Professional Documents
Culture Documents
24
AWARDS AND
ACCOLADES
17
REVENUE
30,000
HOMES
LAND BANK
MORE THAN
RM680.3 2,800
(MILLION)
ACRES
ACHIEVED
60%
higher sales
in year 2015
DIVIDEND OF
9.5 SEN*
per ordinary share
APPROXIMATE
400
Employees
in Malaysia
* 6 sen Tax Exempt Special Dividend had been paid on 26 January 2016
* 3.5 sen Single Tier First and Final Dividend to be approved by shareholders at the Sixteenth Annual General Meeting
Our Vision
To be an internationally recognised developer, building and
inspiring delightful spaces that enhance community living.
Our Mission
To consistently deliver exceptional performance through
progressive creations, realising value to all stakeholders and
enriching communities at large.
BUILDING STRENGTH
DEFINING DISTINCTION
Reflecting a consistency in flow from the previous year, the theme of Building Strength Defining
Distinction is inspired by LBS continued drive towards building its competitive capability and its
continuous desire to always build a better, more robust future for all stakeholders; a future of
promise, potential and vision. In doing so, LBS sets itself apart for charting its own unique path of
accomplishments and achievements, for measuring success on its own terms that stays true to
its vision, mission and business philosophy that as we progress, we continue to deliver meaning,
opportunities and possibilities for all who desire a better future.
Image Disclaimer: All images used are for illustrative purpose only.
002
LBS BINA GROUP BERHAD (518482-H)
ANNUAL REPORT 2015
003
Content
06
18
Corporate
Review
The LBS Brand 006
Awards and Accolades 008
Corporate Structure 010
Corporate Information 012
Board of
Directors
Board of Directors
Directors Profile
018
020
26
58
Financial &
Operations Review
Group Financial Highlights
Chairmans Statement
Review of Operations
Project Portfolio
026
030
036
046
Corporate Social
Review
Corporate Social Responsibility 058
Corporate Calendar
068
78
113
Corporate
Accountability
Statement on
Corporate Governance
078
Audit Committee Report
105
Statement on Risk Management
and Internal Control
109
Recurrent Related Party
Transactions
111
Financials
Financial Statements
113
257
270
Other Information
List of Major Properties
Analysis of Shareholdings
Analysis of Warrant A Holdings
Analysis of Warrant B Holdings
257
258
262
266
AGM Information
Notice of Sixteenth
Annual General Meeting
Form of Proxy
Telok Gong
270
Midhills at Genting
The LBS
BRAND
The interweaving design represents the
enduring bonds between the founder
Dato Seri Lim Bock Seng and his four
sons, who, together, expanded LBS into
a leading property group, infused with
their core values of unity and trust.
The interwoven pattern is then further
expanded into an infinite monagram
design, symbolising LBS mission in
delivering exceptional performance
through progressive creations.
008
LBS BINA GROUP BERHAD (518482-H)
ANNUAL REPORT 2015
AWARDS
and
ACCOLADES
2015
ASIA PACIFIC PROPERTY AWARDS
5 Stars Best Architecture
Single Residence, Malaysia :
Barrington Homes
ARC AWARDS
INTERNATIONAL XXIX
2015 Grand Winner Best of
International (Asia/Pacific)
- Annual Report 2014
009
2014
2013
IAIR AWARDS
ASIA PACIFIC
PROPERTY AWARDS
MARKETING EXCELLENCE
AWARD 2013
ASIA PACIFIC
PROPERTY AWARDS
Best Residential Development,
Asia Pacific :
SkyVilla @ D Island Residence
ASIA PACIFIC
PROPERTY AWARDS
Highly Commended :
Development Multiple Units
Malaysia :
Apicalia @ D Island Residence
ASIA PACIFIC
PROPERTY AWARDS
5 Stars Best Residential
Development, Malaysia :
SkyVilla @ D Island Residence
ASIA PACIFIC
PROPERTY AWARDS
Highly Commended Interior
Design Show Home, Malaysia :
Nautilus @ D Island Residence
ASIA PACIFIC
PROPERTY AWARDS
Highly Commended :
Development Marketing
Malaysia :
D Island Residence
MARKETING EXCELLENCE
AWARD 2013
Bronze winner of Excellence
In Public Relations : Internal/
Employee Communications
2012
ASIA PACIFIC
ENTREPRENEUR AWARD
(APEA)
Entrepreneur of
The Year 2012 :
Dato Sri Lim Hock San
MARKETING EXCELLENCE
AWARD 2013
Finalist of Excellence In CRM
and Loyalty Marketing
PROPERTY PRESS
AWARDS 2013
(MALAYSIAN RESERVE)
Best Urban Scenic
Development
(D Island Residence)
2011
SME RECOGNITION
AWARD 2011
Platinum Entrepreneur Award :
Dato Sri Lim Hock San
BCI ASIA
Top 10 Developers
2011 Award
010
LBS BINA GROUP BERHAD (518482-H)
ANNUAL REPORT 2015
Corporate
Structure
100%
100%
as at 31 MARCH 2016
100%
Linkway Property
Co., Ltd (BVI)
100%
100%
Lamdeal Investments
Limited (HK)
100%
Intellplace Holdings
Limited (BVI)
60%
Zhuhai International
Circuit Limited (PRC)
100%
Zhuhai International
Circuit Promotion (HK)
Limited (HK)
011
100%
31.95%
ML Global Berhad
60%
100%
60%
Healthguard Medicare
Sdn Bhd
012
LBS BINA GROUP BERHAD (518482-H)
ANNUAL REPORT 2015
Corporate
Information
As at 31 March 2016
BOARD OF DIRECTORS
AUDIT COMMITTEE
NOMINATION AND
REMUNERATION COMMITTEE
Datuk Haji Baharum Bin Haji
Mohamed
Datuk Lim Si Cheng
ESOS COMMITTEE
Lim Tong Lee (Chairman)
Datuk Haji Baharum Bin Haji
Mohamed
Datuk Lim Si Cheng
Datuk Wira Lim Hock Guan
Dato Chia Lok Yuen
013
Midhills
RISK MANAGEMENT
COMMITTEE
REGISTERED OFFICE
BUSINESS ADDRESSES
COMPANY SECRETARY
HEAD OFFICE
014
LBS BINA GROUP BERHAD (518482-H)
ANNUAL REPORT 2015
Corporate
Information
NORTHERN REGION
IPOH
No. 17 Medan Ipoh 1A
Medan Ipoh Bistari
31400 Ipoh
Perak Darul Ridzuan
Malaysia
T + 605 255 8820
F + 605 254 4225
CAMERON HIGHLANDS
B3-31-G Brinchang Square
Jalan Besar Brinchang
39100 Cameron Highlands
Pahang Darul Makmur
Malaysia
T + 605 491 5018
F + 605 491 5020
SOUTHERN REGION
BATU PAHAT
No. 22 Jalan Kundang
Taman Bukit Pasir
83000 Batu Pahat
Johor Darul Takzim
Malaysia
T + 607 438 8688
F + 607 438 8233
REGISTRAR
Tricor Investor & Issuing House
Services Sdn Bhd (11324-H)
Unit 32-01, Level 32 Tower A
Vertical Business Suite Avenue 3
Bangsar South
No.8 Jalan Kerinchi
59200 Kuala Lumpur
Malaysia
T + 603 2783 9299
F + 603 2783 9222
015
Corporate
Information
SOLICITORS
Balendran Chong Advocates
& Solicitors
Cheah Poh Gek & Associates
Gan & Zul
Henry Lim & Co.
Lee, Ong & Partners
Manjit Singh Sachdev, Mohammad
Radzi & Partners
Ong & Partners
Rashid Asari & Co.
Steven Tai, Wong & Partners
Ting & Ting
AUDITOR
UHY
PRINCIPAL BANKERS /
FINANCIERS
Bank Kerjasama Rakyat Malaysia
Berhad
Bank of China (Malaysia) Berhad
CIMB Bank Berhad
WEBSITE
www.lbs.com.my
EMAIL
Customer Service:
cs@lbs.com.my
SOCIAL MEDIA
Follow us on:
WECHAT
lbsbinagroupmy (Subscription
Account)
YOUTUBE
lbsbinagroup
TWITTER
lbsbinagroup
FACEBOOK
lbsbinagroup
INSTAGRAM
lbsbinagroup
Embracing a
new era
of growth
018
LBS BINA GROUP BERHAD (518482-H)
ANNUAL REPORT 2015
01
02
BOARD
OF
DIRECTORS
019
03
04
05
06
07
08
09
10
020
LBS BINA GROUP BERHAD (518482-H)
ANNUAL REPORT 2015
DIRECTORS
PROFILE
Dato Seri Lim Bock Seng
021
DIRECTORS
PROFILE
022
LBS BINA GROUP BERHAD (518482-H)
ANNUAL REPORT 2015
DIRECTORS
PROFILE
Datuk Wira Lim Hock Guan
Dato Sri Lim Hock Sing has devoted his professional career
into LBS. With his accountancy background and also
over 20 years of experience in property development, he
has contributed invaluable aptitude in matters of finance,
marketing and real estate evaluation. He also plays a handson approach sitting on the Board of subsidiaries of the
Group.
Apart from the corporate personality which he is known for,
Dato Sri Lim Hock Sing also blends well with the community.
His environmental concerns are reflected in his position as
one of the Trustees in Sultan Ahmad Shah Environment
Trust (SASET) since 2012. He is also a contributing member
of Persatuan Warga Cinta Negara Malaysia (PENCINTA),
and engaged in central roles for organizations like Young
Entrepreneurs Association of Malaysia (PUUM) and Sungai
Way Hokkien Association.
Due to the respectable corporate figure he portrays, he was
invited to join as a committee member of the MalaysiaKuwait Business Council, an organization formed under
the Malaysia External Trade Development Corporation
(MATRADE).
Dato Sri Lim Hock Sing was awarded the rank of Honorary
Major in the 505th Regiment of The Reserve Army of
Malaysia by K.D.Y.T.M. Tengku Mahkota Pahang, Tengku
023
DIRECTORS
PROFILE
Abdullah Al-Haj Ibni Sultan Haji Ahmad Shah Al-Mustain
Billah in 2012.
He is the third son of Dato Sri Lim Bock Seng (Chairman),
brother to Tan Sri Lim Hock San (Managing Director),
Datuk Wira Lim Hock Guan (Executive Director), Datuk Lim
Hock Seong (Executive Director) and Dato Lim Mooi Pang
(Executive Director).
024
LBS BINA GROUP BERHAD (518482-H)
ANNUAL REPORT 2015
DIRECTORS
PROFILE
Dato Lim Mooi Pang
Before joining LBS Group in May 2004, she was the Director
of Finance and Administration with Speedline Technologies,
an American multi-national company based in Singapore.
Prior to her current position, Dato Lim Mooi Pang was the
Senior General Manager of the Overseas Operating Division
where she oversaw and managed LBS Groups investments
in Zhuhai, China. She continues to be a Vice-Chairman of
Zhuhai International Circuit Ltd.
She is currently responsible for LBS Groups corporate
functions in Accounts and Finance, Human Resource and
Administration, Purchasing and Rental, Sales and Marketing
Communication.
Dato Lim Mooi Pang also sits on the Board of several
subsidiary companies of the Group. She is a member of the
Risk Management Committee in LBGB.
Dato Lim Mooi Pang is the daughter of Dato Seri Lim Bock
Seng (Chairman), sister of Tan Sri Lim Hock San (Managing
Director), Datuk Wira Lim Hock Guan (Executive Director),
Maj (Hon) Dato Sri Lim Hock Sing (Executive Director) and
Datuk Lim Hock Seong (Executive Director).
025
DIRECTORS
PROFILE
Datuk Lim Si Cheng
Datuk Lim Si Cheng was appointed as Independent NonExecutive Director of LBGB on 20 August 2013.
Lim Tong Lee was appointed as Independent NonExecutive Director of LBGB on 22 May 2013. He is currently
the Head of Corporate Finance of KGI Fraser Securities Pte
Ltd, Singapore (formerly known as AmFraser Securities Pte
Ltd). He also sits on the Board of ValueMax Group Ltd, a
company listed on the Main Board of Singapore Exchange,
as Independent Non-Executive Director.
All the directors of LBGB have no conflict of interest with the Company nor
any convictions of any offences within the past 10 years.
026
LBS BINA GROUP BERHAD (518482-H)
ANNUAL REPORT 2015
Group Financial
Highlights
RM680
RM108
548,396
668,265
680,296
62,777
65,056
430,171
104,129
108,088
34,300
37,160
392,663
69,930
76,074
million
531,820
million
449,565
million
RM76
11
12
13
14
15
11
12
13
14
15
11
12
13
14
15
REVENUE
(RM000)
(RM000)
RM1,032
189.18
869,657
969,062
1,031,661
109.31
116.76
184.20
183.72
189.18
8.87
9.70
96.09
14.06
14.09
Sen
445,105
Sen
422,535
million
14.09
11
12
13
14
15
11
12
13
14
15
11
12
13
14
15
EQUITY ATTRIBUTABLE TO
OWNERS OF THE PARENT
(RM000)
027
Group Financial
Highlights
FINANCIAL YEAR ENDED 31 DECEMBER
2011
2012
2013
2014
2015
386,553
386,553
479,651
538,298
551,437
422,535
445,105
869,657
969,062
1,031,661
299,296
339,607
773,242
879,657
945,183
8.87
9.70
96.09
14.06
14.09
9.50 *
2.50
2.50
11.00
9.25
109.31
116.76
184.20
183.72
189.18
77.43
89.09
163.78
166.77
173.33
REMARKS
#
*
*
FINANCIAL CALENDAR
Financial Year Ended
31 December 2015
29 May 2015
28 August 2015
26 November 2015
25 February 2016
7 April 2016
28 April 2016
9 June 2016
Benchmarks
In going beyond, we seek to not meet or exceed architectural benchmarks,
but to redefine them giving deeper and holistic meaning to quality,
comfort and lifestyle.
030
LBS BINA GROUP BERHAD (518482-H)
ANNUAL REPORT 2015
Chairmans
Statement
DEAR VALUED SHAREHOLDERS,
In my last letter, I shared about the slowdown in global economy posing challenges
to all industries. This continued to be the central topic for year 2015 bringing forward
to year 2016 with economists viewpoint still divided over the depth and duration
of its impact. Regardless of the challenges, I believe we as an industry player are
responsible to secure our position in the property market, while building a strong
foundation that can sustain our business well into the future.
031
CREDITABLE PERFORMANCE
LBS is a property developer
building residential and commercial
properties to create the maximum
returns for its shareholders with
aim of consistently pursuing and
delivering exceptional performance,
both in business and finance. Our
key actions in initiating innovation
and continuously recasting our
strategic focus to align our product
offerings to the evolving needs of
buyers in the property market have
SHAREHOLDERS VALUE
CREATION
We recognize the importance of
dividends to investors. Thus, we
have increased the absolute dividend
amount paid to shareholders taking
into account the increased capital
base of 2.4% during the financial
year 2015. LBS continued to reward
its shareholders in line with its Dual
Dividend Policy, covering:
a) The payout of Special Dividend of
6 sen per share on 1 September
2015 derived from the receipt of
the second tranche of deferred
ShareHolders
Return
12.2%
032
LBS BINA GROUP BERHAD (518482-H)
ANNUAL REPORT 2015
CHAIRMANS
STATEMENT
In addition to cash dividend, the
Company had also issued bonus
warrants in year 2015 on the basis of
one (1) free Warrant B for every four
(4) existing ordinary shares held. This
represents a bonus of about 8 sen
per share basing on the theoretical
fair value of the bonus warrant at
issue date.
I am delighted to note that full year
dividend which valued at a historical
high of 17.5 sen per share representing
a yield of 12.2% was returned to
shareholders for the financial year
2015. We remain committed to our
Dual Dividend Policy and provide
higher dividend as long as market
conditions, retained earnings and
cashflow allow.
CORPORATE STRATEGY
REVIEW
In year 2015, the Group has
continued with its strategy adopted
since year 2013, particularly in land
bank replenishment strategy. Thanks
to our re-strategised business model
and land bank acquisition initiatives,
our performance in year 2015
showed a good momentum in our
consistent and successful strategy
with strong customers demand for
our products, which enabled us to
rescale and reposition our business
amidst challenging environment.
The success of our business is a
testament to the robustness of our
strategy and with this in mind, the
Board is confident that the plans
being executed by the Group is
poised to take advantage of the
growing opportunities ahead.
CORPORATE DEVELOPMENTS
Land banking
The Group continues to operate
successfully in a sluggish property
market with strong acquisitions in
the year to increase our strategic
land portfolio. In the year 2015,
we acquired a total of 763 acres of
development lands in the states of
Midhills
033
CHAIRMANS
STATEMENT
034
LBS BINA GROUP BERHAD (518482-H)
ANNUAL REPORT 2015
CHAIRMANS
STATEMENT
Commitment to Innovations
The Groups vision on becoming an
internationally recognized developer
continued to earn awards from its
development projects and marketing
campaigns in year 2015.
LBS once again swept the awards for
the third year in a row by receiving top
award for three categories namely
the Five Star Development Marketing,
Malaysia with BSP Township; Five
Star Architecture Single Residence,
Malaysia with Barrington Homes
and Highly Commended Apartment,
Malaysia with BSP 21. With the
awards, it is not only indicate the
strength of our projects, but served
as a great encouragement for us to
attain even better performance for
this year.
035
CHAIRMANS
STATEMENT
APPRECIATION
To all our valued customers,
shareholders, business associates,
bankers and the relevant government
authorities, I extend herewith my
appreciation for your continuous
support and confidence in the Group.
036
LBS BINA GROUP BERHAD (518482-H)
ANNUAL REPORT 2015
Review of
Operations
DEAR VALUED SHAREHOLDERS,
During the year 2015, the Group has seen another year of improvement with our
property development business trended favorably and our sales hit a record high of
achieving billion-ringgit milestone. The commendable sales performance was mainly
attributed to strong demand for its projects in Bandar Saujana Putra (BSP) and
D Island Residence in Klang Valley.
037
FINANCIAL REVIEW
For the financial year 2015, the
Group delivered another favorable
results, posting Revenue and Profit
Before Tax (PBT) of RM680.3 million
and RM108.1 million respectively.
These represent approximately 2%
increase in revenue and 4% increase
in PBT against the results recorded
in the preceding year 2014. The
improvement was mainly attributable
to the progressive recognition of
revenues from the high rise projects
at BSP and D Island Residence in
Klang Valley, Cameron Golden Hills
in Cameron Highlands and Midhills
in Genting Highlands. In addition,
there were few landed projects
in Klang Valley were at their final
stage of completion during the year
2015. Nevertheless, the unbilled
sales of approximately RM1.0 billion
as at 31 December 2015 provides
comfortable future earnings for the
Group.
Following a series of active land
procurement exercise and acquisition
of non-controlling interests as
RM680.3 million
and RM108.1
million respectively.
MALAYSIA OPERATIONS
PROPERTY DEVELOPMENT
Under this challenging environment,
the Group remained resilient and 1,584
units were sold during the year 2015,
translating to a sales value of RM1.092
billion, which has outperformed
industry level with impressive increase
of 60% in sales as compared to year
2014. The key developments which had
contributed to LBS in achieving its 2015
sales target were projects located in
Selangor with a total sales contribution
of approximately RM857 million.
038
LBS BINA GROUP BERHAD (518482-H)
ANNUAL REPORT 2015
Review of
Operations
As at the end of year 2015, the
Group has 15 on-going projects with
gross development value (GDV)
of approximately RM2.1 billion, out
of which 7 were launched during
the year. In 2015, 1,686 units of
various type of properties with total
value of RM798.6 million have been
completed and followed by hand
over of vacant possession to the
purchasers.
KLANG VALLEY
As at end of year 2015, the Group
has two projects in the Klang
Valley, which are BSP township
and D Island Residence. These two
projects continued to be the anchor
contributors making up 83.0% of the
total sales in year 2015.
Bandar Saujana Putra
BSP, a township that was launched
in year 2003 with population
over 30,000 was rewarded with
a prestigious award the Five Star
Development Marketing, Malaysia
at the Asia Pacific Property Awards
039
Review of
Operations
of shops would be launched in
year 2016 in line with the state
governments effort to encourage
the public to own house at affordable
prices in Selangor. This housing
project involved the building of 1,048
apartments units with built-up area
of 900 sq. ft. to be sold at RM180,000
each and 264 apartments units with
built-up area of 800 sq. ft. to be sold
at RM150,000 each.
It is our commitment to make this
850-acre township a place that is
safe and convenient by constantly
providing
more
improvements
and enhancements. In year 2015,
residents have seen the lake near
Camellia Cottage being beautified
and installed with new walkway and
outdoor gym facilities; the relocation
of more organized and convenient
venue for night market and the
increased areas for well-maintained
landscape.
We are of the view that residential
properties within an integrated
project have a greater appeal because
of the surrounding lifestyle amenities
compared to a standalone project.
Under the urbanization planning,
besides sustainable development,
integrated
development
where
space optimization and resource
efficiencies have been given much
emphasis lately. A good integrated
development equals to having
an optimal mix of quality retail,
commercial and residential spaces,
all seamlessly integrated to provide
the day-to-day convenience and
comfort for people to reside, work
and relax. Thus, well-designed, wellbuilt and well-managed projects
located around key business centres
040
LBS BINA GROUP BERHAD (518482-H)
ANNUAL REPORT 2015
Review of
Operations
In addition, the Group will also
unfold new phase of Nautilus, 53
units of double storey super-linked
homes, and its second high-rise
development in D-Island Residence
named as Harbour Front in year 2016
with combined GDV of approximately
RM663 million.
Desiran Bayu, Puchong
Desiran Bayu, which is located next
to our premier development DIsland
Residence, is poised to meet the
increasing demands for affordable
homes within the Klang Valley.
Subsequent to the market research
done internally, the management
will be launching Phase 1 to 3
Desiran Bayu, comprising 236 units
of double storey linked homes, 88
units of double storey cluster-linked
semi-detached homes and 6 units
of double storey semi-detached
homes in second half of 2016.
These properties are priced between
RM470,000 and RM880,000 per unit.
The entire project is expected to
contribute a GDV of RM375.8 million.
PAHANG
Cameron Highlands
46 unit of two and three storey
semi-detached residence known as
Barrington Homes were unveiled in
2014 in conjunction with the official
opening of LBS signature sales office
in Brinchang. With a five bedrooms
and seven bathrooms layout, the
three storey English Tudor-styled
landed properties come with a layout
size of 4,385 sq. ft. and priced from
RM1.7 million. The double storey
semi-detached homes have gross
built-up of 2,516 sq. ft. are priced
from RM968,000. As at end of 2015,
it had received positive response with
take-up rate of approximately 60%.
First batch of Barrington Homes is
expected to complete in 2016.
Two projects are in the launching
pipeline for year 2016. One of the
projects is 77 units of double storey
linked house Vines 2 priced from
RM700,000 onwards with GDV of
RM58.3 million. Another is Phase 1 of
Cameron Centrum comprises shop
units and hotels with total GDV of
JOHOR
Batu Pahat
Bandar Putera Indah township has
contributed 11% toward the Groups
sales in year 2015.
Magma Garden comprises 1,416
single storey terraced homes out of
which 465 units were launched in
2013 and has received overwhelming
response with a take-up rate of
97% as of today. The overwhelming
response was supported by its
attractive pricing of RM150,000 and
ideal location in the heart of Batu
Pahat. It has a gross built-up area of
1,022 sq. ft. with each unit situated
on a 20 ft. by 65 ft. land area.
041
Review of
Operations
obligation to extend a general offer
to acquire all the shares and warrants
of MGB not yet owned by us under
Section 218(2) of the Capital Markets
and Services Act, 2007.
MALAYSIA OPERATIONS
CONSTRUCTION
Subsequent
to
the
Company
becoming a substantial shareholder
of ML Global Berhad (MGB) in
August 2014, the Company has
further increased its stake in MGB
to 31.95% as of March 2016 from
22.06% in year 2014 as the Group
expects this investment will generate
synergies and more shareholder
values in the future. The last two
quarters of MGBs result have already
shown improvement and turned in
profits in year 2015. MGB was uplifted
from a PN 17 status with its securities
traded as regular on the Main Market
of Bursa Malaysia effective 11 March
2016.
When I pen down this note, MGB
has already became our subsidiary
with the acceptance of 18.97% equity
shares offered at RM0.56 each.
Consequential from the acceptance
of the offer, we have triggered the
OVERSEAS OPERATIONS
Zhuhai International Circuit
(ZIC)
ZIC is a prestigious motorsport racing
circuit recognized internationally by
many from around the world. ZIC
was the first permanent motor racing
circuit built in China. Completed in
November 1996 to host Chinas first
international motor race event, the
4.3 km long circuit has since become
a hub for Motorsports enthusiasts
from all over the world. Built to
exacting international standards and
approved by the FIA (Federation
Internationale DeLAutomobile), the
race track offers challenging corners
for spectacular overtaking maneuvers
to world class drivers.
042
LBS BINA GROUP BERHAD (518482-H)
ANNUAL REPORT 2015
Review of
Operations
To create more value of this 264acre land, the Management together
with its local partner are seeking
local authorities approvals on an
upgrading and transformation plan
to transform the racing circuit into
a mixed development comprising
motor sports, tourism and cultural
elements. The transformation plan is
in line with the 21st Century Maritime
Silk Road strategy introduced by China
President Xi Jinping and is also riding
on the establishment of Friendly
State and Province between Malacca
State and Guangdong Province. The
transformation plan includes, among
others, upgrading of the race track
and development of a motor sportsthemed hotel, exhibition hall catering
to the racing industry, theme park,
premium outlet and also Malacca
cultural and information center.
In March 2016, we have initiated
the transformation plan with the
launching ceremony for its Malacca
Cultural and Trade Centre and
043
Review of
Operations
million in revenue to Zhuhai Holdings
in its financial year 2015.
A final dividend in respect of the year
ended 31 December 2015 of HK2
cents (2014: HK1 cent) per share,
amounting to a total dividend of
HK$28.6 million is to be proposed
at its forthcoming annual general
meeting in May 2016.
APPRECIATION
Over the years, the Group has
received numbers of awards and
recognitions and the awards won
lately are the Top 10 Developers
of the Year StarProperty.my Awards
2016 and Best Company for
Leadership of Property Development
in International Alternative Investment
Review Awards (IAIR Awards). These
awards bear testimony to our
continuous efforts and commitment
in providing quality homes and prove
that we are on the right track for
growth and to achieve our vision as an
internationally recognized developer.
At the same time, I would like to
express my heartfelt thankfulness
to my fellow directors for their
invaluable and constant support and
all our business partners as well as
valued customers for their continued
trust over the years.
The inherent cyclical nature of the
property market brings the year
ahead to further challenges but we
will continue to maintain our focus
on the long-term, as we have always
done. I am confident that the Groups
extensive experience will enable
LBS to navigate the path ahead
successfully and take hold of every
opportunity to further our expansion.
Again, I look forward to the future
with optimism, and I invite you to join
us in our journey.