a water resource for the 21st century - puncak niaga holdings … · 2016-06-10 · keseimbangan....

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416087-U

for the 21stcentury

a waterresource

Malaysia’s Water Specialist • Pakar Air Malaysia Puncak Niaga Holdings Berhad

Suite 2601-2606, 26th Floor, Plaza See Hoy Chan, Jalan Raja Chulan, 50200 Kuala Lumpur Tel: 03-201 8648 Fax: 03-201 8658 e-mail: [email protected]

What final lesson can we derive from our blueprint forwater management in the 21st century? Education,technology, environmental preservation, and co-operationbetween the public and private sector, will all contributesignificantly toward achieving our goals.

Perhaps the final consideration is not a call to action, buta call to reason. An admonishment to moderation, toforbearance, to ... balance.

We must find and work toward striking a perfect balancebetween social and economic needs, and the need tosustain our natural re s o u rces and heritage for thegenerations to come.

Apakah jaminan masa depan kita?Apakah pengajaran yang dapat dimanfaatkan daripadarangka tindakan kita mengenai pengurusan air pada abad ke 21? Pendidikan, teknologi, pemuliharaan alampersekitaran dan kerjasama antara sektor awam danswasta – gemblengan kesemua faktor ini adalah pentinguntuk membantu mencapai matlamat kita.

Mungkin pertimbangan muktamad kita bukan seruanuntuk bertindak tetapi seruan untuk berfikiran wajar – amalkan sifat kesedarhanaan, kesabaran dankeseimbangan.

Kita mesti mencari dan mencapai keseimbangan palingsecocok antara keperluan sosial, ekonomi danpemeliharaan sumber alam dan warisan kita untukgenerasi akan datang.

The cover conveys Puncak Niaga’s firm commitment toprovide for the present and future water needs of ourcommunity. At the same time, it also highlights thei m p o rtance of water consumption and its re l a t e denvironmental issues; to bring these further into thepublic realm for debate and discussion; and thus forPuncak Niaga to play a leadership role in formulating ap roactive, dynamic and integrated water re s o u rc emanagement strategy, a blueprint for the 21st century.

Hiasan kulit menggambarkan kejituan komitmen PuncakNiaga menyediakan air untuk keperluan rakyat hari inidan masa depan, sekali gus menonjolkan betapapentingnya penggunaan air dan isu-isu yang berkaitandengan alam sekitar untuk diketengahkan sebagai bahandebat dan diskusi masyarakat, lantas mendorong PuncakNiaga menampilkan kepimpinannya merumus strategip e n g u rusan sumber air yang proaktif, dinamik danbersepadu, satu rangka tindakan bagi abad ke 21.

c o n t e n t s

P e rf o rmance Highlights 2

Financial Calendar 2

S h a re Perf o rm a n c e 3

Corporate Pro f i l e 4

G roup Corporate Stru c t u re 6

Company Stru c t u re 7

Corporate Information 8

B o a rd of Directors 1 0

Audit Committee 1 4

Senior Management 20

C h a i rm a n ’s Statement 2 7

Operations Review 3 5

Corporate Highlights 5 6

Corporate Achievements 6 0

Analysis of Share h o l d i n g s 6 1

List of Pro p e rt y 6 3

Financial Report 6 5

Notice of Annual General Meeting 1 2 1

P roxy Form

Annual General Meeting

10.00 am on 7 June 2000

Banquet Hall

Kuala Lumpur Golf & Country Club

k a n d u n g a n

S o rotan Pre s t a s i 2

Kalendar Kewangan 2

P restasi Saham 3

P rofil Korporat 4

S t ruktur Korporat Kumpulan 6

S t ruktur Syarikat 7

Maklumat Korporat 8

Lembaga Pengarah 1 0

Jawatankuasa Audit 1 4

P e n g u rusan Kanan 2 0

Kenyataan Pengerusi 2 7

Tinjauan Operasi 3 5

S o rotan Peristiwa Korporat 5 6

Pencapaian Korporat 6 0

Analisa Pegangan Saham 6 1

Senarai Hartanah 6 3

Laporan Kewangan 9 3

Notis Mesyuarat Agung Ta h u n a n 1 2 2

Borang Pro k s i

Mesyuarat Agung Tahunan

10.00 pagi pada 7 Jun 2000

Dewan Banquet

Kuala Lumpur Golf & Country Club

In RM’000 Dalam RM’000 . . . . . . . . . . . . . . . . . . . . . . .1 9 9 9 . . . . . . . . . . . . .1 9 9 8

Balance sheet Lembaran imbangan

Fixed assets Aset tetap . . . . . . . . . . . . . . . . . . . . . . 1 , 5 6 8 , 0 1 7 . . . . . . . . . 1 , 3 4 0 , 9 4 7

P roject development costs Kos pembangunan pro j e k . . . . . . . . . . . .217,729 . . . . . . . . . . 2 1 9 , 6 2 9

Other non-current assets Lain-lain aset bukan semasa . . . . . . . . . . . . . .45 . . . . . . . . . . . 2 1 , 1 9 6

C u rrent assets Aset semasa . . . . . . . . . . . . . . . . . . . . . .315,010 . . . . . . . . . . 4 6 2 , 0 0 4

Total tangible assets Jumlah aset ketara . . . . . . . . . . . . . . . .2,100,801 . . . . . . . . 2 , 0 4 3 , 7 7 6

Issued and paid up Modal diterbitkan dan

c a p i t a l d i b a y a r

S h a re capital Modal saham . . . . . . . . . . . . . . . . . . . . .2 5 0 , 0 0 0 . . . . . . . . . . .2 5 0 , 0 0 0

R e s e rv e s R i z a b . . . . . . . . . . . . . . . . . . . . . . . . . . .3 7 8 , 1 3 8 . . . . . . . . . . .2 7 9 , 1 6 7

S h a reholders’ funds Dana pemegang saham . . . . . . . . . . . . . .6 2 8 , 1 3 8 . . . . . . . . . . .5 2 9 , 1 6 7

Net tangible asset per share Aset ketara bersih sesaham . . . . . . . . . . . . .2 . 4 6 . . . . . . . . . . . . . .2 . 0 6

Ratios and statistics Nisbah dan statistik

Tu rn o v e r P e ro l e h a n . . . . . . . . . . . . . . . . . . . . . . .. 3 4 7 , 4 7 2 . . . . . . . . . . .1 8 3 , 4 1 5

Net profit after tax Keuntungan bersih selepas cukai . . . . . . .9 8 , 9 7 2 . . . . . . . . . . . .5 7 , 2 2 6

I n t e rest bearing debt Hutang berbeban faedah . . . . . . . . . . .1 , 2 6 1 , 3 0 4 . . . . . . . . .1 , 2 5 2 , 4 8 6

In sen Dalam sen

E a rnings per share Pendapatan sesaham . . . . . . . . . . . . . . . . .39.59 . . . . . . . . . . . .2 2 . 8 9

In % of Turnover Perolehan Dalam %

Operating pro f i t Keuntungan operasi . . . . . . . . . . . . . . . . . . . .28 . . . . . . . . . . . . . .3 1

In RM’000 Dalam RM’000

No. of ord i n a ry share s Bilangan saham biasa . . . . . . . . . . . . . . .2 5 0 , 0 0 0 . . . . . . . . . . .2 5 0 , 0 0 0

In times Dalam kali

Gearing ratio Nisbah gearan . . . . . . . . . . . . . . . . . . . . . . .2 . 0 1 . . . . . . . . . . . . . .2 . 3 7

C u rrent ratio Nisbah semasa . . . . . . . . . . . . . . . . . . . . . . .1 . 0 8 . . . . . . . . . . . . . .1 . 5 7

Financial calendar Kalendar kewangan

Financial year end Tahun kewangan berakhir . . . . . . . . . . . . .31 December D i s e m b e r 1 9 9 9

Announcement of re s u l t s Pengumuman keputusan

1/2 year re s u l t keputusan 1/2 t a h u n

as at 30 June 99 (Interim) pada 30 Jun 99 (Interim) . . . . . . . . . . . . . . . .27 August O g o s 1 9 9 9

3 rd quarter re s u l t keputusan suku tahun ketiga

as at 30 September 99 pada 30 September 99 . . . . . . . . . . . 24 November N o v e m b e r 1 9 9 9

4th quarter re s u l t keputusan suku tahun keempat

as at 31 December 99 pada 31 Disember 99 . . . . . . . . . . . . . . .29 Febru a ry F e b ru a r i 2 0 0 0

Audited Accounts Akaun Beraudit . . . . . . . . . . . . . . . . . . . . . . . . . . . .24 April April 2 0 0 0

Announcement of P e n g u m u m a n

Composite Issue Terbitan Komposit . . . . . . . . . . . . . . . . . 12 November N o v e m b e r 1 9 9 9

Published Annual Report Laporan Tahunan yang diterbitkan . . . . . . . . . . . . . . .23 May M e i 2 0 0 0

Annual General Meeting Mesyuarat Agung Ta h u n a n . . . . . . . . . . . . . . . . . . . . . .7 June J u n 2 0 0 0

p e r f o r m a n c e h i g h l i g h t ss o r o t a n p r e s t a s i

2

9 5 9 6 9 7 9 8 9 9 9 5 9 6 9 7 9 8 9 99 5 9 6 9 7 9 8 9 9

2 . 6

2 . 8

3 . 0

3 . 2

3 . 4

3 . 6

3 . 8

c o r p o r a t e p r o f i l ep r o f i l k o r p o r a t

Puncak Niaga Holdings Berhad (PNHB) was incorporated on 7 January 1997 under

the Malaysian Companies Act, 1965 as a public company limited by shares. It is an

investment holding company with interest in infrastru c t u re activities specialising in

water engineering and water related activities.

PNHB was listed on the Main

Board of Kuala Lumpur Stock

Exchange (KLSE) on 8 July 1997.

It is the first water

t reatment/supply concession

company to be listed on the

KLSE under the I n f r a s t ru c t u re

P roject Company g u i d e l i n e s

issued by the Securities

Commission.

As an investment holding company, PNHB acted as the

listing vehicle for Puncak Niaga (M) Sdn Bhd (PNSB), an

Infrastructure Project Company (IPC). PNSB is the holder

of two concessions awarded by the Selangor State

Government. The first, a Privatisation Cum Concession

Agreement (PCCA) awarded on 22 September 1994,

allowed PNSB to take over, operate, maintain, manage,

rehabilitate and refurbish 27 existing water treatment

plants (WTPs) formerly under the management of the

Selangor Waterworks Department.

Puncak Niaga Holdings Berhad (PNHB) telahdiperbadankan pada 7 Januari 1997 di bawahAkta Syarikat Malaysia, 1965 sebagai sebuahsyarikat awam berhad menurut saham. Ia adalahsebuah syarikat pegangan pelaburan yangberkecimpung dalam aktiviti infrastruktur denganpengkhususan dalam bidang kejuruteraan air danperkhidmatan berkaitan air.

PNHB telah disenaraikan di Papan Utama BursaSaham Kuala Lumpur (BSKL) pada 8 Julai 1997. Iaadalah syarikat konsesi rawatan/pembekalan airpertama yang disenaraikan di BSKL di bawah garispanduan Syarikat Projek Infrastruktur yangditetapkan oleh Suruhanjaya Sekuriti.

Sebagai sebuah syarikat pegangan pelaburan,PNHB berfungsi sebagai badan-tara penyenaraianbagi Puncak Niaga (M) Sdn Bhd (PNSB), sebuahSyarikat Projek Infrastru k t u r. PNSB adalahpemegang dua konsesi yang dianugerahkan olehKerajaan Negeri Selangor. Konsesi pert a m amerupakan Perjanjian Penswastaan dan Konsesi(PCCA) yang telah dimeteraikan pada 22September 1994. Konsesi ini membenarkan PNSBmengambil alih, mengendali, menyenggara,m e n g u rus, membaik pulih dan melengkapkansemula 27 buah loji pembersihan air sedia adayang sebelum ini diuruskan oleh Jabatan BekalanAir (JBA) Selangor.

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Our Vision Wawasan KamiTo be the leading and dynamic integrated water

services companyMenjadi syarikat perkhidmatan air bersepadu yang

dinamik dan terunggul

Flocculation tank at SSP2Tangki pemberbukuan di SSP2

Konsesi kedua adalah Perjanjian Pembinaan dan Operasi (CCOA) yangdimeterai pada 22 Mac 1995 untuk membina, mengusaha, menyenggaradan mengurus sebuah loji baru berkapasiti 950 juta liter sehari (JLH) diBukit Badong, Selangor. Konsesi ini adalah di bawah Projek Skim BekalanAir Sungai Selangor Fasa 2 (SSP2) milik Kerajaan Negeri Selangor. Kedua-dua perjanjian PCCA dan CCOA memperu n t u k k a n bahawa dua konsesiberkenaan akan tamat tempohnya pada 31 Disember 2020.

Pada 4 Mei 1997, PNSB telahmengambil alih Loji PembersihanAir Sungai Semenyih di bawah Kontrak Operasi dan Penyenggaraan dengan Kerajaan Negeri Selangor.Pada 18 Julai 1998, PNSB telahmenandatangani perjanjian denganKerajaan Persekutuan bagi pelaksanaankontrak untuk membiayai, merekabentuk dan membina Loji PembersihanAir Wangsa Maju.

Sebagai pemegang konsesi airswasta, PNSB bert a n g g u n g j a w a bmenghasilkan air yang dirawat padatahap kuantiti dan kualiti yangditetapkan di dalam perjanjiandengan Kerajaan Negeri Selangor.Peranan JBA Selangor pula adalahuntuk menguruskan penyaluran airyang dirawat kepada para penggunadi Selangor dan Wilayah PersekutuanKuala Lumpur.

Kini PNSB muncul sebagai pemegangkonsesi pembekal air terbesar di Malaysia. Kami mengendali,m e n g u rus, dan menyenggara 30buah loji pembersihan air yangmempunyai jumlah kapasitipengeluaran purata sebanyak 2,000JLH. Jumlah ini adalah lebih kurang70 peratus daripada keseluru h a npembekalan air bersih di Selangordan Kuala Lumpur, yang mempunyaikira-kira lima juta orang penduduk.

The second concession, a Construction Cum Operation Agreement

(CCOA) was awarded on 22 March 1995, to finance, design, construct,

operate, manage and maintain a new 950 MLD (million litres per day)

WTP at Bukit Badong under the State Government’s Sungai Selangor

Water Supply Scheme Phase 2 Project (SSP2). Both the PCCA and CCOA

provide for the concessions to expire on 31 December 2020.

An additional WTP, the Sungai Semenyih WTP was taken over by PNSB

on 4 May 1997 under an Operation and Maintenance Contract with the

Selangor State Government. On 18 July 1998, PNSB and the Federal

Government finalised the execution of a contract for PNSB to finance,

design and construct the Wangsa Maju WTP.

As a privatised water concessionaire, PNSB is responsible for the

production of treated water up to the quality and quantity designated

in its agreement with the Selangor State Government. Thereafter, the

Selangor Waterworks Department manages the distribution of treated

water to consumers in the State of Selangor and the Federal Territory

of Kuala Lumpur.

Today, PNSB has become the largest water supply concessionaire in

Malaysia. We operate, manage and maintain 30 WTPs with a total

average production capacity of 2,000 MLD. This volume is equivalent to

approximately 70 percent of the overall treated water supply in

Selangor and Kuala Lumpur with a combined population of five

million.

Aerial view of SSP2Pemandangan dari atas SSP2

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k u m p u l a n

g r o u pc o r p o r a t e s t r u c t u r es t r u k t u r k o r p o r a t

Puncak Niaga Holdings Berhadinvestment holding and provision of management servicespegangan pelaburan dan peruntukan perkhidmatan pengurusan

Puncak Niaga (M) Sdn Bhd100%operation, maintenance,management, construction andundertaking the rehabilitation andrefurbishment of water treatmentfacilities

pelaksanaan, pengendalian,pengurusan, pembinaan danpemulihan serta penyenggaraankemudahan loji pembersihan air

Ideal Water Resources Sdn Bhd100%operation, management,maintenance and undertaking therehabilitation and refurbishment ofSg. Semenyih Water Treatment Plant,Wangsa Maju Water Treatment Plantand SSP2 Phase I Water TreatmentPlant

pelaksanaan, pengurusan,pengendalian, pembinaan danpemulihan serta pembaikan LojiPembersihan Air Sg. Semenyih, LojiPembersihan Air Wangsa Maju danLoji Pembersihan Air SSP2 Fasa I

Puncak Research CentreSdn Bhd100%dormant

tidak aktif

Puncak Seri (M) Sdn Bhd100%dormant

tidak aktif

Unggul Raya (M) Sdn Bhd100%operation, management,maintenance and monitoring theoperation of dams

pelaksanaan, pengurusanpengendalian dan pengawalseliaanoperasi empangan

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Executive DirectorCorporate AffairsPengarah Eksekutif Hal Ehwal KorporatEncik Ruslan Hassan

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c o m p a n y s t r u c t u r es t r u k t u r s y a r i k a t

Executive ChairmanPengerusi EksekutifYBhg Dato’ Rozali Ismail

Executive Vice ChairmanNaib Pengerusi EksekutifEncik Ruslan Hassan Strategic Resource Centre

Pusat Sumber Strategik

General Manager Internal AuditPengurus Besar Audit DalamanSonari Solor

Executive DirectorProject & BusinessDevelopmentPengarah EksekutifProjek dan PembangunanPerniagaanIr Lee Miang Koi

General Manager Project& Business DevelopmentPengurus Besar Projekdan PembangunanPerniagaanBeh Men Huat

Executive Director HumanResources & AdministrationPengarah EksekutifSumber Manusiadan PentadbiranEncik Ibrahim Ismail

Executive DirectorOperationsPengarah EksekutifOperasiYM Raja Azhar Raja Ismail

Executive DirectorFinancePengarah EksekutifKewanganEncik Mat Hairi Ismail

Senior Manager BusinessDevelopment & Non-Revenue WaterPengurus KananPembangunanPerniagaan dan AirBukan HasilIshak Awang

Assistant GeneralManager HumanResources Management& Administration Penolong PengurusBesar PengurusanSumber Manusia danPentadbiranNaemuddin Abdullah

Assistant General ManagerPenolong Pengurus BesarSyed Danial Syed Ariffin

General ManagerCorporate FinancePengurus BesarKewangan KorporatRahana Abdul Rashid

Senior Manager Project Management Pengurus Kanan Pengurusan ProjekRusli Zainal Abidin

General ManagerTraining & ProtectiveOperation Pengurus Besar Latihan dan OperasiKeselamatanAdly Mohamed

Senior Manager Sg Selangor WTPPengurus Kanan LojiPembersihan AirSg Selangor Mat Azam Hanafiah

General ManagerLegalPengurus BesarPerundangaan Chan Siew Meei

General ManagerFinance & AccountsPengurus BesarKewangan dan AkaunNg Wah Tar

Senior Manager Project Management Pengurus KananPengurusan ProjekYusof Badawi

Plant Manager Sg Semenyih WTPPengurus Loji PembersihanAir Sg SemenyihBasar Ishak

General ManagerSecretarialPengurus BesarKesetiausahaanTan Bee Lian

Senior ManagerInformation TechnologyPengurus KananTeknologi MaklumatMohd Sabaruldin CheBakar

Plant Manager Wangsa Maju WTPPengurus Loji PembersihanAir Wangsa MajuAbdul Rahman Kadir

General Manager Pengurus Besar Loh Kit Mun

Senior ManagerRehabilitation of WTPPengurus KananPembaikpulihan LojiPembersihan AirNasir Ismail

Senior Manager OperationsContract Supervision (27WTP)Pengurus Kanan PengendalianKontrak & Pengawasan (27 Loji Pembersihan Air)Hashim Omar

Manager Dam OperationsPengurus Operasi EmpanganAhmad Marzuki Hashim

Manager Water Resources &EnvironmentalPengurus Kajian Sumber Air danAlam SekitarRoowina Merican A RahimMerican

Assistant GeneralManager CorporateCommunicationPenolong PengurusBesar KomunikasiKorporatSharidah Pawanteh

Puncak Niaga (M) Sdn Bhd

8

c o r p o r a t e i n f o r m a t i o nm a k l u m a t k o r p o r a t

B o a rd Of Dire c t o r s

Lembaga Pengarah

YBhg Dato’ Rozali Ismail

Executive Chairman

(Pengerusi Eksekutif)

Encik Ruslan Hassan

Executive Vice Chairman

(Naib Pengerusi Eksekutif)

Executive Director Corporate Affairs Division

(Pengarah Eksekutif Bahagian Hal Ehwal Korporat)

YM Raja Azhar Raja Ismail

Executive Director Operations Division

(Pengarah Eksekutif Bahagian Operasi)

Encik Mat Hairi Ismail

Executive Director Finance Division

(Pengarah Eksekutif Bahagian Kewangan)

Ir Lee Miang Koi

Executive Director

Project & Business Development Division

(Pengarah Eksekutif Bahagian Projek dan

Pembangunan Perniagaan)

YBhg Dato’ Hari Narayanan Govindasamy

Independent Non-Executive Director

(Pengarah Bukan-Eksekutif Bebas)

Encik Abdul Majid Abdul Karim


(Pengarah Bukan-Eksekutif Bebas)

G roup Company Secre t a ry

Setiausaha Syarikat Kumpulan

Ms Tan Bee Lian, MAICSA 7006285

R e g i s t e red Off i c e

Pejabat Berd a f t a r

Suite 1401-1406, 14th Floor, Plaza See Hoy Chan

Jalan Raja Chulan, 50200 Kuala Lumpur

Tel: 03-201 8648

Fax: 03-238 4386

Principal Off i c e

Pejabat Utama

Suite 2601-2606, 26th Floor, Plaza See Hoy Chan

Jalan Raja Chulan, 50200 Kuala Lumpur

Tel: 03-201 8648

Fax: 03-201 8658

website: www.puncakniaga.com.my

e-mail: [email protected]

Date and Place Of Incorporation

Tarikh dan Tempat Diperbadankan

7 January 1997 in Malaysia

7 Januari 1997 di Malaysia

Company Number

Nombor Syarikat

416087-U

A u d i t o r s

J u ru a u d i t

Messrs PricewaterhouseCoopers (AF 1146)

Tax Advisor

Penasihat Cukai

PricewaterhouseCoopers Taxation Services Sdn Bhd

(464731-M)

Principal Bankers

Bank-Bank Utama

RHB Sakura Merchant Bankers Bhd (19663-P)

Arab-Malaysian Merchant Bank Bhd (23742-V)

RHB Bank Berhad (6171-M)

S o l i c i t o r s

P e g u a m c a r a

Kadir Tan & Ramli

Rashid & Lee

S h a re Registrar

Pendaftar Saham

Tenaga Koperat Sdn Bhd (118401-V)

20th Floor, IGB Plaza, Jalan Kampar

Off Jalan Tun Razak, 50400 Kuala Lumpur

Tel: 03- 441 6522

Fax: 03- 442 6352

C o n s u l t a n t s

P e ru n d i n g

Ranhill Bersekutu Sdn Bhd (72416-V)

SMHB Sdn Bhd (63281-X)

Sepakat Setia Perunding Sdn Bhd (14142-M)

Stock Exchange Listing

Penyenaraian Bursa Saham

Main Board Kuala Lumpur Stock Exchange

Papan Utama Bursa Saham Kuala Lumpur

The provision of safe and abundant water is becomingm o re difficult and expensive every year. Incre a s e dpopulation and industry demands, coupled with thedecline of water resources in proximity to end-users,requires prompt action.

Water conservation, pre s e rvation of catchment are a s ,reversing extensive deforestation and the degradation ofour rivers are all interconnected problems which need tobe addressed urg e n t l y. And most import a n t l y, thegovernment and industry need to work together to deviseand implement a sensible, long-term national watermanagement strategy to ensure the preservation andsufficiency of our water resources for the future.

Bagaimana kita mendapat air yang mencukupi?Penyediaan air yang cukup dan selamat semakin susahdan mahal setiap tahun. Pertambahan penduduk dankeperluan industri, diganding pula dengan kekurangansumber air yang berhampiran dengan pengguna,memerlukan tindakan segera.

Penjimatan air, pemuliharaan kawasan tadahan,pembasmian hutan dan pencemaran sungai kita adalahmasalah saling berhubungan yang perlu ditanganisegera. Dan paling penting, kerajaan dan industri perlubekerjasama untuk merangka dan melaksanakan strategijangka panjang pengurusan air negara yang wajar bagimemastikan pemuliharaan dan kecukupan sumber airuntuk masa depan.


Executive Chairman

Dato’ Rozali is the founder of PNSB, its Executive Chairman and a substantial shareholder of PNHB. He was

appointed to the PNHB Board on 24 April 1997. Upon obtaining a Bachelor of Law Degree from the University

of Malaya in 1981, he began his career as Legal Advisor to the Urban Development Authority (UDA) for a period

of 5 years before he joined Bank Islam (M) Berhad. Together with a few pioneer bank staff, Dato’ Rozali

conceptualised the first institution of Islamic banking in Malaysia. Subsequently, he started his own legal practice

as an Advocate & Solicitor for 7 years, specialising in corporate, property and banking work.

In 1989, Dato’ Rozali set up a family

company and embarked into the

p ro p e rty development sector, with

involvement in several development

projects in the Klang Valley, Kuantan

and Johor. Under the banner of Bukit

Cerakah Development Sdn Bhd, he is

now actively developing a new

township known as Bandar Baru

Puncak Alam. The family company also

ventured into the utility business in

1989 with the setting up of PNSB. Due

to his vast experience in various fields,

he was entrusted by the State

Government of Selangor, via PNSB, to

manage the water treatment plants for

the whole of Selangor and the Federal

Territory of Kuala Lumpur. PNHB was

subsequently incorporated in 1997 as

the holding company of PNSB and was

listed on the Main Board of Kuala

Lumpur Stock Exchange on 8 July 1997.

Currently, Dato’ Rozali is the Executive

Chairman and substantial shareholder

of U-Wood Holdings Berhad, a Main

Board company which is developing

Bandar Puncak Perdana, a 243 hectare

mixed development project located

near the Sultan Abdul Aziz Shah

A i r p o rt. He is also the Executive

Chairman and substantial shareholder

of WWE Holdings Berhad, a Second

Board company which is involved in the

p rovision of integrated water and

wastewater engineering services for

both the residential and industrial

sectors in Malaysia.

b o a r d o f d i r e c t o r sl e m b a g a p e n g a r a h


Pengerusi Eksekutif

Dato’ Rozali adalah pengasas PNSB, Pengerusi Eksekutif dan

pemegang saham utama PNHB. Beliau dilantik sebagai ahli Lembaga

Pengarah PNHB pada 24 April 1997. Selepas memperolehi Ijazah

Sarjana Muda Undang-Undang dari Universiti Malaya pada 1981,

beliau memulakan kerjayanya sebagai Penasihat Perundangan di

Lembaga Pembangunan Bandar (UDA) bagi tempoh selama 5 tahun

sebelum menyertai Bank Islam (M) Berhad. Bersama-sama dengan

beberapa kakitangan asas bank, Dato’ Rozali mewujudkan konsep

perbankan Islam di Malaysia. Seterusnya, beliau memulakan firma

guamannya sebagai Peguambela dan Peguamcara selama 7 tahun,

dengan pengkhususan dalam kerja-kerja korporat, hartanah dan

perbankan.

Pada 1989, Dato’ Rozali menubuhkan syarikat keluarganya dan

menceburkan diri dalam sektor pembangunan hartanah dengan

penglibatan di dalam beberapa projek pembangunan di Lembah

Klang, Kuantan dan Johor. Beliau kini giat membangunkan sebuah

bandar baru yang dikenali sebagai Bandar Baru Puncak Alam melalui

syarikat Bukit Cerakah Development Sdn Bhd. Syarikat keluarganya

juga menceburi perniagaan perkhidmatan awam pada 1989 dengan

penubuhan PNSB. Berdasarkan pengalaman beliau yang meluas dalam

pelbagai bidang, beliau diberi amanah oleh Kerajaan Negeri Selangor,

melalui PNSB, untuk menguruskan loji-loji pembersihan air untuk

seluruh negeri Selangor dan Wilayah Persekutuan Kuala Lumpur.

PNHB telah diperbadankan pada 1997 sebagai syarikat pegangan

PNSB dan disenaraikan di Papan Utama Bursa Saham Kuala Lumpur

pada 8 Julai 1997.

Pada masa ini, Dato’ Rozali memegang jawatan selaku Pengeru s i

Eksekutif juga pemegang saham utama U-Wood Holdings Berh a d ,

sebuah syarikat Papan Utama yang sedang membangunkan Bandar

Puncak Perdana, sebuah projek campuran seluas 243 hektar yang

b e rhampiran dengan Lapangan Terbang Sultan Abdul Aziz Shah. Beliau

juga merupakan Pengerusi Eksekutif dan pemegang saham utama WWE

Holdings Berhad, sebuah syarikat Papan Kedua yang berkecimpung

dalam peruntukan perkhidmatan air dan air kumbahan yang bersepadu

untuk sektor perumahan dan sektor perindustrian di Malaysia.

10

Encik Ruslan Hassan

Naib Pengerusi Eksekutif dan

Pengarah Eksekutif, Bahagian Hal Ehwal Korporat

En Ruslan mula berkhidmat di PNSB pada 1 November 1995 sebagai Ketua Bahagian Hal Ehwal Korporat.

Jawatan-jawatan yang disandang beliau ialah sebagai ahli Lembaga PNSB pada 26 Disember 1996, sebagai ahli

Lembaga PNHB pada 24 April 1997 dan Naib Pengerusi Eksekutif PNHB pada 6 April 1999. Beliau memulakan

kerjayanya sebagai Penasihat Undang-undang di Esso Production Malaysia Inc setelah menamatkan pengajian di

Universiti Malaya pada 1981 dengan

m e m p e rolehi Ijazah Sarjana Muda

Undang-undang. Pada 1985 beliau

berkhidmat dengan Pernas Sime Darby

Holdings Sdn Bhd sebagai Penasihat

Undang-undang/Setiausaha Syarikat

Kumpulan. En Ruslan mempunyai 6 tahun

pengalaman sebagai peguambela dan

peguamcara. Pada 1993 beliau menyertai

Rashid Hussain Bhd (RHB) sebagai

Pengurus Besar Kanan Hal Ehwal Korporat

juga Ahli Jawatankuasa Eksekutif. Baru-

baru ini En Ruslan telah dilantik sebagai

pengarah Rashid Hussain Securities Sdn

Bhd. Beliau juga memegang jawatan

Pengarah dan ahli Jawatankuasa Audit

RHB.

Encik Ruslan Hassan

Executive Vice Chairman and

Executive Director, Corporate Affairs Division

En Ruslan joined PNSB on 1 November 1995 as Head of Corporate

Affairs Division. His appointments to date are to the PNSB Board on

26 December 1996, to the Board of Directors of PNHB on 24 April

1997 and as the Executive Vice Chairman of PNHB on 6 April 1999.

After obtaining a Bachelor of Law Degree from the University of

Malaya in 1981, he began his career as a Legal Advisor with Esso

Production Malaysia Inc. In 1985 he joined Pernas Sime Darby

Holdings Sdn Bhd as their Group Legal Advisor/Company Secretary.

En Ruslan has 6 years experience as an advocate and solicitor. In

1993 he joined Rashid Hussain Bhd (RHB) as Corporate Affairs

Senior General Manager and Executive Committee Member.

Recently, En Ruslan was also appointed to the Board of Rashid

Hussain Securities Sdn Bhd. He also sits on the Board of Directors

and Audit Committee of RHB.

11

From left to right • Dari kiri ke kanan: YBhg Dato’ Hari Narayanan Govindasamy, Ir Lee Miang Koi, YBhg Dato’ Rozali Ismail, En Abdul Majid Abdul Karim,Mdm Tan Bee Lian, En Ruslan Hassan, En Mat Hairi Ismail

Not in the picture • Tiada dalam gambar: YM Raja Azhar Raja Ismail

12


Executive Director, Operations Division

As a director of PNSB since 17 March 1994, YM Raja Azhar was appointed to the PNHB Board of Directors on 24

April 1997. He obtained an Advanced Diploma in Business Management from the Institute of Commercial

Management, United Kingdom. As the Executive Director of the Operations Division, his responsibilities are

focused on the maintenance and management of all water treatment plants under the PCCA signed with the

Selangor State Government, and development of the SSP2 project under the CCOA. Previously, he was a Loan

Executive for Malaysia Building Society Berhad (1983-1984), Manager of Credit and Marketing for DCB Leasing

Sdn Bhd (1985-1991) and Director/General Manager of Aliran Resources (M) Sdn Bhd (1991-1994).


Executive Director, Finance Division

Appointed to the PNSB Board of Directors on

24 May 1994 and then to the PNHB Board on

24 April 1997, En Mat Hairi is the Executive

Director, Finance Division and also a member

of PNHB’s Audit Committee. He graduated

from Universiti Kebangsaan Malaysia in 1985

with a Bachelor in Accounting (Hons) Degree.

In 1985 he started his career as an Accountant

at the Accountant General’s Office in Labuan,

and from 1989 to 1992 he served at the

Malaysian High Commission in London. His

last appointment was with the Langkawi

Development Authority (LADA) (1992-1994)

before joining PNSB. En Mat Hairi is also

an Executive Director and substantial

shareholder of U-Wood Holdings Berhad, a

Main Board company and WWE Holdings

Berhad, a Second Board company.



A PNSB Director since 17 March 1994, En

Abdul Majid was appointed to the PNHB

Board on 24 April 1997 as an Independent

Non-Executive Director. He is the Chairman of

P N H B ’s Audit Committee. He obtained a

Bachelor of Science (Hons) Degree in Civil

Engineering from the University of Glasgow,

United Kingdom in 1986. He began his career

as a Technical Assistant with the Urban

Development Authority (UDA) (1982-1983), as

P ro p e rty Executive at Boustead Holdings

Berhad (1986-1991) and subsequently as Sales

Engineer at UAC Berhad (1991-1993).


Pengarah Eksekutif, Bahagian Operasi

Adalah pengarah PNSB semenjak 17 Mac 1994 dan dilantik

sebagai ahli Lembaga Pengarah PNHB pada 24 April 1997.

Beliau memiliki Diploma Lanjutan Pengurusan Perniagaan dari

Institute of Commercial Management, United Kingdom. Selaku

Pengarah Eksekutif Bahagian Operasi, tanggungjawab beliau

tertumpu kepada penyenggaraan dan pengurusan kesemua loji

pembersihan air di bawah PCCA yang ditandatangani dengan

Kerajaan Negeri Selangor dan pembangunan projek SSP2

dibawah CCOA. Beliau pernah berkhidmat sebagai Eksekutif

K redit di Malaysia Building Society Berhad (1983-1984),

Pengurus Kredit dan Pemasaran di DCB Leasing Sdn Bhd (1985-

1991) dan P e n g a r a h / P e n g u rus Besar Aliran Resources (M) Sdn

Bhd (1991-1994).


Pengarah Eksekutif, Bahagian Kewangan

Dilantik sebagai ahli Lembaga Pengarah PNSB pada 24 Mei 1994

dan kemudian sebagai ahli Lembaga Pengarah PNHB pada 24

April 1997. En Mat Hairi adalah Pengarah Eksekutif, Bahagian

Kewangan juga ahli Jawatankuasa Audit PNHB. Beliau

memperolehi Ijazah Sarjana Muda Perakaunan (Kepujian) dari

Universiti Kebangsaan Malaysia pada 1985. Beliau memulakan

kerjayanya sebagai Akauntan di Pejabat Akauntan Negara di

Labuan pada 1985 dan antara 1989-1992 bertukar khidmat ke

S u ruhanjaya Tinggi Malaysia di London. Beliau telah

berkhidmat dengan Lembaga Pembangunan Langkawi (LADA)

(1992-1994) sebelum menyertai PNSB. En Mat Hairi juga

merupakan seorang Pengarah Eksekutif dan pemegang saham

utama U-Wood Holdings Berhad, sebuah syarikat Papan Utama

dan WWE Holdings Berhad, sebuah syarikat Papan Kedua.

13


Pengarah Bukan-Eksekutif Bebas

Dilantik sebagai ahli Lembaga Pengarah PNHB pada 24 April 1997 dan telah berkhidmat sebagai Pengarah PNSB

semenjak 17 Mac 1994. Beliau juga selaku Pengerusi Jawatankuasa Audit PNHB. En Abdul Majid memperolehi

Ijazah Sarjana Muda Sains (Kepujian) dalam bidang Kejuruteraan Awam dari University of Glasgow, United

Kingdom pada 1986. Beliau memulakan kerjayanya sebagai Pembantu Teknik di Lembaga Pembangunan Bandar

(UDA) (1982-1983), Eksekutif Hartanah di Boustead Holdings Berhad (1986-1991) dan kemudian sebagai Jurutera

Jualan di UAC Berhad (1991-1993).

Dato’ Hari Narayanan Govindasamy

Pengarah Bukan-Eksekutif Bebas

Dato’ Hari dilantik sebagai ahli Lembaga Pengarah PNHB

pada 1 Julai 1999 dan merupakan seorang ahli

Jawatankuasa Audit PNHB. Beliau memiliki Ijazah

Sarjana Muda dalam Kejuruteraan Elektrik dan

E l e k t ronik daripada Polytechnic of Newcastle-upon-

Tyne. Dato’ Hari adalah ahli Institut Jurutera Malaysia

dan Jurutera Profesional berdaftar dengan Lembaga

J u rutera Malaysia. Beliau juga berkhidmat sebagai

Pengarah Lembaga Lebuhraya Malaysia, Pengarah

Tenaga Nasional Berhad dan SP Setia Berhad.

Ir Lee Miang Koi

Pengarah Eksekutif,

Bahagian Projek dan Pembangunan Perniagaan

Ir Lee mula berkhidmat di PNSB pada 1995 dan

bertanggungjawab ke atas semua aspek pengurusan

p rojek pembangunan perniagaan bagi projek baru

bekalan air. Ir Lee dilantik sebagai Pengarah PNHB pada

1 September 1999. Beliau tamat pengajian dalam bidang

kejuruteraan daripada Universiti Technologi Malaysia

pada 1978 dan pada 1989 memperolehi Ijazah Sarjana

Kejuruteraan khusus dalam Kejuruteraan Bekalan Air

daripada Asian Institute of Technology di Bangkok. Ir Lee

mempunyai 23 tahun pengalaman dalam sektor bekalan

air dan telah menyandang pelbagai jawatan sewaktu

perkhidmatannya di Jabatan Kerja Raya dan Jabatan

Bekalan Air di Malaysia terutamanya dalam bidang

perkhidmatan bekalan air. Beliau adalah bekas Jurutera

Eksekutif Kanan di Jabatan Rekabentuk dan

Perancangan dan juga bekas Pengarah Jabatan Bekalan

Air, Negeri Sembilan (JBA). Beliau meninggalkan JBA

pada 1991 untuk berkhidmat dengan Ranhill Bersekutu

Sdn Bhd dimana beliau memegang pelbagai jawatan,

b e rmula dengan jawatan Jurutera Kanan sehingga

kepada Naib Presiden.

Dato’ Hari Narayanan Govindasamy


Dato’ Hari was appointed to the Board of PNHB on 1

July 1999. He is also a member of PNHB’s Audit

Committee. He holds a Bachelors Degree in Electrical

and Electronics Engineering from the Polytechnic of

Newcastle-upon-Tyne. He is a member of the Institute

of Engineers, Malaysia, a Registered Pro f e s s i o n a l

Engineer with the Board of Engineers, Malaysia and

a Director of the Malaysian Highway Board. He also

serves as a Director of Tenaga Nasional Berhad and SP

Setia Berhad.

Ir Lee Miang Koi

Executive Director,

Project & Business Development Division

Ir Lee joined PNSB in 1995, and is responsible for all

aspects of project management and business

development for new water supply projects. Ir Lee

was appointed as a Director of PNHB on 1 September

1999. He graduated as a civil engineer fro m

University of Technology Malaysia in 1978 and in

1989 obtained a Masters Degree in Engineering

majoring in water supply engineering from the Asian

Institute of Technology in Bangkok. Ir Lee has 23

years experience in the water supply sector and has

held various positions during his tenure with the

Public Works Department as well as the Waterworks

Department in Malaysia, especially in the field of

water supply services. He was a Senior Executive

Engineer in the Design and Planning Department and

also Director of the Negeri Sembilan Waterworks

Department (PWD). He left PWD in 1991 to join

Ranhill Bersekutu Sdn Bhd, holding positions from

Senior Engineer to Vice President.

14

Te rms of Refere n c e1 C o m p o s i t i o n

The Board shall elect an Audit Committee from amongst themselves (pursuant to a resolution of the Board ofDirectors), comprising of at least three (3) directors where the majority of them should not be:

i. Executive directors of the Company or any related corporation;ii. A spouse, parent, brother, sister, son or adopted son, daughter or adopted daughter of an executive

director of the Company or any related corporation; oriii. Any person having a relationship which, in the opinion of the Board of Directors, would interfere with the

exercise of independent judgement in carrying out the function of an audit committee.

The members of the Audit Committee shall elect a Chairman from amongst themselves who is not an executivedirector or employee of the Company or any related corporation. It would be advantageous if the Chairman

possesses a strong personality, have knowledge and experience in financialreporting, good leadership skill and is keen to get financial reporting andcontrols right.

All members of the Audit Committee, including the Chairman, will hold officeonly so long as they serve as Directors of the Company. Should any member ofthe Audit Committee cease to be a Director of the Company, his membership inthe Audit Committee would cease forthwith.

It is a desirable for membership on the Audit Committee to be rotated amongstall the Directors of the Company such that each director will serve a period ofthree (3) years on the Audit Committee.

If the members of the Audit Committee for any reason be reduced to belowthree (3), the Board of Directors shall within three (3) months of that event,appoint such number of new members as may be required to make up theminimum number of three (3) members.

Syarat-Syarat Rujukan1 K o m p o s i s i

Lembaga Pengarah akan melantik Jawatankuasa Audit di antara mereka(menurut satu resolusi Lembaga Pengarah), terdiri dari sekurang-kurangnyatiga (3) orang pengarah di mana bilangan majoriti antara mereka bukanlah:

i. Pengarah-pengarah eksekutif Syarikat atau mana-mana perbadananberkait;

ii. Seorang isteri atau suami, ibu atau bapa, adik perempuan atau kakak,anak lelaki atau anak angkat lelaki atau anak perempuan atau anakangkat perempuan seorang pengarah eksekutif Syarikat atau mana-manaperbadanan berkait; atau

iii. Seseorang yang mempunyai pertalian yang mana, mengikut pendapatLembaga Pengarah, akan menjejaskan pengadilan bebas di dalammenjalankan fungsi-fungsi satu jawatankuasa audit.

Ahli-ahli Jawatankuasa Audit hendaklah melantik seorang Pengerusi dariantara mereka yang bukan merupakan seorang pengarah eksekutif ataukakitangan Syarikat atau mana-mana perbadanan berkait. Ianya merupakansatu kelebihan sekiranya Pengerusi berkenaan memiliki personaliti disegani,pengetahuan dan pengalaman dalam pelaporan kewangan, dayakepimpinan yang baik, dan bersungguh-sungguh di dalam mencapaipelaporan dan kawalan kewangan yang betul.

Semua ahli Jawatankuasa Audit, termasuk Pengerusi, akan memegangjawatan selama mana mereka berkhidmat sebagai Pengarah-pengarahSyarikat. Seandainya seseorang ahli Jawatankuasa Audit tidak lagi menjadiPengarah Syarikat, keahliannya di dalam Jawatankuasa Audit dengan serta-merta ditamatkan.

Adalah dihematkan bahawa keahlian di dalam Jawatankuasa Auditdisilihgantikan antara Pengarah-pengarah Syarikat supaya setiap pengarahakan berkhidmat selama tiga (3) tahun dalam Jawatankuasa Audit.

Di mana ahli-ahli Jawatankuasa Audit dikurangkan dari tiga (3) orang atassebarang sebab apapun, Lembaga Pengarah dalam tempoh tiga (3) bulan daritarikh tersebut, hendaklah melantik sebilangan ahli-ahli baru mengikutkeperluan untuk mencukupkan bilangan minimum tiga (3) orang ahli.

a u d i t c o m m i t t e ej a w a t a n k u a s a a u d i t

Encik Abdul Majid Abdul KarimChairman Pengerusi

Encik Mat Hairi IsmailMember Ahli

YBhg Dato’ Hari NarayananGovindasamyMember Ahli

Mdm Tan Bee LianGroup Company SecretarySetiausaha Syarikat Kumpulan

15

2 O b j e c t i v e sThe primary objectives of the Audit Committee are to :i. Provide assistance to the Board in fulfilling its fiduciary responsibilities particularly in the areas relating to the

Company’s accounting and management controls, financial reporting and business ethics policies.ii. Provide greater emphasis on the audit function by increasing the objectivity and independence of external

and internal auditors and providing a forum for discussion that is independent of the management.iii. Maintain through regularly scheduled meetings a direct line of communication between the Board and the

external auditors, internal auditors and financial management.iv. Strengthening the role of non-executive directors by improving their knowledge and understanding of the

Company’s operation.v. Undertake such additional duties as may be appropriate and necessary to assist the Board. However, whether

or not the Audit Committee should undertake one or more of the additional duties rests on the Board’sviewpoint on corporate needs and the environment in which the Company operates.

2 O b j e k t i fObjektif-objektif utama Jawatankuasa Audit ialah untuk :i. Memberi bantuan kepada Lembaga Pengarah di dalam menunaikan tanggungjawab-tanggungjawab

biasanya terutama sekali di dalam hal-hal berhubung kawalan perakaunan dan pengurusan, pelaporankewangan dan dasar-dasar etika perniagaan Syarikat.

ii. Memberi penekanan yang lebih kepada fungsi audit melalui peningkatan objektiviti dan kebebasanjuruaudit dalaman dan luaran dan menyediakan forum untuk diskusi yang bebas dari pengurusan.

iii. Melalui mesyuarat-mesyuarat yang dijadualkan secara selalu, mengekalkan komunikasi terutama antaraLembaga Pengarah dan juruaudit luaran, juruaudit dalaman dan pihak pengurusan kewangan.

i v. Memantapkan peranan pengarah-pengarah bukan-eksekutif dengan mempertingkatkan pengetahuan sertakefahaman mereka berkenaan operasi Syarikat.

v. Melaksanakan tugas-tugas tambahan yang mana berpatutan dan perlu bagi membantu Lembaga P e n g a r a h .Walaubagaimanapun, samada Jawatankuasa Audit perlu melaksanakan atau tidak satu atau lebih t u g a s - t u g a stambahan bergantung kepada pandangan Lembaga Pengarah bersabit keperluan korporat dan suasana didalam mana Syarikat menjalankan operasi.

3 Duties and ResponsibilitiesIn fulfilling its primary objectives, the AuditCommittee will need to undertake the followingduties and responsibilities:

3 . 1 Oversee All Matters Relating to External andI n t e rnal Auditi. Review the annual audit plan with the external

auditors. The Committee shall meet with theexternal auditors prior to the commencement ofthe annual audit to discuss :- The general outline of the extent and timing

of the auditors’ proposed coverage of locationsuch as branches, departments, factories,divisions and subsidiaries.

- The nature of the audit procedures to bep e rf o rm e d .

- The extent of any planned reliance on thework of the internal auditors and theanticipated effect of this reliance on theexamination.

- Any significant accounting and auditingproblems that the auditors can foresee.

- The impact on the financial statements of anynew or proposed changes in accountingstandards or regulatory requirements.

- The effect on the audit of significant dataprocessing systems.

Following review of the plan, the Audit Committeemay request the external auditors to performadditional audit work directed to specific areas ofconcern to the Committee.ii. Oversee the internal audit department. The

Audit Committee in overseeing the internalaudit department will:

- Review the audit programme, scope,p e rf o rmance and findings of the intern a lauditors.

3 Tugas dan Ta n g g u n g j a w a bDi dalam menunaikan objektif-objektif utama,Jawatankuasa Audit perlu melaksanakan tugasdan tanggungjawab berikut :-

3 . 1M e m e rhatikan Semua Hal Berhubung AuditLuaran dan Dalaman.i. Menyemak rancangan audit tahunan bersama

dengan juruaudit luaran. Jawatankuasa akan hadir bersama juruaudit luaran sebelum bermulanya audit tahunan untukmembincangkan:-- Garispanduan am sejauh mana tahap serta

waktu cadangan peliputan lokasi sepert icawangan, jabatan, kilang, bahagian dan anaksyarikat oleh juruaudit.

- Bentuk pro s e d u r- p rosedur audit yang akandilaksanakan.

- Sejauh mana tahap sebarang kebolehperc a y a a nterancang terhadap bidang kerja juru a u d i tdalaman dan kesan dijangka dank e b o l e h p e rcayaan ini ke atas pemeriksaan.

- Sebarang masalah perakaunan danpengauditan yang ketara yang bolehdiramalkan oleh juru a u d i t :

- Kesan ke atas penyata-penyata kewangan darisebarang perubahan baru atau dicadangkan didalam piawaian perakaunan atau syarat-syaratkawalselia.

- Kesan ke atas audit sistem-sistem pemerosesandata yang penting.

Berikutan kajian rancangan berkenaan,Jawatankuasa Audit boleh meminta juru a u d i tluaran untuk melaksanakan kerja audit tambahanditumpukan kepada hal-hal spesifik Jawatankuasa.ii. M e m e rhatikan jabatan audit dalaman. Di

dalam m e m e rhatikan jabatan audit dalaman,Jawatankuasa Audit akan :-- Menyemak program audit, skop, prestasi dan

hasil penyiasatan juruaudit dalaman.

- Monitor the implementation of the programmeso that sufficient internal audit coverage isaccorded. In this respect, only the Committee canconsider and approve or otherwise, all requestsby senior management to utilise internal auditpersonnel for non-audit assignments.

- Assess the capacity of the internal auditd e p a rtment to fulfill its responsibilities byconsidering, amongst other things, the scope ofthe department’s authority as presented in thed e p a rt m e n t ’s chart e r, the qualifications andexperience level of its staff, the degree to whichi n t e rnal auditors are independent of theactivities they audit and the re p o rt i n grelationship between the head of internal audit,and senior management.

- Review the coordination of audit effort betweenexternal and internal auditors, where practical,with a view to maximising audit effectiveness andcontrolling external audit costs.

iii. Review the assistance and cooperation given bythe company’s officers to the external andinternal auditors.

i v. To nominate the external auditors fora p p o i n t m e n t .

v. The external and/or internal auditors shall havethe right to appear and be heard at any meetingof the Audit Committee and shall appear beforethe Audit Committee when required to do so bythe Audit Committee.

vi. Upon the request of the external and/or internalauditors, the Chairman of the Audit Committeeshall convene a meeting of the Committee toconsider any matters the auditors believe shouldbe brought to the attention of the Committee.

3 . 2 Evaluate the Standards of Internal Control andFinancial Report i n gi. Hold specific discussions with Senior Corporate

Management to discuss the overall adequacy ofthe internal control system.

ii. Meet with the internal and external auditorsconcerning their evaluation of the system ofinternal accounting controls.

iii. Consider the nature and disposition of therelevant comments appearing in the re p o rt sprepared by the internal auditors and in theexternal auditors’ management letter.

3 . 3 Review of Financial Statementsi. Meet with management and the external auditors

to discuss the annual financial statements of theCompany or Group and the results of the auditbefore recommending approval by the Board.

ii. Review the nature and resolution of anysignificant accounting and auditing problemsencountered during the examination.

iii.It is good practice for the Audit Committee tomeet the management at a regular interval toreview the results of the Company or Group, suchas quarterly review of the results.

iv. Review the nature of any related partytransactions that may arise within the Companyor Group.

v. Review the nature of any significant adjustments,reclassifications or additional disclosures proposedby the external auditors that are currentlysignificant or may become significant in thefuture.

- Mengawasi perlaksanaan program supayap e l i p u t a n audit dalaman yang memadai diberikan.Berhubung dengan ini, hanya Jawatankuasasahaja yang boleh mempertimbangkan danmeluluskan atau sebaliknya segala permintaandari pihak pengurusan kanan untukmenggunakan personel audit dalaman bagitugasan bukan-audit.

- Menilai kapasiti jabatan audit dalaman untukmenunaikan tanggungjawabnya denganmempertimbangkan, antara lain, skop bidangkuasa jabatan sepertimana dinyatakan di dalampiagam jabatan tahap kelayakan danp e n g a l a m a n kakitanganya: sejauh manaj u ruaudit dalaman bebas dari aktiviti-aktivitiyang mereka audit dan pelaporan pert a l i a nantara ketua juruaudit dalaman dengan pihakpengurusan kanan.

- Mengkaji koordinasi usaha audit antaraj u ru a u d i t - j u ruaudit luaran dan dalaman, di manapraktikal dengan tujuan memaksimumkankeberkesanan audit dan pengawalan kos auditluaran.

iii. Mengkaji bantuan dan kerjasama yang diberikanoleh pegawai-pegawai syarikat kepada juruaudit-juruaudit luaran dan dalaman.

iv. Mencalonkan juruaudit luaran untuk perlantikan.v. Juruaudit luaran dan/atau dalaman mempunyai

hak untuk hadir serta menyuarakan pendapatm e reka di sebarang mesyuarat JawatankuasaAudit dan hendaklah hadir di hadapanJawatankuasa Audit sekiranya diperlukan olehJawatankuasa Audit.

v i . Mengikut permintaan juruaudit luaran/ataud a l a m a n , P e n g e rusi Jawatankuasa Audithendaklah juga mengaturkan mesyuarat bagim e m p e rt i m b a n g k a n sebarang perkara yangmengikut kepercayaan juru a u d i t perlu dibawakepada perhatian Jawatankuasa.

3 . 2 Menilai Piawaian Kawalan Dalaman danPelaporan Kewangan.i. Mengadakan diskusi spesifik dengan pihak

P e n g u rusan Kanan Korporat bagimembincangkan kecukupan sistem kawalandalaman.

ii. Berjumpa dengan juruaudit-juruaudit luaran dandalaman berhubung penilaian sistem kawalanperakaunan dalaman.

iii. Mempertimbangkan bentuk dan disposisi komen-komen relevan yang muncul di dalam laporan-laporan yang disediakan oleh juruaudit dalamandan di dalam surat pengurusan juruaudit luaran.

3 . 3 Pengkajian Penyata-Penyata Kewangani . Berjumpa dengan pihak pengurusan dan juru a u d i t

luaran untuk membincang penyata-penyatakewangan tahunan Syarikat dan Kumpulan danjuga keputusan-keputusan audit sebelummengesyorkan pelulusan dari Lembaga Pengarah.

ii. Mengkaji bentuk dan resolusi sebarang masalahperakaunan dan pengauditan yang penting yangdihadapi semasa pemeriksaan.

iii. Adalah baik sekiranya Jawatankuasa Auditberjumpa dengan pihak pengurusan mengikutjangkawaktu yang kerap bagi mengkajikeputusan-keputusan Syarikat atau Kumpulan,contohnya pengkajian keputusan pada setiapsuku tahun.

iv. Mengkaji bentuk sebarang transaksi pihakberkait yang mungkin timbul dalam Syarikat atauKumpulan.

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vi. Review the adequacy of disclosure of the impact of any changes during the year in accounting policies,standards and/or regulatory requirements.

vii. Review the reasons for the major fluctuations in financial statement balances for the current year comparedto prior years.

viii.Review for any unusual circumstances or situations reflected in the financial statements, including identifyingany marginal operations.

ix. Review the nature of any unusual or significant commitments or contingent liabilities.x. Review of any significant differences between the annual report and other reports, such as reports to the

regulatory agencies.xi. Review for any significant differences in format or disclosure from industry norms.

v. Mengkaji bentuk sebarang pelarasan, klasifikasi semula atau pendedahan tambahan yang penting yangdicadangkan oleh juruaudit luaran yang penting pada status semasa mahupun akan menjadi penting di masaakan datang.

vi. Mengkaji kecukupan pendedahan sebarang perubahan dalam dasar-dasar, piawaian dan/atau syarat-syaratkawalselia perakaunan dalam tahun.

vii. Mengkaji sebab-sebab ketidakseimbangan besar di dalam baki penyata kewangan bagi tahun semasaberbanding tahun-tahun sebelumnya.

viii.Mengkaji sebarang keadaan atau situasi luar biasa yang dibayangkan dalam penyata-penyata kewangan,termasuk mengenal pasti sebarang operasi marginal.

ix. Mengkaji bentuk sebarang komitmen luar biasa atau penting atau liabiliti kontinjen.x. Mengkaji sebarang perbezaan nyata diantara laporan tahunan dan laporan-laporan lain, seperti laporan-

laporan kepada agensi-agensi kawalselia.xi. Mengkaji sebarang perbezaan nyata di dalam format ataupun pendedahan dari kebiasaan-kebiasaan

industri.

4 Access to Record sIn carrying out their duties and responsibilities, the Audit Committee will in principle have full, free andunrestricted access to all Company records, property and personnel.

4 Kebolehsampaian Kepada Rekod-RekodDi dalam menjalankan tugas dan tanggungjawab mereka, Jawatankuasa Audit hendaklah pada dasarnya, diberikebenaran sepenuhnya untuk meneliti rekod-rekod, hak-hak milik dan kakitangan Syarikat.

3 . 4 Additional Duties And Responsibilitiesi. Act upon the Board of Director’s request to

investigate and report on any issues or concernsin regard to the management of the Company.

ii. Review the Company’s business ethics code, themethod of monitoring compliance with thecode and the disposition of re p o rt e dexceptions.

iii. Review executive expenses.iv. Review policies on sensitive payments.v. Review compliance with certain government

regulations.vi. Review policies to avoid conflicts of interest and

review past or proposed transactions betweenthe Company and members of management.

vii. Review certain aspects of the Company’spension plan and compliance with relevantlaws and regulations.

viii.Assess the perf o rmance of financialmanagement.

ix. Such other functions as may be agreed to by theAudit Committee and the Board of Directors.

3 . 4 Tugas Dan Tanggungjawab Ta m b a h a ni . B e rtindak apabila diminta oleh Lembaga

Pengarah untuk menjalankan penyiasatan danpelaporan keatas sebarang perkara bersabit denganp e n g u rusan Syarikat.

ii. Mengkaji kod etika perniagaan Syarikat,kaedah mengawasi pematuhan kepada kodtersebut dan disposisi berkecualian yangdilaporkan.

iii. Menyemak belanja-belanja eksekutif.iv. Mengkaji dasar-dasar berhubung pembayaran-

pembayaran sensitif.v. Mengkaji pematuhan kepada syarat-syarat

tertentu Kerajaan.vi. Mengkaji dasar-dasar untuk mengelakkan

konflik dari segi kepentingan dan menyemaktransaksi dahulu dan dicadangkan antaraSyarikat dengan ahli-ahli pengurusan.

v i i . Mengkaji aspek-aspek tertentu rancanganpersaraan Syarikat dan pematuhan kepadaundang-undang dan syarat-syarat re l e v a n .

viii.Menilai prestasi pengurusan kewangan.i x . Apa saja fungsi yang dipersetujui oleh

Jawatankuasa Audit dan Lembaga Pengarah.

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5 Meetings and MinutesIt is good practise for the Audit Committee to hold a minimum of four (4) meetings a year, although additionalmeetings may be called at any time at the Chairman’s discretion. It would be desirable that the notice of meetingsbe sent at least seven (7) days before the time set for the meeting together with an agenda to all members ofthe Committee and any persons that may be required to attend. The recommended quorum for each meetingshall be three (3) members.

In addition to the Committee members, the head of internal audit will normally be in attendance at themeetings. R e p resentatives of the external auditors are to be in attendance at meetings where matters relating to theaudit of the statutory accounts and/or the external auditors are to be discussed.

The Chief Executive Officer and/or other appropriate officers may be invited to attend, except for those portions of themeetings where their presence is considered inappropriate, as determined by the Committee Chairm a n .

Minutes of each meeting shall be kept and distributed to each member of the Committee and also to the members ofthe Board. The Committee Chairman shall re p o rt on each meeting to the Board. The Secre t a ry to the Audit Committeeshall be the Company Secre t a ry.

5 Mesyuarat dan MinitAdalah menjadi amalan yang baik untuk Jawatankuasa Audit mengadakan sekurang-sekurangnya empat (4)mesyuarat dalam setahun, walaupun mesyuarat-mesyuarat tambahan boleh dipanggil pada bila-bila masamengikut budibicara Pengerusi. Adalah disarankan supaya notis mesyuarat-mesyuarat dihantar tidak kurang daritujuh (7) hari sebelum masa ditetapkan untuk mesyuarat bersama dengan agenda kepada semua ahliJawatankuasa dan mana-mana perseorangan yang diperlukan hadir. Korum yang disyorkan untuk setiapmesyuarat ialah tiga (3) orang ahli.

Sebagai tambahan kepada ahli-ahli Jawatankuasa, ketua juruaudit dalaman pada kebiasaannya akan hadir disetiap mesyuarat. Wakil-wakil juruaudit luaran hendaklah hadir di mesyuarat-mesyuarat di mana perkara-perkara berhubung dengan audit akaun-akaun berkanun dan/atau juruaudit luaran perlu dibincangkan.

Ketua Pegawai Eksekutif dan atau pegawai-pegawai berkenaan boleh dijemput hadir, kecuali di bahagian-bahagianmesyuarat di mana kehadiran mereka dianggap tidak perlu, yang ditentukan oleh Pengerusi Jawatankuasa.

Minit-minit mesyuarat hendaklah dicatit dan diedarkan kepada setiap ahli Jawatankuasa dan juga kepada ahli-ahli lain dalam Lembaga Pengarah. Pengerusi Jawatankuasa hendaklah mengemukakan laporan berkenaansetiap mesyuarat kepada Lembaga Pengarah. Setiausaha bagi Jawatankuasa Audit ialah Setiausaha Syarikat.

6 P e rf o rmance Review of the Audit CommitteeThe Audit Committee met four (4) times in 1999 on 19 March, 4 May, 5 August and 23 November, respectively. Atall of these meetings, there was full attendance of all the members and the internal auditor. The externalauditors were also invited to participate in the discussions on the annual and periodic financial statements of theCompany and the Group and the results of their audit prior to the Audit Committee’s deliberation andrecommendation for approval by the Board of Directors. The Audit Committee also reviewed the execution ofinternal controls on both financial and non-financial matters of the Company.

During the year under review, the Audit Committee identified, discussed and rectified the weaknesses ofprocedures or systems, for example the payroll system, petty cash, purchasing and time attendance system. Therelevant Heads of Department were called upon during the Audit Committee Meetings to explain on theirprocedures or systems and to update the Audit Committee on the appropriate actions taken to rectifyweaknesses which were identified during the course of the internal procedures and systems audits conducted bythe Internal Audit Department. These internal controls are necessary and are important to safeguard theCompany’s and the Group’s assets and the shareholders’ interests at all times.

The Audit Committee has exercised reasonable skill, care and diligence in the discharge of its duties andresponsibilities.

6 Kajian Prestasi Jawatankuasa AuditJawatankuasa Audit telah bermesyuarat sebanyak empat (4) kali pada tahun 1999, iaitu pada 19 Mac, 4 Mei, 5 Ogos dan 23 November. Di semua mesyuarat ini, kehadiran semua ahli adalah penuh termasuk juruauditdalaman. Juruaudit luar juga telah dijemput menyertai perbincangan mengenai penyata kewangan tahunan danberkala Syarikat dan Kumpulan juga hasil audit mereka sebelum Jawatankuasa Audit berbincang danmengesyorkan untuk kelulusan Lembaga Pengarah. Jawatankuasa Audit juga mengkaji pelaksanaan kawalandalaman dalam hal-hal kewangan dan bukan kewangan Syarikat.

Sepanjang tahun kajian, Jawatankuasa Audit telah mengenal pasti, berbincang dan membaiki kelemahan pro s e d u r-p rosedur atau sistem-sistem, misalnya dalam sistem daftar gaji, tunai runcit, pembelian dan sistem kedatangan masa.Ketua-ketua Jabatan berkenaan dijemput hadir semasa Mesyuarat Jawatankuasa Audit untuk memberi penjelasantentang pro s e d u r- p rosedur atau sistem-sistem jabatan masing-masing dan melaporkan perkembangan terkinikepada Jawatankuasa Audit mengenai langkah-langkah sesuai yang telah diambil untuk membaiki kelemahan yangtelah dikenal pasti semasa pengauditan sistem dan prosedur dalaman oleh Jabatan Audit Dalaman. Langkah-langkahkawalan dalaman ini memang diperlukan malah adalah penting untuk melindungi keselamatan aset Syarikat danKumpulan di samping menjaga kepentingan pemegang saham setiap masa.

Jawatankuasa Audit telah melaksanakan tugas dan tanggungjawab mereka dengan mahir, tekun dan teliti.

Studies have concluded that approximately half of allriverine systems worldwide are significantly polluted.Deforestation causes erosion, flooding, silting. The hazefrom land-clearing fires continues to plague the region.Plants and animals suffer, or perish. What can be done?

The collection, treatment and dissemination of water for mass consumption will almost always entailenvironmental consequences. Therefore, we must notmerely pay lip service to environmental causes. We mustwork to find the best solution to complex problems.

We must make the 21st century the “green century.” Wemust articulate our message strongly and consistently. Wemust lead by example. Because the land, the air, the sea,the lakes, the rivers, the flora and fauna require theutmost care. They are what make Malaysia beautiful,special and uniquely ours.

Bagaimana kita memulihara habitat semula jadi kita?Kajian-kajian telah membuat kesimpulan bahawa lebihkurang separuh daripada sistem sungai diseluruh duniat e rc e m a r. Pembasmian hutan mengakibatkan hakisan,banjir dan mendapan. Jerebu akibat pembakaran hutant e rus melanda rantau kita. Tumbuhan dan haiwanmenderita atau musnah. Apa yang boleh kita lakukan?

Memang tidak dapat dielakkan bahawa pengumpulan,rawatan dan pengagihan air untuk kegunaan orangramai akan menjejaskan alam sekitar. Oleh demikian, kitatidak seharusnya sambil lewa dalam perjuanganmemulihara alam persekitaran. Kita mesti giat berusahamencari penyelesaian terbaik untuk masalah rumit ini.

Kita harus bertekad untuk menjadikan abad ke 21 sebagai“abad hijau”. Kita perlu menyampaikan mesej kitadengan lantang dan senada. Kita perlu menunjukkanteladan. Yang penting, sekeliling daratan, udara, lautan,tasik, sungai, flora dan fauna memerlukan penjagaanyang paling sempurna kerana inilah yang menjadikanMalaysia indah, istimewa dan warisan unik kita.

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s e n i o r m a n a g e m e n tp e n g u r u s a n k a n a n

Encik Ibrahim Ismail Executive Director, Human Resources and Administration DivisionEn Ibrahim joined PNSB in April 1997 as General Manager of the Corporate Affairs Division and was promoted toExecutive Director of Human Resources and Administration Division on 1 March 2000. He graduated with aBachelor of Law Degree in 1981 from theUniversity of Malaya and holds a Master ofLaw Degree obtained in 1989 from theUniversity of London. Previously, he was inprivate practice and was also the Dean forthe Faculty of Law at Universiti KebangsaanMalaysia (1988-1992). He served withPetronas as Senior Legal Counsel in its GasDivision (1995-1996) and Senior Manager forthe Market Development Department ofMalaysia LNG Tiga Sdn Bhd (1996-1997). Hehas 18 years experience in various aspects oflitigation, conveyancing and corporatework.

Encik Ibrahim Ismail Pengarah Eksekutif, Bahagian Sumber Manusia dan PentadbiranEn Ibrahim Ismail menyertai PNSB pada April 1997 sebagaiP e n g u rus Besar, Bahagian Hal Ehwal Korporat and dilantiksebagai Pengarah Eksekutif, Bahagian Sumber Manusia andPentadbiran pada 1 Mac 2000. Beliau memperolehi Ijazah SarjanaMuda Undang-Undang dari Universiti Malaya pada 1981 danSarjana Undang-Undang dari University of London pada 1989.Sebelum ini, beliau pernah berkhidmat dengan firma guaman dan juga sebagai Dekan Fakulti Undang-Undang, UniversitiKebangsaan Malaysia (1988-1992). Beliau bertugas di Petro n a ssebagai Penasihat Perundangan Kanan, Bahagian Gas (1995-1996)dan Pengurus Kanan Jabatan Pembangunan Pemasaran bagisyarikat Malaysia LNG Tiga Sdn Bhd (1996-1997). Beliaumempunyai pengalaman selama 18 tahun dalam pelbagai aspeku rusan litigasi, hartanah dan korporat.

From left to right • Dari kiri ke kanan: Ir Beh Men Huat, Mdm Chan Siew Meei, Pn Rahana Abdul Rashid, En Azizul Nizam Bidin, En Sonari Solor, En IbrahimIsmail, En Adly Mohamed, Ir Loh Kit Mun, Mdm Tan Bee Lian, Mr Ng Wah Ta r

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Encik Azizul Nizam Bidin Executive Director, Puncak Seri (M) Sdn BhdEn Azizul was appointed Executive Director of Puncak Seri (M) Sdn Bhd, a wholly owned subsidiary of PNHB on24 September 1998. He holds a Diploma in Hotel Management from Stamford College, and a Diploma inManagement from the Malaysian Institute of Management (MIM). He has more than 9 years management andentrepreneurial experience in diversified operations gained from various ventures and collaboration with foreigncompanies in setting up local services that provide the vision and exposure for personal career development.

Encik Adly Mohamed General Manager,Training & Protective OperationEn Adly joined PNSB in 1997. He holds aDiploma in Business Studies from MARAInstitute of Te c h n o l o g y, a degree inBusiness Management in 1984 as well as aMasters Degree in Business Administrationin 1986 from Kent State University ofOhio, U.S.A. He has served as Consultantwith Alexander Proudfoot (M) Sdn Bhd,Kewangan Usaha Bersatu Berhad andBank Bumiputra (M) Bhd, SeniorConsultant with HRM ManagementConsultant (1987), Org a n i s a t i o nDevelopment Executive with MalaysiaAirlines (1988-1992) and BusinessDevelopment Manager with PermodalanNasional Berhad (1992-1996). Overall, hehas more than 14 years experience in the finance and investment sectors,consultancy and corporate services, as well as in business and org a n i s a t i o n a ldevelopment.

Ir Beh Men Huat General Manager,Project & Business DevelopmentIr Beh joined PNSB in February 1996 asManager of the Business DevelopmentD e p a rtment. He is now the GeneralManager, Project & Business Development.He graduated in 1982 with a BSc Degree in Civil Engineering from UniversityStrathclyde, Scotland. Prior to joiningPNSB, he worked with the Public WorksDepartment and Lembaga Air Perak. His18 years of working experience coversareas pertaining to project managementand water supply operation andmanagement.

Encik Azizul Nizam BidinPengarah Eksekutif, Puncak Seri (M) Sdn BhdEn Azizul dilantik sebagai Pengarah Eksekutif Puncak Seri (M) SdnBhd, sebuah syarikat milik penuh PNHB pada 24 September 1998.Beliau memiliki Diploma Pengurusan Hotel daripada Kolej Stamforddan Diploma Pengurusan dari Institut Pengurusan Malaysia (MIM).Beliau mempunyai pengalaman luas dalam bidang pengurusan dankeusahawanan setelah melibatkan diri selama lebih 9 tahun dalampelbagai usahasama dengan syarikat-syarikat asing bagimewujudkan perkhidmatan tempatan yang mana telahmemperluaskan peluang bagi kemajuan kerjaya peribadi.

Encik Adly Mohamed Pengurus Besar,Latihan dan Operasi KeselamatanEn Adly menyertai PNSB pada 1997. Beliau mempunyai DiplomaPengajian Perniagaan dari Institut Teknologi MARA, IjazahPengurusan Perniagaan pada 1984 dan juga Sarjana Pentadbiranpada 1986 dari Kent State University of Ohio, Amerika Syarikat.Beliau pernah berkhidmat sebagai Perunding dengan AlexanderProudfoot (M) Sdn Bhd, Kewangan Usaha Bersatu Berhad dan BankBumiputra (M) Bhd, Perunding Kanan dengan HRM ManagementConsultant (1987), Eksekutif Pembangunan Pertubuhan denganMalaysia Airlines (1988-1992) dan Pengurus PembangunanP e rniagaan di Permodalan Nasional Berhad (1992-1996). Padak e s e l u ruhannya, beliau mempunyai lebih dari 14 tahunpengalaman di dalam sektor kewangan, firma peru n d i n g a n ,pembangunan organisasi, pelaburan, perkhidmatan korporat danpembangunan perniagaan.

Ir Beh Men Huat Pengurus Besar,Projek dan Pembangunan PerniagaanIr Beh mula berkhidmat dengan PNSB pada Februari 1996 sebagaiP e n g u rus Jabatan Pembangunan Perniagaan. Beliau kiniberkhidmat sebagai Pengurus Besar, Projek dan PembangunanPerniagaan. Beliau memperolehi Ijazah Sarjana Muda Sains dalambidang Kejuruteraan Awam dari University Strathclyde, Scotlandpada 1982. Sebelum menyertai PNSB, beliau berkhidmat di JabatanKerja Raya dan Lembaga Air Perak. Pengalaman kerja beliau selama18 tahun meliputi bidang yang berkaitan dengan pengurusanprojek dan operasi serta pengurusan bekalan air.

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Madam Chan Siew Meei General Manager, LegalMdm Chan joined PNSB in May 1998 as General Manager, Legal. She obtained her Bachelor of Law Degree fromthe University of Malaya in 1981. During the course of her 19 year career, Mdm Chan has served as an advocateand solicitor, lecturer, company secretary and as legal adviser to two public listed companies. Her employmentportfolio covers very diverse activities ranging from the timber and plantation sectors to engineering, propertyand manufacturing. As such, apart from her legal and corporate duties, she has attained considerable experiencein administration, human resources and company secretarial work.

Ir Loh Kit Mun General Manager, Operation IIIr Loh joined PNSB in April 1998 and oversees theoperation, maintenance and rehabilitation of 27 WTPs,contract supervision, dam operations, water resourcesand environmental issues. Upon graduation from theUniversity of Malaya with a Bachelor of Civil EngineeringDegree in 1978, he worked as an engineer with theDrainage and Irrigation Department (1978-1980). Thenhe served as Chief Engineer (last designation) at SMHDSdn Bhd (1980-1993), Associate at Ranhill Bersekutu SdnBhd (1993-1995) and General Manager (Infrastructure) ofKL Linear City Sdn Bhd (1995-1998). His 22 years ofworking experience covers areas pertaining to drainage,h y d ro l o g y, water re s o u rces and supply, design andc o n s t ruction of dams, river engineering, drainage and flood mitigation, infrastru c t u re development,environmental assessment, management of engineeringprojects and operation of WTPs.

Mr Ng Wah TarGeneral Manager, Finance & AccountsMr Ng was articled with an accounting firm in 1984. He isa member of the Malaysian Institute of Accountants(MIA) and the Malaysian Association of Certified PublicAccountants (MACPA). After spending 10 years in theaccounting profession where he last served as AuditManager for 3 years, he joined United Engineers (M)Berhad (UEM) as the Accountant of its Trading Division in1994. He was subsequently promoted to Senior Manager,Finance in 1997 and then transferred to the ManagementServices Division overseeing the finance and accountingfunctions of UEM. After serving UEM for 6 years, hejoined PNSB in March 2000 as General Manager, Finance& Accounts.

Puan Chan Siew Meei Pengurus Besar, PerundanganPn Chan menyertai PNSB pada Mei 1998 sebagai Pengurus Besar, Perundangan. Beliaum e m p e rolehi Ijazah Sarjana Muda Peru n d a n g a ndari Universiti Malaya pada 1981. Sepanjang kerjayabeliau selama 19 tahun, Pn Chan telah bertugassebagai peguambela dan peguamcara, pensyarah,setiausaha syarikat dan penasihat undang-undangkepada dua buah syarikat awam tersenarai.Pengalaman beliau merangkumi pelbagai jeniskegiatan termasuk di dalam sektor pembalakan,ladang, kejuruteraan, hartanah dan pengilangan. Disamping urusan perundangan dan korporat, beliaujuga mempunyai pengetahuan luas di dalam urusanpentadbiran, sumber manusia dan kesetiausahaansyarikat.

Ir Loh Kit Mun Pengurus Besar, Operasi IIIr Loh menyertai PNSB pada April 1998 danbertanggungjawab dalam penyeliaan, pelaksanaan,pengendalian dan membaik pulih 27 loji-lojipembersihan air, penyeliaan kontrak, pelaksanaanempangan serta unit sumber air dan alam sekitar.Selepas tamat pengajian daripada Universiti Malayadengan memiliki Ijazah Sarjana Kejuruteraan Awampada 1978, beliau telah berkhidmat sebagai Juruteradi Jabatan Saliran dan Perparitan (1978-1980).Kemudian beliau berkhidmat sebagai KetuaJurutera (jawatan terakhir) di SMHD Sdn Bhd (1980-1983), Rakan Sekutu di Ranhill Bersekutu Sdn Bhd(1993-1995) dan Pengurus Besar (Infrastruktur) di KLLinear City Sdn Bhd (1995-1998). Pengalaman beliauselama 22 tahun merangkumi bidang tugas yangberkaitan dengan perparitan, hidrologi, sumber danbekalan air, rekabentuk dan pembinaan empangan,kejuruteraan sungai, perparitan dan pengawalanbanjir, pembangunan infrastruktur, penilaian alampersekitaran dan pengurusan projek kejuruteraandan perlaksanaan loji pembersihan air.

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Encik Ng Wah Tar Pengurus Besar, Kewangan dan AkaunEn Ng telah menjalani latihan kelayakan perakaunannya di sebuah firma perakaunan pada tahun 1984. Beliauadalah ahli Institut Akauntan Malaysia (MIA) dan Persatuan Akauntan Bertauliah Malaysia (MACPA). Setelahmenimba pengalaman selama 10 tahun di dalam bidang perakaunan, dengan 3 tahun terakhir sebagai PengurusAudit, beliau menyertai United Engineers (M) Berhad (UEM) sebagai Akauntan di Bahagian Dagangan pada1994. Beliau dinaikkan pangkat sebagai Pengurus Kanan, Kewangan pada 1997 dan kemudian dipindahkan keBahagian Perkhidmatan Pengurusan dan bertanggungjawab ke atas segala fungsi kewangan dan perakaunan diUEM. Setelah berkhidmat selama 6 tahun di UEM, beliau menyertai PNSB pada Mac 2000 sebagai Pengurus Besar,Kewangan dan Akaun.

Puan Rahana Abdul Rashid Pengurus Besar, Kewangan KorporatPn Rahana menyertai PNSB pada 1996sebagai Pengurus Besar, KewanganKorporat. Beliau memperolehi IjazahSarjana Muda Sains (Kewangan) dan jugaSarjana Pentadbiran Perniagaan dariIndiana State University, AmerikaSyarikat. Sebelum menyertai PNSB, beliaumerupakan ahli unit Kewangan Korporatdi Aseambankers Malaysia Bhd sejak 1987.Jawatan terakhir beliau di sana adalahsebagai Pengurus Kanan/Ketua KewanganKorporat. Beliau berpengalaman lebih 9 tahun dalam pelbagai aspek kewangankorporat seperti penggabungan,pengambilalihan, pengapungan dan hal-hal yang beru rusan dengan ekuitisyarikat-syarikat yang bergiat dalampelbagai jenis industri. Dalam jawatannya sekarang di PNSB, beliaub e rtanggungjawab ke atas kewajarankewangan bagi pro j e k - p rojek yangdikendalikan oleh Syarikat di sampingberkhidmat sebagai penasihat kewangankorporat.

Puan Rahana Abdul Rashid General Manager, Corporate FinancePn Rahana joined PNSB in 1996 as General Manager, CorporateFinance. She holds a Bachelor of Science (Finance) Degree as well asa Masters Degree in Business Administration from Indiana StateUniversity, U.S.A. Prior to joining PNSB, she was a member of theCorporate Finance team in Aseambankers Malaysia Bhd since 1987,her last position there being Senior Manager/Head of CorporateFinance. She has over 9 years experience in various aspects ofcorporate finance such as mergers, takeovers, flotations andmatters dealing with equity of the various companies operating indiversified industries. In her present position in PNSB, she isprimarily responsible for the financial feasibility of pro j e c t sundertaken by the Company as well as serving as a corporatefinance advisor.

Encik Sonari Solor General Manager, Internal AuditEn Sonari has more than 10 years experience in auditing andaccountancy in public listed companies dealing in pro p e rt ydevelopment, manufacturing, timber and consultancy services. He is a fellow member of The Chartered Association of CertifiedAccountants (UK) and also holds a professional qualification fromThe Chartered Institute of Management Accountants (UK). Prior tojoining PNSB in 1998, he served as Group Divisional Chief, Internaland Management Audit of Land & General Berhad, Chief OperatingOfficer of Sepakat Computer Consultants Sdn Bhd, Audit Managerof DMIB Berhad and Accountant of Utusan Melayu Berhad.

24

Encik Sonari Solor Pengurus Besar, Audit DalamanEn Sonari adalah seorang ahli fellow ‘The Chartered Association of Certified Accountants (UK)’ dan jugamempunyai kelulusan profesional dari ‘The Chartered Institute of Management Accountants (UK)’. Beliauberpengalaman lebih 10 tahun dalam jurusan audit dan perakaunan dalam syarikat tersenarai yang terlibatdalam pembangunan hartanah, perkilangan, pembalakan dan perkhidmatan pakar runding. Sebelum menyertaiPNSB pada 1998, beliau pernah berkhidmat sebagai Ketua Bahagian Kumpulan, Audit Dalaman dan PengurusanLand & General Berhad, Ketua Pegawai Operasi Sepakat Computer Consultants Sdn Bhd, Pengurus Audit DMIBBerhad and Akauntan Utusan Melayu Berhad.

Puan Tan Bee Lian Setiausaha Syarikat Kumpulan/ Pengurus Besar, KesetiausahaanPn Tan mempunyai lebih 11 tahunpengalaman dalam bidang kesetiausahaankorporat dalam syarikat awam dan swasta.Beliau telah berkhidmat dengan KumpulanPNHB lebih 5 tahun dan terlibat dalampenyenaraian PNHB di Papan Utama BursaSaham Kuala Lumpur pada 8 Julai 1997. PnTan mula berkhidmat di PNSB pada November1994 sebagai Setiausaha Syarikat dankemudian dinaikkan pangkat sebagaiSetiausaha Syarikat Kumpulan pada Januari1998 dan seterusnya dinaikkan pangkatsebagai Pengurus Besar, Kesetiausahaan padaMac 2000. Beliau adalah graduan Institute ofC h a rt e red Secretaries and Administrators(ICSA) dan memperolehi kelayakankesetiausahaannya pada 1991. Sebelumberkhidmat di PNSB, beliau bertugas diJabatan Kesetiausahaan dan Undang-UndangP rojek Lebuhraya Utara-Selatan Berh a d(PLUS) dan merupakan Penolong SetiausahaSyarikat bagi Metramac Corporation Sdn Bhd/Metacorp Berhad, sebuah syarikat yangtersenarai di Papan Kedua Bursa Saham KualaLumpur.

Madam Tan Bee LianGroup Company Secretary/ General Manager, SecretarialMdm Ta n has more than 11 years corporate secre t a r i a lexperience in both private and public listed companies. She hasbeen with PNHB Group for more than 5 years and was involvedin the successful listing of PNHB on the Main Board of KualaLumpur Stock Exchange on 8 July 1997. She joined PNSB inNovember 1994 as Company Secretary and was promoted toGroup Company Secretary in January 1998. Recently, Mdm Tanwas further promoted to General Manager, Secretarial in March2000. She is a graduate of the Institute of Chartered Secretariesand Administrators (ICSA) and attained associateship in 1991.Prior to joining PNSB, she worked in the Secretarial & LegalDepartment of Project Lebuhraya Utara-Selatan Berhad (PLUS)and was the Assistant Company Secre t a ry of MetramacCorporation Sdn Bhd/Metacorp Berhad, a company listed on theSecond Board of Kuala Lumpur Stock Exchange.

25

Technology allows us not only to build better dams,t reatment and distribution networks. It also enables us tom o re effectively monitor the efficiency of ourmanagement systems; to predict potential trouble spotsb e f o re they become a problem and, in the event ane m e rgency arises, to be able to meet, contain and re s o l v ei t .

We are well on our way to achieving one of the highestlevels of automation and technological integration inwater management in the South East Asia region. Inparticular, the information technology promises to bringabout profound changes in increased performance ande ff i c i e n c y, enhanced safety, while at the same timekeeping water charges at a reasonable rate.

Bagaimana cara terbaik untuk kita menjana teknologi?Teknologi bukan sekadar membolehkan kitamempertingkatan pembinaan empangan dan rangkaianrawatan dan agihan air. Malah ianya juga memudahkanpemantauan kecekapan sistem pengurusan kita denganberkesan; mengesan awal petanda-petanda gangguansebelum menjadi masalah dan mampu menghadapi,menyekat dan menyelesaikan masalah tersebut sekiranyaberlaku kecemasan.

Usaha kita untuk mencapai tahap automasi dan integrasiteknologi termaju dalam pengurusan air di rantau AsiaTenggara sudah menampakkan hasil. Te ru t a m a n y a ,teknologi maklumat menjanjikan perubahan ketaradalam peningkatan prestasi, kecekapan, keselamatan danpada masa yang sama, memastikan kadar caj air yangmunasabah.

27

Introduction

As we enter the new millennium, our Company can look back with pride at all

that we have accomplished in so short a period of time. At the same time, we

can look ahead to the future with both confidence and a renewed sense of

commitment.

Just six years ago, we founded Puncak Niaga (M) Sdn Bhd (PNSB), and

commenced on an ambitious undertaking: to take over, operate, maintain,

manage, rehabilitate and refurbish 27

water treatment plants, which would

supply the bulk of the nation’s current

and future water needs.

In 1995, PNSB was awarded a major

contract to build and operate

Malaysia’s largest and most modern

water treatment facility– SSP2.

Soon after came another milestone:

Puncak Niaga Holdings Berhad (PNHB)

became the first water supply

infrastructure company to be listed on

the KLSE Main Board– an impressive

achievement for any company– and

demonstrated that we had become a

major water industry player.

1998 was a period of crisis and

challenge; the Klang Valley experienced

a water shortage sparked by a severe

d rought. This, compounded by the

re g i o n ’s ongoing economic turm o i l ,

proved to be a trying time. Yet, as

the inevitable problems arose, we

o v e rcame them. Adversity made us

s t rong; it tested our mettle as it

demonstrated our expertise.

Today, with 62% of market share, PNSB

is by far the largest supplier of treated

water in Selangor and the Federal

Territory. When SSP2 is fully completed

in December 2000, that figure will rise

to 68%.

P e n g e n a l a n

Setelah kami melangkah ke alaf baru, Syarikat kami kini boleh

mengimbau kembali dan berasa megah dengan kejayaan yang telah

dicapai dalam tempoh yang singkat. Sekali gus kami juga turut

terangsang dan berkeyakinan untuk menghadapi tahun-tahun

mendatang dengan lebih bersemangat dan penuh komitmen.

Baru enam tahun lalu, kami mengasaskan Puncak Niaga (M) Sdn Bhd

(PNSB) dan berazam mencapai satu cita-cita tinggi: mengambilalih,

mengendali, menyenggara, mengurus, membaik pulih dan

melengkapkan 27 buah loji pembersihan air, yang akan membekal

sebahagian besar keperluan air negara, kini dan masa depan.

Pada 1995, PNSB telah dianugerahkan kontrak utama untuk membina

dan mengendalikan loji pembersihan air yang paling besar dan

tercanggih di Malaysia– SSP2.

Tidak lama kemudian, Puncak Niaga Holdings Berhad (PNHB) mencatat

satu lagi sejarah penting sebagai sebuah syarikat infrastruktur bekalan

air yang pertama disenaraikan di Papan Utama Bursa Saham Kuala

Lumpur– satu kejayaan cemerlang bagi mana-mana syarikat– dan

membuktikan kemampuan kami sebagai pemain utama dalam industri

a i r.

c h a i r m a n ’ s s t a t e m e n tk e n y a t a a n p e n g e r u s i

A view of the lake at Klang Gates DamPemandangan tasik di Empangan Klang Gates

28

1999 has brought record profitability to the Company. Yet perhaps just as

importantly, the past year also demonstrated the high level of confidence in

the Company’s perf o rmance and long-term earnings potential among

investors, financial institutions and markets both here and abroad, and

governmental bodies.

These are indeed exciting and rewarding times for our Company, as we enter

the new millennium invigorated, confident and poised to make even greater

strides in the year 2000 and beyond.

As the ASEAN region bounces back, we see even further opportunities for

growth. In an era of increased globalisation, strained government budgets and

the imperatives of continued industrialisation and modernisation, PNSB is

carefully assessing potential markets and water infrastructure projects in order

to best take advantage of its position as one of the leading regional players.

We also recognize the role of enlightened water resource management in

sustaining social and economic progress, while at the same time taking

appropriate steps to ensure the well-being of our natural resources and of the

environment as a whole. We must strike a balance between growth, progress

and pre s e rvation. This will be our

greatest challenge; when we succeed it

may well become our greatest legacy.

PNSB has taken a leadership role

in educating the public, and

particularly the younger generation,

on the importance of protecting this

s c a rce and valuable re s o u rce. This

f o rms the centrepiece of our

blueprint for prudent water resource

management; one which will marshal

the energies of the entire population

in ensuring a safe and sufficient water

supply well into the 21st century.

1998 merupakan tahun yang dilanda dengan pelbagai krisis dan

cabaran: Lembah Klang mengalami kekurangan bekalan air akibat

musim kemarau yang paling teruk. Kemelut ekonomi serantau yang

berterusan menggawatkan lagi keadaan. Namun demikian, segala

masalah yang timbul dapat kami atasi. Kesusahan menjadikan kami

lebih tabah dan teguh; kecekalan kami teruji dan kepakaran kami

jelas terbukti.

Kini, PNSB membekalkan 62% daripada keperluan air dan merupakan

pembekal air bersih yang terbesar di Selangor dan Wi l a y a h

Persekutuan. Peratusan ini akan meningkat kepada 68% apabila

projek SSP2 siap sepenuhnya pada Disember 2000.

Tahun 1999 Syarikat terus mencatatkan rekod keuntungan.

Pencapaian ini jelas membuktikan peningkatan keyakinan terhadap

prestasi Syarikat dan potensi pendapatan jangka panjang di kalangan

pelabur, institusi dan pasaran kewangan dalam dan luar negara, juga

badan-badan kerajaan.

Perkembangan sepanjang tahun 1999 paling mendebar sert a

memanfaatkan Syarikat kami. Pengalaman inilah yang membolehkan

kami melangkah ke alaf baru dengan semangat baru yang lebih

cergas, yakin dan bersedia untuk menghadapi cabaran yang lebih

hebat pada tahun 2000 dan seterusnya.

A majestic view of the Klang Gates DamPemandangan Empangan Klang Gates

29

Financial Performance

It gives me great pleasure to announce

a sterling financial performance by the Group,

with all major indicators doubling over the past

year. These gains are all the more substantive in

light of the fact that 1998 itself saw impressive

gains and a healthy balance sheet.

The Group achieved a turnover of RM347,472,486

for the year ended 31 December 1999, compared

to RM183,415,236 in 1998, an increase of 89%,

while after-tax profit amounted to RM98,971,517

a 73% increase over the previous year.

Earnings per share based on profit attributable to

shareholders almost doubled to 39.59 sen this

year, from 22.89 sen the previous year.

This solid perf o rmance reflects the deep

commitment and hard work of the entire

Management and staff of our Company, and on

behalf of the Board of Directors of the Company,

I would like to congratulate all of them on a job

well done.

Our North Hummock WTPLoji Pembersihan Air North Hummock kami

Berikutan pemulihan ekonomi rantau ASEAN, banyak lagi

peluang perkembangan yang dapat kami terokai. Dalam

era peningkatan globalisasi, pengurangan belanjawan

kerajaan dan kesemarakan perindustrian dan

pemodenan, PNSB sedang menilai teliti pasaran dan

projek infrastruktur air berpotensi bagi memanfaatkan

kedudukannya sebagai salah satu pemain industri yang

terulung di rantau ini.

Kami juga mengiktiraf peranan

p e n g u rusan sumber air dalam

memelihara kesejahteraan

ekonomi dan sosial, serentak

itu mengambil langkah-langkah

sesuai bagi memastikan

kesejahteraan sumber alam

semula jadi sekeliling tidak

terjejas. Kami perlu kemajuan dan

pemuliharaan. Inilah cabaran

paling hebat kepada kami; jika

kami berjaya, kemenangan inilah

yang akan menjadi warisan kami

yang abadi.

PNSB juga telah menerajui peranan untuk mendidik orang

awam, khususnya generasi muda, mengenai pentingnya

pemeliharaan sumber air yang bernilai dan semakin

berkurangan. Inilah asas rangka tindakan kami dalam

p e n g u rusan air berhemat yang akan menggembleng

tenaga semua penduduk bagi memastikan bekalan air

yang selamat dan mencukupi sehingga abad ke 21.

P restasi Kewangan

Saya dengan bangganya mengumumkan pre s t a s i

kewangan yang cemerlang oleh Kumpulan dengan

menunjukkan peningkatan yang berganda berbanding

tahun lalu. Pertambahan ini amat terserlah

memandangkan prestasi pada tahun 1998 yang

menunjukkan keuntungan yang mengkagumkan dan

lembaran imbangan yang cukup teguh.

Kumpulan mencapai perolehan sebanyak RM347,472,486

bagi tahun berakhir 31 Disember 1999, berbanding

dengan RM183,415,236 pada 1998, iaitu kenaikan

sebanyak 89%. Justeru itu, keuntungan selepas cukai bagi

tahun kewangan berjumlah RM98,971,517 iaitu kenaikan

sebanyak 73% berbanding dengan tahun lalu.

The aeration process at SSP2Proses pengudaraan di SSP2

Corporate Governance

Another factor which has certainly helped spur growth in the Company is a

strong ethic of good corporate policies and decision-making processes that

are transparent and disclosure-based. The recent economic downturn has led

us to redouble our efforts to maintain appropriate standards of corporate

responsibility and accountability, to provide greater disclosure and

transparency, and to ensure a corporate environment that is based on

meritocracy, initiative and innovation.

This is particularly evident in

the Company’s share h o l d e r

communications and investor

relations, where we promote and

encourage bilateral share h o l d e r

communication through active

participation at the Company’s general

meetings and the dissemination of

quality and timely information to

investors, analysts and the public at

large.

Transparency in our business activities

also continues to be a strong

Company asset, as we endeavour to

keep our shareholders, investors, and

the public well-informed on the

Company’s progress and direction.

We are taking even further steps to

promote a sense of partnership and

participation, with a long-term plan to

create a proactive Investor Relations

Programme to promote the Company

and to provide frank and fair

evaluation of the Company’s strengths

and growth potential.

Pendapatan sesaham berdasarkan keuntungan yang diagihkan

kepada pemegang-pemegang saham hampir berganda sehingga

39.59 sen pada tahun ini berbanding dengan 22.89 sen tahun lalu.

Prestasi cemerlang ini mencerminkan komitmen jitu dan kegigihan

sepadu pihak pengurusan dan setiap kakitangan Syarikat kami dan

bagi pihak Lembaga Pengarah, saya ingin mengucapkan syabas

kepada mereka semua atas kejayaan ini.

Penguasaan Korporat

Satu lagi faktor yang telah membantu Syarikat berkembang maju

ialah penguasaan korporat yang berhemah dan beretika. Segala

polisi pengurusan dan proses membuat keputusan Syarikat adalah

berasaskan dasar yang telus dan terbuka. Kemerosotan ekonomi

baru-baru ini telah mendorong kami untuk melipatgandakan usaha

bagi mengekalkan tahap tanggungjawab dan skop tugasan korporat

yang bersesuaian, membolehkan pelaksanaan tugas yang lebih

terbuka dan telus di samping memastikan amalan korporat yang

berdasarkan meritokrasi, inisiatif dan inovasi.

Dasar ini begitu ketara terutamanya dalam komunikasi pemegang

saham dan perhubungan pelabur Syarikat yang menggalakkan

komunikasi dua hala melalui penglibatan aktif pemegang-pemegang

saham di mesyuarat agung Syarikat dan penyibaran maklumat yang

tepat serta berkualiti kepada para pelabur, penganalisa dan orang

awam.

Ketelusan aktiviti perniagaan kami merupakan aset kukuh Syarikat

selaras dengan keazaman kami untuk memaklumkan berita terkini

kepada pemegang-pemegang saham kami, para pelabur dan orang

ramai mengenai perkembangan dan hala tuju Syarikat.

State-of-the-art machinery at SSP2Kejenteraan mutakhir digunakan di SSP2

30

31

Kami sedang mengambil langkah-

langkah susulan untuk menjalin

semangat perkongsian dan

p e n y e rtaan dengan rancangan

jangka panjang untuk mewujudkan

P rogram Hubungan Pelabur pro - a k t i f

b e rtujuan mempromosi Syarikat

dan menyediakan penilaian adil

mengenai kekuatan dan potensi

pertumbuhan Syarikat.

Cadangan Terbitan Komposit

Pada 12 November 1999, Lembaga

Pengarah mengumumkan Cadangan

Terbitan Komposit yang terd i r i

daripada:

1. Cadangan terbitan bonus sebanyak

125,000,000 saham biasa baru pada

harga RM1.00 setiap satu atas dasar

satu (1) saham biasa baru bagi setiap

dua (2) saham biasa sedia ada

(‘Cadangan Terbitan Bonus’); dan

2. Cadangan terbitan hak sebanyak

62,500,000 saham biasa baru pada

harga RM1.00 setiap satu atas dasar

satu (1) saham biasa baru bagi setiap

empat (4) saham sedia ada dalam

Syarikat pada harga terbitan RM1.50

setiap satu (‘Cadangan Te r b i t a n

Hak’).

Proposed Composite Issue

On 12 November 1999, the Board of Directors of the Company

announced a Proposed Composite Issue comprising:

1. A proposed bonus issue of 125,000,000 new ordinary shares of

RM1.00 each on the basis of one (1) new ordinary share for every

two (2) existing ordinary shares (‘Proposed Bonus Issue’); and

2. A proposed rights issue of 62,500,000 new ordinary shares of

RM1.00 each on the basis of one (1) new ordinary share for every

four (4) existing shares held in the Company at an issue price of

RM1.50 per share (“Proposed Rights Issue”).

The implementation of the Proposed Composite Issue is subject to the

approvals being obtained from the Securities Commission (“SC”), the

Kuala Lumpur Stock Exchange (“KLSE”) and shareholders of the

C o m p a n y. The proceeds from the Proposed Composite Issue

amounting to RM93,750,000 is to finance the working capital

requirements of the Group and expenses for the Proposed Composite

Issue.

The Company has, through its merchant banker, RHB Sakura

Merchant Bankers Berhad, submitted the application to the SC on 28

January 2000 to obtain the SC’s approval on the Proposed Composite

Issue. On behalf of the Board of Directors of the Company, I am

pleased to inform you that the SC has granted its approval on 20 April

2000. We will seek the shareholders’ approval for the Proposed

Composite Issue at an Extraordinary General Meeting to be held at a

date to be determined.

The entire exercise is expected to be completed by the second half of

year 2000 with the listing and quotation of 187,500,000 new ordinary

shares of the Company on the KLSE. The share capital of the Company

will thereafter be enlarged to 437,500,000 ordinary shares of RM1.00

each.

Kuala Kubu Bahru WTPLoji Pembersihan Air Kuala Kubu Bahr u

32

Pelaksanaan Cadangan Terbitan Komposit adalah tertakluk

kepada kelulusan Suruhanjaya Sekuriti, Bursa Saham Kuala

Lumpur (‘BSKL’) dan pemegang saham Syarikat. Hasil daripada

Cadangan Terbitan Komposit berjumlah RM93,750,000 akan

digunakan untuk membiayai keperluan modal kerja

Kumpulan dan pebelanjaan Cadangan Terbitan Komposit.

Melalui jurubank saudagar kami, RHB Sakura Merc h a n t

Bankers Berhad, Syarikat telah mengemukakan permohonan

kepada Suruhanjaya Sekuriti pada 28 Januari 2000 untuk

m e m p e rolehi kelulusan mengenai Cadangan Te r b i t a n

Komposit. Bagi pihak Lembaga Pengarah Syarikat, saya

dengan sukacitanya memaklumkan bahawa Suru h a n j a y a

Sekuriti telahpun memberi kelulusan pada 20 April 2000. Kami

akan mendapatkan kelulusan pemegang saham di Mesyuarat

Agung Luar Biasa yang akan diadakan pada suatu tarikh yang

akan ditetapkan.

K e s e l u ruhan kegiatan ini dijangka terlaksana sepenuhnya

pada pertengahan kedua tahun 2000 dengan penyenaraian

dan sebut harga 187,500,000 saham biasa baru Syarikat di

BSKL. Modal saham Syarikat akan meningkat kepada

437,500,000 saham biasa pada harga RM1.00 setiap satu.

P e n g i k t i r a f a n

Saya dengan bangganya mengumumkan bahawa pada 1999

Syarikat kami telah mendapat pengiktirafan istimewa

daripada sektor awam dan swasta. Pada bulan Januari, stok

Syarikat telah disenaraikan dalam Indeks Komposit BSKL

bersama-sama kategori “saham terpilih”. Ini meru p a k a n

petunjuk paling menonjol bagi prestasi Syarikat kami,

kekukuhan dasar pendapatannya dan tahap keyakinan

golongan sektor kewangan terhadap Syarikat.

Recognition

I am proud to inform you that our Company

achieved special recognition in 1999 from

both the public and private sectors. In

January, the Company’s stocks were included

on the KLSE Composite Index, where it joined

the country’s vaunted “blue chips.” This is an

e x t remely impressive indicator of our

Company’s performance, its strong earnings

base and the confidence in which it is held by

the financial community.

In November, PNHB won the coveted National

Annual Corporate Report Awards (NACRA)

I n d u s t ry Excellence Aw a rd for the

“ C o n s t ruction & Infrastru c t u re Pro j e c t

Companies” category. The award recognises

corporate excellence in the presentation of

timely and accurate business information.

Installation of the precast filter slabs at SSP2 Phase 2Pemasangan acu kepingan konkrit siap pada struktur penapisan di SSP2 Fasa 2

The newly built aerator structure, part of SSP2 Phase 2Struktur proses pengudaraan yang baru dibina, sebahagian dari SSP2 Fasa 2

33

Pada bulan November pula, PNHB telah memenangi

Anugerah Kecemerlangan Industri NACRA bagi

kategori “Pembinaan dan Syarikat Projek I n f r a s t ru k t u r ” .

Anugerah ini mengiktiraf kecemerlangan k o r p o r a t

dalam pembentangan maklumat perniagaan yang

tepat dan cepat.

Kemudian pada bulan Disember, PNHB disenaraikan

dalam Morgan Stanley Capital International Standard

Index (MSCI) yang membuka penyertaan kepada

pelabur asing dari seluruh dunia. Langkah ini sudah

pasti akan meningkatkan nilai saham Syarikat. Ini

adalah satu pencapaian penting bagi mana-mana

syarikat, terutamanya syarikat projek infrastru k t u r,

yang sekali gus menandakan kemunculan kami dalam

pasaran global.

Tinjauan Masa Depan

Setelah melangkah ke tahun 2000, Syarikat akan

m e n e ruskan usaha memperluas dan mengukuhkan

pasaran yang sedia ada sementara menerokai pasaran

b a ru secara agresif. Bagi memastikan peningkatan

pertumbuhan dan keuntungan Syarikat, kami akan

menjalin perkongsian dan pakatan strategik baru

dalam industri yang mampu mengukuhkan hubungan

sinergi, mengurangkan kos dan meningkatkan prestasi

dan keuntungan. Kami akan terus memberi tumpuan

kepada perniagaan teras Syarikat dalam industri

bekalan air yang merangkumi kejuruteraan air,

rawatan, pengagihan, pengurusan dan pembinaan dan

pada masa yang sama membangunkan kegiatan hilir

dan aktiviti perniagaan yang berkaitan.

Then in December, PNHB was included in the

M o rgan Stanley Capital International (MSCI)

S t a n d a rd Index, which effectively opens

participation to foreign investors from around the

world. This in turn is certain to create even more

value for the Company. It represents a significant

achievement for any company, especially an

i n f r a s t ru c t u re project company, and marks our

emergence in the global market.

Looking Ahead

As we enter the year 2000, the Company will

continue to expand and consolidate existing markets

while aggressively pursuing new markets. To ensure

even greater growth and pro f i t a b i l i t y, we are

f o rging new partnerships and strategic alliances

within the industry which will create stro n g e r

synergies, reduce costs, and improve performance

and profitability. We will continue to concentrate on

our core business in the water supply industry,

which comprises water engineering, tre a t m e n t ,

distribution, management and construction, while at

the same time developing downstream and related

business activities.

Going Concern Statement

I would like to take this opportunity to convey a

statement from the Board of Directors, that, after

conducting due and reasonable enquiry into the

affairs of the Company, the Board of Directors firmly

believe the Company shall continue to operate as a

going concern business in the foreseeable future.

Signing Ceremony for the Second Amendment to the Construction CumOperation AgreementMajlis Menandatangani Pindaan Kedua ke atas Perjanjian Pembinaan danOperasi

34

Kenyataan Kesinambungan Syarikat

Saya ingin mengambil peluang ini untuk menyampaikan satu kenyataan

daripada Lembaga Pengarah bahawa setelah melaksanakan siasatan

terperinci dalam hal ehwal Syarikat, Lembaga Pengarah yakin sepenuhnya

bahawa Syarikat akan terus beroperasi sebagai perniagaan yang

berkesinambungan.

P e n g h a rg a a n

Bagi pihak Lembaga Pengarah, saya ingin merakam ucapan terima kasih dan

penghargaan kepada semua pemegang saham kami, pelanggan budiman

kami dan juga para pengguna kami atas sokongan dan keyakinan anda yang

berterusan terhadap Syarikat kami.

Kami juga ingin menyampaikan ucapan terima kasih kepada Kerajaan

Persekutuan, Kerajaan Selangor, Jabatan Bekalan Air Selangor, jabatan

kerajaan dan badan berkanun berkaitan, pertubuhan bukan kerajaan, bank-

bank dan institusi kewangan lain serta rakan-rakan perniagaan yang telah

memberi sokongan dan bekerja bersama kami pada tahun 1999 dan tahun-

tahun sebelumnya.

Akhir kata izinkan saya merakamkan setinggi-tinggi

penghargaan kepada pihak Pengurusan dan kakitangan

kami atas usaha, komitmen dan semangat dedikasi

cemerlang mereka yang telah membolehkan Syarikat

mencapai wawasan korporat, matlamat dan objektif-

objektifnya.

Dato’ Rozali Ismail

Pengerusi Eksekutif

28 April 2000

Acknowledgements

On behalf of the Board of Directors, I wish to

express my gratitude to our valued shareholders,

our customer and our end-users for your

continued support and confidence in our

Company.

We also extend our sincere thanks to the Federal

Government, the Selangor State Government, the

Selangor Water Works Department, the relevant

government departments and statutory bodies,

the non-governmental organisations, the various

banks and other financial institutions and

business associates who have supported and

worked with us in 1999 and before.

Finally, let me convey my deep appreciation to

our Management and staff for their outstanding

efforts, commitment and dedication in enabling

the Company to achieve its corporate vision, goals

and objectives.

Dato’ Rozali Ismail

Executive Chairman

28 April 2000

Overview of the Klang Gates DamPemandangan Empangan Klang Gates dari udara

o p e r a t i o n s r e v i e wt i n j a u a n o p e r a s i

• To provide a synergy of socio-economic products and services inthe realm of water treatment, management and distributionand other related businesses.

• To cater to the increasing challenges in the demand for highquality water production and distribution through thecontinuous implementation of high quality standards, efficientservices, human resources development, innovative technologyand operational systems.

• To actively participate in regional and global businessopportunities with linkages to the Company’s core activities andrelated interests.

• To actively support and participate in programmes and activitiesaimed at uplifting the community’s living standards and valuesystems in line with the aspirations of Vision 2020.

• To address national and international concern pertaining to thep rotection, conservation and enhancement of the naturalenvironment we live in.

• Melahirkan satu sinergi sosio ekonomi dan khidmatpembersihan, pentadbiran dan pengagihan air danperkhidmatan berkaitan.

• Menangani cabaran permintaan air yang berkualiti danpengagihan yang berkesan melalui penekanan bert e ru s a nt e rhadap kualiti piawaian, perkhidmatan efisyen,pembangunan sumber manusia, teknologi berinovasi dansistem operasi.

• M e n y e rtai secara aktif dalam perniagaan rantau ini diperingkat antarabangsa yang berkaitan dengan perniagaanteras Syarikat.

• Menyokong dan mengambil bahagian secara aktif dalamp rogram dan aktiviti bertujuan meningkatkan taraf hiduprakyat dan nilai kehidupan serasi dengan aspirasi Wawasan2020 negara.

• Menyelesaikan isu-isu tempatan dan antarabangsa yangberkaitan dengan pemuliharaan, penjagaan dan peningkatankualiti alam sekitar.

Our Mission Misi Kami

REVIEW OF 1999

The year 1999 witnessed a remarkable period of

growth and profitability for your Company, Puncak

Niaga Holdings Berhad (PNHB) and its wholly-owned

subsidiary, Puncak Niaga (M) Sdn Bhd (PNSB). Several

factors converged for this to materialise. A return to

provident and abundant rainfall no doubt played a

role. As did the country’s impressive rebound from the

Asian economic crisis which began in 1997.

Yet 1999 was also a springboard for success as PNSB

overcame the challenges of the previous year, putting

the water crisis behind it. Production continued to

increase to meet the growing needs of an ever-

expanding population and a resurgent commercial

and industrial sector. Production for the year totaled

732,119,000 cubic metres, up from 582,103,000 cubic

metres produced in 1998, an increase of 26%.

These increases have largely been achieved through

PNSB’s proven record in turning the challenges which

water privatisation presents into opportunities for

growth. PNSB has been at the forefront in providing

technical know-how as well as state-of-the-art

technology to improve efficiency and exploit

economies of scale. We are ably demonstrating that

water engineering can best be accomplished through

the technical, financial and managerial resources of

the private sector.

TINJAUAN 1999

Tahun 1999 menyaksikan pertumbuhan cemerlang

dan keuntungan kepada syarikat anda, Puncak Niaga

Holdings Berhad (PNHB) dan syarikat milik penuhnya,

Puncak Niaga (M) Sdn Bhd (PNSB). Kejayaan ini

merupakan hasil gabungan beberapa faktor. Sikap

hemat dan rahmat limpahan hujan turut memainkan

peranan. Begitu juga dengan pemulihan negara

daripada krisis ekonomi Asia yang bermula pada

tahun 1997.

Tahun 1999 juga merupakan batu loncatan bagi PNSB

kerana kejayaan mengharungi cabaran tahun lalu dan

sekali gus mengatasi krisis air. Pengeluaran air terus

meningkat bagi memenuhi keperluan penduduk yang

kian bertambah dan pembangkitan pesat sektor

komersil dan industri. Jumlah pengeluaran air bagi

tahun 1999 ialah 732,119,000 meter padu,

pertambahan daripada 582,103,000 meter padu pada

tahun 1998, iaitu kenaikan sebanyak 26%.

Peningkatan ini sekali lagi membuktikan kemampuan

PNSB memanfaatkan cabaran yang timbul akibat

penswastaan air kepada peluang pertumbuhan. PNSB

juga merupakan peneraju dalam menyediakan

kemahiran teknikal serta teknologi mutakhir untuk

p e rtingkatkan kecekapan dan mengeksploitasikan

ekonomi skala. Kami mampu membuktikan bahawa

kejuruteraan air dapat dilaksanakan sebaik-baiknya

melalui gemblengan sumber teknikal, kewangan dan

pengurusan sektor swasta.

35

River

Clear WaterTank

Syarikat juga sedang meninjau untuk

memperluaskan kewujudannya di negeri-

negeri lain di Malaysia yang dalam proses

melaksanakan program penswastaan

masing-masing. Sebagaimana yang dapat

kami lihat di Selangor dan Wi l a y a h

Persekutuan, kos rawatan air mentah yang

semakin meningkat amat membebankan

kerajaan negeri untuk mengekalkan

peranannya sebagai pembekal air awam.

SSP2 Peringkat1

Loji Pembersihan Air SSP2 Peringkat 1

telah dikendalikan dengan lancar

dan pengeluaran telah beransur- a n s u r

meningkat kepada 400 juta liter sehari (JLH)

pada hujung 1999 (keupayaan penuh ialah

475 JLH) sejak pentauliahan tahun lalu,

empat bulan lebih awal daripada jadual

tarikh siap 31 Disember 1999. Peningkatan

p e rolehan Kumpulan pada tahun ini

d i d o rong t e rutamanya oleh pert a m b a h a n

pengeluaran air dan kadar bekalan pukal.

Bagi tahun-tahun mendatang, pero l e h a n

dijangka meningkat sebaik sahaja Peringkat

2 siap pada hujung tahun ini.

Kejayaan Peringkat 1 telah mendorong

kami mengemukakan permohonan untuk

mendapat sijil ISO 9002. Kami menjangkakan

sijil ini dapat diperolehi menjelang Mei

2000.

The Company is also looking to expand its presence to other

states in Malaysia as they implement their own privatisation

programmes. As we have seen in Selangor and the Federal

Te rr i t o ry, the ever-rising costs of raw water treatment and

distribution are making it increasingly difficult for state

governments to remain as public water providers.

SSP2 Stage 1

SSP2 Stage 1 WTP has been running smoothly, and production has

increased steadily to 400 million litres per day (MLD) at the end of

1999 (full capacity stands at 475 MLD) since commissioning last

year, four months in advance of the scheduled completion date of

31 December 1999. The Group’s higher turnover for the year was

due largely to increases in production volume and bulk supply

rates. Turnover in future years should rise further once Stage 2 is

completed by the end of this year.

36

1 1

Water treatment plantLoji pembersihan air

D a mE m p a n g a n

1 0

2 8

0 7

0 11 40 2

1 2 2 9 0 523 2 5

2 72 60 9

0 8

2 2 0 4

2 11 9

0 3

1 7

1 8

0 62 4

1 3

1 5

3 0

1 6

2 0Sabak Bern a m

Kuala Selangor

Hulu Selangor

G o m b a k

K l a n g

P e t a l i n g

Kuala Langat

S e p a n g

Hulu Langat

F e d e r a lTe rr i t o ry

Tasik Subang Klang Gates Sg Langat

IntakeStructure &Raw WaterPumphouse

Aeration Flow Splitter ActifloFiltration

Treated WaterPumping Station

Matang PagarReservoir

Chlorine

Lime

AluminiumSulphate

Fluoride

Chlorine

Poly-electrolyte

SludgeThickening

Tank

WashwaterHolding &

Recovery Tank

To Sludge Lagoon

To Consumers

Lime

Ammonia

Schematic diagram of the water supply and treatment process system at SSP2Rajah skimatik sistem bekalan air dan proses rawatan air di SSP2

Location of Water Treatment Plantsand DamsLokasi Loji Pembersihan Air danEmpangan

37

The success of Stage 1 has been such that we have

made submission for ISO 9002 certification. We

expect to secure the certification by May 2000.

SSP2 Stage 2

PNSB has allocated RM533.9 million for the

c o n s t ruction of SSP2 Stage 2. Construction is

proceeding ahead of schedule, with civil works

nearing completion and M & E works at an

advanced stage. Overall progress of works is 87%

complete as of December 1999. Stage 2 is

expected to be completed at the end of 2000,

well ahead of the original scheduled completion

date of 31 December 2001.

Upon commissioning, the Stage 2 works will

augment water supply to demand areas in Kuala

Lumpur, Petaling Jaya, Gombak, Shah Alam and

Klang.

Distribution Supply System

Stage 1 (DSS1)

The past year saw the completion and

commissioning of all three packages of DSS1.

Package 1: Dusun Kubung Reservoir to A3 Reservoir

became operational in March 1999. Package 2:

Matang Pagar Reservoir to Petaling Jaya and Shah

Alam opened with the completion of the final

section of pipeline from Effingham Reservoir to

Bukit Gasing in November 1999. Package 3:

C o n s t ruction of Reservoirs, Pumphouses and M & E

Works at Kepong Estate and Batu Estate Reservoirs

was completed in March 1999, while the Bukit

Gasing Pumphouse and the Sungai Buloh

Reservoir are scheduled for completion by mid-

2000.

SSP2 Peringkat 2

PNSB telah memperuntukkan RM533.9 juta untuk

pembinaan SSP2 Peringkat 2. Kerja-kerja pembinaan

berjalan lancar dan awal daripada tempoh jadual. Kerja

kejuruteraan awam hampir siap dan kerja-kerja Mekanikal

dan Elektrik kini di peringkat akhir. Setakat Disember 1999,

pembinaan sudah 87% siap. Peringkat 2 dijangka siap

pada penghujung tahun 2000, jauh lebih awal daripada

tarikh asal yang dijadualkan, iaitu 31 Disember 2001.

Setelah pentauliahan,

Peringkat 2 akan menambah

bekalan air ke kawasan yang

diperlukan di Kuala Lumpur,

Petaling Jaya, Gombak, Shah

Alam dan Klang.

Sistem Agihan Bekalan Air

Peringkat 1 (DSS1)

Tahun lalu menyaksikan

ketiga-tiga pakej DSS1 siap

dilaksanakan. Pakej 1: Kolam

Air Dusun Kubung ke Kolam Air

A3 mula beroperasi pada Mac

1999. Pakej 2: Kolam Air M a t a n g

Pagar ke Petaling Jaya dan Shah

A l a m dibuka sebaik sahaja

b a h a g i a n akhir saluran paip

daripada Kolam Air Eff i n g h a m

ke Bukit Gasing siap pada

November 1999. Pakej 3:

Pembinaan Kolam Air, R u m a h

Pam dan Kerja-kerja Mekanikal

dan Elektrik di Kolam Air Kepong

Estate dan Batu Estate siap pada Mac 1999, sementara

Rumah Pam Bukit Gasing dan Kolam Air Sungai Buloh

d i j a n g k a siap pada pertengahan tahun 2000.

N o . Water Treatment Plant C a p a c i t yB i l . Loji Pembersihan Air K a p a s i t i

0 1 Sungai Langat 3 8 6 . 4 00 2 Bukit Nanas 1 4 5 . 0 00 3 Sungai Batu 1 1 3 . 7 00 4 Batang Kali 2 0 . 3 00 5 Ampang Intake 1 8 . 0 00 6 Sungai Rangkap 9 . 0 00 7 Cheras Mile 11 2 7 . 0 00 8 Sungai Rumput 4 . 5 00 9 G o m b a k 2 2 . 5 01 0 Bukit Ta m p o i 3 1 . 5 01 1 Salak Ti n g g i 1 0 . 8 01 2 N o rth Hummock 2 2 . 5 01 3 K e p o n g 2 . 3 01 4 Sungai Serai 0 . 9 01 5 Rantau Panjang 3 1 . 5 01 6 B e rnam River Headworks 2 0 . 3 01 7 Sungai Dusun 1 . 3 01 8 Sungai Selisek 1 . 3 01 9 Sungai Te n g i 1 . 3 02 0 K a l u m p a n g 6 . 7 02 1 Kuala Kubu Bahru 6 . 7 02 2 Sungai Buaya 0 . 9 02 3 Ampang Impounding 2 . 3 02 4 Sungai Kro h 0 . 5 02 5 Sungai Pangsoon 1 . 8 22 6 Sungai Pusu 0 . 0 92 7 Sungai Lolo 0 . 4 12 8 Sungai Semenyih 5 4 5 . 0 02 9 Wangsa Maju 4 5 . 0 03 0 SSP2 Stage 1/Peringkat 1 4 7 5 . 0 0

Part of the new Water Treatment Complex at SSP2 Phase 2Sebahagian daripada Komplek Pembersihan Air baru di SSP2 Fasa 2

38

Projek DSS1 Bukit Gasing mempamerkan usaha PNSB dalam pemuliharaan alam

persekitaran dan habitat dimana kawasan projek diperindahkan dengan lanskap

dan penanaman semula tumbuh-tumbuhan, pohon dan pokok renek. Di samping

itu, Syarikat juga memainkan peranan menasihati penduduk di sekitar stesen-

stesen DSS1, untuk mendapatkan maklumbalas dan pendapat mereka mengenai

skim lanskap dan penanaman semula di kawasan masing-masing.

Sistem Agihan Bekalan Air Peringkat 2 (DSS2)

PNSB melangkah maju dan semakin terserlah kemampuannya dalam membekal air bersih bagi memenuhi

keperluan air penduduk negeri yang semakin meningkat. Sebagai bukti keyakinan terhadap kepakaran dan

keupayaan kami, Kerajaan Negeri Selangor telah menawarkan projek pembinaan rangkaian DSS2 kepada PNSB

pada 9 September 1999. Kami yakin projek ini dapat disiapkan mengikut jadual menjelang Disember 2000.

Sebagai lanjutan kepada DSS1, DSS2 akan menyalurkan

tambahan 285 JLH dari SSP2 Peringkat 2 apabila beroperasi

sepenuhnya. Antara usaha kami untuk meningkatkan

keupayaan bekalan ke Kuala Lumpur, seksyen pertama DSS2

yang merangkumi satu saluran paip utama telah disiapkan

pada Mac 1999.

Penyenggaraan 27 Loji Pembersihan Air

PNSB memperuntukkan sebanyak RM150 juta pada 1994

untuk membaik pulih loji-loji pembersihan air di mana 95%

telah dibelanjakan setakat Disember 1999. Perbelanjaan

ini m e rupakan perjanjian berkontrak PNSB untuk

menyenggara 27 buah loji pembersihan air di bawah

Perjanjian Penswastaan dan Konsesi (PCCA). Perbelanjaan

ini meliputi pembaikan peralatan dan proses di antaranya

t e rmasuk pam, alat pengudaraan, tangki pengenapan,

pemberbukuan, sistem penapis olak buri dan penganalisa

dalam talian. Peningkatan bekalan tenaga juga termasuk

dalam perbelanjaan ini di mana RM12.7 juta telah

digunakan untuk pencawang baru TNB di Loji Pembersihan

Air Sg Langat bagi meningkatkan bekalan elektrik daripada

11KV kepada 33KV.

Pada tahun ini PNSB juga telah memasang sebuah sistem

‘scrubber’ automatik yang baru di loji klorin Langat yang

boleh mengesan dan mengawal sebarang kebocoran klorin,

serta membaikinya dengan segera.

The DSS1 Bukit Gasing project also showcases

P N S B ’s eff o rts in e n v i ronmental and habitat

p re s e rv a t i o n , with extensive replanting of trees,

bush, vegetation and landscaping. Significantly,

the Company is also advising residents in the

vicinity of the DSS1 stations, getting their

feedback and input on replanting and

landscaping schemes for their locales.

Distribution Supply System

Stage 2 (DSS2)

PNSB continues to make impressive strides in the

supply of treated water to meet the State’s

growing water needs. In a show of confidence at

our expertise and capability, the Selangor State

Government awarded the construction of the

DSS2 network to PNSB on 9 September 1999. We

are confident the project will be completed on

schedule by December 2000.

An extension of DSS1, DSS2 will convey the

additional 285 MLD from SSP2 Stage 2 when it

becomes fully operational. As part of our efforts

to enhance supply capability to Kuala Lumpur,

the first section of the DSS2, consisting of a

priority line, was completed in March 1999.

Cutting pipe process at the Effingham Reservoir interconnectionProses memotong paip di Kolam Air perantaraan Effingham

A 30° horizontal bend in a pipe trench under DSS2Lengkok melintang 30° dalam saluran parit bawah DSS2

Refurbishment of 27 WTPs

PNSB allocated RM150 million in 1994 on refurbishment of WTPs, of

which 95%, was spent as of December 1999. This outlay represented a

contractual agreement by PNSB that we will maintain and keep in good

order all 27 WTPs which fall under the Privatisation Cum Concession

Agreement (PCCA). Expenditure covered both equipment and process

improvements including pumps, aerators, settling tanks, flocculators,

new filter backwash systems and on-line analysers, among other items. It

also included upgrades in

the power supply, with

RM12.7 million alone

spent for the new TNB

substation at Sg. Langat

WTP to upgrade the

power supply from 11KV

to 33KV.

This year, PNSB also installed a new automatic scrubber system at

the Langat chlorine plant which allows any chlorine leak to be

detected and quickly contained and rectified.

Dam Operations

PNSB is currently operating three dams, namely Sungai Langat,

Klang Gates and Tasik Subang. Presently, PNSB is in the midst of

negotiating the Agreement with the State Government for the

management on a permanent basis of these three dams as well as

for Sungai Semenyih and Sungai Tinggi dams.

Overall catchment rainfall in 1999 improved markedly compared

with the preceding year. All the three dams currently in operation

at Sungai Langat, Klang Gates and Tasik Subang re c o rd e d

significant increases of 21%, 43% and 30%, respectively.

The Malaysian Meteorological Services’ long-range forecast for

2000 indicates rainfall levels to remain at or above average levels.

As such, we foresee no serious storage drawdowns at any of the

three dams, which will obviously further improve performance

levels.

Operasi Empangan

PNSB kini mengendalikan tiga buah

empangan khususnya Sungai Langat,

Klang Gates dan Tasik Subang. Ketika ini,

PNSB sedang berunding dengan Kerajaan

Negeri mengenai Perjanjian untuk

m e n g u ruskan ketiga-tiga empangan ini

secara tetap termasuk empangan Sungai

Semenyih dan Sungai Tinggi.

Purata hujan yang turun di kawasan

tadahan pada tahun 1999 meningkat

ketara berbanding tahun sebelumnya.

Ketiga-tiga empangan yang kini

beroperasi di Sungai Langat, Klang Gates

dan Tasik Subang masing-masing

mencatat kenaikan ketara sebanyak 21%,

43% dan 30%.

Ramalan jangka panjang Perkhidmatan

Kaji Cuaca Malaysia bagi tahun 2000

menunjukkan bahawa kadar hujan

dijangka kekal atau melebihi paras

purata. Oleh demikian, kami tidak

menjangkakan berlaku sebarang masalah

bekalan air yang serius di tiga empangan

ini yang sudah tentu akan meningkatkan

lagi tahap prestasi.

An excavator lowering a pipe into a trench in Bukit GasingJengkaut menurunkan batang paip ke dalam parit di Bukit Gasing

39

40

J AWATANKUASA PENGURUSAN KRISIS

Pada tahun dalam kajian, Syarikat telah menubuhkan satu

Jawatankuasa Pengurusan Krisis tetap bagi menangani situasi

kecemasan di samping menyelaraskan pelan dan strategi

sekiranya berlaku krisis seperti bencana alam, sabotaj atau

sebarang kejadian luar jangkaan. Jawatankuasa in terd i r i

daripada semua ketua jabatan dan diketuai oleh Naib

Pengerusi Eksekutif Syarikat.

Salah satu daripada tindakan awal Jawatankuasa ialah untuk

mewujudkan Pelan Prosedur Pengurusan Krisis bagi Ibu Pejabat

dan Loji-loji Pembersihan Air. Baru - b a ru ini kami telah

meluaskan lagi usaha ini melalui perumusan Pelan Tindak Balas

Kecemasan. Program baru ini menyokong usaha Syarikat dalam

persiapan keselamatan dan kecemasan melalui simulasi krisis,

latihan omokan yang melibatkan penyertaan aktif pihak

hospital, polis dan bomba.

Jawatankuasa Pengurusan Krisis juga bert a n g g u n g j a w a b

menyelia persediaan Syarikat dalam menangani isu

pematuhan dan perancangan kontingensi Y2K (sila lihat

bahagian Teknologi Baru).

PERHUBUNGAN KAKITA N G A N

Pada 1999, PNSB memberi pengiktirafan kepada penubuhan

Kesatuan Sekerja Kakitangan PNSB. Langkah ini membuka

jalan bagi rundingan pertama antara Kesatuan dan

P e n g u rusan PNSB. Inilah pengiktirafan pertama bagi

penubuhan kesatuan dalaman bagi industri ini. Semasa

laporan ini disediakan, rundingan masih berterusan dan kami

yakin satu penyelesaian saksama untuk semua pihak terlibat

dapat dipersetujui pada tahun ini.

Syarikat sentiasa berusaha untuk merangsang semangat kerja

kakitangan melalui amalan sikap kerja berinisiatif dan

berpasukan. Faktor-faktor ini jugalah yang mendoro n g

meningkatkan prestasi Syarikat. Salah satu pendekatan yang

kami amalkan untuk merangsang inisiatif dan motivasi

kakitangan ialah melalui Sistem Penilaian Prestasi yang

menghubungkaitkan kenaikan gaji individu kepada

peningkatan produktiviti. Sistem ini menilai pro d u k t i v i t i

pekerja melalui indeks produktiviti yang dapat menentukan

tanda aras untuk dijadikan asas ukuran.

CRISIS MANAGEMENT COMMITTEE

During the year under review, the Company

c reated a permanent Crisis Management

Committee to deal with emergencies and to

coordinate plans and strategy in the event of

a crisis, such as a natural disaster, sabotage or

other unforeseen cataclysmic events. The

Committee is composed of all department

heads and is presided over by the Company’s

Executive Vice Chairman.

One of the Committee’s first acts was to

establish a Crisis Management Procedure Plan

for both Headquarters and WTPs. We have

recently expanded these efforts through the

formulation of an Emergency Response Plan;

the new programme augments the Company’s

efforts in safety and emergency preparedness

t h rough crisis simulations, mock-ups and

drills, and involves the active participation of

local hospitals, police and fire stations.

The Crisis Management Committee also

oversaw the Company’s preparations for Y2K

compliance and contingency planning (see

New Technologies).

Y2K testing at SSP2 Phase 1Ujian Y2K di SSP2 Fasa 1

Selain itu, inisiatif lain juga turut membantu Syarikat mencapai satu lagi objektif–

“rightsizing” (keseimbangan)– iaitu menyelaraskan nisbah kakitangan untuk

mengoptimumkan sumber manusia supaya tidak terlalu ramai pada tahap

jawatan tinggi atau rendah; mengelakkan pembaziran dan pada masa yang sama

tidak terlalu kekurangan sehingga menjejaskan operasi Syarikat. Memang tidak

dapat dinafikan bahawa inilah yang akan menjadi faktor persaingan penting

dalam era kepesatan globalisasi abad ke 21.

SUMBER MANUSIA

PNSB akan meneruskan amalan budaya

korporat berorientasikan matlamat dan

sikap proaktif yang memberi ganjaran

b e rdasarkan merit dan dedikasi. Pihak

p e n g u rusan sentiasa berpegang kepada

prinsip bahawa kakitangan perlu merasakan

diri mereka sebagai anggota penting

o rganisasi kami. Kakitangan perlu diberi

motivasi secara berterusan supaya mereka

sentiasa cerdas dan lincah bekerja. Bagi

mencapai tujuan ini, mereka perlu

m e m p e rtingkatkan pengetahuan dan

kemahiran agar emosi dan mental mereka

sentiasa terangsang dan sihat. Atas hakikat

inilah Syarikat telah melabur RM1.4 juta

untuk pembangunan sumber manusia pada

1999 yang sebahagian besarnya digunakan

untuk pelbagai program latihan, termasuk

latihan semasa bekerja, seminar, kursus,

latihan motivasi dan keagamaan, aktiviti

sosial dan kesukanan.

EMPLOYEE RELAT I O N S

In 1999, PNSB conferred recognition to the PNSB Trade Union of

Employees. This set the stage for the first collective bargaining

talks between the Union and PNSB Management. It also marked

the first such recognition of an in-house union in this industry.

Negotiations are proceeding as we go to print and we are

confident an agreement mutually satisfactory to all will be

reached sometime this year.

The Company has long sought to nurture initiative, teamwork,

and high morale among its employees. Indeed, these are the key

not only to enlightened management policies, but to improving

p e rf o rmance and pro f i t a b i l i t y. We have always strived to

encourage worker initiative and motivation. One way is thro u g h

what we call the Perf o rmance Appraisal System, which links

individual salary increments to increased pro d u c t i v i t y. It

evaluates worker productivity through a productivity index, fro m

which benchmarks can be determined and measured against.

These and other initiatives are helping the Company to achieve

another continuing objective– “rightsizing”– adjusting staff

ratios to try to optimise human resources by not being too top-

heavy or bottom-heavy; by eliminating wastage, redundancy,

while at the same time not spreading ourselves too thin. This

will undoubtedly be a significant competitive factor as we enter

the 21st Century and the era of accelerated globalisation.

Opening ceremony of Puncak Niaga’s 1999 Family DayUpacara pembukaan Hari Keluarga Puncak Niaga 1999

Team building training programme in sessionSessi latihan bagi membina semangat kakitangan kami

41

42

Kumpulan Kawalan Mutu Kerja (QCC)

Konsep QCC walaupun mudah, ia amat berkesan untuk memupuk sikap berinisiatif dan

semangat bekerjasama sesama rakan sekerja untuk mencapai matlamat Syarikat yang

sama. Sejak dilancarkan pada November 1998, Kumpulan QCC kini telah meningkat

kepada 23 kumpulan– satu lagi bukti “usaha kecemerlangan” kami. QCC terdiri daripada

pasukan kakitangan dalam dan antara

jabatan. Kesemua QCC ini berasaskan

tahap kakitangan dan bukan

pengurusan– satu kaedah yang lebih

berkesan untuk menjana idea-idea

dan cadangan baru bagi tujuan

menjimatkan kos, menyelaraskan

proses juga merangsang semangat

pekerja dan kerja berpasukan.

Syarikat bekerjasama dengan Pusat

Produktiviti Negara yang menawarkan

pakar runding untuk membantu latih

dan membimbing kakitangan kami

mengendalikan latihan dan

memperkenalkan metodologi. Pada

tahun lalu, projek QCC telah

merumuskan kaedah mengurangkan

kos kimia di loji seperti klorin,

mengurangkan pembaziran kertas dan

m e m p e r b a i k i sistem edaran mel.

HUMAN RESOURCES

PNSB continues to nurt u re a proactive, goal-

oriented corporate culture that re w a rds merit

and dedication. Management has always

worked on the principle that employees need

to feel that they are a vital part of our

o rganisation. In order to keep employees

motivated and nimble, they must also be able to increase their

knowledge and develop their skills, to grow both mentally and

e m o t i o n a l l y. For these reasons, the Company invested RM1.4 million on

human re s o u rces in 1999, which went to a myriad of training

p rogrammes, both on-the-job as well as seminars and courses,

motivational and religious training, social and sports activities.

Quality Control Circle (QCC)

The QCC concept is a remarkably simple yet effective way to foster

worker initiative, collaboration and partnership with fellow workers

and with the goals of the Company itself. Inaugurated in November

1998, the Company’s Quality Control Circles (QCCs) currently number

23– another testament to our “search for excellence.” Consisting of

both inter and intra departmental teams of workers, the QCCs are

employee-level based, not management-based– an even more effective

way to generate new ideas and recommendations for cost-cutting,

process-streamlining, as well as boosting worker morale and team

building.

The Company works with the National Productivity Centre, whose

consultants help coach and train staff to conduct training and institute

methodologies. This past year QCC projects have formulated ways to

reduce plant chemical costs such as chlorine, reduce paper usage and

improve mail distribution systems.

Tr a i n i n g

Training is an ongoing and critical component of any successful

organisation. Objectives are several, complementary, long-range and

potentially far- reaching in scope. Perhaps the most import a n t

component is its ability to improve productivity and enhance working

relationships among staff. Specific training tools of the Company

include: Training Needs Analysis (TNA) and Training Needs

Identification (TNI); criteria which were employed to pinpoint any skill

gaps and to focus on improving core competencies.

Close supervision ensures efficient processingPenyeliaan rapi memastikan pemprosesan cekap

Our people

Puncak Niaga’s bowling tournamentPertandingan boling Puncak Niaga

43

L a t i h a n

Latihan merupakan komponen

terpenting dan bert e rusan dalam

mana-mana organisasi berjaya.

Latihan mempunyai pelbagai

objektif, antaranya sebagai

pelengkap, matlamat jangka panjang

dan berpandangan jauh. Komponen

yang dikira paling penting

ialah kemampuannya meningkatkan

produktiviti dan menjalin hubungan

kerja antara kakitangan. Alat latihan

khusus termasuk Keperluan Analisis

Latihan (TNA) dan Identifikasi

Keperluan Latihan (TNI), iaitu kriteria

yang digunakan untuk mengenal

pasti sebarang jurang kemahiran

dan memberi tumpuan kepada

peningkatan teras kecekapan.

Syarikat menyediakan pelbagai latihan

inovatif, antaranya termasuk program

latihan silang disiplin yang melatih

kakitangan kemahiran di luar bidang

kepakaran utama mereka tetapi dapat

membantu mereka supaya lebih

memahami dan melaksanakan tugas

b e rdasarkan gambaran yang lebih

luas. Misalnya, kakitangan operasi

atau teknikal boleh mempelajari

aspek-aspek bukan teknikal tertentu

dalam organisasi seperti kewangan

atau sebaliknya.

The Company provides a host of other innovative training regimens;

they include a broad range of inter-disciplinary training programmes,

w h e reby staff are taught skills outside their immediate field of

expertise, yet which can help them better understand and perform

their jobs with a firmer grasp and appreciation of the “big picture.” For

example, operations or other technical staff may learn some non-

technical aspects of the organisation, such as finance or vice versa.

The Company’s serious commitment to training was also evident in the

successful and seamless Y2K transition as well as in its management and

staff preparation for ISO 9002 certification.

S p o rts Club

S p o rts is another arena that re w a rds initiative, leadership and

teamwork. Thus PNSB is proud to provide recreational and social

activities for the staff and their families through the PNSB Sports and

Recreational Club.

The Company maintains its own football club and is a member of the

Football Association of Selangor. Nineteen ninety-nine saw our team,

Pasukan Bolasepak Puncak Niaga, move from the third to the second

division of the Selangor Football League.

Religious Activities

The Company also organises religious activities for staff and their

families such as the Mass Circumcision Ceremony for the staff’s children,

Majlis Ibadah Qurban during Hari Raya Haji, Majlis Berbuka Puasa dan

Solat Terawih, which were held at WTPs throughout Selangor.

Our staff’s participation in the Company’s Maal Hijrah processionPenyertaan kakitangan kami dalam perarakan Maal Hijrah Syarikat

Puncak Niaga’s football team in actionPasukan Bolasepak Puncak Niaga dalam aksi

44

Kesungguhan komitmen Syarikat terhadap latihan

juga jelas terbukti dalam kejayaannya

menghadapi peralihan Y2K juga dalam

p e n g u rusan dan persediaan kakitangan untuk

mendapatkan sijil ISO 9002.

Kelab Sukan

Sukan merupakan satu lagi arena yang menawarkan ganjaran bagi sikap inisiatif,

kepimpinan dan kerja berpasukan. Justeru itu, PNSB berbangga dapat menyediakan

aktiviti rekreasi dan sosial untu kakitangan dan keluarga mereka melalui Kelab

Sukan dan Rekreasi PNSB.

S y a r i k a t

m e n y e n g g a r a

kelab bola

sepaknya sendiri dan merupakan ahli

kepada Persatuan Bola Sepak Selangor.

Tahun 1999 menyaksikan kejayaan

Pasukan Bola Sepak Puncak Niaga

b e rganjak daripada Bahagian Ketiga

kepada Bahagian Kedua Liga Bola Sepak

Selangor.

Aktiviti Keagamaan

Syarikat juga menganjurkan aktiviti

keagamaan untuk kakitangan sert a

keluarga mereka seperti Majlis Berkhatan

Beramai-ramai untuk anak-anak

kakitangan, Majlis Ibadah Qurban semasa

Hari Raya Haji, Majlis Berbuka Puasa dan

Solat Terawih yang diadakan di Loji-Loji

Pembersihan Air yang bertempat di

Selangor.

HUBUNGAN KEMASYARAKATAN

Sebagaimana yang terbukti semasa

krisis air pada 1998, semangat

suka rela dan gotong-royong di kalangan

kakitangan kami adalah kukuh. Begitu

juga di peringkat korporat, kami

berpendapat bahawa syarikat-syarikat

mempunyai tanggungjawab untuk

menyokong masyarakat, meringankan

beban golongan yang kurang bernasib

baik dan menyumbang terh a d a p

kesejahteraan rakyat jelata.

COMMUNITY RELATIONS

As the water crisis of 1998 demonstrated, the spirit of

volunteerism and “gotong-royong” among our staff is strong. On

the corporate level too, we believe that companies have an

obligation to support the community, to ease the burden of the

needy and less fortunate, and to contribute to the well-being of

all. This commitment takes many forms. The Company donated

RM349,173 in charitable contributions in 1999. We have invested

both money and love in our work with orphanages and schools,

including Anak Yatim Alkhairiah, Anak Yatim Teras Jernang,

Sekolah Sg Choh and Sekolah Padang Jawa.

Our River Rescue Brigade has also been extremely successful and

popular among primary school children. To date, we have

recruited 600 students from 28 schools located in Selangor and the

Federal Territory of Kuala Lumpur as members of the River Rescue

Brigade. Its aim is to educate children on the importance of caring

for their rivers, streams and lakes, and to inculcate good

environmental habits and perspectives which they will retain all of

their lives, and hopefully will pass along to future generations.

Educating the public is perhaps the most valuable community

relations asset we can bestow. Our Company conducts numerous

talks, seminars, expos and WTP Open Days throughout the year.

This includes everything from visiting local primary and secondary

schools, to hosting technical, scientific and industry seminars for

professionals and lay persons alike.

We wholeheartedly embrace the IT and communications age as

well, with the production of documentaries on water resource

management to be aired on television stations, including RTM and

TV3. We meet with the media regularly to keep the public aware

of the Company, what it’s doing, its goals and its vision. And we

invite everyone to visit our website at www.puncakniaga.com.my.

Presentation of gift by spouse of Executive Chairmanto children at Sekendi Sabak Bernam Orphanage

Penyampaian hadiah oleh isteri Pengerusi Eksekutif kepada Kanak-kanak Rumah Anak Yatim Sekendi

Sabak Bernam

River Rescue Brigade Campaign Programme V officiated byYB Dato’ Yap Pian HonKempen Briged Penyelamat Sungai Program V dirasmikanoleh YB Dato’ Yap Pian Hon

E N V I R O N M E N TAL INITIATIVES

S t ructural Appro a c h e s

The Company works closely with state and federal authorities such as the

D e p a rtment of Environment and the Ministry of Health to identify potential sourc e s

of pollutants. The Company also classifies and keeps an inventory of suspected

pollutants/polluters, and advises and assists federal and state authorities as and

when re q u e s t e d .

Regular analysis is also performed in cooperation with an independent lab to

monitor and test water from intakes from all WTPs, which is then submitted to

the relevant authorities, with comments and recommendations. There were 809

cases of raw water pollution recorded in 1999, reflecting a dramatic increase of

22.2%. In addition, several unscheduled shutdowns of WTPs occurred due to

incidences of raw water violations, which

accounted for nearly half (45.3%) of

the total unscheduled shutdowns. As

shutdowns adversely affect re v e n u e ,

PNSB is continuously seeking ways to

minimise them, particularly those which

are caused by raw water violations and

power outtages.

The River Warning Monitoring System

(RWMS) is an automated on-line system

which tests certain water parameters

such as pH and contaminant levels. The

system takes samples every hour, 24

hours a day, and provides a built-in

advance warning to address pro b l e m

situations or even shut down the system

if necessary until the problem is

identified and remedied. The first

automated RWMS is already operating in

Sungai Langat. The second system is

being installed at SSP2 and is expected to

be commissioned by December 2000.

We have expanded these tests to

include regular spot-checks, or “Sanitary

S u rveys” of the river system itself in

Selangor and the Federal Te rr i t o ry,

to monitor a wider area. The surveys

comprise water quality analysis and

research and an on-line water quality

monitoring programme.

Komitmen ini boleh dizahirkan dalam beberapa cara. Syarikat

telah menghulur sumbangan sebanyak RM349,173 kepada badan-

badan kebajikan pada 1999. Kami juga melabur wang dan

mencurah kasih sayang dalam kerja-kerja amal kami dengan

sekolah dan rumah anak yatim, termasuk Rumah Anak Yatim

Alkhairiah, Rumah Anak Yatim Teras Jernang, Sekolah Sg Choh dan

Sekolah Padang Jawa.

Briged Penyelamat Sungai kami juga telah berkhidmat dengan

cemerlang dan begitu popular di kalangan murid-murid sekolah

rendah. Setakat ini kami telah melatih 600 orang pelajar dari 28

buah sekolah di Selangor dan Wilayah Persekutuan Kuala Lumpur

sebagai ahli Briged ini. Tujuannya adalah untuk mendidik kanak-

kanak mengenai pentingnya memelihara sungai, anak sungai dan

tasik di samping menyemai tabiat dan perspektif positif terhadap

alam sekitar. Amalan baik ini akan mereka warisi sepanjang hayat

dan kemungkinan dapat diajar dan diteruskan oleh generasi akan

datang.

Mendidik orang ramai merupakan aset hubungan masyarakat

paling bernilai kepada kami. Syarikat menganjurkan pelbagai

ceramah, seminar, pameran dan Hari Terbuka Loji Pembersihan Air

sepanjang tahun. Aktiviti ini termasuk lawatan ke sekolah rendah

dan menengah, menganjur seminar industri, teknikal dan saintifik

kepada golongan profesional dan orang awam.

Secara menyeluruh dan bersungguh kami juga memanfaatkan

kaedah Teknologi Maklumat dan telekomunikasi dengan

penerbitan filem dokumentari mengenai pengurusan sumber air

untuk disiarkan di stesen televisyen, termasuk RTM dan TV3. Kami

sering berbincang dengan pihak media untuk memberi kesedaran

kepada orang ramai tentang peranan Syarikat, matlamat dan

wawasannya. Selain itu, kami juga mempelawa anda semua untuk

melawat tapak web kami di www.puncakniaga.com.my.

Visit by Hospital Universiti Kebangsaan Malaysia to Wangsa Maju WTPLawatan rombongan Hospital Universiti KebangsaanMalaysia ke Loji Pembersihan Air Wangsa Maju

45

Hubungan

kemasyarakatan

48

I N I S I ATIF ALAM PERSEKITA R A N

Pendekatan Stru k t u r

Syarikat bekerjasama dengan badan-badan berkuasa Persekutuan dan negeri

yang relevan seperti Jabatan Sekitar Alam dan Kementerian Kesihatan untuk

mengenal pasti sumber-sumber bahan

cemar berpotensi. Syarikat juga

membuat klasifikasi dan inventori

bahan cemar/pencemar yang disyaki

dan menasihati serta membantu

badan-badan berkuasa bila diperlukan.

Analisis juga kerap dilakukan dengan

kerjasama makmal bebas untuk

memantau dan menguji contoh air

dari semua Loji Pembersihan Air dan

hasil kajian dihantar ke pihak-pihak

berkuasa berkenaan lengkap dengan

komen dan cadangan. Pada 1999

t e rdapat 809 kes pencemaran air

mentah dan angka ini mencerminkan

kenaikan ketara sebanyak 22.2%.

Selain itu, beberapa loji pembersihan air terpaksa ditutup tidak

mengikut jadual akibat kejadian pencemaran air mentah.

Kejadian-kejadian seperti ini adalah hampir separuh (45.3%)

daripada jumlah kes penutupan tidak berjadual. Memandangkan

penutupan loji pembersihan air menjejas pendapatan dengan

teruk, PNSB sentiasa mencari jalan untuk mengurangkan masalah

i n i , terutamanya yang berpunca daripada pencemaran air mentah

dan gangguan bekalan elektrik.

Sistem Pengawasan Amaran Sungai (RWMS) ialah sistem automasi

dalam talian yang menguji parameter tertentu air sepert i

kandungan pH dan tahap pencemaran. Sistem ini mengambil

contoh air setiap jam bagi 24 jam sehari dan mempunyai ciri

amaran sedia pasang bagi menyediakan amaran awal untuk

menangani situasi bermasalah atau jika perlu menutup sistem

sehingga punca masalah dikenal pasti dan dipulihkan. RWMS

berautomasi yang pertama telah dipasang di Sungai Langat.

Sistem kedua sedang dipasang di SSP2 dan dijangka beroperasi

Disember 2000.

Bagi tujuan memantau kawasan yang lebih luas, kami juga telah

meluaskan ujian ini untuk membuat pemeriksaan mengejut

secara kerap atau “kajian kebersihan” ke atas sistem sungai di

Selangor dan Wilayah Persekutuan. Kajian ini merangkumi

penyelidikan dan analisa kualiti air dan juga pro g r a m

pemantauan kualiti air dalam talian.

The Company has even enlisted the

assistance of the public, with a 24-hour toll-

f ree hotline (Telephone No. 1 800 88 3254)

to re p o rt on suspected river pollution

practices or violations. To increase public

awareness even further, PNSB participates

in numerous enviro n m e n t a l - re l a t e d

exhibitions on sources of river pollution and

on how vigilance among the public in this

regard can be heightened.

N o n - s t ructural Appro a c h e s

As touched on above, education remains

a cornerstone of our blueprint for a

responsible environmental policy. The

Company has therefore launched a new

five-year programme based on education at

all levels, but with an emphasis on primary

education. Our senior management staff

visit local schools to provide information on

PNSB’s operations, with special focus on

water conservation issues and other

environmentally healthy practices.

Students being briefed on the water treatment process at Bukit Nanas WTPTaklimat mengenai proses rawatan air kepada pelajar-pelajar di Loji Pembersihan Air BukitNanas

Syarikat telah berusaha untuk mendapatkan bantuan orang awam

dengan menyediakan talian bebas tol 24 jam (No. Telefon 1 800 88

3 2 5 4 ) untuk memudahkan laporan mengenai amalan pencemaran

sungai yang disyaki. Bagi meningkatkan lagi kesedaran masyarakat,

PNSB turut menyertai pelbagai pameran berkaitan alam sekitar

mengenai punca-punca pencemaran sungai dan bagaimana

keprihatinan masyarakat terhadap masalah ini dapat dipertingkatkan.

Pendekatan Bukan Stru k t u r

Susulan daripada pendekatan di atas, apa yang nyata ialah pendidikan

tetap merupakan asas penting bagi merangka satu dasar alam

persekitaran yang bertanggungjawab. Justeru

itu, Syarikat telah melancarkan satu program

b a ru untuk jangka masa lima tahun

berdasarkan pendidikan bagi semua peringkat

dengan penekanan kepada pendidikan

rendah. Pegawai-pegawai pengurusan kanan

kami sentiasa membuat lawatan ke sekolah-

sekolah tempatan untuk memberi maklumat

mengenai operasi PNSB dengan tumpuan

khusus kepada isu-isu pemuliharaan air

dan amalan-amalan sihat berkaitan alam

persekitaran.

P rogram lawatan suai kenal ke Loji

Pembersihan Air oleh rombongan sekolah,

kolej, universiti dan org a n i s a s i - o rg a n i s a s i

berkaitan bukan sahaja diteruskan malah akan

diperluaskan. Sepanjang 1999, PNSB telah

mengendalikan pelbagai lawatan khas ke Loji-

loji Pembersihan Air oleh rombongan dari

dalam dan luar negara. Antaranya ialah

lawatan oleh Waterworks Department of Hong

Kong, kumpulan guru dan pelajar dari Sekolah

Jepun, Kuala Lumpur, Japanese International

Corporation Agency, organisasi penyelidikan

dari Mongolia (“WHO FELLOWS”) dan

Persatuan Kanak-kanak Istimewa Malaysia.

Company familiarisation tours to our

WTPs by school children, students from

local and overseas colleges, universities

and related organisations will not only

be continued, but shall be expanded.

T h roughout 1999, Puncak Niaga

conducted special tours to our WTPs by

a broad spectrum of groups, both local

and foreign. These included visits by

the Waterworks Department of Hong

Kong, teachers and students from the

Japanese School of Kuala Lumpur, the

Japanese International Corporation

A g e n c y, a fact-finding org a n i s a t i o n

f rom Mongolia (“WHO FELLOWS”),

and the National Association of Gifted

Children, to name just a few.

Our media campaign will be expanded

with emphasis in the electronic media

and multimedia to keep re l e v a n t

water issues in the public forum. We

shall also continue to produce and

distribute pamphlets and other

i n f o rmative material on water

conservation to the public and to other

interested parties.

And we will be working with

governmental bodies to develop and

implement more enviro n m e n t a l

a w a reness and water conserv a t i o n

practices.

River Rescue Brigade logoLogo Briged Penyelamat Sungai

Didi, our River Rescue Brigade mascotDidi, maskot Briged Penyelamat Sungai kami

49

Bersih Amalan Kami

50

NEW TECHNOLOGIES

In order to continue to impro v e

efficiency and performance utilising the

latest in cutting-edge technologies, your

Company invested in major new

information technology systems in the

operations, finance, and billing sectors,

while at the same time implementing

strategies to meet the Y2K challenge.

Total IT capital expenditure in 1999

amounted to RM702,076.

The Company is also replacing its current

accounting/financial system with

powerful SAP R/3 technology, which is

widely considered the most advanced

software system of its kind today. R/3

should be fully implemented by the end

of 2000.

Other IT expenditure included system

enhancements, such as company-wide

intranet expansion of its Integrated

Office Automation System (PINTAS) and

the inclusion of individual department

production data, archival material, QCC

material and the annual report.

Kempen media kami akan diperluaskan dengan penekanan kepada

media elektronik dan multimedia bagi menonjolkan isu-isu air yang

relevan di forum-forum awam. Syarikat juga akan meneruskan

usaha menerbit dan mengagih-agihkan risalah dan bahan

maklumat lain mengenai pemuliharaan air kepada orang awam

dan pihak-pihak lain yang berminat. Kami juga akan bekerjasama

dengan badan-badan kerajaan untuk menggiatkan lagi amalan

tentang kesedaran alam sekitar dan pemuliharaan air.

TEKNOLOGI BARU

Bagi meneruskan usaha menggunakan teknologi baru dan terkini

untuk meningkatkan kecekapan dan prestasi, Syarikat anda telah

melabur dalam sistem teknologi maklumat utama yang baru dalam

sektor-sektor operasi kewangan dan pengebilan dan pada masa

yang sama telah melaksanakan strategi-strategi untuk mengatasi

masalah Y2K. Perbelanjaan modal Teknologi Maklumat pada tahun

1999 berjumlah RM702,076.

Syarikat juga akan menggantikan sistem pera k a u n a n / k e w a n g a n

lama dengan teknologi SAP R/3 yang diakui ramai pengguna

sebagai sistem perisian paling maju pada masa ini. R/3 akan

dilaksanakan sepenuhnya menjelang akhir tahun 2000.

Perbelanjaan Teknologi Maklumat lain termasuk sistem

peningkatan seperti perluasan rangkaian Intranet dalam Sistem

Automasi Pejabat Bersepadu (PINTAS) dan kemasukan data

pengeluaran setiap jabatan, bahan khazanah, bahan QCC dan

laporan tahunan.

The Actiflo system at SSP2 Phase 1Sistem Actiflo di SSP2 Fasa 1

51

S T R ATEGIC RESOURCE CENTRE (SRC)

SRC is a vital tool in the gathering and

dissemination of timely and relevant corporate,

scientific, technical and industrial information. As

a re s o u rce centre, it is also responsible for

undertaking research activities and to prepare

p resentation materials for PNHB’s top-level

management in participating conferences, as well

as management talks organised locally and

internationally.

In 1999, PNHB participated in a number of

conferences during which our top management,

which included the Executive Chairman and

Executive Vice Chairman, presented and

disseminated several influential papers on the

subject of water treatment and supply (the titles

of these papers appear in italics below):

Jan Water Asia 1999 Intern a t i o n a l

Conference & Exhibition on Asia Water

Industry

O rganised by Prajati [Maidan], New

Dehli, India

“Private Sector Participation in Wa t e r

U t i l i t i e s ”

Mar National Water Confere n c e

O rg a n i s e d by Asian Strategic Leadership

Institute [ASLI], Kuala Lumpur, Malaysia

“ G rowth Opport u n i t i e s in the Malaysian

Water Industry”

Apr The Future of Water Supply &

Management in the APEC Region

O rganised by Academy of Science

Malaysia

“Water for Domestic and Industrial Use”

Sep 22nd World Water Congre s s

O rganised by International Water Supply

Association, Buenos Aires, Arg e n t i n a

“Benefits of the Expanding Privatisation of

the Malaysian Water Supply System”

P U S AT SUMBER STRATEGIK (SRC)

SRC adalah alat penting bagi

pengumpulan dan pengagihan

maklumat korporat, saintifik,

teknikal dan industri yang tepat

dan cepat. Sebagai pusat sumber,

SRC juga bert a n g g u n g j a w a b

mengendalikan aktiviti

penyelidikan dan menyiapkan

bahan maklumat bagi kegunaan

pihak pengurusan kanan PNHB ke

persidangan atau ceramah yang

dianjurkan di dalam dan luar

negara.

Pada 1999, PNHB turut serta dalam beberapa persidangan

di mana pihak pengurusan kanan, termasuk Pengerusi

Eksekutif dan Naib Pengerusi Eksekutif, membentang dan

menyebar kertas kerja mengenai tajuk rawatan dan

bekalan air (tajuk kertas kerja disenaraikan di bawah

dalam italik):

Jan Water Asia 1999 International Conference &

Exhibition on Asia Water Industry

Anjuran Prajati [Maidan], New Dehli, India

“Private Sector Participation in Water Utilities”

Mac National Water Confere n c e

Anjuran Asian Strategic Leadership Institute

[ASLI], Kuala Lumpur, Malaysia

“ G rowth Opport u n i t i e s in the Malaysian Water

Industry”

Apr The Future of Water Supply & Management in the

APEC Region

Anjuran Akademi Science Malaysia

“Water for Domestic and Industrial Use”

Sep 22nd World Water Congre s s

Anjuran I n t e rnational Water Supply Association,

Buenos Aires, Arg e n t i n a

“Benefits of the Expanding Privatisation of the

Malaysian Water Supply System”

New raw water pumps at SSP2 Phase 2Pam air mentah baru di SSP2 Fasa 2

52

PEMATUHAN TAHUN 2000

Dengan bangganya kami memaklumkan bahawa Syarikat

anda telah berjaya melangkah ke alaf baru tanpa mengalami

sebarang masalah berkaitan Y2K atau gangguan kepada

perkhidmatan. Walau sebelum ini kami begitu yakin dengan

kemampuan peralatan, teknologi dan kakitangan kami,

Syarikat tetap membuat persiapan dan melaksanakan pelan

kontingensi tiga fasa yang meliputi:

1. Tempoh sebelum Y2K (ujian dan ujian semula peralatan,

latihan kepada kakitangan, peringkat percubaan dan

persiapan logistik);

2. Tempoh peralihan (pelaksanaan Y2K sebenar, pemantauan

rapi prestasi loji dan membaiki serta pemulihan sistem); dan

3. Fasa selepas tempoh peralihan di mana pemantauan dan

ujian semua sistem akan diteruskan sehingga laporan akhir

Y2K diserahkan.

Sistem perisian sokongan penuh juga disiap sedia semasa

tempoh peralihan. Sebagai langkah berhati-hati, kesemua

sistem dimatikan 11/2 jam sebelum tengah malam; apabila

dihidupkan semula, sistem disahkan tidak terjejas oleh pepijat

Y2K.

Walaupun sistem SSP2 dikendalikan secara automatik

sepenuhnya, ia juga boleh dikendalikan secara manual. Bagi

memastikan operasi tidak terjejas oleh faktor luar seperti

gangguan bekalan elektrik, loji ini dilengkapkan dengan

janakuasa yang mampu membekal tenaga pada tahap muatan

operasi penuh 100% untuk Peringkat 1 dan 60% untuk

Peringkat 2, dengan simpanan bahan api yang mencukupi

bagi tugas tersebut.

YEAR 2000 COMPLIANCE

Your Company is pleased to announce

the successful and seamless transition

to the new year with no Y2K-related

computer problems and no disruption

of service. While we had

e v e ry confidence beforehand in

the reliability of our equipment,

t e c h n o l o g y, and personnel, the

Company nevertheless pre p a red

and implemented a thre e - p h a s e

contingency plan which covered:

1. The period leading up to Y2K

(testing and retesting of equipment,

training of personnel, test runs, and

logistics preparation);

2. The roll-over period (actual

implementation of Y2K, close

monitoring of plant performance,

and rectification and re c o v e ry of

system); and

3. The post roll-over phase, during

which all systems will continue to be

monitored and tested up until a

final Y2K report is submitted.

Full back-up of the software system was also on

standby during the roll-over period. All systems

were shut down 11/2 hours before midnight as a

p recaution; when turned back on it was

verified that Y2K had not affected the system.

Although fully automated, SSP2 systems can

also be operated manually. And as an added

measure to ensure that operations are not

affected by external factors like power failure,

the plant is equipped with generators which

have the capacity to supply power at full 100%

operating load for Stage 1 and 60% for Stage 2,

together with adequate fuel storage for the

task.

We would also like to thank the National Y2K

Committee, whose officials and consultants

worked with PNSB to ensure a flawless

transition.

YBhg Dato’ Rozali and YBhg Datuk Shariff being briefed on the Y2K test procedure at SSP2YBhg Dato‘ Rozali and YBhg Datuk Shariff diberi taklimat mengenai prosedur ujian Y2K di SSP2

53

Kami juga ingin mengucapkan terima kasih kepada

semua pegawai dan pakar runding Jawatankuasa

Y2K Negara yang telah bekerjasama dengan PNSB

untuk memastikan peralihan berjalan lancar tanpa

sebarang gangguan.

PROSPEK MASA DEPA N

P rospek masa depan jangka panjang adalah cerah.

Kini, PNSB merupakan pembekal air bersih yang

terbesar di Malaysia. Kajian menunjukkan bahawa

p e rmintaan air negara bagi tempoh beberapa tahun

mendatang akan sentiasa meningkat pada kadar

empat hingga lapan peratus. Pada 1999, perm i n t a a n

air di Selangor dan Wilayah Persekutuan adalah 2828

JLH, sementara keupayaan penuh semua loji

pembersihan air adalah 2973 JLH. Ini berm a k n a

perbezaan antara permintaan dan bekalan hanyalah

145 JLH, sekadar lima peratus sahaja. Unjuran

perbezaan masa depan juga berada dalam

lingkungan anggaran yang sama, ini belum lagi

diambil kira perubahan cuaca, kemalangan dan

f a k t o r-faktor lain.

Mengikut satu lagi kajian bebas terkini, unjuran

penduduk Selangor dijangka meningkat daripada 5.37

juta kepada 7.94 juta antara 2000 hingga 2010,

kenaikan sebanyak 48%; sebaliknya jumlah

p e rmintaan air dalam tempoh yang sama dijangka

meningkat daripada 3088 JLD kepada 5382 JLH,

lonjatan sebanyak 74%. Ini menunjukkan bahawa

p e rtambahan satu peratus penduduk menyamai dua

peratus pertambahan perm i n t a a n .

Sektor yang menjana pertumbuhan ekonomi negara–

p e rtanian, perkilangan, pembinaan, pembangunan

h a rtanah, Teknologi Maklumat, pelancongan dan lain-

lain industri perkhidmatan, kesemuanya berg a n t u n g

kepada sumber air yang bert e rusan dan selamat.

YBhg Dato’ Rozali and YBhg Datuk Mohd Shariff during a visit to the Y2K test facilitiesYBhg Dato’ Rozali and YBhg Datuk Mohd Shariff semasa lawatan ujian Y2K

FUTURE PROSPECTS

Prospects for sustained long-term growth are robust. At

present, PNSB is the nation’s largest provider of treated

water. Studies show that the demand for water in

Malaysia over the next few years will rise at a fairly

constant four to eight percent annual growth rate. In

1999, water demand in Selangor and the Federal

Te rr i t o ry was 2828 MLD, while total WTP capacity

registered 2973 MLD. This means that the difference

between demand and supply was just 145 MLD, a scant

five percent. Future projected differentials fall within the

same narrow range, and do not take into account

vagaries of weather, accidents, and other variables.

A c c o rding to another recent independent study, the

p rojected population of Selangor and Kuala Lumpur will

g row from 5.37 to 7.94 million residents between 2000

and 2010, an increase of 48%; whilst the total water

demand within that period will increase from 3088 MLD

to 5382 MLD, a whopping 74% rise, where a one perc e n t

i n c rease in population roughly equates to a two perc e n t

jump in demand.

The country’s economic engines of growth– agriculture,

manufacturing, construction, property development, IT,

tourism and other service industries– are all dependent

on safe and steady sources of water.

The Privatisation Policy guidelines formulated by the

Government in 1983 opened the way to the private

sector’s involvement in water supply and management,

and has to a large extent paved the way toward

ameliorating these problems through the timely

intervention of market forces. PNSB has, almost since its

inception, assumed a pivotal role in this transformation.

Today, we are the largest supplier of treated water to the

state of Selangor and the Federal Territory, accounting

for 62% of the water requirements in Selangor and

Kuala Lumpur.

54

Thus, the trend towards further water privatisation in Malaysia continues briskly, with the Government’s desire

to open the industry to market forces matched by its concern over the rapidly rising costs of building new

facilities and infrastructure. Therefore, the blueprint for responsible water management in the 21st century is to

a large extent driven by economic factors. The bulk capital outlays now required to build new facilities are

enormous. States today can barely cover operating costs, much less new capital-intensive costs. For this reason

they have invited the private sector to come in.

In early 2000, a significant new development has

been PNSB’s invitation to participate in SSP3, which

is currently in negotiation. SSP3, a 30-year

concession agreement between Syarikat Pengeluar

Air Sungai Selangor Sdn Bhd (SPLASH) and the

Selangor State Government was signed on 24

J a n u a ry 2000. The RM2.146 billion project will

harness water from Sungai Selangor, and includes

the construction of a dam at Sungai Selangor, near

Kuala Kubu Bahru and two WTPs at Rasa and Bukit

Badong. The scheduled pro g re s s i v e - s t a g e d

completion is 2002–2004.

We are of course pleased and honoured by the

Selangor State Govern m e n t ’s decision to invite

PNSB’s participation in SSP3. Acceptance by the

Company of the revised proposed equity stake of

25% (from an initial proposal of 20% equity) will

depend on whether we can agree to terms with the

other parties and also on whether we believe our

p a rticipation will provide our investors and

shareholders with a suitable rate of return.

Should on-going negotiations bear fruit and we do

a c q u i re satisfactory participation in SSP3, the

Company will then be even more strategically

positioned as the main player in the supply,

treatment and distribution of water to Selangor and

the Federal Territory.

Closely related to pure cost considerations in

devising a strategy for the future are other realities:

the raw water retrieved today is more polluted than

in the past, which means higher treatment costs and

the application of more advanced tre a t m e n t

technology. The source of the water itself originates

further and further from its ultimate destination–

the consumer. This also translates into higher costs.

Garispanduan Dasar Penswastaan yang dirumuskan oleh

Kerajaan pada 1983 membuka peluang kepada sektor

swasta melibatkan diri dalam pembekalan dan

pengurusan air dan membolehkan masalah industri ini

diselesaikan melalui kuasa pasaran. Semenjak

ditubuhkan, PNSB telah memainkan peranan penting

dalam perubahan senario ini. Kini, Syarikat merupakan

pembekal terbesar air bersih di negeri Selangor dan

Wilayah Persekutuan dengan memenuhi kira-kira 62%

daripada keperluan air di kedua-dua kawasan ini.

Dasar penswastaan air di Malaysia masih giat diteruskan

selaras dengan hasrat Kerajaan untuk membuka industri

ini kepada kuasa pasaran memandangkan kos

membangunkan kemudahan dan infrastruktur baru

adalah tinggi dan semakin meningkat. Oleh demikian,

dasar pengurusan air yang bertanggungjawab pada abad

ke 21 ini didorong terutamanya oleh faktor ekonomi.

Modal asas yang diperlukan untuk membangunkan

kemudahan baru adalah sangat besar. Kerajaan negeri

sekarang menghadapi kesukaran untuk menampung kos

operasi bekalan air, apatah lagi kos modal yang amat

tinggi untuk membina kemudahan baru. Atas alasan

inilah kerajaan telah mempelawa sektor swasta untuk

mengambilalih tanggungjawab berat ini.

Pada awal tahun 2000, PNSB telah dipelawa untuk terlibat

dalam SSP3 yang kini masih dalam peringkat peru n d i n g a n .

Ini adalah satu perkembangan baru yang penting kepada

PNSB. SSP3, perjanjian konsesi 30 tahun antara Syarikat

Pengeluar Air Sungai Selangor Sdn Bhd (SPLASH) dan

Kerajaan Negeri Selangor, telah ditandatangani pada 24

Januari 2000. Projek bernilai RM2.146 bilion ini akan

menjana air daripada Sungai Selangor dan merangkumi

pembinaan sebuah empangan di Sungai Selangor,

b e rdekatan Kuala Kubu Bahru dan dua buah loji

pembersihan air di Rasa dan Bukit Badong. Projek ini

dijadualkan siap secara berperingkat antara 2002–2004.

55

Kami memang berasa bangga dan tersanjung dengan keputusan

Kerajaan Negeri Selangor mempelawa PNSB untuk turut serta dalam

SSP3. Penerimaan oleh Syarikat ke atas semakan cadangan kepentingan

ekuiti sebanyak 25% (daripada cadangan awal 20%) akan berg a n t u n g

kepada persetujuan syarat oleh semua pihak yang terlibat dan juga atas

keyakinan sama ada penglibatan kami ini akan menghasilkan nilai

pulangan yang setimpal kepada para pelabur dan pemegang saham

k a m i .

Sekiranya rundingan membuahkan hasil dan kami mempero l e h i

penglibatan yang memuaskan dalam SSP3, maka Syarikat akan

menempa kedudukan yang lebih strategik sebagai pembekal utama

dalam bekalan, rawatan dan agihan air ke Selangor dan Wilayah

Persekutuan.

Dalam mencorak strategi masa depan, pertimbangan kos semata-mata tidak

mencukupi. Pada hakikatnya kami perlu memikirkan tentang perkara-perkara lain:

air mentah yang kami perolehi hari ini adalah lebih tercemar daripada dahulu, oleh

itu kos rawatannya adalah lebih tinggi, juga penggunaan teknologi rawatan yang

lebih maju. Sumber air kini semakin jauh daripada destinasi–pengguna, ini

menyebabkan peningkatan kos penyaluran.

Berdasarkan keluasan sumber air dan kepakaran yang sedia

ada, Syarikat berada dalam kedudukan mantap untuk

mengekalkan peranannya sebagai pemimpin yang tabah

menghadapi segala cabaran baru. Rancangan jangka panjang

kami berserampang tiga:

P e rtama, untuk menggembleng dan memantapkan usaha

dalam Selangor dan Wilayah Persekutuan, bukan sekadar

meluaskan khidmat bekalan dan rawatan air malah dalam

sektor agihan air juga.

Kedua, meninjau peluang menembusi pasaran baru dalam

Malaysia secara agresif. Peranan sebagai peneraju industri

memberi kami kelebihan dalam membuat bida bagi konsesi

penswastaan air di negeri-negeri lain yang kini sedang dalam

kajian Syarikat.

Ketiga, kami memang ingin menembusi pasaran baru di luar

sempadan Malaysia. Kami telahpun mula menilai potensi pasaran

di rantau ASEAN. Dengan pemulihan ekonomi Asia Tenggara dan

usaha penswastaan yang semakin giat, PNHB yakin dapat bersaing

untuk mendapatkan projek infrastruktur skala besar di seluru h

rantau Asia.

With its already considerable resources and

expertise, the Company is ideally positioned

to maintain a leadership role in the face of

these new challenges. Our long-term plan is

three-fold:

First, to consolidate efforts within Selangor

and the Federal Te rr i t o ry, not only by

expanding supply and treatment services, but

also in the distribution sector.

Second, we are looking to expand

a g g ressively into new markets within

Malaysia. Our leadership role gives us the

edge when bidding for water privatisation

concessions in other states; entry into some of

these new markets is currently under study.

T h i rd, we are eager to tap new markets

beyond Malaysia’s borders. We have already

begun to assess the market potential in the

ASEAN region. As Southeast Asia’s economies

rebound and water privatisation eff o rt s

intensify, PNHB will be admirably positioned

to compete for large-scale infrastru c t u re

projects throughout the region.

SSP2 Administration BuildingBangunan Pentadbiran SSP2

Eventsc o r p o r a t e h i g h l i g h t ss o r o t a n p e r i s t i w a k o r p o r a t

Corporate Events

11 February

Briefing to YB Dato' Fuad Hassan

on the Dam Levels.

6 March

River Rescue Brigade Campaign

Programme V, officiated by YB

Dato' Yap Pian Hon, Member of

Parliament of Serdang.

Acara Korporat

11 Februari

Taklimat kepada YB Dato’ Fuad

Hassan mengenai paras Empangan.

6 Mac

Kempen Briged Penyelamat

Sungai Program V dirasmikan oleh

YB Dato’ Yap Pian Hon, Ahli

Parlimen Serdang.

13 March

Participation of Puncak Niaga staff

at the DYMM Sultan Selangor ’s

73rd Birthday, march-pass parade.

20 March

SSP2 Backwash Pump Witness Test

in Sydney, Australia.

26 March

Visit to Wangsa Maju WTP by

delegation from Fukuoka City,

Japan.

9 April

Signing Ceremony of the Second

Amendment to the Construction

Cum Operation Agreement.

5 May

Visit by delegates from Dewan

Perniagaan Melayu Selangor to

Puncak Niaga's head office.

7-9 May

Earth Day Camp At Morib,

organised by the Malaysian Nature

Society (MNS) and sponsored by

Puncak Niaga.

13 Mac

Penyertaan kakitangan Puncak

Niaga di perarakan lintas hormat

sempena Hari Keputeraan ke73

DYMM Sultan Selangor.

20 Mac

Ujian SSP2 Backwash Pump

Witness di Sydney, Australia.

26 Mac

Lawatan ke Loji Pembersihan Air

Wangsa Maju oleh delegasi dari

Bandaraya Fukuoka, Jepun.

9 April

Majlis Menandatangani Pindaan

Kedua ke atas Perjanjian

Pembinaan dan Operasi.

5 Mei

Lawatan oleh rombongan Dewan

Perniagaan Melayu Selangor ke

ibu pejabat Puncak Niaga.

7-9 Mei

Kem Hari Bumi di Morib yang

dikelolakan oleh Persatuan Alam

Malaysia dan di bawah anjuran

Puncak Niaga.

56

57

20 May

Students from the Japanese School

of Kuala Lumpur made an

educational visit to Wangsa Maju

WTP and Klang Gates Dam.

22 May

Puncak Niaga’s team of 40

personnel represented the

Company on the Banner & Slogan

Competition in conjunction with

Labour Day at Stadium Putra,

Bukit Jalil.

25 May

Visit by 25 delegates from

provinces throughout China to

Bukit Nanas WTP.

15 June

Educational visit on “Rivers and

the Importance of Water” at St.

John Primary 1.

20 June

Puncak Niaga participated at the

World Environment Day Exhibition

at FRIM.

24 July


Programme VI at Sg Batu WTP,

officiated by the YBhg Dato’ Tang

See Hang, Selangor State

Executive Councillor, Chairman of

Village Development, Research

and Development, and the State

Assemblyman of Rawang.

9 August

Educational visit by delegates

from Hong Kong Waterworks

Department to Wangsa Maju WTP.

20 Mei

Lawatan pendidikan serombongan

pelajar-pelajar dari Sekolah Jepun

Kuala Lumpur ke Loji Pembersihan

Air Wangsa Maju dan Empangan

Klang Gates.

22 Mei

Pasukan Puncak Niaga seramai 40

orang kakitangan mewakili

Syarikat di Pertandingan

Cogankata & Panji-panji sempena

Hari Buruh di Stadium Putra, Bukit

Jalil.

25 Mei

Lawatan oleh delegasi 25 orang

dari wilayah-wilayah di Negeri

China ke Loji Pembersihan Air

Bukit Nanas.

15 Jun

Lawatan pendidikan mengenai

“Sungai dan Pentingnya Air” di

Sekolah Rendah St. John 1.

20 Jun

Puncak Niaga turut serta di

Pameran Hari Alam Sekitar

Sedunia di FRIM.

24 Julai


Sungai Program Vl dirasmikan

oleh YBhg Dato’ Tang See Hang,

Anggota Majlis Perbandaran

Negeri Selangor juga selaku

Pengerusi Pembangunan

Kampung, Penyelidikan dan

Pembangunan, Ahli Dewan

Undangan Rawang.

9 Ogos

Lawatan pendidikan oleh

rombongan dari Jabatan Bekalan

Air Hong Kong ke Loji

Pembersihan Air Wangsa Maju.

58

14 August


Programme VII at Bukit Nanas

WTP, officiated by YBhg Tan Sri

Dato’ Kamaruzzaman Shariff,

Mayor of Kuala Lumpur.

17 August

Educational visit to Primary School

on “River and the Importance of

Water” at Methodist Boys School,

Jalan Hang Jebat.

28 August

Official launching of Puncak

Niaga’s Quality Control Circle.

5-13 September

Launch of Sukan Selangor

(SUKSES) by DYMM Tengku Idris

Shah Ibni Sultan Salahuddin Abdul

Aziz Shah Al-Haj, Regent of

Selangor, at Kompleks Sukan

Kuala Selangor.

6 September

Educational visit by delegates

from Bangladesh Education

Department.

18 September

Puncak Niaga Family Day 1999 at

Stadium Shah Alam.

20 September

Cheque Presentation Ceremony

for the Football Association of

Selangor (FAS).

4 November

Cheque Presentation Ceremony by

Puncak Niaga to the Treasury of

the Bumiputra Youth

Entrepreneur, Malaysia.

14 Ogos


Sungai Program VII di Loji

Pembersihan Air Bukit Nanas

dirasmikan oleh YBhg Tan Sri

Dato’ Kamaruzzaman Shariff,

Datuk Bandar Kuala Lumpur.

17 Ogos

Lawatan pendidikan ke Sekolah

Methodist Lelaki Jalan Hang Jebat

mengenai “Sungai dan Pentingnya

Air.”

28 Ogos

Pelancaran rasmi Kumpulan

Kawalan Mutu Kerja Puncak Niaga.

5-13 September

Pelancaran Sukan Selangor

(SUKSES) oleh DYMM Tengku Idris

Shah Ibni Sultan Salahuddin Abdul

Aziz Al-Haj, Pemangku Sultan

Selangor di Kompleks Sukan Kuala

Selangor.

6 September

Lawatan pendidikan oleh delegasi

dari Jabatan Pendidikan

Bangladesh.

18 September

Hari Keluarga Puncak Niaga 1999

di Stadium Shah Alam.

20 September

Majlis Penyampaian Cek kepada

Persatuan Bola Sepak Selangor

(FAS).

4 November

Majlis Penyampaian Cek kepada

Perbendaharaan Usahawan Belia

Bumiputra, Malaysia.

Events

11 November

P rogram pendidikan di Convent

Bukit Nanas 1 mengenai

“Pentingnya Air dan Pencemaran

S u n g a i . ”

13 November

Lawatan ke Loji Pembersihan Air

Wangsa Maju dan Empangan Klang

Gates oleh rombongan dari

Persatuan Kebangsaan Kanak-Kanak

Berbakat (NAGC).

17 November

Laporan tahunan 1998 Puncak

Niaga Holdings Berhad menerima

Anugerah Kecemerlangan Industri

NACRA bagi kategori Pembinaan

dan Syarikat Projek Infrastruktur.

23 November

Pakar-pakar dari Japan

International Corporation Agency

(JAICA) dalam program kerjasama

teknikal bidang sanitasi dan alam

sekitar melawat Loji Pembersihan

Air Wangsa Maju.

25 November

Lawatan kumpulan Penyelidikan &

Kesedaran Hitachi ke Loji

Pembersihan Air Wangsa Maju.

17 December

Y2K Readiness Drill at SSP2,

officiated and witnessed by YBhg

Datuk Mohd Shariff Bin Jajang,

Chairman of the Committee for

Selangor’s Infrastructure,

Information and Information

Technology.

11 November

Educational programme at

Convent Bukit Nanas 1 on the

“Importance of Water and River

Pollution.”

13 November

Visit by The National Association

of Gifted Children (NAGC) to

Wangsa Maju WTP and Klang

Gates Dam.

17 November

Puncak Niaga Holdings Berhad’s

1998 Annual Report won the

NACRA Industry Excellence Award

for the Construction and

Infrastructure Project Companies

category.

23 November

A team of Japan International

Corporation Agency (JAICA)

Specialists on a technical

cooperation programme in the

sanitation and environmental field

visited Wangsa Maju WTP.

25 November

Hitachi Group’s Research and

Awareness visit to Wangsa Maju

WTP.

17 Disember

Latihan Persiapan dan Persediaan

Y2K di SSP2 dirasmi dan disaksikan

oleh YBhg Datuk Mohd Shariff bin

Jajang, Pengerusi Jawatankuasa

Infrastruktur, Maklumat dan

Teknologi Maklumat Selangor.

59

4 JanuariPNHB disenaraikan dalam IndeksKomposit BSKL.

20-21 SeptemberLoji Pembersihan Air SSP2memenangi Pertandingan“Pertolongan Kecemasan” yangdianjurkan oleh Persatuan BulanSabit Merah Malaysia, CawanganSelangor

25 OktoberPendaftaran PNSB sebagai AhliBersekutu Persatuan KontraktorMelayu, Malaysia CawanganWilayah Persekutuan.

17 NovemberPNHB menerima AnugerahKecemerlangan Industri NACRAdalam kategori Pembinaan danSyarikat Projek Infrastruktur.

1 DisemberPNHB disenaraikan dalam IndeksMorgan Stanley CapitalInternational Standard.

3 DisemberPendaftaran PNSB sebagaiKontraktor LembagaPembangunan Industri PembinaanMalaysia.

27 DisemberPendaftaran PNSB sebagaikontraktor Petronas.

4 JanuaryPNHB was included in the KLSEComposite Index.

20-21 SeptemberSSP2 WTP won the “First Aid”Competition organised by thePersatuan Bulan Sabit MerahMalaysia, Cawangan Selangor.

25 OctoberRegistration of PNSB as anAssociate Member of PersatuanKontraktor Melayu, MalaysiaCawangan Wilayah Persekutuan.

17 NovemberPNHB received the NACRAIndustry Excellence Award underthe Construction andInfrastructure Project Companiescategory.

1 DecemberPNHB was included in the MorganStanley Capital InternationalStandard Index.

3 DecemberRegistration of PNSB as aContractor with the ConstructionIndustry Development BoardMalaysia.

27 DecemberRegistration of PNSB as contractorwith Petronas.

c o r p o r a t e a c h i e v e m e n t sp e n c a p a i a n k o r p o r a t

Puncak Niaga’s In-House MagazinesMajalah Dalaman Puncak Niaga

60

61

a n a l y s i s o f s h a r e h o l d i n g sa s a t 2 1 A p r i l 2 0 0 0

a n a l i s a p e g a n g a n s a h a m p a d a 2 1 A p r i l 2 0 0 0

Authorised capital: Modal dibenarkan: RM 300,000,000

Issued and paid-up capital: Modal diterbit dan dibayar: RM 250,000,000

Class of share s : Kelas saham: O rd i n a ry shares of RM1 each

Saham biasa RM1 setiap satu

Analysis of shareholdings by range gro u p

Analisa pegangan saham mengikut kumpulan

Size of Share h o l d i n g s No. of Shareholders No.of Share s

Saiz Pegangan Saham Bil. Pemegang Saham % Bil. Saham %

1 – 499 1 7 0 . 1 8 4 4 8 0 . 0 0

500 – 5000 7 , 9 6 1 8 4 . 0 4 1 4 , 7 9 4 , 4 1 0 5 . 9 2

5001 – 10000 7 8 4 8 . 2 8 6 , 6 6 7 , 1 4 2 2 . 6 7

10001 – 100000 5 9 9 6 . 3 2 1 8 , 2 6 3 , 0 0 0 7 . 3 1

100001 – 1000000 9 3 0 . 9 8 2 6 , 2 0 0 , 0 0 0 1 0 . 4 8

1000001 – Above Ke atas 1 9 0 . 2 0 1 8 4 , 0 7 5 , 0 0 0 7 3 . 6 2

Total J u m l a h 9 , 4 7 3 1 0 0 . 0 0 2 5 0 , 0 0 0 , 0 0 0 1 0 0 . 0 0

20 Largest Share h o l d e r s 20 Pemegang Saham Te r b e s a r

Name of Shareholders No.of Share s

Nama Pemegang Saham B i l . S a h a m %

01 Arab-Malaysian Nominees (Tempatan) Sdn Bhd 68,026,000 27.21Arab-Malaysian Finance Bhd for Central Plus (M) Sdn Bhd (7/655-6)

02 Employees Provident Fund Board 28,415,000 11.3703 Arab-Malaysian Finance Berhad 2 0 , 7 1 0 , 0 0 0 8 . 2 8

Pled. Sec A/C for Central Plus (M) Sdn Bhd (S M A RT)

04 Al Wakalah Nominees (Tempatan) Sdn Bhd 17,000,000 6.80Pled. Sec A/C for Central Plus (M) Sdn Bhd - BIMBHO

05 Central Plus (M) Sdn Bhd 13,634,000 5.4506 DB (Malaysia) Nominee (Tempatan) Sdn Bhd 8,140,000 3.26

DBSPN for Central Plus (M) Sdn Bhd

07 Kumpulan Darul Ehsan Berhad 4,455,000 1.7808 Bank Kerjasama Rakyat Malaysia Berhad 4,000,000 1.60

Pled. Sec A/C for Kumpulan Darul Ehsan Berhad

09 Bumiputra-Commerce Trustee Berhad 3,660,000 1.4610 Al Wakalah Nominees (Tempatan) Sdn Bhd 3,000,000 1.20

Pled. Sec A/C for Corporate Line (M) Sdn Bhd (BIMBHO)

11 Kumpulan Wang Amanah Pencen 2,140,000 0.8612 Public Nominees (Tempatan) Sdn Bhd 1,873,000 0.75

Pled. Sec A/C for Waterfront Capital Markets Sdn Bhd (JSS)

13 Corporate Line (M) Sdn Bhd 1,737,000 0.6914 Perbadanan Nasional Berhad 1,605,000 0.641 5 Universal Trustee (Malaysia) Berh a d 1 , 4 2 5 , 0 0 0 0 . 5 7

Pled. Sec A/C for BHLB Pacific High Growth Fund

1 6 Amanah Raya Nominees (Tempatan) Sdn Bhd 1 , 3 9 9 , 0 0 0 0 . 5 6Pled. Sec A/C for Sekim Amanah Saham Nasional

1 7 PRB Nominees (Tempatan) Sdn Bhd 1 , 3 6 9 , 0 0 0 0 . 5 5Rubber Industry Smallholders Development Authority

1 8 Kumpulan Perangsang Selangor Berh a d 1 , 1 6 5 , 0 0 0 0 . 4 71 9 P e rmodalan Negeri Selangor Berh a d 1 , 1 6 5 , 0 0 0 0 . 4 7

2 0 Amanah Raya Nominees (Tempatan) Sdn Bhd 1 , 1 5 9 , 0 0 0 0 . 4 6Pled. Sec A/C for Amanah Saham Wawasan 2020

Total J u m l a h 1 8 6 , 0 7 7 , 0 0 0 7 4 . 4 3

62

Substantial Shareholders as per Register of Substantial Shareholders

Pemegang Saham Utama mengikut Daftar Pemegang Saham Utama

Name of Shareholders No.of Shares

Nama Pemegang Saham Bil. Saham %

01* DATO’ ROZALI BIN ISMAIL 132,247,000 52.9002* SHAARI BIN ISMAIL 132,247,000 52.9003**CENTRAL PLUS (M) SDN BHD (183535 W) 127,510,000 51.0004 ARAB-MALAYSIAN NOMINEES (TEMPATAN) SDN BHD (51181 W) 68,569,000 27.43

Beneficial Owners Pemilik Benefisiari:a Arab-Malaysian Finance Berhad 68,026,000

for Central Plus (M) Sdn Bhd (183535 W)

b Assar Asset Management Sdn Bhd 70,000for Sarawak Land Development Board

c Assar Asset Management Sdn Bhd 16,000for Sarawak Land Consolidation And Rehabilitation Authority

d Assar Asset Management Sdn Bhd 10,000for Sarawak Plantations Services Sdn Bhd

e Assar Asset Management Sdn Bhd 4 0 , 0 0 0for Bintulu Development Authority

f Assar Asset Management Sdn Bhd 1 5 , 0 0 0for Lembaga Kumpulan Wang Kawasan Konsesi Hutan

g Assar Asset Management Sdn Bhd 4 , 0 0 0for SOCSO Employees Provident Fund

h Assar Asset Management Sdn Bhd 4 , 0 0 0for Lembaga Amanah Kebajikan Darul Falah

i Assar Asset Management Sdn Bhd 2 , 0 0 0for Mayang Tea Sdn Bhd (101807 U)

j Assar Asset Management Sdn Bhd 4,000 for Faradale Enterprise Bhd (54382 M)

k AMMB International (L) Ltd 3 5 , 0 0 0for TA Securities Berhad (16029 V)

l Arab-Malaysian Trustee Bhd 3 4 3 , 0 0 0as trustee for Pacific Pearl Fund

0 5 EMPLOYEES PROVIDENT FUND BOARD 2 8 , 5 1 5 , 0 0 0 1 1 . 4 10 6 A R A B - M A L AYSIAN FINANCE BERHAD (TEM5493) 2 2 , 6 1 8 , 0 0 0 9 . 0 5

Beneficial Owners Pemilik Benefisiari:a Tham Kah Cheng @ Tum Ka Te n 1 , 0 0 0b Rajini Bin Ramlan 4 1 0 , 0 0 0c Beevee (M) Sdn Bhd (347870 K) 8 5 0 , 0 0 0d Simfoni Warisan Sdn Bhd (378892 K) 5 5 5 , 0 0 0e Nadzir Bin Sheikh Fazir 2 , 0 0 0f Ong Teong Seng 7 , 0 0 0g Tan Chok Uing @ Tan Chok Sing 5 , 0 0 0h Phang Soon Ping 5 , 0 0 0i Telapak Holding Sdn Bhd 3 , 0 0 0j Michiel Leo A/L Leo Philip 1 , 0 0 0k Louis S/O Savarimuthu 2 , 0 0 0l Syed Hussin Al Junid 3 0 , 0 0 0m Peter Ling Ee Kong 1 0 , 0 0 0n Zahariah Binti Abu Kassim 5 , 0 0 0o Wong Hon Kong 2 , 0 0 0p Chuah Chong Lai 1 0 , 0 0 0q Bong Kee Kien 3 , 0 0 0r How Wan Lai 5 , 0 0 0s Lau Tin Lai 1 , 0 0 0t Kong Soo Fong 1 , 0 0 0u Central Plus (M) Sdn Bhd (183535 W) 2 0 , 7 1 0 , 0 0 0

l i s t o f p r o p e r t ys e n a r a i h a r t a n a h

Substantial Shareholders as per Register of Substantial Shareholders (cont’d)

Pemegang Saham Utama mengikut Daftar Pemegang Saham Utama (sambungan)

Name of Shareholders No.of Shares

Nama Pemegang Saham Bil. Saham %

0 7 KUMPULAN DARUL EHSAN BERHAD (148040 T) 1 2 , 0 0 0 , 0 0 0 4 . 8 00 8 DB (M) NOMINEE (TEMPATAN) SDN BHD (66878 U) 8 , 1 4 0 , 0 0 0 3 . 2 6

for Central Plus (M) Sdn Bhd (183535 W)

0 9 CHASE MALAYSIA NOMINEES (ASING) SDN BHD (258327 T) 5 , 0 2 6 , 0 0 0 2 . 0 1Beneficial Owners Pemilik Benefisiari:a ABN AMRO Asian Tigers Fund US 5 0 , 0 0 0b Abu Dhabi Investment Authority 2 , 1 7 9 , 0 0 0c General Accident Life Assurance Limited 918,000 d General Accident Linked Life Assurance Limited 9 3 5 , 0 0 0e General Accident Staff Pension Trustee Limited 5 7 , 0 0 0f LGT Bank In Leichtenstein 8 0 , 0 0 0g Stichting Pensioenfonds ABP 8 0 0 , 0 0 0h Pension Fund of Snow Brand Food 7 , 0 0 0

The Yasuda Trust & Banking Co. Ltd.

* Deemed interest by virtue of 50% equity interest in Central Plus (M) Sdn Bhd and Corporate Line (M) Sdn BhdDianggap mempunyai kepentingan menerusi 50% kepentingan ekuiti di dalam Central Plus (M) Sdn Bhddan Corporate Line (M) Sdn Bhd

* * Held in own name and various nominee namesPegangan atas nama sendiri dan nama pelbagai calon (‘nominee’)

Type of Pro p e rt y L o c a t i o n Land Are a Net Book Va l u e Te n u re

Jenis Hart a L o k a s i Keluasan Ta n a h Nilai Buku Bersih H a k m i l i k

Vacant Land P recinct 2.2 111,443 sq. ft RM 8,302,694.00 L e a s e h o l d

Pusat Bandar 99 years

Shah Alam

Section 14

Shah Alam

Selangor Daru l

E h s a n

Tanah Kosong P recinct 2.2 111,443 kaki RM 8,302,694.00 P a j a k a n

Pusat Bandar p e r s e g i selama 99

Shah Alam t a h u n

Seksyen 14

Shah Alam

Selangor Daru l

E h s a n

Footnote: The 99 years leasehold tenure will commence from the date of issuance of the land title.

Nota: Pajakan selama 99 tahun ini akan bermula dari tarikh keluaran hakmilik tanah.

63

Water is one of our most precious re s o u rces. It is life itself. And just as we are all living beings, we mustall share in its responsible use. No one person, company,organisation, or country can ensure the long-term healthof our rivers, lakes and oceans.

The old environmental adage to “think globally, and actlocally” could be updated and made more relevant byencouraging us all to “learn, educate, and do.”

We must all learn how to become more responsible in ourwater usage. This means both gaining a bro a denvironmental perspective as well as practical knowledge.And those who know must teach those who need to betaught. We must educate our children because teachingwhen young is the best way to inculcate both knowledgeand values as one matures.

Siapa sebenarnya yang bertanggungjawab?Air adalah salah satu sumber alam yang paling bernilai.Pada hakikatnya air adalah kehidupan. Oleh kerana kitasemua adalah makhluk bernyawa, kita sama-sama perlub e rtanggungjawab dalam penggunaannya. Tidak adaseorang individu mahupun sebuah syarikat, organisasiatau negara yang boleh memastikan jangka panjangkesihatan sungai, tasik dan lautan kita sentiasaterpelihara.

Pepatah tentang alam sekitar yang menyeru kita “berfikirsejagat, bertindak setempat” kini boleh diubah mengikutkesesuaian keadaan dengan menggalak kita semua“belajar, didik dan buat.”

Kita semua perlu mempelajari bagaimana menggunakanair dengan lebih bertanggungjawab. Ini memerlukanpengetahuan amali dan perspektif yang meluasmengenai alam persekitaran. Mereka yangberpengetahuan mesti mengajar golongan yang perludiajar. Kita perlu mendidik anak-anak kita kerana usiamudalah masa yang terbaik untuk menerapkan ilmu dannilai, bak kata pepatah, “melentur buluh biar padarebungnya.”

f i n a n c i a l r e p o r t

D i rectors’ Report 6 6Consolidated Profit and Loss Account 7 1P rofit and Loss Account 7 2Balance Sheets 7 3Consolidated Cash Flow Statement 7 4Notes to the Accounts 7 5Statement by Dire c t o r s 9 0S t a t u t o ry Declaration 9 0R e p o rt of the Auditors 9 1

1 9 9 9

65

The Directors have pleasure in submitting their report together with the audited accounts of the Group and ofthe Company for the financial year ended 31 December 1999.

Principal activities

The principal activities of the Company during the financial year are that of investment holding and provision ofmanagement services. The principal activities of the subsidiary companies are set out in note 16 to the accounts.There has been no significant change in the nature of these activities during the financial year.

Financial re s u l t s

Group CompanyIn RM

Profit for the year after taxation 98,971,517 2,453,320Unappropriated profit brought forward 176,269,454 8,056,650Unappropriated profit carried forward 275,240,971 10,509,970

In the opinion of the Directors, the results of the operations of the Group and of the Company during thefinancial year were not substantially affected by any item, transaction or event of a material and unusual nature.

D i v i d e n d s

No dividend has been paid, declared or proposed since the end of the Company’s previous financial year.

Movements on re s e rves and pro v i s i o n s

There were no material transfers to or from reserves or provisions during the financial year.

Employee Loyalty Share Option Scheme

Pursuant to the Puncak Niaga Holdings Berhad’s Employee Loyalty Share Option Scheme (“ELSOS”), whichbecame effective on 8 July 1997, options over 9,094,000 ordinary shares of RM1 each in the Company wereallocated to eligible employees in the period to 31 December 1999 to take up the issued shares offered by theholding company, Central Plus (M) Sdn Bhd and another shareholder, Corporate Line (M) Sdn Bhd.

The salient features of the ELSOS are as follows:

a. Eligible person are employees who as at 30 April 1997 have been confirmed in writing as a full-timeemployee of the Group and includes full-time Executive Director.

b. The options allocated may be exercised in three (3) tranches within the period of three (3) years up to 8 July2000.

c. The exercise price for the ordinary shares under the ELSOS shall be the retail fixed price of RM3.80 on thedate the option is exercised.

d. The total number of shares offered under the ELSOS shall comprise 9,094,000 issued and fully paid upordinary shares of RM1 each of the Company.

During the financial year, options over 2,680,000 ordinary shares of RM1 each were granted in the third tranchein July 1999 at an exercise price of RM3.80 per ordinary share and as at the end of the financial year, none of theoptions have been exercised by the eligible employees.

66

d i r e c t o r s ’ r e p o r tf o r t h e y e a r e n d e d 3 1 D e c e m b e r 1 9 9 9

As at 31 December 1999, options over 5,566,000 ordinary shares of RM1 each being balance of the sharesallocated pursuant to the ELSOS has yet to be allocated.

Directors

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

Dato’ Rozali bin IsmailRuslan bin HassanRaja Azhar bin Raja IsmailMat Hairi bin IsmailAbdul Majid bin Abdul KarimDato’ Hari Narayanan a/l Govindasamy (appointed on 01.07.1999)Lee Miang Koi (appointed on 01.09.1999)Samsi bin Pakih (resigned on 01.07.1999)

Directors’ interests

According to the Register of Directors’ Shareholdings, particulars of interests in the shares in the Company, andits related corporations during the financial year of those Directors holding office at the end of the financial yearare as follows:

Number of ordinary shares of RM1 each1 Jan Addition Disposal 31 Dec

Direct interests in the Company:

SharesRuslan bin Hassan 238,000 – – 238,000Raja Azhar bin Raja Ismail 233,000 – 230,000 3,000Mat Hairi bin Ismail 3,000 – – 3,000Abdul Majid bin Abdul Karim 2,000 – – 2,000Lee Miang Koi 50,000 – – 50,000(at date of appointment)

Indirect interests in the Company

SharesRaja Azhar bin Raja Ismail – 225,000 – 225,000*Dato’ Hari Narayanan a/l Govindasamy 120,000 – – 120,000*Lee Miang Koi 10,000 – – 10,000*(*held by nominees)

Number of ordinary shares of RM1 eachGranted/

1 Jan Allocated Exercised 31 Dec

Share options under ELSOSRuslan bin Hassan 150,000 – – 150,000Raja Azhar bin Raja Ismail 160,000 – – 160,000Mat Hairi bin Ismail 160,000 – – 160,000Lee Miang Koi 29,000 – – 29,000(at date of appointment)

67

Directors’ interests (cont’d)


Direct interests in the subsidiary companies:

Unggul Raya (M) Sdn Bhd

Dato’ Rozali bin Ismail 1 – 1 –Mat Hairi bin Ismail 1 – 1 –

Puncak Research Centre Sdn Bhd

Dato’ Rozali bin Ismail 1 – 1 –Raja Azhar bin Raja Ismail 1 – 1 –Mat Hairi bin Ismail 1 – 1 –

Shares held by Central Plus (M) Sdn Bhd (holding company) in the Company 127,510,000 – – 127,510,000

By virtue of his substantial interests in Central Plus (M) Sdn Bhd, Dato’ Rozali bin Ismail is deemed to be interestedin the shares of the Company and all its subsidiary companies.


Direct interests in the holding company:

Central Plus (M) Sdn Bhd

Dato’ Rozali bin Ismail 13,496,500 – – 13,496,500

By virtue of his substantial interests in Central Plus (M) Sdn Bhd, Dato’ Rozali bin Ismail is deemed to be interestedin the shares of all the other subsidiary companies of Central Plus (M) Sdn Bhd to the extent Central Plus (M) SdnBhd has an interest.

68

Directors’ benefits

Since the previous financial year, no Director has received or become entitled to receive a benefit (other than theDirectors’ emoluments shown in note 5 to the accounts) by reason of a contract made by the Company or arelated corporation with the Director or with a firm of which he is a member, or with a company in which he hasa substantial financial interest, except in the following cases:

i. certain Directors receive remuneration as Directors/Executives Directors of related corporations and thebenefits arising from the options over shares in the Company allocated to certain Directors under the ELSOSas disclosed in the earlier section of this report;

ii. Dato’ Rozali bin Ismail who has financial interests in the related company, Mandai Sari Sdn Bhd whichundertakes to operate, maintain and manage the water treatment facilities under the terms of theOperation and Maintenance Agreement dated 8 October 1994 with the Company;

iii. Dato’ Rozali bin Ismail who has financial interests in a related corporation, RZ Management Services Sdn Bhdwhich provides secretarial services to the subsidiary company, Puncak Niaga (M) Sdn Bhd; and

iv. Dato’ Rozali bin Ismail and Mat Hairi bin Ismail who have financial interests in a related corporation, PuncakNiaga Overseas Capital Sdn Bhd which provides the project and investment consultancy services for overseasinvestment to the subsidiary company, Puncak Niaga (M) Sdn Bhd.

Neither during nor at the end of the financial year was the Company a party to any arrangement whose objectwas to enable the Directors to acquire benefits by means of the acquisition of shares in, or debentures of, theCompany 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 fordoubtful debts and had satisfied themselves that all known bad debts had been written off and thatadequate 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 ofbusiness had been written down to their expected 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 ofthe Company inadequate to any substantial extent or the values attributed to current assets of the Groupand of the Company misleading; and

b. which have arisen which render adherence to the existing method of valuation of assets or liabilities of theGroup and of the Company misleading or inappropriate.

69

Other statutory information ( cont’d)

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

a. no item, transaction or event of a material and unusual nature has arisen which, in the opinion of theDirectors, would substantially affect the results of the operations of the Group and of the Company for thecurrent financial year; and

b. no charge has arisen on the assets of any company in the Group which secures the liability of any otherperson 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 becomeenforceable within the period of twelve months after the end of the financial year which, in the opinion of theDirectors, will or may affect the ability of the Company and its subsidiary companies to meet their obligationswhen they fall due.

At the date of this report, the Directors are not aware of any circumstances not otherwise dealt with in this reportor the accounts which would render any amount stated in the accounts misleading.

Holding company

The holding company of the Company is Central Plus (M) Sdn Bhd, a company incorporated in Malaysia.

Year 2000

After having taken remedial action on all hardware, software and communication system to provide for Year2000 readiness, the Company had a smooth rollover to the Year 2000 and has not encountered any materialadverse affects on its operations todate.

Auditors

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

On behalf of the Board of Directors

Dato’ Rozali bin IsmailDirector

Mat Hairi bin IsmailDirector

Kuala Lumpur24 April 2000

70

GroupIn RM Note 1999 1998

Turnover 4 347,472,486 183,415,236

Profit before taxation 5 98,971,517 57,226,090Taxation 6 – –

Profit after taxation 98,971,517 57,226,090Minority interests – 1,886

Profit attributable to shareholders 98,971,517 57,227,976Unappropriated profit brought forward 176,269,454 119,041,478

Unappropriated profit carried forward 275,240,971 176,269,454

Retained by:The Company 10,509,970 8,056,650Subsidiary companies 264,731,001 168,212,804

275,240,971 176,269,454

Earnings per ordinary share 7 39.59 sen 22.89 sen

The above profit and loss account is to be read in conjunction with the notes to the accounts on pages 75 to 89.

Auditors’ report - page 91.

71

c o n s o l i d a t e d p r o f i t & l o s s a c c o u n tf o r t h e y e a r e n d e d 3 1 D e c e m b e r 1 9 9 9

CompanyIn RM Note 1999 1998

Turnover 4 3,960,000 7,800,000

Profit before taxation 5 3,528,520 7,324,353Taxation 6 (1,075,200) (2,150,400)

Profit after taxation 2,453,320 5,173,953Unappropriated profit brought forward 8,056,650 2,882,697

Unappropriated profit carried forward 10,509,970 8,056,650

The above profit and loss account is to be read in conjunction with the notes to the accounts on pages 75 to 89.


72

p r o f i t & l o s s a c c o u n tf o r t h e y e a r e n d e d 3 1 D e c e m b e r 1 9 9 9

Group CompanyIn RM Note 1999 1998 1999 1998

Capital and reservesShare capital 8 250,000,000 250,000,000 250,000,000 250,000,000Reserves 9 378,138,435 279,166,918 154,315,110 151,861,790

628,138,435 529,166,918 404,315,110 401,861,790

Minority interests – 3 – –Deferred and long term liabilitiesDeferred taxation 10 – – – –Long term borro w i n g s 11 1,203,576,055 1,230,757,289 – 21,150,800Hire purchase creditors 12 2,072,275 3,206,404 – –Retention sum 9,766,283 – – –

1,843,553,048 1,763,130,614 404,315,110 423,012,590

Represented by:Fixed assets 13 1,568,016,952 1,340,947,350 8,302,694 8,388,215Project development costs 14 217,728,826 219,629,481 – –Deferred expenditure 15 13,744,869 13,260,376 – –Subsidiary companies 16 – – 389,008,769 389,234,268Investments 17 45,050 45,050 – –ELSOS scheme 18 – 21,150,800 – 21,150,800

Current assetsStocks and contract work-in-progress 19 50,296,509 25,709,146 – –Trade debtor 93,121,567 108,375,648 – –Amount owing by holding company 20 1,651,117 1,651,117 – –Amount owing by a related company 21 207,909 15,699,188 – –Other debtors, deposits and prepayments 22 89,402,180 120,061,650 – –Dividend receivable from subsidiary company – – 8,294,400 5,529,600ELSOS scheme 1 8 21,150,800 – 21,150,800 –Deposits with financial institutions 23 – 182,344,404 – –Cash and bank balances 59,179,942 8,163,316 25,825 32,404

315,010,024 462,004,469 29,471,025 5,562,004

Current liabilitiesTrade creditors 9,911,248 10,319,529 – –Short term borrowings 24 57,728,358 22,088,779 21,150,800 –Hire purchase creditors 12 1,438,814 1,450,325 – –Amount owing to a related company 21 23,384,361 10,163,003 – –Other creditors and accrued liabilities 25 177,283,891 248,639,275 116,578 122,697Taxation 1,246,001 1,246,001 1,200,000 1,200,000

270,992,673 293,906,912 22,467,378 1,322,697Net current assets 44,017,351 168,097,557 7,003,647 4,239,307

1,843,553,048 1,763,130,614 404,315,110 423,012,590

The above balance sheets are to be read in conjunction with the notes to the accounts on pages 75 to 89.


73

b a l a n c e s h e e t sa s a t 3 1 D e c e m b e r 1 9 9 9

In RM Note 1999 1998

Cash flows generated from/(used in) operating activitiesCash receipt from customers 419,366,067 382,157,355Cash paid to operators (89,684,493) (99,063,793)Cash paid to contractors (118,096,742) (198,675,544)Cash paid to employees and for operating expenses (38,428,564) (33,667,027)

Cash flow generated from operations 173,156,268 50,750,991Interests paid (50,231,775) (5,154,738)Interests received 6,554,147 22,249,117

(43,677,628) 17,094,379Net cash generated from operating activities 129,478,640 67,845,370

Cash flows from/(used in) investing activitiesAcquisition of investment in subsidiary company (3) –Proceeds from disposal of fixed assets 148,389 –Purchase of fixed assets and payment for capital work in progress (244,336,762) (551,043,918)Payments for deferred expenditure (1,226,063) (133,216)Payments for project development costs (13,423,144) (53,756,160)Payment for Wangsa Maju water treatment plant (4,441,484) (118,089,124)Repayment from holding company – 2,879,535Advances to related company (4,307,188) (6,297,053)Net cash used in investing activities (267,586,255) (726,439,936)

Cash flows from/(used in) financing activitiesReceipt of long term borrowing – 687,287,398Receipt of short term borrowing 8,400,000 –Repayment of hire purchase liabilities (1,620,163) (1,230,407)Net cash from financing activities 6,779,837 686,056,991

Net (decrease)/increase in cash and cash equivalents during the financial year (131,327,778) 27,462,425Cash and cash equivalents at beginning of financial year 190,507,720 163,045,295Cash and cash equivalents at end of financial year 26 59,179,942 190,507,720

The above consolidated cash flow statement is to be read in conjunction with the notes to the accounts on pages75 to 89.


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c o n s o l i d a t e d c a s h f l o w s t a t e m e n tf o r t h e y e a r e n d e d 3 1 D e c e m b e r 1 9 9 9

1 Aw a rd of concessions and turnkey contract

The subsidiary company, Puncak Niaga (M) Sdn Bhd (“PNSB”) has been awarded the followingconcessions by the Selangor State Government:

i. to take over, operate, maintain, manage, rehabilitate and refurbish existing water treatment plantslocated in Selangor Darul Ehsan and Wilayah Persekutuan for a period of 26 years ending 31 December2020;

i i . to construct, operate, maintain and manage the new water treatment facilities, namely the SungaiSelangor Water Supply Scheme Phase 2, Stages I and II (“SSP2”) for a period of 26 years ending on31 December 2020; and

i i i . to manage, operate and maintain the water treatment plant at Sungai Semenyih, located inSelangor Darul Ehsan for a period of one year commencing from 5 May 1998 or the completiondate of the privatisation of Jabatan Bekalan Air Selangor, whichever is earlier. No formal extensionhas been granted to PNSB although the plant is still under the management control of PNSB.

On 17 January 1998, PNSB was given a right by the Federal Government to develop a water treatment plantand its related facilities in Wangsa Maju. The construction work commenced in March 1998 and wascompleted in July 1998. Subsequent to the completion, PNSB has been managing, operating and maintainingthe water treatment plant.

On 6 August 1998, PNSB was awarded a contract by Selangor State Government to construct and installpipelines, reservoirs and pumping stations in certain areas within the State under the Sungai Selangor WaterSupply Scheme Phase 2 Stage II - Distribution Supply System II for a sum of RM420 million. On 12 August 1999,the contract sum has been revised to RM294 million.

2 Basis of preparation of the accounts

The accounts of the Group and of the Company have been prepared in accordance with the applicableapproved Accounting Standards in Malaysia and the provisions of Companies Act, 1965.

3 Significant accounting policies

All significant accounting policies adopted by the Group and the Company are set out below:

Accounting conventionThe accounts are prepared under the historical cost convention.

Basis of consolidationThe Group adopts both the acquisition and merger methods of consolidation.

The consolidated profit and loss account and balance sheet include the accounts of the Company and all itssubsidiary companies made up to the end of the financial year. Intercompany transactions and resultingunrealised profit or loss are eliminated fully on consolidation and the consolidated accounts reflect externaltransactions only.

Acquisition methodWhen the acquisition method is adopted, the difference between the cost of control of subsidiary companyand the fair value of the net assets acquired is included in the consolidated accounts as goodwill or reserveon consolidation.

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n o t e s t o t h e a c c o u n t sf o r t h e y e a r e n d e d 3 1 D e c e m b e r 1 9 9 9

Merger methodAn acquisition of a subsidiary company which meets the criteria for merger accounting under the MalaysianAccounting Standard No. 2, Accounting for Acquisition and Mergers, is accounted for using mergeraccounting principles. When the merger method is used, the cost of investment in the Company’s books isrecorded at the nominal value of shares issued and the difference between the carrying value of theinvestment and the nominal value of shares transferred is treated as merger reserve in accordance with themerger relief provisions under Section 60(4) of the Companies Act, 1965. The results of the company beingmerged are included for the full financial year.

Fixed assetsLong term leasehold land is stated at cost and amortised over the period of the lease of 99 years.

The cost of other fixed assets comprises their purchase cost and any incidental costs of acquisition.

Capital work-in-progress represents the development costs incurred for the new water treatment facilities,namely the SSP2 Stage II and is not depreciated.

Depreciation of other fixed assets is calculated so as to write off their cost on a straight line basis over theexpected useful lives of the assets concerned. The annual rates are:

%Water treatment plant Over the period of the concessionFurniture and fittings 20Office equipment 20Renovations 331/3

Motor vehicles 20Computers and software 331/3

Plant and equipment 10

Assets acquired under hire purchase arrangementsAssets acquired under hire purchase arrangements are included in fixed assets and the capital element of thehire purchase commitments is shown as hire purchase creditors. The capital element of the hire purchaserental is applied to reduce the outstanding obligations and the interest element is charged to the profit andloss account so as to give a constant periodic rate of interest on the outstanding liability at the end of eachaccounting period. Assets acquired under hire purchase arrangements are depreciated over the useful livesof equivalent owned assets.

Project development costsProject development costs, stated at cost, comprise expenditure incurred for the rehabilitation andrefurbishment of water treatment facilities and is amortised over the period of the concession.

Deferred expenditure

Deferred expenditure, stated at cost, comprise the following:• Pre-incorporation expenses incurred are shown as preliminary expenses while expenses incurred

subsequent to date of incorporation but prior to the commencement of operations are shown as pre-operating expenses. The pre l i m i n a ry and pre-operating expenses will be written off uponcommencement of operation.

• Expenses incurred in conjunction with the acquisition of concession is amortised over the period of theconcession.

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Subsidiary companiesA subsidiary company is a company in which the Group has a long term equity investment of more than 50%and where the Group controls the composition of its board of directors or more than half of its votingpowers.

Investments in subsidiary companies are stated at cost unless in the opinion of the Directors, there has beena permanent diminution in value, in which case a provision is made.

InvestmentsLong term investments are stated at cost unless in the opinion of the Directors, there has been a permanentdiminution in value, in which case a provision is made.

Contract work-in-progressWork-in-progress on construction contract is stated at cost plus attributable profits less foreseeable loss andprogress billings received and receivable. Profit on construction work is recognised on the percentage ofcompletion method. Cost comprises all direct expenditure and direct overheads based on normal level ofactivity.

StocksStocks are stated at the lower of cost and net realisable value. In general, cost is determined on a weightedaverage basis and includes transportation and handling costs.

DebtorsKnown bad debts are written off and specific provision is made for any considered to be doubtful ofcollection.

Capitalisation of borrowing costsBorrowing costs incurred in connection with financing the construction of the capital work-in-progress andcontract work-in-progress, are capitalised and included as part of the construction and contract costsrespectively until the assets are ready for their intended use.

Currency translationsForeign currency monetary assets and liabilities are translated into Ringgit Malaysia at the rates of exchangeapproximating the rates at the balance sheet date and profit and loss items, where applicable, are convertedat rates ruling on the transaction dates. Exchange differences are included in the profit and loss account inthe year in which they arise.

Deferred taxationProvision is made using the liability method for taxation deferred in respect of all timing differences exceptwhere it is considered reasonably probable that the tax effects of such deferrals will continue in theforeseeable future. In accounting for timing differences, deferred tax debits are not accounted for unlessthere is a reasonable expectation of their realisation.

Cash and cash equivalentsCash comprises cash in hand, bank balances and demand deposits. Cash equivalents are short term, highlyliquid investments that are readily convertible to known amounts of cash and which are subject to aninsignificant risk of changes in value.

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4 Principal activities and turnover

The principal activities of the Company during the financial year are that of investment holding andprovision of management services. The principal activities of the subsidiary companies are set out in note 16to the accounts.

Turnover of the Group represents invoiced value of bulk quantity of water supplied to the Selangor StateGovernment. Turnover of the Company represents dividend income and management fees.

5 Profit before taxation

Group CompanyIn RM 1999 1998 1999 1998

Profit before taxation is stated after charging:Depreciation of fixed assets 5,013,648 5,062,068 85,521 78,395Amortisation of deferred expenditure 741,572 602,164 – –Amortisation of project development costs 10,128,506 8,537,212 – –Amortisation of water treatment plants 37,872,857 1,701,814 – –Hire purchase interest 553,891 556,183 – –Interest on term loans 56,971,786 6,555,929 – –Other interests 150,479 58,759 – –Rental of office premises 2,706,873 3,167,781 – –Directors’ remuneration:

- fees 626,067 636,000 – –- other emoluments 3,605,803 2,428,816 42,000 22,000

Fees paid/payable to firms of which a Director is a member 1,140,000 1,320,000 – –

Auditors’ remuneration- current year 90,000 65,480 15,000 10,000- underprovision in respect of previous year 15,000 – 5,000 –

Provision for diminution in value of quoted shares – 9,740 – –Hire of transport and equipment 42,545 21,700 – –

and crediting:Interest income 6,617,139 22,267,299 – 37,808Profit on construction contract 11,315,435 11,035,115 – –Gain on disposal of fixed assets 37,303 – – –

The estimated monetary value of benefits-in-kind received and receivable by the Directors otherwise than incash from the Group amounts to RM156,017 (1998: RM128,800).

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6 Taxation


Malaysian income tax based on the profit for the year – – 1,075,200 2,150,400

There is no taxation charge for the Group because PNSB enjoys investment incentives under the Income TaxAct, 1967.

The effective tax rate of the Company is higher than the applicable statutory tax rate because certainexpenses are not allowable for taxation purposes.

7 Earnings per ordinary share

The basic earnings per ordinary share for the year has been calculated based on the consolidated profit aftertaxation and minority interest of RM98,971,517 (1998: RM57,227,976) on the weighted average number ofordinary shares in issue during the year of 250,000,000 (1998: 250,000,000) shares.

The Company’s Employee Loyalty Share Option Scheme does not affect the basic earnings per ordinary shareas the options are over existing issued and fully paid ordinary shares of the Company currently held by thetrustees. There will be no new issue of ordinary shares upon the exercise of these options.

8 Share capital


Authorised:Ordinary shares of RM1 each

At 1 January/31 December 300,000,000 300,000,000 300,000,000 300,000,000

Issued and fully paid up:Ordinary shares of RM1 each

At 1 January/31 December 250,000,000 250,000,000 250,000,000 250,000,000

9 R e s e rv e s


Non-distributable:Share premium 143,805,140 143,805,140 143,805,140 143,805,140Reserve on consolidation 92,322 92,322 – –Merger reserve (40,999,998) (40,999,998) – –

102,897,464 102,897,464 143,805,140 143,805,140

Distributable:Unappropriated profit 275,240,971 176,269,454 10,509,970 8,056,650

378,138,435 279,166,918 154,315,110 151,861,790

The Company has sufficient tax credit under Section 108 of the Income Tax Act, 1967 to frank the paymentof net dividends out of all its unappropriated profit at 31 December 1999.

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10 Deferred taxation

GroupIn RM 1999 1998

Timing differences between depreciation and amortisation, andcorresponding taxation allowances 242,044,236 412,596,241

Unabsorbed losses (248,534,879) (246,256,194)Unutilised reinvestment allowances (488,805,962) (201,555,441)

(495,296,605) (35,215,394)

11 Long term borrowings


SecuredTerm loan I 300,000,000 300,000,000 – –Revolving underwriting facility 800,000,000 800,000,000 – –Unamortised interest (6,021,966) (6,080,311) – –

793,978,034 793,919,689 – –1,093,978,034 1,093,919,689 – –

UnsecuredTerm loan II 21,150,800 21,150,800 21,150,800 21,150,800Less: Repayment due in next 12 months

(Note 24) (21,150,800) – (21,150,800) –– 21,150,800 – 21,150,800

Government Support Loan 121,775,579 121,775,579 – –Less: Repayment due in next 12 months

(Note 24) (12,177,558) (6,088,779) – –109,598,021 115,686,800 – –

1,203,576,055 1,230,757,289 – 21,150,800

i. Both the term loan I and revolving underwriting facility (“RUF”) are secured by fixed charges over all theassets of the wholly owned subsidiary company, Puncak Niaga (M) Sdn Bhd (“PNSB”), the rights of PNSBunder the Concession Agreements, construction contracts and project agreements undertaken by PNSB.

Term loan I is repayable in fourteen semi-annual instalments based on pre-determined percentages ofoutstanding balance, commencing at the earlier of six months after the completion of the new facilities,or the year 2002. The interest rate of term loan I for the year is fixed at 8.5% (1998: 8.5%) per annum.

The RUF facility will expire at the earlier of 2 years after the completion of the new facilities, or the year2004, and upon its expiration, may be converted at the option of the Company into a 5 years term loan.The interest rates of RUF for the year ranged between 5.25% and 9.00% (1998: 9.00% and 17.10%) perannum and are issued with tenures of one, two, three or six months.

80

1 1 Long term borrowings ( c o n t ’ d )

ii. Pursuant to the Puncak Niaga Holdings Berhad’s Employee Loyalty Share Option Scheme (“ELSOS”),which became effective on 8 July 1997, options over 9,094,000 ordinary shares of RM1 each in theCompany were allocated to eligible employees in the period to 31 December 1999 to take up the issuedshares offered by the holding company, Central Plus (M) Sdn Bhd and another shareholder, CorporateLine (M) Sdn Bhd. Term loan II was taken by the Company to provide financing to the trustee of theELSOS to acquire 5,566,000 of the 9,094,000 shares.

The loan is unsecured and repayable from the proceeds arising out of the options exercised by theeligible employees under the ELSOS within the period of 3 years up to 8 July 2000 or by a single bulletrepayment not later than July 2000. The interest rates ranged between 8.66% and 10.10% (1998: 12.25%and 14.00%) per annum.

iii. The Government Support Loan is repayable in equal annual instalments over a period of 20 yearscommencing on 11 April 1999. The interest rate is fixed at 8% per annum on the outstanding balance ofthe loan amount.

12 Hire purchase creditors

Hire purchase creditors, net of interest in suspense, are payable as follows:


Total payable 3,511,089 4,656,729Payable within twelve months (1,438,814) (1,450,325)

Payable after twelve months 2,072,275 3,206,404

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13 Fixed assets

Long term Furniture Computers Plant Water Capitalleasehold and Office Motor and and treatment work-in-

Group land fittings equipment Renovation vehicles software equipment plants progress TotalIn RM

1999

CostAt 1 January 8,466,610 3,301,705, 1,737,485 4,692,669 10,714,317 2,935,973 970,848 122,530,608 1,199,461,778 1,354,811,993Additions – 32,684 281,196 84,742 717,690 204,077 68,166 2,970 268,758,027 270,149,552Disposals – – – – (197,430) – (45,000) – – (242,430)Reclassifications – – – – – – – 797,592,452 (797,592,452) –At 31 December 8,466,610 3,334,389 2,018,681 4,777,411 11,234,577 3,140,050 994,014 920,126,030 670,627,353 1,624,719,115

DepreciationAt 1 January 78,395 1,398,468 772,045 3,750,751 4,371,050 1,715,432 76,688 1,701,814 – 13,864,643Charge for the year 85,521 662,343 361,723 907,982 2,224,647 634,094 132,205 37,960,348 – 42,968,863Disposals – – – – (127,607) – (3,736) – – (131,343)At 31 December 163,916 2,060,811 1,133,768 4,658,733 6,468,090 2,349,526 205,157 39,662,162 – 56,702,163

Net book valueAt 31 December 8,302,694 1,273,578 884,913 118,678 4,766,487 790,524 788,857 880,463,868 670,627,353 1,568,016,952

1998

CostAt 1 January – 2,039,033 1,354,978 5,132,777 9,553,632 2,153,283 14,400 – 686,765,178 707,013,281Additions 8,466,610 417,858 415,750 396,454 1,165,114 782,690 956,448 122,530,608 512,696,600 647,828,132Reclassifications – 844,814 (33,243) (836,562) (4,429) – – – – (29,420)At 31 December 8,466,610 3,301,705 1,737,485 4,692,669 10,714,317 2,935,973 970,848 122,530,608 1,199,461,778 1,354,811,993

DepreciationAt 1 January – 951,529 450,431 2,435,440 2,413,421 844,320 5,620 – – 7,100,761Charge for the year 78,395 520,102 333,760 1,313,243 1,998,288 801,224 71,068 1,701,814 – 6,817,894Reclassifications – (73,163) (12,146) 2,068 (40,659) 69,888 – – – (54,012)At 31 December 78,395 1,398,468 772,045 3,750,751 4,371,050 1,715,432 76,688 1,701,814 – 13,864,643

Net book valueAt 31 December 8,388,215 1,903,237 965,440 941,918 6,343,267 1,220,541 894,160 120,828,794 1,199,461,778 1,340,947,350

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13 Fixed assets (Cont’d)

Company Long term leasehold landIn RM

1999

CostAt 1 January/31 December 8,466,610

DepreciationAt 1 January 78,395Charge for the year 85,521At 31 December 163,916

Net book valueAt 31 December 8,302,694

1998

CostAddition/At 31 December 8,466,610

DepreciationCharge for the year/At 31 December 78,395

Net book valueAt 31 December 8,388,215

Included in capital work-in-progress is interest on term loans capitalised amounting to RM139,343,703 (1998:RM159,940,716). Included in water treatment plant cost is interest on borrowings capitalised amounting toRM105,636,635 (1998: RM1,230,238).

Assets acquired under hire purchase arrangementsThe value of the fixed assets of the Group includes the following assets acquired under hire purchasearrangements:

In RM 1999 1998

Motor vehicles

Cost 9,723,839 9,685,384Accumulated depreciation (5,456,078) (3,965,825)

Net book value 4,267,761 5,719,559

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14 Project development costs


CostAt 1 January 234,577,705 165,888,397Additions 8,227,851 68,689,308

242,805,556 234,577,705Amortisation (25,076,730) (14,948,224)At 31 December 217,728,826 219,629,481

15 Deferred expenditure

In RM 1999 1998

CostAt 1 January 14,981,487 14,848,271Additions 1,226,065 133,216

16,207,552 14,981,487Amortisation (2,462,683) (1,721,111)At 31 December 13,744,869 13,260,376

Included in deferred expenditure are concession acquisition costs and preliminary and pre-operatingexpenses of RM15,943,311 and RM264,241 (1998: RM14,964,781 and RM16,706), respectively.

Included under preliminary and pre-operating expenses incurred during the year are auditors’ remunerationand Directors’ remuneration of RM880 (1998: RM760) and RM120,000 (1998: RM40,000), respectively.

16 Subsidiary companies

CompanyIn RM 1999 1998

Unquoted shares, at cost 123,000,100 123,000,097Subordinated advances 271,368,807 271,368,807Amount owing by a subsidiary company – 50,000Amount owing to a subsidiary company (5,360,138) (5,184,636)

389,008,769 389,234,268

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16 Subsidiary companies (Cont’d)

The subsidiary companies are:

Name of Country of Interest in equity held byCompany incorporation Subsidiary Principal activities

Company company% %

Direct# Puncak Niaga (M) Sdn Bhd Malaysia 100 – Operation, maintenance,

management, constructionand undertaking therehabilitation andrefurbishment of watertreatment facilities

* Puncak Research Centre Malaysia 100 – DormantSdn Bhd

* Puncak Seri (M) Sdn Bhd Malaysia 100 – Dormant

Indirect* Ideal Water Resources Malaysia 100 100 Operation, management,

Sdn Bhd maintenance and u n d e rt a k i n gthe rehabilitation andrefurbishment of SungaiSemenyih Water TreatmentPlant, Wangsa Maju WaterTreatment Plant and SSP 2Stage I Water TreatmentPlant.

* Unggul Raya (M) Sdn Bhd Malaysia 100 100 Operation, management,maintenance and monitoringthe operation of dams

# subsidiary company consolidated using the merger accounting method* not audited by PricewaterhouseCoopers

Subordinated advances given to a subsidiary company, Puncak Niaga (M) Sdn Bhd are subordinated and shallbe released only upon substitution of these advances into equity of an equal value in that subsidiarycompany.

The amounts owing by/(to) a subsidiary company is unsecured, interest free, and has no fixed terms ofrepayment.

85

17 Investments


Quoted shares in Malaysia, at cost 471,139 471,139Provision for diminution in value (426,089) (426,089)

45,050 45,050

Market value 47,250 45,050

1 8 ELSOS scheme

This represents amount due from the trustee of the ELSOS in respect of advances the Company has given tothem to acquire the 5,566,000 option shares from the holding company and another shareholder (see note11(ii) ).

19 Stocks and contract work-in-progress


Stocks:Water treatment chemicals 822,426 462,854

Contract work-in-progress:Contract cost 349,867,280 280,315,408Attributable profits less foreseeable loss 29,465,550 18,150,115

379,332,830 298,465,523Progress billings receivable (329,858,747) (273,219,231)

49,474,083 25,246,29250,296,509 25,709,146

Included in contract cost is interest on short term borrowings of RM4,663,102 (1998: RM2,816,508).

20 Amount owing by holding company

The holding company is Central Plus (M) Sdn Bhd, a company incorporated in Malaysia which owns 51% ofthe issued share capital of the Company.

The amount owing by the holding company is unsecured, interest free and has no fixed terms of repayment.

86

21 Significant related party transactions and balances

In the normal course of business, the Company undertakes on an arm’s length basis a variety of transactionswith companies deemed related parties by virtue of being members of the Puncak Niaga group ofcompanies. The Puncak Niaga group of companies, with whom the Group and Company transact with,include the following companies:

Other related parties RelationshipMandai Sari Sdn Bhd A subsidiary company of Central Plus (M) Sdn BhdCentral Plus Aviation & Services Sdn Bhd A subsidiary company of Central Plus (M) Sdn BhdRZ Management Services Sdn Bhd A Director related corporationPuncak Niaga Overseas Capital Sdn Bhd A Director related corporation

The significant related party transactions (other than as previously disclosed in Note 5 to the accounts) andbalances between the Group and Company and these entities, are as follows:


Significant related party transactionsManagement fees paid to a related company 500,000 500,000 – –Hiring charges payable to a related company 144,000 1,584,000 – –Management fee charged to a subsidiary company – – 120,000 120,000Dividend receivable from a subsidiary company – – 2,764,800 5,529,600

Related party balancesRelated party balances which arose from the above significant related party transactions and remainoutstanding at the year end, are as follows:


Related party receivablesRelated company 207,909 15,699,188 – –Other related parties included in other debtors,

deposits and prepayments 2,631,583 – – –2,839,492 15,699,188 – –

Related party payablesRelated company 23,384,361 10,163,003 – –Other related parties included in other

creditors and accrued liabilities 2,970,000 1,469,291 – –26,354,361 11,632,294 – –

The amounts owing by/(to) the related parties arose in the ordinary course of business and are unsecured,interest free and have no fixed terms of repayment.

22 Other debtors, deposits and prepayments

Included in other debtors, deposits and prepayments of the Group are advances given to project contractorsamounting to RM64,023,600 (1998: RM108,835,030). The advances were given for project working capitalpurposes, for the Sungai Selangor Water Supply Scheme and Distribution Supply System projects pursuant tothe respective contracts.

87

23 Deposits with financial institutions


Fixed deposits with licensed banks – 176,344,404 – –Short term placement with licensed banks – 6,000,000 – –

– 182,344,404 – –

24 Short term borrowings


Term loan (Note 11) 21,150,800 – 21,150,800Government Support Loan (Note 11) 12,177,558 6,088,779 – –Revolving credit 24,400,000 16,000,000 – –

57,728,358 22,088,779 21,150,800 –

The revolving credit facility is unsecured and repayable on demand. The interest rates for the year rangedbetween 5.19% and 9.15% (1998: 9.15% and 14.25%) per annum.

25 Other creditors and accrued liabilities

Included in other creditors and accrued liabilities of the Group are amount due to contractors and retentionsums payable of RM147,330,288 and RM NIL (1998: RM188,815,373 and RM45,266,283) respectively, pursuantto the respective contracts.

26 Cash and cash equivalents

Cash and cash equivalents included in the consolidated cash flow statement comprise the following:

In RM 1999 1998

Deposits with financial institutions – 182,344,404Cash and bank balances 59,179,942 8,163,316

59,179,942 190,507,720

27 Capital commitments


Commitment under the terms of thePrivatisation cum ConcessionAgreement dated 22 September 1994for the rehabilitation and refurbishmentof water treatment facilities 22,366,981 29,411,000 – –

88

27 Capital commitments (Cont’d)


Commitment under the terms of theConstruction Agreement dated 22 March 1995 for the construction and completion of Sungai Selangor Water Supply Scheme Phase 2 Stage II 70,621,228 279,595,000 – –

28 Contingent liability


UnsecuredCorporate guarantee given to a bank for facilities

granted to a subsidiary company – – 50,298,500 50,298,500

29 Events subsequent to balance sheet date

a. The Company is currently undertaking a Proposed Composite Issue Exercise which was announced on 12November 1999 comprising:

i. a bonus issue of 125,000,000 new ordinary share of RM1.00 each on the basis of one new ordinaryshare for every two existing ordinary shares held in the Company; and

ii a rights issue of 62,500,000 new ordinary share of RM1.00 each on the basis of one new ordinaryshare for every four existing shares held at an issue price of RM1.50 per share.

The Company has obtained a conditional approval from the Securities Commission on 20 April 2000.However, the dates of the above issues have not been determined at current date.

b. The Company has been invited by the Federal Economic Planning Unit in January 2000 to take up a 25%equity stake in Syarikat Pengeluar Air Sungai Selangor Sdn Bhd, the concessionaire for the SungaiSelangor Water Supply Scheme Phase 3 (SSP3) Project.

c. On 20 April 2000, a subsidiary company, Puncak Niaga (M) Sdn Bhd, entered into a Facilities Agreementfor banking facilities of up to RM261.5 million to finance, design, construct and commission the DSS 2Project. The banking facilities comprise a term loan and bank guarantee facilities of RM240 million andRM21.5 million, respectively.

30 Segmental reporting - Group

Segmental analysis is not presented as the Group is primarily involved in the operation, maintenance, constru c t i o n ,rehabilitation and refurbishment of water treatment facilities and operates principally in Malaysia.

89

We, Dato’ Rozali bin Ismail and Mat Hairi bin Ismail, being two of the Directors of Puncak Niaga Holdings Berhad,state that, in the opinion of the Directors, the accounts set out on pages 71 to 89 are drawn up so as to exhibita true and fair view of the state of affairs of the Group and the Company as at 31 December 1999 and of theresults of the Group and the Company and the cash flows of the Group for the year ended on that date inaccordance with the applicable approved Accounting Standards in Malaysia.

Signed at Kuala Lumpur on 24 April 2000.

On behalf of the Board of Directors

Dato’ Rozali bin IsmailDirector


I, Mat Hairi bin Ismail, being the Director primarily responsible for the financial management of Puncak NiagaHoldings Berhad, do solemnly and sincerely declare that to the best of my knowledge and belief, the accountsset out on pages 71 to 89 are correct, and I make this solemn declaration conscientiously believing the same tobe true and by virtue of the provisions of the Statutory Declarations Act, 1960.


Subscribed and solemnly declared at Kuala Lumpur on 24 April 2000.

Before me

Neoh Swee Kee (W037)Commissioner for Oaths

s t a t e m e n t b y d i r e c t o r sp u r s u a n t t o s e c t i o n 1 6 9 ( 1 5 ) o f t h e c o m p a n i e s a c t , 1 9 6 5

s t a t u t o r y d e c l a r a t i o n

90

We have audited the accounts set out on pages 71 to 89. These accounts are the responsibility of the Company’sDirectors. 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 requirethat we plan and perform the audit to obtain reasonable assurance about whether the accounts are free ofmaterial misstatement. An audit includes examining, on a test basis, evidence supporting the amounts anddisclosures in the accounts. An audit also includes assessing the accounting principles used and significantestimates made by Directors, as well as evaluating the overall accounts presentation. We believe that our auditprovides 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 31December 1999 and of the results of the Group and of the Company and the cash flows of the Group for theyear ended on that date in accordance with the applicable approved Accounting Standards in Malaysia, andcomply 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 bythe subsidiaries of which we have acted as auditors have been properly kept in accordance with theprovisions of the Act.

We have considered the accounts and the auditors’ report of the subsidiaries of which we have not acted asauditors, as indicated in note 16 to the accounts.

We are satisfied that the accounts of the subsidiaries that have been consolidated with the Company’s accountsare in form and content appropriate and proper for the purposes of the preparation of the consolidated accountsand we have received satisfactory information and explanations required by us for those purposes.

The auditors’ reports on the accounts of the subsidiaries were not subject to any qualification and did not includeany 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


re p o rt of the audi torst o t h e m e m b e r o f P u n c a k N i a g a H o l d i n g s B e r h a d

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l a p o r a n k e w a n g a n

Laporan Pengarah 94Akaun Untung Rugi Disatukan 99Akaun Untung Rugi 100Lembaran Imbangan 101Penyata Aliran Tunai Disatukan 102Nota-nota kepada Akaun 103Kenyataan Para Pengarah 118Akuan Berkanun 118Laporan Juruaudit 119

1 9 9 9

Para Pengarah dengan sukacitanya membentangkan laporan tahunan mereka berserta akaun-akaun Kumpulandan Syarikat yang telah diaudit bagi tahun kewangan berakhir 31 Disember 1999.

Kegiatan Utama

Kegiatan utama Syarikat sepanjang tahun kewangan merangkumi bidang pemegangan pelaburan danperkhidmatan pengurusan. Kegiatan utama syarikat-syarikat subsidiari adalah seperti yang dinyatakan dalamNota16 kepada akaun. Tiada sebarang perubahan ketara dalam kegiatan-kegiatan tersebut sepanjang tahunkewangan.

Keputusan Kewangan

Kumpulan SyarikatDalam RM

Keuntungan selepas cukai 98,971,517 2,453,320Keuntungan yang tidak diagihkan dibawa ke hadapan 176,269,454 8,056,650Keuntungan yang tidak diagihkan dihantar ke hadapan 275,240,971 10,509,970

Pada pendapat para Pengarah, keputusan operasi Kumpulan dan Syarikat sepanjang tahun kewangan tidakterjejas oleh sebarang perkara, urusniaga atau kejadian yang penting atau luar biasa.

D i v i d e n

Tiada dividen telah dibayar, diisytihar atau dicadang sejak akhir tahun kewangan syarikat yang lalu.

P e rgerakan Ke Atas Rizab dan Peru n t u k a n

Tiada sebarang pindahan ketara daripada atau kepada rizab dan peruntukan sepanjang tahun kewangan.

Skim Opsyen Saham Pekerja Setia

Selaras dengan Skim Opsyen Saham Pekerja Setia (ELSOS), yang berkuatkuasa pada 8 Julai 1997, opsyen ke atas9,094,000 saham biasa Syarikat bernilai RM1 setiap satu telah diperuntukkan kepada pekerja yang layak bagitempoh sehingga 31 Disember 1999 untuk membeli saham-saham terbitan yang ditawarkan oleh syarikatpegangan, Central Plus (M) Sdn Bhd dan satu lagi pemegang saham, Corporate Line (M) Sdn Bhd.

Ciri-ciri utama ELSOS adalah seperti berikut :

a. Mereka yang layak adalah pekerja yang telah disahkan secara bertulis sebagai pekerja sepenuh masa dalamKumpulan pada 30 April 1997, termasuk Pengarah Eksekutif sepenuh masa.

b. Peruntukan opsyen boleh dilaksanakan dalam tiga (3) peringkat dalam tempoh tiga (3) tahun sehingga 8Julai 2000.

c. Harga pelaksanaan bagi saham ELSOS adalah harga runcit tetap sebanyak RM3.80 pada tarikh opsyendilaksanakan.

d. Jumlah saham yang ditawarkan di bawah skim ELSOS merangkumi 9,094,000 saham biasa Syarikat yangditerbitkan dan dibayar sepenuhnya bernilai RM1 setiap satu.

Sepanjang tahun kewangan, opsyen ke atas 2,680,000 saham biasa bernilai RM1 sesaham telah diperuntukkandalam peringkat ketiga pada Julai 1999 pada harga pelaksanaan RM3.80 sesaham biasa dan sehingga akhirtahun kewangan, kesemua opsyen ini masih belum dilaksanakan oleh pekerja yang layak.

l a p o r a n p e n g a r a hb a g i t a h u n b e r a k h i r 3 1 D i s e m b e r 1 9 9 9

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Dalam tahun kewangan, opsyen ke atas 5,566,000 saham biasa bernilai RM1 setiap satu yang merupakan jumlahbaki saham ELSOS, belum lagi diperuntukkan.

Para Pengarah

Para pengarah yang berkhidmat sejak tarikh laporan lalu adalah :

Dato’ Rozali bin IsmailRuslan bin HassanRaja Azhar bin Raja IsmailMat Hairi bin IsmailAbdul Majid bin Abdul KarimDato’ Hari Narayanan a/l Govindasamy (dilantik pada 01.07.1999)Lee Miang Koi (dilantik pada 01.09.1999)Samsi bin Pakih (meletak jawatan pada 01.07.1999)

Kepentingan Para Pengarah

Menurut Daftar Pegangan Saham Pengarah, butir-butir mengenai kepentingan dalam saham-saham Syarikat danbadan-badan berkaitan sepanjang tahun kewangan bagi para Pengarah yang memegang jawatan pada akhirtahun kewangan adalah seperti berikut :

Bilangan saham biasa bernilai RM1 setiap satu1 Jan Tambahan Pelupusan 31 Dec

Kepentingan secara langsung dalam Syarikat:

SahamRuslan bin Hassan 238,000 – – 238,000Raja Azhar bin Raja Ismail 233,000 – 230,000 3,000Mat Hairi bin Ismail 3,000 – – 3,000Abdul Majid bin Abdul Karim 2,000 – – 2,000Lee Miang Koi 50,000 – – 50,000(pada tarikh perlantikan)

Kepentingan secara tidak langsung dalam Syarikat

SahamRaja Azhar bin Raja Ismail – 225,000 – 225,000*Dato’ Hari Narayanan a/l Govindasamy 120,000 – – 120,000*Lee Miang Koi 10,000 – – 10,000*(*pegangan atas nama calon)

Bilangan saham biasa bernilai RM1 setiap satuDiberi/

1 Jan Peruntukan Dilaksanakan 31 Dec

Opsyen Saham ELSOSRuslan bin Hassan 150,000 – – 150,000Raja Azhar bin Raja Ismail 160,000 – – 160,000Mat Hairi bin Ismail 160,000 – – 160,000Lee Miang Koi 29,000 – – 29,000(pada tarikh perlantikan)

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Kepentingan Para Pengarah (sambungan)

Bilangan saham biasa bernilai RM1 setiap satu1 Jan Tambahan Pelupusan 31 Dis

Kepentingan secara langsung dalam syarikat subsidiari

Unggul Raya (M) Sdn Bhd

Dato’ Rozali bin Ismail 1 – 1 –Mat Hairi bin Ismail 1 – 1 –

Puncak Research Centre Sdn Bhd

Dato’ Rozali bin Ismail 1 – 1 –Raja Azhar bin Raja Ismail 1 – 1 –Mat Hairi bin Ismail 1 – 1 –

Saham-saham yang dipegang oleh Central Plus (M) Sdn Bhd (syarikat pegangan) dalam Syarikat 127,510,000 – – 127,510,000

Oleh kerana kepentingan yang besar dalam Central Plus (M) Sdn Bhd, Dato’ Rozali bin Ismail juga dianggapmempunyai kepentingan dalam saham Syarikat dan kesemua syarikat subsidiarinya.

Bilangan saham biasa bernilai RM1 setiap satu1 Jan Tambahan Pelupusan 31 Dis

Kepentingan secara langsung dalam syarikat pegangan:

Central Plus (M) Sdn Bhd

Dato’ Rozali bin Ismail 13,496,500 – – 13,496,500

Oleh kerana kepentingan yang besar dalam Central Plus (M) Sdn Bhd, Dato’ Rozali bin Ismail juga dianggapmempunyai kepentingan dalam kesemua syarikat subsidiari Central Plus (M) Sdn Bhd mengikut tahapkepentingan Central Plus (M) Sdn Bhd.

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Faedah Para Pengarah

Sejak tahun kewangan lalu, tiada Pengarah menerima atau layak menerima faedah (selain daripada ganjaranPengarah seperti yang dinyatakan dalam Nota 5 kepada akaun) hasil daripada kontrak yang dibuat oleh Syarikatatau badan berkaitan dengan Pengarah atau dengan firma kepada akaun yang mana Pengarah berkenaanmenjadi ahlinya atau syarikat di mana beliau mempunyai kepentingan kewangan yang besar, kecuali dalam hal-hal berikut :

i. Pengarah tertentu menerima ganjaran sebagai Pengarah/Pengarah Eksekutif syarikat berkaitan dan faedahyang terbit daripada opsyen saham dalam Syarikat yang diperuntukkan kepada Pengarah tertentu di bawahskim ELSOS seperti yang diumumkan dalam bahagian awal laporan ini;

ii. Dato’ Rozali bin Ismail yang mempunyai kepentingan kewangan dalam syarikat berkaitan, Mandai Sari SdnBhd, yang bertanggungjawab mengendali, menyenggara dan menguruskan kemudahan pembersihan airmengikut syarat-syarat Perjanjian Operasi dan Pengendalian dengan Syarikat bertarikh 8 Oktober 1994;

iii. Dato’ Rozali bin Ismail yang mempunyai kepentingan kewangan dalam syarikat berkaitan, RZ ManagementServices Sdn Bhd yang menyediakan perkhidmatan kesetiausahaan kepada syarikat subsidiari, Puncak Niaga(M) Sdn Bhd; dan

iv. Dato’ Rozali bin Ismail dan Mat Hairi bin Ismail yang mempunyai kepentingan dalam syarikat berkaitan,Puncak Niaga Overseas Capital Sdn Bhd yang menyediakan perkhidmatan perundingan projek danpelaburan luar negeri kepada syarikat subsidiari, Puncak Niaga (M) Sdn Bhd.

Pada sepanjang atau akhir tahun kewangan, Syarikat tidak pernah terlibat dalam sebarang perjanjian yangbertujuan untuk membolehkan para Pengarah mendapat faedah samada melalui perolehan saham ataudebentur Syarikat atau mana-mana badan korporat lain.

Maklumat Berkanun Lain

Sebelum akaun-akaun Kumpulan dan Syarikat disediakan, para Pengarah telah mengambil langkah-langkahsewajarnya untuk :

a. memastikan tindakan diambil berhubungan dengan penghapusankira hutang lapuk dan peruntukan hutangragu dan berpuas hati bahawa kesemua hutang lapuk yang diketahui telah dihapuskira dan peruntukansecukupnya telah disediakan untuk hutang ragu; dan

b untuk memastikan sebarang aset semasa yang tidak dapat diperolehi nilai bukunya dalam urusan biasaperniagaan telah dikurangkan kepada nilai yang dijangka boleh diperolehi.

Pada tarikh laporan ini, para Pengarah tidak mengetahui sebarang keadaan :

a. yang boleh menyebabkan jumlah hutang lapuk yang dihapuskira atau jumlah peruntukan hutang raguKumpulan dan Syarikat tidak mencukupi hingga ke tahap yang ketara atau timbul kekeliruan terhadap nilaiaset-aset semasa; dan

b. yang telah timbul dan mungkin akan menyebabkan pematuhan kepada kaedah sedia ada bagi penilaianaset atau tanggungan Kumpulan dan Syarikat mengelirukan dan tidak sesuai.

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Maklumat Berkanun Lain (sambungan)

Dalam tempoh perantaraan akhir tahun kewangan dan tarikh laporan ini dibuat:

a. tiada perkara, urusniaga atau kejadian penting dan perkara luar biasa yang mengikut pendapat paraPengarah dapat mempengaruhi keputusan operasi Kumpulan dan Syarikat bagi tahun kewangan semasa ;dan

b. tiada cagaran yang timbul ke atas aset mana-mana syarikat dalam Kumpulan yang menjadi sandaran bagitanggungan orang lain dan juga tiada sebarang tanggungan luar jangka yang timbul dalam mana-manasyarikat di dalam Kumpulan.

Tiada tanggungan luar jangka atau tanggungan lain mana-mana syarikat dalam Kumpulan yang telahdikuatkuasakan atau berkemungkinan dikuatkuasakan dalam tempoh dua belas bulan selepas akhir tahunkewangan yang pada pendapat para Pengarah, akan atau mungkin menjejaskan keupayaan Syarikat dansyarikat-syarikat subsidiarinya untuk memenuhi kewajipan masing-masing apabila sampai tempohnya kelak.

Pada tarikh laporan ini, para Pengarah tidak mengetahui akan adanya sebarang keadaan yang tidak diambilkiradalam laporan ini atau akaun-akaun yang boleh menyebabkan kekeliruan pada mana-mana jumlah yangdinyatakan dalam akaun.

Syarikat Pegangan

Syarikat pegangan ialah Central Plus (M) Sdn Bhd, sebuah syarikat yang diperbadankan di Malaysia.

Tahun 2000

Setelah mengambil kira tindakan membaikpulih ke atas semua perkakasan, perisian dan sistem komunikasi bagimelengkapi persediaan Y2K, Syarikat telah berjaya melangkah ke alaf 2000 tanpa mengalami sebaranggangguan yang menjejaskan operasinya sehingga kini.

Juruaudit

Juruaudit, PricewaterhouseCoopers, telah menyatakan kesediaan mereka untuk dilantik semula.

Bagi pihak Lembaga Pengarah

Dato’ Rozali bin IsmailPengarah

Mat Hairi bin IsmailPengarah


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KumpulanDalam RM Nota 1999 1998

Perolehan 4 347,472,486 183,415,236

Keuntungan sebelum cukai 5 98,971,517 57,226,090Cukai 6 – –

Keuntungan selepas cukai 98,971,517 57,226,090Kepentingan minoriti – 1,886

Keuntungan yang boleh diagihkan kepada para pemegang saham 98,971,517 57,227,976

Keuntungan yang tidak diagihkan dibawa ke hadapan 176,269,454 119,041,478

Keuntungan yang tidak diagihkan dihantar ke hadapan 275,240,971 176,269,454

Dipegang oleh:Syarikat 10,509,970 8,056,650Syarikat-syarikat subsidiari 264,731,001 168,212,804

275,240,971 176,269,454

Pendapatan sesaham biasa 7 39.59 sen 22.89 sen

Akaun untung rugi di atas perlu dibaca seiring dengan nota-nota kepada akaun pada muka surat 103 hingga 117

Laporan juruaudit - muka surat 119

a k a u n u n t u n g r u g i d i s a t u k a nb a g i t a h u n b e r a k h i r 3 1 D i s e m b e r 1 9 9 9

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SyarikatDalam RM Nota 1999 1998

Perolehan 4 3,960,000 7,800,000

Keuntungan sebelum cukai 5 3,528,520 7,324,353Cukai 6 (1,075,200) (2,150,400)

Keuntungan selepas cukai 2,453,320 5,173,953Keuntungan yang tidak diagihkan dibawa ke hadapan 8,056,650 2,882,697

Keuntungan yang tidak diagihkan dihantar ke hadapan 10,509,970 8,056,650



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Kumpulan SyarikatDalam RM Nota 1999 1998 1999 1998

Rizab dan modalModal saham 8 250,000,000 250,000,000 250,000,000 250,000,000Rizab 9 378,138,435 279,166,918 154,315,110 151,861,790

628,138,435 529,166,918 404,315,110 401,861,790

Kepentingan minoriti – 3 – –Tanggungan jangka panjang dan tertundaCukai tertunda 10 – – – –Pinjaman jangka panjang 11 1,203,576,055 1,230,757,289 – 21,150,800Pemiutang sewa-beli 12 2,072,275 3,206,404 – –Jumlah tertahan 9,766,283 – – –

1,843,553,048 1,763,130,614 404,315,110 423,012,590

Diwakili oleh :Aset tetap 13 1,568,016,952 1,340,947,350 8,302,694 8,388,215Kos pembangunan projek 14 217,728,826 219,629,481 – –Perbelanjaan tertunda 15 13,744,869 13,260,376 – –Syarikat-syarikat subsidiari 16 – – 389,008,769 389,234,268Pelaburan 17 45,050 45,050 – –Skim ELSOS 18 – 21,150,800 – 21,150,800

Aset SemasaStok dan kontrak kerja dalam pelaksanaan 19 50,296,509 25,709,146 – –Penghutang perdagangan 93,121,567 108,375,648 – –Jumlah terhutang oleh syarikat pegangan 20 1,651,117 1,651,117 – –Jumlah terhutang oleh sebuah syarikat

berkaitan 21 207,909 15,699,188 – –Penghutang lain, deposit dan bayaran

terdahulu 22 89,402,180 120,061,650 – –Dividen belum terima dari syarikat

subsidiari – – 8,294,400 5,529,600Skim ELSOS 18 21,150,800 – 21,150,800 –Deposit dengan institusi kewangan 23 – 182,344,404 – –Wang tunai di tangan dan di bank 59,179,942 8,163,316 25,825 32,404

315,010,024 462,004,469 29,471,025 5,562,004

Tanggungan semasaPemiutang perdagangan 9,911,248 10,319,529 – –Pinjaman jangka pendek 24 57,728,358 22,088,779 21,150,800 –Pemiutang sewa-beli 12 1,438,814 1,450,325 – –Jumlah terhutang kepada sebuah

syarikat berkaitan 21 23,384,361 10,163,003 – –Pemiutang lain dan tanggungan terakru 25 177,283,891 248,639,275 116,578 122,697Cukai 1,246,001 1,246,001 1,200,000 1,200,000

270,992,673 293,906,912 22,467,378 1,322,697Aset bersih semasa 44,017,351 168,097,557 7,003,647 4,239,307

1,843,553,048 1,763,130,614 404,315,110 423,012,590

Akaun untung rugi di atas perlu dibaca seiring dengan nota-nota kepada akaun pada muka surat 103 hingga 117Laporan juruaudit - muka surat 119

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Dalam RM Nota 1999 1998

Aliran tunai dihasilkan dari/(digunakan dalam) aktiviti operasiTunai diterima daripada pelanggan 419,366,067 382,157,355Tunai dibayar kepada syarikat pengendali (89,684,493) (99,063,793)Tunai dibayar kepada kontraktor (118,096,742) (198,675,544)Tunai dibayar kepada pekerja dan untuk perbelanjaan operasi (38,428,564) (33,667,027)

Aliran tunai dihasilkan dari operasi 173,156,268 50,750,991Faedah dibayar (50,231,775) (5,154,738)Faedah diterima 6,554,147 22,249,117

(43,677,628) 17,094,379Tunai bersih dihasilkan melalui aktiviti operasi 129,478,640 67,845,370

Aliran tunai dari/(digunakan dalam) aktiviti pelaburanPerolehan pelaburan dalam syarikat subsidiari (3) –Hasil dari penjualan aset tetap 148,389 –Pembelian aset tetap dan pembayaran bagi modal kerja dalam pelaksanaan (244,336,762) (551,043,918)Pembayaran bagi perbelanjaan tertunda (1,226,063) (133,216)Pembayaran bagi kos pembangunan projek (13,423,144) (53,756,160)Pembayaran bagi loji pembersihan air Wangsa Maju (4,441,484) (118,089,124)Pembayaran balik kepada syarikat pegangan – 2,879,535Pendahuluan kepada syarikat berkaitan (4,307,188) (6,297,053)Tunai bersih digunakan dalam aktiviti pelaburan (267,586,255) (726,439,936)

Aliran tunai dari/(digunakan dalam) aktiviti pembiayaanPenerimaan pinjaman jangka panjang – 687,287,398Penerimaan pinjaman jangka pendek 8,400,000 –Pembayaran balik tanggungan sewa-beli (1,620,163) (1,230,407)Tunai bersih dari aktiviti pembiayaan 6,779,837 686,056,991

(Pengurangan)/Pertambahan bersih tunai dan kesetaraan tunai sepanjang tahun kewangan (131,327,778) 27,462,425

Tunai dan kesetaraan tunai pada permulaan tahun kewangan 190,507,720 163,045,295Tunai dan kesetaraan tunai pada akhir tahun kewangan 26 59,179,942 190,507,720



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1 Pemberian Konsesi dan Kontrak ‘Tu rn k e y ’

Syarikat subsidiari, Puncak Niaga (M) Sdn Bhd (“PNSB”) telah diberi konsesi-konsesi berikut oleh KerajaanNegeri Selangor:

i. untuk mengambilalih, melaksana, mengurus, membaikpulih dan membaiki loji-loji pembersihan airyang sedia ada di Selangor dan Wilayah Persekutuan bagi tempoh 26 tahun berakhir 31 Disember 2020;

ii. untuk membina, mengendali dan mengurus kemudahan pembersihan air yang baru, khususnya SkimBekalan Air Sungai Selangor Fasa 2, Peringkat I dan II (“SSP2”) bagi tempoh 26 tahun berakhir 31Disember 2020; dan

iii. untuk mengurus, mengendali dan menyenggara loji pembersihan air di Sungai Semenyih, SelangorDarul Ehsan bagi tempoh satu tahun bermula 5 Mei 1998 atau sehingga tarikh siap penswastaan JabatanBekalan Air Selangor, yang mana lebih awal. Tiada perlanjutan kontrak rasmi telah diberikan kepadaPNSB. Walau bagaimanapun, pengurusan dan operasi loji tersebut masih dikendalikan oleh PNSB.

Pada 17 Januari 1998, PNSB diberi hak oleh Kerajaan Persekutuan untuk membangunkan sebuah lojipembersihan air serta kemudahan-kemudahan berkaitan di Wangsa Maju. Kerja-kerja pembinaan bermulapada Mac 1998 dan telah siap sepenuhnya pada Julai 1998. Bermula dari tarikh penyiapan tersebut, PNSBtelah pun mengurus, mengendali dan menyenggara loji pembersihan air tersebut.

Pada 6 Ogos 1998, PNSB telah ditawarkan kontrak oleh Kerajaan Negeri Selangor untuk membina danmemasang saluran paip, kolam air dan stesen-stesen pam di beberapa kawasan di bawah Skim Bekalan AirSungai Selangor Fasa 2, Peringkat II - Sistem Pengagihan Bekalan Air II dengan bayaran berjumlah RM420juta. Pada 12 Ogos 1999, nilai kontrak tersebut telah dipinda menjadi RM294 juta.

2 Asas Penyediaan Akaun

Akaun-akaun Kumpulan dan Syarikat telah disediakan menurut Piawaian Perakaunan di Malaysia yangdiluluskan dan mematuhi peru n t u k a n - p e runtukan Akta Syarikat, 1965.

3 D a s a r-dasar Perakaunan Utama

Kesemua dasar perakaunan penting yang diamalkan oleh Kumpulan dan Syarikat adalah sepert ib e r i k u t :

Kelaziman perakaunanAkaun ini disediakan berasaskan kelaziman kos sejarah.

Asas penyatuanKumpulan menggunakan kaedah pengambilalihan dan penggabungan sebagai asas penyatuan.

Akaun untung rugi dan lembaran imbangan Syarikat yang disatukan terdiri daripada akaun Syarikatdan kesemua syarikat subsidiarinya yang telah disediakan sehingga akhir tahun kewangan. Uru s n i a g aantara syarikat dan hasil keuntungan atau kerugian yang diperolehi dimansuh sepenuhnya ataspenyatuan dan akaun-akaun yang disatukan itu menunjukkan urusniaga luaran sahaja.

Kaedah pengambilalihanApabila kaedah pengambilalihan digunakan, perbezaan antara kos penguasaan dan nilai saksama asetbersih syarikat subsidiari yang diperolehi telah dimasukkan ke dalam akaun disatukan sebagaimuhibah atau rizab atas penyatuan.

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Kaedah penggabungan Pengambilalihan syarikat subsidiari yang menepati kriteria penggabungan di bawah Piawaian PerakaunanMalaysia No. 2, Perakaunan untuk Pengambilalihan dan Penggabungan, telah diambilkira untukmenggunakan prinsip perakaunan penggabungan. Apabila kaedah penggabungan digunakan, kospelaburan dalam buku Syarikat dicatatkan pada nilai nominal saham-saham yang diterbitkan danperbezaan antara nilai pelaburan yang dibawa dan nilai nominal saham-saham yang dipindahkan dianggapsebagai rizab penggabungan selaras dengan peruntukan pelepasan penggabungan di bawah Seksyen 60(4)Akta Syarikat 1965. Hasil keputusan syarikat yang digabungkan telah dimasukkan dalam tahun kewangansepenuhnya.

Aset TetapTanah pajakan jangka panjang dinyatakan pada kos dan dilunaskan sepanjang tempoh pajakan selama 99tahun.

Kos aset tetap lain merangkumi kos pembelian dan sebarang kos akibat daripada pembelian.

Modal kerja dalam pelaksanaan mewakili kos pembangunan bagi loji-loji pembersihan air yang baru,khususnya SSP2 Peringkat II dan tidak disusutnilaikan.

Susutnilai aset tetap lain telah dikira untuk penghapusan kos berdasarkan kaedah garis lurus sepanjangjangka hayat aset terbabit. Kadar-kadar tahunan adalah:

%Loji pembersihan air Sepanjang tempoh konsesiPerabot dan pepasangan 20Peralatan pejabat 20Pengubahsuaian 331/3

Kenderaan bermotor 20Komputer dan perisian 331/3

Loji dan peralatan 10

Aset diperolehi di bawah perjanjian sewa-beliAset diperolehi di bawah perjanjian sewa-beli telah dimasukkan dalam aset tetap dan unsur modaltanggungan sewa-beli dinyatakan sebagai pemiutang sewa-beli. Unsur modal bayaran sewa-beli digunakanuntuk mengurangkan tanggungjawab belum jelas dan unsur faedah dikenakan terhadap akaun untung rugisupaya menunjukkan kadar faedah tetap berjangka ke atas hutang belum berbayar pada akhir tempohperakaunan. Aset yang diperolehi di bawah perjanjian sewa-beli disusustnilai sepanjang tempoh hayatberguna aset setara yang dimiliki.

Kos pembangunan projekKos pembangunan projek yang dinyatakan pada kos meliputi perbelanjaan ke atas kerja pembaikan danpemulihan kemudahan loji pembersihan air dan dilunaskan sepanjang tempoh konsesi.

Perbelanjaan TertundaPerbelanjaan tertunda yang dinyatakan pada kos, meliputi perkara-perkara berikut :

• Perbelanjaan sebelum penubuhan ditunjukkan sebagai perbelanjaan awal manakala perbelanjaanselepas tarikh penubuhan tetapi sebelum permulaan operasi ditunjukkan sebagai perbelanjaan sebelumoperasi. Perbelanjaan awal dan sebelum operasi akan dihapuskira sebaik sahaja operasi bermula.

• Perbelanjaan berkaitan perolehan konsesi dilunaskan sepanjang tempoh konsesi.

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Syarikat-syarikat SubsidiariSyarikat subsidiari ialah syarikat yang mana Kumpulan mempunyai pelaburan ekuiti jangka panjangmelebihi 50% dan menguasai keanggotaan lembaga pengarah ataupun lebih daripada separuh kuasaundinya.

Pelaburan dalam syarikat subsidiari dinyatakan pada kos kecuali jika pada pendapat para Pengarah terdapatpenurunan nilai tetap yang mana peruntukan telah disediakan.

PelaburanPelaburan jangka panjang dinyatakan pada kos kecuali jika pada pendapat para Pengarah terdapatpenurunan nilai tetap yang mana peruntukan telah disediakan.

Kontrak Kerja dalam pelaksanaanKontrak kerja dalam pelaksanaan dinyatakan pada kos ditambah keuntungan dan ditolak unjuran kerugiandan bayaran kemajuan yang telah dan akan diterima. Keuntungan ke atas kerja-kerja pembinaan diiktirafberdasarkan kaedah peratusan siap. Kos merangkumi semua perbelanjaan langsung dan tidak langsungberdasarkan tahap aktiviti biasa.

Stok Stok dinyatakan pada nilai terendah di antara kos dan nilai bersih yang diperolehi. Pada umumnya, kosditentukan berdasarkan asas purata wajaran dan merangkumi kos pengangkutan dan pentadbiran.

PenghutangHutang lapuk yang diketahui dihapuskira dan peruntukan khusus disediakan bagi mana-mana hutang ragu.

Permodalan kos pinjamanKos pinjaman berkaitan dengan pembiayaan pembinaan modal kerja dalam pelaksanaan dan kontrak kerjadalam pelaksanaan dipermodalkan dan dimasukkan sebagai sebahagian daripada kos pembinaan dan koskontrak masing-masing sehingga aset-aset tersebut sedia untuk digunakan.

Terjemahan matawangAset dan tanggungan matawang asing diterjemahkan kepada Ringgit Malaysia pada kadar tukaran palinghampir dengan tarikh lembaran imbangan, dan di mana berkaitan, item-item untung rugi akan ditukarkanpada kadar yang berkuatkuasa semasa tarikh urusniaga. Perbezaan pertukaran dimasukkan ke dalam akaununtung rugi pada tahun ianya berlaku.

Cukai tertundaPeruntukan disedia menggunakan kaedah tanggungan bagi cukai tertunda mengikut perbezaan masakecuali di mana kesan cukai dari tundaan demikian dijangka akan berterusan pada masa terdekat yangdapat diramalkan. Dalam pengiraan perbezaan masa, debit cukai tertunda tidak diambilkira kecualiterdapat jangkaan penghasilan yang berpatutan.

Tunai dan kesetaraan tunaiTunai terdiri daripada tunai dalam tangan, baki di bank dan deposit permintaan. Kesetaraan tunai adalahpelaburan mudah cair jangka pendek yang mudah ditukarkan kepada bentuk tunai dalam amaun yangdiketahui, tertakluk kepada perubahan nilai yang risikonya tidak begitu ketara.

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4 Aktiviti Utama dan Pero l e h a n

Aktiviti utama Syarikat sepanjang tahun adalah pemegangan pelaburan dan perkhidmatan pengurusan.Aktiviti utama syarikat-syarikat subsidiari adalah seperti yang dinyatakan dalam Nota 16 kepada akaun.

Perolehan Kumpulan mewakili nilai invois ke atas kuantiti air pukal yang dibekalkan kepada Kerajaan NegeriSelangor. Perolehan Syarikat mewakili pendapatan dividen dan bayaran perkhidmatan pengurusan.

5 Keuntungan sebelum cukai

Kumpulan SyarikatDalam RM 1999 1998 1999 1998

Keuntungan sebelum cukai dinyatakan selepas dikenakan:

Susutnilai aset tetap 5,013,648 5,062,068 85,521 78,395Pelunasan perbelanjaan tertunda 741,572 602,164 – –Pelunasan kos pembangunan projek 10,128,506 8,537,212 – –Pelunasan loji pembersihan air 37,872,857 1,701,814 – –Faedah sewa-beli 553,891 556,183 – –Faedah pinjaman berpenggal 56,971,786 6,555,929 – –Lain-lain faedah 150,479 58,759 – –Sewa premis pejabat 2,706,873 3,167,781 – –Ganjaran para pengarah:

- yuran 626,067 636,000 – –- lain-lain emolumen 3,605,803 2,428,816 42,000 22,000

Bayaran kepada firma yang mana Pengarah adalah ahli 1,140,000 1,320,000 – –

Ganjaran juruaudit- tahun semasa 90,000 65,480 15,000 10,000- kekurangan peruntukan tahun lalu 15,000 – 5,000 –

Peruntukan pengurangan nilai saham disebutharga – 9,740 – –Sewa pengangkutan dan peralatan 42,545 21,700 – –

dan dikreditkan:Pendapatan faedah 6,617,139 22,267,299 – 37,808Keuntungan atas kontrak pembinaan 11,315,435 11,035,115 – –Hasil dari penjualan aset tetap 37,303 – – –

Anggaran nilai faedah kebendaan yang diperolehi dan bakal diperolehi para Pengarah selain daripada tunaidari Kumpulan berjumlah RM156,017 (1998: RM128,800).

6 C u k a i


Cukai pendapatan Malaysia berdasarkan keuntungan bagi tahun – – 1,075,200 2,150,400

Tiada sebarang cukai dikenakan ke atas Kumpulan kerana PNSB menikmati insentif pelaburan di bawah AktaCukai Pendapatan,1967.

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6 Cukai (sambungan)Kadar cukai yang dikuatkuasakan ke atas Syarikat adalah lebih tinggi daripada kadar cukai berkanun keranaterdapat perbelanjaan yang tidak dibenarkan bagi tujuan percukaian.

7 Pendapatan Sesaham Biasa

Pendapatan asas sesaham biasa bagi tahun dikira berdasarkan keuntungan disatukan selepas cukai dankepentingan minoriti berjumlah RM98,971,517 (1998 : RM57,227,976) ke atas purata wajaran bilangansaham biasa yang diterbitkan sepanjang tahun, iaitu sebanyak 250,000,000 (1998: 250,000,000).

Skim Opsyen Saham Pekerja Setia tidak menjejaskan pendapatan sesaham biasa kerana opsyen itu termasukdalam kelompok saham biasa Syarikat yang diterbitkan dan dibayar sepenuhnya, yang dipegang olehpemegang amanah. Tiada saham biasa baru akan diterbitkan selepas pelaksanaan opsyen ini.

8 Modal Saham


Dibenarkan:Saham biasa bernilai RM1 setiap satu

Pada 1Januari/31 Disember 300,000,000 300,000,000 300,000,000 300,000,000

Diterbitkan dan dibayar sepenuhnya:Saham biasa bernilai RM1 setiap satu

Pada 1Januari/31 Disember 250,000,000 250,000,000 250,000,000 250,000,000

9 R i z a b


Tidak boleh diagihkan:Premium saham 143,805,140 143,805,140 143,805,140 143,805,140Rizab ke atas penyatuan 92,322 92,322 – –Rizab penggabungan (40,999,998) (40,999,998) – –

102,897,464 102,897,464 143,805,140 143,805,140

Boleh diagihkan:Keuntungan yang tidak diagihkan 275,240,971 176,269,454 10,509,970 8,056,650

378,138,435 279,166,918 154,315,110 151,861,790

Syarikat mempunyai kredit cukai yang mencukupi di bawah Seksyen 108, Akta Cukai Pendapatan,1967 untukmembuat pembayaran dividen bersih daripada keuntungan yang tidak diagihkan pada 31 Disember 1999.

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10 Cukai Te rt u n d a

KumpulanDalam RM 1999 1998

Perbezaan masa antara susutnilai dan pelunasan,danelaun-elaun pencukaian berkaitan 242,044,236 412,596,241

Kerugian tidak diserap (248,534,879) (246,256,194)Elaun pelaburan semula yang tidak digunakan (488,805,962) (201,555,441)

(495,296,605) (35,215,394)

1 1 Pinjaman Jangka Panjang


BercagarPinjaman berpenggal I 300,000,000 300,000,000 – –Kemudahan penanggung jaminan pusingan 800,000,000 800,000,000 – –Faedah yang tidak dilunaskan (6,021,966) (6,080,311) – –

793,978,034 793,919,689 – –1,093,978,034 1,093,919,689 – –

Tidak bercagarPinjaman berpenggal II 21,150,800 21,150,800 21,150,800 21,150,800Ditolak: Bayaran balik dalam tempoh 12 bulan

(Nota 24) (21,150,800) – (21,150,800) –– 21,150,800 – 21,150,800

Pinjaman Sokongan Kerajaan 121,775,579 121,775,579 – –Ditolak: Bayaran balik dalam tempoh 12 bulan

(Nota 24) (12,177,558) (6,088,779) – –109,598,021 115,686,800 – –

1,203,576,055 1,230,757,289 – 21,150,800

i. Kedua-dua pinjaman berpenggal I dan kemudahan penanggung jaminan pusingan (“RUF”) dicagarkandengan caj-caj tetap ke atas semua aset syarikat subsidiari milik penuh, Puncak Niaga (M) Sdn Bhd(“PNSB”), hak-hak PNSB di bawah Perjanjian Konsesi, kontrak pembinaan dan perjanjian projek yangdilaksanakan oleh PNSB.

Pinjaman berpenggal I hendaklah dibayar semula dalam empat belas ansuran setiap setengah tahunberdasarkan peratusan tunggakan baki yang telah ditentukan, bermula seawal-awalnya enam bulansetelah siap kemudahan baru atau pada tahun 2002. Kadar faedah atas pinjaman berpenggal I bagitahun semasa ditetapkan pada 8.5% (1998 : 8.5%) setahun.

Kemudahan RUF akan tamat tempohnya seawal-awalnya dua tahun setelah siap kemudahan baru ataupada tahun 2004 dan setelah tamat tempohnya boleh ditukarkan kepada pinjaman berpenggal 5 tahunatas pilihan Syarikat. Kadar faedah RUF bagi tahun semasa adalah antara 5.25% dan 9.00% (1998: 9.00%dan 17.10%) setahun dan diterbitkan dengan tempoh satu, dua, tiga atau enam bulan.

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1 1 Pinjaman Jangka Panjang (sambungan)

ii. Menurut Skim Opsyen Saham Pekerja Setia (“ELSOS”) Puncak Niaga Holdings Berhad, yang berkuatkuasamulai 8 Julai 1997, opsyen ke atas 9,094,000 saham biasa bernilai RM1 setiap satu dalam Syarikatdiperuntukkan kepada pekerja yang layak pada tempoh sehingga 31 Disember 1999 untuk menerimasaham-saham terbitan yang ditawarkan oleh syarikat pegangan, Central Plus (M) Sdn Bhd dan satu lagipemegang saham, Corporate Line (M) Sdn Bhd. Syarikat mendapat pinjaman berpenggal II untukmenyediakan pembiayaan kepada pemegang amanah ELSOS untuk memperolehi 5,566,000 daripada9,094,000 unit saham tersebut.

Pinjaman itu tidak bercagar dan perlu dijelaskan daripada hasil pelaksanaan opsyen oleh pekerja yanglayak di bawah ELSOS dalam tempoh tiga tahun sehingga 8 Julai 2000 atau melalui satu pembayarantunggal tidak lewat daripada Julai 2000. Kadar faedah adalah antara 8.66% dan 10.10% (1998 : 12.25%dan14.00%) setahun.

iii. Pinjaman Sokongan Kerajaan perlu dibayar semula melalui ansuran tahunan dalam tempoh masa duapuluh tahun bermula pada 11 April 1999. Kadar faedah ditetapkan pada 8% setahun atas baki jumlahpinjaman.

12 Pemiutang sewa-beli

Pemiutang sewa-beli, bersih daripada faedah tergantung, perlu dibayar seperti berikut:


Jumlah perlu dibayar 3,511,089 4,656,729Perlu dibayar dalam tempoh 12 bulan (1,438,814) (1,450,325)

Perlu dibayar dalam tempoh 12 bulan 2,072,275 3,206,404

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13 Aset Te t a p

Tanah Perabot Komputer Loji Loji Modal

pajakan jangka dan Peralatan Pengubah- Kenderaan dan dan pembersihan kerja dalam

Kumpulan panjang pepasangan pejabat suaian bermotor perisian peralatan air pelaksanaan Jumlah

Dalam RM

1999

KosPada 1 Januari 8,466,610 3,301,705, 1,737,485 4,692,669 10,714,317 2,935,973 970,848 122,530,608 1,199,461,778 1,354,811,993Tambahan – 32,684 281,196 84,742 717,690 204,077 68,166 2,970 268,758,027 270,149,552Pelupusan – – – – (197,430) – (45,000) – – (242,430)Pengkelasan semula – – – – – – – 797,592,452 (797,592,452) –Pada 31 Disember 8,466,610 3,334,389 2,018,681 4,777,411 11,234,577 3,140,050 994,014 920,126,030 670,627,353 1,624,719,115

SusutnilaiPada 1 Januari 78,395 1,398,468 772,045 3,750,751 4,371,050 1,715,432 76,688 1,701,814 – 13,864,643Caj tahunan 85,521 662,343 361,723 907,982 2,224,647 634,094 132,205 37,960,348 – 42,968,863Pelupusan – – – – (127,607) – (3,736) – – (131,343)Pada 31 Disember 163,916 2,060,811 1,133,768 4,658,733 6,468,090 2,349,526 205,157 39,662,162 – 56,702,163

Nilai buku bersihPada 31 Disember 8,302,694 1,273,578 884,913 118,678 4,766,487 790,524 788,857 880,463,868 670,627,353 1,568,016,952

1998

Kos Pada 1 Januari – 2 , 0 3 9 , 0 3 3 1 , 3 5 4 , 9 7 8 5 , 1 3 2 , 7 7 7 9 , 5 5 3 , 6 3 2 2 , 1 5 3 , 2 8 3 1 4 , 4 0 0 – 6 8 6 , 7 6 5 , 1 7 8 7 0 7 , 0 1 3 , 2 8 1Ta m b a h a n 8 , 4 6 6 , 6 1 0 4 1 7 , 8 5 8 4 1 5 , 7 5 0 3 9 6 , 4 5 4 1 , 1 6 5 , 1 1 4 7 8 2 , 6 9 0 9 5 6 , 4 4 8 1 2 2 , 5 3 0 , 6 0 8 5 1 2 , 6 9 6 , 6 0 0 6 4 7 , 8 2 8 , 1 3 2Pengkelasan semula – 8 4 4 , 8 1 4 ( 3 3 , 2 4 3 ) ( 8 3 6 , 5 6 2 ) ( 4 , 4 2 9 ) – – – – ( 2 9 , 4 2 0 )Pada 31 Disember 8 , 4 6 6 , 6 1 0 3 , 3 0 1 , 7 0 5 1 , 7 3 7 , 4 8 5 4 , 6 9 2 , 6 6 9 1 0 , 7 1 4 , 3 1 7 2 , 9 3 5 , 9 7 3 9 7 0 , 8 4 8 1 2 2 , 5 3 0 , 6 0 8 1 , 1 9 9 , 4 6 1 , 7 7 8 1 , 3 5 4 , 8 1 1 , 9 9 3

S u s u t n i l a iPada 1 Januari – 9 5 1 , 5 2 9 4 5 0 , 4 3 1 2 , 4 3 5 , 4 4 0 2 , 4 1 3 , 4 2 1 8 4 4 , 3 2 0 5 , 6 2 0 – – 7 , 1 0 0 , 7 6 1Caj tahunan 7 8 , 3 9 5 5 2 0 , 1 0 2 3 3 3 , 7 6 0 1 , 3 1 3 , 2 4 3 1 , 9 9 8 , 2 8 8 8 0 1 , 2 2 4 7 1 , 0 6 8 1 , 7 0 1 , 8 1 4 – 6 , 8 1 7 , 8 9 4Pengkelasan semula – ( 7 3 , 1 6 3 ) ( 1 2 , 1 4 6 ) 2 , 0 6 8 ( 4 0 , 6 5 9 ) 6 9 , 8 8 8 – – – ( 5 4 , 0 1 2 )Pada 31 Disember 7 8 , 3 9 5 1 , 3 9 8 , 4 6 8 7 7 2 , 0 4 5 3 , 7 5 0 , 7 5 1 4 , 3 7 1 , 0 5 0 1 , 7 1 5 , 4 3 2 7 6 , 6 8 8 1 , 7 0 1 , 8 1 4 – 1 3 , 8 6 4 , 6 4 3

Nilai buku bersihPada 31 Disember 8 , 3 8 8 , 2 1 5 1 , 9 0 3 , 2 3 7 9 6 5 , 4 4 0 9 4 1 , 9 1 8 6 , 3 4 3 , 2 6 7 1 , 2 2 0 , 5 4 1 8 9 4 , 1 6 0 1 2 0 , 8 2 8 , 7 9 4 1 , 1 9 9 , 4 6 1 , 7 7 8 1 , 3 4 0 , 9 4 7 , 3 5 0

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13 Aset Te t a p (sambungan)

Syarikat Tanah pajakan jangka panjangDalam RM

1999

KosPada 1 Januari/31 Disember 8,466,610

SusutnilaiPada 1 Januari 78,395Caj tahunan 85,521Pada 31 Disember 163,916

Nilai buku bersihPada 31 Disember 8,302,694

1998

KosTambahan/Pada 31 Disember 8,466,610

SusutnilaiCaj tahunan/Pada 31 Disember 78,395

Nilai buku bersihPada 31 Disember 8,388,215

Termasuk dalam modal kerja dalam pelaksanaan adalah faedah ke atas pinjaman berjangka dipermodalkanberjumlah RM139,343,703 (1998 : RM159,940,716). Termasuk dalam kos loji pembersihan air adalah faedahke atas pinjaman berjangka dipermodalkan berjumlah RM105,636,635 (1998 : RM1,230,238).

Aset yang dibeli melalui perjanjian sewa-beliNilai aset tetap Kumpulan termasuk aset berikut yang dibeli melalui perjanjian sewa-beli:

Dalam RM 1999 1998

Kenderaan bermotor

Kos 9,723,839 9,685,384Susutnilai terkumpul (5,456,078) (3,965,825)

Nilai buku bersih 4,267,761 5,719,559

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14 Kos pembangunan pro j e k


KosPada 1 Januari 234,577,705 165,888,397Tambahan 8,227,851 68,689,308

242,805,556 234,577,705Pelunasan (25,076,730) (14,948,224)Pada 31 Disember 217,728,826 219,629,481

15 Perbelanjaan tertunda

Dalam RM 1999 1998

KosPada 1 Januari 14,981,487 14,848,271Tambahan 1,226,065 133,216

16,207,552 14,981,487Pelunasan (2,462,683) (1,721,111)Pada 31 Disember 13,744,869 13,260,376

Termasuk dalam perbelanjaan tertunda adalah kos perolehan konsesi sebanyak RM15,943,311 (1998:RM14,964,781) dan perbelanjaan pra-operasi sebanyak RM264,241 (1998:RM16,706).

Termasuk dalam perbelanjaan awal dan sebelum operasi, adalah ganjaran juruaudit dan ganjaran paraPengarah yang ditanggung sepanjang tahun yang masing-masing berjumlah RM880 (1988:RM760) danRM120,000 (1988 : RM40,000).

1 6 Syarikat-syarikat Subsidiari

SyarikatDalam RM 1999 1998

Saham tidak disebut harga pada kos 123,000,100 123,000,097Pendahuluan subordinat 271,368,807 271,368,807Jumlah terhutang oleh syarikat subsidiari – 50,000Jumlah terhutang kepada syarikat subsidiari (5,360,138) (5,184,636)

389,008,769 389,234,268

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1 6 Syarikat-syarikat Subsidiari (sambungan)

Syarikat-syarikat subsidiari adalah

Nama Negara Kepentingan dalam ekuiti dipegang olehSyarikat diperbadankan Syarikat Aktiviti utama

Syarikat Subsidiari% %

Secara Langsung# Puncak Niaga (M) Sdn Bhd Malaysia 100 – Operasi, pengendalian,

pengurusan, p e m u l i h a ndan penyenggaraan LojiPembersihan Air.

* Puncak Research Centre Malaysia 100 – Tidak aktifSdn Bhd

* Puncak Seri (M) Sdn Bhd Malaysia 100 – Tidak aktif

Tidak Secara Langsung* Ideal Water Resources Malaysia 100 100 Operasi, p e n g u ru s a n ,

Sdn Bhd pengendalian, p e m u l i h a ndan penyenggaraan LojiPembersihan Air SungaiSemenyih, Loji PembersihanAir Wangsa Maju dan L o j iPembersihan Air SSP2 Fasa I.

* Unggul Raya (M) Sdn Bhd Malaysia 100 100 Operasi, pengurusan,penyenggaraan danpemantauan operasiempangan

# syarikat subsidiari disatukan melalui kaedah perakaunan gabungan* tidak diaudit oleh PricewaterhouseCoopers

Pendahuluan subordinat yang diberikan kepada syarikat subsidiari, Puncak Niaga (M) Sdn Bhd dijadikansubordinat dan dibayar hanya apabila pendahuluan itu digantikan dengan ekuiti yang mempunyai nilaisetara dalam syarikat subsidiari.

Jumlah yang dipinjamkan oleh/(kepada) syarikat-syarikat subsidiari adalah tidak bercagar, tanpa faedah dantidak mempunyai syarat-syarat yang tetap bagi tujuan pembayaran balik.

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17 Pelaburan


Saham disebut harga di Malaysia, pada kos 471,139 471,139Peruntukan pengurangan nilai (426,089) (426,089)

45,050 45,050

Nilai pasaran 47,250 45,050

1 8 Skim ELSOS

Ini mewakili jumlah yang akan diterima daripada pemegang amanah ELSOS berhubung dengan bayaranpendahuluan oleh Syarikat kepada mereka untuk memperolehi 5,566,000 saham opsyen daripada syarikatpegangan dan pemegang saham lain (lihat Nota 11 (ii) )

19 Stok dan Kontrak Kerja dalam Pelaksanaan


Stok:Kimia rawatan air 822,426 462,854

Kontrak kerja dalam pelaksanaan:Kos kontrak 349,867,280 280,315,408Keuntungan berkaitan ditolak unjuran kerugian 29,465,550 18,150,115

379,332,830 298,465,523Bayaran kemajuan yang akan diterima (329,858,747) (273,219,231)

49,474,083 25,246,29250,296,509 25,709,146

Termasuk dalam kos kontrak adalah faedah ke atas pinjaman jangka pendek berjumlah RM4,663,102 (1998: RM2,816,508)

20 Jumlah Te rhutang oleh Syarikat Pegangan

Syarikat pegangan ialah Central Plus (M) Sdn Bhd, sebuah syarikat yang diperbadankan di Malaysia yangmemiliki 51% daripada modal saham terbitan Syarikat.

Jumlah terhutang oleh syarikat pegangan adalah tidak bercagar, tanpa faedah dan tidak mempunyai syarat-syarat yang tetap bagi tujuan pembayaran balik.

21 Baki dan Urusniaga Penting Pihak Berkaitan

Dalam urusan perniagaan biasa, Syarikat melaksanakan pelbagai jenis urusniaga dengan syarikat-syarikatyang dianggap sebagai pihak berkaitan atas dasar keanggotaan mereka dalam kumpulan syarikat PuncakNiaga. Syarikat-syarikat dalam kumpulan syarikat Puncak Niaga yang berurusniaga dengan Kumpulan danSyarikat adalah seperti berikut :

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21 Baki dan Urusniaga Penting Pihak Berkaitan (sambung)

Pihak berkaitan lain HubunganMandai Sari Sdn Bhd Syarikat subsidiari Central Plus (M) Sdn BhdCentral Plus Aviation & Services Sdn Bhd Syarikat subsidiari Central Plus (M) Sdn BhdRZ Management Services Sdn Bhd Syarikat berkaitan seorang PengarahPuncak Niaga Overseas Capital Sdn Bhd Syarikat berkaitan seorang Pengarah

Urusniaga penting pihak berkaitan (selain dari yang diumumkan sebelum ini dalam Nota 5 kepada akaun)dan baki antara Kumpulan dan Syarikat dan badan-badan ini adalah seperti berikut :


Urusniaga penting pihak berkaitanBayaran khidmat pengurusan kepada syarikat

berkaitan 500,000 500,000 – –Bayaran sewa perlu dibayar kepada syarikat

berkaitan 144,000 1,584,000 – –Bayaran khidmat pengurusan dikenakan

ke atas syarikat berkaitan – – 120,000 120,000Dividen bakal diterima daripada syarikat subsidiari – – 2,764,800 5,529,600

Baki pihak berkaitanBaki pihak berkaitan yang timbul dari urusniaga ketara pihak berkaitan di atas dan belum berbayar padaakhir tahun adalah seperti berikut:


Bayaran akan diterima daripada pihak berkaitanSyarikat berkaitan 207,909 15,699,188 – –Pihak berkaitan lain termasuk dalam lain-lain

pemiutang dan tanggungan terakru 2,631,583 – – –2,839,492 15,699,188 – –

Bayaran terhutang kepada pihak berkaitanSyarikat berkaitan 23,384,361 10,163,003 – –Pihak berkaitan lain termasuk dalam lain-lain

pemiutang dan tanggungan terakru 2,970,000 1,469,291 – –26,354,361 11,632,294 – –

Jumlah yang terhutang oleh/(kepada) pihak berkaitan timbul dalam urusan perniagaan biasa dan tidakbercagar, tanpa faedah dan tiada ketetapan syarat pembayaran balik.

22 Lain-lain Penghutang, Deposit dan Bayaran Te rd a h u l u

Termasuk dalam penghutang, deposit dan bayaran terdahulu Kumpulan adalah bayaran pendahuluan yangdiberikan oleh Kumpulan kepada kontraktor-kontraktor projek berjumlah RM64,023,600 (1998:RM108,835,030). Pendahuluan ini diberi untuk tujuan modal kerja bagi projek Skim Bekalan Air SungaiSelangor dan Sistem Agihan Bekalan Air menurut kontrak masing-masing.

115

23 Deposit dengan Institusi Kewangan


Deposit tetap dengan bank berlesen – 176,344,404 – –Deposit jangka pendek dengan bank berlesen – 6,000,000 – –

– 182,344,404 – –

24 Pinjaman Jangka Pendek


Pinjaman berpenggal (Nota 11) 21,150,800 – 21,150,800Pinjaman Sokongan Kerajaan (Nota 11) 12,177,558 6,088,779 – –Kredit pusingan 24,400,000 16,000,000 – –

57,728,358 22,088,779 21,150,800 –

Kemudahan kredit pusingan tidak bercagar dan perlu dibayar bila dituntut. Kadar faedah bagi tahunlaporan adalah antara 5.19% dan 9.15% (1998: 9.15% dan 14.25%) setahun.

25 Lain-lain Pemiutang dan Tanggungan Te r a k ru

Termasuk dalam lain-lain pemiutang dan tanggungan terakru Kumpulan adalah jumlah terhutang kepadakontraktor dan jumlah tertahan perlu dibayar sebanyak RM147,330,288 dan RM TIADA menurut kontrakmasing-masing (1998: RM188,815,373 dan RM45,266,283) .

26 Tunai dan Kesetaraan Tu n a i

Tunai dan kesetaraan tunai termasuk dalam penyata aliran tunai disatukan terdiri daripada :

Dalam RM 1999 1998

Deposit dengan institusi kewangan – 182,344,404Wang tunai di tangan dan di bank 59,179,942 8,163,316

59,179,942 190,507,720

27 Komitmen Modal


Komitmen di bawah syarat Perjanjian Penswastaan merangkap Konsesi bertarikh 22 September 1994 bagi pemulihan dan pembaikan kemudahan pembersihan air 22,366,981 29,411,000 – –

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27 Komitmen Modal (sambung)


Komitmen di bawah syarat Perjanjian Pembinaan bertarikh22 Mac 1995 bagi pembinaan danpenyiapan Fasa 2 Peringkat II,Skim Bekalan Air Sungai Selangor 70,621,228 279,595,000 – –

2 8 Tanggungan Luar Jangka


Tidak bercagarJaminan korporat kepada bank atas kemudahan yang

diberikan kepada syarikat subsidiari – – 50,298,500 50,298,500

29 Peristiwa Penting Berikutan Tarikh Lembaran Imbangan

a. Syarikat kini sedang mengusahakan Cadangan Terbitan Saham Komposit yang telah diumumkan pada12 November 1999 yang terdiri daripada :

i. terbitan bonus sebanyak 125,000,000 saham biasa baru bernilai RM1.00 sesaham berdasarkan satusaham biasa baru bagi setiap dua saham biasa Syarikat sedia ada; dan

ii. terbitan hak sebanyak 62,500,000 saham biasa baru bernilai RM1.00 sesaham berdasarkan satusaham biasa baru bagi setiap empat saham sedia ada pada harga terbitan RM1.50 sesaham.

Pihak syarikat telah menerima kelulusan bersyarat daripada Suruhanjaya Sekuriti pada 20 April 2000.Walau bagaimanapun, tarikh terbitan saham-saham di atas belum lagi ditentukan pada masa ini.

b. Pada Januari 2000 Syarikat telah dipelawa oleh Unit Perancangan Ekonomi Persekutuan untukmemperolehi 25% kepentingan ekuiti dalam Syarikat Pengeluar Air Selangor Sdn Bhd, syarikat konsesibagi Projek Bekalan Air Sungai Selangor Fasa 3 (SSP3).

c. Pada 20 April 2000, syarikat subsidiari Puncak Niaga (M) Sdn Bhd telah menandatangani PerjanjianKemudahan Perbankan berjumlah sehingga RM261.5 juta untuk membiayai, mereka, membina danmelaksanakan Projek DSS2. Kemudahan ini terdiri daripada pinjaman berjangka sebanyak RM240 jutadan kemudahan jaminan bank sebanyak RM21.5 juta.

30 Laporan Menurut Segmen - Kumpulan

Analisa menurut segmen tidak dibentangkan kerana Kumpulan terlibat terutamanya dalam aktivitimengendali, menyenggara, membina, membaiki dan membaikpulih kemudahan pembersihan air danberoperasi di Malaysia sepenuhnya.

117

k e n y a t a a n p a r a p e n g a r a h m e n u r u t s e k s y e n 1 6 9 ( 1 5 ) a k t a s y a r i k a t , 1 9 6 5

Kami, Dato’ Rozali bin Ismail dan Mat Hairi bin Ismail, dua daripada para Pengarah Puncak Niaga HoldingsBerhad, menyatakan bahawa, pada pendapat para Pengarah, akaun-akaun yang dibentangkan pada muka surat99 hingga 117 telah disediakan untuk memaparkan keadaan yang sebenar dan saksama mengenai kedudukanKumpulan dan Syarikat pada 31 Disember 1999 dan keputusan Kumpulan dan Syarikat serta aliran tunaiKumpulan bagi tahun berakhir pada tarikh tersebut menurut Piawaian Perakaunan di Malaysia.

Ditandatangani di Kuala Lumpur pada 24 April 2000.

Bagi pihak Lembaga Pengarah

Dato’ Rozali bin IsmailPengarah


Saya, Mat Hairi bin Ismail, selaku Pengarah yang terutamanya bertanggungjawab terhadap pengurusankewangan Puncak Niaga Holdings Berhad, dengan tulus ikhlas dan sesungguhnya mengaku bahawa padapengetahuan saya akaun-akaun yang dibentangkan pada muka surat 99 hingga 117 adalah betul, dan sayamembuat pengakuan ini dengan penuh kepercayaan akan kebenarannya dan menurut peruntukan Akta AkaunBerkanun,1960.


Ditandatangani dan diakui di Kuala Lumpur pada 24 April 2000.

Di hadapan saya

Neoh Swee Kee (W037)Pesuruhjaya Sumpah

a k u a n b e r k a n u n

118

Kami telah mengaudit akaun-akaun yang dibentangkan pada muka surat 99 hingga 117 Akaun-akaun ini adalahtanggungjawab para Pengarah Syarikat. Tanggungjawab kami adalah untuk menyatakan pendapat mengenaiakaun-akaun ini berdasarkan pengauditan kami.

Kami telah mengendalikan tugas audit kami menurut piawaian pengauditan yang diluluskan di Malaysia.Piawaian tersebut mengkehendaki supaya kami merancang dan melaksanakan tugas audit untuk mendapatkankeyakinan yang munasabah samada akaun-akaun tersebut adalah bebas daripada kesilapan pernyataan penting.Skop pengauditan meliputi pemeriksaan, atas dasar menguji, bukti yang menyokong jumlah dan pendedahanyang dinyatakan dalam akaun-akaun. Pengauditan juga merangkumi tugas menaksir prinsip-prinsip perakaunanyang digunakan dan anggaran-anggaran penting yang dibuat oleh para Pengarah, serta menilai pembentanganakaun keseluruhannya. Kami yakin bahawa pengauditan kami menyediakan asas yang munasabah bagipendapat kami.

Pada pendapat kami:

a. akaun-akaun memberi gambaran yang benar dan saksama mengenai kedudukan Kumpulan dan Syarikatpada 31 Disember 1999 dan keputusan Kumpulan dan Syarikat serta aliran tunai Kumpulan bagi tahunberakhir pada tarikh tersebut menurut piawaian pengauditan yang diluluskan di Malaysia, dan menepatikehendak Akta Syarikat 1965; dan

b. rekod perakaunan dan lain-lain rekod serta daftar-daftar Kumpulan dan syarikat-syarikat subsidiari yangmana kami telah bertindak sebagai juruaudit telah disimpan dengan sempurna bertepatan dengankehendak Akta tersebut.

Kami juga telah meneliti akaun dan laporan juruaudit syarikat-syarikat subsidiari, yang mana kami tidakbertindak sebagai juruaudit, seperti yang dinyatakan dalam Nota 16.

Kami berpuas hati bahawa akaun-akaun syarikat-syarikat subsidiari yang telah disatukan dengan akaun Syarikatmempunyai bentuk dan kandungan yang sesuai dan sempurna bagi tujuan penyediaan akaun yang disatukandan kami telah mendapat maklumat dan penjelasan memuaskan yang kami perlukan bagi tujuan berkenaan.

Laporan juruaudit terhadap akaun-akaun syarikat subsidiari tidak tertakluk kepada apa-apa kelayakan dan tidakmengandungi sebarang ulasan di bawah Seksyen 174, subseksyen (3) Akta berkenaan.

PricewaterhouseCoopers[AF: 1146]Akauntan Awam

Mohd Daruis Zainuddin[969/3/01(J/PH)]Rakan Kongsi


laporan juru a u d i tk e p a d a a h l i - a h l i P u n c a k N i a g a H o l d i n g s B e r h a d

119

Muka surat ini sengaja dibiarkan kosong.

120

121

n o t i c e o f a n n u a l g e n e r a l m e e t i n g

NOTICE IS HEREBY GIVEN that the Third Annual General Meeting of Puncak Niaga Holdings Berhad (416087-U) will be held at the Banquet Hall, Kuala Lumpur Golf & Country Club, 10 Jalan 1/70D, Off Jalan BukitKiara, 60000 Kuala Lumpur on Wednesday, 7 June 2000 at 10.00 am for the following purposes:

1. To receive the Audited Accounts of the Company for the year ended 31 December 1999 and theReports of the Directors and Auditors thereon.

2. To re-elect the following Directors retiring in accordance with Article 106 of the Company’s Articlesof Association:a. YBhg Dato’ Hari Narayanan a/l Govindasamyb. Ir Lee Miang Koi

3. To re-elect the following Directors retiring in accordance with Article 101 of the Company’s Articlesof Association:a. YBhg Dato’ Rozali Bin Ismailb. Encik Mat Hairi Bin Ismail

4. To re-appoint Messrs PricewaterhouseCoopers as the Auditors of the Company and to authorise theDirectors to fix their remuneration.

5. As Special Business:To consider and, if thought fit, to pass the following as Ordinary Resolution:“ T H AT, subject always to the Companies Act 1965, the Articles of Association of the Company and thea p p rovals of the relevant govern m e n t a l / re g u l a t o ry authorities, the Directors of the Company be anda re hereby empowered, pursuant to Section 132D of the Companies Act 1965, to issue shares in theCompany from time to time and upon such terms and conditions and for such purposes as theD i rectors of the Company may deem fit provided that the aggregate number of shares issuedpursuant to this resolution does not exceed 10% of the issued share capital of the Company for thetime being AND THAT the Directors of the Company be and are also empowered to obtain thea p p roval for the Listing of and Quotation for the additional shares so issued on the Kuala LumpurStock Exchange AND FURTHER THAT such authority shall continue to be in force until the conclusionof the next Annual General Meeting of the Company. ”

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

F U RTHER 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 pm on 30 May 2000 in respect of

shares which are exempted from mandatory deposit;b. Shares transferred into the Depositor’s Securities Account before 12.30 pm on 30 May 2000 in respect of

ordinary transfers;c. Shares bought on 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 MalaysianCentral Depository Sdn Bhd by 12.30 pm 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 Meetingfor such undeposited shares will be the MOF.

BY ORDER OF THE BOARD

TAN BEE LIANMAICSA 7006285Secretary

Kuala Lumpur23 May 2000

Resolution 1

Resolution 2Resolution 3

Resolution 4Resolution 5

Resolution 6

Resolution 7

Notes:1. A member entitled to attend and vote at the Meeting is entitled to appoint a proxy to attend and

vote in his stead. A proxy need not be a member of the Company.2. The instrument appointing a proxy shall be in writing under the hand of the appointer or his attorney

duly authorised or if such appointer is a corporation, it must be either under its seal or under thehand of an officer or attorney duly authorised.

3. The instrument appointing the proxy must be deposited at the Registered Office of the Company atSuite 1401-1406, 14th Floor, Plaza See Hoy Chan, Jalan Raja Chulan, 50200 Kuala Lumpur not less than48 hours before the time set for holding the Meeting or any adjournment thereof.

4. Resolution 7 on Special Business:The Ordinary Resolution proposed under Item 5, if passed, will give the Directors of the Company,from the date of the above Meeting, authority to issue and allot ordinary shares from the unissuedcapital of the Company for such purposes as the Directors of the Company consider would be in theinterest of the Company. This authority will, unless revoked or varied at a General Meeting, expire atthe next Annual General Meeting of the Company.

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n o t i s m e s y u a r a t a g u n g t a h u n a n

DENGAN INI DIBERITA H U bahawa Mesyuarat Agung Tahunan yang Ketiga Puncak Niaga HoldingsB e rhad (416087-U) akan diadakan di Dewan Banquet, Kuala Lumpur Golf & Country Club, 10 Jalan1/70D, Off Jalan Bukit Kiara, 60000 Kuala Lumpur pada hari Rabu, 7 Jun 2000 pukul 10.00 pagi untukm e m p e rtimbangkan perkara-perkara berikut:

1. Menerima Akaun yang telah diaudit bagi tahun berakhir 31 Disember 1999 serta Laporan Pengarahdan Juruaudit mengenainya.

2. Melantik semula Pengarah-Pengarah berikut yang bersara mengikut Artikel 106 Tataurusan Syarikat:a. YBhg Dato’ Hari Narayanan a/l Govindasamyb. Ir Lee Miang Koi

3. Melantik semula Pengarah-Pengarah berikut yang bersara mengikut Artikel 101 Tataurusan Syarikat:a. YBhg Dato’ Rozali bin Ismailb. Encik Mat Hairi bin Ismail

4. Melantik semula Tetuan PricewaterhouseCoopers sebagai Juruaudit Syarikat dan membenarkan paraPengarah menetapkan ganjaran mereka.

5. Sebagai Urusan Khas:Mempertimbangkan dan jika difikirkan sesuai, meluluskan Resolusi Biasa berikut:“BAHAWA, tertakluk kepada Akta Syarikat 1965, Tataurusan Syarikat dan kelulusan pihak berkuasaberkaitan, para Pengarah adalah dengan ini diberi kuasa menurut Seksyen 132D, Akta Syarikat 1965untuk menerbitkan saham dalam Syarikat, pada sebarang masa, menurut terma-terma dan syarat-syarat dan bagi tujuan yang difikirkan layak oleh para Pengarah menurut budi bicara mutlak merekadengan syarat bilangan agregat saham yang diterbitkan menurut resolusi ini tidak melebihi 10%daripada modal terbitan saham Syarikat pada masa sekarang DAN BAHAWA para Pengarah denganini diberi kuasa untuk mendapatkan kelulusan bagi melaksanakan Penyenaraian dan Sebut Hargasaham-saham tambahan yang diterbitkan di Bursa Saham Kuala Lumpur DANkuasa sedemikian akanterus berkuatkuasa sehingga berakhirnya Mesyuarat Agung Tahunan Syarikat yang akan datang.”

6. Melaksanakan sebarang urusan biasa di mana notis sewajarnya telah diberikan.

DENGAN INI JUGA DIBERITAHU bahawa seseorang Pendeposit akan layak hadir di Mesyuarat ini sekiranya:a. Saham-saham didepositkan ke dalam Akaun Sekuriti Pendeposit sebelum pukul 12.30 tengahari pada

30 Mei 2000 untuk saham yang dikecualikan daripada deposit mandatori;b. Saham-saham dipindahkan ke dalam Akaun Sekuriti Pendeposit sebelum pukul 12.30 tengahari pada 30

Mei 2000 untuk pindahmilik biasa;c. Saham-saham yang dibeli daripada Bursa Saham Kuala Lumpur “atas dasar bersama keberhakan”

menurut Peraturan Bursa Saham Kuala Lumpur.Para pemegang saham diingatkan bahawa menurut Akta Industri Sekuriti (Depositori Pusat)(Pindaan)(No.2)1998 yang berkuatkuasa pada 1 November 1998, semua saham yang tidak didepositkan dengan MalaysianCentral Depository Sdn Bhd pada pukul 12.30 tengahari, 1 Disember 1998 dan tidak dikecualikan daripadadeposit mandatori, telah dipindahkan kepada Menteri Kewangan. Dengan itu, kelayakan menghadiriMesyuarat ini bagi saham-saham yang tidak didepositkan adalah terletak dengan Menteri Kewangan.

DENGAN PERINTAH LEMBAGA PENGARAH

TAN BEE LIANMAICSA 7006285S e t i a u s a h a

Kuala Lumpur23 Mei 2000

Resolusi 1

Resolusi 2Resolusi 3

Resolusi 4Resolusi 5

Resolusi 6

Resolusi 7

Nota-nota:1. Seorang ahli yang berhak menghadiri dan mengundi dalam Mesyuarat ini adalah berhak melantik seorang proksi untuk

hadir dan mengundi bagi pihaknya. Seseorang proksi tidak semestinya seorang ahli Syarikat.2. Instrumen perlantikan proksi mestilah secara bertulis oleh pelantik atau pegawai yang telah diberi kuasa. Sekiranya

pelantik adalah badan korporat, borang ini mestilah dimeterai ataupun ditandatangani oleh pegawai atau peguamyang telah diberi kuasa.

3 Instrumen perlantikan proksi mestilah diserah ke Pejabat Berdaftar Syarikat di Suite 1401-1406, Tingkat14, Plaza SeeHoy Chan, Jalan Raja Chulan, 50200 Kuala Lumpur tidak lewat dari 48 jam sebelum masa yang ditetapkan untukmengadakan Mesyuarat atau sebarang penangguhannya.

4 Nota Penerangan Untuk Resolusi 7:Cadangan Resolusi Biasa di bawah perkara 5, sekiranya diluluskan, akan memberi kuasa kepada para PengarahSyarikat, bermula daripada tarikh Mesyuarat di atas, untuk menerbit dan memperuntukkan saham-saham biasadaripada modal tidak berbayar Syarikat untuk tujuan-tujuan pada pertimbangan para Pengarah adalah untukkepentingan Syarikat. Kuasa ini, kecuali dibatalkan atau dipinda di Mesyuarat Agung, akan lupus di Mesyuarat AgungTahunan Syarikat yang akan datang.

123

p r o x y f o r m

I/We

of

being a Member/Members of the Company hereby appoint

of

as my/our proxy, to vote for me/us and on my/our behalf at the Third Annual General Meeting of theCompany to be held at the Banquet Hall, Kuala Lumpur Golf & Country Club, 10 Jalan 1/70D, Off Jalan BukitKiara, 60000 Kuala Lumpur on Wednesday, 7 June 2000 at 10.00 am and at any adjournment thereof, asindicated below:

No Resolution For Against1. To receive the Audited Accounts of the Company for the year ended

31 December 1999 and the Reports of the Directors and Auditors thereon. 2. To re-elect YBhg Dato’ Hari Narayanan a/l Govindasamy as Director.3. To re-elect Ir Lee Miang Koi as Director.4. To re-elect YBhg Dato’ Rozali Bin Ismail as Director.5. To re-elect En Mat Hairi Bin Ismail as Director.6. To re-appoint Messrs PricewaterhouseCoopers as the Auditors of the Company

and to authorise the Directors to fix their remuneration.7. To empower the Directors of the Company to issue shares pursuant to Section

132D of the Companies Act, 1965.

Please indicate with a cross (x) how you wish your votes to be cast in respect of each Resolution. In theabsence of specific directions, your proxy will vote or abstain as he thinks fit.

No. of shares held

Signature(s)/Common Seal of Shareholder(s) Signed this day of 2000

Notes:1. A member entitled to attend and vote at the Meeting is entitled to appoint a proxy to attend and vote in his stead. A proxy need not be a member of the

Company.2. The instrument appointing a proxy shall be in writing under the hand of the appointer or his attorney duly authorised or if such appointer is a corporation,

it must be either under its seal or under the hand of an officer or attorney duly authorised.3. The instrument appointing the proxy must be deposited at the Registered Office of the Company at Suite 1401-1406, 14th Floor, Plaza See Hoy Chan, Jalan

Raja Chulan, 50200 Kuala Lumpur not less than 48 hours before the time set for holding the Meeting or any adjournment thereof.

Puncak Niaga Holdings Berhad (4 1 6 0 8 7 - U )

(Incorporated in Malaysia)

Puncak Niaga Holdings Berhad (416087-U)Suite 1401 – 1406, 14th FloorPlaza See Hoy ChanJalan Raja Chulan50200 Kuala Lumpur

Stamp

Fold here

Fold here

125

Saya/Kami

dari

sebagai Ahli/Ahli-ahli Syarikat dengan ini melantik

dari

menjadi wakil saya/kami, untuk menghadiri dan mengundi bagi pihak saya/kami di Mesyuarat AgungTahunan Yang Ketiga yang akan diadakan di Dewan Banquet , Kuala Lumpur Golf & Country Club, 10 Jalan1/70D, Off Jalan Bukit Kiara, 60000 Kuala Lumpur pada hari Rabu, 7 Jun 2000 pukul 10.00 pagi dan padasebarang penangguhannya dengan cara yang ditunjukkan di bawah:

Bil Resolusi Menyokong Menentang1. Menerima Akaun yang telah diaudit bagi tahun berakhir 31 Disember 1999

serta Laporan Pengarah dan Laporan Juruaudit mengenainya.2. Melantik semula YBhg Dato’ Hari Narayanan a/l Govindasamy sebagai

P e n g a r a h .3. Melantik semula Ir Lee Miang Koi sebagai Pengarah.4. Melantik semula YBhg Dato‘ Rozali bin Ismail sebagai Pengarah.5. Melantik semula En Mat Hairi bin Ismail sebagai Pengarah.6. Melantik semula Tetuan PricewaterhouseCoopers sebagai Juruaudit Syarikat

dan membenarkan para Pengarah menetapkan ganjaran mereka.7. Memberi kuasa kepada para Pengarah Syarikat untuk menerbitkan saham

Syarikat menurut Seksyen 132D, Akta Syarikat, 1965.

Sila tandakan dengan (x) bagaimana anda ingin mengundi berkenaan dengan setiap Resolusi di atas.Sekiranya tiada arahan-arahan tertentu, proksi anda akan mengundi atau berkecuali sebagaimana beliaufikir sesuai.

Jumlah saham yang dipegang

Tandatangan Pemegang Saham atau Meterai Bertarikh haribulan 2000

Nota-nota:1. Seorang ahli yang berhak menghadiri dan mengundi dalam Mesyuarat ini adalah berhak melantik seorang proksi untuk hadir dan mengundi bagi pihaknya. Seseorang

proksi tidak semestinya seorang ahli Syarikat.2. Instrumen perlantikan proksi mestilah secara bertulis oleh pelantik atau pegawai yang telah diberi kuasa. Sekiranya pelantik adalah badan korporat, borang ini mestilah

dimeterai ataupun ditandatangani oleh pegawai atau peguam yang telah diberi kuasa.3 Instrumen perlantikan proksi mestilah diserah ke Pejabat Berdaftar Syarikat di Suite 1401-1406, Tingkat14, Plaza See Hoy Chan, Jalan Raja Chulan, 50200 Kuala Lumpur

tidak lewat dari 48 jam sebelum masa yang ditetapkan untuk mengadakan Mesyuarat atau sebarang penangguhannya.

Puncak Niaga Holdings Berhad (4 1 6 0 8 7 - U )

(Diperbadankan di Malaysia)

b o r a n g p r o k s i

Puncak Niaga Holdings Berhad (416087-U)Suite 1401 – 1406, Tingkat 14Plaza See Hoy ChanJalan Raja Chulan50200 Kuala Lumpur

Setem

Lipat disini

Lipat disini

a water resource for the 21st century - puncak niaga holdings … · 2016-06-10 · keseimbangan....

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