Eng - IOI Group

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notestothefinancialstatements cont’d34 ACQUISITION OF SUBSIDIARIES cont’d34.6 Riang Takzim Sdn BhdOn 3 October 2001, a subsidiary of the Company, Cahaya Kota Development Sdn Bhd acquired 999,998ordinary shares of RM1.00 each or 99.9998% equity interest in Riang Takzim Sdn Bhd for cash considerationof RM1,000,000.Details of fair value of the net assets acquired and cash outflow on acquisition of subsidiary were as follows:In RM’000Net current assets 959Net assets acquired 959Goodwill on consolidation 411,000Purchase consideration discharged by cash 1,000Cash outflow on acquisition of subsidiary 1,000The effect of the above acquisition on the financial results of the Group during the previous financial yearwas insignificant as the company was inactive.The effect of the above acquisition on the financial position of the Group as at 30 June 2002 was as follows:In RM’000Net current assets 959Goodwill on consolidation 41Increase in Group’s net assets 1,000IOI Corporation BerhadAnnual Report 2003194
34 ACQUISITION OF SUBSIDIARIES cont’d34.7 Lush Development Sdn BhdThe acquisitions of Lush Development Sdn Bhd by Cahaya Kota Development Sdn Bhd and Riang Takzim SdnBhd were completed on 3 October 2001. The equity interests acquired were as follows:Acquired ByNo. ofOrdinaryCashShares of Equity Consi-RM1.00 Interest derationeach Acquired RM’000Cahaya Kota Development Sdn Bhd 5,100 51% 12,138Riang Takzim Sdn Bhd 4,900 49% 11,66210,000 100% 23,800Details of fair value of the net assets acquired and cash outflow on acquisition of subsidiary were as follows:In RM’000Land held for development 74,056Net current liabilities (12,300)Deferred taxation (9,256)Net assets acquired 52,500Purchase consideration discharged by cash 52,500Less: deposits paid during the previous financial year (3,370)Cash outflow on acquisition of subsidiary 49,130The effect of the above acquisition on the financial results of the Group during the previous financial yearwas insignificant as the company has yet to commence business.The effect of the above acquisition on the financial position of the Group as at 30 June 2002 was as follows:In RM’000Land held for development 79,246Net current liabilities (12,306)Deferred taxation (9,256)Increase in Group’s net assets 57,684195IOI Corporation BerhadAnnual Report 2003
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www.ioigroup.comIOI Corporation Ber
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OPERATING BACKGROUNDThe Malaysian e
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FINANCIAL OVERVIEW cont’dGroup’
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REVIEW OF RESULTS cont’dEBIT cont
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OTHER CORPORATE DEVELOPMENT AND GRO
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SOCIAL CONTRIBUTIONSAs a responsibl
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ACKNOWLEDGEMENTOn behalf of the Boa
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noticeofannualgeneralmeetingNOTICE
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noticeofannualgeneralmeeting cont
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noticeofannualgeneralmeeting cont
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oostingjobfulfilment“When it come
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oardofdirectorsTan Sri Dato’ Lee
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Dato’ Lee Yeow ChorExecutive Dire
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Datuk Khalid b Hj HusinIndependent
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groupfinancialoverviewBalance Sheet
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groupperformancehighlightsIOI Corpo
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five-yearfinancialhighlightsIn RM
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oostingsocialcommitment“As a cari
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HIGHLIGHTS cont’d• Net operatin
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ECONOMIC PROFIT AND RETURNS cont’
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RISK MANAGEMENTThe Group has in pla
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Financial Risk Management cont’d
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management’sdiscussionandanalysis
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Area Statement (In Hectares)Year en
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OPERATIONS cont’dAlthough oil yie
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OUTLOOK AND PROSPECTSPrices of edib
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OPERATIONS cont’dIn line with the
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RESULTS cont’dThe Group’s overa
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ValKepongKLCCKualaLumpurKL SentralP
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OPERATIONSThe Group’s palm oil re
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PROSPECTSThe oleochemical sub-segme
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4 Duties and ResponsibilitiesIn ful
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ACTIVITIES cont’dviiReview of the
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Roles and Principal Duties cont’d
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Board Composition and Balance cont
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Re-electionIn accordance with the C
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Directors’ Remuneration cont’d1
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Financial Reporting cont’dIn addi
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NATURE OF OUR INTERNAL CONTROLS CON
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otherinformationCOMPOSITION OF SHAR
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Type of Recurrent Interested Direct
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Type of Recurrent Interested Direct
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27 Tan Sri Dato’ Lee Shin Cheng i
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groupbusinessstructurePlantationPla
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EuropeNetherlands : Wormerveer and
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■ Plantation1 Bukit Dinding Estat
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• The exercise price of Warrants
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MARCH 2003• IOI achieved a 5th pl
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socialcontributions• In conjuncti
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• IOI contributed RM100,000 for t
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directors’reportThe Directors of
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directors’report cont’dWARRANTS
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directors’report cont’dEXECUTIV
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directors’report cont’dRESERVES
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directors’report cont’dDIRECTOR
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directors’report cont’dSTATUTOR
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directors’report cont’dSIGNIFIC
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incomestatements for the financial
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statementsofchangesinequity for the
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statementsofchangesinequity for the
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cashflowstatements for the financia
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cashflowstatements for the financia
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notestothefinancialstatements cont
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Page 230 and 231: eportoftheauditors to the members o
Page 232 and 233: groupproperties cont’dAPLANTATION
Page 234 and 235: groupproperties cont’dBDEVELOPMEN
Page 236 and 237: groupproperties cont’dDINDUSTRIAL
Page 238 and 239: groupproperties cont’dEOTHER PROP
Page 240 and 241: LIST OF TOP 30 SHAREHOLDERS cont’
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Eng - IOI Group

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