Annual Report Laporan Tahunan - Baiduri Bank

Report of the Directors
The directors have pleasure in presenting their annual report and audited financial statements of the Company
and of the Group for the financial year ended December 31, 2008.
PRINCIPAL ACTIVITIES
The principal activities of the Company and the Group are to carry on the business of banking and related
financial services including dealing in investment securities, stock broking and e-financial services. There have
been no significant changes in the nature of these activities during the financial year.
One of the Company’s subsidiaries, Baiduri Securities Sdn Bhd, had remained dormant throughout the
financial year ended December 31, 2008.
Results
The Group
B$’000
The Company
B$’000
Balance at December 31, 2007 17,626 9,790
Total profits for the financial year 25,806 27,770
Transferred from retained profits to:
- Share capital (5,000) (5,000)
- Statutory reserve (18,689) (13,885)
Dividends paid (8,400) (8,400)
Balance at December 31, 2008 11,343 10,275
RESERVES AND PROVISIONS
There were no other material transfers to or from reserves and provisions during the financial year other than
those disclosed in the financial statements.
SHARE CAPITAL
On February 25, 2008, the issued share capital was increased to B$100,000,000 by the issue of 40,000,000
ordinary shares of B$1 each.
The newly issued shares rank pari passu in all respect with the existing shares of the Company.
FINANCIAL STATEMENTS
The state of affairs of the Company as at December 31, 2008 is set out in the balance sheet. These financial
statements were approved by the Board of Directors on March 5, 2009.
DIVIDENDS
B$
Dividends paid in respect of the financial year ended December 31, 2007 8,400,000
At the forthcoming Annual General Meeting, a total dividend of B$8,900,000 in respect of the current financial
year ended December 31, 2008 will be proposed for shareholders’ approval. Such dividend, if approved by
the shareholders, will be accounted for as an appropriation of retained profits of the shareholders’ equity in
the next financial year ending December 31, 2009.
22 Baiduri Bank Annual Report 2008