notes to the financial Statements

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Philip Banks
5 years ago
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1 38. Significant events during the financial year (a) On 28 March 2014, the Company entered into a Share Sale Agreement with JEKS Engineering Sdn. Bhd. ( JEKS ) for the acquisition of 4,149,000 ordinary shares of RM1.00 each representing 30% of the equity interest held by JEKS in KUB Precast Sdn Bhd (formerly known as Precast Products Sdn. Bhd.) for a total purchase consideration of RM7,650,000. The purchase consideration has been fully paid and transfer of shares have been completed on 15 June (b) On 18 December 2014, the Federal Land Commissioner ( FLC )/Government of, KUB Holdings Berhad ( KUBH ) and the Company entered into two Novation Agreements to transfer all rights and obligations of KUBH under the Lease Agreement and Concession Agreement dated 9 January 1997 (both agreements were entered into between FLC and KUBH), to the Company. The Concession Agreement was in respect of the management, operation and running of NPC Hotel (later known as Hotel Singgahsana) and Institut Pengurusan Perhotelan (later known as ITTAR (IPP) PJ). The Lease Agreement was in respect of the land where both the NPC Hotel and Institute are situated. On 19 December 2014, all rights and obligations of the Company with respect to the lease and concession were transferred to a third party, Projekmaju Sdn Bhd ( PMSB ) via two novation agreements between FLC/Government of, PMSB and the Company. The parties agreed on a goodwill payment of RM9.0 million payable by PMSB to the Company. The said transaction was completed on 7 January 2015 and has resulted with other income being recognised by Company of RM9.0 million in financial year Investments in subsidiaries Details of the subsidiaries are as follows:- Annual Report 2014 Kub Berhad (6022-D) 141 Held by the Company: KUB Ekuiti Sdn. Bhd. Investment holding KUB Builders Sdn. Bhd. Property investment and general contractor and trading Empirical Systems (M) Sdn. Bhd.@ Information and communication technology infrastructure and consultation Restoran Kualiti Investment holding Summit Petroleum () Sdn. Bhd. Bottling and trading of liquefied petroleum gas

2 Held by the Company (Cont d): KUB Prasarana Dormant Annual Report 2014 Kub Berhad (6022-D) 142 Peraharta Sdn. Bhd. Property management Perbiba Dormant Pernida Berhad * Dormant Peramining Investment trading Utama Steel Works Dormant Pelita Espipi Dormant Gerik Timber Industries Sdn. Dormant KUB Oil & Gas Sdn. Bhd. * Dormant Creative Communications & Events Dormant Academy of Knowledge for Accounting and Leadership Dormant KUB Precast Sdn. Bhd. (formerly known as Precast Products Sdn Bhd) (previously held through KUB Builders Sdn Bhd) Manufacturing and trading of precasted concrete slabs and concrete elements

3 Held through KUB Ekuiti Bina Alam Bersatu (in Liquidation) Civil engineering works, building works and housing development KUB Agro Holdings Sdn. Bhd. Plantation and estate management KUB Telekomunikasi Sdn. Bhd. Assembling and commissioning of telecommunication equipment KUB Power Sdn. Bhd. Construction of power substations KUB Realty Property management and investment holding KUB Development Berhad* Dormant Annual Report 2014 Kub Berhad (6022-D) 143 ITTAR Dormant KUB Hotel and Resort Management Dormant KUB Teknologi Dormant Affluent Vision Dormant KUB Gas Dormant KUB Microelectronics Perumahan KUB KUB Tower Sdn (formerly known as Pembinaan Efektif (M) Sdn. Bhd.) Dormant Dormant Dormant KUB Expertise A&I Dormant

4 Held through Empirical Systems (M) Annual Report 2014 Kub Berhad (6022-D) 144 Credensoft Solutions Sdn. Held through KUB Agro Holdings Telco engineering works and dealer of software products, information technology advisers and general trading KUB Sepadu Sdn. Bhd. Plantation and estate management Held through KUB Agro Holdings Sdn. Bhd. and KUB Sepadu KUB Maju Mill Sdn. Bhd. Manufacturing Held through Bina Alam Bersatu Apsley Sdn. Bhd.# (in Liquidation) Dormant Bina Alam Management Sdn. Bhd.# (in Liquidation) Dormant Held through Apsley Lambaian Indah Sdn. Bhd.# (in Liquidation) Dormant

5 Held through KUB Telekomunikasi Cybertrek () KFT International () Sdn. Bhd. Dormant Assembling and installation of telecommunication equipment KUB Research Dormant Held through ITTAR ITTAR-IPP (PJ) Sdn. Bhd. Hospitality education and training (Ceased business on 31 December 2013) ITTAR-ILP (Prai) Dormant Annual Report 2014 Kub Berhad (6022-D) 145 Held through KUB Realty KUB Realty (PJ) Property management Held through KUB Development Berhad: Kesina Development Property development and project management KUB-Astana Development Dormant Held through KUB Microelectronics KUB Microelectronics Sales and Services Dormant

6 Held through KUB Hotel and Resort Management Annual Report 2014 Kub Berhad (6022-D) 146 KUB Singgahsana (PJ) Sdn. KUB Singgahsana (Langkawi) Held through Restoran Kualiti Hotel management (Ceased business on 31 December 2013) Dormant A&W () Sdn. Operating a chain of restaurants A&W Restaurants (Thailand) Co. Ltd. Thailand Food and beverage catering through retail outlets Held through A&W () A&W Properties Dormant Prosperous Avenue Dormant Dysec (M) Dormant Pleasant Harmony Dormant ** Equals to the porportion of voting rights held. * Audited by firms other than Deloitte. # Liquidated in The auditors report on the financial statements includes an emphasis of matter on the uncertainty over the ability to continue as going concern. The financial statements have been prepared on going concern basis as the directors of these companies believe that there would be continued financial support from the Company.

The Board of Directors of Shangri-La Hotels (Malaysia) Berhad ( SHMB ) wishes to announce that its wholly-owned subsidiary, UBN Tower Sdn Bhd has:-

TRANSACTIONS (CHAPTER 10 OF LISTING REQUIREMENTS) RELATED PARTY TRANSACTIONS TENANCY AGREEMENTS - OFFICE SPACE AT UBN TOWER 1. INTRODUCTION The Board of Directors of Shangri-La Hotels (Malaysia) Berhad