A N N U A L R E P O R T 2 0 0 8

In 1988, two entrepreneurs, Tan Sri

Dato’ FD Mansor and Datuk Richard

Fong, joined forces to start Glomac.

The rest, as they say, is history.

Today, Glomac comprises more than

40 subsidiaries with interest in

property development, property

investment, construction, and

property management.

The company was listed on the Main

Board of Bursa Malaysia on 13 June, 2000. In 2003,

the company was certified ISO 9001:2000. Moving forward,

Glomac, with its track record of successes and well-received projects,

continues to affirm the group’s reputation as a responsible and

visionary property developer.

GLOMAC has come a long way

the EARLY years

“ Our 1st project came in the form of a phase of single story terrace houses in Taman Jasa Utama in Selayang. After completion, we were so proud to be able to delivery these houses to the first purchasers.

Next, came the turning point for us in Kelana Jaya. When we first started to develop this part of Petaling Jaya, there was nothing but swampland. Soon, we transformed this sleepy area into a bustling new satellite city and people began to take notice of us.

”

“ We introduced innovations such as the 6-8 storey business centre, complete with lifts and underground parking. This success was quickly followed by our first high-end condominium, Prima 16, in the exclusive part of Section 16, Petaling Jaya. It was during this time that we began to understand how rewarding it is for a developer to build communities.

”

In 1988, coming from different backgrounds, 2 entrepreneurs heard the same calling for development for the nation. Sharing the same passion to strive forward, Tan Sri Dato’ FD Mansor and Datuk Richard Fong took destiny into their own hands and started a small company called Glomac Sdn Bhd.

The rest as they say is history. Here’s a summarized version of how 2 people with the right vision have given Glomac its success.

the GROWING years

“ It wasn’t long before our first township project was born. The development of Bandar Saujana Utama began in 1997. From jungle and plantation land, it is today a thriving township complete with schools, playgrounds and parks, clubhouse, shopping mall, hypermarket and police stations.

”Our vision of building communities continues on…

“ Difficult times also came in the form of the Asian Financial Crisis of 1997. The construction industry as well as others went through

an upheaval. By sheer grit, prudence and strength of character, Glomac came back stronger and even went further by

conducting it’s listing on Bursa Malaysia in 2000.

This great milestone was by no means the end. It was just the beginning of unprecedented growth

and expansion as we began to climb even greater heights.

”

“ From managing just 3 projects a year, Glomac now has 13 on-going projects including townships in Kota Tinggi, Johor Bahru and Rawang, Selangor, and various commercial developments. We now have ample opportunity to demonstrate our knowledge and expertise in both the residential and commercial developments.

For high-end residential developments, we proudly delivered a first-of-its-kind gated and guarded community in Petaling Jaya Aman Suria Damansara. This development surpassed all expectations and led to similar developments such as Lakeside Residences, Puchong and Suria Residen, Cheras.

”

the COMING of age

“ We were inspired when we had the opportunity to develop in the prestigious area of Kuala Lumpur City Centre (KLCC). The project allowed us to set our imagination free. The result: Suria Stonor, the luxury condominium, a real jewel in Glomac’s crown.

”

“ In late 2007, we caused a stir in the market by setting a record price when we acquired the 1.3 acre property opposite the Petronas Twin Tower, in KLCC. This will be the site of Glomac Tower, our first commercial highrise in Kuala Lumpur. It will be our best testament yet to how we’ve been transforming the Malaysian landscape for the benefit of the community.

While any journey is a series of ups and downs, we’ve enjoyed every moment of it and these 20 years is only the beginning to achieving all that we set out to do. Meeting people, making friends and creating enduring partnerships; they are the source of our inspiration and the reason we have emerged in this industry with dignity and integrity, bringing value in everything we do to your lives. Please join us as we set forth into the future.

”

4 Corporate Information

6 Group Structure

8 Board Of Directors’ Profi le

12 Calendar Of Events

14 Chairman’s Statement

26 Perutusan Pengerusi

39 Financial Highlights

40 Corporate Governance Statement

45 Audit Committee Report

48 Statement On Internal Control

50 Directors’ Report

57 Report Of The Auditors

58 Income Statements

59 Balance Sheets

61 Statements Of Changes In Equity

64 Cash Flow Statements

67 Notes To The Financial Statements

131 Statement By Directors

131 Declaration By The Offi cer Primarily Responsible For The Financial Management Of The Company

132 List Of Properties

134 Analysis Of Shareholdings

140 Notice Of 24th Annual General Meeting

144 Statement Accompanying Notice Of 24th Annual General Meeting

Form Of Proxy

C O N T E N T S

Glomac DamansaraPetaling Jaya

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[ corporate information ]

BOARD OF DIRECTORS

Tan Sri Dato’ Mohamed Mansor bin Fateh DinGroup Executive Chairman / Chief Executive Officer

Datuk Richard Fong Loong TuckGroup Executive Vice-Chairman

Dato’ Fateh Iskandar bin Tan Sri Dato’ Mohamed MansorGroup Managing Director

Senator Dato’ Haji Ikhwan Salim bin Dato’ Haji SujakIndependent Non-Executive Director

Mr Chong Kok KeongIndependent Non-Executive Director

COMPANY SECRETARY

Ms Siew Suet Wei (MAICSA No. 7011254)

AUDIT COMMITTEE

Senator Dato’ Haji Ikhwan Salim bin Dato’ Haji SujakChairman

Mr Chong Kok KeongMember

Dato’ Fateh Iskandar bin Tan Sri Dato’ Mohamed MansorMember

AUDITOR

Deloitte KassimChan (AF 0080)Level 19, Uptown 1, 1 Jalan SS 21/58Damansara Uptown, 47400 Petaling JayaSelangor Darul EhsanTel : 03 7723 6500Fax : 03 7726 3986

REGISTERED OFFICE

12th Floor, Wisma Glomac 3Kompleks Kelana Centre PointJalan SS 7/19, Kelana Jaya,47301 Petaling Jaya, Selangor Darul EhsanTel : 03 7801 9000Fax : 03 7803 0203

SHARE REGISTRARS

Shareworks Sdn Bhd10-1, Jalan Sri Hartamas 8Sri Hartamas50480 Kuala LumpurTel : 03 6201 1120Fax : 03 6201 3121

STOCK EXCHANGE LISTING

Main Board, Bursa Malaysia Securities BerhadListed on 13 June 2000

PRINCIPAL BANKERS

AmBank BerhadPublic Bank BerhadCIMB Bank BerhadAlliance Investment Bank BerhadKuwait Finance House (M) BerhadRHB Islamic Bank BerhadMIDF Amanah Investment Bank Berhad

WEBSITE

www.glomac.com.my

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[ corporate information ]

Glomac TowerGlomac’s

1st commercial building

in Kuala Lumpur City Centre

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[ group structure ]effective interest as at 30 June 2008

100% Glomac Land Sdn Bhd Saujana Utama, Sg. Buloh 100% Magic Season Sdn Bhd Saujana Utama II, Sg. Buloh 100% Regency Land Sdn Bhd Saujana Utama III, Sg. Buloh

100% Glomac Sutera Sdn Bhd Sri Saujana, Kota Tinggi, Johor 100% Glomac Enterprise Sdn Bhd Sungai Buloh Country Resort, Sg. Buloh 100% Glomac Real Estate Sdn Bhd Aman Suria Damansara, Petaling Jaya 100% Glomac Alliance Sdn Bhd Lakeside Residences, Puchong 100% Glomac City Sdn Bhd Plaza Glomac, Kelana Jaya

100% Glomac Consolidated Sdn Bhd Bukit Saujana, Sg. Buloh 100% Glomac Maju Sdn Bhd Suria Residen, Cheras

100% Glomac Segar Sdn Bhd (Proposed development of Plaza Kelana Jaya - Final Phase)

100% Glomac Jaya Sdn Bhd (Proposed commercial developmnet in Cyberjaya)

100% Glomac Nusantara Sdn Bhd Glomac Square, Kelana Jaya

100% Glomac Rawang Sdn Bhd Saujana Rawang, Rawang

100% Glomac Regal Sdn Bhd Suria Stonor, Kuala Lumpur

100% Glomac Resources Sdn Bhd Glomac Galleria, Kuala Lumpur

100% Glomac Vantage Sdn Bhd Taman Mahkota Laksamana, Seksyen III, Melaka

100% Glomac Damansara Sdn Bhd Glomac Damansara, Kuala Lumpur 100% OUG Square Sdn Bhd OUG Square, Kuala Lumpur

100% Dunia Heights Sdn Bhd (Proposed residential development in Sg. Buloh)

70% FDA Sdn Bhd Sri Bangi, Section 8, Bandar Baru Bangi 51% Glomac Al Batha Sdn Bhd Glomac Tower, Kuala Lumpur

51% Glomac Al Batha Mutiara Sdn Bhd (Proposed commercial development in Mutiara Damansara) 30% PPC Glomac Sdn Bhd Bandar Sri Permaisuri, Cheras

Property Development

Plaza Kelana JayaPetaling Jaya

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100% Glomac Realty Sdn Bhd Glomac Business Centre, Kelana Jaya 100% Berapit Development Sdn Bhd Kelana Business Centre, Kelana Jaya 100% Kelana Centre Point Sdn Bhd Kompleks Kelana Centre Point, Kelana Jaya 100% Sungai Buloh Country Resort Sdn Bhd Kelab Saujana Utama, Sg. Buloh 100% Prima Sixteen Sdn Bhd Prima 16 Condominium, Phase I & II, Petaling Jaya

100% Bangi Integrated Corporation Sdn Bhd Plaza Kelana Jaya, Phase II, Kelana Jaya

48.5% VIP Glomac Pty Ltd (*) (*) As trustee for VIP Glomac Unit Trust which owns 380 Lonsdale Street, Australia 44.1% WHA Glomac Alliance Co. Ltd Warehouse in Bangkok, Thailand

29.4% Worldwide Glomac Development Sdn Bhd Worldwide Business Park, Shah Alam

Project Management 100% Glomac Group Management Services Sdn Bhd

Property Management 100% Glomac Property Services Sdn Bhd Construction 51% Glomac Bina Sdn Bhd Car Park Operations/Management 60% Prominent Excel Sdn Bhd Investment Holding 100% Glomac Australia Pty Ltd

90% Glomac Thailand Sdn Bhd

85.7% Glomac Power Sdn Bhd

60% Glomac Utama Sdn Bhd

30% Irama Teguh Sdn Bhd

Property Investment & Management

Other Activities

100% Elmina Equestrian Centre (Malaysia) Sdn Bhd

100% Glomac Leisure Sdn Bhd

100% Prisma Legacy Sdn Bhd

100% Kelana Seafood Centre Sdn Bhd

100% Glomac Mauritius Ltd

100% Glomac Restaurants Sdn Bhd 60% Glomac Excel Sdn Bhd

Dormant Companies

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[ board of directors’ profi le ]

Dato’ Fateh Iskandar bin Tan Sri Dato’ Mohamed Mansor

Mr Chong Kok Keong Senator Dato’ Haji Ikhwan Salim bin Dato’ Haji Sujak

Datuk Richard Fong Loong Tuck Tan Sri Dato’ Mohamed Mansor bin Fateh Din

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[ board of directors’ profi le ]

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Tan Sri Dato’ Mohamed Mansor bin Fateh DinPSM, DPMS, AMP, PJK, JP

Group Executive Chairman/Chief Executive OfficerMalaysian, aged 68

Tan Sri Dato’ Mohamed Mansor bin Fateh Din was first appointed to the Board on 1 April 1986. As the Group Executive Chairman, he actively oversees the operations of the Group. Before he founded the Glomac Group, he was employed with Utusan Malaysia Berhad as the Personnel Director.

Tan Sri Dato’ Mohamed Mansor has extensive experience in the property development business through his involvement in the industry for the past 25 years. He was the Honorary Secretary of the Malay Chamber of Commerce and Industry, Selangor from 1987 to 1995 and was awarded the Selangor Entrepreneur of the Year 1995 by the Dewan Perniagaan Melayu Malaysia Negeri Selangor in recognition of his contributions to the state. In September 2005, he was awarded the prestigious “Property Man of the Year 2005” by FIABCI Malaysia. In June last year, he was presented the award of “Anugerah Usahasama Tulen” by the Malay Chamber of Commerce, Malaysia.

Tan Sri Dato’ Mohamed Mansor bin Fateh Din attended all Board Meetings held during the financial year ended 30 April 2008.

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[ board of directors’ profi le ]

Datuk Richard Fong Loong TuckDMSM

Group Executive Vice-ChairmanMalaysian, aged 56

Datuk Richard Fong was first appointed to the Board on 4 April 1988. He graduated with a Bachelor of Science (Hons) in Civil Engineering from University of London, UK.

Datuk Fong began his career in Mudajaya Construction Sdn Bhd and IJM Corporation Berhad before founding Glomac in 1988.

He has more than 20 years of experience in the field of property development, building construction and engineering. He served as the Secretary General of FIABCI (International Real Estate Federation) Malaysian Chapter for the term 1998-2000. Datuk Fong was appointed President of FIABCI Malaysia in August 2006 for the term 2006-2008.

Datuk Fong attended all Board Meetings held during the financial year ended 30 April 2008.

Dato’ Fateh Iskandar bin Tan Sri Dato’ Mohamed MansorDSIS, SSA

Group Managing DirectorMalaysian, aged 40

Dato’ Fateh Iskandar bin Tan Sri Dato’ Mohamed Mansor joined the Glomac Group of Companies in 1991 and was appointed to the Board on 5 February 1997.

Dato’ Fateh Iskandar attended the Malay College Kuala Kangsar and later obtained a law degree from the University of Queensland, Australia and an MBA.

Dato’ Fateh Iskandar is currently the Vice President for REHDA Malaysia and Chairman for REHDA Selangor. He is also Director of MPI (Malaysian Property Incorporated), a body that promotes property investments among foreignors in Malaysia. Recently, Dato’ Fateh Iskandar was appointed as an EXCO member of the Malaysian Australian Business Council. He has given many talks and seminars both locally and internationally on the property market in Malaysia over the years.

Apart from sitting on several private limited companies, he also sits as a Board Member of Axis Reit Managers Berhad, the first REITs company to be listed on Bursa Malaysia.

He is also a Board Member of Lembaga Perumahan & Hartanah Selangor, a body that governs property development and investment in the state of Selangor.

Dato’ Fateh Iskandar attended all Board Meetings held during the financial year ended 30 April 2008.

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[ board of directors’ profi le ]

Senator Dato’ Haji Ikhwan Salim bin Dato’ Haji SujakDSIS, KMN, PJK

Independent Non-Executive DirectorMalaysian, aged 52

Senator Dato’ Haji Ikhwan Salim bin Dato’ Haji Sujak was first appointed to the Board on 9 February 2000. Dato’ Haji Ikhwan Salim holds a Bachelor’s degree in Economics/Accounting from Queen’s University, Belfast, UK. He began his career as an Auditor with Coopers & Lybrand, UK and joined Nestle (M) Sdn Bhd in 1979. In 1980, he moved on to be the Group Financial Planning Manager of Kumpulan Low Keng Huat Sdn Bhd. In 1982, he became the Managing Director of Jaya Holdings Sdn Bhd, an investment holding company. Since 2002, he has been a Council Member of the Petaling Jaya Municipal Council now known as Petaling Jaya City Council. He is also the Division Head of Petaling Jaya Utara Division of UMNO.

Dato’ Haji Ikhwan Salim is the Chairman of the Audit Committee of Glomac Berhad. He is also a Director of Malaysia Steel Works (KL) Berhad and Land and General Berhad. Dato’ Haji Ikhwan Salim attended all Board Meetings held during the financial year ended 30 April 2008.

Mr Chong Kok KeongIndependent Non-Executive DirectorMalaysian, aged 59

Mr Chong Kok Keong was first appointed to the Board on 21 September 2000. Mr Chong graduated with a Bachelor of Engineering (Hons) from Universiti Malaya.

He began his career with Malayawata Steel Bhd as a trainee engineer and later joined Tractors Malaysia Berhad in 1974. In 1979, he was seconded to Kubota Agricultural Machinery Sdn Bhd to set up the production and local assembly plant. He was then appointed Manager in Charge of Engines Division of Tractors Malaysia Bhd. He was one of the founders of Pilecon Engineering Berhad where he set up the Plant Division and was part of the team which invented and patented the ‘Triple Piling System’. He was the Managing Director of Pilecon from 1992 to 1999.

Mr Chong has extensive experience in both the Property and Construction sectors having been involved as an advisor to various projects since 2000.

Mr Chong is a member of the Audit Committee of Glomac Berhad.

Mr Chong attended all Board Meetings held during the financial year ended 30 April 2008.

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[ calendar of events ]

01 MAY 2007

Launched Glomac Home Rewards

Glomac launched its inaugural Glomac Home Rewards programme to reward its home buyers. Whether you are a first time buyer or need to upgrade to accommodate your expanding family, Glomac will reward you through an array of gifts when you purchase any of the Glomac properties.

20 MAY 2007

Seminar On “Generate Economic Opportunity Nationwide Through Business, Investment And Job In Bandar Saujana Utama”

A seminar jointly organised by Glomac and Gabem was held at Bandar Saujana Utama to strengthen business relationship between residents, authorities and entrepreneurs. The event was officiated by the Deputy Minister of Finance II, YB Dato’ Dr Awang Adek bin Hussin.

23 MAY 2007

Agreement Between NADA/ PNSB/GLOMAC

Permodalan Negeri Selangor Bhd (PNSB) / Glomac entered into an agreement with the National Anti-Drug Agency (NADA) to build a training centre for NADA in Dengkil, Selangor. The aim of the new centre is to produce a next generation of NADA officers and more professional workforce for the agency.

09 JUL 2007

Completion Of Warehouse In Thailand

Glomac’s first joint venture project in Thailand is a great success. Together with Warehouse Asia Alliance of Thailand, the construction of our RM110 million ‘built-to-suit’ warehouse is now completed and was officially opened in Bangkok on 9 July 2007.

27 NOV 2007

Official Opening Ceremony Of Central Mart, Bandar Saujana Utama

YB Tan Sri Dato’ Haji Muhyiddin Mohd Yassin, Agriculture and Agro-Based Industry Minister, graciously officiated the Opening Ceremony of Central Mart, the first one stop supermarket in our township in Sungai Buloh on 27 November 2007.

02 DEC 2007

Carnival Saujana Utama 2007

Glomac held a family day “Karnival” to celebrate the 10th Anniversary of Bandar Saujana Utama. Over 10,000 people showed up to celebrate this event. There were lots of games and events for children such as face painting, sand art, clowns and inflatable bounces. This Carnival also featured performances by Sekolah Rendah and Sekolah Menengah Kebangsaan Bandar Saujana Utama school children and celebrity Saiful Apek entertained the crowd with a comedy sketch.

18 JAN 2008

Glomac Purchases Land In Cyberjaya

Glomac’s subsidiary, Glomac Jaya Sdn Bhd entered into a Sale & Purchase Agreement with Setia Haruman Sdn Bhd to purchase an 8-acre piece of land in Cyberjaya.

29 JAN 2008

Memorandum Of Understanding Between Glomac Berhad And Suria Capital Holdings Berhad

Glomac Berhad signed a MOU with Suria Capital Holdings Berhad for the proposed development of the Jesselton Waterfront project in Kota Kinabalu in Sabah. The project is planned as a tourism related mixed development which covers about 25 acres.

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[ calendar of events ]

29 AUG 2007

23rd Annual General Meeting And Extraordinary General Meeting

Glomac’s AGM and EGM was held to provide its shareholders with the Group’s financial performance and the latest corporate and property developments of the group.

28 MAR 2008

Sale Of Glomac Tower

Glomac’ subsidiary, Glomac Al Batha Sdn Bhd signed a Sale and Purchase Agreement with Prestige Scale Sdn Bhd for the sale of Glomac Tower located in the heart of the KLCC area. Glomac Tower is a Grade A 36-storey office tower.

MAY 2007

News Straits Times School Sponsorship Programme

Glomac aims to promote the values of a caring society and to encourage the practice of giving back and serving the community. Hence, Glomac participated in the New Straits Times School Sponsorship Programme for the 2nd year in a row by providing newspapers to two schools each in Bandar Saujana Utama and Sri Saujana by promoting the use of newspapers as a tool in education.

08 JUN 2007

The Edge-Bursa Malaysia Kuala Lumpur Rat Race

Glomac once again supported “The Edge-Bursa Malaysia Kuala Lumpur Rat Race” for the 7th year. Glomac showed their support by sending a team of runners to take part in this event.

24 SEP 2007

Breaking Fast With Anak Yatim

Glomac continued with its tradition and commitment to its social responsibilities by having its annual Breaking Fast with Anak Yatim. Children from Rumah Aman were treated to a sumptuous dinner. They received gifts and green packets. Glomac also gave a helping hand to worthy causes and organisations by donating to Rumah Aman, Kelab Veteran Utusan Melayu (KVUM) and Tabung Gempa Nusantara Utusan - Maybank whereby each received RM10,000.

29 MAR 2008

Vacant Possession Of Saujana Utama’s Police Station In Sungai Buloh

YDH DCP Dato’ Khalid bin Abu Bakar, Chief Police Of Selangor, officiated the Opening Ceremony of a police station in Bandar Saujana Utama, Sungai Buloh on 29 March 2008. Glomac generously donated two units of shop lots for PDRM to be operated in Saujana Utama, Sungai Buloh to enhance the security in the township and its neighbouring area.

CORPORATE SOCIAL RESPONSIBILITIES

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