M A L Ayan United Industries Berhad: Laporan Tahunan 1 9 9 9 Annual Report

Malayan United Industries Berhad
C o m p a ny No : 3 8 0 9 - W
Laporan Tahunan
1 9 9 9 Annual Report
RETAILING
HOTELS
FOOD & CONFECTIONERY
P R O P E RT Y
CONSTRUCTION
FINANCIAL SERVICES
MANUFACTURING & TRADING
TRAVEL & TOURISM
EDUCATION
INFORMATION TECHNOLOGY
CONTENTS
Notice of Meeting 4
Corporate Information 6
The Audit Committee 7
Corporate Officers 8
Chairman’s Statement 10
Statistics of Shareholdings 49
Five-Year Summary of Financial Highlights 51
Directors’ Report 52
Profit and Loss Accounts 59
Balance Sheets 60
Consolidated Cash Flow Statement 61
Notes to the Accounts 65
Statement by Directors 85
Statutory Declaration 85
Auditors’ Report to the Members 86
Subsidiary and Associated Companies of

Malayan United Industries Berhad 87
Subsidiary Companies of
MUI Properties Berhad 90

Pan Malaysia Corporation Berhad 91

Pan Malaysia Holdings Berhad 93
Properties Owned by The MUI Group 96
Form of Proxy
TO GOD BE
THE GLORY
NOTICE OF MEETING
NOTICE IS HEREBY GIVEN that the Twenty-Ninth Annual General Meeting of the Company will be held at
Ming Crystal Ballroom, MingCourt Vista Hotel Kuala Lumpur, Jalan Ampang, 50450 Kuala Lumpur on Monday,
26th June, 2000 at 11.00 a.m. for the following purposes:-
1. To receive and adopt the audited accounts for the year ended 31st December, 1999 and the Reports of the
Directors and the Auditors thereon;
2. To approve Directors’ fees of RM324,000.00;
3. To consider and, if thought fit, pass a resolution that pursuant to Section 129(6) of the Companies Act, 1965,
Tan Sri Dato’ Md Khir Johari be re-appointed as a Director of the Company to hold office until the next
Annual General Meeting of the Company;
4. To re-elect Directors retiring under the provisions of the Articles of Association of the Company;
5. To re-appoint Messrs BDO Binder as auditors of the Company and to authorise the Directors to fix their
remuneration;
6. As Special Businesses:-
To consider and, if thought fit, pass the following Ordinary Resolutions:-
i) “THAT pursuant to Section 132D of the Companies Act, 1965 and subject to the approval of the relevant
authorities, the Directors be and are hereby authorised to allot and issue shares in the Company at any time
until the conclusion of the next Annual General Meeting or until the expiration of the period within which
the next Annual General Meeting is required by law to be held, whichever is the earlier and upon such terms
and conditions and for such purposes as the Directors may, in their absolute discretion, deem fit, provided
always that the aggregate number of shares to be issued pursuant to this resolution does not exceed ten per
centum (10%) of the issued and paid-up share capital of the Company for the time being”; and
ii) “THAT pursuant to the Company’s Executive Share Option Scheme (“the Scheme”) as approved by the
shareholders at the Extraordinary General Meeting held on 3rd May, 1996, the Directors of the Company be
and are hereby authorised, in accordance with Section 132D of the Companies Act, 1965, to allot and issue
shares in the Company from time to time in accordance with the terms and conditions of the Scheme”; and
7. To transact any other business of which due notice shall have been received.
By order of the Board
Woon See Soon

Chik Wai Ming
Company Secretaries
Kuala Lumpur
8th June, 2000
4
E X P L A N AT O RY NOTES TO SPECIAL BUSINESSES
a) The Ordinary Resolution proposed under item 6(i), if passed, will empower the Directors of the Company,
from the date of the above General Meeting until the next Annual General Meeting to allot and issue shares
in the Company up to and not exceeding in total ten per centum (10%) of the issued share capital of the
Company for the time being for such purposes as they consider would be in the interests of the Company.
This authority will expire at the next Annual General Meeting of the Company, unless revoked or varied at
a general meeting.
b) The Ordinary Resolution proposed under item 6(ii), if passed, will empower the Directors of the Company
to allot and issue shares pursuant to the Company’s Executive Share Option Scheme.
Notes:-
1. A member of the Company entitled to attend and vote at the meeting may appoint a proxy to attend and vote in his stead. A proxy need
not be a member of the Company but if he is not a member, he must be a qualified legal practitioner, approved company auditor, a
person approved by the Registrar of Companies in the particular case or a person approved by the Directors prior to the appointment.
2. A member shall not be entitled to appoint more than two proxies to attend and vote at the same meeting. Where a member appoints two
proxies, the appointments shall be invalid unless he specifies the proportions of his holdings to be represented by each proxy.
3. The Form of Proxy shall be in writing under the hand of the appointor or his attorney duly authorised in writing or if such appointor is
a corporation, under its common seal or under the hand of the attorney.
4. The Form of Proxy must be deposited at the Registered Office of the Company at 14th Floor, MUI Plaza, Jalan P. Ramlee, 50250 Kuala
Lumpur not less than 48 hours before the time appointed for holding the meeting or any adjournment thereof.
5
C O R P O R ATE INFORMAT I O N
Board of Directors
Tan Sri Dato’ Dr Khoo Kay Peng, P.S.M., D.P.M.J., K.M.N., J.P., HonD Litt, Hon LLD, Chairman & Chief Executive
Tan Sri Dato’ Md Khir Johari, P.M.N., D.P.M.S.
Yong Ming Sang
Dr Ngui Chon Hee, J.S.M., K.M.N., S.M.T.
Ang Guan Seng
Nik Hashim bin Nik Yusoff
Khet Kok Yin
Loy Yet King
Mohamad Faiz bin Abdul Hamid (Alternate to Yong Ming Sang)
Secretaries
Woon See Soon

Chik Wai Ming
Auditors
BDO Binder Public Accountants
Principal Bankers
Citibank Berhad
Malayan Banking Berhad
OCBC Bank (Malaysia) Berhad
Public Bank Berhad
RHB Bank Berhad
United Overseas Bank (Malaysia) Berhad
Registrar
Pan Malaysia Management Sdn. Bhd.

6th Floor, MUI Plaza, Jalan P. Ramlee, 50250 Kuala Lumpur
Registered Office
14th Floor, MUI Plaza, Jalan P. Ramlee, 50250 Kuala Lumpur

Tel. No. 2482566 Fax. No. 2459216 Website : www.mui-global.com
6
THE AUDIT COMMITTEE
MEMBERS OF THE COMMITTEE

Tan Sri Dato’ Md Khir Johari, Chairman (Independent Non-Executive Director)
Yong Ming Sang (Independent Non-Executive Director)
Dr Ngui Chon Hee (Non-Executive Director)
TERMS OF REFERENCE
Membership
• The Committee shall be appointed by the Board from amongst the Directors of the Company and shall
consist of not less than three members, the majority of whom shall not be:-
– executive directors of the Company or any related corporation;
– a spouse, parent, brother, sister, son or adopted son or daughter or adopted daughter of an executive
director of the Company or of any related corporation;
– any person having a relationship which, in the opinion of the Board of Directors, would interfere with
the exercise of independent judgement in carrying out the functions of the Committee.
• The members of the Committee shall elect a Chairman from among their numbers who is not an executive
director or an employee of the Company or any related corporation.
• If a member of the Committee resigns, dies or for any other reason ceases to be a member with the result
that the number of members is reduced below three, the Board of Directors shall, within three months of
that event, appoint such number of new members as may be required to make up the minimum number
of three members.
• The term of office of the members of the Committee should be reviewed by the Board every two years.
Authority
• The Committee is authorised by the Board to investigate any activity within its terms of reference. It is
authorised to seek any information it requires from any employee and all employees are directed to co-
operate with any request made by the Committee.
• The Committee is authorised by the Board to obtain outside legal or other independent professional advice
and to secure the attendance of outsiders with relevant experience and expertise if it considers this
necessary.
Functions
• To review with the external auditors on:-
– the audit plan;
– their evaluation of the system of internal accounting controls; and
– their audit report.
• To review the assistance given by the Company’s officers to the auditors.
• To review the scope and results of the internal audit procedures.
• To review the balance sheets and profit and loss accounts of the Company and the Group and thereafter
to submit them to the Board of the Company.
• To review any related party transactions that may arise within the Company or Group.
• To nominate a person or persons as external auditors.
• To perform such other functions as may be agreed to by the Committee and the Board.
7
C O R P O R ATE OFFICERS
CHAIRMEN
Tan Sri Dato’ Dr Khoo Kay Peng

Chairman
Malayan United Industries Berhad, Malaysia
MUI Properties Berhad, Malaysia
MUI Hong Kong Ltd, Hong Kong
MUI Australia Pty Ltd, Australia
Laura Ashley Holdings plc, United Kingdom
Laura Ashley, Inc., United States of America
Dato’ Haji Ibrahim bin Abdul Rahman

Chairman
Pan Malaysian Industries Berhad, Malaysia
Dato’ Mohd Ibrahim bin Mohd Zain

Chairman
Pan Malaysia Holdings Berhad, Malaysia
Pan Malaysia Capital Berhad, Malaysia
Dr Tong Keng Tatt

Chairman
Pan Malaysia Corporation Berhad, Malaysia
Dato’ Ahmad Khairummuzammil bin Mohd Yusoff

Chairman
Metrojaya Berhad, Malaysia
Tan Sri Dato’ Abu Talib bin Othman

Chairman
MUI Continental Insurance Berhad, Malaysia
Yong Ming Sang

Chairman
Hikari Builders Sdn Bhd, Malaysia
Tan Kok Quan

Chairman
Network Foods International Ltd, Singapore
Dato’ Haji Abdul Raman bin Suliman

Chairman
PM Securities Sdn Bhd, Malaysia
Datuk Mohd Yassin bin Jaafar

Chairman
Pan Malaysia Equities Sdn Bhd, Malaysia
Lawrence Chai Tat Onn

Chairman
Regent Corporation, United States of America
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SENIOR MANAGEMENT

Group Chief Executive
Dato’ Rastam bin Abdul Hadi

Group Adviser
EXE CUTIVE DIRE CTOR S/
Khet Kok Yin S ENIOR V ICE PRES IDENTS
Managing Director Sushil Premchand
Food Division
Paul Ng Tuan Tee
Hotel Division
Financial Services Division Tan Peng Hock
Management Services Division Dato’ Choong Kok Min
Tan Lian Tee
Wong Aun Phui
Managing Director Lee Cheng Toh
Special Projects Eddy Leong Kok Wah
Hj Ramli bin Hj Mahmudin
Ng Kwan Cheong
Managing Director Stuart Clark
Retailing Division Robert Tan Cheng Leong
Woon See Soon
Loy Yet King
Managing Director Chan Chong Lum
IT Division Steven Ti Teng Chye
George Tang Kim Siw
Christopher Boyd
Managing Director Robert Heng Fook Hee
Property Division Sally Cheong Siew Mooi
Noorjehan Rahima bt Abdul Hamid Jumat
Tan Choon Leng
Managing Director Lai Chee Leong
Construction Division Cheang Yoon Hoong
9
CHAIRMAN’S STAT E M E N T
On behalf of the Board of Directors, I am pleased to present the
Annual Report and Accounts of your Company and the Group for the
financial year ended 31st December, 1999.
ECONOMIC REVIEW
For the year 1999, the Malaysian economy registered an improvement

measured by an increase of 5.4% in real Gross Domestic Product (GDP).
The economic recovery was the result of a series of measure s
implemented by the Government including the expansionary fiscal policy
adopted, the easing of monetary policy, the implementation of selective
Looking pretty in Metrojaya’s exchange controls and the introduction of reforms to strengthen and
‘Granny Hugs’ collection restructure the banking system.
Growth in real aggregate domestic demand increased by 1.6% in
1999, due mainly to the implementation of the Government’s fiscal
stimulus measures and a revival in private sector consumption and a
strong positive growth of 14.8% in public sector expenditure.
On the supply side, the manufacturing and services sector achieved
growth rates of 13.5% and 2.9% respectively in 1999. The country also
recorded an increase in trade surplus with gross exports increasing to
RM321.2 billion and external reserves increased to RM117.2 billion.
FINANCIAL HIGHLIGHTS
The Group reported a pre-tax profit of RM63.4 million for the financial
year ended 31st December, 1999, compared to a pre-tax loss of RM338.1
million the previous year. The Group’s position has been strengthened by
‘Architect’- a Metrojaya brand dedicated the timely successful implementation of the rights issues and schemes of
for boys
A magical Christmas collection by Metrojaya Dazzle in elegance with the ‘Party’collection from East India Company
10
East India Company, One Utama shopping centre Reject Shop, Ipoh Parade shopping centre
arrangement of the Pan Malaysia Holdings Berhad (PM

Holdings) group of companies including its stockbroking
subsidiaries. PM Holdings was formerly known as
Pengkalen Holdings Berhad.
Shareholders’ funds of the Group increased to
RM2,235.8 million whilst total assets stood at RM5,766.6
million as at 31st December, 1999.
C O R P O R ATE DEVELOPMENTS
During the year under review, the Group disposed of its

entire shareholding in MUI Resources Philippines, Inc for Living Quarters, One Utama shopping centre
PHP1,422.7 million (approximately RM142.3 million).
The disposal realised a capital gain of appro x i m a t e l y
RM28.2 million.
Meanwhile in the United Kingdom, Laura Ashley
Holdings plc (Laura Ashley), the 42.88% owned
associated company of The MUI Group completed a
rights issue in June 1999 on the basis of one new
ordinary share of 5 pence each for every two existing
ordinary shares at an issue price of 13 pence per new
share to raise approximately £25.8 million. In addition,
Laura Ashley disposed of its North American operations
to Laura Ashley (North America), Inc, (LANA) a
subsidiary of Regent Corporation. Upon completion of
the disposal, LANA entered into licensing, franchise and
supply agreements with Laura Ashley giving LANA the
right to operate Laura Ashley stores and to deal in Laura
Ashley products in North America.
The year under review also saw the completion of
the schemes of arrangement proposed by PM Holdings
and certain of its subsidiaries. Approvals from the
relevant authorities and from their respective scheme
creditors were obtained and pursuant to the scheme, PM
Holdings issued 319.7 million new ordinary shares of
RM1 each at par and 111.0 million new irredeemable
convertible preference shares (ICPS) of RM1 each at par
to the scheme creditors. In addition, PM Holdings
completed a rights issue on the basis of one new
Christmas collection by Somerset Bay
11
whatever you do
l ove life
ordinary share of RM1 each for every one existing ordinary share at the issue
price of RM1 per new ordinary share to raise gross proceeds of RM198.6
million. After the rights issue and the issuance of shares and ICPS to scheme
creditors, the paid-up capital of PM Holdings increased to RM827.9 million
as at 31st December, 1999.
Pan Malaysia Capital Berhad (PM Capital), formerly known as
Pengkalen Capital Berhad, also obtained the requisite approvals to
implement its restructuring scheme whereby PM Capital issued 538.1
million new irredeemable convertible preference shares (ICPS) of RM1
L AU R A A SH LEY
each at par to the scheme creditors. In addition, during the year, PM
Winter 1999 collection
Capital completed a rights issue on the basis of two new ordinary shares
of RM1 each for every one existing ordinary share at an issue price of RM1
per new ordinary share to raise gross proceeds of RM168.7 million. After
the issue of the new ICPS pursuant to the scheme of arrangement and new
ordinary shares pursuant to the rights issue, the paid-up capital of PM
Capital was increased to RM791.2 million as at 31st December, 1999.
Pan Malaysia Corporation Berhad (PMC), formerly known as Pan
Malaysia Cement Works Berhad, acquired the food and confectionery
operations of PM Holdings for a total consideration of approximately
RM73.9 million. The acquisition consists of 79.12% of the equity interest in
Network Foods International Ltd (NFIL), 78.76% of NFIL warrants 2000 and
67.27% of the equity interest in Network Foods Limited. The acquisition is
intended to streamline the Group’s food and confectionery division under
PMC whilst maintaining the Group’s financial and broking operations
under PM Holdings.
Subsequent to the acquisition by PMC, NFIL proposed a rights issue
together with detachable warrants and a subdivision of shares which were
completed subsequent to the financial year ended 31st December, 1999.
Gross proceeds of S$29.7 million were raised from the exercise.
A contemporary Laura Ashley look
REVIEW OF OPERAT I O N S
Malaysia
Retailing
P e rf o rming in line with the economic recovery and improving consumer

confidence, the Group’s retailing operations under Metrojaya Berhad
(Metrojaya) reported an improved performance for the nine month period
ended 31st December, 1999 by achieving a pre-tax profit of RM14.9 million
on the back of RM176.5 million in turnover as against the RM3.9 million
and RM167.2 million achieved for the corresponding period in the
previous year.
The retailing operations now comprise four Metrojaya departmental
s t o res, one Cosmart hypermarket and 52 specialty stores under various
concept stores such as Reject Shop, East India Company, Somerset Bay,
Living Quarters and Zona. As part of its expansion plan, Metrojaya had
during the year under review continued to expand nationwide its network
of specialty stores. There are plans to open another five specialty store s
Summer 2000 collection
12
in the next financial year ending 31st March, 2001, and in line also with
M e t rojaya’s expansion plan and upgrading exercise, the flagship
M e t rojaya department store in Mid Valley City Megamall officially opened
on 29th April, 2000. The opening was officiated by YA Bhg. Datin Seri
Endon Mahmood. Metro j a y a’s flagship store occupies 190,000 sq. feet in
the Megamall which is slated to be Asia’s largest entertainment and
shopping complex.
Hotels
For the first half of 1999, despite an increase in tourist arrivals by nearly
20% from the corresponding period in the previous year, average hotel
occupancy rate fell as more hotel rooms were added onto the industry.
Due to the keen price competition, the performance of MingCourt Vista
Hotel Kuala Lumpur was affected. The Paradise Lagoon Hotel in Port
Dickson performed within expectations for the most part of 1999 but was
affected by the outbreak of the JE Virus in Negeri Sembilan.
Kids in coordinated blues

Food and Confectionery
The food and confectionery operations of the Group in Malaysia consist of

Network Foods Industries Sdn Bhd (NFI) and Network Foods (Malaysia)
Sdn Bhd (NFM). NFI operates a chocolate manufacturing plant
located in Shah Alam, which produces household brand name
confectionery such as Kandos, Crispy and Van Houten whilst
NFM is the marketing and distribution arm. NFM markets over
200 brand items of imported food and confectionery products.
Christmas 1999 collection by Laura Ashley
LAURA ASHLEY 13
During the year under review, NFM was appointed as sole
distributor for Ice Mony in Malaysia. Ice Mony, the largest selling premium
ice lollies in Indonesia, China, Taiwan and Singapore, was well received
by Malaysian consumers upon its introduction. By aggressively seeking out
new markets overseas for its exports and by adding and building on its
distribution lines, NFI and NFM have increased their respective turnovers
by 140% and 35% from the corresponding period the previous year and
have also managed to exceed budgeted pre-tax profits for the year.
P ro p e r t y
During the year under review, MUI Properties Berhad, the property
division of the Group launched Phase Two of Springhill Gardens and
Springhill Park in Bandar Springhill, a 1,990-acre integrated township
along the Seremban-Port Dickson highway near Lukut, Negeri Sembilan. A
total of 505 properties comprising single and double-storey terrace houses
and exclusive bungalow lots with a variety of optional building designs
were offered for sale and the sales to date have been encouraging.
Dedicated dining in red and neutrals The construction of the first phase of Vila Sri Ukay which comprises
bungalows and semi-detached houses was completed in 1999 and the
second phase which comprises semi-detached houses was released in
December 1999. Construction work on the second phase commenced in
the first quarter of year 2000.
In an effort to promote its property development projects to potential
home owners, MUI Properties Berhad participated in the Home Ownership
Campaign II, a government initiative, which was held at the Putra World
Trade Centre in Kuala Lumpur in 1999. Sales and enquiries from the
Southwold armchair with cushions,
throws and lighting campaign were encouraging.
Whilst the general oversupply of office space in Kuala Lumpur
impacted negatively on performance, MUI Plaza, the Group’s main
commercial building located in Kuala Lumpur’s Golden Triangle business
district managed to turn in a gross rental revenue of RM11.9
million and a satisfactory occupancy rate. Menara Pengkalen,
the Group’s second commercial building also
maintained a respectable occupancy rate
commensurate with prevailing market levels.
Financial Services
MUI Continental Insurance Berhad (MCI)

reported pre-tax profits of RM5.6 million
for the year ended 31st December, 1999.
The year under review also saw the
opening of MCI’s Kota Bahru, Kuantan
and Sungai Petani branch offices in
14
addition to its nationwide network of eight insurance offices. MCI plans to
open branches in Mentakab, Klang and Seremban in Year 2000. In an
ongoing effort to improve customer service, a new Customer Service
Centre located on the ground floor of MUI Plaza was opened.
For the financial year ended 31st December, 1999, Pan Malaysia
Capital Berhad, the stockbroking arm of the Group reported lower
turnover of RM16.1 million reflecting the trading restriction imposed by
the Kuala Lumpur Stock Exchange (KLSE) on its two broking subsidiaries,
PM Securities Sdn Bhd (formerly known as Pengkalen Securities Sdn Bhd)
and Pan Malaysia Equities Sdn Bhd (formerly known as Kimara Equities
Sdn Bhd). For the year under review, the stockbroking units had
strengthened their back-room operations and management systems to
p re p a re for normal stockbroking operations in anticipation of the lifting of
trading restriction by the KLSE and higher trading volume on the KLSE.
The stockbroking operations resumed normal trading in February 2000
and with the recovering economy and current positive sentiment on the
KLSE, the operations are expected to turn in an improved performance.
Laura Ashley furniture reflects an easy
Construction and relaxed lifestyle
During the year under review, Hikari Builders Sdn Bhd completed several
projects including the property development projects within the Group.
One of Laura Ashley’s 500 stores worldwide
15
Paradise Lagoon Hotel, Port Dickson
S i n g a p o re
With the economic condition in the region beginning to show signs of

revival, Network Foods International Ltd (NFIL) reported an 85%
improvement in its performance for the financial year ended 31st
December, 1999. NFIL distributes a broad range of brand name food and
confectionery products including brand names such as Kandos, Va n
Kamogawa Restaurant,
MingCourt Vista Hotel, Kuala Lumpur
16
MingCourt Vista Hotel, Kuala Lumpur
Houten, Nabisco and R o y a l for the Singapore market. The

company intends to pursue further new products and
agencies in order to sustain its growth and profitability.
Hong Kong and The People’s Republic of China
Travel and To u r i s m
Despite the prevailing weak market conditions and cautious

consumption sentiments, Morning Star Travel Service Limited
(MST), the travel and tourism arm of MUI Hong Kong Ltd
re c o rded an improvement in market share and the number of
customers for its outbound package tours compared to the
p revious year. However, due to unabated price competition,
the selling price of tour products were broadly lower which
adversely affected the perf o rmance of MST.
With the expected continuation of price competition, Ming Palace, the hotel’s Chinese restaurant
MST intends to focus on higher yield products with higher
17
Plaza on Hyde Park, London
margins and which demands quality customer service. To fully

equip its staff, MST will continue in its total quality
management programme to meet the demands of the industry.
MST won the prestigious award of Best Travel Agency-Hong
Kong presented by the publisher of Travel Trade Gazette Asia
and PATA Travel News Asia Pacific for the second consecutive
year in recognition of its outstanding performance in the
provision of travel and travel related services.
Taking advantage of the depressed property market
conditions in Hong Kong, MST opened three branches in
Mongkok, Kowloon and Yuen Long during the year. Selective
expansion of branch network will continue with the objective
The Richmond Gate Hotel, Surrey of maintaining and improving further on MST’s market share.
18
Briggens House Hotel, North Ware The Royal Clarence Hotel, Devon
Network Foods (Hong Kong) Limited (NFHK) distributes food and

confectionery of popular brands such as Tong Gard e n s, B e n d i c k s a n d
A n d e s in Hong Kong. It has recently secured the distribution of “Hong Da
M a ”, a popular canned drink in Hong Kong and PRC. During the year
under review NFHK has reported improved perf o rmance due to eff e c t i v e
costs control and the good reception from its various distribution lines.
P ro p e r t y
With the success of Morning Star Villa project in Zhongshan, PRC, MUI
Hong Kong Ltd has established itself as a strong and reputable developer
in Zhongshan. For the year under review, the development of the Part II
of Phase VI of Morning Star Villa has commenced and the sales for the
properties under this phase were encouraging. The Morning Star Plaza in
Zhongshan, PRC was also launched in 1999 with satisfactory pre-sales.
Units of the first sub-phase were completed and delivered to purchasers
at the end of 1999.
Australia
Hotels
The five hotels in the Vista chain in Australia, namely Sydney Vista in
The Richmond Hill Hotel, Surrey
Sydney, Grosvenor Vista in Adelaide, Alice Springs Vista in Alice Springs
19
The spectacular 17th hole at Regent Park Golf Club
and Hobart Vista and Pacific Vista in Tasmania which are owned and
managed by the Group performed within expectations.
The top front view of the 2nd tee
A number of awards were received during the year with the General
Manager of Hobart Vista receiving the State Tourism Minister’s Award for
Excellence, Hobart Vista being awarded the Environmental Management
Award as well as the Best Training Initiative Award. Lofty’s Restaurant at
the Pacific Vista won the Best Hotel Restaurant Award for the second time.
Network Foods Limited (NFL), which is listed on the Australian Stock

Exchange, operates a fully integrated importing, marketing, sales and
distribution network in Australia. For the year ended 31st December,
1999, NFL reported pre-tax profits of A$1.8 million on a turnover of
A$100.4 million. These results re p resented 44.7% and 14.2% impro v e m e n t
over 1998’s pre-tax profits of A$1.2 million and turnover of A$87.9
million re s p e c t i v e l y .
Education
Excel Education Pty Ltd achieved a satisfactory performance overall for the
year under review through its colleges, the Western Australia International
20
College (WAIC), Australian Institute for University
Studies (AIUS) and the Australian Institute for Golf
Management (AIGM). Although student enrolments
at WAIC and AIUS for the year under review were
affected by the regional economic decline, student
enrolment at AIGM was very encouraging. AIGM
was successfully launched by Excel Education to
cater for the increased interest in golf and the need
for efficient and proper management of golf resorts.
AIGM’s courses are conducted in collaboration with
the Joondalup Resort International in Perth and the Kensington Place
Glenmarie Golf and Country Club in Kuala Lumpur.
The interest in the courses offered by AIGM has
increased significantly since commencement and
the trend is expected to continue.
United States of America
Hotels
During the year under review, Regent Park Golf

Course, the 18-hole championship golf course
which is owned and managed by Regent
Corporation, an associated company of the Group,
won the “Charlotte’s Best” magazine award for the
Reader’s Choice Best Public Golf Course in the
Charlotte metro area of North Carolina, USA.
Regent Park has recently teamed up with Queen’s Single - family home set in Regent Park
College, a reputable and prominent college in
North Carolina to offer a degree in Professional
Golf Management (PGM). In anticipation of the
launch of the PGM programme, Regent Park has
Exterior of the Golf Academy
21
Network Foods, Australia
made some noteworthy changes at its world class facility including a new
interactive teaching building with covered hitting areas and a
classroom/conference room that can double as a meeting room for
corporate events.
Regent Corporation also owns Country Hearth Inn in Branson,
Missouri and subsequently acquired the Fiddlers Inn in 1999.
Retailing
The Group’s retail interest under the brand name of Laura Ashley is
conducted through the Boston based Laura Ashley (North America), Inc,
(LANA), a subsidiary of Regent Corporation. LANA operates 86 Laura
Ashley stores in the United States and Canada under various supply,
franchise and licensing agreements with Laura Ashley Holdings plc. Since
taking over the North America operations of Laura Ashley, LANA has
reorganised the operations and has closed or downsized 32 unprofitable
Network Foods warehouse, Australia large format stores and has in the course of the year reduced expenses by
35%. Driven also by the expanding US economy, LANA performed within
expectations for the year under review.
Media and Entertainment
During the year under review, PorchLight Entertainment, Inc, an

associated company of the Group in the USA, commenced production on
the third season of A d v e n t u res from The Book of iVr t u e s. On the movie
production front, PorchLight completed its Wild Grizzly movie in 1999. In
addition, the company started the production of a new film titled Q u a k e.
Jay Jay the Jet Plane, the latest animation series produced by
PorchLight Entertainment, Inc, has won acclaim and awards including the
22
Flavoured ‘V Pops’lollypop Pop Rocks - popping candy
with lollypop
Film Advisory Board’s Award of Excellence, Parents Association of

Parenting Publications’ Gold Award and Silver Award at the WorldFest
International Film & Television Festival. Riding on the success of the
animation series, the company is arranging licensees for Jay Jay
merchandise which includes books, apparel, accessories and party goods.
United Kingdom
Hotels
Regal Hotel Group PLC (Regal), the Group’s 20% owned associated
company listed on the London Stock Exchange, owns and manages a
chain of over 100 hotels within the United Kingdom. For the financial year
ended 31st December, 1999, Regal reported a decrease in profit before tax
and exceptional items to £10 million down from the £20 million achieved
in the previous year reflecting the difficult trading environment in the
United Kingdom.
Following the launch of the brand name C o r u s in a major image
building exercise, 29 hotels within Regal were rebranded as C o r u s after
refurbishment and staff training on brand standard during the year under
review. In addition, the major capital investment programme which
included refurbishment of 605 existing rooms, 16 bars and restaurants
and the construction of 80 additional bedrooms was completed.
The 402 room Plaza on Hyde Park hotel in London
achieved satisfactory performance in 1999. During the
year under review, the hotel completed its
refurbishment programme including the ground
floor and 100 bedrooms.
Retailing
Laura Ashley Holdings plc (Laura Ashley),

the Group’s 42.88% owned associated
company listed on the London Stock
Exchange, is principally involved in the
design, manufacture, sourcing, distribution
and sale of garments, accessories and
home furnishings which are renowned for
their traditional English country and floral
Damascus french nougat
23
Network Foods, Shah Alam
design. The company is a retailer based in the

United Kingdom operating 280 stores in the United
Kingdom and Continental Europe and 231 franchise
stores worldwide.
During the year under review, Laura Ashley
divested its North American operations and
implemented a rights issue raising £25.8 million,
which was utilised in part for a £4.4 million shop
refit programme in Europe and a £1 million brand
advertising campaign which was launched towards
the end of the year. The balance was utilized toward
reduction of bank borrowings and for working
capital purposes.
To date, the continuing operations of Laura
Ashley after divestment of its North American
operations has managed to turn the corner by
turning in a profit of £2.7 million compared with a
A broad range of brands manufactured /distributed loss of £2.6 million in the previous year.
by MUI’s food division
Indonesia
PT Indo Cocoa Specialities owns and operates a 23,333 sq. metres

factory in Medan equipped for the manufacturing of industrial cocoa
products, consumer chocolate, hard boiled candies, jams and chocolate
based beverages.
Despite political and economic uncertainties in Indonesia, the
company managed to report a higher turnover in 1999.
24
India
Lotus Chocolate Company Limited, the Group’s subsidiary which is listed

on the stock exchanges of Hyderabad and Bombay, owns and operates a
modern manufacturing facility in Hyderabad where it manufactures
confectionery products for both national and export markets.
For the year under review, the company achieved an improved
turnover through better product mix.
COMMUNITY RELA T I O N S
In the year under review, companies across The MUI Group continued to
contribute to worthy projects and to carry out their roles as responsible
corporate citizens committed to the care and development of people
within the Malaysian community.
Van Houten collection
Metrojaya Berhad organised a Christmas party for children of the
Spastic Children’s Centre, and was the central sponsor for the Malaysian
Young Fashion Designer of the Year 2000 contest. East India Company, a
subsidiary of Metrojaya Berhad, continued its support of the Sunbeams
Home for abandoned children. Reject Shop, another subsidiary, donated
many items to help raise funds for Rumah Destiny, a shelter for
underprivileged children.
Staff of the MingCourt Vista Hotel Kuala Lumpur continued their
strong commitment to the welfare of others. The hotel staff came forward
to support calls for blood donations whilst staff of the hotel were also
involved in organising contributions to support the JE Fund, established to
assist families stricken by an outbreak of the JE virus in Negeri Sembilan
during the year. The MingCourt Vista Hotel also launched a donation drive Tudor Gold whole almonds in exquisite
in support of the National Kidney Foundation. milk chocolate
25
Network Foods International Ltd, Singapore
The Paradise Lagoon Hotel hosted a number of cultural events

during the year, including a national poetry day event, and was a leading
sponsor of both a safe driving campaign in the Seremban-Port Dickson area
and a photography competition to support Visit Negeri Sembilan Year 1999.
In the United Kingdom, staff across Corus and Regal Hotels
donated their final hour’s earnings for 1999 to The Children’s Promise and
helped support such organisations as Barn a rdos, BBC Children in Need,
Childline, The Children’s Society, Comic Relief, NCH Action for Childre n
and the NSPCC.
Laura Ashley continues to support the cancer care charity, Marie Curie
in United Kingdom by providing a variety of support activities including
special edition Christmas cards, pledging 50 pence to the charity for every
pack of cards sold and the design of three exclusive Marie Curie Cancer
Care enamel lapel pins, which were sold throughout its stores nationwide.
I N F O R M ATION TECHNOLOGY
All critical systems potentially susceptible to the anticipated m i l l e n n i u m

b u g were revamped and upgraded by the Group IT Department Y2K Task
Force well in advance of the year end to enable a smooth transition across
the millennium. All companies in the Group completed the move from
1999 to 2000 with no IT system problems.
26
OUTLOOK FOR YEAR 2000
World output and world trade volume are expected to expand by 3.5% and
6.2% respectively in 2000. Against this backdrop, with the low inflation
rate and expansionary fiscal policy, the Malaysian economy is expected to
see a stronger and more broadbased recovery in year 2000.
The Group has also recently announced the formation of its new
I n f o rmation Technology Division. This division was initially
conceptualized in 1997 when the Group invested in some start-up
companies involved in the Information Technology field. These early
investments have produced a promising venture in China called Zhaodaola A vintage delivery truck promoting
Fisherman’s Friend
China Internet which today ranks as one of the People’s Republic of
China’s leading portals.
Operating in an improving economic environment and taking a
prudent and selective approach to its expansion plans and investments
including its planned IT investments, the Group is confident that it will
achieve a satisfactory performance from all its operating units in the
ensuing year.
ACKNOWLEDGEMENTS
I would like to express my sincere appreciation for the efforts of all the
Management and staff as well as their continued loyalty and dedication to
the Group. I also would like to thank my fellow Directors for their support Advertising Smint via FM 101.1 radio
station vehicle in Australia
and the shareholders for their confidence in the Board and Management
of the Group.
In GOD We Trust

Chairman
Kuala Lumpur
3rd May, 2000
Eye-catching floor display

units of Fisherman’s Friend
27
A scene from ‘Adventures from The Book of Virtues’
P E N YATA PENGERUSI
Bagi pihak Lembaga Pengarah, saya dengan sukacitanya membentangkan
Laporan Tahunan dan Akaun bagi Syarikat dan Kumpulan untuk tahun kewangan yang
berakhir pada 31hb Disember, 1999.
TINJAUAN EKONOMI
Pada tahun 1999, ekonomi Malaysia mencatat pertumbuhan yang baik dengan
peningkatan 5.4% bagi Keluaran Dalam Negara Kasar (KDNK). Pemulihan ekonomi
berhasil daripada satu siri langkah yang dilaksanakan oleh Kerajaan termasuk dasar
fiskal pembesaran, pelonggaran dasar kewangan, kawalan pertukaran terpilih dan
pembaharuan untuk memperkukuh dan menyusun semula sistem perbankan.
Pertumbuhan agregat benar permintaan domestik meningkat kepada 1.6% pada
tahun 1999, hasil pelaksanaan pelbagai langkah rangsangan fiskal Kerajaan,
pemulihan penggunaan swasta dan pertumbuhan positif sebanyak 14.8% bagi
perbelanjaan sektor swasta.
Dari segi pengeluaran, sektor pembuatan dan perkhidmatan masing-masing
mencapai pertumbuhan 13.5% dan 2.9% pada tahun 1999. Negara mendaftar
peningkatan dalam lebihan dagangan dengan eksport kasar meningkat kepada RM321.2
bilion dan sumber luaran meningkat kepada RM117.2 bilion.
PENCAPAIAN KEWANGAN
Kumpulan mencatat keuntungan sebelum cukai sebanyak RM63.4
juta bagi tahun kewangan berakhir 31hb Disember, 1999
berbanding dengan kerugian sebelum cukai RM338.1 juta bagi
tahun sebelumnya. Kedudukan Kumpulan dikukuhkan oleh
kejayaan pelaksanaan terbitan hak dan skim penyusunan
yang tepat pada masanya oleh Pan Malaysia Holdings Berhad
(PM Holdings) dan anak-anak syarikat pembrokerannya. PM
Holdings dahulunya dikenali sebagai
Pengkalen Holdings Berhad.
Dana pemegang saham Kumpulan
meningkat kepada RM2,235.8
juta dan jumlah aset berada
pada RM5,766.6 juta pada
31hb Disember, 1999.
PorchLight Entertainment’s products

are a favourite amongst children
28
PERKEMBANGAN KORPORAT
Pada tahun dalam tinjauan, Kumpulan melupuskan semua
pegangan sahamnya dalam MUI Resources Philippines, Inc untuk
PHP1,422.7 juta (kira-kira RM142.3 juta). Pelupusan ini meraih
keuntungan modal lebih kurang RM28.2 juta.
Sementara itu di United Kingdom, Laura Ashley Holdings
plc (Laura Ashley), syarikat sekutu 42.88% yang dimiliki
Kumpulan MUI menyempurnakan satu terbitan hak pada Jun 1999
berdasarkan satu saham biasa baru 5 pence bagi dua saham biasa
sedia dipegang pada harga terbitan 13 pence tiap satu saham baru
untuk meraih £25.8 juta. Laura Ashley juga melepaskan semua
operasinya di Amerika Utara kepada Laura Ashley (North
America), Inc, (LANA) anak syarikat Regent Corporation. Dengan
selesainya pelepasan itu, LANA menandatangani beberapa
perjanjian perlesenan, francais dan pengeluaran dengan Laura
Ashley yang memberi hak kepada LANA menjalankan kedai-kedai
dan menjual-beli barangan Laura Ashley di Amerika Utara.
Tahun dalam tinjauan ini menyaksikan penyelesaian
beberapa skim penyusunan PM Holdings dan anak-anak
syarikatnya yang tertentu. Persetujuan dari pihak tertentu dan para
pemiutang skimnya telah diperolehi, lalu, PM Holdings menerbit
319.7 juta saham biasa baru pada harga par RM1 dan 111.0 juta syer
keutamaan boleh tukar tidak boleh tebus (ICPS) pada harga par
RM1 tiap satu kepada para pemiutang skimnya. PM Holdings juga
menyempurnakan terbitan hak berdasar satu saham biasa baru RM1
bagi setiap saham sedia dipegang pada harga terbitan RM1 setiap
saham biasa baru untuk meraih perolehan kasar RM198.6 juta.
Setelah terbitan hak dan saham serta ICPS kepada para pemiutang,
modal terbayar PM Holdings meningkat kepada RM827.9 juta pada
31hb Disember, 1999.
Pan Malaysia Capital Berhad (PM Capital), dahulunya
dikenali sebagai Pengkalen Capital Berhad memperolehi ‘Jay Jay the Jet Plane’, a 3-D animated series by PorchLight
persetujuan yang diwajibkan untuk melaksanakan skim
penyusunan dimana PM Capital menerbit 538.1 juta saham baru
terpilih boleh tukar tidak boleh tebus (ICPS) RM1 pada harga par
tiap satu kepada para pemiutang skimnya. Juga, pada tahun itu,
PM Capital menyempurnakan satu terbitan hak berdasar dua
saham biasa baru RM1 bagi setiap satu saham sedia dipegang
pada harga terbitan RM1 tiap satu saham biasa baru untuk meraih
penghasilan kasar RM168.7 juta. Menyusul penyempurnaan
‘Wild Grizzly’- a feature-length film by PorchLight Merchandise from ‘Adventures from The Book of Virtues’
29
Located in the Golden Triangle of Kuala Lumpur, MUI Plaza houses the headquarters of The MUI Group
terbitan ICPS baru mengikut skim penyusunan dan saham biasa baru selaras terbitan hak,
modal terbayar PM Capital naik kepada RM791.2 juta pada 31hb Disember, 1999.
Pan Malaysia Corporation Berhad (PMC), dahulunya dikenali sebagai Pan Malaysia
Cement Works Berhad membeli operasi makanan dan konfeksi PM Holdings pada harga
kira-kira RM73.9 juta. Perolehan ini terdiri daripada 79.12% kepentingan ekuiti Network
Foods International Ltd (NFIL), 78.76% waran 2000 NFIL dan 67.27% kepentingan ekuiti
dalam Network Foods Limited. Perolehan ini bertujuan mengemaskinikan bahagian
makanan dan konfeksi Kumpulan di bawah PMC sambil mengekalkan operasi kewangan
dan pembrokeran Kumpulan di bawah PM Holdings.
Menyusul perolehan oleh PMC, NFIL mencadangkan satu terbitan hak berserta waran
boleh cerai dan satu bahagian saham yang disempurnakan menyusul tahun kewangan
berakhir 31hb Disember, 1999. Perolehan kasar S$29.7 juta telah diraih daripada langkah ini.
30
TINJAUAN OPERASI
Malaysia
Peruncitan
Seiring dengan pemulihan ekonomi dan peningkatan keyakinan pengguna, operasi
peruncitan Kumpulan di bawah Metrojaya Berhad (Metrojaya) melaporkan prestasi
memuaskan bagi jangkamasa sembilan bulan berakhir 31hb Disember, 1999 dengan
keuntungan sebelum cukai RM14.9 juta berdasarkan perolehan RM176.5 juta berbanding
dengan RM3.9 juta dan RM167.2 juta bagi jangkamasa yang sama pada tahun sebelumnya.
Operasi peruncitan kini merangkumi empat gedung Metrojaya, satu hypermarket
Cosmart dan 52 kedai khusus pelbagai konsep seperti Reject Shop, East India Company,
Somerset Bay, Living Quarters dan Zona. Sebagai sebahagian daripada rancangan
perluasannya, Metrojaya terus mengembangkan rangkaian kedai khususnya ke seluruh
31
negara. Terdapatnya, rancangan untuk membuka lima lagi kedai khusus pada
tahun kewangan yang akan berakhir 31hb March, 2001, dan selaras dengan
tujuan Metrojaya untuk meningkatkan tarafnya, kedai induk Metrojaya di Mid
Valley City Megamall dibuka pada 29hb April, 2000. Pembukaan ini dirasmikan
‘Daisy’double-storey bungalow house,
Bandar Springhill oleh YA Bhg. Datin Seri Endon Mahmood. Kedai Metrojaya induk ini meliputi
190,000 k.p.s. ruang Megamall yang dijangka menjadi kompleks beli-belah dan
hiburan terbesar di Asia.
Hotel
Bagi separuh tahun pertama 1999, walaupun jumlah pelancong meningkat
hampir 20% dari jangkamasa yang sama pada tahun sebelumnya, kadar purata
penghunian jatuh akibat tambahan bilik kepada industri ini. Wujudnya
persaingan sewa bilik yang hebat, prestasi Hotel MingCourt Vista di Kuala
Lumpur terjejas. Hotel Paradise Lagoon di Port Dickson berjalan dengan
memuaskan bagi kebanyakan bulan dalam tahun 1999 tetapi ia juga terjejas
oleh masalah penyakit virus JE di Negeri Sembilan.
Makanan dan Konfeksi

‘Lily’double-storey bungalow house,
Bandar Springhill
Operasi makanan dan konfeksi Kumpulan di Malaysia terdiri daripada Network
Foods Industries Sdn Bhd (NFI) dan Network Foods (Malaysia) Sdn Bhd (NFM).
NFI menjalankan kilang pembuatan coklat di Shah Alam yang menghasilkan jenama
seperti Kandos, Crispy dan Van Houten sedangkan NFM adalah bahagian pemasaran dan
pengedaran. NFM memasarkan lebih 200 jenama makanan dan konfeksi yang diimport.
Pada tahun dalam tinjauan, NFM dilantik sebagai pengedar perseorangan Ice Mony
di Malaysia. Ice Mony, ais lolly pilihan yang terbanyak dijual di Indonesia, China, Taiwan
dan Singapura, disambut dengan baik oleh penduduk Malaysia bila diperkenalkan. Usaha
agresif mencari pasaran baru di luar negara, dan penambahan saluran pengedaran, NFI
dan NFM meningkatkan perolehan 140% dan 35% masing-masing berbanding jangkamasa
yang sama pada tahun sebelumnya. Malah kedua-duanya berjaya melebihi keuntungan
sebelum cukai yang dijangkakan bagi tahun itu.
Hartanah
Pada tahun dalam tinjauan, MUI Properties Berhad, bahagian hartanah Kumpulan
melancarkan Fasa Kedua Springhill Gardens dan Springhill Park di Bandar Springhill,
bandar lengkap seluas 1,990 ekar di lebuhraya Seremban-Port Dickson berdekatan
dengan Lukut di Negeri Sembilan. Sebanyak 505 bangunan termasuk rumah satu dan
‘Sri Kemuning’double-storey
terrace houses, Bandar Springhill
32
MUI Properties sales office, MUI Plaza, Kuala Lumpur
dua tingkat serta lot banglo eksklusif dengan pelbagai pilihan rekabentuk rumah
ditawarkan. Jualan hingga kini menggalakkan.
Pembinaan fasa pertama Vila Sri Ukay yang terdiri daripada banglo dan rumah
berkembar diselesaikan pada tahun 1999 dan fasa kedua yang terdiri daripada rumah
berkembar dilancarkan pada Disember 1999. Kerja pembinaan bermula untuk fasa
keduanya pada suku tahun pertama 2000.
Dalam usahanya memasarkan projek pembangunan hartanah kepada bakal pembeli
rumah, MUI Properties Berhad menyertai Kempen Pemilikan Rumah II, initiatif Kerajaan
yang diadakan di Pusat Dagangan Dunia Putra di Kuala Lumpur pada tahun 1999. Hasil
kempen itu menggalakkan.
Sedangkan penawaran berlebihan bagi ruang pejabat di Kuala Lumpur menjejaskan
prestasi, MUI Plaza, bangunan komersil utama Kumpulan, terletak di kawasan Segitiga
Emas Kuala Lumpur masih mampu meraih hasil sewaan kasar RM11.9 juta dan kadar
penghunian yang memuaskan. Menara Pengkalen, bangunan komersil kedua milik
Kumpulan mengekalkan kadar penghunian yang agak baik dalam pasaran kini.
Perkhidmatan Kewangan
MUI Continental Insurance Berhad (MCI) mencatat keuntungan sebelum cukai sebanyak
RM5.6 juta bagi tahun berakhir 31hb Disember, 1999. Pada tahun dalam tinjauan,
pembukaan cawangan di Kota Bahru, Kuantan dan Sungai Petani menambah kepada lapan
pejabat insurans di serata negara. MCI bercadang membuka cawangan baru di Mentakab,
Klang dan Seremban pada tahun 2000. Untuk membaiki perkhidmatan pelanggan
seterusnya, satu Pusat Khidmat Pelanggan telah dibuka di tingkat satu MUI Plaza.
Bagi tahun berakhir 31hb Disember, 1999, Pan Malaysia Capital Berhad, bahagian
33
One of Morning Star Villa well-landscaped parks
pembrokeran Kumpulan melaporkan perolehan lebih rendah sebanyak RM16.1 juta,

mencerminkan batas niaga yang dikenakan oleh Bursa Saham Kuala Lumpur (BSKL) ke
atas dua anak syarikat pembrokerannya, PM Securities Sdn Bhd (dahulunya dikenali
sebagai Pengkalen Securities Sdn Bhd) dan Pan Malaysia Equities Sdn Bhd (dahulunya
dikenali sebagai Kimara Equities Sdn Bhd). Bagi tahun dalam tinjauan, unit-unit
pembrokeran mengukuhkan operasi dalaman dan sistem pengurusan untuk menyiapkan
diri bagi operasi pembrokeran biasa apabila batas niaga ditarikbalik oleh BSKL dan juga
atas jangkaan jumlah perniagaan BSKL akan bertambah . Operasi pembrokeran
bermula semula pada Februari 2000 serta suasana ekonomi yang semakin pulih dan
sentimen positif di BSKL kini, operasi dijangka akan berprestasi baik.
Pembinaan
Pada tahun dalam tinjauan, Hikari Builders Sdn Bhd menyiapkan beberapa projek
termasuk projek pembinaan hartanah dalam Kumpulan.
Emphasis on landscape beautification in Morning Star Villa
34
Morning Star Villa, the award winning project of MUIHong Kong Ltd in Zhongshan, China
Singapura
Selaras dengan ekonomi rantau yang mula pulih, Network Foods International Ltd
(NFIL) mencatat peningkatan 85% dalam operasinya bagi tahun berakhir 31hb Disember,
1999. NFIL mengedar rangkaian makanan dan barangan konfeksi yang luas termasuk
jenama Kandos, Van Houten, Nabisco dan Royal bagi pasaran Singapura. Syarikat ini
bercadang mencari lebih banyak barangan dan agensi baru untuk mengekalkan
perkembangan dan keuntungannya.
Hong Kong dan Republik Rakyat China

Pengembaraan dan Pelancongan
Di sebalik pasaran lemah dan sentimen pengguna yang berwaspada,
Morning Star Travel Service Limited (MST), bahagian pengembaraan
dan pelancongan MUI Hong Kong Ltd mencatat peningkatan
memuaskan dalam pasaran dan juga untuk pakej pelancongan luar
negara berbanding dengan tahun sebelumnya. Namun, persaingan
harga yang sengit, harga jualan adalah lebih rendah dan ini
menjejaskan keuntungan kasar MST.
Disebabkan persaingan harga berterusan, MST memfokus
kepada barangan yang menghasilkan perolehan dan margin
keuntungan yang lebih tinggi, serta perkhidmatan pelanggan yang
lebih bermutu. Untuk menyediakan kakitangannya, MST menjalankan
rancangan pengurusan berkualiti menyeluruh untuk memenuhi
kehendak industri. MST memenangi anugerah berprestasi Best Travel
Agency Hong Kong yang disampaikan oleh penerbit Travel Trade
Gazette Asia dan PATA Travel News Asia Pacific bagi tahun keduanya,
lalu mengiktiraf prestasi luarbiasa syarikat ini dalam usahanya
menyediakan produk dan khidmat pengembaraan dan pelancongan.
Mengambil kesempatan daripada pasaran hartanah Hong Kong Morning Star Villa - an ideal designed
living environment
35
MUIContinental Insurance Customer Service Centre, Kuala Lumpur
yang tertekan, MST membuka tiga cawangan di Mongkok, Kowloon dan Yuen Long pada
tahun itu. Perluasan beberapa cawangan pilihan diteruskan untuk mengekal dan meluas
pasaran MST.

Network Foods (Hong Kong) Limited (NFHK) mengedar jenama-jenama makanan dan konfeksi
popular seperti Tong Gardens, Bendicks dan Andes di Hong Kong. Baru-baru ini ia
memperolehi pengedaran “Hong Da Ma”, sejenis minuman dalam tin yang digemari ramai di
Hong Kong dan RRC. Pada tahun dalam tinjauan NFHK telah mencatat keuntungan yang lebih
baik hasil kawalan kos dan sambutan baik dari pelbagai saluran pengedaran.
Hartanah
Dengan kejayaan projek Morning Star Villa di Zhongshan, RRC, MUI Hong Kong Ltd menempah
nama sebagai pembina kukuh dan dipercayai di Zhongshan. Bagi tahun dalam tinjauan,
pembinaan Bahagian II Fasa VI Morning Star Villa bermula dan jualan fasa ini menggalakkan.
Morning Star Plaza di Zhongshan, RRC
Public-viewing gallery,
Pan Malaysia Equities dilancarkan pada tahun 1999 dengan hasil
pra-jualan yang memuaskan. Unit-unit sub-
fasa pertama selesai dan disampaikan
kepada pembeli pada akhir tahun 1999.
Australia
Hotel
Lima buah hotel dalam rangkaian Vista di
Australia, iaitu Sydney Vista di Sydney,
Grosvenor Vista di Adelaide, Alice Springs
Vista di Alice Springs dan Hobart Vista
serta Pacific Vista di Tasmania yang
dimiliki dan diurus oleh Kumpulan telah
berprestasi seperti dijangkakan.
36
Beberapa anugerah diterima pada tahun dalam
tinjauan. Pengurus Besar Hobart Vista dianugerahkan
State Tourism Minister’s Award for Excellence sedangkan
Hobart Vista dianugerah Environmental Management
Aw a rd dan Best Training Initiative A w a rd . Lofty’s
Restaurant di Pacific Vista dianugerahkan Best Hotel
Restaurant Awar d bagi kali keduanya.

Network Foods Limited (NFL), yang tersenarai di Bursa
Saham Australia menjalankan rangkaian berintegrasi penuh Trading counter, PM Securities
pengimportan, pemasaran, penjualan dan pengedaran di

Australia. Bagi tahun berakhir 31hb Disember 1999, NFL mencatat keuntungan sebelum cukai
sebanyak A$1.8 juta atas perolehan A$100.4 juta. Pencapaian ini masing-masing merupakan
peningkatan 44.7% dan 14.2% berbanding keuntungan sebelum cukai sebanyak A$1.2 juta
dan perolehan A$87.9 juta pada tahun 1998.
Pendidikan
Excel Education Pty Ltd berprestasi memuaskan pada keseluruhannya bagi tahun dalam
tinjauan melalui kolej-kolejnya, the Western Australia International College (WAIC), Australian
Institute for University Studies (AIUS) dan Australian Institute for Golf Management (AIGM).
Walaupun kemasukan penuntut di WAIC dan AIUS bagi tahun dalam tinjauan terjejas oleh
kegawatan ekonomi serantau, kemasukan penuntut di AIGM menggalakkan. AIGM dilancarkan
dengan jayanya oleh Excel Education untuk memenuhi minat yang meningkat dalam bidang
permainan golf serta keperluan pengurusan resort dan padang golf yang cekap. Kursus AIGM
dijalankan bersama dengan Joondalup Resort International di Perth dan Glenmarie Golf and
Country Club di Kuala Lumpur. Minat kepada kursus yang ditawarkan oleh AIGM meningkat
dengan ketara sejak dilancarkan dan dijangkakan berterusan.
Amerika Syarikat
Hotel
Pada tahun dalam tinjauan, Regent Park Golf Course, padang golf kejohanan 18-lubang
yang dimiliki dan diurus oleh Regent Corporation, syarikat sekutu Kumpulan, memenangi
anugerah majalah “Charlotte’s Best” bagi Reader’s Choice Best Public Golf Course di
kawasan metro Charlotte di Carolina Utara, A.S.
Remisiers at work
37
Printing in progress, Focusprint
Baru-baru ini, Regent Park bergabung dengan Queen’s College, kolej

terkenal di Carolina Utara untuk menawar ijazah Professional Golf Management
(PGM). Sebagai usaha menyambut pelancaran program PGM, Regent Park telah
mengubahsuai padang golf bertaraf dunianya, termasuk sebuah bangunan baru
untuk pengajaran interaktif dengan ruang memukul bola yang berbumbung, dan
ruang kelab dan persidangan yang sesuai untuk mesyuarat/acara korporat.
Regent Corporation juga memiliki Country Hearth Inn di Branson, Missouri
dan kemudiannya memperolehi Fiddlers Inn pada tahun 1999.
Peruncitan
Kepentingan peruncitan Kumpulan di bawah jenama Laura Ashley diusahakan melalui
Laura Ashley (North America), Inc (LANA) di Boston, anak syarikat Regent
Corporation. LANA menjalankan 86 kedai Laura Ashley di Amerika Syarikat dan
Kanada di bawah perjanjian pembekalan, francais dan pelesenan dengan Laura Ashley
Holdings plc. Semenjak pengambilalihan operasi Laura Ashley di Amerika Utara,
LANA menyusun semula operasi serta menutup atau memperkecilkan 32 buah kedai
format besarnya yang tidak menguntungkan lalu berjaya mengurangkan perbelanjaan
sebanyak 35%. Dengan sokongan ekonomi A.S. kian berkembang, LANA mencapai
prestasi seperti dijangka bagi tahun dalam tinjauan.
Pengkalen Concrete batching plant
Media dan Hiburan
Pada tahun dalam tinjauan, PorchLight Entertainment, Inc, syarikat sekutu
Kumpulan di A.S., mula menerbit siri ketiga Adventures from The Book of Virtues.
Dari segi pengeluaran filem, PorchLight telah selesai filem Wild Grizzly pada tahun
1999. Juga, syarikat ini mengeluarkan satu filem baru bertajuk Quake.
Jay Jay the Jet Plane, siri animasi baru yang diterbitkan oleh PorchLight
Entertainment, Inc, telah dipuji dan dianugerahkan oleh Film Advisory Board’s
Award of Excellence, Parents Association of Parenting Publications’ Gold Award
dan Silver Award di WorldFest International Film & Television Festival. Berasaskan
kejayaan siri animasi ini, syarikat sedang menguruskan pemegang lesen bagi
barangan Jay Jay termasuk buku, pakaian, aksesori dan barangan untuk berpesta.
38
United Kingdom
Hotel
Regal Hotel Group PLC (Regal), syarikat sekutu 20% yang dimiliki Kumpulan
tersenarai di Bursa Saham London, memiliki dan mengurus satu rangkaian melebihi
100 buah hotel di United Kingdom. Bagi tahun berakhir 31hb Disember, 1999, Regal
mencatat penurunan dalam kerugian sebelum cukai dan perkara-perkara luarbiasa
pada £10 juta lebih rendah daripada £20 juta yang dicatatkan pada tahun sebelumnya,
mencerminkan suasana perdagangan yang agak gawat di United Kingdom.
Menyusul pelancaran jenama Corus dalam satu usaha membina imej, 29
hotel dalam rangkaian Regal digelar Corus setelah hotel-hotel itu diperbaharui dan
latihan kakitangan tentang mutu selesai bagi tahun dalam tinjauan. Program
pelaburan modal utama yang termasuk pengubahsuaian 605 bilik sedia ada, 16
bar dan restoran dan pembinaan 80 buah bilik tambahan disiapkan.
Plaza on Hyde Park, hotel 402-bilik di London berprestasi memuaskan Labels production in progress
pada tahun 1999. Pada tahun dalam tinjauan, hotel ini selesai program
pengubahsuaian termasuk aras bawah dan 100 bilik.
Peruncitan
Laura Ashley Holdings plc (Laura Ashley), syarikat sekutu 42.88% yang dimiliki
Kumpulan tersenarai di Bursa Saham London pada utamanya terlibat dalam rekaan,
pembuatan, sumber, pengedaran dan penjualan pakaian, aksesori dan hiasan
rumah yang terkenal dengan rekaan tradisi Inggeris serta bercorak bunga. Syarikat
peruncitan ini berasas dari United Kingdom, beroperasi 280 kedai di United
Kingdom dan Continental Eropah serta 231 francais di seluruh dunia.
Pada tahun dalam tinjauan, Laura Ashley melepaskan operasi Amerika Utara
dan melaksanakan satu terbitan hak yang meraih £25.8 juta, yang sebahagiannya
digunakan untuk program penyusunan semula kedai sebanyak £4.4 juta di Eropah,
sementara £1 juta lagi untuk kempen pengiklanan jenamanya yang dilancarkan pada Labels Specialist’s
akhir tahun. Baki ini digunakan untuk mengurangkan pinjaman bank dan keperluan manufacturing operations
modal kerja.
Hingga kini, operasi lanjutan Laura Ashley setelah pelepasan
operasi Amerika Utara berjaya merubah arus dengan mencatat keuntungan
£2.7 juta berbanding dengan kerugian £2.6 juta pada tahun sebelumnya.
Indonesia
PT Indo Cocoa Specialities memiliki dan menjalankan kilang seluas
23,333 meter persegi di Medan yang dilengkapi dengan pembuatan
produk koko perindustrian, coklat pengguna, gula-gula rebus, jem dan
minuman berasaskan coklat.
Di sebalik ketidaktenteraman sipil di Indonesia,
syarikat ini berjaya melaporkan perolehan yang lebih
tinggi pada tahun 1999.
39
India
Lotus Chocolate Company Limited, anak syarikat
Kumpulan yang tersenarai di Bursa Saham
Hyderabad dan Bombay memiliki dan menjalankan
kilang pembuatan moden di Hyderabad yang
membuat barangan konfeksi bagi pasaran dalam
negeri dan untuk eksport.
Pengkalen Travel sales office, Kuala Lumpur Bagi tahun dalam tinjauan, syarikat mencapai
perolehan yang lebih baik hasil daripada produk
senarainya yang lebih baik.
HUBUNGAN MASYARAKAT
Pada tahun dalam tinjauan, syarikat-syarikat di bawah Kumpulan MUI menyumbang kepada
beberapa projek mulia dan memainkan peranan sebagai warga korporat yang
bertanggungjawab dan komited kepada perkembangan orang ramai dalam masyarakat Malaysia.
Metrojaya Berhad menganjurkan pesta Krismas bagi kanak-kanak dari Spastic
Children’s Centr e, juga penaja utama pertandingan Malaysian Young Fashion Designer
of The Year 2000. East India Company, anak syarikat Metrojaya Berhad, juga menyokong
Sunbeams Home bagi kanak-kanak terbiar. Reject Shop, satu lagi anak syarikat,
menyumbang barangan untuk mengumpul dana bagi Rumah Destiny, sebuah rumah
perlindungan bagi kanak-kanak kurang upaya.
Kakitangan Hotel MingCourt Vista di Kuala Lumpur menunjukkan komitmen
kepada kebajikan orang awam. Kakitangan hotel tampil ke hadapan untuk menyambut
seruan menderma darah dan menyumbang kepada Dana JE, yang ditubuhkan untuk
membantu keluarga yang ditimpa malang oleh penyakit virus JE di Negeri Sembilan pada
tahun itu. Hotel MingCourt Vista melancarkan pungutan derma untuk kepentingan
Yayasan Buah Pinggang Negara.
Hotel Paradise Lagoon menaja beberapa acara kebudayaan pada tahun itu, termasuk
acara hari puisi negara, juga penaja utama kempen memandu dengan cermat di kawasan
Seremban-Port Dickson dan pertandingan fotografi Tahun Melawat Negeri Sembilan 1999.
Attending to clients at a Morning Star Travel Service branch, Hong Kong
40
Di United Kingdom pula, kakitangan hotel
Corus dan Regal menyumbang gaji jam terakhir tahun
1999 mereka kepada The Children’s Promise dan
menyokong beberapa pertubuhan seperti Barnardos,
BBC Childrenin Need, Childline, The Children’s Society,
Comic Relief, NCH Action for Children dan NSPCC.
Laura Ashley terus menyokong kebajikan
kanser, Marie Curie di United Kingdom, dengan
menganjur beberapa aktiviti termasuk edisi istimewa
kad Krismas, dimana 50 pence disumbangkan
kepada kebajikan bagi setiap pek dijual dan tiga
corak eksklusif Marie Curie Cancer Care pin kolar
telah dijual di kedai-kedainya di seluruh negara. Morning Star Travel Service exhibition in Thailand
TEKNOLOGI INFORMASI
Semua sistem yang boleh dijejas oleh pepijat alaf telah disusun semula dan ditingkatkan
oleh Jabatan Petugas Bahagian IT Kumpulan jauh lebih awal supaya semua sistem masuk
ke alaf baru dengan lancar. Hasilnya, semua syarikat dalam Kumpulan ini beredar dari
tahun 1999 ke 2000 tanpa sebarang masalah.
PROSPEK BAGI TAHUN 2000

Pengeluaran dan jumlah niaga dunia masing-masing dijangka meningkat pada kadar
3.5% dan 6.2% pada tahun 2000. Berlatarbelakangkan ini serta kadar inflasi yang rendah
dan dasar fiskal yang membesar, ekonomi Malaysia dijangka pulih dengan lebih kukuh
dan meluas pada tahun 2000.
Baru-baru ini, Kumpulan mengumumkan penubuhan Bahagian Informasi
Teknologi (IT). Bahagian ini diilhamkan pada tahun 1997 dimana Kumpulan mula
melabur dalam syarikat berkembang berasaskan teknologi. Pelaburan awal ini telah
membawa kepada pembentukan Zhaodaola China Internet, yang kini merupakan salah
satu portal utama di Republik Rakyat Cina.
Beroperasi dalam ekonomi yang semakin pulih serta mengambil pendekatan
pelaburan yang berhati-hati dan terpilih, termasuk pelaburan IT yang dirancang, Kumpulan The various package tours
offered by Morning Star
yakin ia akan berprestasi memuaskan untuk semua unit operasinya dalam tahun berikutnya. Travel Service
PENGHARGAAN
Saya ingin merakamkan penghargaan yang ikhlas kepada pihak
Pengurusan dan kakitangan Kumpulan di atas usaha gigih, kesetiaan
dan dedikasi mereka kepada Kumpulan. Saya juga berterima kasih
kepada rakan Pengarah atas sokongan mereka dan kepada para
pemegang saham atas kepercayaan mereka kepada Lembaga
Pengarah dan pihak Pengurusan Kumpulan.
Kepada TUHAN Kita Bertawakal

Pengerusi
Kuala Lumpur
3hb Mei, 2000
41
3809-W
Incorporated in Malaysia
S TATISTICS OF SHAREHOLDINGS
As at 3rd May, 2000
Class of Share : Ordinary share of RM1 each

Voting Rights : 1 vote per ordinary share
Substantial Shareholders
as per Register of Substantial Shareholders
No. of Shares held

Name Direct/Deemed Interest %
1. Pan Malaysian Industries Berhad 857,646,400 44.20
2. KKP Holdings Sdn Bhd 857,646,400 44.20
3. Soo Lay Holdings Sdn Bhd 857,646,400 44.20
4. Tan Sri Dato’ Dr Khoo Kay Peng 857,646,400 44.20
5. Serveast Trading Sdn Bhd 260,022,400 13.40
6. Favourmark Corporation Sdn Bhd 155,900,000 8.03
7. Pamford Limited 88,392,000 4.56
8. Hope Foundation 81,642,101 4.21
9. Ang Guan Seng 68,353,800 3.52
10. Plenary Investments Pte Ltd 67,024,800 3.45
11. Permodalan Nasional Berhad 64,000,000 3.30
12. Yayasan Pelaburan Bumiputra 64,000,000 3.30
13. Rigap Prima Sdn Bhd 46,000,000 2.37
as Bare Trustees pursuant to Section 69P of the Companies Act, 1965
Name No. of Shares held %
1. RHB Capital Nominees (Tempatan) Sdn Bhd 361,023,800 18.60

2. Mayban Nominees (Tempatan) Sdn Bhd 326,012,908 16.80
3. The Central Depository (Pte) Limited 321,382,744 16.56
4. Mayban Nominees (Asing) Sdn Bhd 88,437,300 4.56
Distribution of Shareholders
Range No. of Shareholders % No. of Shares %
Less than 500 shares 232 0.44 37,153 0.00

500 to 5,000 shares 36,594 68.77 94,646,842 4.88
5,001 to 10,000 shares 8,914 16.75 75,007,413 3.87
10,001 to 100,000 shares 7,063 13.27 186,611,593 9.62
100,001 to 1,000,000 shares 341 0.64 84,106,520 4.33
Above 1,000,000 shares 67 0.13 1,500,122,257 77.30
Total 53,211 100.00 1,940,531,778 100.00
49
Twenty (20) Largest Shareholders
Name No. of Shares %
1. The Central Depository (Pte) Limited 321,382,744 16.56

- Pledged Securities Account for Pan Malaysian Industries Berhad
- Serveast Trading Sdn Bhd
- Malayan Banking Bhd Hong Kong for Favourmark Corporation Sdn Bhd
- Malayan Banking Bhd Hong Kong for Serveast Trading Sdn Bhd
6. Mayban Nominees (Asing) Sdn Bhd 88,392,000 4.56
- Malayan Banking Bhd Hong Kong for Pamford Limited
7. Permodalan Nasional Berhad 64,000,000 3.30
8. Rigap Prima Sdn Bhd 46,000,000 2.37
9. Hope Foundation 42,685,101 2.20
10. OUB Nominees (Asing) Sdn Bhd 37,591,000 1.94
- OUBN for Plenary Investments Pte Ltd
- Malayan Banking Bhd Hong Kong for Good Proffer Sdn Bhd
12. Plenary Investments Pte Ltd 29,447,800 1.52
- Malayan Banking Bhd Hong Kong for Kiwiton Sdn Bhd
- Malayan Banking Bhd Hong Kong for Scopebright (M) Sdn Bhd
15. Prime View International Limited 18,040,000 0.93
16. Malaysia Nominees (Tempatan) Sendirian Berhad 14,047,000 0.72
- Pledged Securities Account for Hope Foundation
17. Nada Saujana Sdn Bhd 13,330,000 0.69
18. Lembaga Tabung Angkatan Tentera 10,000,000 0.51
19. PAB Nominee (Tempatan) Sdn Bhd 10,000,000 0.51
- Pledged Securities Account for KOP Mantap Sdn Bhd
20. SMB Nominees (Tempatan) Sdn Bhd 9,500,000 0.49
- Pledged Securities Account for Nada Saujana Sdn Bhd
Total 1,388,834,445 71.57
50
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F IVE-YEAR SUMMARY OF FINANCIAL HIGHLIGHTS
1999 1998 1997 1996 1995

RM’000 RM’000 RM’000 RM’000 RM’000
Share Capital 1,940,532 1,940,532 1,940,532 1,296,876 1,296,876

Reserves 304,865 285,152 1,149,868 546,705 530,889
Minority Interests 1,795,328 1,125,944 975,866 923,530 740,436
Deferred & Long Term Liabilities 266,033 644,378 1,229,687 1,594,275 304,678
4,306,758 3,996,006 5,295,953 4,361,386 2,872,879
Represented By:-
Fixed Assets 796,023 810,404 863,782 838,219 461,036
Investments 1,846,690 1,971,436 3,255,535 2,475,669 2,129,706
Net Current Assets 639,734 162,714 31,257 7,724 30,858
Intangibles & Goodwill 1,024,311 1,051,452 1,145,379 1,039,774 251,279
4,306,758 3,996,006 5,295,953 4,361,386 2,872,879
Profit/(Loss) Before Taxation 63,362 (338,055) 83,810 187,768 174,994
Profit/(Loss) After Taxation 58,720 (413,589) 4,268 146,353 119,599
Profit/(Loss) Attributable to
Shareholders of the Company 42,776 (562,612) (25,832) 63,609 112,772
Dividends (Net) – – 41,206 45,391 45,391
51
DIRECTORS’ REPORT
The Directors present herewith their report and audited accounts of the Company and of the Group for
the year ended 31st December, 1999.
Principal Activities
The Company is an investment holding company. The principal activities of the Group consist of the
following:-
– Retailing
– Hotels
– Food and Confectionery
– Property
– Construction
– Financial Services
– Manufacturing and Trading
– Travel and Tourism
– Education Services
Results
Group Company
RM RM
(Loss)/Profit before exceptional items (146,265,110) 28,293,487
Exceptional items 209,627,395 –
Profit before taxation 63,362,285 28,293,487

Taxation (4,642,708) (6,492,277)
Profit after taxation 58,719,577 21,801,210

Profit attributable to minority interests (15,943,348) –
Profit attributable to shareholders of the Company 42,776,229 21,801,210

(Accumulated losses)/Unappropriated profits brought forward (121,450,973) 350,293,259
(Accumulated losses)/Unappropriated profits carried forward (78,674,744) 372,094,469
52
3809-W
Movements In Reserves And Pr ovisions
Material movements in reserves and provisions during the year are disclosed in the notes to the accounts.
Dividends
No dividend has been paid or declared by the Company since the end of the previous financial year. The
Directors do not recommend any dividend payment in respect of the year ended 31st December, 1999.
Dir ectors
The Directors of the Company in office since the date of the last report and at the date of this report are:-
Tan Sri Dato’ Dr Khoo Kay Peng (Chairman & Chief Executive)
Tan Sri Dato’ Md Khir Johari
Yong Ming Sang
Dr Ngui Chon Hee
Ang Guan Seng
Loy Yet King
Khet Kok Yin
Mohamad Faiz bin Abdul Hamid (Alternate to Yong Ming Sang)
None of the Directors who held office at the end of the financial year had, according to the Register of
Directors’ Shareholdings, any interest in the shares of the Company and its related corporations except
as stated below:-
Ordinary shares of RM1 each in Number of shares

Malayan United Industries Berhad Balance at Balance at
1.1.1999 Bought Sold 31.12.1999

Indirect 857,646,400 – – 857,646,400
Yong Ming Sang

Direct 1,981,800 – – 1,981,800
Indirect 549,640 – – 549,640
Dr Ngui Chon Hee

Direct 122,000 – – 122,000
Indirect 270,000 – – 270,000
Ang Guan Seng

Indirect 68,353,800 – – 68,353,800
53
The Directors’ share options in the Company by virtue of the options granted to them under the Executive
Share Option Scheme are as follows:-
Number of shares
Balance at Balance at
1.1.1999 Granted Exercised 31.12.1999
Tan Sri Dato’ Dr Khoo Kay Peng 125,000 – – 125,000

Khet Kok Yin 112,000 – – 112,000
Ordinary shares of 50 sen each in Number of shares

MUI Properties Berhad Balance at Balance at
1.1.1999 Bought Sold 31.12.1999

Indirect 540,852,661 – 240,000 540,612,661
Dr Ngui Chon Hee

Direct 30,000 – – 30,000
Indirect 84,000 – – 84,000
Ordinary shares of 50 sen each in Number of shares

Pan Malaysia Corporation Berhad Balance at Balance at
(formerly known as Pan Malaysia 1.1.1999 Bought Sold 31.12.1999
Cement Works Berhad)

Indirect 425,841,500 – 5,477,000 420,364,500
Dr Ngui Chon Hee

Indirect 35,000 – – 35,000
Tan Sri Dato’ Md Khir Johari

Direct 94,082 – – 94,082
Indirect 219,000 – – 219,000

Direct 10,000 – – 10,000
54
3809-W

Pan Malaysia Holdings Berhad Bought/
(formerly known as Pengkalen *Rights Issue/
Holdings Berhad) Balance at #Scheme of Balance at
1.1.1999 Arrangement Sold 31.12.1999

Indirect 160,314,482 *187,040,258 – 493,550,867
#146,196,127

MUI Continental Insurance Berhad Balance at Balance at
1.1.1999 Bought Sold 31.12.1999

Indirect 32,550,000 – – 32,550,000
By virtue of his deemed interests in the shares of the Company, Tan Sri Dato’ Dr Khoo Kay Peng is
deemed to have an interest in the shares of all the other subsidiaries of the Company to the extent that
the Company has an interest.
In accordance with Section 129(2) of the Companies Act, 1965, Tan Sri Dato’ Md Khir Johari retires from
the Board at the forthcoming Annual General Meeting, and the Directors recommend his re-appointment
under Section 129(6) of the said Act.
In accordance with the Company’s Articles of Association, Mr Ang Guan Seng and En. Nik Hashim bin
Nik Yusoff retire from the Board by rotation at the forthcoming Annual General Meeting and being
eligible, offer themselves for re-election.
Since the end of the previous financial year, no Director has received or become entitled to receive any
benefits (other than as disclosed in the accounts) by reason of a contract made by the Company or a
related corporation with any Director or with a firm of which the Director is a member or with a
company in which the Director has a substantial financial interest.
Except for Tan Sri Dato’ Dr Khoo Kay Peng and Mr Khet Kok Yin who are eligible for the Executive
Share Option Scheme as mentioned below, neither at the end of the financial year, nor at any time during
the year, did there subsist any arrangement, to which the Company is a party, whereby Directors might
acquire benefits by means of the acquisition of shares in, or debentures of, the Company or any other
body corporate.
55
S h a r e Options
Under the Company’s Executive Share Option Scheme (‘ESOS’ or ‘Scheme’), options to subscribe for
1,372,000 new ordinary shares of RM1 each in the Company were made available to eligible directors and
executives of the Company and its subsidiary companies as at 31st December, 1999 except for directors
and executives of Pan Malaysia Holdings Berhad and its subsidiary companies who are eligible to
participate under its own Executive Share Option Scheme.
The details of the ESOS are contained in the Bye-Laws and the salient features thereof are as follows:-
(a) The Scheme is set up for participation in the ordinary share capital of the Company only.
The total number of shares to be offered under the ESOS shall not exceed 10% of the total number
of issued and paid-up ordinary shares of the Company at any time during the duration of the Scheme.
(b) Eligible executives are those who have been in the service of the Group for a continuous period of
at least five (5) years for Malaysian employees (including full-time executive directors who are
involved in the day-to-day management and on the payroll of the Company) or at least one (1) year
of continuous service with the Group as may be selected by the Option Committee.
(c) The ESOS shall continue to be in force for a duration of five (5) years expiring on 4th July, 2001.
(d) The Scheme shall be administered by the Option Committee appointed by the Board and comprises
directors of the Company who are not participating in the ESOS.
(e) An option granted under the ESOS shall be capable of being exercised by the grantee during the year
commencing 5th July, 2000 to 4th July, 2001 by notice in writing to the Company. The option granted
shall be exercisable by the grantee in multiples of not less than 1,000 shares.
(f) The persons to whom the options are granted under the Scheme have no right to participate in any
other share option schemes which may be implemented by other companies within the Group.
(g) The exercise price for each RM1 ordinary share under the Scheme shall be the average of the mean
market quotation of the shares as quoted and shown in the Daily Official List issued by the Kuala
Lumpur Stock Exchange for the five (5) market days prior to the respective dates of offer of the
options, or the par value of shares of the Company, whichever is higher.
The movements in the Company’s unissued shares under options during the financial year are
as follows:-
Number of ordinary shares of RM1 each

Balance at Balance at
1.1.1999 Granted Exercised Terminated 31.12.1999
Number of unissued shares
under options at an exercise 1,507,000 – – 135,000 1,372,000
price of RM1.80 per share
56
3809-W
Other Statutory Infor mation
(a) In the opinion of the Directors:-
(i) the results of the operations of the Company and of the Group during the financial year have
not been substantially affected by any item, transaction or event of a material and unusual nature
other than those disclosed in note 4 to the accounts;
(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 Company or of the Group for the financial year in which this
report is made; and
(iii) no contingent liability 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 Company or of the Group to meet their obligations as and when
they fall due.
(b) Before the profit and loss accounts and balance sheets of the Company and of the Group were made
out, the Directors took reasonable steps:-
(i) to ascertain that proper action has been taken in relation to the writing off of bad debts and the
making of provision for doubtful debts and satisfied themselves that all known bad debts had
been written off and that adequate provision 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 have been written down to an amount
which they might be expected so to realise.
(c) 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 provision for doubtful debts in the
accounts of the Company and of the Group inadequate to any substantial extent; and
(ii) the values attributed to current assets in the accounts of the Company and of the
Group misleading.
(d) 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 Company
and the Group misleading or inappropriate.
57
(e) As at the date of this report there does not exist:-
(i) any charge on the assets of the Company or of the Group which has arisen since the end of the
financial year which secures the liabilities of any other person; or
(ii) any contingent liability in respect of the Company or of the Group which has arisen since the
end of the financial year except as disclosed in note 31 to the accounts.
(f) At the date of this report, the Directors are not aware of any circumstances not otherwise dealt with
in this report or accounts of the Company and of the Group which would render any amount stated
in the accounts and consolidated accounts misleading.
Significant Corporate Developments
The significant corporate developments are disclosed in note 32 to the accounts.
Auditors
The auditors, BDO Binder, have expressed their willingness to accept re-appointment as auditors.
On behalf of the Board
Yong Ming Sang

Director
Dr Ngui Chon Hee

Director
Kuala Lumpur
28th April, 2000
58
3809-W
PROFIT AND LOSS ACCOUNTS

For the year ended 31st December, 1999
Group Company
Note 1999 1998 1999 1998
RM RM RM RM
Gross Revenue 2 697,066,880 775,558,071 29,646,421 24,767,017
Cost Of Sales 531,002,387 584,738,213 – –
Operating (loss)/profit 3 (101,818,478) (305,463,892) 28,293,487 21,575,760

Share of results in
associated companies (44,446,632) 52,893,088 – –
(Loss)/Profit before exceptional items (146,265,110) (252,570,804) 28,293,487 21,575,760

Exceptional items 4 209,627,395 (85,484,002) – 2,180,921
Profit/(Loss) before taxation 63,362,285 (338,054,806) 28,293,487 23,756,681

Taxation 5 (4,642,708) (75,533,938) (6,492,277) (5,486,192)
Profit/(Loss) after taxation 58,719,577 (413,588,744) 21,801,210 18,270,489

Profit attributable to minority interests (15,943,348) (149,022,800) – –
Profit/(Loss) attributable to
shareholders of the Company 42,776,229 (562,611,544) 21,801,210 18,270,489
Transfers from reserves 8 – 215,282,933 – –
42,776,229 (347,328,611) 21,801,210 18,270,489

(Accumulated losses)/Unappropriated
profits brought forward (121,450,973) 225,877,638 350,293,259 332,022,770
(Accumulated Losses)/
Unappropriated Profits
Carried Forward 8 (78,674,744) (121,450,973) 372,094,469 350,293,259
Sen Sen
Earnings/(Loss) Per Share 6 2.2 (29.0)
The notes on pages 65 to 84 form anintegral part of these accounts.

59
BALANCE SHEETS
As at 31st December, 1999
Group Company
Note 1999 1998 1999 1998
RM RM RM RM
Share Capital & Reserves
Share Capital 7 1,940,531,778 1,940,531,778 1,940,531,778 1,940,531,778
Reserves 8 295,283,181 277,087,649 618,663,579 596,862,369
2,235,814,959 2,217,619,427 2,559,195,357 2,537,394,147
Minority Interests 1,795,328,314 1,125,944,209 – –
Reserves For Unearned
Premiums 9,581,376 8,064,234 – –
Redeemable Convertible
Bond 9 1,000,000 – – –
D e f e r r e d A nd L o n g Te r m
Liabilities
Term loans 10 254,313,975 634,385,084 – –
Employee benefits 11 624,114 606,106 – –
Deferred taxation 12 9,386,120 8,353,035 – –
Hire purchase and lease creditors 13 709,633 1,033,896 – –
265,033,842 644,378,121 – –
4,306,758,491 3,996,005,991 2,559,195,357 2,537,394,147
Represented by:-
Fixed Assets 14 592,291,103 606,005,253 – –
Investment Pr operties 15 141,000,000 141,000,000 – –
Subsidiary Companies 16 – – 1,272,954,880 1,402,054,861
Associated Companies 17 678,847,146 788,605,664 – –
Investments 18 1,167,842,751 1,182,830,316 – –
Development Properties 19 62,731,695 63,398,574 – –
Intangible Assets 20 1,482,529 10,341,697 – –
Goodwill On Consolidation 1,022,828,891 1,041,110,731 – –
Current Assets
Development properties and expenditure 19 128,793,218 115,670,378 – –
Stocks 21 72,062,584 71,292,670 – –
Short term investments 22 53,420,091 5,168,391 – –
Debtors 23 557,916,543 498,602,340 1,334,474,668 1,184,472,934
Amounts due from brokers and clients 24 38,005,824 356,096,579 – –
Government securities and bonds 25 19,059,965 18,149,317 – –
Tax recoverable 37,987,189 34,443,675 – –
Deposits, bank balances and cash 26 1,192,329,635 1,652,535,316 433,087 387,451
2,099,575,049 2,751,958,666 1,334,907,755 1,184,860,385
Current Liabilities
Creditors 27 281,716,643 404,025,383 287,013 521,752
Bank borrowings 28 1,064,724,039 2,060,891,784 – –
Taxation 113,399,991 124,327,743 48,380,265 48,999,347
1,459,840,673 2,589,244,910 48,667,278 49,521,099
Net C ur rent Assets 639,734,376 162,713,756 1,286,240,477 1,135,339,286
4,306,758,491 3,996,005,991 2,559,195,357 2,537,394,147
The notes on pages 65 to 84 form anintegral part of these accounts.

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C O N S O L I D ATED CASH FLOW STA T E M E N T

1999 1998
RM RM
Cash Flows From Operating Activities
Profit/(Loss) before taxation 63,362,285 (338,054,806)
Adjustments for:-
Exceptional items (Note b) (215,565,190) 84,371,564

Amortisation and write off of intangible assets 4,693,997 2,687,229
Amortisation of premium on government securities 6,065 87,625
Depreciation 30,161,108 32,148,629
Fixed assets written off 162,106 799,683
Interest expense 211,842,794 410,951,882
Investment income (19,938,161) (23,937,811)
Interest income (101,207,923) (143,989,620)
Investments written off 211,880 8,525
(Profit)/Loss on sale of fixed assets (239,905) 94,524
Profit on sale of short term investments (3,098,627) (103,551)
Provision for diminution in value of short term investments 2,019,026 789,437
Provision for employee benefits 128,455 78,331
Reserves for unearned premiums 1,517,142 (1,502,899)
Losses/(Profits) in associated companies 44,446,632 (52,893,088)
Operating profit/(loss) before working capital changes 18,501,684 (28,464,346)
Increase in short term investments (5,214,462) (4,421,825)

(Increase)/Decrease in stocks (4,325,291) 18,968,928
(Increase)/Decrease in debtors and amounts due from
brokers and clients (13,264,658) 505,851,724
Decrease in creditors (83,710,777) (111,670,572)
Increase in government securities and bonds (916,713) (1,971,408)
Cash (used in)/generated from operations (88,930,217) 378,292,501
Interest paid (121,734,777) (412,381,045)

Interest received 101,207,923 143,989,620
Employee benefits paid (153,406) (56,225)
Tax refund 11,478,388 8,973,257
Tax paid (25,185,383) (27,978,348)
Net cash (used in)/generated from operating activities (123,317,472) 90,839,760
61
C O N S O L I D ATED CASH FLOW STA T E M E N T ( Co n t ’ d)
1999 1998
RM RM
Cash Flows From Investing Activities
Acquisition of a subsidiary company (Note f) – (7,000)
Deferred and pre-operating expenses incurred (754,192) (3,057,390)
Dividends received 19,938,161 23,937,811
Purchase of investments in associated companies (94,042,450) (332,132,092)
Purchase of other investments (59,005,950) (2,297,653)
Purchase of fixed assets and development properties (21,206,119) (50,117,439)
Proceeds from sale of investments in associated companies 163,623,157 1,859,616,654
Proceeds from sale of investments in existing
subsidiary companies 6,579,048 1,001,922
Proceeds from sale of subsidiary companies (Note d) 330,000 247,196
Proceeds from sale of other investments 116,925,162 124,043,610
Proceeds from sale of fixed assets and properties 3,526,214 13,740,222
Bank overdrafts net of deposits, bank balances and cash
disposed of on sale of subsidiary companies 253,261 1,810,365
Bank overdrafts net of bank balances and cash of subsidiary
companies not consolidated 9,994,860 4,149,550
Net cash generated from investing activities 146,161,152 1,640,935,756
Cash Flows From Financing Activities
Proceeds from issue of shares to minority
shareholders in subsidiary companies 38,295,220 7,200,000
Proceeds from drawdown of term loans and
utilisation of revolving credits 127,895,907 139,668,184
Dividends received from associated companies 2,511,424 87,504,722
Dividends paid to shareholders of the Company – (13,971,829)
Dividends paid to minority shareholders of subsidiary companies (27,437,268) (8,889,951)
Payment of expenses incurred on corporate exercises (2,233,430) (134,082)
Repayment of bank borrowings (589,027,657) (1,012,753,971)
Net cash used in financing activities (449,995,804) (801,376,927)

Effects of exchange rate changes 225,780 (17,334,921)
Net (decrease)/increase in cash and cash equivalents (426,926,344) 913,063,668
Settlement of bank overdrafts pursuant to schemes of arrangement 372,750,297 –
Cash and cash equivalents as at 1st January:-
As previously reported 1,058,413,830 146,771,858
Effects of exchange rate changes on cash and cash equivalents 1,371,586 (1,421,696)
As restated 1,059,785,416 145,350,162
Cash and cash equivalents as at 31st December (Note a) 1,005,609,369 1,058,413,830
(a) The cash and cash equivalents consist of the following:-

1999 1998
RM RM
Deposits, bank balances and cash 1,192,329,635 1,652,535,316
Bank overdrafts (186,720,266) (594,121,486)
1,005,609,369 1,058,413,830
The notes on pages 65 to 84 form an integral part of these accounts.

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(b) Exceptional items as presented in the consolidated cash flow statement comprise:-
1999 1998
RM RM
Profit/(Loss) on sale of investments in
– existing subsidiary companies (10,825,020) (2,032,038)
– associated companies 29,584,996 789,877,407
– others 18,707,333 (4,333,405)
Profit on sale of properties 330,588 –
Loss on sale of subsidiary companies (198,053) (2,334,479)
Loss on foreign exchange (10,208,497) (3,728,000)
Provision for diminution in value
of long term investments (41,892,356) (20,182,848)
Provision for doubtful debts (55,532,895) (593,657,814)
Provision for diminution in value of fixed
assets and development properties (2,640,000) (35,855,044)
Provision for contingent loss (1,416,317) (46,450,969)
Provision for corporate guarantees (2,268,000) (5,323,425)
Gain on dilution of interest in a
subsidiary company 185,719,052 –
Interest expenses waived under schemes of
arrangement of subsidiary companies 118,596,771 –
Goodwill written off – (86,943,526)
Bad debts written off (108,599) (9,524,154)
Surplus arising from subsidiary companies
not consolidated (Note e) 434,415 750,966
Share of exceptional items of associated companies (12,718,228) (64,634,235)
215,565,190 (84,371,564)
(c) During the year, Pan Malaysia Holdings Berhad (formerly known as Pengkalen Holdings Berhad)
(PM Holdings) and certain of its subsidiary companies including Pan Malaysia Capital Berhad
(formerly known as Pengkalen Capital Berhad) (PM Capital), have undertaken the following:-
(i) Settlement of bank borrowings (including bank overdrafts of RM372,750,297) totalling
RM882,141,889 via the following:-
RM
– issuance of ordinary shares, irredeemable convertible preference
shares and redeemable convertible bond at nominal value
by PM Holdings and/or PM Capital 788,489,899
– set off against securities pledged by debtors 66,425,144
– portion of interest waived under schemes of arrangement which
was included in bank borrowings as at 1st January, 1999 27,226,846
882,141,889
(ii) Settlement of creditors amounting to RM35,803,385 from the issuance of irredeemable

convertible preference shares by PM Holdings and PM Capital.
(iii) Settlement of debts totalling RM143,874,478 by way of contra with the following assets by the
debtors:-
RM
Fixed assets 6,800,000
Unquoted investments 92,200,000
Quoted investments 44,874,478
143,874,478
63
C O N S O L I D ATED CASH FLOW STA T E M E N T ( Co n t ’ d)
(d) The effects of the sale of subsidiary companies are analysed as follows:-
1999 1998
RM RM
Assets and liabilities sold
Fixed assets 18,647 1,948,588
Investments – 86,000
Stocks and work-in-progress 321,068 2,065,883
Debtors 867,115 5,394,941
Bank balances and cash 7,304 24,508
Goodwill 123,307 626,082
Creditors (278,992) (4,625,171)
Bank borrowings (260,565) (1,834,873)
Taxation – (184,231)
Long term liabilities – (833,171)
Deferred taxation – (30,000)
Minority interests (269,831) (56,881)
Attributable net assets sold 528,053 2,581,675
Loss on sale of subsidiary companies (198,053) (2,334,479)
Net proceeds received 330,000 247,196
(e) The effects of subsidiary companies under winding up not consolidated are analysed as follows:-
1999 1998
RM RM
Assets and liabilities on winding up
Fixed assets 6,304,556 100,795
Short term investments 50,000 –
Stocks and work-in-progress 3,234,309 –
Debtors 11,708,484 4,192,807
Bank balances and cash 255,536 7,992
Goodwill – 307,676
Creditors (1,490,182) (1,128,494)
Bank overdrafts (10,250,396) (4,157,542)
Other bank borrowings (11,093,035) –
Taxation (26,566) (74,200)
Minority interests 872,879 –
Surplus arising from subsidiary companies not consolidated (434,415) (750,966)
(f) The effects of the acquisition of a subsidiary company are analysed as follows:-
1999 1998
RM RM
Net assets and liabilities acquired:-
Debtors – 7,159,146
Creditors – (6,672,545)
Taxation – (133,448)
Minority interests – (105,946)
Fair value of net assets acquired – 247,207
Reserve on consolidation – (240,207)
Total purchase consideration – 7,000
(g) Certain comparative figures in the Consolidated Cash Flow Statement were restated to conform with
current year’s presentation.
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N OTES TO THE ACCOUNTS

31st December, 1999
1 . Significant Accounting Policies
(a) Accounting Convention

The accounts of the Company and of the Group are prepared under the historical cost convention
modified to include the revaluation of certain land and buildings and, in respect of the Company,
investments in certain subsidiary companies, and comply with applicable approved accounting standards.
(b) Basis of Consolidation

The consolidated profit and loss account and balance sheet include the accounts of the Company
and all its subsidiary companies for the year ended 31st December, 1999, with the exception of
those referred to in Note 16(b). The results of subsidiary companies acquired or disposed of during
the period are included in the consolidated profit and loss account from the date of acquisition or
up to the date of disposal respectively.
The difference between the purchase price and the fair value of the net assets of subsidiary
companies at the date of acquisition is included in the consolidated balance sheet as goodwill or
reserve arising on consolidation.
The Directors are of the opinion that the existing goodwill on consolidation consists of significant
economic benefits to the Group and with no permanent impairment to its carrying value.
Accordingly, the Directors consider that no amortisation of the goodwill is neccesary.
(c) Associated Companies

Associated companies are defined as those companies not being subsidiary companies in which the
Group holds a long term equity interest and is in a position to exercise significant influence.
The Group’s share of post-acquisition profits less losses of associated companies is taken up in the
consolidated profit and loss account in place of dividends received or receivable from the associated
companies and the Group’s share of post-acquisition reserves and retained profits less losses is
added to the cost of investment in the consolidated balance sheet.
The results and reserves of the associated companies are based on the latest available audited or
management accounts.
(d) Depreciation
(i) Freehold land is not depreciated. Leasehold land is amortised over the period of the lease
ranging from 24 years to 99 years.
(ii) No depreciation is provided for construction work-in-progress. Depreciation of such properties
will only be provided when construction is completed.
(iii) All other fixed assets are depreciated on a straight line basis to write off the cost or
valuation of the assets over the expected useful lives. The principal annual rates used for
this purpose are:-
%
Buildings 2 to 2.5
Plant & machinery 5 to 10
Furniture, fittings & equipment 5 to 20
Motor vehicles 15 to 30
Renovations 5 to 20
65
(e) Bad and Doubtful Debts
Bad debts are written off when known. Specific provision is made for those debts considered doubtful.
(f) General Insurance Underwriting Results

The general insurance underwriting results are determined after taking into account, inter alia,
unearned premiums and outstanding claims.
The calculation of unearned premium reserve is based on the following rates:-

Marine – 25% of premiums less reinsurances
General Business – “Method of 24” on premiums less reinsurances and commissions.
Outstanding claims represent claims arising from incidents prior to the accounting date but not
settled and include provision for the probable cost of claim incurred but not reported by the date
on which records for the year are closed. Any difference between the estimated cost and subsequent
settlement is dealt with in the revenue account of the year in which the settlement takes place.
(g) Employee Benefits

The employee benefits are in respect of overseas subsidiary companies. Provision is made for long
service leave and annual leave estimated to be payable to employees on the basis of statutory and
contractual requirements. The amounts have been apportioned between current and non-current, the
current provision being the portion that is expected to be paid within the next twelve months. Other
employee benefits payable later than one year have been measured at the present value of the
estimated cash outflows to be made for those entitlements.
(h) Deferred Taxation

Deferred taxation is provided on the liability method for all timing differences except where no
liability is expected to arise in the foreseeable future. Deferred tax benefits are only recognised
when there is a reasonable expectation of realisation in the near future.
(i) Currency Translation

Foreign currency transactions are recorded in Ringgit Malaysia at rates of exchange ruling at
transaction dates and where settlement had not taken place at 31st December, at rates ruling at that
date. Exchange gains and losses are dealt with through the profit and loss account.
In the Group accounts, assets and liabilities of overseas subsidiary companies are translated at
exchange rates ruling at the balance sheet date. Profit and loss items are translated at average
exchange rates for the year. All exchange differences are dealt with through the exchange
fluctuation reserve account.
(j) Dividend Income

Dividends from subsidiary and associated companies are included in the profit and loss account of
the Company when declared or proposed.
Dividends from other investments are included in the profit and loss accounts of the Group and the
Company when received.
(k) Investment Properties

Investment properties are land and buildings held by the Group for their investment potential and
rental income.
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(k) Investment Properties ( C o n t ’ d )

The Group has not adopted a policy of regular revaluation. However, the Directors periodically assess
the carrying value of its investment properties based upon the advice of professional valuers. The
carrying values of investment properties are not written down unless the Directors are of the opinion
that there is a permanent decline in value of these investment properties.
(l) Revenue Recognition From Development Properties

Profit from development properties is recognised on the percentage of completion method in cases
where the outcome of the development can be reliably estimated. Anticipated losses are provided for
in full.
(m) Property Development Expenditur e

Property development expenditure includes the cost of land held for development, related
development costs common to the whole development project, direct costs of construction and
where applicable attributable profit on construction in progress.
Costs charged to the profit and loss account in respect of completed properties sold comprise all
direct costs of construction and related land and development costs.
The portion of the property development expenditure relating to projects where development
works have been undertaken and are expected to be completed within the normal operating cycle,
is shown as current assets.
(n) Stocks
Stocks are stated at the lower of cost and net realisable value. Cost is determined on the weighted
average basis for raw materials and finished goods and on the first-in-first-out basis for other stocks.
Cost includes the actual cost of materials and incidentals and where relevant, an appropriate
proportion of production overhead, transport and handling charges.
(o) Investments
Investments in subsidiary and associated companies and other investments that are held on a long term
basis are stated at cost and are not written down unless the Directors are of the opinion that there is
a permanent diminution in value of these investments.
Malaysian Government Securities and Bonds are stated at cost adjusted for amortisation of
premiums or accretion of discounts to maturity date.
(p) Short Term Investments

Short term quoted investments are stated at the lower of cost and market value.
(q) Intangible Assets

The cost of intangible assets is amortised over the period in which the related benefits are expected
to be realised except for trademarks which are stated at cost and will be written down only when
the Directors are of the opinion that there is a permanent diminution in their value.
(r) Leasing and Hire Purchase Commitments

Assets under finance leases and hire purchase contracts which in substance transfer the risks and
benefits of ownership of the assets to the Group have been capitalised under fixed assets and the
corresponding liabilities are taken up under lease and hire purchase creditors. The assets are
depreciated on the same basis as that of the Group’s other assets. The finance charges are allocated
to the profit and loss account over the periods of leases and hire purchase.
67
(r) Leasing and Hire Purchase Commitments (Cont’d)
Leases which do not meet such criteria are classified as operating leases and the related rentals are
charged to the profit and loss account as incurred.
(s) Cash and Cash Equivalents

Cash and cash equivalents include cash and bank balances, bank overdrafts, deposits and other
short term, highly liquid investments which are readily convertible to cash with insignificant risk of
changes in value.
2. G r o s s R e v e n u e
(a) Gross revenue of the Group includes the following:-
– invoiced value of goods sold and services rendered less returns and discounts
– dividends, interest and rental income
– gross insurance premiums written
– brokerage, commission, service charges and royalty
– proportionate sales value of development properties sold attributable to stage of completion
(b) Gross revenue of the Company represents income from dividends and interest.
3 . Operating (Loss)/Pr ofit

Group Company
1999 1998 1999 1998
RM RM RM RM
Operating (loss)/profit is stated after charging:-
Auditors’ remuneration
– current year 1,211,894 1,308,319 50,000 50,000
– underprovision in prior years 76,636 70,941 – –
Depreciation 30,161,108 32,148,629 – –
Directors’ remuneration
– fees 753,730 796,935 – 360,000
– other emoluments 8,061,994 14,891,475 270,000 1,849,500
– benefits in kind 132,463 182,465 – –
Interest expense
– term loans 28,527,936 110,345,941 – –
– bank overdrafts 48,537,904 79,367,046 – –
– other borrowings
stockbroking operations 44,381,064 77,866,098 – –
other operations 90,395,890 143,372,797 – –
Investments written off 211,880 8,525 – –
Rental of buildings 2,765,359 6,421,004 – –
Rental of equipment 290,676 1,081,757 – –
Provision for employee benefits 128,455 78,331 – –
Amortisation of premiums
on government securities 6,065 87,625 – –
Provision for diminution
in value of short term investments 2,019,026 789,437 – –
Deferred and pre-operating expenses written off 3,136,564 794,833 – –
Fixed assets written off 162,106 799,683 – –
Amortisation of intangibles and write-offs 1,557,433 1,892,396 – –
Loss on sale of fixed assets – 94,524 – –
Brokerage commission paid to directors of
stockbroking subsidiary companies – 1,145,751 – –
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3 . Operating (Loss)/Profit (Cont’d)

Group Company
1999 1998 1999 1998
RM RM RM RM
and after crediting:-
Gross dividends
Subsidiary companies
– quoted in Malaysia – – 23,215,335 7,080,893
– unquoted – – 45,000 8,946,000
Other investments
– quoted in Malaysia 4,079,490 7,001,403 – –
– quoted overseas 15,813,671 16,887,486 – –
– unquoted 45,000 48,922 – –
Interest income
– government securities 1,255,991 1,291,629 – –
– inter-company – – 6,357,860 8,709,751
– others 99,951,932 142,697,991 28,226 30,800
Rental income 9,938,440 12,259,921 – –
Profit on sale of short term investments 3,098,627 103,551 – –
Profit on sale of fixed assets 239,905 – – –
4 . Exceptional Items
Group Company
1999 1998 1999 1998
RM RM RM RM
Profit/(Loss) on sale of investments in
– existing subsidiary companies (10,825,020) (2,032,038) – –
– associated companies 29,584,996 789,877,407 – –
– others 18,707,333 (4,333,405) – –
Profit on sale of properties 330,588 – – –
Loss on sale of subsidiary companies (198,053) (2,334,479) – –
Provision for diminution in value
of long term investments (41,892,356) (20,182,848) – –
Provision for doubtful debts
– stockbroking operations (48,943,652) (533,650,889) – –
– other operations (6,589,243) (60,006,925) – –
Provision for diminution in value of
fixed assets and development properties (2,640,000) (35,855,044) – –
Provision for contingent loss (1,416,317) (46,450,969) – –
Provision for corporate guarantees (2,268,000) (5,323,425) – –
(Loss)/Gain on foreign exchange (10,208,497) (3,728,000) – 2,180,921
Retrenchment benefits (1,543,088) (1,112,438) – –
Corporate exercise expenses (4,394,707) – – –
Gain on dilution of interest in a
subsidiary company 185,719,052 – – –
Interest expenses waived
under schemes of arrangement of
subsidiary companies 118,596,771 – – –
Goodwill written off – (86,943,526) – –
Bad debts written off (108,599) (9,524,154) – –
Surplus arising from subsidiary
companies not consolidated 434,415 750,966 – –
Share of exceptional items
of associated companies (12,718,228) (64,634,235) – –
209,627,395 (85,484,002) – 2,180,921
69
5 . Ta x a t i o n
Group Company
1999 1998 1999 1998
RM RM RM RM
Current taxation
– Malaysian – 27,488,416 6,492,277 5,486,192
– Foreign 4,133,985 5,945,639 – –
Recoverable effect of tax credit in
respect of dividends received
from subsidiary companies (7,022,743) (8,738,289) – –
Deferred taxation (Refer Note 12) (367,484) 792,129 – –
(3,256,242) 25,487,895 6,492,277 5,486,192
Group’s share of taxation of
associated companies 10,853,373 47,554,130 – –
7,597,131 73,042,025 6,492,277 5,486,192
(Over)/under provision in respect of
prior years (2,954,423) 2,491,913 – –
4,642,708 75,533,938 6,492,277 5,486,192
No provision has been made for taxation in respect of income (other than dividend income) of the
Malaysian subsidiary companies for the year ended 31st December, 1999 in accordance with the waiver
in the Income Tax (Amendment) Act 1999. The taxation charge for the Group in 1999 is in respect of
taxation charge of non-Malaysian subsidiary companies. As for the Company, the taxation charge is in
respect of dividend income.
6 . E a r nings/(Loss) Per Share
The earnings/(loss) per share has been calculated based on the consolidated profit after taxation and
minority interests of RM42,776,229 (1998 : loss after taxation and minority interests of RM562,611,544)
and the number of shares in issue during the year of 1,940,531,778 (1998 : 1,940,531,778) ordinary shares
of RM1 each.
7. S h a r e C a p i t a l
Group/Company
1999 1998
RM RM
(a) Authorised and Issued & Fully Paid Share Capital
Authorised : Ordinary shares of RM1 each 3,000,000,000 3,000,000,000
Issued & fully paid : Ordinary shares of RM1 each 1,940,531,778 1,940,531,778
(b) Executive Share Option Scheme

An Executive Share Option Scheme (Scheme) was implemented for the benefit of eligible
directors and executives of the Group on 8th July, 1996, expiring on 4th July, 2001. Under the
Scheme, an Option Committee appointed by the Board of Directors to administer the Scheme,
will offer the options to subscribe for new ordinary shares in the Company to eligible directors
and executives of the Group except for directors and executives of Pan Malaysia Holdings
Berhad (formerly known as Pengkalen Holdings Berhad) (PM Holdings) and its subsidiary
companies, who are eligible to participate under its own Executive Share Option Scheme.
As at 31st December, 1999, there were 1,372,000 unissued shares under options granted pursuant
to the Scheme at an exercise price of RM1.80 per share.
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7. S h a r e C a p i t a l (Cont’d)
(c) Special Issue

The Company implemented in 1997 a special issue of 169,680,000 new ordinary shares of RM1
each at an issue price of RM1.35 per share to Bumiputera investors approved by the Ministry of
International Trade and Industry (MITI). A total 124,905,000 shares were applied for and issued
to the approved Bumiputera investors. The issuance of balance 44,775,000 shares is still pending
completion.
8. R e s e r v e s
(a) Group
Non-Distributable Distributable
Exchange
Share Revaluation Fluctuation Capital General Total
Premium Reserve Reserve Reserve Reserve 1999 1998
RM RM RM RM RM RM RM
At 1st January 220,305,408 27,429,774 110,424,919 15,120,934 25,257,587 398,538,622 914,423,611

Rights and special issues expenses – – – (1,925,861) – (1,925,861) (94,917)
Group’s share of post-acquisition reserves
of associated companies – – (404,331) – – (404,331) 604,575
Difference on translation of net assets of
overseas subsidiary and associated companies – – (22,250,505) – – (22,250,505) (302,757,931)
Adjustments on changes in percentage of
equity holding in subsidiary companies – – – – – – 1,646,217
Reserves realised on sale of shares in
subsidiary and associated companies
transferred to Profit and Loss Account – – – – – – (215,282,933)
At 31st December 220,305,408 27,429,774 87,770,083 13,195,073 25,257,587 373,957,925 398,538,622
Accumulated losses at 31st December (78,674,744) (121,450,973)
295,283,181 277,087,649
Company
At 1st January and 31st December 220,305,408 26,263,702 – – – 246,569,110 246,569,110
Unappropriated profits at 31st December 372,094,469 350,293,259
618,663,579 596,862,369
(b) (Accumulated losses)/Unappropriated profits are (absorbed)/retained by:-
1999 1998
RM RM
The Company 372,094,469 350,293,259

Subsidiary companies (284,445,829) (378,776,649)
Associated companies (166,323,384) (92,967,583)
(78,674,744) (121,450,973)
71
8. R e s e r v e s (Cont’d)
(c) Subject to the agreement with the Inland Revenue Board, based on the estimated tax credit available
and balance in the tax-exempt account for distribution of tax-exempt dividends, approximately
RM66.7 million of the unappropriated profits of the Company as at 31st December, 1999 are available
for distribution by way of dividends without incurring additional tax liability.
9. R e d e e m a b l e C o n v e r t i b l e B o n d
As mentioned in Note 32 (i), a subsidiary company, Pan Malaysia Capital Berhad (formerly known as
Pengkalen Capital Berhad) (PM Capital) issued redeemable convertible bond (Bond) at nominal value
of RM1,000,000 pursuant to the scheme of arrangement of its stockbroking subsidiary companies. The
principal terms of the Bond are as follows:-
(i) convertible up to 1,000,000 ordinary shares of RM1 each in PM Capital within a five (5) years period
to 29th December, 2004 or redeemable for cash at maturity on 29th December, 2004; and
(ii) no coupon rate shall be attached to and no interest shall be payable on the Bond.
10. T e r m L o a n s
Group
1999 1998
RM RM
(a) Term loans

Secured 138,856,664 95,054,386
Unsecured 323,444,190 652,482,499
462,300,854 747,536,885
Less:-
Repayable within the next 12 months included
under current liabilities (Refer Note 28) (207,986,879) (113,151,801)
254,313,975 634,385,084
(b) The term loans in respect of overseas subsidiary companies bear interest at between 8.0% and 16.0%
per annum (1998 : 6.5% and 23.0% per annum). The other term loans bear interest at between 0.75%
and 2.75% per annum (1998 : 0.75% and 3.0% per annum) above the base lending rates/cost of funds
of the lending institutions.
(c) The unsecured term loans as at 31st December, 1999 include revolving credit facilities of
RM142,000,000 (1998 : RM464,377,730) which have been classified under long term liabilities on the
basis that certain obligations will be retired after 12 months.
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11. E m p l o y e e B e n e f i t s
Group
1999 1998
RM RM
At 1st January 606,106 645,763
Exchange adjustments 1,905 (8,510)
Provision for the year 128,455 78,331
Paid during the year (153,406) (56,225)
583,060 659,359
Amount transfer from/(to) current liabilities 41,054 (53,253)
At 31st December 624,114 606,106
12. D e f e r r e d T a x a t i o n
Group
1999 1998
RM RM
At 1st January 8,353,035 6,723,549

Exchange adjustments 278,864 (352,520)
Transfer from tax provision account 1,121,705 1,219,877
Transfer (to)/from profit and loss account (Refer Note 5) (367,484) 792,129
Amounts in subsidiary companies disposed of during the year – (30,000)
At 31st December 9,386,120 8,353,035
The deferred taxation provision at end of the year is in respect of the timing differences arising from the
excess of capital allowances over the corresponding depreciation.
The tax effects of the surplus on revaluation of the freehold land and buildings have not been recognised
in the accounts as the Group has no intention of disposing the revalued assets in the foreseeable future.
13. H i r e P u r c h a s e A n d L e a s e C r editors
Group
1999 1998
RM RM
At 31st December 2,473,207 7,788,460

Less: Amount payable within the next twelve months included
under current liabilities (Refer Note 27) (1,763,574) (6,754,564)
709,633 1,033,896
73
14. F i x e d A s s e t s
(a) Group
Freehold Leasehold Furniture, Construction
Land & Land & Plant & Motor Fittings & Work-In Total
Buildings Buildings Machinery Vehicles Equipment -Progress Renovations 1999 1998
RM RM RM RM RM RM RM RM RM
Cost or Valuation
At 1st January 398,508,142 132,607,815 142,378,794 50,081,003 84,777,038 7,035,705 12,091,905 827,480,402 849,089,164
Exchange adjustments 7,907,911 1,515,895 966,235 1,366,538 1,369,807 4,761 354,218 13,485,365 (30,726,653)
Reclassifications 2,170,242 35,974 – – (2,117,246) – (88,970) – –
408,586,295 134,159,684 143,345,029 51,447,541 84,029,599 7,040,466 12,357,153 840,965,767 818,362,511
Additions 7,038,492 – 593,991 980,135 3,576,671 1,830,829 151,622 14,171,740 36,209,321
Disposals (924,046) – (5,522,140) (1,332,700) (250,060) – – (8,028,946) (19,267,285)
Written off – – (1,203,977) (14,000) (520,238) – – (1,738,215) (3,596,787)
Disposal of subsidiaries – – – – (59,360) – – (59,360) (3,400,279)
Provision for diminution – – – – – – – – (532,222)
Subsidiaries under liquidation
not consolidated (5,728,529) – (1 1 , 8 7 9 , 6 3 6 ) (528,077) (591,323) – (7,571) (18,735,136) (294,857)
At 31st December 408,972,212 134,159,684 125,333,267 50,552,899 86,185,289 8,871,295 12,501,204 826,575,850 827,480,402
Accumulated Depreciation
At 1st January 38,403,495 7,400,425 92,037,768 37,932,107 40,187,584 – 5,513,770 221,475,149 189,492,906
Exchange adjustments 643,690 229,938 (1,685,755) 1,401,276 1,020,861 – 159,107 1,769,117 (7,881,435)
Reclassifications – – (35,030) 15,921 19,109 – – – –
39,047,185 7,630,363 90,316,983 39,349,304 41,227,554 – 5,672,877 223,244,266 181,611,471
Charge for the year 5,514,356 1,203,029 9,543,458 4,387,329 7,311,220 – 2,201,716 30,161,108 32,148,629
Disposals (212,530) – (3,412,188) (1,263,114) (185,393) – – (5,073,225) (5,659,383)
Written off – – (1,071,847) (14,000) (490,262) – – (1,576,109) (2,797,104)
Disposal of subsidiaries – – – – (40,713) – – (40,713) (1,451,691)
Provision for diminution – – – – – – – – (532,222)
Break up value adjustment – – – – – – – – 18,349,511
Subsidiaries under liquidation
not consolidated (625,497) – (10,724,939) (471,979) (600,594) – (7,571) (12,430,580) (194,062)
At 31st December 43,723,514 8,833,392 84,651,467 41,987,540 47,221,812 – 7,867,022 234,284,747 221,475,149
Net Book Value

At 31st December, 1999 365,248,698 125,326,292 40,681,800 8,565,359 38,963,477 8,871,295 4,634,182 592,291,103 –
At 31st December, 1998 360,104,647 125,207,390 50,341,026 12,148,896 44,589,454 7,035,705 6,578,135 – 606,005,253
(b) Leasehold land and buildings at cost comprises the following:-

1999 1998
RM RM
Long term leasehold 130,925,458 129,373,589
Short term leasehold 3,234,226 3,234,226
134,159,684 132,607,815
(c) Fixed assets stated at valuation are as follows:-

1999 1998
RM RM
Freehold land and buildings
Valuation in 1982 150,000 150,000
Valuation in 1983 91,412,937 91,412,937
Valuation in 1986 16,960,356 16,960,356
108,523,293 108,523,293
The valuations for 1982 and 1983 were based on valuations by independent professional valuers whilst that for
1986 was based on valuation by the Directors. All valuations were on the basis of open market. The valuations
have not been updated as the Group has not adopted a policy of regular revaluation. Pursuant to the transitional
provisions of International Accounting Standard No. 16 (Revised) – Property, Plant and Equipment, the said
assets are stated at their valuation less accumulated depreciation. The carrying amount of the said assets that
would have been carried at cost less accumulated depreciation cannot be determined from available records.
74
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14. F i x e d A s s e t s (Cont’d)
(d) Certain of the long term leasehold land and buildings, freehold land and buildings, and plant and
machinery of the Group with net book value totalling RM170,497,236 (1998 : RM143,526,138) are
pledged to financial institutions for banking facilities granted to subsidiary companies.
(e) Fixed assets of the Group with net book value totalling RM4,704,066 (1998 : RM14,029,949) have been
acquired under hire purchase and lease arrangements.
(f) Included in the fixed assets of the Group as at 31st December, 1998 are fixed assets of certain
subsidiary companies with net book value totalling RM21,608,098 whereby the value has been stated
at estimated net realisable values based on Directors’ estimation or on forced sale value basis on the
advice of independent professional valuers.
15. I n v e s t m e n t P r o p e r t i e s
Group
1999 1998
RM RM
At Directors’ valuation (1983)
Freehold land 56,004,200 56,004,200
Building 84,995,800 84,995,800
141,000,000 141,000,000
The valuation in 1983 was on the basis of open market.
16. S u b s i d i a r y C o m p a n i e s
Company
1999 1998
RM RM
(a) Investments in subsidiary companies
Quoted shares
At cost 500,097,532 500,097,532
At Directors’ valuation (1983) 56,529,299 56,529,299
556,626,831 556,626,831
Unquoted shares
At cost less provision for diminution in value of
RM22,907,286 (1998 : RM22,907,286) 670,710,280 799,810,261
At Directors’ valuation:-
– 1983 38,717,769 38,717,769
– 1987 6,900,000 6,900,000
716,328,049 845,428,030
1,272,954,880 1,402,054,861
Market value of quoted shares 407,983,179 360,323,296
75
1 6 .S u b s i d i a r y C o m p a n i e s (Cont’d)
(b) The consolidated accounts of the Group do not deal with the following subsidiary companies:-
i) Pengkalen (Hong Kong) Limited (PHK) and its subsidiary companies, Grand Union Insurance
Company Limited (GUI) and Grand Union General and Motor Insurance Company Limited (GUGM).
PHK is a subsidiary company of PM Holdings. Winding up orders and the appointment of
liquidators were made by the Hong Kong High Court against GUI and GUGM. The cost of
investment in PHK has been fully written off. Similarly, the amount due from PHK has been fully
written off by the Group.
ii) Meltis Plc (Meltis)

Meltis is a subsidiary company of Pengkalen (UK) Plc (PUK), and has been placed under
receivership. The cost of investment in Meltis has been fully written off.
iii) GCIH (Singapore) Pte Ltd (GCIH) and Welland Investments Pte Ltd (WIPL)
GCIH and WIPL are subsidiary companies of PUK and are in the process of winding up. The costs
of these investments have been fully written off.
iv) Pengkalen Electronics Industries Sdn Bhd (PEI)

PEI is a subsidiary company of PM Holdings and a winding up order was made by the Kuala
Lumpur High Court against PEI. The cost of investment in PEI has been fully written off.
v) Heng’s Food & Beverage Industries Pte Ltd

This company which is a subsidiary company of PUK, is in the process of liquidation. The cost of
this investment has been fully written off.
vi) Asia Entertainment Network Sdn Bhd (AEN)

AEN is a subsidiary company of PM Holdings and a winding up order was made by the Kuala
Lumpur High Court against AEN. The cost of investment in AEN has been fully written off.
(c) Technitone (M) Sdn Bhd (Technitone) and its subsidiary company, Office Business Systems Sdn Bhd
(OBS) were placed under receivership during the financial year. Subsequent to the financial year end,
Technitone, OBS and the subsidiary companies of OBS, namely, Office Business Systems (Penang) Sdn
Bhd, Office Business Systems (Malacca) Sdn Bhd and Sensor Equipment Sdn Bhd are under voluntary
winding up. The cost of these investments have been fully written down and the amounts due from them
have been fully provided for by the Group. Accordingly, the consolidated profit and loss account include
the results of these companies up to the date when Technitone was placed under receivership.
(d) The subsidiary companies consolidated are listed on pages 87 to 95.
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17. A s s o c i a t e d C o m p a n i e s
Group
1999 1998
RM RM
(a) Investments in associated companies:-
Quoted shares, at cost
Malaysian 367,498,754 367,498,754
Overseas 336,278,477 390,791,299
703,777,231 758,290,053
Unquoted shares, at cost 113,817,939 114,242,268
817,595,170 872,532,321
Group’s share of post-acquisition
reserves and retained profits less losses (138,748,024) (83,926,657)
678,847,146 788,605,664
Market value of quoted shares
Malaysian 166,561,501 140,141,400
Overseas 279,411,236 249,210,397
445,972,737 389,351,797
(b) The Group’s interests in associated companies comprises:-

Group
1999 1998
RM RM
Group’s share of net assets 332,696,187 594,642,128
Premium on acquisitions 346,150,959 193,963,536
678,847,146 788,605,664
(c) The associated companies are listed on pages 87 to 95.
18. I n v e s t m e n t s
Group
1999 1998
RM RM
Quoted shares
Malaysian, at cost less provision for diminution in
value of nil (1998 : RM2,975,755) 264,545,296 264,562,289
Overseas, at cost less provision for diminution in
value of RM37,328,539 (1998 : RM37,329,183) 477,907,857 604,992,245
742,453,153 869,554,534
Unquoted shares, at cost less provision for
diminution in value of RM169,956,380 (1998 : RM128,132,080) 425,389,598 313,275,782
1,167,842,751 1,182,830,316
Market value of quoted shares
Malaysian 153,213,594 122,497,249
Overseas 487,098,636 405,157,128
640,312,230 527,654,377
77
19. D e v e l o p m e n t P r o p e r t i e s
Group
1999 1998
RM RM
Freehold land, at cost 114,443,654 117,773,505
Development expenditure 96,529,145 78,103,333
Less : Provision for diminution in value (19,447,886) (16,807,886)
191,524,913 179,068,952
Less : Amount included under current assets
Land and development expenditure 144,377,097 119,402,914
Add : Attributable profit 3,533,101 405,338
Less : Progress billings (19,116,980) (4,137,874)
128,793,218 115,670,378
62,731,695 63,398,574
Interest expense included in development expenditure amounted to RM7,764,796 (1998 : RM6,502,888). Certain
development properties of a subsidiary company with carrying value of RM20,000,000 (1998 : RM27,366,638)
are pledged to financial institutions for banking facilities granted to the said subsidiary company.
20. I n t a n g i b l e A s s e t s
Group
1999 1998
RM RM
At cost less amortisation
Pre-operating expenses 851,873 4,425,570
Deferred expenditure 630,656 5,916,127
1,482,529 10,341,697
Included in pre-operating expenses is auditors’ remuneration for the year of RM1,121 (1998 : RM1,575).
21. S t o c k s
Group
1999 1998
RM RM
Food, beverages and hotel supplies 1,846,809 1,189,112
Sundry stores and consumables 1,784,860 3,225,424
Raw materials 15,824,574 13,691,498
Finished goods 46,173,575 46,748,603
Work-in-progress 6,432,766 6,438,033
72,062,584 71,292,670
22. S h o r t T e r m I n v e s t m e n t s
Group
1999 1998
RM RM
Quoted shares, at cost less provision for diminution in
value of RM6,262,202 (1998 : RM1,255,890) 53,420,091 5,168,391
Market value of quoted shares 53,848,315 5,168,391
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23. D e b t o r s
Group Company
1999 1998 1999 1998
RM RM RM RM
Trade debtors, less provision for
doubtful debts of the Group of
RM17,800,678 (1998 : RM16,676,169) 476,780,530 435,238,408 – –
Other debtors, deposits and prepayments,
less provision for doubtful debts of
the Group of RM55,728,442
(1998 : RM59,173,738) 81,136,013 63,363,932 328,699 350,535
Amounts owing by subsidiary companies – – 1,334,145,969 1,184,122,399
557,916,543 498,602,340 1,334,474,668 1,184,472,934
(a) Included in other debtors, deposits and prepayments of the Group are amounts owing by associated
companies of RM1,793,502 (1998 : RM3,360,347).
(b) Amounts owing by subsidiary companies, which represent balances arising from advances and payments
made on behalf by the Company, are unsecured, have no fixed terms of repayment and are interest-free
except for amounts totalling RM83,606,796 (1998 : RM77,284,098) which bear interest at 8.0% per annum
(1998 : 8.0% per annum).
24. A m o u n t s D u e F r o m B r o k e r s A n d C l i e n t s
The amounts due from brokers and clients are stated net of provision for doubtful debts amounting to
RM641,301,074 (1998 : RM610,052,049) and net of bad debts written off amounting to RM20,425,025 (1998 : nil).
25. G o v e r n m e n t S e c u r i t i e s A n d B o n d s
Group
1999 1998
RM RM
At cost after amortisation and accretion 19,059,965 18,149,317
Market value 19,378,346 18,308,585
26. D e p o s i t s , B a n k B a l a n c e s A n d C a s h
Group Company
1999 1998 1999 1998
RM RM RM RM
Term deposits with:-
– Licensed banks 1,036,829,755 1,476,381,140 320,999 321,248
– Licensed finance companies 52,671,067 85,572,360 – –
– Other corporations 71,068,497 2,271,804 – –
Call deposits 2,618,974 61,423,840 – –
Bank balances and cash 29,141,342 26,886,172 112,088 66,203
1,192,329,635 1,652,535,316 433,087 387,451
Included in bank balances and cash of the Group are the following:-
(a) An amount of RM45,964 (1998 : RM51,492) belonging to a subsidiary company re p re s e n t i n g

customers’ segregated funds which must be segregated and separately accounted for under Section 52A
of the Futures Industry Act, 1993;
79
26. D e p o s i t s , B a n k B a l a n c e s A n d C a s h (Cont’d)
(b) Amounts totalling RM1,078,751 (1998 : RM1,027,250) held under the Housing Development Accounts
which are interest bearing pursuant to Section 7A of the Housing Developers Act, 1966; and
(c) Amounts totalling RM9,382,565 (1998 : RM5,531,207) maintained as trust monies in accordance with
the requirements of the Kuala Lumpur Stock Exchange and the Securities Industry Act, 1983.
27. C r e d i t o r s
Group Company
1999 1998 1999 1998
RM RM RM RM
Trade creditors and bills payable 126,781,598 107,534,820 – –

Other creditors and accrued liabilities 153,171,471 289,735,999 287,013 521,752
Current portion of hire purchase and
lease creditors (Refer Note 13) 1,763,574 6,754,564 – –
281,716,643 404,025,383 287,013 521,752
Included in other creditors and accrued liabilities are provision for corporate guarantees and contingent
liabilities amounting to RM39,255,273 (1998 : RM48,722,423) and dealers’ and remisiers’ commission and
deposits totalling RM32,933,357 (1998 : RM41,877,204).
28. B a n k B o r r o w i n g s
Group
1999 1998
RM RM
Bills payable
Secured 11,101,779 26,263,858
Unsecured 2,398,594 14,247,772
Bank overdrafts
Secured 58,761,732 80,420,696
Unsecured 127,958,534 513,700,790
Bank revolving credits
Secured 26,908,357 356,941,808
Unsecured 629,608,164 956,165,059
Current portion of term loans (Refer Note 10) 207,986,879 113,151,801
1,064,724,039 2,060,891,784
(a) The bills payable, bank overdrafts and bank revolving credits bear interest at between 0.5% to 5.0%
per annum (1998 : 0.75% to 5.0% per annum) above the base lending rates/cost of funds of the
lending institutions except for an amount of RM21,391,000 (1998 : RM102,680,000) which bears
interest at 23.5% per annum (1998 : 13.5% to 23.5%).
(b) The banking facilities (including the term loans as mentioned in Note 10) of certain subsidiary
companies are secured by the following:-
(i) fixed charges over certain landed properties, quoted and unquoted securities and plant and
machinery of the Group; and
(ii) floating charges over all the other assets of these subsidiary companies.
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29. A n a l y s e s O f G r o u p O p e r a t i o n s
The analyses of Group operations for the year ended 31st December, 1999 are as follows:–
Profit/(Loss)
Gross Revenue Before Taxation Assets Employed
1999 1998 1999 1998 1999 1998
RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
(a) By Industry:-
Retailing 696,309 589,235 (5,170) (87,584) 245,488 189,426
Hotels 138,494 168,167 (24,796) 5,351 323,643 331,843
Food & Confectionery 380,219 315,974 3,800 (41,198) 205,249 247,182
Properties & Construction 43,008 53,916 14,582 (1,638) 563,622 635,214
Financial Services 83,191 145,850 (88,039) (714,254) 834,911 824,238
Manufacturing & Trading 103,341 55,713 1,130 (14,386) 93,438 66,991
Travel & Tours 127,612 132,807 (3,170) (4,064) 74,822 77,576
Education Services 20,990 25,515 4,721 8,071 56,732 57,073
Cement and Building Materials – 660,938 – 25,799 – 48,490
Media & Entertainment – 78,390 – 12,137 – 14,080
Others 87,514 49,242 160,304 473,711 3,368,694 4,093,138
1,680,678 2,275,747 63,362 (338,055) 5,766,599 6,585,251

Less : Group’s share of associated
companies’ gross revenue (983,611) (1,500,189) – – – –
697,067 775,558 63,362 (338,055) 5,766,599 6,585,251
Profit/(Loss)
Gross Revenue Before Taxation Assets Employed
1999 1998 1999 1998 1999 1998
RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
(b) By Geographical Region:-
Malaysia 361,616 1,076,463 36,599 (473,453) 4,169,809 4,790,388
Asia-Pacific 207,531 249,136 51,239 182,897 771,429 1,060,145
Australia 308,196 268,328 8,058 11,363 199,998 183,643
North America 64,670 38,228 (13,150) 26,481 383,055 354,682
United Kingdom 738,665 643,592 (19,384) (85,343) 242,308 196,393
1,680,678 2,275,747 63,362 (338,055) 5,766,599 6,585,251

Less : Group’s share of associated
companies’ gross revenue (983,611) (1,500,189) – – – –
697,067 775,558 63,362 (338,055) 5,766,599 6,585,251
30. C a p i t a l A n d O t h e r C o m m i t m e n t s
(a) As at 31st December, 1999, the Group has commitments in respect of expenditure contracted but
not provided for amounted to RM1.5 million (1998 : RM6.8 million).
(b) In accordance with the schemes of arrangement by PM Holdings as described in note 32 (h), the
indebtedness of the class of creditors referred to as the secured creditors and unsecured guarantee
creditors were settled by issuance of new ordinary shares of RM1 each in PM Holdings (New Shares)
at par on a Ringgit-to-Ringgit basis.
81
30. C a p i t a l A n d O t h e r C o m m i t m e n t s (Cont’d)
(b) Also, in accordance with the scheme, the Company and Loyal Design Sdn Bhd (LDSB), a wholly-
owned subsidiary company, have on 27th December, 1999 entered into put option agreements with
the said creditors whereby the Company and LDSB granted put options to buy these New Shares at
RM1 per share. These New Shares were issued on 29th December, 1999. The details of the put
options are as follows:-
No. Of New Shares
Put Options Under The Put Options
Granted By As At 31st December, 1999 Exercise Period
The Company 69,949,144 Commencing thirty-six (36) months from the
date of issuance of the New Shares and ending
on the day falling fourteen (14) trading days
thereafter (inclusive of the commencement date
and the day it ends), unless otherwise extended
by the Company.
LDSB 60,630,807 Commencing thirty-six (36) months from the
date of issuance of the New Shares and ending
on the day falling on the second anniversary
thereafter (inclusive of the commencement
date and the day it ends).
31. C o n t i n g e n c i e s
Group
(a) A suit was filed on 28th May, 1996, in the High Court of Kuala Lumpur by three minority
shareholders of Malayan United Industries Berhad, who hold a total of 48,800 shares, against the
Company, all its directors and 3 others seeking inter alia, declaration that the acquisition of all
shares in the capital of PM Holdings be declared void. No trial date has been fixed todate and the
Company’s solicitor is of the considered opinion that the chances of success of the Company and
its Directors are good.
(b) A suit was filed on 17th May, 1996, in the High Court of Kuala Lumpur by LDSB against PM Holdings
and all its former directors for breach of directors’ duties in conducting the affairs of PM Holdings
during the period involved with the takeover offer by the Company for PM Holdings. The suit also
seeks to declare, inter alia, that various options granted by PM Holdings under the PM Holdings
Executive Share Option Scheme are void. The trial dates have been fixed on 23rd, 29th and 30th
May, 2000. The Group’s solicitor is of the considered opinion that LDSB’s chances of success on the
claim is good.
The parties have consented to an order (Order) essentially restraining PM Holdings from issuing any
new shares such as to increase the capital beyond 197,804,678 ordinary shares of RM1 each except
for such shares as are exempted by the Order of Court dated 3rd August, 1996. Subsequently, the
Order was varied to the extent that PM Holdings be at liberty to issue further new shares for the
purposes of carrying out a rights issue, a special issue and schemes of arrangement.
(c) In the ordinary course of their business, the two stockbroking subsidiary companies, PM Securities
Sdn Bhd (formerly known as Pengkalen Securities Sdn Bhd) (PM Securities) and Pan Malaysia
Equities Sdn Bhd (formerly known as Kimara Equities Sdn Bhd) (PM Equities), have taken legal
actions for the recovery of amounts due from their clients and their clients’ guarantors. In respect
of several of these legal actions for the recovery of amounts totalling approximately RM78.0 million
together with interests and costs, the defendants have filed counterclaims alleging breach of duties
by the stockbroking subsidiary companies. The amounts counterclaimed totalled approximately
RM50.0 million together with interests, costs and damages. The stockbroking subsidiary companies
are defending these counterclaims. The solicitors of the subsidiary companies are of the opinion
that the chances of success on the legal actions for the recovery of amounts due are good.
82
3809-W
31. C o n t i n g e n c i e s (Cont’d)
Company
At 31st December, 1999 the Company has guaranteed the bank credit facilities of subsidiary companies
for a total of RM928.3 million (1998 : RM1,050.0 million).
32. S i g n i f i c a n t C o r p o r a t e D e v e l o p m e n t s
The significant corporate developments of the Group during and subsequent to the financial year ended
31st December, 1999 are as follows:-
(a) PM Holdings disposed of a 60% equity interest in Milrin Pharmaceutical Company (M) Sdn Bhd;
(b) Ascada Sdn Bhd, a wholly-owned subsidiary company, disposed of its entire 36.1% equity interest
in MUI Resources Phillipines, Inc., an associated company;
(c) MUI Asia Limited, a wholly-owned subsidiary, subscribed for 124,283,973 ordinary shares of £0.25
each in Laura Ashley Holdings plc (Laura Ashley) pursuant to a rights issue exercise by Laura Ashley;
(d) Certain subsidiary companies of PM Holdings disposed of a 79.12% equity interest and a 78.76%
warrant interest in Network Foods International Ltd (NFIL) and a 67.27% equity interest in Network
Foods Limited to PMRI Investments (Singapore) Pte Ltd, a wholly-owned subsidiary of Pan Malaysia
Corporation Berhad (PMC), which is in turn a subsidiary of the Company;
(e) PMC disposed of a 20% equity interest in Glovco Holding Sdn Bhd, an associated company;
(f) Technitone (M) Sdn Bhd (Technitone), a subsidiary company of PM Holdings, has resolved to cease
its operations following the non-approval of its restructuring scheme by its scheme creditors at the
court convened meeting. Accordingly, in consultation with its creditors, Technitone has agreed to
the appointment of a receiver and manager by its debenture holder. A receiver and manager was
also appointed by the debenture holder for Office Business Systems Sdn Bhd (OBS), a wholly-
owned subsidiary of Technitone. The receiver and manager was appointed following the non-
approval of the restructuring scheme of OBS by its Scheme Creditors at the court convened
meeting. The respective board of directors of Technitone, OBS and subsidiary companies of OBS
have resolved on the voluntary winding up of these companies. Subsequent to 31st December,
1999, the respective shareholders of the said companies have also resolved the same;
(g) The proposed special issue of 75,270,000 new ordinary shares of RM1 each by PM Holdings to
Bumiputera investors to be approved by MITI has been approved by the relevant authorities
(Proposed Special Issue). On 19th April, 2000, the Foreign Investment Committee agreed to an
extension of time until 30th June, 2001 to complete the Proposed Special Issue;
(h) PM Holdings implemented its rights issue of 198,613,687 new ordinary shares of RM1 each on the
basis of one (1) new ordinary share for every one (1) existing ordinary share held at an issue price
of RM1 per share (PM Holdings Rights Issue).
In addition, PM Holdings and certain of its subsidiary companies including PM Capital implemented
their schemes of arrangement with the issuance of the relevant new ordinary shares and irredeemable
convertible preference shares of PM Holdings to their scheme creditors (PM Holdings Scheme).
LDSB subscribed for 187,040,258 new ordinary shares in PM Holdings pursuant to the PM Holdings
Rights Issue. At the same time, pursuant to the PM Holdings Scheme, PM Holdings issued
319,709,021 ordinary shares of RM1 each to the scheme creditors, of which 145,563,390 ordinary
shares were issued to certain subsidiary companies of Malayan United Industries Berhad (MUI).
Subsequent to the issuance of the ordinary shares pursuant to the PM Holdings Rights Issue and PM
Holdings Scheme, the Group’s equity interest in PM Holdings decreased from 80.72% to 68.75%;
83
32. S i g n i f i c a n t C o r p o r a t e D e v e l o p m e n t s (Cont’d)
(i) PM Capital implemented its rights issue of 168,724,756 new ordinary shares of RM1 each on the
basis of two (2) new ordinary shares for every one (1) existing ordinary share held at an issue price
of RM1 per share (PM Capital Rights Issue).
In addition, the two stockbroking subsidiary companies of PM Capital implemented their schemes of
arrangement with the issuance of the relevant irredeemable convertible preference shares and
irredeemable convertible bond of PM Capital to their scheme creditors (Broking Houses Scheme).
PM Holdings subscribed for 142,802,983 ordinary shares in PM Capital pursuant to the PM Capital
Rights Issue. The subscription by PM Holdings, which included remaining rights issue shares not
subscribed by other shareholders of PM Capital, increased PM Holdings equity interest in PM
Capital from 52.21% to 73.83%;
(j) NFIL completed on 4th February, 2000 a renounceable non-underwritten rights issue of 118,712,164
new ordinary shares of S$0.25 each in the capital of the company with detachable warrants
(Warrants 2005) at an issue price of S$0.25 for each rights share, on the basis of five (5) new
ordinary shares with four (4) Warrants 2005 for every ten (10) ordinary shares of S$0.25 each held
in the capital of the company;
(k) On 2nd February, 2000 and 10th February, 2000, the Kuala Lumpur Stock Exchange uplifted the
trading restrictions placed on the stockbroking subsidiary companies, PM Equities and PM
Securities respectively; and
(l) On 25th April, 2000, Pengkalen Heights Sdn Bhd (PHSB), a subsidiary company of PM Holdings,
was wound up upon the petition filed by a creditor of PHSB. The sum claimed under the petition
was RM598,913 being the outstanding balance for the substructure works of PHSB’s hotel and
service apartments development project in Lorong Ceylon, Kuala Lumpur.
PHSB which proposed scheme of arrangement was not approved by its scheme creditors at the
court convened meeting held on 7th April, 1999, had discontinued with the development of the
project as it was deemed no longer viable under present circumstances.
An estimated surplus of approximately RM8.2 million is expected to accrue to the Group upon the
winding up of PHSB.
33. C o m p a r a t i v e F i g u r es
(a) Balance sheet - Group As previously
reported As restated
RM RM
Associated companies 823,673,322 788,605,664

Investments 1,147,762,658 1,182,830,316
The comparative figures of the Group for associated companies and investments have been
reclassified to conform with the current year’s presentation in view of the partial disposal of interest
in an associated company in 1998.
(b) Profit and loss account - Group As previously
reported As restated
RM RM
Gross revenue 2,275,747,114 775,558,071

Cost of sales 1,069,219,213 584,738,213
The comparative figures of the Group for gross revenue and cost of sales have been reclassified to
conform with the current year’s presentation which excluded the amounts relating to associated
companies.
84
3809-W
S TATEMENT BY DIRECTORS
We, Yong Ming Sang and Dr Ngui Chon Hee, being two of the Directors of Malayan United Industries Berhad,
state that in the opinion of the Directors, the accounts set out on pages 59 to 84 are drawn up in accordance
with the applicable approved accounting standards so as to give a true and fair view of:-
(i) the state of affairs of the Company and of the Group as at 31st December, 1999 and of the results
of the Company and of the Group for the year ended on that date; and
(ii) the cash flows of the Group for the year ended 31st December, 1999.
On behalf of the Board
Yong Ming Sang
Dr Ngui Chon Hee
Kuala Lumpur
28th April, 2000
S TAT U T O RY DECLARA T I O N
Pursuant to Section 169 (16) of the Companies Act, 1965
I, Lai Chee Leong, the person primarily responsible for the financial management of Malayan United Industries
Berhad, do solemnly and sincerely declare that the accounts set out on pages 59 to 84 are, to the best of my
knowledge and belief, correct and I make this solemn declaration conscientiously believing the same to be true,
and by virtue of the provisions of the Statutory Declarations Act, 1960.
Subscribed and solemnly declared by the abovenamed Lai Chee Leong at Kuala Lumpur in the Federal Territory
on 28th April, 2000.
Lai Chee Leong
Before me
Robert Lim Hock Kee

Commissioner for Oaths
85
R E P O RT OF THE AUDITORS
To the members of Malayan United Industries Berhad
We have audited the accounts set out on pages 59 to 84. The preparation of the accounts is the responsibility of
the Directors. Our responsibility is to express an opinion on the accounts based on our audit.
We conducted our audit in accordance with approved standards on auditing. Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the accounts are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures
in the accounts. An audit also includes assessing the accounting principles used and significant estimates made
by the Directors, as well as evaluating the overall accounts presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion:-
(a) the accounts have been properly drawn up in accordance with applicable approved accounting standards
and the Companies Act, 1965 so as to give a true and fair view of the state of affairs of the Group and of
the Company as at 31st December, 1999 and of their results and the cash flows of the Group for the financial
year then ended; and
(b) the accounting and other records and the registers required by the Act to be kept by the Company and its
subsidiary companies of which we have acted as auditors have been properly kept in accordance with the
provisions of the Act.
We have considered the accounts and the auditors’ reports of the subsidiary companies of which we have not acted
as auditors as indicated on pages 87 to 95, being accounts that have been included in the consolidated accounts.
We are satisfied that the accounts of the subsidiary companies that have been consolidated with the Company’s
accounts are in form and content appropriate and proper for the purposes of the preparation of the consolidated
accounts and we have received satisfactory information and explanations required by us for
those purposes.
The auditors’ reports on the accounts of the subsidiary companies were not subject to any qualification and did not
include any comment made under subsection (3) of Section 174 of the Act.
BDO Binder
AF:0206
Public Accountants
Tan Kim Leong, JP

235/6/01 (J/PH)
Partner
Kuala Lumpur
28th April, 2000
86
3809-W
S U B S I D I A RY
AND ASSOCIATED COMPA N I E S
O F M A L AYAN UNITED INDUSTRIES BERHAD
Equity Principal Country of

Subsidiary Company Interest Activities Incorporation
1999 1998
% %
1. Acquiline Sdn Bhd 100 100 Investment holding Malaysia
2. Alameda Enterprises Limited 100 100 Investment holding British Virgin
Islands
3. Ample Line Sdn Bhd 100 100 Investment holding Malaysia
4. Ascada Sdn Bhd 100 100 Investment holding Malaysia
5. Carulli Holdings Sdn Bhd 100 100 Investment holding Malaysia
6. Continental Capitals Sdn Bhd 100 100 Investment holding Malaysia
7. Creative Vest (M) Sdn Bhd 100 100 Investment holding Malaysia
+ 8. CSB-Canada Trading Ltd 100 100 Investment holding Canada
+ 9. Davson Limited 100 100 Investment holding Hong Kong
& property investment
10. Farrago Sdn Bhd 100 100 Investment holding Malaysia
11. Fuchsia Enterprises Limited 100 100 Investment holding British Virgin
Islands
12. Grand Oak Sdn Bhd 100 100 Investment holding Malaysia
13. Honoraire Sdn Bhd 100 100 Inactive Malaysia
14. Libertyray (M) Sdn Bhd 100 100 Investment holding Malaysia
15. Loyal Design Sdn Bhd 100 100 Investment holding Malaysia
16. Malayan United Management Sdn Bhd 100 100 Management services Malaysia
* 17. MUI Properties Berhad 70.75 70.78 Investment holding Malaysia
18. Malayan United Nominees 100 100 Dormant Malaysia
(Asing) Sdn Bhd
19. Malayan United Nominees 100 100 Inactive Malaysia
(Tempatan) Sdn Bhd
20. Malayan United Security 100 100 Security services Malaysia
Services Sdn Bhd
21. Malayan United Trading Sdn Bhd 100 100 Investment holding Malaysia
22. Marco Polo Trading Sdn Bhd 100 100 Investment holding Malaysia
23. Mayang Unggul Sdn Bhd 100 100 Investment holding Malaysia
24. Megah Nominees (Tempatan) Sdn Bhd 100 100 Inactive Malaysia
25. Merchant Network Sdn Bhd 100 100 Investment holding Malaysia
26. Ming Court Beach Hotel (P.D.) Sdn Bhd 100 100 Hotel ownership Malaysia
27. Ming Court Hotel (KL) Sdn Bhd 100 100 Hotel & catering Malaysia
28. Ming Court Inn (Penang) Sdn Bhd 100 100 Inactive Malaysia
+ 29. Ming Court Hotels International Limited 100 100 Dormant Hong Kong
30. Ming Court Hotels International Sdn Bhd 100 100 Inactive Malaysia
+ 31. MUI Asia Limited 100 100 Investment holding Hong Kong
32. MUI Capital Sdn Bhd 100 100 Moneylending Malaysia
+ 33. MUI China Limited 100 100 Investment holding Hong Kong
* 34. MUI Continental Insurance Berhad 64.02 64.02 General insurance Malaysia
+ 35. MUI Enterprises Limited 100 100 Investment holding Hong Kong
36. MUI Enterprises Sdn Bhd 100 100 Investment holding Malaysia
+ 37. MUI Resources Limited 100 100 Investment holding Hong Kong
+ 38. MUI Media Limited 100 100 Dormant United Kingdom
39. MUI Media Ltd 100 100 Investment holding British Virgin
Islands
+ 40. MUI Philippines, Inc. 100 100 Investment holding Philippines
87
1999 1998
% %
41. MUI Property Management Sdn Bhd 100 100 Dormant Malaysia
42. MUI Security Services Sdn Bhd 100 100 Dormant Malaysia
43. MUI Sdn Bhd 100 100 Investment holding Malaysia
+ 44. MUI Singapore Pte Ltd 100 100 Dormant Singapore
+ 45. MUI (UK) Limited 100 100 Investment holding United Kingdom
46. Natloyal (M) Sdn Bhd 100 100 Property investment Malaysia
47. Novimax (M) Sdn Bhd 100 100 Investment holding Malaysia
48. Oriental Omega Sdn Bhd 100 100 Investment holding Malaysia
* 49. Pan Malaysia Corporation Berhad 56.85 57.59 Investment holding Malaysia
(formerly known as Pan Malaysia
Cement Works Berhad)
50. Pan Malaysia Holdings Berhad 68.75 80.72 Investment, property holding Malaysia
(formerly known as Pengkalen & management company
Holdings Berhad)
51. Prizewood Sdn Bhd 100 100 Investment holding Malaysia
52. Pure Capital Sdn Bhd 100 100 Investment holding Malaysia
53. Regal Classic Sdn Bhd 100 100 Investment holding Malaysia
54. Sergap Makmur Sdn Bhd 100 100 Investment holding Malaysia
55. Southern Challenger (M) Sdn Bhd 100 100 Investment holding Malaysia
& trading
56. Tarrega Holdings Sdn Bhd 100 100 Investment holding Malaysia
57. United Continental Properties Sdn Berhad 64.02 64.02 Property investment Malaysia
58. United Review (M) Sdn Bhd 100 100 Investment holding Malaysia
59. Universal Growth Limited 100 100 Investment holding British Virgin
Islands
60. Vista Hotels Sdn Bhd 100 100 Investment holding Malaysia
+ Indicates subsidiary companies audited by member firms of BDO International.

* Indicates subsidiary companies not audited by BDO Binder.

Associated Company Interest Activities Incorporation
1999 1998
% %
1. Asia Pacific Media Corporation 50 50 Investment holding U.S.A.
2. Asian Capital Equities, Inc. 20 20 Stockbroking Philippines
3. Farrago Holdings, Inc. 40 40 Investment holding Philippines
4. Firstway International Investment Limited 25 25 Investment holding Hong Kong
5. Hernando Holdings Limited 33.33 33.33 Inactive British Virgin
Islands
6. Laura Ashley Holdings plc 42.88 40 Design, manufacture, United Kingdom
sourcing, distribution &
sale of garments, accessories
& home furnishings
7. Mansara International Limited 35 35 Investment holding British Virgin
Islands
8. MUI Resources Philippines, Inc. – 34.87 Property investment & Philippines
development
88
3809-W

1999 1998
% %
9. Porchlight Entertainment, Inc. 50 50 Development & production U.S.A.
of animation entertainment
10. Regent Corporation 49 49 Investment holding U.S.A.
11. Zhaodaola China Internet, Ltd 20.58 26.90 Internet portal Bermuda
(formerly known as Global & related business
Business Development Network, Ltd)
Subsidiary and Associated Companies of Firstway International Investment Limited


1999 1998
% %
1. MUI Hong Kong Ltd 60.86 60.86 Hotel, travel services & Cayman Islands
property development

1999 1998
% %
1. Kerry Financial Services Limited 44.18 44.18 Stockbroking Hong Kong
Subsidiary and Associated Companies of Regent Corporation *


1999 1998
% %
1. Laura Ashley (North America), Inc. 68.23 – Retailing of garments, home U.S.A.
furnishings & accessories
& licensing
2. London Vista Hotel Limited 100 100 Investment holding United Kingdom
3. Plaza on Hyde Park Limited 51 51 Hotel & catering United Kingdom
4. Regent Carolina Corporation 100 100 Resort operation & U.S.A.
property investment
5. Regent Park Corporation 100 100 Golf course operation U.S.A.
& property development

1999 1998
% %
1. Regal Hotel Group PLC 20 20 Hotel & catering United Kingdom
* The list comprises major subsidiary and associated companies only.
89
S U B S I D I A RY COMPANIES OF MUI PROPERTIES BERHAD

1999 1998
% %
1. AIGM Sdn Bhd 100 100 Dormant Malaysia
(formerly known as Acemade
Enterprise Sdn Bhd)
2. Appreplex (M) Sdn Bhd 100 100 Investment holding Malaysia
3. Bahtera Muhibbah Sdn Bhd 100 100 Investment holding Malaysia
4. Bashan Sdn Bhd 100 100 Inactive Malaysia
5. Cesuco Trading Limited 100 100 Investment holding Hong Kong
6. C.S. Investments Private Limited 100 100 Inactive Singapore
7. CSB Sdn Bhd 100 100 Investment holding Malaysia
8. CSB Holdings Sdn Bhd 100 100 Investment holding Malaysia
9. Delray Sdn Bhd 100 100 Inactive Malaysia
10. Dirnavy Pty Limited 100 100 Hotel & catering Australia
11. Dondang Sayang Holdings Sdn Bhd 100 100 Investment holding Malaysia
12. Elegantplex (M) Sdn Bhd 100 100 Investment holding Malaysia
13. Excel Education Pty Ltd 100 100 Education services Australia
14. Green Nominees (Tempatan) Sdn Bhd 100 100 Inactive Malaysia
15. Heritage Challenger (M) Sdn Bhd 100 100 Investment holding Malaysia
16. Indanas Sdn Bhd 100 100 Investment holding Malaysia
17. Integrated Mark (M) Sdn Bhd 100 100 Investment holding Malaysia
18. Intercontinental Properties Sdn Bhd 100 100 Investment holding Malaysia
19. Kemakmoran Industri Sdn Bhd 100 100 Printing & trading Malaysia
20. Lambaian Maju Sdn Bhd 100 100 Investment holding Malaysia
21. Lembaran Makmur Sdn Bhd 100 100 Investment holding Malaysia
& trading
22. Lunula Pty Limited 100 100 Hotel & catering Australia
23. Malayan United Properties Sdn Bhd 100 100 Property investment Malaysia
24. Malayan United Realty Sdn Bhd 100 100 Property investment & Malaysia
investment holding
25. Mecomas Pty Limited 100 100 Hotel & catering Australia
26. Ming Court Hotel (Vancouver) Ltd 100 100 Investment holding Canada
27. Ming Fung Sendirian Berhad 100 100 Property investment Malaysia
28. Miranex Sdn Bhd 100 100 Moneylending Malaysia
29. MUI Australia Pty Ltd 100 100 Investment holding Australia
30. MUI Investments (Canada) Ltd 100 100 Investment holding Canada
31. MUI Plaza Sdn Bhd 100 100 Property investment Malaysia
32. MUI Property Services Sdn Bhd 100 100 Property services Malaysia
33. MUI Resorts Sdn Bhd 100 100 Investment holding Malaysia
34. MUP Sdn Bhd 100 100 Property investment Malaysia
35. MUR Sdn Bhd 100 100 Inactive Malaysia
36. Peristal Enterprise Sdn Bhd 100 100 Investment holding Malaysia
37. Peters Ice Cream (M) Sdn Bhd 100 100 Dormant Malaysia
38. Pistole Holdings Sdn Bhd 100 100 Inactive Malaysia
39. Polacre Sdn Bhd 100 100 Property development Malaysia
40. Portico Sdn Bhd 100 100 Property development Malaysia
41. Prescada Sdn Bhd 100 100 Investment holding Malaysia
42. Resort & Leisure Homes Sdn Bhd 100 100 Property development Malaysia
43. Shun Fung Sendirian Berhad 100 100 Property investment Malaysia
44. Superex Sdn Bhd 100 100 Property investment Malaysia
45. Two Holdings Sdn Bhd 100 100 Property investment Malaysia
46. Unique Octagon Sdn Bhd 100 100 Investment holding Malaysia
47. West Synergy Sdn Bhd 60 60 Property investment Malaysia
& development
All the above subsidiary companies are not audited by BDO Binder.
90
S U B S I D I A RY AND ASSOCIATED COMPANIES 3809-W
OF PAN MALAYSIA CORPORATION BERHAD

(FORMERLY KNOWN AS PAN MALAYSIA CEMENT WORKS BERHAD)

1999 1998
% %
* 1. Acmes Investment Limited 100 100 Investment holding Hong Kong
* 2. Baiduri Pertama Sdn Bhd 100 100 Investment holding Malaysia
* 3. Bidou Holdings Sdn Bhd 100 100 Investment holding Malaysia
* 4. Chalpillar (M) Sdn Bhd 100 100 Property management Malaysia
* 5. Cherubim Nominees (Tempatan) Sdn Bhd 100 100 Inactive Malaysia
* 6. Clacton Holdings Sdn Bhd 100 100 Investment holding Malaysia
* 7. Delight Consolidated Sdn Bhd 100 100 Investment holding Malaysia
* 8. Faith Nominees (Tempatan) Sdn Bhd 100 100 Inactive Malaysia
* 9. Gelombang Sinar Sdn Bhd 100 100 Investment holding Malaysia
* 10. Jaguh Padu Sdn Bhd 100 100 Investment holding Malaysia
* 11. Jerico Sdn Bhd 100 100 Investment holding Malaysia
* 12. Jomuda Sdn Bhd 100 100 Investment holding Malaysia
* 13. Lembaran Megah Sdn Bhd 100 100 Investment holding Malaysia
* 14. Megafine Nominees (Asing) Sdn Bhd 100 100 Inactive Malaysia
* 15. Megafort Sdn Bhd 100 100 Investment holding Malaysia
* 16. Megawise Sdn Bhd 100 100 Moneylending Malaysia
* 17. Mikonwadi Sdn Bhd 100 100 Inactive Malaysia
+ 18. Network Foods International Ltd 79.12 – Investment holding Singapore
+ 19. Network Foods Limited 67.27 – Marketing & distribution Australia
of confectionery
& other food products
* 20. Pan Malaysia Management Sdn Bhd 100 100 Management services Malaysia
* 21. Pan Malaysia-Singapore Holdings (Pte) Ltd 100 100 Investment holding Singapore
* 22. Panorama Scope Sdn Bhd 100 100 Investment holding Malaysia
* 23. Plumbline Sdn Bhd 100 100 Investment holding Malaysia
* 24. PMCW Enterprises Sdn Bhd 100 100 Investment holding Malaysia
* 25. PMCW Holdings Sdn Bhd 100 100 Investment holding Malaysia
* 26. PMRI Investments (Singapore) Pte Ltd 100 100 Investment holding Singapore
* 27. Syahdu Pinta Sdn Bhd 100 100 Investment holding Malaysia
* 28. Taraf Sanjung (M) Sdn Bhd 100 100 Investment holding Malaysia
* 29. Tunas Juara Sdn Bhd 100 100 Investment holding Malaysia
* 30. Ultipac Sdn Bhd 100 100 Inactive Malaysia
* 31. United Pace Sdn Bhd 100 100 Investment holding Malaysia
* 32. Uniwell Nominees (Tempatan) Sdn Bhd 100 100 Inactive Malaysia

1999 1998
% %
1. Pan Malaysian Industries Berhad 23.48 23.48 Investment holding Malaysia
2. Glovco Holding Sdn Bhd – 20 Investment holding Malaysia
Subsidiary Companies of Network Foods Limited


1999 1998
% %
+ 1. Balfour Grange Pty Ltd 100 100 Property investment Australia
91
Subsidiary Companies of Network Foods Limited (Cont’d)

1999 1998
% %
+ 2. Dinnie Rundle Pty Ltd 100 100 Importing & marketing of Australia
confectionery products
+ 3. Universal Confectionery Pty Ltd 100 100 Importing & marketing of Australia
branded confectionery
products
Subsidiary Companies of Network Foods International Ltd


1999 1998
% %
1. Danau Gelombang Sdn Bhd 100 100 Inactive Malaysia
+ 2. Fairbridge Corporation 100 100 Investment holding British Virgin
Islands
+ 3. Le Chocolatier Boutique Pte Ltd 100 100 Dormant Singapore
* 4. Lotus Chocolate Company Limited 52.20 52.20 Manufacturing of chocolate India
& confectionery
+ 5. Marcel’s Patisserie (S) Pte Ltd 100 100 Dormant Singapore
+ 6. Network Foods Distribution Pte Ltd 100 100 Distribution of Singapore
confectionery products
& biscuits
+ 7. Network Foods (Hong Kong) Limited 100 100 Distribution of chocolates, Hong Kong
cocoa based products,
biscuits & confectionery
8. Network Foods Industries Sdn Bhd 70 70 Manufacturing of chocolate Malaysia
& confectionery
9. Network Foods (Malaysia) Sdn Bhd 100 100 Distribution of confectionery Malaysia
& food products
+ 10. PT Indo Cocoa Specialities 80 80 Manufacturing of chocolate Indonesia
& confectionery
+ 11. Quintrinox Pte Ltd 100 100 Investment holding Singapore
+ 12. Sparkton Investment Limited 100 100 Dormant Hong Kong
+ 13. Specialist Food Retailers Pte Ltd 100 100 Inactive Singapore
14. Tiffany Enterprise Sdn Bhd 100 100 Dormant Malaysia
+ 15. Tiffany Hampers & Gifts Pte Ltd 100 100 Sale of floral arrangements Singapore
& supply of gift hampers

* Indicates subsidiary companies not audited by member firms of BDO Binder.
Network Foods Limited (NFL) and Network Foods International Ltd (NFIL) were previously subsidiary companies of Pan Malaysia Holdings Berhad. As mentioned in Note
32 (d), NFL and NFIL were acquired during the year by PMRI Investments (Singapore) Pte Ltd, a wholly-owned subsidiary company of Pan Malaysia Corporation Ber
had.
92
S U B S I D I A RY
AND ASSOCIATED COMPANIES 3809-W
OF PAN MALAYSIA HOLDINGS BERHAD

( F O R M E R LY KNOWN AS PENGKALEN HOLDINGS BERHAD)

1999 1998
% %
1. Buana Mewah Sdn Bhd 100 100 Investment holding Malaysia
2. Fibercorp (Sarawak) Sdn Bhd 30.25 30.25 Dormant Malaysia
(a 55% subsidiary company of
Pengkalen Comtec Sdn Bhd)
3. Fiberoptik (Sabah) Sdn Bhd 55 55 Dormant Malaysia
4. Focusprint Sendirian Berhad 26.14 26.14 Manufacturing of carton Malaysia
(a 51% subsidiary company of boxes, general packaging
Labels Specialist Industries Sdn Bhd) products & printing press
+ 5. Golden Carps Pte Ltd 100 100 Investment holding Singapore
+ 6. Grandvestment Company Limited 100 100 Investment holding Hong Kong
7. Kayangan Makmur Sdn Bhd 100 100 Investment holding Malaysia
8. Kejora Etika Sdn Bhd 100 100 Dormant Malaysia
9. Labels Specialist Industries Sdn Bhd 51.25 51.25 Manufacturing & sale of self- Malaysia
adhesive sticker labels
10. Milrin Pharmaceutical – 60 Trading in pharmaceutical Malaysia
Company (M) Sdn Bhd products
◊ 11. Office Business Systems Sdn Bhd 64.10 64.10 In liquidation Malaysia
◊ 12. Office Business Systems (Malacca) Sdn Bhd 41.67 41.67 In liquidation Malaysia
(a 65% subsidiary company of Office
Business Systems Sdn Bhd)
◊ 13. Office Business Systems (Penang) Sdn Bhd 64.10 64.10 In liquidation Malaysia
14. Pengkalen Building Materials Sdn Bhd 100 100 Trading in building materials Malaysia
15. Pan Malaysia Capital Berhad 73.83 52.21 Investment holding Malaysia
(formerly known as
Pengkalen Capital Berhad)
+ 16. Pengkalen Company Limited 100 100 Dormant United Kingdom
17. Pengkalen Comtec Sdn Bhd 55 55 Dormant Malaysia
18. Pengkalen Concrete Sdn Bhd 100 100 Manufacturing & dealing in Malaysia
cement, pre-mixed concrete
& builders’ requisites
19. Pengkalen Concrete (E.M.) Sdn Bhd 100 100 Manufacturing & dealing in Malaysia
cement, pre-mixed concrete
& builders’ requisites
20. Pengkalen Engineering & 100 100 Building & construction Malaysia
Construction Sdn Bhd
21 Pengkalen Equities Sdn Bhd 100 100 Investment holding & dealing Malaysia
22. Pengkalen Foodservices Sdn Bhd 100 100 Inactive Malaysia
23. Pengkalen HB Property Services Sdn Bhd 100 100 Dormant Malaysia
24. Pengkalen Heights Sdn Bhd 70 70 Inactive Malaysia
25. Pengkalen Hill Resort Sdn Bhd 100 100 Dormant Malaysia
26. Pengkalen Holiday Resort Sdn Bhd 90 90 Operating a hotel & resort Malaysia
27. Pengkalen Pasar Borong Sdn Bhd 80 80 Inactive Malaysia
28. Pengkalen Properties Sdn Bhd 100 100 Inactive Malaysia
93
1999 1998
% %
29. Pengkalen Raya Sdn Bhd 100 100 Inactive Malaysia
30. Pengkalen-SMJ J.V. Sdn Bhd 70 100 Manufacturing, supply & Malaysia
(a 70% subsidiary company of trading of ready-mixed
Pengkalen Concrete Sdn Bhd) concrete, construction &
civil engineering works
31. Pengkalen Travel Sdn Bhd 80 80 Travel agent & chartered Malaysia
flight travel contractors
+ 32. Pengkalen (UK) Plc 84.12 84.12 Investment holding United Kingdom
33. Serba Sinar Sdn Bhd 100 100 Dormant Malaysia
◊ 34. Sensor Equipment Sdn Bhd 64.10 64.10 In liquidation Malaysia
◊ 35. Technitone (M) Sdn Bhd 64.10 64.10 In liquidation Malaysia
36. Twin Phoenix Sdn Bhd 100 100 Dormant Malaysia

1999 1998
% %
1. Excelpac Industries Sdn Bhd 20 20 Provision for travel Malaysia
(a 25% associated company of arrangement services
Pengkalen Travel Sdn Bhd)
Subsidiary Company of Golden Carps Pte Ltd

1999 1998
% %
+ 1. Network Foods International Ltd – 64.77 Investment holding Singapore
Subsidiary Companies of Pan Malaysia Capital Berhad

(formerly known as Pengkalen Capital Berhad)
1999 1998
% %
1. Bayan Niaga Sdn Bhd 100 100 Moneylending Malaysia
2. KESB Nominees (Asing) Sdn Bhd 100 100 Nominee & custodian services Malaysia
3. KESB Nominees (Tempatan) Sdn Bhd 100 100 Nominee & custodian services Malaysia
4. Kimara Asset Management Sdn Bhd 100 100 Dormant Malaysia
5. Pan Malaysia Equities Sdn Bhd 100 100 Stockbroking Malaysia
(formerly known as Kimara
Equities Sdn Bhd)
6. PCB Asset Management Sdn Bhd 100 100 Research & fund Malaysia
management services
7. Pengkalen Nominees (Asing) Sdn Bhd 99.99 99.99 Nominee & custodian services Malaysia
8. Pengkalen Nominees (Tempatan) Sdn Bhd 99.99 99.99 Nominee & custodian services Malaysia
9. Pengkalen Options & Futures Sdn Bhd 100 100 Options & financial futures Malaysia
broker
10. PM Securities Sdn Bhd 99.99 99.99 Stockbroking Malaysia
(formerly known as Pengkalen
Securities Sdn Bhd)
94
3809-W
Subsidiary and Associated Companies of Pengkalen (UK) Plc


1999 1998
% %
1. Anglo Pacific Corporation 64.82 64.82 Investment holding Malaysia
(Malaysia) Sdn Bhd
2. Anglo Pacific Holdings 100 100 Investment holding Malaysia
(Malaysia) Sdn Bhd
* 3. Aqua Lanka (Private) Limited 100 100 Dormant Sri Lanka
+ 4. Central Cocoa Pte Ltd 100 100 Dormant Singapore
* 5. Cocoa Specialities (Malaysia) Sdn Bhd 64.82 64.82 Inactive Malaysia
6. GCIH (Malaysia) Sdn Bhd 100 100 Inactive Malaysia
+ 7. GCIH Property Limited 100 100 Investment holding Hong Kong
+ 8. GCIH Trademarks Limited 100 100 Licensing of trademarks Hong Kong
9. Giatjaya Enterprise Sdn Bhd 64.82 64.82 Inactive Malaysia
* 10. Grand Central (Ceylon) Rubber 100 100 Dormant United Kingdom
Estates, Limited
* 11. Grand Central Limited 100 100 Dormant Sri Lanka
* 12. Highland Tea Company of 100 100 Dormant United Kingdom
Ceylon Limited
13. Kuril Plantations Sdn Berhad 64.82 64.82 Inactive Malaysia
+ 14. Meltis Holdings Limited 84 84 Investment holding United Kingdom
* 15. Nagolle Holdings Limited 100 100 Dormant United Kingdom
* 16. Nagolle (Ceylon) Rubber and 100 100 Dormant United Kingdom
Tea Plantations, Limited
+ 17. Network Foods Limited – 67.61 Marketing & distribution Australia
of confectionery &
other food products
* 18. Network Foods International Limited 100 100 Dormant United Kingdom
19. Tenamaju Sdn Bhd 64.82 64.82 Inactive Malaysia
* 20. The Panawatte Tea & Rubber 100 100 Dormant United Kingdom
Estates Limited
* 21. The Yatiyantota Ceylon Rubber 100 100 Dormant United Kingdom
Company Limited
22. Upali Group Sdn Bhd 64.82 64.82 Dormant Malaysia
+ 23. Wellon Distribution Pte Ltd 100 100 Dormant Singapore

1999 1998
% %
1. Desa Kuril Sdn Berhad 32.41 32.41 Dormant Malaysia
2. Pufrut Preserving Works (Malaysia) Sdn Bhd 50 50 Inactive Malaysia
3. Schwartau (Far East) Sdn Bhd 50 50 Inactive Malaysia
Associated Company of Anglo Pacific Corporation (Malaysia) Sdn Bhd


1999 1998
% %
1. Network Foods Industries Sdn Bhd 30 30 Manufacturing of Malaysia
chocolate & confectionery

* Indicates subsidiary companies not audited by member firms of BDO Binder.
◊ Companies under liquidation which accounts are not consolidated with the Company’s accounts.
95
P R O P E RTIES OWNED BY THE MUI GROUP
Location, Description and Usage Approximate Approximate Net Book

Area Age of Building Value
Sq. Metres Years RM
M A L AY S I A
Federal Territory of Kuala Lumpur

2 lots of freehold land with a 22-storey office
complex known as MUI Plaza at nos.1 & 3, Jalan
P. Ramlee, Kuala Lumpur 7,436 27 141,000,000
1 lot of freehold land with a 6 1/2-storey office block

at nos.54-56, Jalan Hang Lekiu, Kuala Lumpur 204 21 1,093,398
1 lot of freehold land with a 13-storey hotel, known

as MingCourt Vista Hotel Kuala Lumpur, Jalan
Ampang, Kuala Lumpur 7,289 15 76,972,228
2 lots of freehold land at nos.13 & 15, Jalan Sultan

Ismail, Kuala Lumpur, held for commercial
development 2,897 – 13,720,296
1 lot of freehold land at Section 43, Jalan Mayang,

Kuala Lumpur, held for proposed condominium
development 1,478 – 449,476
3 lots of leasehold land with a 4-storey shoplot each

at nos. 14, 16 & 18, Taman Indrahana, Jalan Kuchai
Lama, Kuala Lumpur (Lease expires in 2077) 468 16 1,755,725
1 unit of freehold residential apartment at UBN

Tower, 10, Jalan P. Ramlee, Kuala Lumpur 59 12 255,741
1 lot of freehold land with two units of double-storey

buildings at 189, Jalan Ampang, Kuala Lumpur 3,540 7 9,883,508
1 lot of freehold land with a 15-storey office

building known as Menara Pengkalen at no.2,
Jalan Changkat Ceylon, Kuala Lumpur 2,459 14 34,144,150
1 lot of freehold land with a factory building at no.

78, Jalan Kilang Midah, Taman Midah, Kuala
Lumpur 965 22 205,958
1 lot of leasehold light industrial land at Lot 13,

PT35, Section 92A, Jalan Lima, Off Jalan Chan
Sow Lin, Kuala Lumpur (Lease expires in 2017) 3,440 – 975,790
1 lot of freehold land at Lot 50, Seksyen 57, Lorong

Ceylon, Kuala Lumpur, held for development into
hotel and apartment. 2,502 – 20,000,000
1 lot of freehold residential apartment at KL Court

Penthouse, Rooftop, KL Plaza, Jalan Bukit Bintang, 1,051 13 6,664,000
Kuala Lumpur
96
3809-W

Sq. Metres Years RM
State of Selangor Darul Ehsan

4 lots of leasehold land with a double-storey
bungalow at no.326, Lorong Tiga D, Subang New
Village, Selangor Darul Ehsan, held for future
development (Lease expires in 2065) 31,424 32 931,073
6 lots of freehold land with 1 unit 2-storey pre-war

shophouse at Seksyen 3, Pekan Satu Tiga, Mukim
Damansara, Selangor Darul Ehsan, held for future
development 771 * 165,000
78 lots of freehold land at Lot nos. 4440 to 4517,

Mukim Ulu Kelang, Selangor Darul Ehsan, held
for residential development known as Vila Sri
Ukay 23,113 – 16,404,255
1 lot of freehold condominium at Phase 1A, Gasing

Heights, Section 19, Mukim and District of
Petaling Jaya, Selangor Darul Ehsan 144 8 210,454
1 lot of freehold land with a factory building at Lot

17517, Taman Selayang Industrial Area, Batu
Caves, Selangor Darul Ehsan 3,297 16 3,313,014
1 lot of freehold land with a factory building and

stores at Lot 28, Taman Selayang Industrial Area,
Batu Caves, Selangor Darul Ehsan 4,558 16 3,883,462
1 lot of freehold land with staff quarters at Lot

17097, Jalan 10, Taman Selayang Baru, Batu
Caves, Selangor Darul Ehsan 143 15 139,562
1 lot of leasehold land with a factory building at Lot

21, Jalan Perusahaan 2, Kawasan Perindustrian
Beranang, Semenyih, Selangor Darul Ehsan
(Lease expires in 2089) 16,187 8 2,571,575
1 lot of freehold land with an office building at no.

1, Lorong SS13/6B, Subang Jaya, Petaling Jaya,
Selangor Darul Ehsan 1,050 19 1,138,358
1 lot of leasehold industrial land with a factory and

office building at Persiaran Raja Muda, Shah Alam,
Selangor Darul Ehsan (Lease expires in 2071) 10,800 29 7,152,503
97
Sq. Metres Years RM
1 lot of freehold industrial land at Lot no. 1811,

Mukim Cheras, Daerah Ulu Langat, Selangor Darul
Ehsan, held for development into a factory building 7,333 – 2,092,716
1 lot of freehold agricultural land at Lot no. 4666,

Mukim Kapar, District of Klang, Selangor Darul
Ehsan, held for future development 5,815 – 93,000
1 lot of leasehold land with an office and

warehouse at no. 15, Jalan Ragum 15/17, Section
15, Shah Alam Industrial Estate, Selangor Darul
Ehsan (Lease expires in 2086) 8,145 10 4,266,311
State of Pulau Pinang

1 lot of freehold land with a 2-storey pre-war
shophouse at Lot 773, TS 12 NED, Jalan
Macalister, Pulau Pinang 380 * 230,771
1 lot of leasehold land with an office and

warehouse at no. 101-G, Lintang Kampong Jaya,
Lot 4, Kawasan MIEL, Bayan Baru, Pulau Pinang
(Lease expires in 2041) 976 18 625,131
State of Johor Darul Takzim

4 lots of freehold land at nos. 1-7, Jalan Trus, no.
17, Jalan Ibrahim and no. 13, Jalan Tan Hiok Nee,
Johor Bahru, Johor Darul Takzim, held for future
development 433 – 1,985,151
1 lot of leasehold industrial land with a batching

plant and site office at PTB 13338, Jalan Petaling,
Larkin Industrial, Johor Bahru, Johor Darul
Takzim (Lease expires in 2046) 7,613 – 1,126,042
1 lot of freehold land with a warehouse at no. 35,

Jalan Mashyur 3, Taman Perindustrian Cemerlang,
Ulu Tiram, Johor Bahru, Johor Darul Takzim 446 6 360,477
State of Negeri Sembilan Darul Khusus

3 lots of freehold land with a 4-storey hotel known
as MingCourt Vista Hotel Port Dickson, at 7 1/2
Mile, Jalan Pantai, Teluk Kemang, Port Dickson,
Negeri Sembilan Darul Khusus 11,892 25 16,334,320
1 lot of freehold land at 5 1/2 Mile, Jalan Pantai,

Port Dickson, Negeri Sembilan Darul Khusus,
held for development into 366 units of resort
condominiums known as Pasirindu 20,259 – 12,926,214
98
3809-W

Sq. Metres Years RM
5 lots of freehold land at Mukim of Jimah, District

of Port Dickson, Negeri Sembilan Darul Khusus,
held for township development known as Bandar
Springhill 8,006,827 – 95,426,319
1 unit of leasehold condominium at Unit A8-10, 8th

Floor, Tanjung Tuan Apartment, 5th Mile, Jalan
Pantai, Port Dickson, Negeri Sembilan Darul
Khusus (Lease expires in 2081) 117 15 208,800
3 lots of leasehold land with a hotel known as Delta

Paradise Lagoon Hotel at Lots 286, 288 & 289,
Batu 3 1/2, Jalan Pantai, Port Dickson, Negeri
Sembilan Darul Khusus (Lease expires in 2087) 15,278 4 37,293,733
8 lots of freehold land at Mukim Si Rusa, Port

Dickson, Negeri Sembilan Darul Khusus, held for
residential development 47,449 – 27,019,530
State of Pahang Darul Makmur

1 lot of freehold land at Lot 301, Di Simpang Jalan
Beserah & Jalan Telok Sisek, Kuantan, Pahang
Darul Makmur, held for future development 10,825 – 4,726,638
1 lot of freehold bungalow land at HS 10468 PT

11291, Bentong, Pahang Darul Makmur, held for
future development 1,115 – 180,015
State of Sarawak
1 lot of leasehold land with a site office and
laboratory warehouse at Lot 8, Kidurong
Industrial Area, Tanjung Kidurong, Bintulu,
Sarawak (Lease expires in 2057) 12,140 3 1,097,686
AUSTRALIA
1 lot of freehold land with a college campus at

Shenton Avenue, Joondalup, Western Australia 138,709 10 44,182,441
1 lot of freehold land with a 27-storey 268-room

deluxe hotel known as Sydney Vista Hotel at nos.
7-9, York Street, Sydney, New South Wales 1,011 30 85,610,490
1 lot of freehold land with a factory and office

building at no. 31, Fargo Way, Welshpool, Perth,
Western Australia 4,000 17 2,650,996

building at no. 146, O’Riordan Street, Mascot,
New South Wales 2,789 22 4,206,557
99
Sq. Metres Years RM

building at nos. 57-61, Meadow Avenue, Coopers
Plains, Queensland 4,113 20 2,435,607
1 lot of freehold land with a 60-room hotel known

as Pacific Vista Hotel at no. 20, Kirby Court, West
Hobart, Tasmania 24,970 22 5,077,602
1 lot of freehold land with a 140-room hotel known

as Hobart Vista Hotel at no. 156, Bathurst Street,
Hobart, Tasmania 3,569 23 21,100,688
1 lot of freehold land at no. 49, Sheldon Place, West

Hobart, Tasmania, held for future development 890 – 192,643
1 lot of freehold land at no. 21, Fielding Drive, West

Hobart, Tasmania, held for future development 936 – 179,799
INDONESIA
1 lot of leasehold land with a factory building at

Jalan M.G, Manrung KM 9.5, Tanjung Morawa,
Medan (Lease expires in 2013) 23,333 6 6,098,450
UNITED KINGDOM
1 lot of leasehold apartment at Flat 53, 5th Floor,

Park Mansion, 141-149, Knightsbridge, London
(Lease expires in 2052) 111 6 1,068,492
INDIA
1 lot of freehold land with a factory building at Survey

N.31 & 39, Nasthipur Village, Andhra Pradesh 31,464 7 1,378,026
HONG KONG
1 unit of leasehold warehouse at Block 1, Unit C,

23rd Floor, Kingsford Industrial Building, nos. 26-
32 Kwai Hei Street, Kwai Chung, New Territories
(Lease expires in 2047) 771 21 1,437,345
SINGAPORE
1 lot of leasehold land with a warehouse and office at

no. 12, Woodlands Link, Singapore (Lease expires
in 2055) 7,442 2 19,251,297
1 unit of leasehold residential apartment at no. 152,

Prince Charles Crescent, Singapore (under
construction) (Lease expires in 2096) 194 – 1,199,040
* Pre-war shop houses with no economic value and will be demolished for future development.
100
3809-W
F o rm Of Pr o x y No. of Shares Held
I/We NRIC No.

of Tel. No.
being a member of MALAYAN UNITED INDUSTRIES BERHAD, hereby appoint *THE CHAIRMAN
OF THE MEETING or NRIC No.
of Occupation
or failing him, NRIC No.
of Occupation
as my/our proxy to vote for me/us and on my/our behalf at the Twenty-Ninth Annual General Meeting of the
Company to be held at Ming Crystal Ballroom, MingCourt Vista Hotel Kuala Lumpur, Jalan Ampang, 50450 Kuala
Lumpur on Monday, 26th June, 2000 at 11.00 a.m. and at any adjournment thereof, and to vote as indicated below:-
Resolutions For Against

1. To adopt the audited accounts for the year ended 31st December,
1999 and the Reports of the Directors and the Auditors thereon.
2. To approve Directors’ fees of RM324,000.00.
3. To re-appoint Tan Sri Dato’ Md Khir Johari as a Director of
the Company.
4. To re-elect Mr Ang Guan Seng as a Director of the Company.
5. To re-elect En Nik Hashim bin Nik Yusoff as a Director of

the Company.
6. To re-appoint Messrs BDO Binder as auditors of the Company
and to authorise the Directors to fix their remuneration.
7. As special businesses:-
i) Approval of Ordinary Resolution pursuant to Section 132D
of the Companies Act, 1965.
ii) Approval of Ordinary Resolution for issuance of shares
in relation to the Company’s Executive Share Option Scheme.
* If you wish to appoint other person(s) to be your proxy/proxies, kindly delete the words “the Chairman of the Meeting” and insert the
name(s) of the person(s) desired.
(Please indicate with (X) how you wish to cast your vote. If you do not do so, the proxy will vote or abstain
from voting at his discretion.)
Seal
Signature
Date:
Notes:-
1. A member of the Company entitled to attend and vote at the meeting may appoint a proxy to attend and vote in his stead. A proxy need not be a member
of the Company but if he is not a member, he must be a qualified legal practitioner, approved company auditor, a person approved by the Registrar of
Companies in the particular case or a person approved by the Directors prior to the appointment.
2. A member shall not be entitled to appoint more than two proxies to attend and vote at the same meeting. Where a member appoints two proxies, the
appointments shall be invalid unless he specifies the proportions of his holdings to be represented by each proxy.
3. The Form of Proxy shall be in writing under the hand of the appointor or his attorney duly authorised in writing or if such appointor is a corporation,
under its common seal or under the hand of the attorney.
4. The Form of Proxy must be deposited at the Registered Office of the Company at 14th Floor, MUIPlaza, Jalan P. Ramlee, 50250 Kuala Lumpur not less than
48 hours before the time appointed for holding the meeting or any adjournment thereof.
Stamp
The Company Secretary

14th Floor, MUI Plaza
Jalan P. Ramlee
50250 Kuala Lumpur
Malaysia

M A L Ayan United Industries Berhad: Laporan Tahunan 1 9 9 9 Annual Report

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M A L Ayan United Industries Berhad: Laporan Tahunan 1 9 9 9 Annual Report

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Malayan United Industries Berhad

FOOD & CONFECTIONERY

MANUFACTURING & TRADING

TRAVEL & TOURISM

The Audit Committee 7

Five-Year Summary of Financial Highlights 51

Profit and Loss Accounts 59

Consolidated Cash Flow Statement 61

Notes to the Accounts 65

Auditors’ Report to the Members 86

Subsidiary and Associated Companies of

Subsidiary and Associated Companies of

Subsidiary and Associated Companies of

Properties Owned by The MUI Group 96

2. To approve Directors’ fees of RM324,000.00;

By order of the Board

Woon See Soon

Woon See Soon

BDO Binder Public Accountants

Pan Malaysia Management Sdn. Bhd.

14th Floor, MUI Plaza, Jalan P. Ramlee, 50250 Kuala Lumpur

MEMBERS OF THE COMMITTEE

Tan Sri Dato’ Dr Khoo Kay Peng

Dato’ Haji Ibrahim bin Abdul Rahman

Dato’ Mohd Ibrahim bin Mohd Zain

Dr Tong Keng Tatt

Dato’ Ahmad Khairummuzammil bin Mohd Yusoff

Tan Sri Dato’ Abu Talib bin Othman

Yong Ming Sang

Tan Kok Quan

Dato’ Haji Abdul Raman bin Suliman

Datuk Mohd Yassin bin Jaafar

Lawrence Chai Tat Onn

Tan Sri Dato’ Dr Khoo Kay Peng

Dato’ Rastam bin Abdul Hadi

For the year 1999, the Malaysian economy registered an improvement

arrangement of the Pan Malaysia Holdings Berhad (PM

During the year under review, the Group disposed of its

Christmas collection by Somerset Bay

P e rf o rming in line with the economic recovery and improving consumer

Kids in coordinated blues

The food and confectionery operations of the Group in Malaysia consist of

Christmas 1999 collection by Laura Ashley

MUI Continental Insurance Berhad (MCI)

One of Laura Ashley’s 500 stores worldwide

Food and Confectionery

With the economic condition in the region beginning to show signs of

Houten, Nabisco and R o y a l for the Singapore market. The

Hong Kong and The People’s Republic of China

Despite the prevailing weak market conditions and cautious

margins and which demands quality customer service. To fully

Food and Confectionery

Network Foods (Hong Kong) Limited (NFHK) distributes food and

Food and Confectionery

Network Foods Limited (NFL), which is listed on the Australian Stock

United States of America

During the year under review, Regent Park Golf

Exterior of the Golf Academy

Media and Entertainment

During the year under review, PorchLight Entertainment, Inc, an

Film Advisory Board’s Award of Excellence, Parents Association of

Laura Ashley Holdings plc (Laura Ashley),

design. The company is a retailer based in the