered
themselves for re-election at the forthcoming 53rd AGM.
Their profiles are disclosed in the Directors’ Profile of the Annual Report 2022.
Mr Chan Lui Ming Ivan (“Ivan”) has expressed his intention not to seek for re-election as Director of the Company at the forthcoming
53rd AGM. Hence, he will retain office until the conclusion of the 53rd AGM. Mr Ho Chung Tao, the alternate to Ivan, shall vacate office
on the same day in accordance with the Constitution of the Company.
Saved as disclosed, the retiring Directors have no conflict of interest with the Company and its subsidiaries. The Nominating Committee
(“NC”) has considered the performance and contribution, time and commitment, calibre and personality, and fit and properness of the
retiring Directors as well as their independence. Based on the recommendation of the NC, the Board is supportive of their re-election
based on the following justifications:-
(i) Ordinary Resolution 3 – Re-election of Tai Lam Shin as Independent Non-Executive Director
Tai Lam Shin exercised due care and carried out his duties professionally and proficiently during his tenure as an Independent
Non-Executive Director of the Company. He remains objective and independent in expressing his view and participating in Board’s
deliberation and decision-making process.
(ii) Ordinary Resolution 4 – Re-election of Liew Foong Yuen as Independent Non-Executive Director
Liew Foong Yuen has demonstrated his independence through his engagement in Board and Board Committee meetings. He
also exercised due care and carried out his duties professionally and proficiently during his tenure as Independent Non-Executive
Director of the Company.
(v) Ordinary Resolution 5
Re-appointment of Auditors
The Board has through the Audit Committee, endorsed the re-appointment of Ernst & Young PLT as the Auditors of the Company.
Based on the annual assessment conducted by the Audit Committee on the suitability, independence, objectivity and performance
of the external auditors, Ernst & Young PLT has met the criteria as prescribed under Paragraph 15.21 of the Main Market Listing
Requirements.
(vi) Special Resolution
Waiver of Pre-emptive Rights pursuant to Section 85 of the Companies Act 2016
The provision of Section 85 of the Companies Act 2016 requires all new shares or other convertible securities of the Company be
first offered to shareholders in proportion to their existing holdings.
The purpose of this Special Resolution is to seek waiver from the shareholders on their statutory pre-emptive rights pursuant to
Section 85 of the Companies Act 2016. This Special Resolution, if passed, will allow the Directors to issue and allot new shares in
the Company from time to time without making a pre-emptive offer to the existing shareholders.
182
(vii) Ordinary Resolution 6

Authority to Issue and Allot Shares pursuant to Sections 75 and 76 of the Companies Act 2016
Subject to the passing of the Special Resolution on the waiver of pre-emptive rights under Section 85 of the Companies Act 2016, this
proposed resolution, if passed, will empower the Directors to issue and allot up to a maximum of 10% of the total number of issued
shares of the Company for the time being for such purposes as the Directors consider would be in the best interest of the Company.
This authority will, unless revoked or varied by the Company in a general meeting, expire at the conclusion of the next AGM or the
expiration of the period within which the next AGM is required by law to be held, whichever is the earlier.
This is a renewal of the mandate contained from shareholders at the 52nd AGM held on 27 May 2022. The mandate is to provide
flexibility to the Company to issue new securities without the need to convene separate general meeting to obtain its shareholders’
approval so as to avoid incurring additional costs and time.
The purpose of this general mandate, if passed, will enable the Directors to take swift action in case of a need to issue and allot
new shares in the Company for fund raising exercise including but not limited to further placement of shares for purpose of funding
current and/or future investment projects, working capital, repayment of bank borrowings, acquisitions or such other application as
the Directors may deem fit in the best interest of the Company.
As at the date of this Notice, no new shares in the Company were issued pursuant to the mandate granted to the Directors at the
52nd AGM held on 27 May 2022 and the mandate will lapse at the conclusion of the 53rd AGM.
(viii) Ordinary Resolution 7
Proposed Renewal of Shareholders’ Mandate for Share Buy-Back
The proposed resolution, if passed, will empower the Company to purchase its own shares up to 10% of the total number of issued
shares of the Company. This authority, unless revoked or varied at a general meeting, will expire at the next AGM of the Company.
Further information relating to this proposed resolution is set out in the Statement to Shareholders dated 27 April 2023 which is
available at https://my.keckseng.com/statementtosh/AnnualReport2022/Statement_to_Shareholder.pdf.
183
CDS Account No.

(Registration No. 196801000565) (8157-D)
(Incorporated in Malaysia) No. of shares held
PROXY FORM
*I/*We (NRIC No./Passport No./Company No. )

[Full name in Block Letters]
of
[Full address]
being member(s) of KECK SENG (MALAYSIA) BERHAD, hereby appoint:
Name of proxy, NRIC No. & Address No. of shares to be represented by proxy %
1.
and
2.
or failing *him/her, the Chairman of the Meeting as *my/our *proxy/proxies to attend and vote for *me/us on *my/our behalf at the Fifty-
Third Annual General Meeting (“53rd AGM”) of the Company to be conducted entirely through live streaming from the Broadcast Venue
at Conference Room, Suite 15-01, 15th Floor, Menara Keck Seng, 203 Jalan Bukit Bintang, 55100 Kuala Lumpur, Malaysia on
Friday, 26 May 2023 at 10.00 a.m. or at any adjournment thereof, and to vote as indicated below:

Ordinary Resolutions For Against
Ordinary Resolution 1 To approve the payment of Directors’ Fees of RM1,085,000 for the financial year ended
31 December 2022.
Ordinary Resolution 2 To approve the payment of Directors’ benefits up to an aggregate amount of RM350,000
from the date of the forthcoming Annual General Meeting until the next Annual General
Meeting of the Company.
Ordinary Resolution 3 To re-elect Mr Tai Lam Shin as Director.
Ordinary Resolution 4 To re-elect Mr Liew Foong Yuen as Director.
Ordinary Resolution 5 To re-appoint Ernst & Young PLT as Auditors of the Company and to authorise the Board
of Directors to fix their remuneration.
Special Resolution Waiver of Pre-emptive Rights pursuant to Section 85 of the Companies Act 2016.
Ordinary Resolution 6 Authority to Issue and Allot Shares pursuant to Sections 75 and 76 of the Companies
Act 2016.
Ordinary Resolution 7 Proposed Renewal of Shareholders’ Mandate for Share Buy-Back.
(Please indicate with an “X” in the space provided above on how you wish your vote to be cast. If you do not do so, the proxy will vote or abstain from
voting at his /her discretion).
[* Delete if not applicable.]
Signed this______________ day of _____________________ 2023.
Signature/Common Seal of Member(s) Contact No:

* Manner of execution:
(a) If you are an individual member, please sign where indicated.
(b) If you are a corporate member which has a common seal, this proxy form should be executed under seal in accordance with the constitution of your corporation.
(c) If you are a corporate member which does not have a common seal, this proxy form should be affixed with the rubber stamp of your company (if any) and executed by:
(i) at least two (2) authorised officers, one (1) of whom shall be a director; or
(ii) any director and/or authorised officers in accordance with the laws of the185country under which your corporation is incorporated.
Fold this flap for sealing
NOTES:
1. The Broadcast Venue is strictly for the purpose of complying with Section 327(2) of the Companies Act 2016 which requires the Chairman of the meeting to be present at the main venue of the meeting.
Members/proxies/corporate representatives/attorneys WILL NOT BE ALLOWED to attend the 53rd AGM in person at the Broadcast Venue on the day of the meeting. Members are to attend, speak (including posing
questions to the Board via real time submission of typed texts) and vote remotely (collectively, “participate”) at the 53rd AGM via Remote Participation and Voting facilities (“RPV”) provided by Tricor Investor & Issuing
House Services Sdn Bhd via TIIH Online at https://tiih.online. Members are advised to read and follow the procedures provided in the Administrative Guide enclosed herein in order to participate remotely via RPV.
2. For the purposes of determining who shall be entitled to attend this meeting, the Company shall be requesting the Record of Depositors as at 18 May 2023. Only a member whose name appears on this Record
of Depositors shall be entitled to attend this meeting or appoint a proxy to attend, participate, speak and vote on his/her/its behalf.
3. A member who is entitled to attend and vote at a general meeting may appoint a proxy or attorney or in the case of a corporation, to appoint a duly authorised representative to attend, participate, speak and vote in
his place. A proxy may but need not be a member of the Company.
4. A member who is entitled to attend and vote at a general meeting of the Company may appoint not more than two (2) proxies to attend, participate, speak and vote instead of the member at the general meeting.
5. Where a member of the Company is an authorised nominee as defined in the Securities Industry (Central Depositories) Act 1991 (“Central Depositories Act”), it may appoint not more than two (2) proxies in respect
of each securities account it holds in ordinary shares of the Company standing to the credit of the said securities account.
6. Where a member of the Company is an 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. An exempt authorised nominee refers to an authorised nominee defined under the Central
Depositories Act which is exempted from compliance with the provisions of Section 25A(1) of the Central Depositories Act.
7. Where a member, an authorised nominee or an exempt authorised nominee appoints more than one (1) proxy, the proportion of shareholdings to be represented by each proxy must be specified in the instrument
appointing the proxies. The appointment shall not be valid unless he specifies the proportions of his holdings to be represented by each proxy.
8. The appointment of a proxy may be made in a hard copy form or by electronic means in the following manner and must be received by the Company not less than forty-eight (48) hours before the time appointed for
holding the 53rd AGM or adjourned general meeting at which the person named in the appointment proposes to vote:
(i) In hard copy form
To be deposited with the Company’s Share Registrar, Tricor Investor & Issuing House Services Sdn Bhd at Unit 32-01, Level 32, Tower A, Vertical Business Suite, Avenue 3, Bangsar South, No. 8, Jalan Kerinchi,
59200 Kuala Lumpur, Malaysia or alternatively, Tricor Customer Service Centre at Unit G-3, Ground Floor, Vertical Podium, Avenue 3, Bangsar South, No. 8, Jalan Kerinchi, 59200 Kuala Lumpur, Malaysia.
(ii) By electronic means via TIIH Online website
The proxy form can be lodged electronically via TIIH Online website at https://tiih.online. Please refer to the Administrative Guide for further information on electronic lodgement of proxy form via TIIH Online.
Please fold here to seal
Affix
Stamp
THE SHARE REGISTRAR

(Registration No.196801000565) (8157-D)
c/o Tricor Investor & Issuing House Services Sdn Bhd
Unit 32-01, Level 32, Tower A
Vertical Business Suite, Avenue 3
Bangsar South, No. 8, Jalan Kerinchi
59200 Kuala Lumpur, Malaysia
Please fold here to seal
9. Any authority pursuant to which such an appointment is made by a power of attorney must be deposited with the Company’s Share Registrar at Unit 32-01, Level 32, Tower A, Vertical Business Suite, Avenue 3,
Bangsar South, No. 8, Jalan Kerinchi, 59200 Kuala Lumpur, Malaysia or alternatively, Tricor Customer Service Centre at Unit G-3, Ground Floor, Vertical Podium, Avenue 3, Bangsar South, No. 8, Jalan Kerinchi, 59200
Kuala Lumpur, Malaysia not less than forty-eight (48) hours before the time appointed for holding the 53rd AGM or adjourned general meeting at which the person named in the appointment proposes to vote. A copy
of the power of attorney may be accepted provided that it is certified notarially and/or in accordance with the applicable legal requirements in the relevant jurisdiction in which it is executed.
10. For a corporate member who has appointed a representative, please deposit the original or duly certified certificate of appointment at the Company’s Share Registrar at Unit 32-01, Level 32, Tower A, Vertical
Business Suite, Avenue 3, Bangsar South, No. 8, Jalan Kerinchi, 59200 Kuala Lumpur, Malaysia or alternatively, Tricor Customer Service Centre at Unit G-3, Ground Floor, Vertical Podium, Avenue 3, Bangsar South,
No. 8, Jalan Kerinchi, 59200 Kuala Lumpur, Malaysia if it has not been lodged with the Company’s Share Registrar’s office earlier. The certificate of appointment should be executed in the following manner:
(i) If the corporate member has a common seal, the certificate of appointment should be executed under seal in accordance with the Constitution of the corporate member.
(ii) If the corporate member does not have a common seal, the certificate of appointment should be affixed with the rubber stamp of the corporate member (if any) and executed by:
(a) at least two (2) authorised officers, one (1) of whom shall be a director; or
(b) any director and/or authorised officers in accordance with the laws of the country under which the corporate member is incorporated.
11. A member who has appointed a proxy or attorney or authorised representative to participate in the 53rd AGM must request his/her proxy or attorney or authorised representative to register himself/herself for the RPV
at the Share Registrar’s TIIH Online website at https://tiih.online. Please read and follow the procedures provided in the Administrative Guide in order to participate remotely via RPV.
12. Please ensure ALL the particulars as required in the proxy form are completed, signed and dated accordingly.
13. Last day, date and time for lodging the proxy form is Wednesday, 24 May 2023 at 10.00 a.m.
14. Pursuant to Paragraph 8.29A(1) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, all the resolutions set out in the Notice of the 53rd AGM will be put to vote by way of poll.
186
Website: https://my.keckseng.com

Keck Seng (Malaysia) Berhad - Annual Report 2022

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Keck Seng (Malaysia) Berhad - Annual Report 2022

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About Keck Seng Malaysia 2

Management Discussion And Analysis 6-7

Key Senior Management’s Profile 19 - 25

Corporate Governance Overview Statement 26 - 48

Audit Committee Report 49 - 53

Statement On Risk Management And Internal Control 54 - 57

Independent Auditors' Report 83 - 88

Statements Of Comprehensive Income 89 - 90

Statements Of Financial Position 91 - 92

Consolidated Statement Of Changes In Equity 93 - 94

Company Statement Of Changes In Equity 95

Statements Of Cash Flows 96 - 97

Notes To The Financial Statements 98 - 173

Analysis Of Shareholdings 174 - 176

Particulars Of Group Major Properties 177

Notice Of Annual General Meeting 178 - 183

Proxy Form Enclosed

Keck Seng Malaysia has three core businesses:

Plantations and Manufacturing

Property Development and Investment

We are also involved in property investment. Our key investments include:

Buildings Location Description

Hotels and Resort

Hotels/Resort Location Description

(RM’000) 2018 2019 2020 2021 2022

Plantations and Manufacturing 590,854 525,883 627,665 1,057,706 1,438,939

Profit/(Loss) before tax 69,521 101,766 (85,230) 98,012 257,179

Equity attributable to owners of

Share Price (RM) 2018 2019 2020 2021 2022

Highest daily close 4.92 4.98 4.69 4.01 3.99

We will continue to build on our strengths to deliver to our shareholders.

Ho Kim Swee @ Ho Kian Guan

Overall, the Group managed to maintain a stable financial position.

Plantations and Manufacturing

OPERATIONS REVIEW (cont’d)

Hotels and Resort

Dato’ Ho Cheng Chong @ Ho Kian Hock Managing Director

Ho Eng Chong @ Ho Kian Cheong Non-Independent Non-Executive Director

Chan Lui Ming Ivan Executive Director

Lee Huee Nan @ Lee Hwee Leng (f) Executive Director

Tai Lam Shin Independent Non-Executive Director

Mahathir Bin Mohamed Ismail Independent Non-Executive Director

Liew Foong Yuen Independent Non-Executive Director

Ho Chung Tao Alternate to Chan Lui Ming Ivan

COMPANY SECRETARIES AUDITORS

REGISTERED OFFICE PRINCIPAL BANKERS

SHARE REGISTRAR LISTING

HO KIM SWEE @ HO KIAN GUAN

DATE APPOINTED/WORK EXPERIENCE

Mr. Ho is the father of Mr. Ho Chung Tao.

CONVICTIONS FOR OFFENCES

BOARD MEETINGS ATTENDED

DATO’ HO CHENG CHONG @ HO KIAN HOCK

DATE APPOINTED/WORK EXPERIENCE

DIRECTORS’ PROFILE (cont'd)

DATO’ HO CHENG CHONG @ HO KIAN HOCK (cont’d)

CONVICTIONS FOR OFFENCES

BOARD MEETINGS ATTENDED