Along with the above, the company also proposes the following: b) proposes the transfer of the company from the Second Board of the Kuala Lumpur Stock Exchange (KLSE) to the Main Board of the KLSE. The aggregate maximum number of New Shares that may be granted pursuant to exercise options granted under this Scheme shall not exceed ten percent (10%) of the issued and paid-up share capital of the Company at any time during the existence of this Scheme. The price of an option under ESOS is the higher of the five (5) daily weighted average market prices of the shares as shown on the daily official list issued by the Kuala Lumpur Stock Exchange prior to the offer date, determined at a discount not exceeding 10% or par value shares.
The Options granted may be exercised at any time prior to the expiry of the ESOS on 15 April 2006. The persons to whom the Options have been granted have no right to participate in any share issue of any other company under the Options. During and at the end of the year no arrangements existed to which the Company is a party, being arrangements for the purpose or objects of enabling Directors of the Company to obtain benefits by means of the acquisition of shares in, or debentures of, the Company or any other legal entity other than the Company's Employee Share Option Scheme (see Note 20(b) to the financial statements).
Since the end of the previous year, no director has received or is entitled to receive a benefit (other than directors' remuneration disclosed in the financial statements) by reason of a contract entered into by the Company or a corporation related to the Director or a firm in which he is a member, or with a company in which he has a significant financial interest, except as disclosed in note 25 to the financial statements. All directors, by virtue of their interest in the shares of the Company, are also deemed to have interests in the shares of the Company's subsidiaries to the extent that the Company has an interest. No contingent liability or other liability has become due or is likely to become due within the twelve month period after the end of the year which, in the opinion of the directors, will or may affect the Group's ability or The company to fulfill its obligations at the right time.
At the date of this report, the directors are not aware of any circumstances, not otherwise dealt with in this report or the financial statements, which would cause any amount shown in the financial statements to be misleading.
C ASH F LOW S TATEMENTS
C ASH F LOW S TATEMENTS (C ONT ’ D )
Interest costs on loans to finance the construction of property, plant and equipment are capitalized as part of the asset's cost over the period necessary to complete and prepare the asset for its intended use. If there is an indication of impairment, the asset's accounting value is assessed and immediately written down to recoverable amount. At the time of takeover, the fair values of the subsidiaries' net assets are calculated, and these values are reflected in the consolidated accounts.
The excess of the purchase price over the fair value of the Group's share in the identifiable net assets of subsidiaries on the date of acquisition is reflected as goodwill on consolidation. If necessary, adjustments are made to the financial statements of subsidiaries in order to ensure the consistency of the accounting policies with the policies of the group. Minority interest is measured by the minority share in the fair values of the acquired company's identifiable assets and liabilities after the acquisition.
The Group's interest in joint venture entities registered under the Partnership Act, 1961, in which the Group has power over more than half of the voting rights and to govern the financial and operating policy was consolidated under the accounting method of purchase. Under the purchase method of accounting, the results of joint venture units acquired or disposed of during the year were included from the date of acquisition to the date of disposal.
March 2002
March 2003
Interest expenses of RM NIL) on borrowings directly related to the construction of the silo for the Group and the Company have been capitalized as additions during the year (Note 8). The factory is a flour mill built on land leased by the Novation Agreement between the Kuantan Port Authority, Kuantan Port Consortium Sdn Bhd and the company. The effective interest rates on deposits at the end of the year for the Group and the Company were 2.5% to 3.75% per annum.
During the year, the Company has paid RM3,750,000 to Alliance Bank Malaysia Berhad as a full and final settlement of the corporate guarantee and the balance amount of RM3,703,000 has been written back as provisions are no longer required. Hire purchase obligations are effectively secured as the rights to the leased assets vest in the lessee in the event of default. The company implemented an Employee Share Option Scheme (ESOS) which had been approved by shareholders on 21 November 2000.
In aggregate, the maximum number of new shares that may be allotted pursuant to the exercise option granted under this Scheme shall not exceed ten percent (10%) of the issued and paid-up share of the Company at any time during the existence of this Scheme. Share issue costs during the year are in respect of expenses incurred in the previous year. The benefits of these tax losses, capital allowances and reinvestment allowances carried forward will only be obtained if and when the Group and Company obtain future assessable income of a nature and of an amount sufficient for these allowances to be utilised.
The most significant non-cash transactions during the year are the acquisition of property, plant and equipment using installment plans (note 11). In addition to information on related parties mentioned elsewhere in the annual accounts, other significant transactions and balances with related parties are listed below.
S TATUTORY D ECLARATION
INTERESTS OF DIRECTORS IN COMPANY AND ITS RELATED CORPORATIONS COMPANY - KUANTAN FLOUR MILLS BERHAD. He is believed to be interested because of the shares held by his wife, Datin Norisah bte. Based on their shares in the company's shares, all directors are deemed to have shares in the shares of the company's subsidiaries to the extent that the company has a share.
A member entitled to attend and vote at a meeting may appoint a proxy to attend and vote on his behalf. The agent may, but need not, be a member of the company and the provisions of section 149(1)(b) of the Companies Act 1965 do not apply to the company. A member may not appoint more than two (2) proxies to attend and vote on behalf of the member.
Where a member is an authorized agent as defined in the Securities Industry (Central Depositories) Act, 1991, he may appoint at least one (1) agent for each securities account held by him in respect of ordinary shares of the Company in the said securities account . In the case of an individual, the document on the appointment of the authorized representative is signed by the appointee or his authorized lawyer, and in the case of a company, the document on the appointment of the authorized representative must be under the seal or under the hand of an official person or authorized representative. authorized. The document on the appointment of the authorized representative must be deposited at the company's registered office at no.
5, if adopted, will enable the Directors of the Company to allot and issue, from the date of the Annual General Meeting, ordinary shares of the Company to the employees who have exercised their options under the Employee Stock Option Plan. Unless this authority is revoked or amended at a general meeting, it will expire at the next annual general meeting. 6, if adopted, will give the Directors of the Company, from the date of the Annual General Meeting, the power to allot and issue ordinary shares out of the unissued share capital of the Company up to an aggregate amount not exceeding 10% of the Company's provisionally issued share capital if and when business opportunities arise that the Directors consider would be in the best interests of the Company.
This authority, unless revoked or varied at a general meeting, will terminate at the next annual general meeting.
DIRECTORS WHO ARE STANDING FOR RE-ELECTION AT THE NINETEENTH ANNUAL GENERAL MEETING OF THE COMPANY
DETAILS OF ATTENDANCE OF DIRECTORS AT BOARD MEETINGS
PLACE, DATE AND TIME OF THE NINETEENTH ANNUAL GENERAL MEETING
FURTHER DETAILS OF INDIVIDUALS WHO ARE STANDING FOR ELECTION AS DIRECTORS No individual is seeking election as a Director at the Nineteenth Annual General Meeting of the Company
PROXY FORM
KFM O FFICE A DDRESSES
