Utusan Melayu (Malaysia) Bhd - Announcements

UTUSAN MELAYU (MALAYSIA) BERHAD 

7170 - V 

1999 ANNUAL REPORT

C o n t e n t s 

1 Corporate Vision and Mission 

2 Notice Of Annual General Meeting 

6 Corporate Information 

7 Board Of Directors 

8 Senior Management 

And Corporate Services 

Cover Rationale 

The Malay Manuscript Legacy Transcribed into the 

21st Century 

Combining artistic adornments in lavish illumination, 

floral patterns of exquisite gold and coloured inks on 

papers of antiquity, fluid arabic script embodying courtly 

and refined language rendered by calligraphic elegance, 

intricate seals embellished signifying authenticity and 

attention, the finest Malay letter writing bear witness to 

a historical state in time, its roots embedded in Malay 

culture, civilisation and aesthetics. Its contents revealing 

directly or indirectly, the writers position, personality and 

views in relation to the diplomatic importance of the 

recipient, offering an insight glimpse of early sociopolitical 

and economic history of Malay society. 

The Utusan Group pays homage to the arts of the Malay 

manuscript, from which environment modern literary 

works were born; and whom we draw inspiration from 

in our 61 year history. Portraying the documentation of 

our heritage, the cover projects an evolutionary path we 

have journeyed. Beginning from our origin as a daily 

newspaper company providing journalistic news then, 

and the aspiration to become the nation’s revolutionary 

leading multiple media communications company of 

choice today, converging on the cutting edge of the 

technologically driven 21st century. 

9 Management Team 

12 Audit Committee 

14 Group Five Year Financial Summary 

18 Chairman’s Statement 

26 Corporate Calendar 

30 Analysis Of Shareholdings 

31 Directors’ Report 

35 Financial Statements 

67 List Of Properties 

Proxy Form

C o r p o r a t e M i s s i o n 

• To continuously develop and offer innovative and quality products and services through the application of leading 

edge technology. 

• To develop competent, knowledgeable and motivated workforce through comprehensive human resource 

management. 

• To adopt good industrial practices throughout the group whilst caring for the environment. 

• To establish strategic alliances with local and foreign partners so as to acquire global access to leading edge 

technology and increase market reach. 

C o r p o r a t e V i s i o n 

To Be The Leading Multiple 

Media Communications 

Company Of Choice 

Utusan Melayu (Malaysia) Berhad 

1

Notice O F A NNUAL G ENERAL M EETING 

1. To receive and adopt the Audited Accounts for the financial year ended 31 December 1999 and the Directors’ and 

Auditors’ Reports thereon. Resolution 1 

2. To declare a first and final dividend for the year ended 31 December 1999. Resolution 2 

3. To re-elect Tan Sri Dato’ Seri Utama Abdul Samad Idris, a Director retiring pursuant to Section 129(6) of the Companies 

Act, 1965, and, being eligible, offers himself for re-appointment. Resolution 3 

4. To re-elect Directors retiring in accordance with Article 98 of the Company’s Articles of Association and, being eligible, 

offer themselves for re-election:i. 

Dato’ Hj Nasir Hj Mat Piah Resolution 4 

ii. Tan Sri Kamarul Ariffin Mohamed Yassin Resolution 5 

iii. Tan Sri Dato’ Abdullah Ahmad Resolution 6 

5. To approve the payment of Directors fees for the year ended 31 December 1999. Resolution 7 

6. To appoint Messrs Arthur Andersen & Co as Auditors of the Company, in place of the retiring Auditors, Messrs 

PricewaterhouseCoopers, to hold office until the conclusion of the next Annual General Meeting, at a remuneration to be 

determined by the Directors. Resolution 8 

7. SPECIAL BUSINESS 

To consider and, if thought fit, to pass the following Ordinary Resolutions:a. 

Acquisition and Disposal of Assets 

“That, pursuant to Section 132(C) of the Companies Act, 1965 and subject always to the approval of all the relevant 

regulatory bodies being obtained, the Board of Directors be and are hereby authorised to acquire or dispose of assets 

on behalf of the Company upon such terms and conditions and for such purposes as the Board of Directors may 

deem fit until the conclusion of the next Annual General Meeting”. Resolution 9 

b. New Issue of Shares 

“That, pursuant to Section 132(D) of the Companies Act, 1965 the Board of Directors be and are hereby authorised 

to issue shares in the Company at any time until conclusion of the next Annual General Meeting and upon such 

terms and conditions and for such purposes as the Board of Directors may, in their absolute discretion, deem fit 

provided that the aggregate number of shares to be issued does not exceed ten per centum (10%) of the issued share 

capital of the Company for the time being, subject always to the approval of all the relevant regulatory bodies being 

obtained for such allotment and issue”. Resolution 10 

2 Utusan Melayu (Malaysia) Berhad 

NOTICE IS HEREBY GIVEN that the Thirty Second Annual General Meeting of 

Utusan Melayu (Malaysia) Berhad will be held at Dewan Besar, Level 1, Bangunan 

Tabung Haji, 201, Jalan Tun Razak, 50400 Kuala Lumpur on Thursday, 20 April 2000 

at 11.00 a.m. for the following purposes:-

8. To transact any other ordinary business of which due notice shall have been given. 

FURTHER NOTICE IS HEREBY GIVEN THAT a Depositor shall be eligible to attend this meeting only in respect of:a. 

shares deposited into the Depositor’s securities account before 12.30 p.m. on 10 April 2000 (in respect of shares which 

are exempted from mandatory deposit); 

b. shares transferred into the Depositor’s securities account before 12.30 p.m. on 10 April 2000 in respect of ordinary transfers; 

c. shares bought on the Kuala Lumpur Stock Exchange on a cum entitlement basis according to the rules of the 

Kuala Lumpur Stock Exchange; 

Shareholders are reminded that pursuant to the Securities Industry (Central Depositories) (Amendment) (No. 2) Act, 1998 

which came into force on 1 November 1998, all shares not deposited with the Malaysian Central Depository Sdn Bhd 

by 12.30 p.m. on 1 December 1998 and not exempted from mandatory deposit, have been transferred to the Minister of 

Finance (‘MOF’). Accordingly, the eligibility to attend this meeting for such undeposited shares will be the MOF. 

NOTICE OF BOOK CLOSURE FOR PAYMENT OF DIVIDEND 

NOTICE IS HEREBY GIVEN THAT the Register of Members will be closed from 27 June 2000 to 28 June 2000. Both 

dates inclusive to determine shareholders entitlement to the dividend payment. The dividend, if approved, will be paid on 

20 July 2000 to shareholders whose name appear in the record of depositors on 26 June 2000. 

FURTHER NOTICE IS HEREBY GIVEN THAT a Depositor shall qualify for entitlement only in respect of:- 

(a) shares deposited into the Depositor’s securities account 

before 12.30 p.m. on 22 June 2000 (in respect of 

shares which are exempted from mandatory deposit); 

(b) shares transferred into the Depositor’s securities 

account before 12.30 p.m. on 26 June 2000 in 

respect of ordinary transfers; 

(c) shares bought on the Kuala Lumpur Stock Exchange 

on a cum entitlement basis according to the rules of 

the Kuala Lumpur Stock Exchange. 

Shareholders are reminded that pursuant to the Securities 

Industry (Central Depositories) (Amendment) (No. 2) Act, 

1998 which came into force on 1 November 1998, all 

shares not deposited with the Malaysian Central 

Depository Sdn Bhd by 12.30 p.m. on 1 December 1998 

and not exempted from mandatory deposit, have been 

transferred to the Minister of Finance (‘MOF’). 

Accordingly, the payment for such undeposited shares will 

be paid to the MOF. 

By Order of the Board 

SHARINA SAIDON 

Company Secretary 

Kuala Lumpur 

4 April 2000 

NOTES:- 

1. Appointment of Proxy 

A member entitled to attend and vote at the Meeting is entitled 

to appoint a proxy to attend and to vote in his stead. A proxy 

need not be a member of the Company. The instrument 

appointing a proxy must be deposited at the Registrar’s Office 

at 20th Floor, IGB Plaza, Jalan Kampar Off Jalan Tun Razak, 

50400 Kuala Lumpur not less than forty eight (48) hours before 

the time set for the Meeting. Where the Proxy Form is executed 

by a corporation, it must be either under its Common Seal or 

under the hand of an officer or attorney duly authorised. 

2. Change of Auditors 

A Notice of Nomination pursuant to Section 172(11) of the 

Companies Act, 1965, a copy of which has been sent to members, 

has been received by the Company for the nomination of Messrs 

Arthur Andersen & Co, who have given their consent to act, for 

appointment as Auditors of the Company and of the intention to 

propose the above ordinary resolution. 

3. Resolution Pursuant To Section 132(D) of the Companies Act, 1965 

In line with the Company’s plan for expansion/diversification, the 

Company is actively looking into prospective areas so as to 

broaden its operating base and earning potential. As the 

expansion/diversification may involve the issue of new shares, the 

Directors, under present circumstances would have to call for a 

general meeting to approve the issue of new shares even though 

the number involved is less than ten per centum (10%) of the 

issued share capital. 

In order to avoid any delay and costs involved in convening a 

general meeting to approve such issue of shares, it is thus 

considered appropriate that the Directors be now empowered to 

issue shares in the Company up to an amount not exceeding in 

total ten per centum (10%) of the issued share capital of the 

Company for the time being for such purpose. This authority, 

unless revoked or varied at a general meeting, will expire at the 

next Annual General Meeting of the Company. 


3

The Raffles Letters 

Letter from the Sultan of Johor and Pahang, 1811 during 

the British Campaign in Assisting 

the Invasion of Dutch Java 

Letter from the 

Sultan of Johor 

and Pahang, 

5 January 1811, 

(9 Zulhijah 1225) 

One of the most beautiful royal Malay letters delivered to Sir 

Thomas Stamford Raffles in his capacity as Agent to the 

Governor-General with the Malay States. This letter, from the 

ailing Sultan Mahmud Syah of Johor and Pahang in Lingga, 

was dated as 8 January, confirming support for the British invasion 

of Dutch Java by providing a perahu. 

The Raffles letters are a collection of intriguing chronicles relating to 

the British and Malay States during his posting in Melaka. 

Its impressive documentations are all well preserved in the 

British Library. 

This correspondence unveiled little of the secret mission the British planned in 

wresting Java from French-Dutch occupation. A plan to retaliate against 

Napoleon Bonaparte and his warring campaign in Europe. In actual 

reality, the Raffles letters were dispatched to the Malay Sultans to establish 

support, and gain provisions to weaken Dutch colonization on the island of 

Java. A sample of the letter pictured, written in diplomatic persuasive tones 

by Abdullah Bin Abdul Kadir, a scribe employed by Raffles, included 

magnificent presents to gain favour with the Malay Sultans. Every letter that 

was sent received favourable response and was replied with presents from the 

Sultans in return. It was the start of British involvement in the internal 

affairs of the Malay States. 

The letter’s elegance lies in its rhythmic patterns and lines fused by the 

pot-pourri of eloquent calligraphic melody. Shimmering in the generous effect 

of ink and gold on English paper (‘G Taylor 1802’).

Corporate I NFORMATION 

BOARD OF DIRECTORS 

YBhg Tan Sri Kamarul Ariffin Mohamed Yassin 

YB Senator Datuk Zainuddin Maidin 

YBhg Tan Sri Dato’ Seri Utama Abdul Samad Idris 

YBhg Tan Sri Dato’ Abdullah Ahmad 

YBhg Dato’ Hj Nasir Hj Mat Piah 

YBhg Tan Sri Dato’ Hj Husein Ahmad 

YM Raja Ahmad Aminollah Raja Abdullah 

YBhg Dato’ Saad Hj Man 

YB Datuk Ruhanie Hj Ahmad 

Encik Azizi Meor Ngah 


COMPANY SECRETARY 

Cik Sharina Saidon 

REGISTERED OFFICE 

46M, Jalan Lima 

Off Jalan Chan Sow Lin 

55200 Kuala Lumpur 

Tel : 03-221 7055 

Fax: 03-222 7876 / 222 0911 

REGISTRAR 

Tenaga Koperat Sdn Bhd 

20th Floor, IGB Plaza 

Jalan Kampar 

Off Jalan Tun Razak 


STOCK EXCHANGE 

LISTING 

Main Board 

Kuala Lumpur Stock Exchange 

AUDITOR 

PricewaterhouseCoopers 

PRINCIPAL BANKERS 

Malayan Banking Berhad 

RHB Bank Berhad

YBhg Tan Sri 

Kamarul Ariffin 

Mohamed Yassin 

Encik 

Azizi Meor Ngah 

YBhg Tan Sri Dato’ 

Abdullah Ahmad 

YBhg Dato’ 

Saad Hj Man 

YBhg Dato’ Hj Nasir 

Hj Mat Piah 

YB Senator Datuk 

Zainuddin Maidin 

YBhg Tan Sri Dato’ 

Seri Utama Abdul 

Samad Idris 

YM Raja Ahmad 

Aminollah Raja 

Abdullah 

YB Datuk 

Ruhanie Hj Ahmad 

Cik Sharina Saidon

Senior M ANAGEMENT 

Tan Sri Kamarul Ariffin Mohamed Yassin 

Executive Chairman 

Senator Datuk Zainuddin Maidin 

Deputy Executive Chairman 

Encik Azizi Meor Ngah 

Group Executive Director 

Encik Mohd Khalid Mohd 

Group Editor-in-Chief 

Encik Khamarul Baharain Sulaiman 

Chief Operating Officer 

Corporate S ERVICES 

Encik Mazlan Haron 

Group Manager, Human Resource 

Puan Latifah Hamzah 

Senior Manager, Corporate Communications 

Cik Rozita Yusoff 

Financial Controller 


Legal Manager/Company Secretary 


Encik Ruslan Abd Rahman 

Chief Executive Officer, UPD Sdn Bhd 

YM Tengku Mohamed Taib 

Group General Manager, Advertising 

Encik Che Mat Abd Ghani 

Acting Group Manager, Printing 

Cik Roselina Johari 

Group Manager, Publishing 

Encik Ahmad Hilmi Hashim 

Property Manager 

Encik Zulkifli Basharuddin 

Internal Audit Manager 

Encik Fareed Abdul Ghani 

Acting Manager, Corporate Planning

Management T EAM 

PUBLISHING 

Encik Wee Teck Kee 

General Manager, Marketing & Circulation 

Encik Hamzah Sidek 

Assistant Group Editor-in-Chief 

Puan Maimunah Yusoff 

Head of Magazine 

Encik Ishak Hamzah 

General Manager, 

Utusan Publications & Distributors Sdn Bhd 

ADVERTISING 

Encik Abdul Rashid Jamil 

General Manager, Print Division, UMES 

Encik Robert Wong 

Managing Director, Advance Screen Sdn Bhd 

PRINTING 

Cik Mesriah Kadiran 

General Manager, Utusan Binders Sdn Bhd 

Encik Ahmad Mohd Yusof 

Production Manager, Utusan Printcorp Sdn Bhd 

INFORMATION TECHNOLOGY & 

MULTIMEDIA 

Puan Chai Lee Fung 

General Manager, Net Space Learning Sdn Bhd 

Encik Felix Miller 

General Manager, Utusan Multimedia Sdn Bhd 

Puan Noridzan Kamal 

Senior Manager, Group MIS & Software Development 

EVENT MANAGEMENT 

Encik Shaharuman Shahadan 

Executive Director, Forum Exposition Sdn Bhd 

INVESTMENT HOLDINGS 

Allan Clement George 

Manager, Juasa Holdings Sdn Bhd 


9

Royal Code Of Conduct 

The Taj al-Salatin (Mahkota Raja-Raja) – 

Moral Philosophical Works and the Royal Symbolic 

System of Malay History 

The Taj al-Salatin 

(Mahkota Raja-Raja), 

Penang, 31 July 1824 

(4 Zulhijah 1239) 

Its original manuscript was written by Bukhari Johori in 1603 and 

copied by the scribe, Muhammad bin Umar Syeikh Farid of 

Penang, dated 4 Zulhijjah 1239 (31 July 1824). Delving into the 

subject of morality and philosophy, it devotes two of its 24 chapters on 

the conduct of royal scribes and envoys. 

As in Malay literature and historical texts pertaining to court 

etiquette and customs, letter-writing indulged in lengthy reception of 

royal correspondence in court. The letter’s form represented the King’s 

command and presence. It had become the designated authority, granting the 

letter with supreme status as the King himself. 

In its wordings contained within this letter, the position between sender and 

receiver revealed the political and diplomatic strata of early Malay 

government. 

The annals of the “Buku Sejarah Melayu” sheds light on events 

pertaining to letters that are believed to have originated in the 16th century. 

Rendered in ink, colours and gold on burnished English paper, its 

illumination and painstaking magnificence exudes a timelessness, skills and 

dexterity of the calligrapher etched forever in a bygone age.

Audit C OMMITTEE 

TERMS OF REFERENCE OF THE AUDIT COMMITTEE 

Members of the Committee 

Designation in the Company 

YBhg Tan Sri Dato’ Seri Utama Abdul Samad Idris 

Chairman 

Director – Independent Non-Executive 

YBhg Dato’ Hj Nasir Hj Mat Piah 


YM Raja Ahmad Aminollah Raja Abdullah 


YB Datuk Ruhanie Hj Ahmad 



Secretaries of the committee 


Company Secretary 

Encik Zulkifli Basharuddin 

Internal Audit Manager 

CONSTITUTION 

The Board of Directors of Utusan Melayu (Malaysia) Berhad had on 14 January 1994 established a Committee of 

the Board to be known as the Audit Committee. The authority, functions and duties of the Committee shall extend 

to Utusan Melayu (Malaysia) Berhad and all its subsidiaries (collectively hereinafter referred to as “the Group”). 

OBJECTIVES 

The Audit Committee has been formed with the following objectives in view:a. 

Ensure openness, integrity and accountability in the Group’s activities so as to safeguard the rights and interests 

of the shareholders. 

b. Provide assistance to the Board in fulfilling its fiduciary responsibilities as they relate to the Group’s 

management and internal controls, accounting policies and financial reporting. 

c. Improve the Group’s business efficiency, the quality of the accounting and audit functions and strengthening 

the public’s confidence in the Group’s reported results. 

d. Provide by way of regular meetings, a direct line of communication between the Board and the External and 

Internal Auditors. 

e. Enhance the independence of the external and internal audit functions. 

f. Create a climate of discipline and control which will reduce the opportunity for fraud. 

MEMBERSHIP 

The members of the Committee shall be appointed by the Board of Directors of Utusan Melayu (Malaysia) Berhad 

from among their number and shall comprise not fewer than three (3) members of whom a majority shall not be:a. 

Executive Directors of Utusan Melayu (Malaysia) Berhad, or any related corporation; 

b. a spouse, parent, brother, sister, son or adopted son, daughter or adopted daughter of an Executive Director of 

Utusan Melayu (Malaysia) Berhad or any related corporation; 

c. a person having a relationship which, in the opinion of the Board of Directors, would interfere with the exercise 

of independent judgement of the Audit Committee. 

The Chairman of the Audit Committee shall be elected by the Committee from among them who is not an 

Executive Director or employee of Utusan Melayu (Malaysia) Berhad or any related corporation.

AUTHORITY 

The Committee is authorised by the Board of Directors to:a. 

investigate any activity within its terms of reference; 

b. seek any information it requires from any employee and all employees are directed to co-operate with any 

request made by the Committee; 

c. obtain external legal or other independent professional advice and to secure the attendance of outsiders with 

relevant experience and expertise if it deems fit. 

FUNCTIONS AND DUTIES 

The duties of the Committee shall be:a. 

to consider and recommend the appointment of the External Auditors, the audit fee, and any questions of 

resignation or dismissal; 

b. to discuss with the External Auditors before the audit commences, the nature and scope of the audit, and 

ensure co-ordination where more than one audit firm is involved; 

c. to review the half-year and annual financial statements before submission to the Board, focussing particularly on:- 

– any changes in accounting policies and practices 

– major judgemental areas 

– significant adjustments resulting from the audit 

– the going concern assumption 

– compliance with accounting standards 

– compliance with stock exchange and legal requirements; 

d. to review any related party transactions within the Company or Group and any other major transactions outside 

the normal course of business of the Company and Group; 

e. to discuss problems and reservations arising from the statutory audits, and any matters the Auditor may wish 

to discuss (in the absence of Management or Group Executive Director where/when necessary); 

f. to approve the Group Internal Audit Charter and ensure that the internal audit function is adequately resourced 

and has appropriate standing in the Group; 

g. to approve the appointment of the Head of the Internal Audit Department; 

h. to review the internal audit programme, consider the major findings of internal audit investigations and 

Management’s response; 

i. to keep under review the effectiveness of internal control systems and in particular review the External Auditors’ 

Management Letter and Management’s response; 

j. to review and ensure the co-ordination of audit approach between the External and Internal Auditors; and 

k. to consider other topics as defined. 

MEETINGS 

a. Meetings shall be held not less than two (2) times a year. 

b. Upon the request of any member of the Committee, the Head of the Internal Audit or the External Auditors, 

the Chairman of the Committee shall convene a meeting of the Committee to consider any matters arising. 

c. The quorum for a meeting of the Committee shall be two (2) members. In the absence of the Chairman, the 

members present shall elect a Chairman for the meeting from amongst the members present. 

d. The meetings of the Committee shall be governed by the provisions contained in the Memorandum and Articles 

of Association of Utusan Melayu (Malaysia) Berhad for regulating the meetings and proceedings of Directors. 

e. Directors of the Board who are not members of the Committee may also attend the meetings of the 

Committee, but they shall not have any voting rights. 

f. The meetings of the Committee shall normally be attended by the Head of the Internal Audit and the 

Management of Utusan Melayu (Malaysia) Berhad, if required, shall be represented by the Executive Chairman 

and the Group Executive Director. 

g. The Committee shall meet the External Auditors at least twice a year. At least once a year the Committee shall 

meet the External Auditors without the Management or the Group Executive Director present. 

h. The Company Secretary or the Internal Auditor shall be appointed as the Secretary of the Committee who 

shall circulate the minutes of meeting of the Committee to all members of the Board. 


13

Group F IVE Y EAR F INANCIAL S UMMARY 

CONSOLIDATED BALANCE SHEET 

As at 31 December 

In RM’000 1999 1998 1997 1996 1995 

Share Capital 77,373 77,373 77,373 77,373 77,373 

Reserves 76,471 67,866 88,750 52,431 49,845 

Shareholders’ Fund 153,844 145,239 166,123 129,804 127,218 

Minority Interest 1,239 989 908 7,160 6,071 

Deferred Liabilities 146,867 151,995 48,313 50,722 43,960 

300,000 297,301 

250,000 

200,000 

150,000 

100,000 

50,000 

0 

Group Turnover 

RM '000 

262,327 

284,903 


261,198 

225,999 

60,000 

45,000 

30,000 

15,000 

0 

-150,000 

-300,000 

301,950 298,223 215,344 187,686 177,249 

Fixed Assets 302,365 293,072 261,884 167,301 129,022 

Other Assets 9,829 10,297 9,687 11,892 13,072 

Current Assets 156,793 152,279 178,224 152,995 147,479 

Total Assets 468,987 455,648 449,795 332,188 289,573 

Current Liabilities (167,037) (157,425) (234,451) (144,502) (112,324) 

301,950 298,223 215,344 187,686 177,249 

Net Tangible Assets Per Share (RM) 1.99 1.88 2.15 1.68 1.64 

12,985 

Group Profit 

Before Taxation 

RM '000 

(18,548) 

50,126 

11,972 

11,353 

60 

45 

30 

15 

0 

-15 

-30 

Adjusted Net 

Earnings Per Share 

Sen 

’99 ’98 ’97 ’96 ’95 ’99 ’98 ’97 ’96 ’95 ’99 ’98 ’97 ’96 ’95 

16.9 

(27.1) 

53.2 

7.5 

(3.2)

CONSOLIDATED PROFIT AND LOSS ACCOUNT 

As at 31 December 

In RM’000 1999 1998 1997 1996 1995 

Group Turnover 297,301 262,327 284,903 261,198 225,999 

Profit/(Loss) Before Taxation 12,985 (18,548) 50,126 11,972 11,353 

Taxation 316 (2,322) (8,340) (4,789) (7,319) 

Profit/(Loss) After Taxation 13,301 (20,870) 41,786 7,183 4,034 

Minority Interest (250) (117) (648) (1,347) (1,551) 

Profit/(Loss) After Taxation 13,051 (20,987) 41,138 5,836 2,483 

Number Of Shares In Issue (’000) 77,373 77,373 77,373 77,373 77,373 

Adjusted Net Earnings/(Loss) 

Per Share (sen) 16.9 (27.1) 53.2 7.5 (3.2) 

Adjusted Gross Dividend 

Per Share (sen) 8.0 — 7.0 6.0 5.0 

600,000 

500,000 

400,000 

300,000 

200,000 

100,000 

0 

Total Assets 

RM '000 

468,987 

455,648 

449,795 

332,188 

289,573 

180,000 

150,000 

120,000 

90,000 

60,000 

30,000 

0 

153,844 

Shareholders’ Fund 

RM '000 

145,239 

166,123 

129,804 

127,218 

2.4 

2.0 

1.6 

1.2 

0.8 

0.4 

0 

Net Tangible Assets 

Per Share 

RM 

’99 ’98 ’97 ’96 ’95 ’99 ’98 ’97 ’96 ’95 ’99 ’98 ’97 ’96 ’95 

1.99 

1.88 

2.15 

1.68 

1.64 


15

Status Symbols 

Letters with three headings – Procedures in letter writing 

Letters with three 

headings, Bima, 

7 October 1823 

(1 Safar 1239) 

Almost all Malay letters between correspondence of the 18th 

and 19th century bore a heading with short Islamic verses, 

written in Arabic at the top. 

The positioning of the headings determined the rank of sender 

and recipient, practiced by society at the time; usually with two 

headings, this official letter from Sultan Ismail of Bima, to 

Baron van der Capellen in Batavia is unique with three 

illuminated headings in its motifs. 

According to the kitab terasul, the official manual of correct Malay letter 

writing, written by M. Abdul Nasir, it writes, if a person of lesser 

ranking sends a letter to a dignitary, the heading should appear on the left; 

if the correspondents are of the same rank, the heading must be in the middle; 

and in letters from a ruler or dignitary to a person of lower ranking, the 

headings will appear on the right. 

Delicately drafted by the finest of Malay calligraphers, with the artistic 

flair of the illuminator in ink, colours and gold on paper, reflecting a time 

transcended culture of divine respect in rank and status.

Chairman’s S TATEMENT 

Dear Shareholders, 

The Utusan Melayu Group of Companies can look back on 1999 with satisfaction and a sense of achievement. 

A two-prong strategy adopted earlier to reduce costs and a steady shift towards the increasing use of technology 

in our operations have paid off during the year. Against the backdrop of a reviving economy, this has helped in 

no small measure in bringing our financial performance back into positive territory. 

The Group is also fortunate to have emerged from the economic recession relatively unscathed. Even at the worst 

of times, we did not encounter any cash-flow problems affecting our operations, which continued at optimum 

levels. If anything, the economic downturn has demonstrated our resilience and indeed, we have come out of it 

a leaner, more efficient and intensely focused Group. Nor has it derailed our growth process. Some years ago we 

set our sights to be a leading multiple media communications company in the country. Today we are well on our 

way towards achieving this vision. The world-wide Internet revolution bears out the conviction that we are 

moving in the right direction. 

On behalf of the Board of Directors, I am pleased to present this Annual Report and Audited Accounts of the 

Utusan Melayu Group of Companies for the financial year ended 31 December 1999. 

FINANCIAL PERFORMANCE 

For 1999, Gross Domestic Product growth has been conservatively projected at 1% against a contraction of 6.7% 

in 1998. This has had a positive impact on the Group’s respective businesses, with almost all our subsidiaries 

returning to the black. At the same time, the turnaround in the Group’s financial performance was also achieved 

on the back of earlier investments in new machinery and technology which began to bear fruit only recently. 

During the year under review, the Group turnover was recorded at RM297.3 million, up 13.3% from RM262.3 

million recorded for the previous corresponding period. From a loss of RM18.5 million incurred in 1998, 

the Group is back on to more familiar grounds, achieving a profit before tax of RM13.0 million. 


Left: Sri Utusan, the printing plant, is the heart and 

soul of perpetual activity, day and night. 

Right: Our warehouse has the capacity for storing 

massive supplies of newsprint, delivered for our 

printing operations.

THE STAFF ARE ON PAR LEVEL TO COMPETENTLY HANDLE THE TECHNOLOGICALLY SOPHISTICATED 

WOHLENBERG PERFECT BINDING LINE.


Our Advertising Division, which saw a 22% increase 

in advertising revenue during the year, remained the 

main contributor to the Group’s profitability. 

The year also saw our Multimedia Division 

registering a total turnover of RM12.9 million, which 

is an encouraging start for a relative newcomer. 

An increase in circulation of our publications and cover 

prices also contributed towards an improved turnover. 

CORPORATE DEVELOPMENTS 

As a Group that is still growing, we are continually 

fine-tuning our portfolio of businesses activities. 

To this end, we are divesting businesses that are no 

longer profitable or do not fit in with our vision of 

what we want to be. 

As reported last year, in our efforts to get the best from 

Utusan’s investment portfolio, we ceased the operations 

of two wholly-owned subsidiaries, Utusan Audio Sdn 

Bhd and Utusan Melayu (Singapura) Pte Ltd. 

While selectively hiving-off certain businesses, 

we remain alert to new business opportunities that 

support and add value to the Group’s operations. 

A new addition to our stable of companies is Forum 

Exposition Sdn Bhd, a leading events management 

company specialising in organising product launches, 

trade exhibitions, conferences and other events. 


The year 2000 will see the Utusan Group embark on 

a far-reaching restructuring exercise. Over the last 

few years, the Group has undergone a major 

transformation. From the printing and publishing 

house we used to be, we are rapidly evolving into a 

multiple media communications company. We will 

now need to streamline our operations to reflect the 

Utusan Group that is emerging and to ensure an 

optimal distribution of resources and energy. This 

would also be an opportune moment to look into 

and address all other aspects of our operations from 

various other perspective. By doing so, we will ensure 

that our interests, and ultimately those of our 

shareholders, will be safeguarded. 

OPERATIONAL HIGHLIGHTS 

On the operational front, 1999 was an eventful year 

for the Utusan Group. The Group continued to 

make headway to strengthen its position in several 

core business areas through strategic alliances. It was 

also a year of achievements. Four of our publications 

– Utusan Malaysia, Mingguan Malaysia, Mangga and 

Mastika – garnered the top spot in a poll survey 

conducted by A C Nielson. 

Above: Some of our book publications have garnered 

top spot recognition in the market. 

Left: Venturing into Motion Plus outdoor advertising 

has been a major success into new opportunities.

UTILIZING STATE-OF-THE-ART TECHNOLOGY, THE GEOMAN PRINTING MACHINE AT SRI UTUSAN, 

ON COURSE TO ACHIEVE ISO 9000.


A new chapter has opened for our printing 

operations with the 20 January 2000 signing of a 

support agreement with the Italian printing company, 

Fratelli Spada S.p.A. This link-up paves the way for 

Utusan Melayu to become a global player virtually 

overnight in the international printing industry. 

Fratelli Spada is expected to bring to the jointventure 

a crop of international contracts, worth on 

average some USD7 million a year for the first five 

years. In addition, Utusan will now have access to 

Spada’s training facilities in Rome for its staff as well 

as new print-costing software purpose-designed by 

Spada. We will therefore be able to raise the 

standards of print quality still further, which will put 

the Utusan Group on course for achieving ISO 9000 

certification. With the delivery of a Heidelberg M600 

printing press purchased at a cost of RM18 million, 

we are now equipped to handle high-end print jobs 

and the expected influx of work from overseas. 

To fully capitalise on our joint-venture with Fratelli 

Spada, we are wiring our printing complex at Bangi 

to receive manuscripts and artwork of print materials 

via the Internet. 

In our multimedia business, three recent signings 

have set us firmly on the path towards establishing 

ourselves as a significant player in Malaysia’s 

emerging digital economy. A signing on 28 January 

2000 saw the sale of a 25% stake in Utusan 

Multimedia Sdn Bhd to Asia Online Internet Services 

Sdn Bhd. By forging a strategic alliance with one of 

the most established Internet Service Providers in the 

region, the growth of Utusan Multimedia will be 


accelerated. For Utusan, the deal would bring about 

opportunities for a major technology transfer, 

enhanced training for our people and the funds we 

need to reinvest in Information Technology, especially 

in e-commerce and logistics management. It will also 

give us both global branding and access to an 

international network. All these would position us to 

provide top quality, end-to-end Internet solutions for 

our corporate clients. 

Two other joint-venture signings on 3 February 

2000, will help establish the Utusan Group as a 

market leader in multimedia and Internet based 

education and training. Our wholly-owned 

subsidiary, Net Space Learning Sdn Bhd, an MSCstatus 

company, has teamed up with the Singaporebased 

Sky Media Pte Ltd to localise an interactive 

education service called SKYTUTOR for the 

Malaysian market. With a student population of five 

million in Malaysia, there is a huge market that the 

Utusan Group can tap. SKYTUTOR is the single 

most comprehensive solution for implementing the 

‘smart learning’ concept of education and covers four 

core subjects catering for 11 education levels, from 

Primary One up to Form Five. The product’s 

interactive education service is delivered via a 

combination of CD-ROMs and the Internet. 

Above: Breaking new grounds into the 21st century, 

with the nation’s first LED mobile electronic screen. 

Left: The printed publications are packed and ready 

for delivery through our distribution channels.

CD-ROMS TAP FUTURE GROWING MARKETS, IN PARTICULAR THE “SMART LEARNING” 

CONCEPT OF INTERACTIVE INFORMATION AND EDUCATION SERVICES.


In the other venture, Utusan Melayu (Malaysia) 

Berhad and the British Council will collaborate to 

design, develop and market a course on “Secretarial 

Skills For The New Millennium” targeted at 

Malaysian corporations and businesses. The course 

content will focus on the two key skills of English, 

the lingua franca of the global economy and IT, 

the essential tool to compete successfully in the 

digital age. In what is an ideal partnership, the 

British Council will handle the language aspects of 

the course while our Net Space Learning Centre will 

take care of the technology component. 

Utusan’s Advertising Division is the Group’s cash cow. 

In the outdoor billboard advertising business, we are 

the number one player in Malaysia. To consolidate 

our position, we have recently acquired the country’s 

first LED mobile electronic screen, which can be used 

for entertainment, concerts and sporting events. 

Our overseas forays produced mixed results, whilst 

business is booming in Indonesia with very 

encouraging returns, we are still undertaking 

developmental work in India. 

No report to our shareholders would be complete 

without some mention of the Y2K or Millennium 

Bug. The Utusan Group has invested considerable 

resources and efforts to ensure all our critical systems 


have been effectively bug-proofed to ensure 

Y2K compliance. No doubt as a result of these 

precautionary measures. I am pleased to report a 

smooth roll-over to the new millennium, with nothing 

untoward happening to disrupt our operations. 

ACKNOWLEDGEMENTS 

One thing we can be certain of is that our success in 

navigating the economic turbulence of the past two 

years would not have been possible without the 

concerted efforts and commitment of various parties; 

the Management and staff of the Utusan Group, 

our shareholders, customers, suppliers, business 

associates and the relevant authorities. 

On behalf of the Board of Directors, I extend my 

sincere appreciation and thanks. 

Datuk Jalaludin Bahaudin left the Board during the 

year. We thank him for his contributions and wish 

him every success in his future undertakings. Last but 

not least, I would like to thank my fellow members 

of the Board for their support and wise counsel. 

KAMARUL ARIFFIN 

A strategic alliance between Utusan Multimedia Sdn Bhd 

and Asia Online Internet Services Sdn Bhd.

MULTIMEDIA, THE TECHNOLOGICAL TOOL OF EDUCATION AND ENTERTAINMENT IN MERGING 

INTERACTIVE COMMUNICATIONS.

Corporate C ALENDAR 

1 4 February 1999 

Y.B. Dato’ Seri Rafidah Aziz launches the “Almanak 

Malaysia 3.0 1998/1999” CD-ROM at the Putra World 

Trade Centre. 

2 26 March – 4 April 1999 

Launch of Disney On Ice – Toy Story promotional 

campaign by the Patron, YBhg Datin Seri Rosmah Mansor. 

3 28 April 1999 

Utusan Melayu (M) Berhad’s 31st Annual General Meeting. 

4 9 June 1999 

Signing ceremony between Utusan Melayu (M) Berhad and 

Forum Exposition Sdn Bhd. 

5 13 July 1999 

The launching of Motion Plus’s revolutionary outdoor 

billboard from UPD Sdn Bhd. 


4 7 

1 2 

5 

8 

3 6 

9 

6 14 July 1999 

At “Malam Puisi Usman Awang”, held in appreciation of the 

contribution from the National Laureate. 

7 22 July 1999 

The Malaysian Food & Beverage International Exhibition 

1999 organized by Forum Exposition Sdn Bhd. 

8 24-27 July 1999 

The Utusan was honoured as the official Bahasa Malaysia 

newspaper at the 4th Langkawi International Dialogue. 

9 13-14 August 1999 

National conference for Women Editors which was held in 

conjunction with Majalah Wanita’s 30th Anniversary. 

10 15 August 1999 

SPB Tuanku Siti Aishah graced the auspicious 30th Anniversary 

Dinner of Majalah Wanita.

10 13 

16 

11 14 17 

12 15 18 

11 2 September 1999 

The prize giving ceremony of Hadiah Sastera Utusan-Public 

Bank. 


A historical record breaking feat-105 couples participated in 

the Saji-Nestle-Shell Gas Cooking Contest. 


Utusan Melayu and the Islamic Arts Muzeum jointly 

organized the calligraphic writing competition themed 

“Manifestasi Perdana Seni Khat”. 

14 9 October 1999 

The launch of Jimmy Choo’s Exclusive Shoe Exhibition in 

conjunction with Malaysian Fashion Week ’99. 

15 15 October 1999 

Inspirational ... the Gala Fashion Show & the finals of the 

Embroidery Fashion Competition for the Jarum Berlian Trophy. 

19 

16 30 October 1999 

Utusan Malaysia and Bank Rakyat were joint organizers of 

‘Seminar Sastera’. 

17 5 November 1999 

Nostalgic moments in the staging of Umno’s struggle 

by Teater Warisan. 


One for the album – the Utusan pensioners together with senior 

management in rekindling their contributions for posterity. 


Fostering the spirit of sports & teamwork at the Utusan 

Group’s Inter Departmental Sports Carnival. 


27

Sentiments and Sensitivity of Love in the 

Resplendence of the Malay Language 

Syair surat kirim kepada perempuan 

– Genre of Poetic Romanticism in Malay Love Letters 

Syair surat kirim 

kepada perempuan. 

1796 

One of the numerous Malay syair and pantun stanzas in the form of 

love letters was a manuscript copy by Ibrahim, a scribe who was 

employed by Sir Thomas Stamford Raffles. Unfortunately, 

samples of surviving Malay personal love letters between two ordinary 

people remains difficult to be studied and were rarely recorded on 

original manuscripts. 

The contents of a Malay love letter were purely sentiments, expressed 

in glorious poetry. For example, in the printed manual of letter 

writing of its time, praises in love letters would start in poems that began with: 

Al-Hamd li-‘llah Rabb al-‘Alamin 

cahayanya terang laksana cermin 

seperti pohon kayu beringin 

lemah lembut ditiup angin 

As the essence of the Malay love letter was normally structured in this 

form, the dividing line between love letters as poetry and poetry in its form 

as love letters remains faint and distant. 

The manuscript’s execution reflects meticulous detail, combining ornamental 

geometrical and organic floral motifs. Its poem superfluous and sensuous, the 

inks and colours on English paper permeating a moment in time, captured 

in the zeal and flamboyance of romance.

Analysis O F S HAREHOLDINGS as at 29 February 2000 

Authorised Share Capital – RM150,000,000 

Paid-Up Share Capital – RM77,372,837 

Class Of Shares – Ordinary shares of RM1.00 each 

Size of Shareholdings No. of Shareholders % of Shareholders No. of Shares % of Shares 

1 – 499 565 10.40 124,937 0.16 

500 – 5,000 4,276 78.70 7,345,974 9.49 

5,001 – 10,000 308 5.67 2,513,694 3.25 

10,001 – 100,000 255 4.69 7,039,356 9.10 

100,001 – 1,000,000 27 0.50 6,916,563 8.94 

1,000,001 & above 2 0.04 53,432,313 69.06 

Total 5,433 100 77,372,837 100 

Location of Shareholdings No. of Shareholders % of Shareholders No. of Shares % of Shares 

Malaysia 5,345 98.39 76,642,259 99.06 

Other foreign countries 88 1.61 730,578 0.94 

Total 5,433 100 77,372,837 100 

20 LARGEST SHAREHOLDERS AS PER THE REGISTER OF MEMBERS AS AT 29 FEBRUARY 2000 

Name No. of Shares Percentage 

RHB Nominees (Tempatan) Sdn Bhd 45,113,956 58.31 

Pertubuhan Kebangsaan Melayu Bersatu or UMNO (United Malays National Organisation) 

Minister of Finance 8,318,357 10.75 

Arab-Malaysian Nominees (Tempatan) Sdn Bhd 830,000 1.07 

Arab-Malaysian Trustee Bhd for BHLB Pacific Dana Al-Ihsan 

Universal Trustee (Malaysia) Berhad 750,000 0.97 

BHLB Pacific Emerging Companies Growth Fund 

Syarikat Gunung Benum Sdn Bhd 557,000 0.72 

HSBC Nominees (Asing) Sdn Bhd 433,000 0.56 

BNY Brussels for Asiaval 

HWANG-DBS Custodian Nominees (Asing) Sdn Bhd 395,000 0.51 

DBS Bank for Five Arrows Southeast Asia Special Situation Trust 

Hussein Noordin Sdn Berhad 381,000 0.49 

Employees Provident Fund Board 377,000 0.49 

Citicorp Nominees (Asing) Sdn Bhd 300,000 0.39 

TNTC for Government of Singapore Investment Corporation Pte Ltd 

Cartaban Nominees (Asing) Sdn Bhd 296,000 0.38 

Lloyds TSB Bank Securities Services Chelmsford Sub 6632 for Five Arrows Asia Pacific Funds 

First Capital Investment Ltd 250,000 0.32 

HSBC Nominees (Asing) Sdn Bhd 215,000 0.28 

Bermuda Trust (Singapore) Limited for Five Arrows Asian Enterprise Trust 

Amanah Raya Nominees (Tempatan) Sdn Bhd 212,000 0.27 

Amanah Saham Bank Simpanan Nasional 

Permodalan BSN Berhad 

HSBC (Malaysia) Trustee Berhad 180,000 0.23 

OSK-UOB Small Cap Opportunity Unit Trust 

Affin-UOB Securities Sdn Bhd 161,000 0.21 

CLR for Amanah Raya Berhad for Amanah Saham Bank Simpanan Nasional 

Loh & Loh Corporation Berhad 156,000 0.20 

First Capital Insurance Limited 150,000 0.19 

OSK Nominees (Tempatan) Sdn Berhad 135,000 0.17 

Pledged Securities Account for Tan Kim San @ Tan Kim Sun 

Amsec Nominees (Asing) Sdn Bhd 130,000 0.17 

Fraser Securities Pte Ltd for Chu Chok Kim @ Chu Tso Chuan 

Total 59,340,313 76.69 

30 Utusan Melayu (Malaysia) Berhad

Directors’ R EPORT for the year ended 31 December 1999 

The Directors submit their report together with the audited accounts of the Group and of the Company for the financial year ended 

31 December 1999. 

PRINCIPAL ACTIVITIES 

The principal activities of the Company during the financial year are to carry out the business of publication, printing and distribution 

of newspapers, magazines and books. The principal activities of the subsidiary companies during the financial year are set out in note 

15 to the accounts. There have been no significant changes in the nature of these activities during the financial year. 

FINANCIAL RESULTS 

The Group The Company 

RM RM 

Profit for the financial year after taxation and minority interests 13,050,706 11,721,195 

Unappropriated profit brought forward 47,184,519 40,552,690 

Profit available for appropriation 60,235,225 52,273,885 

Dividends (4,456,675) (4,456,675) 

55,778,550 47,817,210 

Transfer to capital reserve (360,000) — 

Unappropriated profit carried forward 55,418,550 47,817,210 

In the opinion of the Directors, the results of the operations of the Group and of the Company during the financial year have not 

been substantially affected by any item, transaction or event of a material and unusual nature. 

DIVIDENDS 

Dividends paid, declared or proposed since the end of the Company’s previous financial year were as follows:- 

(a) In respect of the financial year ended 31 December 1999: 

A proposed final dividend of 8% less tax at 28% 4,456,675 

MOVEMENTS ON RESERVES AND PROVISIONS 

There were no material transfers to or from reserves or provisions during the financial year other than those disclosed in the notes to 

the accounts. 

RM 


31


DIRECTORS 

The Directors in office since the date of the last report are:- 


Tan Sri Dato’ Seri Utama Abdul Samad Idris 

Tan Sri Dato’ Haji Husein Ahmad 

Tan Sri Dato’ Abdullah Ahmad 

Dato’ Haji Nasir Haji Mat Piah 

Datuk Ruhanie Haji Ahmad 

Dato’ Saad Haji Man 

Senator Datuk Zainuddin Maidin 

Raja Ahmad Aminollah Raja Abdullah 


Datuk Jalaludin Bahaudin (resigned on 25 March 1999) 

DIRECTORS’ INTERESTS 

According to the Register of Directors’ Shareholdings, particulars of Directors’ interests in the shares of the Company and its related 

corporations during the financial year were as follows:- 

No. of ordinary shares of RM1.00 each 

Balance Balance 

1.1.1999 Bought Sold 31.12.1999 

Shares in the Company 


– direct 2 — — 2 

– indirect 10,000 — — 10,000 

Tan Sri Dato’ Seri Utama Abdul Samad Idris 896 — — 896 

Tan Sri Dato’ Haji Husein Ahmad 10,002 — — 10,002 

Tan Sri Dato’ Abdullah Ahmad 

– direct 2,000 — — 2,000 

– indirect 10,058 — — 10,058 

Dato’ Haji Nasir Haji Mat Piah 10,000 — — 10,000 

Senator Datuk Zainuddin Maidin 1,500 — — 1,500 

Raja Ahmad Aminollah Raja Abdullah 10,000 — — 10,000 

Azizi Meor Ngah 35,000 — (7,000) 28,000 

According to the Register of Directors’ Shareholdings, none of the other Directors in office at the end of the financial year has any 

interests in the shares of the Company and its related corporations. 

DIRECTORS’ BENEFITS 

Since the end of the previous financial year, no Director has received or become entitled to receive a benefit (other than the fees and 

other emoluments shown in note 4 to the accounts) by reason of a contract made by the Company or a related corporation with the 

Director or with a firm of which he is a member or with a company in which he has a substantial financial interest. 

Neither during nor at the end of the financial year was the Company or any of its related corporations a party to any arrangement 

whose object was to enable the Directors to acquire benefits through the acquisition of shares in, or debentures of, the Company or 

any other body corporate. 



OTHER STATUTORY INFORMATION 

Before the accounts of the Group and of the Company were made out, the Directors took reasonable steps:- 

(a) to ascertain the action taken in relation to the writing off of bad debts and the making of provision for doubtful debts and 

have satisfied themselves that all known bad debts had been written off and that adequate provision had been made for doubtful 

debts; and 

(b) to ensure that any current assets which were unlikely to realise their book values in the ordinary course of business have been 

written down to their estimated realisable values. 

At the date of this report, the Directors are not aware of any circumstances:- 

(a) which would render the amounts written off or provided for bad and doubtful debts of the Group and of the Company 

inadequate to any material extent or the values attributed to current assets of the Group and of the Company misleading; and 

(b) which have arisen which render adherence to the existing method of valuation of assets or liabilities of the Group and of the 

Company misleading or inappropriate. 

In the interval between the end of the financial year and the date of this report:- 

(a) no item, transaction or other event of a material and unusual nature has arisen which, in the opinion of the Directors, would 

substantially affect the results of the operations of the Group and of the Company for the current financial year; and 

(b) no charge has arisen on the assets of any company in the Group which secure the liability of any other person nor has any 

contingent liability arisen in any company in the Group. 

No contingent or other liability of any company in the Group has become enforceable or is likely to become enforceable within the 

period of twelve months after the end of the financial year which, in the opinion of the Directors, will or may affect the ability of 

the Company and its subsidiary companies to meet their obligations when they fall due. 

At the date of this report, the Directors are not aware of any circumstances not otherwise dealt with in their report or the accounts 

which would render any amount stated in the accounts misleading. 

AUDITORS 

The auditors, PricewaterhouseCoopers, have expressed their willingness to continue in office. 

On behalf of the Board of Directors 

TAN SRI KAMARUL ARIFFIN MOHAMED YASSIN 

Director 

AZIZI MEOR NGAH 

Director 

Kuala Lumpur 

23 March 2000 


33

Report O F T HE A UDITORS T O T HE M EMBERS of Utusan Melayu (Malaysia) Berhad 

We have audited the accounts set out on pages 35 to 65. These accounts are the responsibility of the Company’s Directors. 

Our responsibility is to express an opinion on these accounts based on our audit. 

We conducted our audit in accordance with approved auditing standards in Malaysia. 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 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 give a true and fair view of the state of affairs of the Group and the Company as at 31 December 1999 and of the 

results of the Group and the Company and cash flows of the Group for the financial year ended on that date in accordance with 

the applicable approved accounting standards in Malaysia, and comply with the Companies Act, 1965; and 

(b) the accounting and other records and the registers required by the Act to be kept by the Company and the 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’ report of the subsidiary company of which we have not acted as auditors which 

is indicated in note 15 to the 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 purpose 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 or any adverse comment made 

under subsection (3) of Section 174 of the Act. 

PRICEWATERHOUSECOOPERS 

[AF: 1146] 

Public Accountants 

MOHD DARUIS ZAINUDDIN 

[969/3/01(J/PH)] 

Partner 

Kuala Lumpur 

23 March 2000 


Consolidated P ROFIT A ND L OSS A CCOUNT for the year ended 31 December 1999 

Note 1999 1998 

RM RM 

Turnover 3 297,301,416 262,327,306 

Operating profit/(loss) before taxation 4 12,253,387 (20,734,226) 

Share of profits less losses of associated companies 731,509 2,186,340 

Profit/(loss) before taxation 12,984,896 (18,547,886) 

Taxation 5 315,726 (2,321,746) 

Profit/(loss) after taxation but before minority interests 13,300,622 (20,869,632) 

Minority interests (249,916) (117,078) 

Profit/(loss) after taxation and minority interest 13,050,706 (20,986,710) 

Unappropriated profits brought forward 47,184,519 68,371,229 

Profit available for appropriation 60,235,225 47,384,519 

Dividends 6 (4,456,675) — 

55,778,550 47,384,519 

Transfer to capital reserve 9 (360,000) (200,000) 


Retained by:- 

The Company 47,817,210 40,552,690 

Subsidiary companies 3,634,802 2,462,389 

Associated companies 3,966,538 4,169,440 

55,418,550 47,184,519 

Earnings/(loss) per share 7 16.87 sen (27.12 sen) 

The above consolidated profit and loss account is to be read in conjunction with the notes to the accounts on pages 40 to 65. 

Auditors’ Report – Page 34. 


35

Consolidated B ALANCE S HEET as at 31 December 1999 


Note 1999 1998 

RM RM 

Share capital 8 77,372,837 77,372,837 

Reserves 9 76,470,999 67,865,755 

153,843,836 145,238,592 

Minority interests 1,239,618 989,702 

Long term liabilities 

Revolving underwriting facility 10 105,000,000 105,000,000 

Term loans 11 14,820,908 20,514,135 

Retirement benefits 17,723,989 15,514,706 

Deferred taxation 12 5,141,000 5,241,000 

Lease and hire purchase creditors 13 4,181,081 5,725,026 

146,866,978 151,994,867 

301,950,432 298,223,161 

Fixed assets 14 302,365,425 293,072,406 

Associated companies 15 6,324,373 7,196,400 

Investments 16 3,504,501 3,100,161 

Current assets 18 156,793,090 152,278,876 

Less: 

Current liabilities 21 167,036,957 157,424,682 

Net current liabilities (10,243,867) (5,145,806) 

301,950,432 298,223,161 

The above consolidated balance sheet is to be read in conjunction with the notes to the accounts on pages 40 to 65. 

Auditors’ Report – Page 34.

Profit A ND L OSS A CCOUNT for the year ended 31 December 1999 

Note 1999 1998 

RM RM 

Turnover 3 205,662,768 188,504,472 

Operating profit/(loss) before taxation 4 12,093,307 (5,510,188) 

Taxation 5 (372,112) (375,000) 

Profit/(loss) after taxation 11,721,195 (5,885,188) 

Unappropriated profits brought forward 40,552,690 46,437,878 


Dividends 6 (4,456,675) — 

Unappropriated profits carried forward 47,817,210 40,552,690 

The above profit and loss account is to be read in conjunction with the notes to the accounts on pages 40 to 65. 



37

Balance S HEET as at 31 December 1999 


Note 1999 1998 

RM RM 

Share capital 8 77,372,837 77,372,837 

Reserves 9 66,387,817 59,123,297 

143,760,654 136,496,134 

Long term liabilities 

Revolving underwriting facility 10 105,000,000 105,000,000 

Term loans 11 9,732,202 14,580,810 

Retirement benefits 14,494,143 12,972,301 

Deferred taxation 12 3,986,000 3,986,000 

Lease and hire purchase creditors 13 544,543 434,308 

133,756,888 136,973,419 

277,517,542 273,469,553 

Fixed assets 14 242,018,802 227,741,965 

Subsidiary companies 15 85,460,044 73,286,786 

Associated companies 16 1,117,836 1,125,761 

Investments 17 213,939 259,599 

Current assets 18 50,695,258 63,732,559 

Less: 

Current liabilities 21 101,988,337 92,677,117 

Net current liabilities (51,293,079) (28,944,558) 

The above balance sheet is to be read in conjunction with the notes to the accounts on pages 40 to 65. 


277,517,542 273,469,553

Consolidated C ASH F LOW S TATEMENT for the year ended 31 December 1999 

1999 1998 

RM RM 

CASH FLOWS FROM/(USED IN) OPERATING ACTIVITIES 

Cash receipts from customers 290,097,509 263,075,617 

Cash paid to suppliers, employees and for operating expenses (219,512,806) (248,931,395) 

Cash generated from operations 70,584,703 14,144,222 

Interest paid (11,401,334) (14,989,945) 

Income tax paid (5,136,393) (2,593,820) 

Net cash from/(used in) operating activities 54,046,976 (3,439,543) 

CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES 

Purchase of fixed assets (33,552,354) (47,279,917) 

Purchase of investments (450,000) — 

Acquisition of a subsidiary company, net of cash acquired (note 24) (389,845) — 

Net dividends received from associated companies 955,586 — 

Proceeds from disposal of fixed assets 1,139,737 2,024,329 

Interest received 447,959 1,425,945 

Dividends received 1,770 270,701 

Net cash used in investing activities (31,847,147) (43,558,942) 

CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES 

Proceeds from revolving underwriting facility — 105,000,000 

Repayment of short term borrowings (12,315,654) (68,563,301) 

Repayment of hire purchase facilities (1,692,798) (3,096,390) 

Repayment of term loans (4,879,070) (3,994,118) 

Dividends paid to the shareholders of the Company — (3,899,591) 

Net cash (used in)/from financing activities (18,887,522) 25,446,600 

Effects of the exchange rate changes on cash and cash equivalents (496) 3,289 

Net increase/(decrease) in cash and cash equivalents during the financial year 3,311,811 (21,548,596) 

Cash and cash equivalents at beginning of the financial year 5,138,627 26,687,223 

Cash and cash equivalents at end of the financial year 8,450,438 5,138,627 

Cash and cash equivalents comprise the following:- 

Fixed deposits with licensed banks 12,331,994 11,626,914 

Cash and bank balances 13,732,258 7,412,883 

Bank overdrafts (17,613,814) (13,901,170) 

8,450,438 5,138,627 

The above consolidated cash flow statement is to be read in conjunction with the notes to the accounts on pages 40 to 65. 

Auditors’ report – Page 34. 


39

Notes T O T HE A CCOUNTS for the year ended 31 December 1999 

1. BASIS OF PREPARATION OF THE ACCOUNTS 

The accounts of the Group and of the Company have been prepared in accordance with the applicable approved Accounting 

Standards in Malaysia and the provisions of the Companies Act, 1965. 

2. SIGNIFICANT ACCOUNTING POLICIES 

All significant accounting policies set out below are consistent with those applied in the previous financial year. 

Accounting convention 

The accounts are prepared under the historical cost convention, modified by the revaluation of land, buildings and plant and 

machinery. 

Basis of consolidation 

The consolidated profit and loss account and balance sheet include the accounts of the Company and all its subsidiary companies 

made up to the end of the financial year. The results of subsidiary companies acquired or disposed of during the financial year 

are included in the consolidated profit and loss account from the date of their acquisition or up to the date of disposal. Intercompany 

transactions are eliminated on consolidation and the consolidated accounts reflect external transactions only. 

The excess of the purchase price over the fair value of net assets of subsidiary companies at the date of acquisition is recognised 

as goodwill on consolidation and is written off in the year of acquisition. 

Associated companies 

The Group treats as associated companies those companies in which a long term equity interest of between 20 and 50 percent 

is held and where it exercises significant influence through management participation. 

The Group’s share of profits less losses of associated companies is included in the consolidated profit and loss account and the 

Group’s share of post-acquisition retained profits and reserves is added to the cost of investments in the consolidated balance 

sheet. These amounts are taken from the latest audited accounts of the associated companies with the same financial year end 

as the Group and where the financial year ends are not coterminous, the amounts are taken from the latest available 

management accounts. 

Investments 

Investments in quoted and unquoted shares held as long term investments are stated at cost unless there has been a permanent 

diminution in value, in which case, a provision is made. Income from these investments is included in the profit and loss 

account on a receipt basis. 

Currency translations 

Transactions in foreign currencies are translated to Ringgit Malaysia at exchange rates ruling at the transaction dates or 

at contracted rates, where applicable. At balance sheet date, monetary assets and liabilities resulting from foreign currency 

transactions are translated into Ringgit Malaysia at exchange rates ruling at the date or at contracted rates, where applicable. 

Exchange gain and losses are dealt with through the profit and loss account. 

The accounts of the foreign subsidiary company are translated into Ringgit Malaysia at the rates of exchange ruling at the 

balance sheet date. Exchange differences arising on the translation are included in the exchange fluctuation reserve account. 



2. SIGNIFICANT ACCOUNTING POLICIES (CONT’D.) 

Fixed assets and depreciation 

Freehold land is stated at cost. All other fixed assets are stated at cost or valuation less accumulated depreciation. Freehold land 

and capital work-in-progress are not depreciated. Leasehold land is amortised over the period of the lease. Depreciation of other 

fixed assets is calculated so as to write off the cost or valuation on a straight line basis over the expected useful lives of the 

assets concerned. The annual rates are:- 

Buildings 2% or amortised over lease period whichever is higher 

Plant and machinery 7.5% 

Motor vehicles 20% 

Office equipment, furniture and fittings 20% – 33.3% 

Renovations 10% 

Billboards 16.7% – 100% 

Light box display 10% or over contracted period whichever is higher 

Certain assets of the Company have not been revalued since the last valuation. The Directors have applied the transitional 

provisions of International Accounting Standards No. 16 (Revised) Property, Plant and Equipment, adopted by Malaysian 

Accounting Standards Board which allow these assets to be stated at their last revalued amounts less depreciation. 

Stocks 

Stocks are stated at the lower of cost and net realisable value, after adequate provision has been made for all obsolete or slow 

moving stocks. Cost is determined on a first-in, first-out basis and includes all direct expenditure and production overheads. 

Debtors 

Known bad debts are written off and specific provision is made for any considered to be doubtful of collection. 

Retirement benefits 

Provision for retirement benefits is made against the profit and loss account of each year so as to provide for the total accrued 

liability at year end and is calculated based on actuarial valuation. 

Deferred taxation 

Provision is made, by the liability method, for taxation deferred in respect of all timing differences except where it is thought 

reasonably probable that the tax effects of such deferrals will continue in the foreseeable future. 

Capitalisation of borrowing costs 

Interest costs incidental to the construction of fixed assets are capitalised as part of the cost of the assets during the construction 

period. Capitalisation of interest costs will cease when assets are ready for their intended use. 

Cash and cash equivalents 

Cash comprise cash on hand, bank balances and demand deposits. Cash equivalents are short term, highly liquid investment 

that are readily convertible to known amount of cash and which are subject to an insignificant risk of changes in value. 


41


3. PRINCIPAL ACTIVITIES AND TURNOVER 

The principal activities of the Company during the financial year are to carry out the business of publication, printing and 

distribution of newspapers, magazines and books. The principal activities of the subsidiary companies during the financial year 

are set out in note 15 to the accounts. There have been no significant changes in the nature of these activities during the 

financial year. 

Turnover of the Group and of the Company represents advertising income, commission income and sales at invoiced value after 

discounts, sales tax and returns and is made up of the following:- 



1999 1998 1999 1998 

RM RM RM RM 

Publishing and distribution 149,971,530 144,147,529 134,585,143 129,839,770 

Printing 8,596,173 7,384,115 — — 

Advertisements 125,470,215 104,674,856 71,077,625 58,664,702 

Investment holding and management services 1,396,787 1,039,580 — — 

Information technology and multimedia 11,866,711 5,081,226 — — 

4. OPERATING PROFIT/(LOSS) BEFORE TAXATION 

297,301,416 262,327,306 205,662,768 188,504,472 


1999 1998 1999 1998 

RM RM RM RM 

Operating profit/(loss) before taxation 

is stated after charging:- 

Directors’ remuneration: 

Fees 

– Directors of the Company 444,205 150,000 444,205 150,000 

– Directors of subsidiary companies 143,643 90,000 — — 

Other emoluments 

– Directors of the Company 898,892 846,451 1,015,344 846,451 

– Directors of subsidiary companies 241,325 261,900 — — 

Depreciation of fixed assets 24,699,095 22,465,100 12,986,358 11,840,329 

Rental of premises 1,966,701 1,886,252 1,074,474 1,861,061


4. OPERATING PROFIT/(LOSS) BEFORE TAXATION (CONT’D.) 


1999 1998 1999 1998 

RM RM RM RM 

Operating profit/(loss) before taxation 

is stated after charging:- 

Interest expense 

– Revolving underwriting facility 7,308,054 5,417,700 7,308,054 5,417,700 

– Term loans 424,661 1,118,022 101,151 180,634 

– Hire purchase 653,429 687,756 157,840 154,347 

– Overdraft 1,257,595 1,148,327 362,972 456,641 

– Others 1,757,595 4,272,321 1,388,225 3,621,612 

Auditors’ remuneration 181,620 163,375 50,000 50,000 

Retirement benefits 3,568,152 3,642,871 2,554,803 3,099,005 

Provision for doubtful debts 2,659,557 9,507,780 1,526,333 4,983,823 

Provision for diminution in value of investments 45,660 — 45,660 — 

Provision for diminution in value of investment 

in subsidiary companies — — 260,000 — 

Provision for amount owing by subsidiary companies — — 2,886,969 728,501 

Goodwill on consolidation written off 623,433 — — — 

Loss on sale of fixed assets 29,374 66,938 — — 

and crediting:- 

Dividends received (gross) from quoted investments 6,670 5,173 1,770 2,041 

Dividends received (gross) from associated companies — — 1,327,200 370,800 

Dividends received (gross) from 

subsidiary companies (unquoted) — — — 159,600 

Gain on disposal of fixed assets 426,921 31,000 360,921 31,000 

Interest income from fixed deposits 447,959 1,425,945 13,931 121,300 

Interest income from subsidiary companies — — 1,854,131 1,543,733 

Rental of premises 1,397,856 1,043,738 993,458 753,088 

Directors’ money value of benefits-in-kind 237,374 204,000 228,374 96,000 


43


5. TAXATION 


1999 1998 1999 1998 

RM RM RM RM 

Taxation based on the result for the year:- 

Malaysian income tax — 1,744,526 372,112 375,000 

Transfer from deferred taxation (101,000) (25,000) — — 

(101,000) 1,719,526 372,112 375,000 

Under/(over) provision in prior years:- 

Income tax (83,553) (140,220) — — 

Deferred taxation — 83,000 — — 

(83,553) (57,220) — — 

(184,553) 1,662,306 372,112 375,000 

Share of associated companies’ taxation (131,173) 659,440 — — 

(315,726) 2,321,746 372,112 375,000 

(a) The taxation charge for the Company for the financial year is in respect of dividend income. 

(b) No provision has been made for Malaysian income tax in respect of business income earned by the Company for the 

financial year ended 31 December 1999 pursuant to Section 8 of the Income Tax (Amendment) Act 1999. 

(c) The Company has sufficient tax credit under Section 108 of the Income Tax Act, 1967 to frank the payment of dividends 

out of all its distributable reserves as at 31 December 1999. 

(d) Pursuant to the requirements to subsection 365(1A) of the Companies Act, 1965, the future distribution of dividends 

out of the Company’s unappropriated profit may only be declared for a financial year up to an amount not exceeding 

the after-tax profit of that financial year or not exceeding the average dividends declared in respect of the two financial 

year immediately preceding that financial year, whichever is greater. 



6. DIVIDENDS 

1999 1998 

RM RM 

Proposed final dividend of 8% (1998: Nil) less tax at 28% 4,456,675 — 

7. EARNINGS/(LOSS) PER SHARE 

The earnings/(loss) per share have been calculated based on the Group’s profit after taxation and minority interests of 

RM13,050,706 (1998: loss of RM20,986,710) and on the number of ordinary shares in issue during the year of 77,372,837 

(1998: 77,372,837). 

8. SHARE CAPITAL 

Ordinary shares of RM1.00 each:- 

The Group and The Company 

1999 1998 

RM RM 

Authorised 150,000,000 150,000,000 

Issued and fully paid 77,372,837 77,372,837 

9. RESERVES 


1999 1998 1999 1998 

RM RM RM RM 

Non-distributable reserves:- 

Share premium 13,422,612 13,422,612 13,422,612 13,422,612 

Revaluation reserve 5,380,919 5,380,919 5,147,995 5,147,995 

Exchange fluctuation reserve (43,357) (54,570) — — 

Other reserves 1,664,800 1,304,800 — — 

20,424,974 20,053,761 18,570,607 18,570,607 


45


9. RESERVES (CONT’D.) 



1999 1998 1999 1998 

RM RM RM RM 

Distributable reserves:- 

Revaluation surplus in respect of fixed assets 

which have been disposed off 627,475 627,475 — — 

Unappropriated profit 55,418,550 47,184,519 47,817,210 40,552,690 

Total distributable reserves 56,046,025 47,811,994 47,817,210 40,552,690 

76,470,999 67,865,755 66,387,817 59,123,297 

Other reserves comprise:- 

(i) Capitalisation of revenue reserve 

in associated companies 

At 1 January 560,000 360,000 — — 

Transfer from profit and loss account 360,000 200,000 — — 

At 31 December 920,000 560,000 — — 

(ii) Capitalisation of revenue reserve arising 

from bonus issue by a subsidiary company 744,800 744,800 — — 

1,664,800 1,304,800 — — 

10. REVOLVING UNDERWRITING FACILITY (RUF) 

The Revolving underwriting facility (RUF) up to a limit of RM110,000,000 is obtained from a consortium of bankers and is 

available for a period of 5 years expiring in April 2003. The RUF is secured by way of fixed charges on certain land and 

building and plant and machinery of the Company and carries interest at rates which ranged from 4.00% to 12.5% 

(1998: 7.75% to 12.5%) per annum. 

11. TERM LOANS 


Note 1999 1998 1999 1998 

RM RM RM RM 

Term loans 24,754,361 29,633,431 14,580,810 19,429,418 

Less: 

Repayable within 12 months 22 (9,933,453) (9,119,296) (4,848,608) (4,848,608) 

Repayable after 12 months 14,820,908 20,514,135 9,732,202 14,580,810


11. TERM LOANS (CONT’D.) 


Note 1999 1998 1999 1998 

RM RM RM RM 

Repayments due in:- 

1999 — 9,119,296 — 4,848,608 

2000 9,933,453 7,312,403 4,848,608 4,848,608 

2001 6,253,460 5,820,667 4,848,608 4,848,608 

2002 6,253,460 5,799,645 4,848,608 4,848,608 

2003 1,366,633 1,581,420 34,986 34,986 

2004 onwards 947,355 — — — 

24,754,361 29,633,431 14,580,810 19,429,418 

The term loans are secured by fixed charges on the assets of the Group and carried interest at rates which ranged from 

7.00% to 10.55% (1998: 7.0% to 13.50%) per annum for the financial year. 

12. DEFERRED TAXATION 


1999 1998 1999 1998 

RM RM RM RM 

At 1 January 5,241,000 5,183,000 3,986,000 3,986,000 

Arising from acquisition from a subsidiary company 1,000 — — — 

Transfer (to)/from profit and loss account (101,000) 58,000 — — 

At 31 December 5,141,000 5,241,000 3,986,000 3,986,000 

The tax effect of RM257,400 (1998: RM257,400) in respect of the surplus arising from revaluation of property of the Group 

has not been provided for as there is no foreseeable intention to dispose of these properties. 

13. LEASE AND HIRE PURCHASE CREDITORS 

Amounts owing to lease and hire purchase creditors are made up as follows:- 


1999 1998 1999 1998 

Note RM RM RM RM 

Lease and hire purchase creditors 6,747,811 8,440,609 1,077,956 903,390 

Less: Repayable within 12 months 21 (2,566,730) (2,715,583) (533,413) (469,082) 

Repayable after 12 months 4,181,081 5,725,026 544,543 434,308 


47


14. FIXED ASSETS 

Long term Short term Plant & 

Freehold land leasehold land leasehold land machinery and 

THE GROUP & buildings & buildings & buildings motor vehicles 

RM RM RM RM 

Cost/valuation 

At 1 January 1999 

At cost 9,777,026 93,118,559 11,262,244 138,213,461 

At valuation 440,000 7,925,000 5,802,700 9,279,850 

10,217,026 101,043,559 17,064,944 147,493,311 

Acquisition of subsidiary — — — — 

Additions 53,820 1,340,067 38,498 6,214,671 

Disposals/write off — (101,500) — (1,365,068) 

At cost 9,830,846 94,357,126 11,300,742 143,063,064 

At valuation 440,000 7,925,000 5,802,700 9,279,850 

At 31 December 1999 10,270,846 102,282,126 17,103,442 152,342,914 

Accumulated depreciation 

At 1 January 1999 801,118 5,342,840 5,337,070 53,457,463 

Acquisition of subsidiary — — — — 

Charge for the year 96,303 1,890,200 552,557 10,910,776 

Disposals/write off — (31,973) — (1,256,865) 

Adjustments — (208,329) — (109,821) 

At 31 December 1999 897,421 6,992,738 5,889,627 63,001,553 

Net book value 

as at 31 December 1999 9,373,425 95,289,388 11,213,815 89,341,361 



Office Capital 

equipment, Lightbox work-infixtures 

& fittings Renovations Billboards display progress Total 

RM RM RM RM RM RM 

38,780,230 2,167,783 9,890,097 41,094,538 48,211,687 392,515,625 

— — 30,979 26,395 — 23,504,924 

38,780,230 2,167,783 9,921,076 41,120,933 48,211,687 416,020,549 

117,770 2,700 — — — 120,470 

9,626,782 198,754 1,185,339 2,731,855 12,162,568 33,552,354 

(300,007) (382,606) — (400) — (2,149,581) 

48,224,775 1,986,631 11,075,436 43,825,993 60,374,255 424,038,868 

— — 30,979 26,395 — 23,504,924 

48,224,775 1,986,631 11,106,415 43,852,388 60,374,255 447,543,792 

27,480,764 659,384 7,997,375 21,872,129 — 122,948,143 

37,170 2,700 — — — 39,870 

5,216,248 198,272 644,499 5,190,240 — 24,699,095 

(115,789) (2,700) — (64) — (1,407,391) 

(783,200) — — — — (1,101,350) 

31,835,193 857,656 8,641,874 27,062,305 — 145,178,367 

16,389,582 1,128,975 2,464,541 16,790,083 60,374,255 302,365,425 


49


14. FIXED ASSETS (CONT’D.) 

Long term Short term Plant & 

Freehold land leasehold land leasehold land machinery and 

THE GROUP & buildings & buildings & buildings motor vehicles 

RM RM RM RM 



At cost 9,777,026 25,148,727 11,262,244 69,569,610 

At valuation 440,000 7,925,000 5,802,700 9,279,850 


10,217,026 33,073,727 17,064,944 78,849,460 

Additions — — — 11,270,198 

Disposals — — — (2,703,818) 

Reclassification — 67,969,832 — 60,077,471 

At cost 9,777,026 93,118,559 11,262,244 138,213,461 

At valuation 440,000 7,925,000 5,802,700 9,279,850 

At 31 December 1998 10,217,026 101,043,559 17,064,944 147,493,311 


At 1 January 1998 705,354 4,140,833 4,770,886 46,540,128 

Charge for the year 95,764 1,202,007 566,184 8,393,062 

Disposals — — — (1,475,727) 

At 31 December 1998 801,118 5,342,840 5,337,070 53,457,463 


as at 31 December 1998 9,415,908 95,700,719 11,727,874 94,035,848


Office Capital 

equipment, Lightbox work-infixtures 

& fittings Renovations Billboards display progress Total 

RM RM RM RM RM RM 

35,146,596 859,632 9,364,877 32,265,108 147,723,036 341,116,856 

— — 30,979 26,395 — 23,504,924 

35,146,596 859,632 9,395,856 32,291,503 147,723,036 364,621,780 

4,133,693 27,646 525,220 8,836,030 30,921,449 55,714,236 

(1,409,549) — — (6,600) (195,500) (4,315,467) 

909,490 1,280,505 — — (130,237,298) — 

38,780,230 2,167,783 9,890,097 41,094,538 48,211,687 392,515,625 

— — 30,979 26,395 — 23,504,924 

38,780,230 2,167,783 9,921,076 41,120,933 48,211,687 416,020,549 

21,626,419 353,565 7,369,037 17,232,021 — 102,738,243 

6,633,488 305,819 628,338 4,640,438 — 22,465,100 

(779,143) — — (330) — (2,255,200) 

27,480,764 659,384 7,997,375 21,872,129 — 122,948,143 

11,299,466 1,508,399 1,923,701 19,248,804 48,211,687 293,072,406 


51



Long term Short term 

Freehold land leasehold land leasehold land 

THE COMPANY & buildings & buildings & buildings 

RM RM RM 



At cost 4,997,286 82,875,307 3,866,775 

At valuation 440,000 7,925,000 5,802,700 

5,437,286 90,800,307 9,669,475 

Additions — 1,324,372 — 

Disposals — (101,500) — 

At cost 4,997,286 84,098,179 3,866,775 

At valuation 440,000 7,925,000 5,802,700 

At 31 December 1999 5,437,286 92,023,179 9,669,475 


At 1 January 1999 701,327 4,316,257 2,609,686 

Charge for the year 83,908 1,685,026 323,126 

Disposals — (31,973) — 

At 31 December 1999 785,235 5,969,310 2,932,812 


as at 31 December 1999 4,652,051 86,053,869 6,736,663 



Plant & Office Capital 

machinery and equipment, work-inmotor 

vehicles fixtures & fittings Renovations progress Total 

RM RM RM RM RM 

99,674,480 20,940,423 1,280,505 48,211,687 261,846,463 

8,204,000 — — — 22,371,700 

107,878,480 20,940,423 1,280,505 48,211,687 284,218,163 

5,836,456 8,159,770 — 12,162,568 27,483,166 

(473,768) (167,579) — — (742,847) 

105,037,168 28,932,614 1,280,505 60,374,255 288,586,782 

8,204,000 — — — 22,371,700 

113,241,168 28,932,614 1,280,505 60,374,255 310,958,482 

34,217,470 14,513,502 117,956 — 56,476,198 

7,909,160 2,985,138 — — 12,986,358 

(426,487) (64,416) — — (522,876) 

41,700,143 17,434,224 117,956 — 68,939,680 

71,541,025 11,498,390 1,162,549 60,374,255 242,018,802 


53



Long term Short term 

Freehold land leasehold land leasehold land 

THE COMPANY & buildings & buildings & buildings 

RM RM RM 



At cost 4,997,286 14,905,475 3,866,775 

At valuation 440,000 7,925,000 5,802,700 

5,437,286 22,830,475 9,669,475 

Additions — — — 

Disposals — — — 

Reclassification — 67,969,832 — 

At cost 4,997,286 82,875,307 3,866,775 

At valuation 440,000 7,925,000 5,802,700 

At 31 December 1998 5,437,286 90,800,307 9,669,475 


At 1 January 1998 617,419 3,319,273 2,404,516 

Charge for the year 83,908 996,984 205,170 

Disposals — — — 

At 31 December 1998 701,327 4,316,257 2,609,686 


as at 31 December 1998 4,735,959 86,484,050 7,059,789 



Plant & Office Capital 

machinery and equipment, work-inmotor 

vehicles fixtures & fittings Renovations progress Total 

RM RM RM RM RM 

36,565,895 17,819,636 — 147,537,536 225,692,603 

8,204,000 — — — 22,371,700 

44,769,895 17,819,636 — 147,537,536 248,064,303 

3,135,170 3,107,834 — 30,911,449 37,154,453 

(104,056) (896,537) — — (1,000,593) 

60,077,471 909,490 1,280,505 (130,237,298) — 

99,674,480 20,940,423 1,280,505 48,211,687 261,846,463 

8,204,000 — — — 22,371,700 

107,878,480 20,940,423 1,280,505 48,211,687 284,218,163 

28,251,354 10,640,822 — — 45,233,384 

6,070,072 4,366,239 117,956 — 11,840,329 

(103,956) (493,559) — — (597,515) 

34,217,470 14,513,502 117,956 — 56,476,198 

73,661,010 6,426,921 1,162,549 48,211,687 227,741,965 


55



ASSETS ACQUIRED UNDER FINANCE LEASE AND HIRE-PURCHASE AGREEMENTS 

The value of fixed assets of the Group and the Company includes the following assets acquired under finance lease and 

hire-purchase agreements:- 

Accumulated Net book 

Cost depreciation value 

RM RM RM 

The Group 

1999 

Plant and machinery and motor vehicles 10,573,051 2,887,800 7,685,251 

Office equipment, furniture and fittings 3,650,012 3,108,413 541,599 

1998 

Plant and machinery and motor vehicles 10,590,469 2,272,265 8,318,204 

Office equipment, furniture and fittings 4,706,356 2,979,538 1,726,818 

The Company 

1999 

Plant and machinery and motor vehicles 1,599,854 733,966 865,888 

Office equipment, furniture and fittings 1,417,718 1,077,573 340,145 

1998 

Plant and machinery and motor vehicles 1,210,841 470,548 740,293 

Office equipment, furniture and fittings 1,004,782 797,324 207,458 

(a) The long term leasehold land has unexpired period of more than 50 years. 

(b) The land and buildings and plant and machinery stated at valuation were revalued on 22 July 1986 by the Directors 

based on professional valuation carried out by an independent firm of valuers on the fair market value basis for land and 

buildings and on replacement cost basis for plant and machinery. 

(c) Included in capital work-in-progress of the Group and the Company is interest costs capitalised during the year of 

RM1,369,223 (1998: RM2,345,819). 

(d) Certain fixed assets of the Group and the Company have been pledged for the term loans and revolving underwriting 

facility obtained. 




ASSETS ACQUIRED UNDER FINANCE LEASE AND HIRE-PURCHASE AGREEMENTS (CONT’D.) 

(e) The net book values of revalued fixed assets of the Group and the Company that would have been included in the 

accounts had these assets been carried at cost less depreciation are as follows:- 


1999 1998 1999 1998 

RM RM RM RM 

Freehold land and buildings 242,682 250,772 242,682 250,772 

Long term leasehold land and buildings 3,804,514 3,994,739 3,804,514 3,994,739 

Short term leasehold land and buildings 3,420,391 3,534,404 3,420,391 3,534,404 

15. SUBSIDIARY COMPANIES 

The Company 

1999 1998 

RM RM 

Unquoted shares, at cost 29,182,298 28,642,298 

Less: Provision for diminution in value (1,772,286) (1,512,286) 

27,410,012 27,130,012 

Add: Amount owing by subsidiary companies 76,219,728 65,875,766 

Less: Amount owing to subsidiary companies (18,169,696) (19,718,992) 

85,460,044 73,286,786 


57


15. SUBSIDIARY COMPANIES (CONT’D.) 

The subsidiary companies are:- 

Equity interest held 

Name of company Directly Through 

by the subsidiary 

company company Principal activities 

1999 1998 1999 1998 

% % % % 

Utusan Publications 

and Distributors Sdn Bhd 100 100 — — Publication and distribution of books 

USP Techno Printer Sdn Bhd 

(formerly known as 

Utusan Security Printers Sdn Bhd) 

100 100 — — Printing of security documents 

Juasa Holdings Sdn Bhd 100 100 — — Investment holding 

Utusan Printcorp Sdn Bhd 

Utusan Melayu (Singapura) 

Private Limited* 

90 90 10 10 Commercial printing 

(Incorporated in Singapore) 100 100 — — Print advertising 

Utusan Teknologi Maklumat Sdn Bhd 70 70 — — Dormant 

UPD Sdn Bhd 81 81 19 19 Outdoor advertising 

Digital Conference Sdn Bhd 100 100 — — Management of special events 

Utusan Multimedia Sdn Bhd 100 100 — — Information technology and multimedia 

Utusan Digital Sdn Bhd 100 100 — — Publication and distribution 

of newspapers, magazines and books 

Forum Exposition Sdn Bhd 70 — — — Exhibition and exposition organiser 

Net Space Learning Sdn Bhd 100 100 — — Information technology and multimedia 

Utusan City Berhad 100 100 — — Dormant 

Advance Web Print Sdn Bhd 


Wawasan Bumicetak Sdn Bhd) 

100 100 — — Dormant 

Utustar (Malaysia) Sdn Bhd 100 100 — — Dormant 

Net Space Production Sdn Bhd 100 100 — — Information technology 


Recruit Publishing Sdn Bhd) 

and multimedia activities 

UPD Productions Sdn Bhd — — 100 100 Advertising poster productions 

Utusan Binders Sdn Bhd — — 100 100 Binding of books and publications 

Utusan Media Sales Sdn Bhd — — 100 100 Print advertising 

KL Recorder Sdn Bhd — — 100 100 Dormant 

Utusan Audio Sdn Bhd — — 100 100 Audio recording and production 

Utusan Sight & Sound Sdn Bhd — — 100 100 Video production editing 

Advance Screen Sdn Bhd — — 51 51 Printing of silkscreen posters 

Utusan Colourscan Sdn Bhd — — 100 100 Dormant 

Juasa Properties Sdn Bhd — — 100 100 Dormant 

*Not Audited by PRICEWATERHOUSECOOPERS. 



15. SUBSIDIARY COMPANIES (CONT’D.) 

All the subsidiary companies, unless otherwise stated, are incorporated in Malaysia. 

As at 31 December 1999, the Company has interests in certain subsidiary companies comprising total investment and advances 

amounting to RM28,826,482. These subsidiaries have incurred substantial losses and are in capital deficit positions as at the 

end of the financial year. It is the intention of the Company to restructure and rationalise the activities of these subsidiaries to 

ensure that they are able to operate as going concern. In view of this, the Directors are of the opinion that the diminution in 

value of the interest in these subsidiary companies is not permanent. 

16. ASSOCIATED COMPANIES 


1999 1998 1999 1998 

RM RM RM RM 

Unquoted shares, at cost 2,144,799 2,394,799 1,699,999 1,949,999 

Group’s share of post-acquisition capital reserve 920,000 560,000 — — 

Group’s share of post-acquisition profits less losses 3,966,538 4,169,440 — — 

7,031,337 7,124,239 1,699,999 1,949,999 

Less: 

Provision for diminution in value (444,800) — (319,999) (569,998) 

6,586,537 7,124,239 1,380,000 1,380,001 

Add: 

Amount owing by associated companies 

Less: 

244,598 570,999 244,598 244,598 

Amount owing to associated companies (506,762) (498,838) (506,762) (498,838) 

6,324,373 7,196,400 1,117,836 1,125,761 

The associated companies are:- 

Equity interest held 

Name of company Directly Through 

by the subsidiary Financial 

company company year end Principal activities 

1999 1998 1999 1998 

% % % % 

Swan Malaysia Sdn Bhd 40 40 — — 30 June Manufacturing of stationery 

Utusan Transport Sdn Bhd 30 30 — — 31 December Transportation 

World Infonexus Sdn Bhd — 40 — — 31 December News production 

Utusan PNMB On/line Sdn Bhd — 50 — — 31 December Information technology 

Commercial Airtime Marketing Sdn Bhd 40 40 — — 31 March Marketing of television 

advertising airtime 

TEAM UPD Ltd (Incorporated in India) — — 50 50 31 March Hiring of advertising sites 

All the associated companies, unless otherwise stated, are incorporated in Malaysia. 


59


17. INVESTMENTS 


1999 1998 1999 1998 

RM RM RM RM 

Quoted: 

Shares in corporations, at cost 659,425 209,425 92,500 92,500 

Unquoted: 

Shares in corporations, at cost 3,197,936 3,197,936 224,299 224,299 

Less: Provision for diminution in value (352,860) (307,200) (102,860) (57,200) 

2,845,076 2,890,736 121,439 167,099 

3,504,501 3,100,161 213,939 259,599 

Market value of quoted investments 807,103 163,893 102,050 69,680 

18. CURRENT ASSETS 


Note 1999 1998 1999 1998 

RM RM RM RM 

Stocks 19 21,036,438 36,327,152 15,143,832 29,271,698 

Trade debtors 106,297,674 98,050,547 20,064,444 23,111,552 

Less: Provision for doubtful debts (25,751,549) (25,542,248) (5,929,672) (4,403,339) 

80,546,125 72,508,299 14,134,772 18,708,213 

Other debtors and prepayments 29,312,484 24,569,837 17,715,200 13,263,791 

Less: Provision for doubtful debts (166,209) (166,209) (166,209) (166,209) 

29,146,275 24,403,628 17,548,991 13,097,582 

Fixed deposits with financial institutions 20 12,331,994 11,626,914 — — 

Cash and bank balances 13,732,258 7,412,883 3,867,663 2,655,066 


156,793,090 152,278,876 50,695,258 63,732,559


19. STOCKS 


1999 1998 1999 1998 

RM RM RM RM 

Stocks comprise: 

Raw materials 18,170,068 32,357,990 15,754,003 29,870,869 

Work-in-progress 393,801 704,079 — — 

Finished goods 4,029,660 4,774,334 — — 

22,593,529 37,836,403 15,754,003 29,870,869 

Less: Provision for slow moving stocks (1,557,091) (1,509,251) (610,171) (599,171) 

20. FIXED DEPOSITS WITH FINANCIAL INSTITUTIONS 

21,036,438 36,327,152 15,143,832 29,271,698 


1999 1998 1999 1998 

RM RM RM RM 

Licenced banks 507,729 392,930 — — 

Licenced finance companies 1,813,904 457,282 — — 

Discount houses 10,010,361 10,776,702 — — 

12,331,994 11,626,914 — — 

Fixed deposits amounting to RM215,000 (1998: RM215,000) are pledged to licensed banks for banking facilities granted to 

the Group. 


61


21. CURRENT LIABILITIES 



Note 1999 1998 1999 1998 

RM RM RM RM 

Trade creditors 28,675,613 26,960,379 4,116,854 3,567,005 

Other creditors and accrued liabilities 54,779,321 39,360,091 39,345,862 25,491,990 

Amount owing to a director 136,568 — — — 

Lease and hire purchase creditors 13 2,566,730 2,715,583 533,413 469,082 

Short term borrowings 22 48,276,108 59,777,605 42,123,608 54,631,608 

Billings in advance 9,692,360 8,649,140 — — 

Bank overdrafts 23 17,613,814 13,901,170 10,725,878 4,436,485 

Taxation 839,768 6,060,714 686,047 4,080,947 

Proposed dividend 4,456,675 — 4,456,675 — 

22. SHORT TERM BORROWINGS 

Short term borrowings comprise the following:- 

167,036,957 157,424,682 101,988,337 92,677,117 


Note 1999 1998 1999 1998 

RM RM RM RM 

Bankers acceptance 17,075,000 30,883,000 17,075,000 30,883,000 

Revolving credits 20,200,000 18,900,000 20,200,000 18,900,000 

Current portion of term loans 11 9,933,453 9,119,296 4,848,608 4,848,608 

Trust receipts 1,067,655 875,309 — — 

48,276,108 59,777,605 42,123,608 54,631,608 

(a) Bankers’ acceptance are unsecured and the interest rates for the financial year ranged from 3.2% to 10.25% (1998: 6.3% 

to 14.4%) per annum. 

(b) Revolving credits are unsecured and the interest rates for the financial year ranged from 5% to 14.85% (1998: 9.25% to 

18.25%) per annum. 

(c) Trust receipts for one of the subsidiary companies are guaranteed by two of the Directors of that subsidiary company. 

Interest rates for the trust receipts for the financial year ranged from 7% to 10.35% (1998: 10.55% to 11%) per annum.


23. OVERDRAFTS 

The bank overdrafts are unsecured and interest rates for the financial year ranged from 7.8% to 10.25% (1998: 8.8% to 14.05%) 

per annum. 

24. ACQUISITION OF A SUBSIDIARY COMPANY 

During the financial year the Group acquired a subsidiary company, Forum Exposition Sdn Bhd. The fair value of the assets 

and liabilities assumed are as follows:- 

Net assets acquired: 

Fixed assets 80,600 

Investment 1,600 

Work-in-progress 123,375 

Debtors 342,180 

Cash and bank balances 150,155 

Creditors (781,343) 

(83,433) 

Goodwill 623,433 

Total acquisition cost 540,000 

Less: cash and bank balances (150,155) 

Cash flow on acquisition, net of cash acquired 389,845 

25. SIGNIFICANT INTER-COMPANY TRANSACTIONS 

The following transactions were carried out with subsidiary companies based on negotiated term and conditions:- 

RM 

The Company 

1999 1998 

RM RM 

Purchases from subsidiary companies 10,454,995 9,140,438 

Commission received from subsidiary companies 879,592 1,038,064 

Interest income from subsidiary companies 1,854,131 1,543,733 

Rental income from subsidiary companies 489,942 347,538 

Rental charged by subsidiary companies 431,943 328,376 

Advertising commission paid to subsidiary companies 5,657,356 7,442,018 


63


26. CONTINGENT LIABILITIES 

The Company has given corporate guarantees to financial institutions amounting to RM50,914,000 (1998: RM88,245,000) 

for banking facilities extended to subsidiary companies. 

Several libel suits have been filed against the Company of which the outcome and compensation, if any, are not determinable 

at this juncture. The Directors are of the opinion that the claims are not merited and will not materialise. 

27. CAPITAL COMMITMENTS 


1999 1998 1999 1998 

RM RM RM RM 

Approved and contracted for 105,325,772 224,539,800 101,858,098 195,632,080 

Approved but not contracted for 37,753,306 106,229,554 37,753,306 64,018,004 

28. SEGMENTAL ANALYSIS BY ACTIVITIES 

Profit/(loss) 

before Assets 

Turnover taxation employed 

RM RM RM 

1999 

Publishing and distribution 149,971,530 7,383,253 243,484,788 

Printing 20,181,002 (2,318,596) 32,487,883 

Advertisements 127,011,750 8,792,559 217,712,133 

Investment holding and management services 1,396,787 1,399,139 106,527,991 

Information technology and multimedia 12,209,788 (2,375,504) 7,538,078 

310,770,857 12,880,851 607,750,873 

Consolidation adjustments (13,469,441) (627,464) (138,763,485) 

297,301,416 12,253,387 468,987,388 

Share of results of associated companies 731,509 


12,984,896


28. SEGMENTAL ANALYSIS BY ACTIVITIES (CONT’D.) 

Profit/(loss) 

before Assets 

Turnover taxation employed 

RM RM RM 

1998 

Publishing and distribution 144,724,984 (7,496,786) 228,025,562 

Printing 17,036,710 (5,027,211) 33,265,837 

Advertisements 106,330,655 (6,658,868) 187,585,748 

Investment holding and management services 1,039,580 2,033,796 112,046,481 

Information technology and multimedia 5,081,226 (2,423,018) 4,408,108 

274,213,155 (19,572,087) 565,331,736 

Consolidation adjustments (11,885,849) (1,162,139) (109,683,893) 

262,327,306 (20,734,226) 455,647,843 

Share of results of associated companies 2,186,340 

(18,547,886) 

The Group currently operates mainly in Malaysia and accordingly no information on the Group’s operations by geographical 

segments has been provided. 

29. EVENTS AFTER BALANCE SHEET DATE 

Subsequent to the balance sheet date, the Company and one of the its subsidiaries entered into the following agreements: 

20 January 2000 – A support agreement with Fratelli Spada S.p.A, an Italian printing company, to increase its market base 

and undertake printing and related jobs in the international market. 

28 January 2000 – A share purchase and subscription agreement for the sale of 25% stake in Utusan Multimedia Sdn Bhd 

to Asia Online Services (M) Sdn Bhd for RM5.0 million. 

3 February 2000 – A strategic alliance agreement with British Council to market a course designed for secretaries of the 

new millennium. 

3 February 2000 – A Memorandum of Understanding between, Net Space Learning Sdn Bhd, Net Space Production Sdn 

Bhd and Sky Media Pte Ltd to localise an interactive education service under the name of 

“SKYTUTOR”. The Agreement was eventually signed on 15 March 2000. 

11 February 2000 – A sale and purchase agreement with Felcra Berhad for the sale of Wangsa Maju Complex for RM59.0 

million to Felcra Bhd. 

21 March 2000 – Management Buy Out of 70% of Utusan Sight and Sound Sdn Bhd and Utusan Audio Sdn Bhd to 

streamline and enhance the performance of the Group. 


65

Statement B Y T HE D IRECTORS pursuant to Section 169(15) of the Companies Act, 1965 

We, TAN SRI KAMARUL ARIFFIN MOHAMED YASSIN and AZIZI MEOR NGAH, being two of the Directors of 

UTUSAN MELAYU (MALAYSIA) BERHAD, state that, in the opinion of the Directors, the accounts set out on pages 35 to 65 are 

drawn up so as to give a true and fair view of the state of affairs of the Group and of the Company as at 31 December 1999 and 

of the results of the Group and of the Company and the cash flows of the Group for the financial year ended on that date in 

accordance with the applicable approved accounting standards in Malaysia. 

Signed at Kuala Lumpur on 23 March 2000 

On behalf of the Board of Directors 

TAN SRI KAMARUL ARIFFIN MOHAMED YASSIN 

Director 

AZIZI MEOR NGAH 

Director 

Statutory D ECLARATION 

I, KHAMARUL BAHARAIN SULAIMAN, being the officer primarily responsible for the financial management of 

UTUSAN MELAYU (MALAYSIA) BERHAD, do solemnly and sincerely declare that, to the best of my knowledge and belief, the 

accounts set out on pages 35 to 65 are 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. 

KHAMARUL BAHARAIN SULAIMAN 

Subscribed and solemnly declared at Kuala Lumpur on 23 March 2000 

Before me, 

Commissioner for Oaths 


List O F P ROPERTIES as at 31 December 1999 

Land Built-up Net Book 

Area Area Value 

Location Description Existing Use (sq. ft.) (sq. ft.) Tenure (RM) 

32, Argyll Road Double Storey Vacant 1,280 1,995 Leasehold 178,000.00 

Georgetown Pre-war (26.9.2049) 

Penang Shophouse 

(D/P: 28.8.1969) 

34, Argyll Road Double Storey Utusan’s Office 1,280 1,995 Leasehold 225,538.10 

Georgetown Pre-war (27.9.2049) 

Penang Shophouse 

(D/P: 1.7.1976) 

Lot 314, Utusan’s Printing Plant 69,054 40,805 Leasehold 3,123,921.57 

Tingkat Perusahaan Tiga Factory Building (1.4.2041) 

Prai Industrial Estate 

Penang 

(D/P: 2.4.1982) 

Plot 6, Industrial Estate Industrial Vacant 174,240 — Leasehold 368,964.71 

Bagan Serai Land (12.12.2035) 

Seberang Prai Tengah 

Penang 

(D/P: 10.10.1977) 

1, Jalan S.M. Double Storey Utusan’s Office 2,288 3,980 Leasehold 102,300.00 

IC/12 Bandar Baru Shophouse (1.8.2079) 

Sri Manjung 

Sitiawan, Perak 

(D/P: 12.12.1980) 

3270, Jalan Sungai Nibong Double Storey Vacant 1,760 2,932 Freehold 113,769.20 

Teluk Intan, Perak Shophouse 

(D/P: 19.9.1984) 

208, Jalan Sultan Iskandar Double Storey Utusan’s Office 1,740 2,720 Freehold 214,031.30 

Ipoh, Perak Pre-war 

(D/P: 8.9.1990) Shophouse 

76-C, Wisma Ali Long 4 1 ⁄2 Storey Utusan’s Office — 1,832 Freehold 106,777.44 

Jalan Air Jerneh Shophouse 

Kuala Terengganu, Terengganu 

(D/P: 25.9.1991) 

Gong Badak Industrial Estate Factory Building Printing Plant 130,684 22,000 Leasehold 1,589,214.04 

Kuala Terengganu, Terengganu (27.3.2051) 

(D/P: 28.3.1991) 


67





C-321, Jalan Tengku Ismail Double Storey Ground Floor 1,600 2,480 Leasehold 182,000.00 

Temerloh, Pahang Shophouse Utusan’s Office (29.3.2083) 

(D/P: 26.11.1984) 

18, Jalan Bukit Ubi Three Storey Ground Floor 2,000 4,900 Leasehold 252,417.60 

Kuantan, Pahang Shophouse Utusan’s Office (14.8.2068) 

(D/P: 28.7.1986) 

Jalan Haji Abd Aziz Vacant Land Vacant 3,267 — Leasehold 126,060.61 

Kuantan, Pahang (17.9.2077) 

(D/P: 15.7.1981) 

5, Jalan Ragum Warehouse Utusan’s 85,412 15,000 Leasehold 3,282,383.23 

15/17, Shah Alam Warehouse (12.1.2086) 

Selangor 

(D/P: 11.11.1987) 

Lot 59 & 60 Industrial Vacant 174,000 — Freehold 3,609,888.60 

Bukit Beruntung Land Land 

Industrial Park 

Rawang, Selangor 

(D/P: 23.8.1996) 

Lot 6, Industrial Estate Industrial Bangi Printing 683,260 — Leasehold 68,351,318.11 

Section 10 Land Complex (99 years) 

Bandar Baru Bangi 

Mukim Kajang 

District of Hulu Langat 

Selangor 

(D/P: 20.12.1995) 

Section 10, Wangsa Maju Industrial Head Office 625,397 — Lot 23434 8,464,026.35 

Kuala Lumpur Land and Factory Leasehold 

(D/P: 13.7.1992) (24.2.2083) 


Lot P.T. 4780 

Leasehold 

(7.8.2090) 

Lot 351, Jalan Tiga Factory and Utusan Binders 47,244 28,601 Leasehold 630,579.97 

Off Jalan Chan Sow Lin Office Sdn Bhd (17.12.2009) 

Kuala Lumpur Building Printing Plant 

(D/P: 20.12.1979)





46-M, Jalan Lima Factory Company’s HQ 63,855 49,368 Lot 187 2,432,896.98 

Off Jalan Chan Sow Lin Building and Printing Leasehold 

Kuala Lumpur and Plant (2.6.2057) 

(D/P: 10.12.1959) Company’s HQ Lot 268 

Leasehold 

(30.1.2062) 

Jalan Enam Factory Store 60,205 10,000 Lot 234 & 236 951,613.72 

Off Jalan Chan Sow Lin Building Leasehold 

Kuala Lumpur (23.5.2021) 

(D/P: 7.2.1991) Lot 238 & 240 

Leasehold 

(1.7.2016) 

Lot 242 & 244 

Leasehold 

(1.6.2012) 

36, Jalan Jelutong Double Storey Company 12,754 5,790 Freehold 392,378.39 

Damansara Heights Bungalow Director’s 

Kuala Lumpur Residence 

(D/P: 3.9.1987) 

Lot 272, Section 92 — Vacant 40,520 — — 480,857.15 

Kuala Lumpur Land 

(D/P: 20.4.1963) 

358, Taman Melaka Raya Three Storey Utusan’s Office 1,400 4,160 Leasehold 204,000.00 

Melaka Shophouse (4.10.2082) 

(D/P: 26.2.1982) 

24, Jalan Serampang Three Storey Utusan’s Office 1,920 5,358 Freehold 323,376.36 

Taman Pelangi Shophouse 

Johor Bahru, Johor 

(D/P: 27.10.1980) 

19, Jalan Mengkudu Double Storey Utusan’s Office 1,680 3,192 Freehold 214,661.46 

Taman Makmur Shophouse 

Batu Pahat, Johor 

(D/P: 2.10.1984) 

17, Jalan Kukoh Factory Factory Rented Out 115,434 39,200 Leasehold 1,599,487.60 

Johor Bahru, Johor to Swan Malaysia (6.10.2034) 

(D/P: 7.10.1974) Sdn Bhd 

Jalan Firma 2/1 Industrial Printing 170,311 21,410 Freehold 3,212,181.06 

Tebrau Industrial Estate Building Plant 

Johor Bahru, Johor 

(D/P: 3.4.1991) 


69





17, Hamilton Court — Directors’ and — 800 Freehold 654,137.92 

149 Maida Vale Executives’ Holiday 

London W9, U.K. Accommodation 

(D/P: 23.5.1994) 

Lot 438, Jalan Dua Factory Utusan Security 38,761 23,361 Leasehold 3,211,393.67 

Off Jalan Chan Sow Lin Building Printers Sdn Bhd’s (14.10.2016) 

Kuala Lumpur Office/Printing 

(D/P: 6.1.1992) Plant 

Lot 184, Jalan Lima Factory Utusan Printcorp 51,972 41,670 Leasehold 72,835.08 

Off Jalan Chan Sow Lin Building Sdn Bhd’s (27.9.2005) 

Kuala Lumpur Office/Printing Plant 

(D/P: 30.11.1977) 

11, Jalan 14/22 Five Storey Utusan Media 5,533 24,170 Leasehold 3,774,729.10 

Petaling Jaya, Selangor Shophouse Sales Sdn Bhd’s (16.12.2086) 

(D/P: 10.3.1992) with Lifts Office 

11A, Jalan 14/22 Four Storey Utusan Media 1,539 5,830 Leasehold 652,312.99 

Petaling Jaya, Selangor Shophouse Sales Sdn Bhd’s (16.12.2086) 

(D/P: 23.10.1989) Office 

12, Jalan SS22/25 Four Storey UPD Sdn Bhd’s 1,650 5,142 Freehold 531,676.86 

Damansara Jaya Shophouse Office 

Petaling Jaya, Selangor 

(D/P: 28.9.1990) 

14, Jalan SS22/25 Four Storey UPD Sdn Bhd’s 1,650 5,142 Freehold 531,676.86 

Damansara Jaya Shophouse Office 

Petaling Jaya, Selangor 

(D/P: 28.9.1990) 

1&3, Jalan 3/91A 3 1 ⁄2 Storey Utusan Publication 13,551.87 12,015 — 3,518,598.86 

Taman Shamelin Perkasa Terrace Factory & Distributors 

Cheras, Kuala Lumpur Sdn Bhd’s Office 

(D/P: 13.1.1994) 

18, Jalan 6/91 1 1 ⁄2 Storey Office Magazine 11,040 — 865,223.32 

Taman Shamelin Perkasa Terrace Factory Section 

Cheras, Kuala Lumpur 

(D/P: 2.8.1990) 


I/We 

of 

being a member/members of Utusan Melayu (Malaysia) Berhad hereby appoint the Chairman of the Meeting or failing 

him 

PROXY FORM 

of 

as my/our proxy/proxies to vote on my/our behalf at the Thirty Second Annual General Meeting of the Company to 

be held at Dewan Besar, Level 1, Bangunan Tabung Haji, 201, Jalan Tun Razak, 50400 Kuala Lumpur on Thursday, 

20 April 2000 at 11.00 a.m. and at any adjournment thereof. 

Ordinary Resolutions For Against Abstain 

1. To adopt the audited accounts 

2. To declare first and final dividend 

3. To re-appoint Tan Sri Dato’ Seri Utama Abdul Samad Idris 

To re-elect the Directors under Article 98:- 

4. Dato’ Hj Nasir Hj Mat Piah 

5. Tan Sri Kamarul Ariffin Mohamed Yassin 

6. Tan Sri Dato’ Abdullah Ahmad 

7. To approve Directors fees 

8. To appoint Auditors 

Special Business – As Ordinary Resolutions 

9. Acquisition and disposal of assets 

10. Issuance of new shares 

Please indicate with a tick (X) in the appropriate spaces how you wish your votes to be cast. If you do not indicate how 

you wish your proxy to vote on any Resolution, the proxy will vote as he thinks fit at his discretion or abstains from voting. 

Signed this _____________________ day of __________ 2000. 

Number of Shares 

UTUSAN MELAYU (MALAYSIA) BERHAD 

(7170-V) 

(Incorporated in Malaysia) 

Signature 

In the presence of: __________________ 

NOTE: 

Appointment of Proxy 

A member entitled to attend and vote at the Meeting is entitled to appoint a proxy to attend and to vote in his stead. A proxy need not be a member 

of the Company. The instrument appointing a proxy must be deposited at the Registrar’s Office at 20th Floor, IGB Plaza, Jalan Kampar Off 

Jalan Tun Razak, 50400 Kuala Lumpur not less than forty eight (48) hours before the time set for the meeting. Where the Proxy Form is executed 

by a corporation, it must be either under its Common Seal or under the hand of an officer or attorney duly authorised.

TENAGA KOPERAT SDN BHD 

20th Floor, IGB Plaza 

Jalan Kampar 

Off Jalan Tun Razak 


STAMP


36, Jalan Jelutong 

Damansara Heights 


10 March 2000 

The Board of Directors 


46M, Jalan Lima 

Off Jalan Chan Sow Lin 


Dear Sirs 

CHANGE OF AUDITORS 

Pursuant of Section 172(11) of the Companies Act, 1965, I, being a shareholder of the 

Company, hereby give notice of my intention to nominate Messrs Arthur Andersen & Co for 

appointment as Auditors of the Company and to propose the following as an ordinary resolution 

to be tabled at the forthcoming Annual General Meeting of the Company, to replace the retiring 

Auditors, Messrs PricewaterhouseCoopers. 

“That Messrs Arthur Andersen & Co be and are hereby appointed Auditors of the Company in 

place of the retiring Auditor, Messrs PricewaterhouseCoopers to hold office until the conclusion 

of the next Annual General Meeting at a remuneration to be determined by the Directors.” 

Yours faithfully 

AZIZI MEOR NGAH

Utusan Melayu (Malaysia) Bhd - Announcements

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