ahma a r rhad annual repor t 1 - malaysiastock.biz 6 corporate profile ahmad zaki resources berhad...

1AhmAd ZAki ResouRces BeRhAd

AnnuAl RepoRt 2016

Winner of the following Awards and Accolades:• Firsthigh-riseofficebuildingwithGreenBuildingIndex(GBI)platinumrating• ASEANEnergyAwards2016

• 1stRunner-UpforGreenBuildingAwards(LargeGreenBuildingCategory)• 2ndRunner-UpforRenewableEnergyOff-GridCategory(PowerCategory)

• FIABCIMalaysiaPropertyAward2016:PublicSectorCategoryWinner• BusinessInsider,UnitedKingdom:The10thBestSkyscrapersintheWorld

Menara Kerja Raya, Kuala LumpurOfficiated by Yang Amat Berhormat Dato’ Sri Mohd Najib bin Tun Haji Abdul RazakPrime Minister of Malaysia on 7 December 2016

Contents

OveRview

5 CorporateInformation6 CorporateProfile7 VisionandMission8CorporateStructure105-YearFinancialHighlights11CalendarofEvents16 AwardsandAccolades

GOveRNANCe

20Directors’Profile32KeySeniorManagementProfile37StatementonRiskManagementandInternalControl41CorporateGovernanceStatement50StatementofDirectors’ResponsibilitiesinPreparingtheFinancialStatements51ReportoftheAuditandRiskCommittee55AdditionalComplianceInformation

PeRFORMANCe

58Chairman’sStatement64 ManagementDiscussionandAnalysis

FiNANCiAL RePORT

76FinancialStatements

ADDiTiONAL iNFORMATiON

190 Directors’InterestsinSharesandWarrants192AnalysisofShareholdings195AnalysisofWarrantholdings197 ListofProperties199 Noticeofthe20thAnnualGeneralMeeting

•FormofProxy

4

InstitutKefahamanIslamMalaysia,KualaLumpur

OVERVIEW


AnnuAl RepoRt 2016

BOARD OF DIRECTORS AUDIT AND RISK COMMITTEE

COMPANY SECRETARIES

REGISTERED OFFICEMenara AZRBNo. 71, Persiaran Gurney54000 Kuala LumpurTel: 03 2698 7171Fax: 03 2694 8181

1. Raja Tan Sri Dato’ Seri Aman bin Raja Haji Ahmad (Independent Non-Executive Chairman)

2. Dato’ Sri Haji Wan Zaki bin Haji Wan Muda (Executive Vice Chairman)

3. Dato’ Sri Wan Zakariah bin Haji Wan Muda (Group Managing Director)

4. Dato’ Haji Mustaffa bin Mohamad (Executive Director)

5. Dato’ W Zulkifli bin Haji W Muda (Executive Director)

6. Dato’ Haji Roslan bin Tan Sri Jaffar (Executive Director / Group Chief Operating Officer)

7. Tan Sri Dato’ Lau Yin Pin @ Lau Yen Beng (Independent Non-Executive Director)

8. Datuk (Prof.) A. Rahman @ Omar bin Abdullah (Independent Non-Executive Director)

9. Dato’ Sr. Abdull Manaf bin Hj Hashim (Independent Non-Executive Director) (Appointed w.e.f. 1 July 2016)

1. Raja Tan Sri Dato’ Seri Aman bin Raja Haji Ahmad (Chairman)

2. Tan Sri Dato’ Lau Yin Pin @ Lau Yen Beng (Member)

3. Datuk (Prof.) A. Rahman @ Omar bin Abdullah (Member)

1. Dato’ Haji Bahari bin Johari (LS 0008773) 2. Seuhailey binti Shamsudin @ Azraain (MAICSA 7046575)

3. Wong Maw Chuan (MIA 7413)

REGISTRAR

Mega Corporate Services Sdn BhdLevel 15-2, Bangunan Faber Imperial CourtJalan Sultan Ismail50250 Kuala LumpurTel: 03-2692 4271 Fax: 03-2732 5388

PRINCIPAL BANKERS

• AmBank (M) Berhad• Bank Pembangunan Malaysia Berhad• CIMB Bank Berhad• Malayan Banking Berhad• UOB Bank Berhad

AUDITORS

Deloitte PLTLevel 16, Menara LGB1 Jalan Wan KadirTaman Tun Dr Ismail60000 Kuala Lumpur

STOCK EXCHANGE

Main Market of Bursa Malaysia Securities BerhadStock Name: AZRBStock Code: 7078

WEBSITE

www.azrb.com

CORPORATe iNFORMATiON

6

CORPORATe PROFiLe

Ahmad Zaki Resources Berhad (“AZRB”),headquarteredinKualaLumpurwasincorporatedon26May1997,andwaslistedontheMainBoardofBursaMalaysiasince10September2003.Fromitsmodestbeginnings,establishedasAhmadZakiSdnBhd(“AZSB”) in1982,AZRBhasearned itsreputationas theBuilder of Award-winning Landmarks and Infrastructure Projects in Malaysia.

AZRB’sconsolidatedannual revenueexceededthe Billion Ringgit mark for the first time in2016 (Engineering and Construction (“E&C”)contributed 93% of this success), proving ourcapabilitiestoundertakemajor-scaleprojects.

WithoveraquarterofcenturyofE&CprojectexcellencespanningacrossvariousLandmarkprojects(suchastheiconicMenaraKerjaRayaandMasjidWilayahPersekutuanKualaLumpur)and the ongoing mega-scale Infrastructureprojects(suchastheMRTSg.Buloh-Serdang-Putrajaya Line Viaduct Package V202, andEast Klang Valley Expressway), AZRB hassince grown from a purely E&C player to amulti-disciplinedcompany.

AZRB today is involved in other businessactivitiessuchasin:• Oil and Gas - as the operator of Tok BaliSupplyBase

• Property - development and facilitiesmanagement (currently the concessionholder for IIUM Medical Centre inKuantanfor21½yearsperiod)

• Oil Palm Plantation - spanning across asizable8,200hectaresinWestKalimantan

• expressway-astheconcessionholderfortheEastKlangValleyExpressway

AZRBisproudtohavebuiltasolidfoundationandsoundexpertiseinthebusinessthatwedo,eachtimescaling to greater heights aswemoveforward.


AnnuAl RepoRt 2016

viSiON AND MiSSiON

TrustedIndustry LeAderinDeliveringCoMMItMentwithexCeLLenCeandVALue

• Smart Partnership with Customers, Employees

andStakeholder

• InstitutionalisetheVirtuesofHonestyandTrust

• SettingandMaintainingHighStandards;Striving

forSuperiorPerformanceinAllUndertakings

• Pro-Active through Continuous Research and

DevelopmentinMeetingChallenges

viSiON

Mission

1. PT ICHTIAR GUSTI “PUDI (“PTIGP”) 95%2. BETANAZ MILLS SDN BHD 67%3. PEAK CROPS SDN BHD (“PCSB”) 40%

1. AHMAD ZAKI SDN BHD (“AZSB”) 100%2. PENINSULAR PRECAST SDN BHD (“PPSB”) 100%3. AZSB MACHINERIES SDN BHD (“AMSB”) 100%4. PENINSULAR PROKONSULT SDN BHD (“PKSB”) 100%5. AHMAD ZAKI SAUDI ARABIA CO LTD (“AZSA”) 100%6. TADOK GRANITE MANUFACTURING SDN BHD (“TGM”) 100%7. UNGGUL ENERGY & CONSTRUCTION SDN BHD (“UESB”) 100%8. AZRB INTERNATIONAL VENTURES SDN BHD (“AIV”) 100%9. FASATIMUR SDN BHD 50%10. SALCON MMCB AZSB JV SDN BHD 30%

ENGINEERING AND CONSTRUCTION

PROPERTY

OIL & GAS

PLANTATION

EXPRESSWAY

1. AZ LAND & PROPERTIES SDN BHD (“AZLP”) 100%2. PENINSULAR MEDICAL SDN BHD (“PMSB”) 100%3. RESIDENCE INN & MOTELS SDN BHD (“RIC”) 100%4. TREND VISTA DEVELOPMENT SDN BHD (“TVD”) 100%5. TEMALA DEVELOPMENT SDN BHD (“TMSB”) 70%6. KEMAMAN TECHNOLOGY & INDUSTRIAL PARK SDN BHD (“KTIP”) 60%7. BETANAZ PROPERTIES SDN BHD (“BPSB”) 51%8. PENINSULAR IFM SDN BHD (“PIFM”) 34%

1. EKVE SDN BHD (“EKVE”) 100%

1. INTER-CENTURY SDN BHD (“ICSB”) 100%2. TB SUPPLY BASE SDN BHD (“TBSB”) 51%3. MATRIX RESERVOIR SDN BHD (“MRSB”) 51%4. ASTRAL FAR EAST SDN BHD (“AFE”) 51%5. TB TERMINALS SDN BHD (“TBT”) 51%6. TB REALTY SDN BHD (“TBR”) 51%

8

CORPORATe STRuCTuRe

1. PT ICHTIAR GUSTI “PUDI (“PTIGP”) 95%2. BETANAZ MILLS SDN BHD 67%3. PEAK CROPS SDN BHD (“PCSB”) 40%

1. AHMAD ZAKI SDN BHD (“AZSB”) 100%2. PENINSULAR PRECAST SDN BHD (“PPSB”) 100%3. AZSB MACHINERIES SDN BHD (“AMSB”) 100%4. PENINSULAR PROKONSULT SDN BHD (“PKSB”) 100%5. AHMAD ZAKI SAUDI ARABIA CO LTD (“AZSA”) 100%6. TADOK GRANITE MANUFACTURING SDN BHD (“TGM”) 100%7. UNGGUL ENERGY & CONSTRUCTION SDN BHD (“UESB”) 100%8. AZRB INTERNATIONAL VENTURES SDN BHD (“AIV”) 100%9. FASATIMUR SDN BHD 50%10. SALCON MMCB AZSB JV SDN BHD 30%

ENGINEERING AND CONSTRUCTION

PROPERTY

OIL & GAS

PLANTATION

EXPRESSWAY

1. AZ LAND & PROPERTIES SDN BHD (“AZLP”) 100%2. PENINSULAR MEDICAL SDN BHD (“PMSB”) 100%3. RESIDENCE INN & MOTELS SDN BHD (“RIC”) 100%4. TREND VISTA DEVELOPMENT SDN BHD (“TVD”) 100%5. TEMALA DEVELOPMENT SDN BHD (“TMSB”) 70%6. KEMAMAN TECHNOLOGY & INDUSTRIAL PARK SDN BHD (“KTIP”) 60%7. BETANAZ PROPERTIES SDN BHD (“BPSB”) 51%8. PENINSULAR IFM SDN BHD (“PIFM”) 34%

1. EKVE SDN BHD (“EKVE”) 100%

1. INTER-CENTURY SDN BHD (“ICSB”) 100%2. TB SUPPLY BASE SDN BHD (“TBSB”) 51%3. MATRIX RESERVOIR SDN BHD (“MRSB”) 51%4. ASTRAL FAR EAST SDN BHD (“AFE”) 51%5. TB TERMINALS SDN BHD (“TBT”) 51%6. TB REALTY SDN BHD (“TBR”) 51%

9AHMAD ZAKi ReSOuRCeS BeRHAD

ANNUALREPORT 2016

10

5-YeAR FiNANCiAL HiGHLiGHTS

Net Tangible Assets Per Share (sen)

Profit BeforeTaxation(RM million)

millionRM1,201.3

Revenue(RM million)

1,20

1.3

715.

0

662.

4

594.

2

674.

7

2012

2013

2014

2015

2016

millionRM364.9

Shareholders’Funds(RM million)

364.

9

338.

8

328.

7

214.

1

207.

7

2012

2013

2014

2015

2016

64

69

64

75

72

2012

2013

2014

2015

2016

millionRM50.5

sen64

2012

2013

2014

2015

2016

50.5

32.1

25.7

24.5

37.8

Group Five-Year Summary 2012 2013 2014 2015 2016

Revenue(RM‘000) 674,650 594,233 662,359 714,9721,201,273

Profitbeforetaxation(RM‘000) 37,775 24,464 25,668 32,082 50,462

ProfitattributabletoownersoftheCompany(RM‘000) 18,679 5,526 13,508 22,877 27,209

Paid-upCapital(RM‘000) 138,471 138,471 120,885 120,885 120,885

Shareholders’Funds(RM‘000) 207,704 214,088 328,748 338,785 364,916

Nettangibleassetspershare(sen) 72 75 64 69 64


AnnuAl RepoRt 2016

CALeNDAR OF eveNTS

January 2016

9 JanuaryTownHallSession

12 January SiteVisittotheStudentAccommodationComplexatUniversitiTeknologiMalaysia,KualaLumpurbyYBhg.Dato’SriZoharibinHajiAkob,SecretaryGeneralofMinistryofWorks

16 JanuaryAZRBFunDriveHunt

12

February 2016

June 2016

March 2016

17 MarchEKVEprojectsitevisitbyYBhg.Dato’Ir.IsmailbinMd.Salleh,DirectorGeneralofMalaysianHighwayAuthority

22 FebruarySigningCeremonyfortheDevelopmentRightsAgreementwithKwasaLandSdnBhdforPlotR3-4KwasaDamansara

1 June19thAnnualGeneralMeeting

Calendar of events (Cont’d)


AnnuAl RepoRt 2016

June 2016

21 JuneBukaPuasaEventforstaffatDewanPerdanaFelda,KualaLumpur

July 2016

22 JulyHariRayaOpenHouseatSalomaRestaurant,KualaLumpur

20 JulyOpeningCeremonyofIIUMMedicalCentrebyKDYMMSultanPahang,SultanHajiAhmadShahAl-Musta’inBillahIbniAl-MarhumSultanAbuBakarRi’ayatuddinAl-Mu’adzamShah


14

July 2016

31 JulyEKVEHariRayaCelebration

20 AugustTeambuildingatLembahPangsun

August 2016

October 2016

8 OctoberBestStudentAwardCeremony

19 – 20 OctoberParticipationinCorporateCareerExposure,UniversitiTeknologiPetronas,Perak



AnnuAl RepoRt 2016

November 2016

1 NovemberGroundBreakingCeremonyofTanjungLumpurBridgebyTheRegentofPahang,KDYTMTengkuAbdullahAl-HajIbniSultanHajiAhmadShahAl-Musta’inBillah

28 – 30 NovemberDirectors’RetreatatTokAmanBaliBeachResort,Kelantan


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AwARDS AND ACCOLADeS

• The Malaysian Construction industry excellence Awards (MCieA) 2016:TheProminentPlayerAward(forDatuk(Prof.)SrAbdulRahmanAbdullahofAhmadZakiSdnBhd)

• Green Building Index Platinum Rating CertificationforMenaraKerjaRaya• PAM Awards 2015:CommercialHigh-RiseCategory(MenaraKerjaRaya)• The Malaysian Construction industry excellence Awards 2013:TheBestProjectAward–Building

ProjectMedium(MenaraAZRB)• PAM Awards 2013:GoldWinner-CommercialHigh-RiseOfficeCategory(MenaraAZRB)• The Malaysian Construction industry excellence Awards 2011:CEOofTheYear• The Malaysian Construction industry excellence Awards 2011:SpecialMentionAward(Environment)

-EnvironmentalBestPracticesAward• Bumiputera entrepreneur Award 2010:ConstructionClusterAward(Infrastructure)• Frost & Sullivan South east Asia industrial Technologies Awards 2009:Excellence inCompetitive

StrategyforMalaysiaConstructionIndustry• The Malaysian Construction industry excellence Award 2008:ContractorAwardGradeG7• Environmental Management System ISO 14001:2004 CertificationtoAhmadZakiResourcesBerhad/

AhmadZakiSdnBhd• National Occupational Safety and Health excellence 2007:SilverAward• The Malaysian Construction industry excellence Awards 2007:ContractorAwardG7(Projectvalue

exceedingRM100million)• The Malaysian Construction industry excellence Awards 2006:BuilderoftheYearAward• PAM 2006 Awards:PublicandCivilBuildingProjectCategory(UniversitiTeknologiPetronas)• National Occupational Safety and Health excellence Awards 2006:GoldWinner-ConstructionSector• The Brand Laureate Grammy Awards 2006:BestBrandsinConstruction• PAM Architectural Steel Award 2005(AuditoriumKompleks,PerbadananPutrajaya)• The Malaysian Construction industry excellence Awards 2004:MajorScaleProject-BuildingCategory

(UniversityTechnologyPetronas)• NIOSH Certification OHSAS 18001:1999toAhmadZakiResourcesBerhad/AhmadZakiSdnBhd• The Malaysian Construction industry Awards 2001:SpecialProjectAward(FormulaOneRacingCircuit

inSepang)• The Malaysian Construction industry Awards 2001:LargeScaleProjectCategory(FederalTerritory

Mosque,KualaLumpur)• The Malaysian Construction industry Awards 2000:BuilderofTheYearAward• Quality Management System Registration for MS ISO 9001:2000 Certification to Ahmad Zaki

ResourcesBerhad/AhmadZakiSdnBhd• Quality Management System MS ISO 9002:1994 Certification


AnnuAl RepoRt 2016

MenaraAZRB,KualaLumpur

GOVERNANCE

18

BOARD OF DiReCTORS


ANNUALREPORT 2016

Seated (Left To Right):Dato’HajiMustaffaBinMohamad|Dato’SriHajiWanZakiBinHajiWanMuda|RajaTanSriDato’SeriAmanBinRajaHajiAhmad|Dato’SriWanZakariahBinHajiWanMuda

Standing (Left To Right):Dato’WZulkifliBinHajiWMuda|Dato’Sr.AbdullManafbinHjHashimDatuk(Prof.)A.Rahman@OmarBinAbdullah|TanSriDato’LauYinPin@LauYenBeng|Dato’HajiRoslanBinTanSriJaffar

20

DiReCTORS’ PROFiLe

RajaTanSriDato’SeriAmanwasappointedChairmanandIndependentNon-ExecutiveDirectorandmemberofAuditandRiskCommitteeon26February2004.Subsequently,heassumedtheChairmanshipoftheAuditandRiskCommitteeon8April2004.HealsositsontheRemunerationCommitteeandNominationCommitteeasanordinarymember.

RajaTanSriDato’SeriAmanisaFellowoftheInstituteofCharteredAccountantsinEnglandandWalesandalsoamemberofMalaysianInstituteofAccountantsandMalaysianInstituteofCertifiedPublicAccountants.HeheldvariouspositionsinMaybankGroupfrom1974to1985priortojoiningAffinBankBerhad(formerlyknownasPerwiraHabibBankMalaysiaBerhad)in1985asExecutiveDirector/CEO.HeleftAffinBankBerhadin1992tojoinPerbadananUsahawanNasionalBerhadasChiefExecutiveOfficer.Hewasre-appointedasChiefExecutiveOfficerofAffinBankBerhadin1995andretiredin2003.

RajaTanSriDato’SeriAmanisalsoanIndependentNon-ExecutiveDirectorofAffinHoldingsBerhad,TomeiConsolidatedBerhadandAffinHwang InvestmentBankBerhad,andsitson theGovernmentConsultativeCommittee‘Pemudah’.

Duringthefinancialyearended31December2016,heattended5outof5Boardmeetingsheld.

RAJA TAN SRi DATO’ SeRi AMAN BiN RAJA HAJi AHMAD PSM,SPMP,DPMPChairmanIndependentNon-ExecutiveDirectorAged71,Male,Malaysian


AnnuAl RepoRt 2016

DATO’ SRi HAJi wAN ZAKi BiN HAJi wAN MuDA SSAP,SIMP,DPMT,PPN,PJKExecutiveViceChairmanNon-IndependentExecutiveDirectorAged68,Male,Malaysian

Dato’SriHajiWanZakiwasappointed theExecutiveViceChairmanof theCompanyon24March1999.Subsequently,heheldthepostofExecutiveChairmanfrom1March2000andwasredesignatedasExecutiveViceChairmanoftheCompanyon26February2004.HeispresentlytheChairmanofRemunerationCommittee.

Dato’SriHajiWanZakiisthefounderofAhmadZakiSdnBhd(“AZSB”).Priortoventuringintobusiness,heservedinvariouspositionsinstate-ownedcompaniesofwhichhislastpositionwastheManagingDirectorofPesamaTimberCorporationSdnBhd(“Pesama”),aTerengganustate-ownedcompany.HeleftPesamain1984tofocusonexpandingtheengineeringandconstructionbusinessofAZSB.

Dato’SriHajiWanZakihadservedastheChairmanofChuanHuatResourcesBhdfrom2002until2013.Hesitsontheboardofdirectorsofseveralprivatelimitedcompaniesandhasnodirectorshipinotherpubliccompaniesandlistedissuers.


Directors’ Profile (Cont’d)

22

Dato’SriWanZakariahjoinedtheBoardoftheCompanyasanExecutiveDirectoron24March1999andsubsequentlywasappointedtothepostofGroupManagingDirectoron1January2003.HeispresentlytheChairmanoftheEstablishmentCommitteeandEmployees’ShareSchemeCommitteeandamemberoftheRemunerationCommittee.

Dato’ Sri Wan Zakariah obtained a Bachelor of Science degree in Quantity Surveying from the ThamesPolytechnic,UnitedKingdom(nowknownasUniversityofGreenwich)in1986.HestartedhiscareerinthesameyearasQuantitySurveyorwiththeconstructionsubsidiary,AZSBmovingthroughvariouspostsintheCompanyuntilhewaspromotedtobetheManagingDirectorofAZSBin1996.

Dato’SriWanZakariahalsositsontheboardofdirectorsofseveralprivatelimitedcompaniesandhasnodirectorshipinotherpubliccompaniesandlistedissuers.


DATO’ SRi wAN ZAKARiAH BiN HAJi wAN MuDA SSAP,DSAP,DSSAGroupManagingDirectorNon-IndependentExecutiveDirectorAged57,Male,Malaysian



AnnuAl RepoRt 2016

DATO’ HAJi MuSTAFFA BiN MOHAMAD DPMT,PJKNon-IndependentExecutiveDirectorAged66,Male,Malaysian

Dato’HajiMustaffawasappointedanExecutiveDirectoroftheCompanyon24March1999andisanordinarymemberoftheEstablishmentCommitteeandEmployees’ShareSchemeCommittee.

Dato’HajiMustaffagraduatedwithaBachelorofLaws(Hon)degreefromtheUniversityofLondonin1976.HewascalledtotheEnglishBaratLincoln’sInn,UKin1981,andwasadmittedasanAdvocate&SolicitorintheHighCourtsofMalayain1994.HealsoholdsaPostGraduateDiplomainPortandShippingAdministrationfromUniversityofWales,InstituteofScienceandTechnology,Cardiff1985,andhasbeenamemberoftheCharteredInstituteofLogisticandTransport,UKsince1986.In1985hewasawardedaDiplomainSyariahLawandPracticebytheInternationalIslamicUniversity,Malaysia.

Currently,Dato’HajiMustaffasitsontheboardofdirectorsofseveralprivatelimitedcompaniesandhasnodirectorshipinotherpubliccompaniesandlistedissuers.



24

Dato’WZulkifliwasappointedaNon-ExecutiveDirectoron2January1999andsubsequentlyredesignatedastheExecutiveDirectorwitheffectfrom1March2003.HesitsontheEstablishmentCommitteeandEmployees’ShareSchemeCommitteeasanordinarymember.

Dato’WZulkifliholdsaBachelorofScience(CivilEngineering)degree,whichheobtainedin1985fromtheUniversityofSouthernIllinois,UnitedStatesofAmerica.HebeganhiscareerwithAZSBasaProjectEngineerin1985.HewaspromotedtothepositionofProjectManagerandlaterastheExecutiveDirector(Operations)ofAZSBin1996andsubsequentlybecametheManagingDirectorofAZSBeffectivefrom7February2003.

Dato’WZulkiflidoesnotholddirectorshipinanyotherpubliccompaniesandlistedissuersbutsitsontheboardofdirectorsofseveralprivatelimitedcompanies.


DATO’ w ZuLKiFLi BiN HAJi w MuDA DSAP,DIMPNon-IndependentExecutiveDirectorAged55,Male,Malaysian



AnnuAl RepoRt 2016

Dato’HajiRoslanwasappointedanExecutiveDirectoroftheCompanyon8January2015.HesitsontheEstablishmentCommitteeandEmployees’ShareSchemeCommitteeasanordinarymember.

Dato’HajiRoslanholdsaBachelor inMechanicalEngineeringdegreefromImperialCollegeLondon,UnitedKingdomandisaFellowoftheAssociationofCharteredCertifiedAccountants(“ACCA”).

HestartedhiscareeratPricewaterhouseCoopersin1999andwaspromotedtoAssociateDirectorin2008specialisinginInfrastructure,GovernmentandUtilitiessector.Dato’HajiRoslanjoinedtheCompanyin2010asChiefOperatingOfficerandwasappointedasanExecutiveDirectorofAZSBinthesameyear.

Dato’HajiRoslandoesnotholddirectorshipinanyotherpubliccompaniesandlistedissuersbutsitsontheboardofdirectorsofseveralprivatelimitedcompanies.


DATO’ HAJi ROSLAN BiN TAN SRi JAFFAR DIMP,AMPGroupChiefOperatingOfficerNon-IndependentExecutiveDirectorAged41,Male,Malaysian


26

TAN SRi DATO’ LAu YiN PiN @ LAu YeN BeNG PSM,DPMT,ASM,JPIndependentNon-ExecutiveDirectorAged68,Male,Malaysian

TanSriDato’LauwasappointedasanIndependentNon-ExecutiveDirectoroftheCompanyon15November2010.HewasappointedasamemberoftheAuditandRiskCommitteeandNominationCommitteeon1March2011and24March2016respectively.

TanSriDato’LauobtainedhisDiploma inCommercewithdistinction fromTunkuAbdulRahmanCollege,Malaysiain1974.HehasbeenamemberoftheMalaysianInstituteofAccountantssince1979.HewasmadeafellowoftheAssociationofCharteredCertifiedAccountants,UnitedKingdomin1981andbecameagraduatememberoftheInstituteofCharteredSecretariesandAdministrators,UnitedKingdomin1987.HewasformerlyaSenatorofDewanNegara,appointedbySeriPadukaBagindaYangdiPertuanAgong,Malaysia.

TanSriDato’LauhadservedasaNon-IndependentNon-ExecutiveDirectorandChairmanoftheBoardofDirectorsofNanyangPressHoldingsBerhadandStarPublications(Malaysia)Berhad,SeniorIndependentNon-ExecutiveDirectorofMCTBerhadandasan IndependentNon-ExecutiveDirectorofMediaChineseInternationalLimited,acompanylistedinMalaysiaandHongKong.HealsoservedontheBoardofDirectorsofTenagaNasionalBerhadinvariouscapacities,asChairmanofAuditCommittee,MemberofBoardDisciplinaryCommittee,BoardTenderCommitteeandBoardMemberofseveralsubsidiarycompanies.

TanSriDato’LauiscurrentlyanIndependentNon-ExecutiveDirectorofYTLPowerInternationalBerhad.




AnnuAl RepoRt 2016

DATuK (PROF.) A. RAHMAN @ OMAR BiN ABDuLLAH PJN,DPMT,JSM,SMT,AMNIndependentNon-ExecutiveDirectorAged71,Male,Malaysian

Datuk(Prof.)A.RahmanwasappointedanIndependentNon-ExecutiveDirectoron1January2003.HewasredesignatedandappointedasChairmanoftheNominationCommitteeon24March2016.HealsositsontheAuditandRiskCommitteeandRemunerationCommitteeasanordinarymember.

Datuk(Prof.)A.RahmanholdsaDiplomainQuantitySurveyingfromThamesPolytechnic,London,UnitedKingdom,andanMScinConstructionManagementfromtheHerriot-WattUniversity,Scotland.HealsoholdsfellowshipswithTheRoyalInstituteofCharteredSurveyors(UK)andtheRoyalInstitutionofSurveyorsMalaysia,aswellasProfessionalMembershipwithTheCharteredInstituteofBuildingofUnitedKingdom.

Datuk(Prof.)A.RahmanwasthefoundingChiefExecutiveOfficeroftheConstructionIndustryDevelopmentBoard(“CIDB”)Malaysia,apostwhichheheldfrom1995to2002,afterwhichheheldthepostofChairmanofCIDBuntilDecember2006.PriortoCIDB,DatukA.RahmanstartedhiscareerinthePublicWorksDepartment(“PWD”)whereheservedfor25years.HislastpostinPWDwastheDeputyDirectorGeneralofPWD.In1992,hewasaccordedasanHonoraryProfessorbyUniversityTeknologiMalaysia.Amongotherappointments,heisthepastPresidentoftheRoyalInstitutionofSurveyorsMalaysia,thepastPresidentoftheBoardofQuantitySurveyorsMalaysiaandcurrentlyheisaFellowoftheAcademyofSciencesMalaysia.

Datuk(Prof.)A.Rahmandoesnotholddirectorshipinanyotherpubliccompaniesandlistedissuersbutsitsontheboardofdirectorsofseveralprivatelimitedcompanies.



28

Dato’Sr.AbdullManafwasappointedasanIndependentNon-ExecutiveDirectoroftheCompanyon1July2016.

Dato’Sr.AbdullManafholdsaBachelorinQuantitySurveyingfromUniversitiTeknologiMalaysia.

HestartedhiscareerasaQuantitySurveyorintheEducationUnitoftheQuantitySurveyingBranchatJabatanKerjaRaya(“JKR”)HeadquartersMalaysiaandhasservedinJKRfor38years,risingthroughtheranksuntilhislastpostastheDeputyDirectorGeneralofJKR,Malaysia.

Hewasalso theDeputyPresidentof theRoyal InstitutionofSurveyorsMalaysia (“RISM”) for thesession2011/2012andthePresidentofRISMforthesession2012/2013.

Dato’Sr.AbdullManafhasservedasthePresidentoftheBoardofQuantitySurveyorssince2007andfour(4)termssubsequentlyincludingthecurrenttermforthesession2015/2017.Currently,Dato’Sr.AbdullManafisaDirector(SpecialInterest)ofLembagaLebuhrayaMalaysiafora2-yearperiodfrom3October2016to2October2018.

Dato’Sr.AbdullManafdoesnotholddirectorshipinanyotherpubliccompaniesandlistedissuers.

Duringthefinancialyearended31December2016,heattended1outof2Boardmeetingsheldsincehisappointment.

DATO’ SR. ABDuLL MANAF BiN HJ HASHiM DIMP,KMN,AMNIndependentNon-ExecutiveDirectorAged61,Male,Malaysian



AnnuAl RepoRt 2016

NOTES:

FAMiLY ReLATiONSHiP

ExceptforDato’SriHajiWanZakiBinHajiWanMuda,Dato’SriWanZakariahBinHajiWanMudaandDato’WZulkifliBinHajiWMudawhoaresiblings,andDato’HajiRoslanBinTanSriJaffarwhoistheson-in-lawofDato’SriHajiWanZaki,noneoftheotherDirectorsarerelatedtooneanother,norwithanymajorshareholder.

CONFLiCT OF iNTeReST

Saveasdislosed in the relatedparty transactionsonpageNo.181 to182 (NoteNo.41)ofthisAnnualReport,noneoftheotherDirectorshaveanyconflictofinterestwiththeCompanyduringthefinancialyear.

CONviCTiONS OF OFFeNCeS

NoneoftheDirectorshavebeenconvictedofanyoffenceswithinthepastfive(5)yearsandnopublicsanctionorpenaltyhasbeenimposedbytherelevantregulatorybodiesduringthefinancialyearof2016.

MasjidTuankuMizanZainalAbidin,Putrajaya


30

KeY SeNiOR MANAGeMeNT


AnnuAl RepoRt 2016

Seated (from left to right):• DATO’ HAJI MUSTAFFA BIN MOHAMAD

Managing Director, Oil & Gas• DATO’ W ZULKIFLI BIN HAJI W MUDA

Managing Director, Engineering & Construction• DATO’ SRI WAN ZAKARIAH BIN HAJI WAN

MuDA Group Managing Director• DATO’ HAJI ROSLAN BIN TAN SRI JAFFAR

Group Chief Operating Officer• ABDUL HALIM BIN ASHARI Executive Commissioner, Plantation

Standing (from left to right):• WAN FAKHRUL ANWAR BIN WAN ZAKARIA Senior General Manager, Group Strategy• SEUHAILEY BINTI SHAMSUDIN Company Secretary• WAN SHARIMAN BIN WAN MOHAMED

Director, Corporate Services• MOHAMAD RAZI BIN ZAKARIA Executive Director, Group Legal & Contracts• HAZMI BIN HUSSAIN President Director, Plantation• AZMAN BIN MARZUKI Executive Director, Operations• JULIAN FRANCIS CLARKE General Manager, Engineering & Technical

Services• MOHD RAZIN BIN GHAZALI Executive Director, Operations• KHAIRUDIN BIN HAJI MOHD ALI Chief Financial Officer• MOHAMMAD FAUZI BIN HAJI AHMAD Head, Special Projects & Facilities Management • MOHAMMAD ASHRAF BIN MD RADZI General Manager, Corporate Finance• RADZILLAH BINTI MAHMOOD Executive Director, Contract & Commercial • HAJI MOHD KHALID BIN MOHAMED Senior General Manager, Expressway

Not in the picture:• ZAWAWI BIN WAHAB General Manager, Property

32

KeY SeNiOR MANAGeMeNT PROFiLe

3. AZMAN BiN MARZuKi Executive Director, Operation Aged 52, Malaysian, Male

Date Appointed : 1September2013Academic/Professional Qualification(s):• MasterofBusinessAdministrationfrom

UniversityofLausanne(IMD),Switzerland• BachelorofEngineering(Civil),Universityof

Wollongong,Australia

working experience(s):• PJSISdnBhd(2011to2012)• KumpulanHartanahSelangorBerhad (2009to2011)• TidalmarineEngineeringSdnBhd(2007to2009)• PECDBerhad(1995to2007)• PengurusanLebuhrayaBerhad(1989to1995)• MinconsultSdnBhd(1988to1989)

1. ABDuL HALiM BiN ASHARi Executive Commissioner, Plantation Aged 62, Malaysian, Male

Date Appointed : 1October2015 Academic/Professional Qualification(s):• SeniorManagementTrainingProgram,Harvard

BusinessSchool,USA• ShunTzuArtofManagement&TQM,National

UniversityofSingapore• DiplomainRubberTechnologyandPlantation

Management,RubberResearchInstituteofMalaysia

working experience(s):• PTEagleHighPlantationsTbk(2013to2015)• PTBWPlantationTbk(2002to2013)• PTBousteadManagementServices(subsidiary

ofBousteadHoldingBerhad)(1996to2001)• BousteadEstatesAgencySdnBhd (1981to1995)• Kulim(M)Bhd(1978to1980)

2. KHAiRuDiN BiN HAJi MOHD ALi Chief Financial Officer Aged 42, Malaysian, Male

Date Appointed : 13November2013Academic/Professional Qualification(s):• MemberofMalaysianInstituteofAccountants

(MIA)• MemberofMalaysianInstituteofCertifiedPublic

Accountants(MICPA)• BA(Hons)AccountingandFinance,DeMontfort

University,Leicester,UK

working experience(s):• ProkhasSdnBhd(2009to2013)• CIMBInvestmentBankBerhad(2006to2009)• KPMGSingapore(2005to2006)• KPMGKualaLumpur(2004to2005)• Jamal,AminandPartners(2002to2004)• PricewaterhouseCoopers(1997to2002)


AnnuAl RepoRt 2016

5. MOHAMAD RAZi BiN ZAKARiA Executive Director, Group Legal & Contract Aged 56, Malaysian, Male

Date Appointed : 1March2010Academic/Professional Qualification(s):• BachelorScienceCivilEngineering,Glasgow

University,UK• DiplomainManagement,MalaysianInstituteof

Management(MIM)

working experience(s):• EmaarInternationalJordan(2009)• KLCCProjeksSdnBhd(1992to2009)• PengurusanLebuhrayaBerhad(1989to1992)• A.Y.Engineering(M)SdnBhd(1987to1989)• GreatUnionCivilEngineering(1985to1987)

4. MOHD RAZiN BiN GHAZALi Executive Director, Operation Aged 52, Malaysian, Male

Date Appointed : 1August2016Academic/Professional Qualification(s):• ExecutiveMBA,InstituteofProfessional

Development-OpenUniversityMalaysia(IPD-OUM)

• BachelorofScience(CivilEngineering), OldDominionUniversity,Norfolk,USA

working experience(s):• UEMBuildersBerhad(2010to2016)• MMCSaudiArabia(2008to2010)• IJMConstruction(Pakistan)PVTLTD (2005to2008)• RanhillEngineers&ConstructorsSdnBhd (2004to2005)• IJMConstructionSdnBhd(1989to2004)

7. wAN SHARiMAN BiN wAN MOHAMeD Director, Corporate Services Aged 50, Malaysian, Male

Date Appointed : 17October2016Academic/Professional Qualification(s):• MasterinBusinessAdministration(with

Distinction),NottinghamTrentUniversity,UK• AssociationofCharteredCertifiedAccountants

(ACCA)Stage1&2,SouthBankPolytechnic/EmilleWoolfCollege,UK

working experience(s):• IdealcapHoldingsSdnBhd(2013to2016)• MajuHoldingsGroup(2010to2012)• MalaysianResourcesCorporationBerhad (2003to2010)• APL-NOLMalaysia(1995to2003)• AmanahCapitalBerhad(1995)• OrientalBankBerhad(1992to1994)

6. RADZiLLAH BiNTi MAHMOOD Executive Director, Contract & Commercial Aged 52, Malaysian, Female

Date Appointed : 15September2016Academic/Professional Qualification(s):• MasterinBusinessAdministration,Universiti PutraMalaysia• DegreeinCivilEngineering,UniversityCollege

ofSwansea,UK

working experience(s):• UEMBuildersBerhad(2011to2016)• AhmadZakiSdnBhd(2007to2011)• PECDBerhad(1995to2007)• StructuralConcrete(1993to1995)• IJMCorporationSdnBhd(1990to1993)• MMC-GTMBinasamaSdnBhd(1989to1990)

Key Senior Management Profile (Cont’d)

34

10. HAJi MOHD KHALiD BiN MOHAMeD Senior General Manager, Expressway Aged 62, Malaysian, Male

Date Appointed : 13November2013 Academic/Professional Qualification(s):• BachelorofScience,LoughboroughUniversityof

Technology,UK

working experience(s):• LebuharayaKajangSerembanSdnBhd (LEKAS)(2007to2010)• KasehLebuhrayaSdnBhd(2002to2006)• KonsortiumLebuhrayaWangsaKeramatSdn

Bhd(1998to2001)• KesasSdnBhd(1994to1997)• ProjekPenyelenggaraanLebuhrayaBerhad

(PROPEL)(1993to1994)• PengurusanLebuhrayaBerhad(PLB) (1989to1993)• KijangKuari,Kelantan(1986to1989)• JKRKotaBahru(1983to1986)• JKRKualaLumpur(1982to1983)• JKRPasirPutih(1981to1982)• JKRKotaBahru(1980to1981)• JKRKratong,NegeriSembilan(1979to1980)

9. HAZMi BiN HuSSAiN President Director, Plantation Aged 55, Malaysian, Male

Date Appointed : 1September2012Academic/Professional Qualification(s):• MemberofMalaysianInstituteofAccountants

(MIA)• AdvanceDiplomainAccountancy,Universiti

TeknologiMARA(UiTM)

working experience(s):• PTSCANNusantara(2006to2012)• PTMAAIndonesia(1999to2005)• MAABhd(1996to1999)• BankNegaraMalaysia(1986-1995)


8. wAN FAKHRuL ANwAR BiN wAN ZAKARiA Senior General Manager, Group Strategy Aged 40, Malaysian, Male

Date Appointed : 1March2016Academic/Professional Qualification(s):• MemberofMalaysianInstituteofAccountants

(MIA)• MemberofNewZealandInstituteofChartered

Accountants(NZICA)• BachelorofBusinessStudiesinAccountancy,

MasseyUniversity,NewZealand

working experience(s):• JasaMerin(Malaysia)SdnBhd(2007to2010)• RightBalanceSdnBhd(2005to2007)• PricewaterhouseCoopers(2003to2005)• Ernst&YoungTaxConsultantsSdnBhd (2000to2002)


AnnuAl RepoRt 2016

11. MOHAMMAD FAuZi BiN HAJi AHMAD Head, Special Projects & Facilities Management Aged 51, Malaysian, Male

Date Appointed : 1June2016Academic/Professional Qualification(s):• BachelorinCivilEngineering,Universityof

Pittsburgh,USA

working experience(s):• RelianceEngineering,USA(2005to2010)• Radicare(M)SdnBhd(2001to2005)• Abrar-ManfieldConsortium(1996to2001)• KualaLumpurCityCentre(KLCC) (1993to1996)• ProjekPenyelenggaraanLebuhraya(PROPEL)

(1990to1993)• PengurusanLebuhrayaBerhad(PLB) (1989to1990)

13. MOHAMMAD ASHRAF BiN MD RADZi General Manager/Head, Corporate Finance Aged 39, Malaysian, Male

12. ZAwAwi BiN wAHAB General Manager, Property Aged 46, Malaysian, Male

Date Appointed :1September2016Academic/Professional Qualification(s):• MemberofMalaysianInstituteofAccountants

(MIA)• MemberofAssociationofCharteredCertified

Accountants(ACCA),UK• CapitalMarketsServicesRepresentative License(CMRSL)Modules12&19,Securities

CommissionMalaysia• BachelorAccounting(Hons),UniversityTenaga

Nasional

working experience(s):• MIDFAmanahInvestmentBank(2015to2016)• JohawakiHoldingsSdnBhd(2013to2015)• ProkhasSdnBhd(2009to2013)• UBSInvestmentBank,London(2007to2009)• CUNAMutualLifeAssurance(Europe)Ltd,

Dublin(2005to2007)• Ernst&Young,Dublin(2002to2005)

Date Appointed :12May2014Academic/Professional Qualification(s):• MastersScienceofTownPlanning,Universiti

SainsMalaysia• BachelorofScienceHousing,Building&

Planning,UniversitiSainsMalaysia

working experience(s):• PlenitudeHeightsSdnBhd(2003to2014)• IdealAppraisalSdnBhd&AmbanganHeights

SdnBhd(1996to2003)• PensagaSdnBhd(1995to1996)


36

NOTeS:

Saveasdisclosed,theaboveKeySeniorManagementmembershavenodirectorshipinpubliccompaniesandlistedissuers,havenofamilyrelationshipwithanyDirectorand/ormajorshareholderofAZRB,havenoconflictofinterestwithAZRB,havenotbeenconvictedofanyoffenceswithinthepastfive(5)yearsandnopublicsanctionorpenaltyhasbeenimposedbytherelevantregulatorybodiesduringthefinancialyear2016.


15. SeuHAiLeY BiNTi SHAMSuDiN Company Secretary Aged 41, Malaysian, Female

Date Appointed (as Company Secretary) :1August2006Academic/Professional Qualification(s):• AssociateofTheMalaysianInstituteof

CharteredSecretariesandAdministrators(ICSA)

working experience(s):• RanhillBerhad(2003to2005)• MekarKorperatSdnBhd(2000to2003)

14. JuLiAN FRANCiS CLARKe General Manager, Engineering & Technical Services Aged 54, British, Male

Date Appointed : 1July2016Academic/Professional Qualification(s):• BScCivilEngineering,ImperialCollege London,UK

working experience(s):• UEMBuildersBerhad(2011to2016)• FreyssinetInternational&CIE,SaudiArabia

(2010to2011)• AbiGroup,Australia(2007to2009)• ArchirodonConstruction(Overseas)Co.S.A,

UAE(2005to2006)• AbiGroup-LeightonJV,Australia(2003to2005)• BallastNedamGroepN.V.(Malaysia)SdnBhd

(2000to2003)• TaylorWoodrowConstructionLtd,UK (1998to2000)• TaylorWoodrowProjects(Malaysia)SdnBhd

(1994to1998)• BirseConstructionLtd.,UK(1991to1993)• MarplesConstructionLtd.,UK(1985to1991)


AnnuAl RepoRt 2016

In compliancewith theMainMarket ListingRequirements Paragraph 15.26(b), whichrequiresinclusionofastatementaboutthestateofinternalcontrolofthelistedissuerasagroupandfulfillingtherevisedguidelinerequirement,theBoardispleasedtoprovidetheStatementonRiskManagementandInternalControlforthefinancialyearunderreview.

ReSPONSiBiLiTY

TheBoardisfullycommittedtoitsresponsibilityinestablishingasoundriskmanagementandinternalcontrolsystemfortheGroupwithfewmainobjectivessuchastopromotegoodgovernancepractices,enhancingtransparency,propermanagementofGroup’sassetsandultimatelytosafeguardshareholders’interest.

Nevertheless, due to the inherent limitations of any risk management approach andinternal control system, the actions taken in managing the risks and implementinginternalcontrolsystemthroughoutthebusinessactivitiescouldonlyprovidereasonable

STATEMENT ON RISK MANAGEMENT AND INTERNAL CONTROL

AuditoriumComplex,Putrajaya

38

and not absolute assurance against any materiallosses,frauds,misstatementsorviolationsoflawsorregulationsinachievingtheGroup’sobjectives.

KeY iNTeRNAL CONTROL FeATuReS

The Group has a structure which outlinesaccountability, authority and responsibility to theBoard, its Committees and operating units. Keyprocesses have been established in reviewing theadequacyandeffectivenessoftheriskmanagementandinternalcontrolincludingthefollowing:

Board of Directors

• TheBoardmaintainstheoverallresponsibilityforriskoversight,mirroringitsoverallresponsibilityforstrategy.

• TheBoardmeets quarterly at aminimum, andmore frequently when required, to review andevaluatetheGroup’soperationsandperformancetoaddresskeyissues.

• The pre-requisite to decisions made in themeeting is the deliberation and discussion bytheBoard, togetherwith recommendationsandfeedbacks from Management. In addition toquarterly financial results, project tender statusandprogressreportsonbusinessoperationsarealsotabledattheBoard’squarterlymeetings.

independence of the Audit and Risk Committee

• TheAuditandRiskCommitteecomprisesthree(3) Independent Non-Executive Directors. TheAudit and Risk Committee has full access tobothInternalAuditorsandExternalAuditorsandhastherighttoconvenemeetingswithauditorswithoutthepresenceofExecutiveDirectorsandSeniorManagement.

• The Audit and Risk Committee reviews thereportsoftheInternalAuditors,theirfindingsandrecommendations to ensure that it obtains thenecessary level of assurance in respect to theadequacyoftheinternalcontrols.

• TheAuditandRiskCommitteeisresponsibleinensuring theeffectivenessofan integrated riskmanagementfunctionwithintheorganisationaswellasoverseeingandmonitoringtheoverallrisk

impactingtheGroupandtoreviewandapproverisk management policies and risk tolerancelimits.

Risk Management Committee-Subsidiary

• The Risk Management Committee-Subsidiaryreviews the risk management procedures andreports to theBoardofDirectors-Subsidiaryontheriskmanagementactivitiesandbring to theattention of the Board of Directors-Subsidiaryoncritical risksaswellas recommendations tomanagetherisks.

Risk Management

The Group has continued to implement its RiskManagementPolicy(RMP)inareasofEnterpriseRiskManagement(ERM)andProjectRiskManagement(PRM)initsmajorsubsidiaries.

ThekeyobjectivesoftheRMPareasfollows:• To ensure risks which may have a significant

impact are identified in amanner which wouldresultinitsexpeditioustreatment;

• Toprovidereasonableassurancetostakeholdersthat the probability of attaining its objectiveswould be enhanced by the establishment ofRMP;

• To establish an environment whereby riskmanagement activities may be effectivelyundertaken;

• Tomanage risks by adopting the best practicemethodologies for the identification, analysis,evaluation, reporting, treatment andmonitoringofrisks;and

• Toprovideanassuranceregardingtheextentofitscompliancewithregulatoryrequirementsandthepoliciesandprocedurescontainedwithinthisdocument.

TheGroup has on-going processes for identifying,evaluating and managing significant risks.Functionally, the Executive Directors and SeniorManagementregularlyidentifyandmanagetherisksfacedbytheGroup.Thisfunctionisembeddedandcarried out as part of the Group’s operating andbusinessmanagementprocesses.

Statement on Risk Management and internal Control (Cont’d)


AnnuAl RepoRt 2016

In carrying out the risk assessment process, eachDepartmentHeadhasconductedseveraldiscussionsto identify,analyse,evaluateandprioritise risks.Allidentified risks are documented in a risk register.The risk register is reportedanddeliberatedat theBoardmeetingofkeysubsidiaries.Thisistoensurethatadequateactionsarebeingtakentoaddresstherisks.

internal Audit Function

• The Internal Audit function of the Groupis performed in-house by its Internal AuditDepartment. The Internal Audit DepartmentreportsdirectlytotheAuditandRiskCommittee.The Internal Audit adopts risk-based auditapproachwhenexecutingeachauditassignmentwhich is carried out in accordance with theannualauditplan.TheannualauditplancoversthemajorsubsidiariesoftheGroup.

• The principal role of the Internal Audit is toprovideindependentandobjectivereportsontheeffectiveness of the system of internal controlswithin themajor subsidiariesof theGroup.TheauditfindingswerediscussedwithManagementof respectiveentities for theircorrectiveactionsandpresentedtotheAuditandRiskCommittee.

• The total cost incurred for the internal auditfunctionforthefinancialyearended31December2016wasRM931,614.55.

• AsummaryoftheInternalAuditactivitiesduringthefinancialyearunderreviewisasfollows:i. Performed 22 audit reviews on major

subsidiaries of the Group to ascertain theadequacyandcompliancewiththesystemofinternalcontrolsandmaderecommendationsfor improvement where weaknesses werefound.

ii. Conducted 6 follow-up audits to determinethe adequacy, effectiveness and timelinessofactiontakenbytheManagementonauditrecommendations and provided updates ontheirstatustotheAuditandRiskCommittee.

Business Plan and Budget

• AnnualbusinessplanandbudgetarepreparedbytheGroup’smajorsubsidiaries,andarereviewedandapprovedbytheBoard.TheperformanceofeachmajorsubsidiaryisassessedagainstbudgetbytheChiefFinancialOfficerwithexplanationonsignificantvariancespresentedtotheBoardonaquarterlybasis.

Documented Policies and Procedures

• Policies andproceduresof businessprocessesaredocumentedandsetoutinaseriesofStandardOperating Procedures (“SOP”) or IntegratedManagement System (“IMS”) and implementedthroughout the Group. These policies andproceduresaresubjecttoreviews,updatesandimprovements to reflect the changing businessrisksandoperationalneeds.

Human Resource Policy

• The Group has in place, a Human ResourcePolicy which is approved by the EstablishmentCommittee. The Human Resource Policy setsthetoneofcompliancewiththeGroup’srulesandregulationsandemployeeconductassetout intheEmployeeHandbook.

Performance Management

• PerformanceappraisalsarecarriedoutannuallyinaPerformanceManagementSystemtogaugetheemployee’sperformance foranypromotion,bonuspaymentandannualincrementexercise.

• Inordertonurturethequalityandcompetenciesof employees, training and developmentprogrammesareestablished.

Business ethics

• The Standing Instruction on Business Ethics(“theCode”) is communicated to all employeesandcompliance to theCode ismandatory.TheCodeprovidesguidanceandservesasthemainsourceofreferencetoassistemployeestoliveuptoethicalbusinessstandardsandexplainshowbusinessanddutiesshouldbeconducted.


40

Review BY eXTeRNAL AuDiTORS

Theexternalauditors,DeloittePLT,havereviewedthisStatementonRiskManagementandInternalControlforinclusionintheAnnualReportforthefinancialyearended31December2016,incompliancewithParagraph15.23of theListingRequirements,andreported to theBoard thatnothinghascometo theirattention thatcausesthemtobelievethatthestatementisinconsistentwiththeirunderstandingoftheprocessadoptedbytheBoardinreviewingtheadequacyandintegrityofthesystemofinternalcontrols.

CONCLuSiON

TheBoardbelievesthatthedevelopmentoftheinternalcontrolsystemisanon-goingprocess.TheBoardhasreceivedassurancesfromtheGroupManagingDirectorandChiefFinancialOfficerthattheGroup’sriskmanagementandinternalcontrolsystemareoperatingadequatelyandeffectively.

TheBoardissatisfiedwiththeriskmanagementandinternalcontrolsystemimplementedthroughouttheGroup.Nonetheless,theBoardshallcontinuetoreviewandmonitortheeffectivenessoftheGroup’sriskmanagementand internal control system in ensuring continuous and acceptable level of assurance in conducting dailybusinessactivities.

Based on the assessment of the Group’s risk management and internal control system for the financialyearunderreviewanduptotheapprovaldateofthisstatement,therewerenosignificantcontrolfailuresorweaknessesthatwouldresultinmateriallosses,contingenciesoruncertaintiesrequiringseparatedisclosureintheGroup’sAnnualReport.

Thisstatement,preparedforinclusionintheAnnualReportoftheCompanyfortheyearended31December2016hasbeen reviewedby theAuditandRiskCommitteeprior to their recommendation to theBoard forapproval.

ThisstatementismadeontherecommendationoftheAuditandRiskCommitteetotheBoardofDirectorsandaspertheBoard’sresolutiondated30March2017.



AnnuAl RepoRt 2016

CORPORATE GOVERNANCE STATEMENT

TheBoardofDirectorsofAhmadZakiResourcesBerhad(“AZRB”)iscommittedtowardstheadoptionofprinciplesandbestpracticesasenshrinedintheMalaysianCodeofCorporateGovernance2012 (“MCCG”) throughout theGroup. It is recognised that theadoptionofthehigheststandardsofgovernance is imperative for theenhancementofstakeholders’value.TheGrouphasadoptedandcompliedwiththeprinciplesandBestPracticessetoutinMCCGthroughoutthefinancialyearended31December2016.

TheBoard ispleased topresent the followingreporton theapplicationofprinciplesandcompliancewithbestpracticesassetoutintheMCCG.

BOARD OF DiReCTORS

Board Composition

TheBoardiscurrently ledbyanIndependentNon-ExecutiveChairmanandhasnine(9)memberscomprisingfive(5)ExecutiveDirectorsandfour(4)IndependentNon-Executive


42

Directors. The Board is composed of memberswith experience in business, construction, legalandfinance, required foreffectiveand independentdecision-making at the Board level. The BoardconsidersitscurrentsizeadequategiventhepresentscopeandnatureoftheGroup’sbusinessoperations.AbriefdescriptiononthebackgroundofeachDirectorispresentedonpages20to28oftheAnnualReport.

The four (4) Independent Non-Executive Directorsdo not participate in the day-to-day managementor in thedaily businessof theCompanyorGroup.They shall provide unbiased, independent viewsandjudgmentinthedecision-makingprocessattheBoardlevelandensurethattheinterestsofminorityshareholdersaresafeguarded.

TheMCCGhasrecommendedthatthetenureofanindependentdirectorshouldnotexceedacumulativeterm of nine (9) years. Based on the independentassessment made, the independence of Raja TanSriDato’SeriAmanbinRajaHajiAhmadandDatuk(Prof.)A.Rahman@OmarbinAbdullahwhohaveserved as Independent Non-Executive Directors oftheCompanyforacumulativetermofmorethannine(9) years each, remain objective and independent-minded in their participation in deliberations anddecision-making of the Board and Audit and RiskCommittee.The length of their service does not inanywayinterferewiththeirexerciseofindependentjudgment. Hence, the Board has recommended toretainthoseindependentdirectorswhosetenurehasexceedednine(9)yearsandshallseekshareholders’approvalattheforthcomingAnnualGeneralMeeting(“AGM”).

ThepositionsoftheChairmanandtheGroupManagingDirectorareheldbytwo(2)differentindividuals.Thereis a clear division of responsibilities between theChairmanandtheGroupManagingDirector,whichwillensureabalanceofpowerandauthority.Generally,theChairman is responsible for the orderly conductandworkingoftheBoardwhiletheGroupManagingDirectorisresponsiblefortheday-to-daymanagementof the Group as well as to implement policies and

strategiesadoptedbytheBoard.TheBoardexercisesitsresponsibilitiescollectively.

AllDirectorshavegiventheirundertakingtocomplywiththeMainMarketListingRequirementsofBursaMalaysiaSecuritiesBerhad(“ListingRequirements”).

Roles and Responsibilities

TheBoardrecognisesitsrolesandresponsibilitiesindischargingitsfiduciaryandleadershipfunctions.TheBoardisalsofirmlycommittedtoensuringthehigheststandards of corporate governance and corporateconductareadheredto.TheBoarddelegatestheday-to-daymanagementoftheCompanytotheExecutiveDirectorsbutreservesforitsconsiderationpertainingtosignificantmatters,amongstothersasfollows:-

(a) Reviewingandadoptingastrategicplanfor theCompanyandfortheGroup;

(b) OverseeingtheconductoftheCompanyandtheGroup’sbusinessesandtoevaluatewhetherthebusinessesarebeingproperlymanaged;

(c) Identifying principal risks affecting the Companyand the Group and ensuring the implementationof appropriate internal controls and mitigationmeasures;

(d) Toapprovesuccessionplanning,includingappointing,training, fixing the compensation of and whereappropriate,replacingseniormanagement;

(e) OverseeingthedevelopmentandimplementationofashareholderandstakeholdercommunicationspolicyfortheCompanyandtheGroup;

(f) Reviewingtheadequacyandtheintegrityofthemanagement information and internal controlsystems of theCompany including systems forcompliance with applicable laws, regulations,rules,directivesandguidelines;

(g) PreparingfinancialstatementsforeachfinancialyearwhichgiveatrueandfairviewofthestateofaffairsoftheCompanyandoftheGroupandoftheincomestatementfortheyearthenended.EnsuringthattheCompanyhasusedappropriate

Corporate Governance Statement (Cont’d)


AnnuAl RepoRt 2016

accounting policies, consistently applied andsupportedwith reasonable and prudent judgmentsandestimates,andallaccountingstandardswhichareapplicabletotheCompany.

(h) Keeping proper accounting recordswhich disclosewith reasonableaccuracyat any time the financialposition of the Company and enable them toensurethatthefinancialstatementscomplywiththeCompaniesAct2016;

(i) Disclosing in the Annual Report the followingstatements:-

(i) Statement of Corporate Governance incompliance with the Malaysian Code onCorporateGovernanceandinaccordancewiththeprovisionsoftheListingRequirements;

(ii) StatementofBoard’sresponsibilityforpreparingthefinancialstatements;and

(iii) Statement on Risk Management andInternal Control with regards to the state ofrisk management and internal control of theCompanyasagroup.

(j) Reviewing monthly/quarterly budget reports/otherreports presented by Management, includingquarterlyresultspriortosubmissiontoBursaMalaysiaSecuritiesBerhad(“BursaMalaysia”).

TheBoardhaslaiddownaformalscheduleofmattersspecificallyreservedtoitfordecisiontoensurethatthedirectionandcontroloftheGroupisfirmlyinitshands.TheBoarddelegatesandconferssomeof theBoard’sauthoritiesanddiscretionontheExecutiveViceChairmanas well as Group Managing Director. The GroupManagingDirectorisalsoresponsibletoensurethattheManagementadherestotheguidelinesandpoliciessetbytheBoard.

TheDirectorshavefullaccesstoinformationpertainingtoallmattersrequiringtheBoard’sdecision.PriortoanyBoardmeeting,allDirectorsshallbefurnishedwithproperboardpaperswhichcontainthenecessaryinformationforeachofthemeetingagendainadvancetoenableeachDirectortoobtainfurtherexplanations,wherenecessary,inordertobebriefedproperlybeforethemeeting.Matterstobediscussedarenotlimitedtofinancialperformanceof

theGroupbutalsotoaddressmajorinvestmentdecisionsaswellasoperationalissuesandproblemsencounteredbytheGroup.

The Board has set out agreed procedures for theDirectorstotakeindependentprofessionaladviceattheCompany’sexpense,ifnecessary.

All Directors have access to the advice and servicesof the Company Secretary who ensures complianceon procedural and regulatory requirements such asstatutory obligations, Listing Requirements or otherregulatoryrequirements.TheCompanySecretaryplaysan important role in supporting theBoard by ensuringadherence to Board policies and procedures. TheremovaloftheCompanySecretaryshallbeamatterfortheBoardasawhole.

Besides the Audit and Risk Committee, which wasset up on 24 March 1999, several Board committeeswere established subsequently to assist the Board indischargingitsdutiesandresponsibilities.Allcommitteeshave written terms of reference and procedures dulyendorsed by the Board to examine a particular issueand report back to theBoardwith a recommendation.ChairmanofthecommitteeconcernedwillreporttotheBoardonmattersdealtbythesaidcommitteewhichwillbeincorporatedaspartoftheBoardminutes.

Board Appointment Process

In previous years, the process of assessing existingDirectors and identifying, recruiting, nominating,appointingandorientatingnewdirectorsareperformedby the Board. In compliance with the best practicesrecommendedunder theMCCG, these functionshavebeendelegatedtotheNominationCommitteewitheffectfrom16January2002.

Directors’ Re-election

InaccordancewiththeCompany’sArticlesofAssociation,one-third(1/3)oftheDirectors,includingGroupManagingDirector,shallretirefromofficebyrotationeachyearandallDirectorsaresubject to retireat leastonce ineverythree(3)years.RetiringDirectorsmayofferthemselvesforre-electionattheAGM.AnyDirectorwhoisappointedbytheBoardduringtheyearisalsorequiredtoretireand


44

seek re-electionbyshareholdersat the followingAGMheld followinghisappointment.AnyDirectoroforoverseventy(70)yearsofageisrequiredtosubmithimself forre-appointmentannually inaccordancewithSection129(6)oftheCompaniesAct,1965.

Board Meetings

Duringthefinancialyearended31December2016,five(5)Boardmeetingswereheld.TheDirectors’attendanceofeachBoardmeetingheldareasfollows:-

Total Meetings % ofexecutive Directors Attended AttendanceDato’SriHajiWanZakibinHajiWanMuda 4/5 80%Dato’SriWanZakariahbinHajiWanMuda 4/5 80%Dato’HajiMustaffabinMohamad 5/5 100%Dato’WZulkiflibinHajiWMuda 3/5 60%Dato’HajiRoslanbinTanSriJaffar 5/5 100%

Non-executive DirectorsRajaTanSriDato’SeriAmanbinRajaHajiAhmad 5/5 100%Datuk(Prof)A.Rahman@OmarbinAbdullah 5/5 100%TanSriDato’LauYinPin@LauYenBeng 5/5 100%Dato’Sr.AbdullManafbinHjHashim(Appointedw.e.f.1July2016)

1/2 50%

Directors’ Remuneration

TheBoardbelievesthatthelevelofremunerationofferedbytheCompanyissufficienttoattractandretainDirectorsneededtoruntheCompany.ThecomponentpartofremunerationhasbeenstructuredtolinkrewardstocorporateandindividualperformanceforExecutiveDirectors,whilstNon-ExecutiveDirectors’remunerationreflectstheirexperienceandlevelofresponsibilities.

ThedetailsoftheremunerationoftheDirectorsoftheCompanyreceivedfromtheCompanyandtheGroupareasfollows:-

Salaries* RM

Allowances RM

Fees RM

Bonuses RM

Benefits-in-kind RM

Total RM

Received from the CompanyExecutiveDirectors 3,432,223 326,000 - 1,128,377 226,424 5,113,024Non-ExecutiveDirectors - 42,600 540,000 - 60,328 642,928Received from the GroupExecutiveDirectors 5,408,303 695,600 574,000 1,649,411 403,047 8,730,861Non-ExecutiveDirectors - 50,000 540,000 - 60,328 650,328

*ThesalariesareinclusiveofstatutoryemployercontributionstotheEmployees’ProvidentFundandSOCSO.



AnnuAl RepoRt 2016

ThenumberofDirectorswhoseremunerationfallsintothefollowingbands:-

Received from the CompanyRange of Remuneration(RM)

executive Directors Non-executive Directors

Below50,000 2 -50,001–100,000 - 2100,001–200,000 - -200,001–250,000 - 1250,001–300,000 - 1300,001–1,100,000 - -1,100,001–1,150,000 1 -1,150,001–1,700,000 - -1,700,001–1,750,000 1 -1,750,001–2,200,000 - -2,200,001–2,250,000 1 -

Received from the GroupRange of Remuneration(RM)

executive Directors Non-executive Directors

Below50,000 - -50,001–100,000 - 2100,001–200,000 - -200,001–250,000 - 1250,001–300,000 - 1300,001–1,250,000 - -1,250,001–1,300,000 1 -1,300,001–1,350,000 - -1,350,001–1,400,000 1 -1,400,001–1,700,000 - -1,700,001–1,750,000 1 -1,750,001–1,850,000 - -1,850,001–1,900,000 1 -1,900,001–2,500,000 - -2,500,001–2,550,000 1 -


46

Directors’ Training EveryDirectoroftheCompanyundergoescontinuoustrainingasanon-goingprocesstoequiphimselftoeffectivelydischargehisdutiesasaDirector.Forthatpurpose,heensuresthatheattendssuchtrainingprogramstocontinuallydevelopandupdatehimselffromtimetotime.TheCompanyalsoprovidesbriefingsfornewmembersoftheBoard,toensurethattheyhaveacomprehensiveunderstandingontheoperationsoftheGroupandtheCompany.

Conferences,seminarsandtrainingprogrammesattendedbyDirectorsin2016includedthefollowingareas:

Board Leadership

•YTLLeadershipConference2016BTRTintheDigitalRevolution•PowerTalk:WhatWillDistinguishTheGreatBoardsofTomorrow•HotTopicsforBoardroom•CaseStudyWorkshopforIndependentDirectorsbySIDC•HowEffectiveBoardsEngageonSuccessionPlanningfortheCEOandTopManagement

Risk Management •SpecialInvitationtoIndustryBriefingonDirectorsRegisterImplementation•ShariahNon-ComplianceRiskanditsImpacttoIslamicBank•1stDistinguishedBoardLeadershipSeries–“Cyber-RiskOversight”

Corporate Governance •CorporateGovernanceBreakfastSerieswithDirectors-Thecybersecuritythreat&howBoardshouldmitigatetherisksbyMINDA

Finance and Taxation

•EconomicStrategicConference•InvestmentAnalysisonPlantationIndustrybyMIA•TrainingonAnti-MoneyLaunderingandCounterFinancingofTerrorism•ManagingBusinessSustainabilityinTurbulentTimes•SERCGlobalEconomicConference2016byACCCIM•MalaysiaFinancialReportingStandard(MFRS)9–FinancialInstrumentsandKeyAuditMatters• InternalCapitalAdequacyAssessmentProcess(ICAAP)

Others

•YTLInHouseTraining-HarnessingthePowerofDisruption,DisruptingBeliefsforStrategicAdvantages•TheDirectionofGlobalCompetitioninMalaysia•BursaMalaysia’sSustainabilityEngagementseriesforDirectors/CEO•CapitalMarketDirectorsProgramme(CMDP)•Module1:DirectorsasGatekeepersofMarketParticipants•Module2:BusinessChallengesandRegulatoryExpectations–Whatdirectorsneedtoknow(Equities&FutureBroking)•Module4:CurrentandEmergingRegulatoryIssuesintheCapitalMarket



AnnuAl RepoRt 2016

Board Charter

TheBoardCharterwasestablishedinyear2002tosetout thestrategic intentandoutlines theBoard’sstructureandprocedures, rolesand responsibilitiesand relationship of theBoard toManagement.TheBoardhasassessedthecurrentBoardCharteranditsconformityinaccordancewithMCCG.TheBoardis of the opinion that the Board Charter conformsinallmaterialaspects to theMCCG.Nevertheless,the Board recognises the importance of the BoardCharter thus,will take steps to enhance theBoardChartertobridgeanygapsthatmayariseoutoftheMCCGsoas toensure its continuous relevance inthecorporategovernanceoftheGroup.BOARD COMMiTTeeS

1. NOMiNATiON COMMiTTee

Primary function

TheNominationCommitteewasestablishedon16January2002andoperateswithinclearlydefinedtermsofreference.TheNominationCommitteeisprimarilyresponsibleforconstantlyassessingtheoveralleffectivenessoftheBoardandBoardcommittees andmake recommendations to theBoardforanynewcandidateasBoardmemberorBoardcommitteemember,includingassessingthe eligibility of Independent Non-ExecutiveDirectorswho have servedmore than 9 years.Due consideration is given to the requiredmixof skills, expertise and experience of the newcandidate to meet the needs and complementtheBoard,havingdueregardforthebenefitsofdiversityontheBoard,includinggender,ethnicityandage,andrecommendsforappointmenttotheBoard. In addition, the Nomination Committeealso performs introduction briefing for the newBoard members with regards to the overalloperations and corporate objectives of theGroupandcontinues toensure thatnewBoardmember undergoes the necessary MandatoryAccreditationProgramme(“MAP”)prescribedbyBursaMalaysia.

The decision as to who shall be appointed asBoardmemberwillbetheresponsibilityofthefullBoard after considering the recommendationsof the Nomination Committee. The NominationCommittee has developed criteria used forevaluating thesuitabilityof theBoardmembersinter alia the competency, contribution,commitment,experienceandintegrity.

The Board aspires to increase the aspect ofdiversity, including gender, ethnicity and age ofDirectors in order to bring a diversity of skills,experience and perspective of the Group. TheBoard recognises that the evolution of themixofskills,experienceanddiversity isalong-termprocessandweighsthevariousfactorsrelevanttoBoardbalancewhenvacanciesarise.

During the financial year, three (3) meetingswereheldwheretheNominationCommitteehasapproved the appointment of Dato’ Sr. AbdullManafbinHjHashimasanewNon-IndependentNon-Executive Director of the Company andrecommendedthesametotheBoardforapproval,assessedtheperformanceoftheretiringDirectorsandtoconsidertheireligibilityforelectionatthenextAnnualGeneralMeetingaswellastoreviewthe termofofficeandperformanceof theAuditandRiskCommitteeandeachofitsmembers.

Member

The present members of the NominationCommittee who are the Independent Non-Executive Directors of the Company are asfollows:

• Datuk(Prof.)A.Rahman@OmarbinAbdullah(Chairman)

• Raja Tan Sri Dato’ SeriAman bin Raja HajiAhmad

• TanSriDato’LauYinPin@LauYenBeng

TheCompanySecretary is thesecretaryof theNominationCommittee.


48

2. ReMuNeRATiON COMMiTTee

Primary function

The Remuneration Committee was establishedon 20 August 2001. Its primary function is toset the policy framework and recommend tothe Board on remuneration packages andbenefits extended to the Directors, drawingfrom outside advice as necessary to ensurethat theremuneration issufficient toattractandretaintheDirectorsneededtoruntheCompanysuccessfully.

Thedeterminationof theremunerationpackageforNon-ExecutiveDirectorsshallbeamatterforthe Board as a whole. TheDirector concernedshall abstain from deliberations and voting ondecisionsinrespectofhisindividualremunerationpackage.

Member

The present members of the RemunerationCommitteeoftheCompanyareasfollows:

• Dato’ Sri HajiWan Zaki binHajiWanMuda(Chairman)

• Raja Tan Sri Dato’ SeriAman bin Raja HajiAhmad

• Dato’SriWanZakariahbinHajiWanMuda• Datuk(Prof.)A.Rahman@OmarbinAbdullahTheCompanySecretary is thesecretaryof theRemunerationCommittee.

3. eSTABLiSHMeNT COMMiTTee

Primary function

The Establishment Committee was establishedon 16 January 2002. The main purpose forsettingup thiscommittee is toassist theBoardinformulatingtheGroup’spolicyandprocedureswith regard to employees’ benefits and theexecution of the whole spectrum of HumanResource Management for the Group as wellas to administer Employees’ Shares Scheme(“ESS”) launched by the Company within thejurisdictionoftheESSBy-Laws.

Member

The present members of the EstablishmentCommitteeoftheCompanyareasfollows:

• Dato’ Sri Wan Zakariah bin Haji Wan Muda(Chairman)

• Dato’HajiMustaffabinMohamad• Dato’WZulkiflibinHajiWMuda• Dato’HajiRoslanbinTanSriJaffar

The Director of Human Capital and CorporateServices is the secretary of the EstablishmentCommittee.

4. eMPLOYeeS’ SHARe SCHeMe COMMiTTee

Primary Function

The Employees’ Share Scheme Committee(“ESSC”) was established on 18 August 2014with the primary responsibility of formulating,implementingandadministeringtheEmployees’Share Scheme (“ESS”) in accordance withthe By-Laws as approved by the Board andshareholdersofAZRB.

Member

ThepresentmembersoftheESSCareasfollows:

• Dato’ Sri Wan Zakariah bin Haji Wan Muda(Chairman)

• Dato’HajiMustaffabinMohamad• Dato’WZulkiflibinHajiWMuda• Dato’HajiRoslanbinTanSriJaffar• WanSharimanbinWanMohamed

The Director of Human Capital and CorporateServicesisthesecretaryoftheESSC.

eFFeCTive COMMuNiCATiON wiTH SHAReHOLDeRS

The Board maintains effective communicationsthatenableboththeBoardandtheManagementtocommunicateeffectivelywithitsshareholders,stakeholdersandthepublic.Thepolicyeffectivelyinterprets the operations of the Group to theshareholdersandaccommodatesfeedbackfrom



AnnuAl RepoRt 2016

shareholders,whicharefactoredintotheGroup’sbusinessdecision.

TheBoardvaluesitsdialoguewithshareholders,public,media,authoritiesandprivateinvestorsandrecognisesthatequalandtimelydisseminationofrelevantinformationbeprovidedtothem.

The AGM serves as an important means forshareholders communication. Notice of theAGMandAnnual Reports are sent to shareholders atleast twenty one (21) days prior to the meeting.At each AGM, the Board provides shareholderswith the opportunity to raise questions pertainingtotheGroup.TheAGMisalsoanavenuefortheChairmanandtheBoardtorespondpersonallytoallqueriesandundertaketoprovideclarificationonissuesandconcernsraisedbytheshareholders.

The Board has ensured each item of specialbusiness included in theNoticeofAGMwill beaccompaniedbyanexplanatorystatementontheeffectsoftheproposedresolution.

Other mediums of communication used bythe Group to communicate information on theoperations, activities and performance of theGrouptotheshareholders,stakeholdersandthepublicareasfollows:-

(a) the Annual Report, which contains thefinancial and operational review of theGroup’s business, corporate information,financialstatements,andinformationonAuditandRiskCommitteeandBoardofDirectors;

(b) various announcements made to BursaMalaysia, which includes announcementsonquarterlyresults;and

(c) theCompany’swebsiteathttp://www.azrb.com.

The Board is fully committed in providing andpresenting a true and fair view of the financialperformances and future prospects in theindustry.This is provided through the quarterly,half yearly and annual financial statements aswellastheAnnualReport.

ACCOuNTABiLiTY AND AuDiT

Financial Reporting

The Board, which is assisted by theAudit andRisk Committee aims to present a balancedandunderstandableassessmentof theGroup’spositionandprospectthroughtheannualfinancialstatements and quarterly announcements ofresultstoBursaMalaysia.

The Directors are responsible to ensure theannual financial statements are prepared inaccordancewiththeprovisionsoftheCompaniesAct, 1965 and applicable approved accountingstandardsinMalaysia.

A statement by the Directors of theirresponsibilities in preparing the financialstatements issetoutseparatelyonpage50ofthisAnnualReport.

internal Control and Risk Management

TheStatementonRiskManagementandInternalControl furnished on pages 37 to 40 of thisAnnualReportprovidesanoverviewonthestateof internalcontrolsandriskmanagementwithintheGroup.

Relationship with the external Auditors

Through the Audit and Risk Committee, theBoard has established formal and transparentarrangements for maintaining an appropriaterelationship with the Group’s external auditors.The role of the Audit and Risk Committee inrelation to theexternal auditors is stated in theAuditandRiskCommitteeReport.

ThisCorporateGovernanceStatement ismadein accordance with the resolution of the Boarddated30March2017.


50

TheDirectors acknowledged their responsibilities as required by theCompaniesAct, 1965 topreparethefinancialstatementsforeachfinancialyearwhichhavebeenmadeoutinaccordancewithapplicableFinancialReportingStandards(FRSs),therequirementsoftheCompaniesAct,1965,andtheMainMarketListingRequirements.

TheDirectorsareresponsibletoensurethatthefinancialstatementsgiveatrueandfairviewofthestateofaffairsoftheGroupandoftheCompanyattheendofthefinancialyear,andoftheresultsandcashflowsoftheGroupandoftheCompanyforthefinancialyear.

Inpreparingthefinancialstatements,theDirectorshave:

• adoptedsuitableaccountingpoliciesandappliedthemconsistently;• madejudgmentsandestimatesthatarereasonableandprudent;• ensuredthatapplicableapprovedaccountingstandardshavebeencompliedwith;and• preparedthefinancialstatementonthegoingconcernbasisunlessitisnolongerappropriate

topresumethattheCompanywillcontinueinbusinessduetounavailableresources.

TheDirectorsare responsible forensuring thatproperaccountingandother recordsarekept,whichdisclosewithreasonableaccuracyatanytimethefinancialpositionoftheGroupandtheCompanyandtoenablethemtoensurethatthefinancialstatementscomplywiththeCompaniesAct,1965.TheDirectorsarealsoresponsibleforsafeguardingtheassetsoftheGroupandhencefortakingreasonablestepsforpreventionanddetectionoffraudandotherirregularities.

ThisStatement ofDirectors’Responsibilities ismade in accordancewith the resolution of theBoardofDirectorsdated30March2017.

STATEMENT OF DIRECTORS’ RESPONSIBILITIES IN PREPARING THE

FINANCIAL STATEMENTS


AnnuAl RepoRt 2016

REPORT OF THE AUDIT AND RISK COMMITTEE

MeMBeRSHiP

ThepresentmembersoftheAuditandRiskCommitteeoftheCompanyallofwhomareindependent,areasfollows:-

1. RajaTanSriDato’SeriAmanbinRajaHajiAhmad(Chairman)2. TanSriDato’LauYinPin@LauYenBeng(Member)3. Datuk(Prof)A.Rahman@OmarbinAbdullah(Member)

TeRMS OF ReFeReNCe

Membership

1. TheCommitteeshallbeappointedbytheBoardofDirectorsamongstitsmembersandconsistofatleastthree(3)members,allofwhommustbeNon-ExecutiveDirectors,withamajorityofthembeingIndependentDirectors.

MasjidSultanAbdulSamad,KLIA

52

2. At least one (1) member of the Committeemustbe:

• a member of the Malaysian Institute ofAccountants(“MIA”);or

• ifheisnotamemberoftheMIA,hemusthave at least three (3) years’ workingexperience;andi. hemusthavepassedtheexaminations

specifiedinPartIoftheFirstScheduleoftheAccountantsAct1967;or

ii. hemustbeamemberofone(1)oftheassociations of accountants specifiedin Part II of the First Schedule of theAccountantsAct1967.

3. IntheeventofanyvacancyintheCommitteeresulting in the non-compliance withParagraph15.10oftheListingRequirementsofBursaMalaysia,theBoardshallappointanewmemberwithinthree(3)months.

4. TheBoardofDirectorsmustreviewthetermof officeandperformanceof theCommitteeand each of its members at least once ineverythree(3)years.

5. NoalternateDirectorshallbeappointedasamemberoftheCommittee.

Meetings

1. Meetingsshallbeheldatleastfour(4)timesayear.

2. TheAudit andRiskCommitteemay requiretheattendanceofanymanagementstafffromthe Finance/Accounts Department or otherdepartmentsdeemednecessary.

3. TheCommittee shallmeetwith theexternalauditorsatleastonceayearwithoutExecutiveBoard members present. Upon the requestoftheexternalauditors,theChairmanoftheAudit and Risk Committee shall convene ameeting of the committee to consider any

matter the external auditors believe shouldbebroughttotheattentionoftheDirectorsorshareholders.

Quorum

The quorum shall be at least two (2) persons,bothofwhomaretobeIndependentDirectors.

Secretary

TheCompanySecretaryshallactassecretaryoftheAuditandRiskCommittee.

Reporting Procedure

TheAuditandRiskCommitteeregulatesitsownprocedures:-

1. thenoticetobegivenofsuchmeetings;2. thevotingandproceedingsofsuchmeetings;3. thekeepingofminutes;and4. thecustody,protectionandinspectionofsuch

minutes.

Minutes of the meetings were tabled forconfirmation at the following Audit and RiskCommittee meeting. In 2016, the Chairmanpresented the recommendations of theCommitteetotheBoardforapprovaloftheannualandquarterlyfinancialstatements.TheChairmanalsoconveyedtotheBoardmattersofsignificantconcern as andwhen raised by the external orinternalauditors.

Duties and Responsibilities

The duties and responsibilities of theAudit andRiskCommitteeshallincludethefollowing:-

1. to consider the appointment of the externalauditor, the audit fee and any questions ofresignationordismissal;

2. to discuss with the external auditors beforetheauditcommences, thenatureandscopeoftheaudit;

3. to discusswith the external auditors on theevolution of the system of internal controls

Report of the Audit and Risk Committee (Cont’d)


AnnuAl RepoRt 2016

andtheassistancegivenbytheemployeestotheexternalauditors;

4. toreviewandreporttotheBoardifthereisreason(supportedbygrounds)tobelievethattheexternalauditorsisnotsuitableforreappointment;

5. to review the quarterly and year-end financialstatementsoftheBoard,focusingparticularlyon:• any changes in the accounting policies and

practices;• significantadjustmentsarisingfromtheaudit;• thegoingconcernassumption;and• compliance with accounting standards and

otherlegalrequirements.6. to discuss problems and reservations arising from

the interim and final audits, and any matter theauditorsmaywishtodiscuss(intheabsenceoftheManagementwherenecessary);

7. to review the external auditor’s ManagementletterandtheManagement’sresponse;

8. todothefollowingwherethereisaninternalauditfunction:• review theadequacyof thescope, functions

and resources of the internal audit function,andthatithasthenecessaryauthoritytocarryoutitswork;

• reviewtheinternalauditprogramandresultsof the internal audit process and wherenecessary ensure that appropriate action istakenontherecommendationsoftheinternalauditfunction;

• review any appraisal or assessment of theperformanceofmembersoftheinternalauditfunction;

• approve any appointment or termination ofsenior staff members of the internal auditfunction;and

• inform itself of resignations of internal auditstaffmembersandprovidetheresigningstaffmemberanopportunitytosubmithisreasonsforresigning.

9. to consider any related party transactions thatmayarisewithintheCompanyortheGroup;

10.to consider the major findings of internalinvestigationsandtheManagement’sresponse;

11. to ensure of an effective functioning of anintegrated risk management function within theorganisation;

12.tooverseeandmonitortheoverallrisksimpactingtheGroupaswellastoreviewandapproveriskmanagement policies and risk tolerance limits;and

13.toconsiderothertopicsasdefinedbytheBoard.

Authority

In carrying out their duties and responsibilities, theAuditandRiskCommitteeshall:-

1. haveauthoritytoinvestigateanymatterwithinitstermsofreference;

2. havetheresourceswhicharerequiredtoperformitsduties;

3. have full and unrestricted access to anyinformationpertainingtotheCompany;

4. have direct communication channels with theexternalandinternalauditors;

5. be able to obtain independent, professional orotheradvice;and

6. be able to convene meetings with the externalauditors, excluding the attendance of theexecutivemembersof thecommittee,wheneverdeemednecessary.

Review

TheNominationCommitteeensures that the termofofficeandperformanceoftheAuditandRiskCommitteeandeachofitsmembersarebeingreviewedannuallyto determinewhether theAudit andRiskCommitteeand its members have carried out their duties inaccordancewiththeirtermsofreference.


54

ATTeNDANCe OF AuDiT AND RiSK COMMiTTee MeeTiNGS

ThedetailsofattendanceofeachmemberattheCommitteemeetingsheldduringthefinancialyearended31December2016areasfollows:-

Name of Members MeetingsTotal

Attendance23.2 14.3 31.3 26.5 26.8 20.10 29.11

RajaTanSriDato’SeriAmanbinRajaHajiAhmad √ √ √ √ √ √ √ 7/7(100%)TanSriDato’LauYinPin@LauYenBeng √ √ √ √ √ √ √ 7/7(100%)Datuk(Prof)A.Rahman@OmarbinAbdullah √ √ √ √ √ √ √ 7/7(100%)

SuMMARY OF ACTiviTieS

During thefinancial year, theAudit andRiskCommitteemet seven (7) times.Activities carriedoutby theCommitteeincludedthedeliberationandreviewof:-

1. theGroup’syearendauditedfinancialresultspresentedbytheexternalauditorspriortosubmissiontotheBoardforapproval;

2. theGroup’squarterlyfinancialresultspresentedbytheManagementpriortosubmissiontotheBoardforapproval;

3. theAuditPlanningMemorandumoftheexternalauditorsinameetingtodiscusstheirauditstrategy,auditfocusandresourcespriortocommencementoftheirannualaudit;

4. mattersarisingfromtheauditoftheGroupinameetingwiththeexternalauditorswithoutthepresenceofanyExecutiveDirectorsormembersoftheGroup’sManagement;

5. relatedparty transactionsand recurrent relatedparty transactionswithin theGrouppursuant toBursaMalaysiaListingRequirementspriortosubmissionfortheBoard’sconsiderationand,whereappropriate,shareholders’approval;

6. theinternalauditplan,considerthemajorfindingsofinternalauditreportsandrecommendationsinrelationtoweaknessesintheinternalcontrolanddiscussedwithManagementoncorrectiveactionstobetaken;

7. theRiskManagementPolicyandProceduresofAhmadZakiSdnBhd;8. theCorporateGovernanceStatementpriortosubmissiontotheBoardforapproval;9. theDirectors’ResponsibilityStatement for theAuditedFinancialStatementsprior tosubmission to the

Boardforapproval;10.theStatementonRiskManagementandInternalControlpriortosubmissiontotheBoardforapproval;11. theriskmanagementactivitiesundertakenbyAhmadZakiSdnBhd;and12.theTermsofReferenceoftheAuditandRiskCommitteepriortosubmissiontotheBoardforapproval.



AnnuAl RepoRt 2016

ADDITIONAL COMPLIANCE INFORMATION

uTiLiSATiON OF PROCeeDS RAiSeD FROM CORPORATe PROPOSAL

The Company did not undertake any corporate proposal to raise proceeds during thefinancialyearended31December2016.

AuDiT AND NON-AuDiT FeeS

Abreakdownoffeesforauditandnon-auditservicesincurredbythelistedissuerandongroupbasisforthefinancialyearended31December2016issetoutundernote8page129oftheFinancialStatementsofthisAnnualReport.

MATeRiALS CONTRACTS OR LOANS wiTH ReLATeD PARTieS

Saveasthosedisclosedinthefollowingrecurrentrelatedpartiestransactionsofarevenueinnature,therewerenomaterialcontractsorloansenteredintobytheCompanyanditssubsidiariesinvolvingDirectors’andmajorshareholders’interestseithersubsistingattheendof thefinancialyearended31December2016orentered intosince theendof thepreviousfinancialyear.

MasjidWilayahPersekutuan,KualaLumpur

56

ReCuRReNT ReLATeD PARTY TRANSACTiONS

ThevalueofrelatedpartytransactionsenteredintobytheCompanyanditssubsidiariesduringthefinancialyearwhichhaveobtainedshareholder’smandateinthepreviousAGMarequalifiedasfollows:-

Nature of the transactions with related party

entered by Period covered from

1 January to 30 June of Year

2016 RM’000

Period covered from

1 July to 31 December of Year

2016 RM’000

a) Purchase of building materials from subsidiaries of CHRBi. Chuan Huat Industrial Marketing

SdnBhdAZSB 3,027 5,787

ii. ChuanHuatHardwareSdnBhd AZSB 236 15b) Purchase of building materials from subsidiaries of ZHSBi. KemamanQuarrySdnBhd AZSB 50 1ii. QMCSdnBhd AZSB 5,679 177c) insurance premium

Paid/payabletoZHSB AZRBAZSBICSBAMSB

PPSB

523 552

d) Administrative chargesPaid/payabletoZHSB AZSBICSB

TMSBKTIP120 118

e) Rental of premisePaidtoDato’SriHajiWanZakibinHajiWanMuda

PPSBAZSB 925 823

Relationship of the related parties:i. Chuan Huat Resources Berhad

(“CHRB”)ChuanHuatResourcesBerhad,acompanyinwhichDato’SriHajiWanZakibinHajiWanMudahassubstantialfinancialinterest.

ii. ZakiHoldings(M)SdnBhd(“ZHSB”) HoldingcompanyofAhmadZakiResourcesBerhad.

Additional Compliance information (Cont’d)


AnnuAl RepoRt 2016


PERFORMANCE

58

CHAiRMAN’S STATeMeNT

RAJA TAN SRi DATO’ SeRi AMAN BiN RAJA HAJi AHMAD CHAIRMAN

Dear ValueD ShareholDerS,OnbehalfoftheBoardofDirectors(“theBoard”),itismypleasureand privilege to present the Annual Report and FinancialStatementsofAhmadZakiResourcesBerhad(“AZRB”or“theGroup”)fortheyearended31December2016.


ANNUALREPORT 2016

OverviewTheyearunderreviewhasbeenayearoftremendousgrowth for the Group. It was a year where theConstruction Division helped propel the Group toreachasignificantmarkandmilestoneintheGroup’sfinancial history. For once, both the Group and theConstructionDivisionpassedthebillionringgitmarkintermsofrevenuewitharecordedrevenueofRM1,201.3million (2015: RM714.97 million). Meanwhile, theConstructionDivisionalsoreachedanothersignificantmilestonewhen the construction order book balancecrossedRM4billionduringtheyear.Withayear-endbalance construction order book ofRM3.9 billion thefuturebodeswellfortheGroup.

ConstructionDivision’syearofachievementstartedoffwiththeawardbytheInternationalIslamicUniversityofMalaysia (“IIUM”) for thesupplyofadditionalmedicalequipmentunderGroup2and3fortheIIUMMedicalCentre in Kuantan, Pahang. In the meantime, theConstruction Division, successfully completed theconstruction of the IIUM Medical Centre, for whichtheGroup received formal acceptance from IIUMon9May2016. Thismarked thesuccessfulcompletionof thefirststageofourfirstPrivateFinance Initiative(“PFI”) concession and the Group will now stand tobenefit from thecontinuous incomeandcashflowofthisconcessionforthenext21½years.

TheConstructionDivisionhadbetternewstoreporton4April2016,whenitreceivedtheletterofacceptancefrom Mass Rapid Transit Corporation Sdn Bhd(“MRTCorp”) foraprojectknownas ‘PackageV202:

OpeningCeremonyofIIUMMedicalCentrebyKDYMMSultanPahang,SultanHajiAhmadShahAl-Musta’inBillahIbniAl-MarhumSultanAbuBakarRi’ayatuddinAl-Mu’adzamShah

2016 Revenue :

RM1.2 BillionYear-End Order Book Balance :

RM3.9 BillionConstructionandCompletionofViaductGuidewayandOtherAssociatedWorksfromPersiaranDagangtoJinjang’ fora totalvalueofRM1.44billion.ThiswasthefirstmainpackagetohavebeenawardedbyMRTCorp for theMassRapidTransit (“MRT”)Sungai Buloh – Serdang – Putrajaya (“SSP”)Line. The award was made following a rigorouscompetitivepre-qualifiedtenderprocessconductedbyMRTCorp. Weareheartenedtonote thatnotonlywerewesuccessfuldue tohaving the lowesttenderedprice,butalsothatwehademergedbestinthetechnicalevaluationprocess.Ourparticipationinthetenderwashelpedbythefactthatwealreadyhadexperience intheconstructionofPackageV6fortheMRTSungaiBuloh–Kajang(“SBK”)Line.Itisalwaysgoodtonotewheneverduerecognitionisgivenforourprovencapabilityanddelivery.

SriRayaMRTStation

Chairman’s Statement (Cont’d)

60

The award ofRM1.44 billion byMRTCorp is oursecondlargestconstructioncontracttodate.Duringthe year, the Group commenced constructionof Packages 1 and 2 of our East Klang ValleyExpressway(“EKVE”)Project,havingcommencedconstructionofPackage3inSeptember2015.TheEKVEProject,worthRM1.55billioniscurrentlyoursinglelargestconstructionandinvestmentandIamhappytoreport thatwehaveclearedall legalandregulatoryhurdlesimpactingtheEKVEProjectandthattheconstructionworkisgoingaheadasplannedand on schedule. The Board and Managementcontinuestokeepacloseeyeonmatterssoastoensurethatwemeetour2019openingdeadline.

RoundingofftheyearfortheConstructionDivisionwas the award by the Malaysian Public WorksDepartmenton27June2016fortheconstructionofanewbridgeoverSungaiKuantanlinkingKuantanCityandBandarPutra,TanjungLumpurforatotalvalueofRM152.3million.Intotal,theConstructionDivisionwonoverRM1.6billionworthofnewworkin2016,arecordachievementforthedivisionandthe Group. This is a testimony for the Group’scapabilityandbranding.

AerialviewoftheongoingEKVEconstructionproject

New HorizonsConstruction Division was not the only businesssegmentthatmadegreatstridesfor theGroup. Allbusinessdivisionspositionedthemselveswellduringthe year for future growth and achievement. ThePropertyDivisioninparticularmadesignificantstepsin its aim of being a major contributing businesssegmentoftheGroup.

On22February2016,thePropertyDivisionenteredinto a definitive Development Rights Agreement(“DRA”) for a 3.91 acre plot in Kwasa DamansarawithasubsidiaryofKwasaLandSdnBhd(“KLSB”),the master developer of Kwasa Damansara. Asdescribed in thepreviousannual report, theGrouphadwonthetendertobethedevelopmentpartnerofKLSBforthedevelopmentofahighriseresidentialprojectinKwasaDamansara.KwasaDamansaraisaplanned2,330acretownshipstrategically locatedinKlangValley, and is poised to be an address ofchoiceinthefuture.WiththeDRA,theroadmapissetforourmaidenpropertydevelopmentprojectinKlangValley,whichweplan to launch inearly2018aftertaking into account the current market conditions.



AnnuAl RepoRt 2016


Designedasaresort-themedcondominiumthat isstrategicallylocatedonthemainparkoftheKwasaDamansaradevelopment,weareconfidentthatour188unitRimbunDamansarawill be thepreferredchoiceamongstdiscerningbuyers.

Wearealsohappy to report that during the year,our development at Puncak Temala, Terengganuhad entered into an agreement with PerumahanPenjawatAwam1Malaysia(“PPA1M”)fortheoffer

of349unitsofdoublestoreylinkhousesforeligiblegovernment servants under the PPA1M scheme.Underthisscheme,interestedgovernmentservantswill be invited to purchase our double storey linkhouse at a discounted price, with the discountbornebyPPA1M.Asatthedateofthisreport,wearepleasedtoreportthat62applicantshavebeenapproved by PPA1M and are now in the processofobtainingtheirloanapprovalspriortotheformalsigningofthesalesandpurchaseagreements.

Finally for the Property Division, following theacceptance of the IIUM Medical Centre by theclientasdescribedabove,thedivisionhasstartedproviding facilities management services to themedicalcentre. Thismarks thenextstageofourconcessionagreementwherebywewillbemanagingandmaintainingthefacilitiesofthemedicalcentreforthenext21½years.Duringtheyear,thePlantationDivisionembarkedtobuilditsfirstPalmOilMill(“theMill”).Constructionof the Mill, which has a production capacity of60MT/Hr, began in February 2016 and wascompletedinJanuary2017andcommissionedintouse in February 2017. We are pleased to reportthatasatthedateofthisreport,allfruitsproducedby our estate in Kalimantan Barat is now whollyprocessedbyourownmill.Inaddition,duetothe

AerialviewofthePalmOilMillwhichwascommissionedintouseinFebruary2017

62

strategic location of theMill,weare able to attractmany external fruits into theMill thereby giving usthenecessaryscaleandefficiencyveryearlyoninitsproductionlife.Basedontheperformancesofar,weareconfidentthattheMillwillbeabletodeliverthedesiredresultsthatourPlantationDivisionhasbeenlookingforandiscapableofachieving.

Finally, on 31 December 2016, our Oil and GasDivisioncompleteditsacquisitionofMatrixReservoirSdn Bhd, the owner and operator of Tok BaliSupply Base (“TBSB”) in Kelantan. As describedinthepreviousAnnualReport,TBSBisstrategicallylocatedandenjoysasignificantcaptivemarket.It’spoisedtooffersignificantsavingstotheoilandgascompanies operating in the North Malay Basin, inparticular those under the Malaysia-Thailand JointDevelopmentArea.Followingayearofbuildingupthe necessary facilities including amongst others;LiquidMudPlant,Warehouses,FuelBunkeringandPotable Water facilities and Customs, ImmigrationandQuarantine facilities, TBSB is now operationaland ready to receive customers. In March 2017,TBSB welcomed Hess Corporation as its maidenProduction Sharing Contract (“PSC”) customer. AserviceagreementhasalsobeeninkedwithCarigali

HessOperatingCompany(“CHOC”)tomainlycatertothecrewboatactivities.WeareconfidentofmanyotherPSCcustomersoptingforTBSBastheirmainbase of operations over the next few months andyears.WelookforwardtothecontributionofTBSBtotheGroupresultsfrom2017onwards.

Looking AheadTheGroup is excited by themany groundbreakingevents that took place over the year. Of particularinterestistheagreementbyMalaysiaandSingaporeto develop aHigh SpeedRail (“HSR”) Line linkingKuala Lumpur and Singapore. Another excitingdevelopment is the proposedEastCoastRail Line(“ECRL”) linking Kuala Lumpur with Kelantan viaTerengganuandPahang.BothHSRandECRLareanticipatedtocreatemanyopportunitiesparticularlyforourConstructionDivision. Webelievewehavetherightcredentialsbasedonour impeccabletrackrecordandlookforwardtoparticipateinthetendersastheyarerolledout.

The proposed ECRL has also given us reasonto be excitedwhere it has been announced that apassenger and cargo terminal will be built in Tok

Customs,ImmigrationandQuarantine(CIQ)CentreatTokBaliSupplyBase



ANNUALREPORT 2016


Bali.NotonlywillthishelpthedevelopmentoftheTokBaliareaingeneralbutwillfurtherspurinterestandconnectivitytoTBSBwhichispoisedtobetheprimaryportforKelantanandNorthernTerengganu.WeareveryexcitedattheprospectssucharaillinkwillgivetotheTokBaliarea.

Early2017sawoilandgaspricesreactpositively tooilproductioncutsannouncedbytheOrganisationofPetroleumExportingCountries(“OPEC”)aswellasarecoveryincrudepalmoil(“CPO”)prices.ThetimingofbothincreaseshascoincidednicelywiththestartofoperationsoftheTBSBandcommissioningoftheMill.Despiteafallinoilpricesrecently,weexpectbothCPOandoilpricestoremainwithinrangeandthereforeallowbothourPlantationandOilandGasDivisionstobeonabetterfootingthisyear.

AcknowledgementIwouldliketowelcomeonboard,Y.BhgDato’Sr.AbdullManafBinHjHashim,whojoinedtheBoardofDirectorsofAZRBon1July2016asanIndependentandNon-ExecutiveDirector.PriortojoiningAZRB,Dato’Sr.AbdullManafwastheDeputyDirectorGeneralofthePublicWorksDepartment/JabatanKerjaRaya(“JKR”).Dato’Sr.AbdullManafretiredfromJKRafter38yearsofdedicatedservice.Dato’Sr.AbdullManafgraduatedasaBachelorofQuantitySurveyingfromUniversitiTeknologiMalaysiaandstartedhiscareerinJKRasaQuantitySurveyor. Amongsthisachievements includefive termsasPresidentof theBoardofQuantitySurveyorsMalaysiaandPresidentoftheRoyalInstitutionofSurveyorsMalaysiaforonesession.

Y.BhgDato’Sr.AbdullManafcarrieswithhimavastwealthofknowledgeandexperienceaccumulatedoverhismanyyearsofserviceandtheGrouplooksforwardtohiscounsel,adviceandsharingfortheyearstocome.

AppreciationOnbehalfoftheBoard,Iwishtoexpressmysincerestgratitudeandappreciationtotheshareholders,variousgovernmentagencies,clients,consultants,suppliersandbusinesspartnerswhohavecontributedsignificantlytooursuccessandforthecontinuoussupportandconfidenceintheAZRBGroup.

IwouldalsoliketoregistermydeepestgratitudetoallthepeopleatAZRBanditsGroupofCompaniesfortheirdedicationandcommitmenttotheGroup’scause.

Finally,IwishtoplaceonrecordmydeepestappreciationtomyfellowmemberoftheBoard,bothatGrouplevelaswellasthevarioussubsidiaries.Fortheirwisecounsel,guidanceandinvaluablecontributions.

RAJA TAN SRi DATO’ SeRi AMAN BiN RAJA HAJi AHMADCHAIRMAN

64

MANAGeMeNT DiSCuSSiON AND ANALYSiS

Dear ShareholDerS, Onbehalfof theSeniorManagementofAhmadZakiResourcesBerhad (“AZRB” of “the Group”) I am delighted to present anoutstandingreportcardforthefinancialyearended31December2016(“FY2016”),aswebuilduponoursolidfoundationandsoundexpertisetoemergestrongeracrossallourbusinessdivisions.Itisimportanttonotethatthisperformancewasattainedagainstaverychallengingyearinthedomesticeconomy,wheretheremarkablefinishinFY2016testifiestoourtenacityandfocusondelivery.

DATO’ SRi wAN ZAKARiAH BiN HAJi wAN MuDA GROUPMANAGINGDIRECTOR


ANNUALREPORT 2016

Financial Review

We are pleased to announce that group revenue in2016 exceeded the billion Ringgit mark to achieverecord-high topline of RM1.2 billion (2015: RM715.0million). We also enhanced our overall bottomline,with pre-tax profit of RM50.5 million (2015: RM32.1million) and net profit attributable to shareholders ofRM27.2 million (2015: RM22.9 million). The strongdouble-digit growth figures clearly demonstrate theeffectiveness of the Group’s expansion strategies,with revenue jumping 68%year-on-year, and pre-taxandnetprofits increasing57%and19%respectively.Correspondingly,earningspershare increasedto5.6sen(2015:4.7sen).

TheConstructionDivisionwasAZRB’sstarperformerin 2016, where the new contract wins for high-impact infrastructuredevelopmentsaswellassteadyconstruction progress in ongoing projects propelledits revenue to RM1.1 billion, constituting 93% oftotal revenue (2015: RM644.2 million, 90% revenuecontribution).Pre-taxprofitofthedivisionincreasedtoRM65.4million(2015:RM52.1million).WebelievethatthepositivemomentumgeneratedbytheConstructionDivision in light of our ongoing projects places us ingood stead to continue growing from strength tostrength.

The Property Division, consisting of propertydevelopmentand facilitiesmanagement,emergedasthenextlargestpre-taxprofitcontributortotheGroup.The revenue of RM32.7 million representing 3% ofconsolidated group revenue (2015: RM15.2 million,2% revenuecontribution).The tremendousuptake inrevenuewasonstrongerbillingsfromongoingpropertydevelopmentsaswellasmaidencontributionsfromthecommencementof facilitiesmanagementservices forthe International Islamic University Malaysia (“IIUM”)MedicalCentre.Thelatterwasthemainboostbehindthe tremendous jump inpre-taxprofitby ten times toRM24.7 million (2015: RM2.4 million), and is set tomarksteadycontributionsforthe21½yearconcessionperiod.

CONSTRUCTION

SEGMENTAL REVENUE ANDOPERATING MARGIN

2016 1,117.965.4

644.252.1

52.6601.7

2015

2014

OIL AND GAS

2016 34.25.8

14.1

14.0

2015

2014 45.6

47.6

PLANTATION

2016 16.5(28.3)

8.0(39.9)

(33.8)5.4

2015

2014

Segment Revenue (RM mil)

Segment Operating Margin

PROPERTY

2016 32.724.7

2.4

1.1

2015

2014 9.6

15.2

Management Discussion and Analysis (Cont’d)

66


The Oil and Gas Division recorded revenue ofRM34.2million in2016 (2015:RM47.6million)andpre-taxprofitofRM5.8million(2015:RM14.1million),reflecting the still-challengingmarket in the oil andgassector.Still,wemadeasignificantbreakthroughon31December2016,withtheadditionofTokBaliSupplyBasetoourexistingKemamanSupplyBasebunkeringoperations.Thisadditionispoisedtoupliftthe segment’s capabilities to capture the immenseopportunitiesfromthecaptivemarket.

Finally,thePlantationDivisionchartedamomentousyear,with2016revenuedoublingtoRM16.5million(2015:RM8.0million),onthebackofafavourabletreeprofile,higheryieldsandsteadypricesforfreshfruitbunches(FFB)sales.Thehigherrevenue, togetherwith operational efficiency measures implementedby the new and highly-experienced managementteam,effectivelynarrowedthedivision’spre-taxlossto RM28.3 million in 2016 (2015: RM39.9 million).Buoyedbythissteadyupswingandinviewofthenewmillnowinoperation,weareconfidentofreapingthefruitofourlabourintermsofprofitsinthenearfuture.

Capital Management

The larger base of retained earnings resulted in acorrespondingincreaseingroupshareholders’equitytoRM364.9million (2015:RM338.8million).At thesametime,theGroup’senlargedscopeofoperationsacross all divisions necessitated higher workingcapital,asdemonstratedbyhigher totalborrowingsofRM2.2billion(2015:RM849.8million).Takingintoaccount the substantial increase in total cash andcashequivalentstoRM115.3million(2015:RM89.9million) and other investments of RM823.9 milion(2015:Nil),theGroup’snetgearingincreasedto3.4timeasatend-2016(2015:2.1time).

However,itisnoteworthythatapproximately71%oftheGroup’sborrowingsaretofinancetheconstructionoftheEKVEandIIUMMedicalCentre,bothofwhichare concessions that would eventually generaterecurring income for theGroupover the long term.Therefore,webelievethattherewardsinthefutureandstableearningsadequatelycompensatetheneartermimpact.

Dividends

On15August2016,AZRBpaid toshareholdersaninterim single-tier dividend of 2.0 sen per share inrespectofFY2016.

We are not adopting any dividend policy at themoment,aswearefocusingonconstructiondivisioninwhichtheearningsarecyclical.

Atthisjuncture,wewouldliketoexpressourheartfeltappreciationtoourshareholdersfortheirunwaveringsupportandbeliefintheGroup.

Segment Review and Prospects

• Construction Division

The Construction Division retained its positionas the Group’s primary generator of revenueand profit, as is befitting for our core businesssince inception. The division accomplished anew milestone in 2016 with a record RM1.6billion in new contract wins, attesting to ourcompetitiveness in tenders, and customers’recognitionofourstrongexpertiseencompassingthefullrangeofdesigntodevelopmentoficonicbuildingsandinfrastructure.

During the year, we clinched a RM1.4 billioncontract from Mass Rapid Transit CorporationSdn Bhd (“MRT Corp”) to undertake theconstructionandcompletionofviaductguidewayandotherassociatedworksunderPackageV202(betweenPersiaranDagangandJinjang)of theKlang Valley Mass Rapid Transit 2 (“KVMRT”)fortheMassRapidTransit(“MRT”)SungaiBuloh–Serdang–Putrajaya(“SSP”)Line.This latestcontract follows the prior experience gained inKVMRT1fortheSungaiBuloh–Kajang(“SBK”)Line, indicating the vote of confidence byMRTCorp in thequalityofourworksandourstrongbrandequity.Thedurationofconstructionworksis expected to be for a 5 year period till 2021.Wearepleased tonote that in this competitivetender, not only didwe come in lowest butwealso scored the highest technical assessmentpointsforthetender.


AnnuAl RepoRt 2016

Anothernotablefeather inthedivision’scapwastheRM152.3millioncontracttobuildtheTanjungLumpur Bridge in Kuantan, Pahang, which is tobe built over a 3-year period. The new bridge,connecting the upcomingBandarPutra,TanjungLumpur to the thriving Kuantan City, would bea crucial conduit to the rapid developments ofKuantan,facilitatingtheflowofresourcesincludingmanpowerandgoodstoenablethestatetoreachitsfulleconomicpotential.

The new contractwins in the year under reviewpropelledAZRB’s balance order book to RM3.9billionasat31December2016,toberecognisedoverthenextfiveyears.

Securingthesenewwinsdidnotdistractusfromdelivering on andmaking sturdy progress in ourongoing projects in the year. These includedhanding over the IIUM Medical Centre in May2016, fulfilling the supply of additional medical

equipment under Group 2 and3fortheIIUMMedicalCentreinDecember2016.Wealsomadegreatstrideswithourjobsinhand,includingtheconstructionofthe4-blockStudentAccommodationComplex in the heart of thecapital city, building the officeand residential high-rise towersunder the mixed developmentprojectinKampungBaru,KualaLumpur, and going full speedahead into the construction ofthePNBHotelandOfficeTowers(formerly the Malaysia Airlinesbuilding) in JalanSultan Ismail,KualaLumpur.

BandarTunHusseinOnnMRTStation


68


It is imperative to note that most of ourongoing projects are situated in the highly-congested city centre, which added to thepotential complications and sensitivitiesparticularly in traffic management during theconstruction period. It is part of our credo toplacegreatemphasisinthisaspect,andalwaysendeavoured to develop optimal solutions toupholdthesafetyandsmoothjourneyofexistingusers.As such,we are pleased that our trackrecord of timely delivery remains untainteddespite these potential complications;markingourstrengthasapeople-consciousconstructionplayer.

Evenso,wearenotrestingonourlaurels,andfullyintendtoseekfurthergrowthbyaggressivelytenderingformoreinfrastructureprojects.These

include iconicandnation-buildingundertakingssuchastheEastCoastRailLink(“ECRL”),theKVMRTLine3andtheKualaLumpur-SingaporeHighSpeedRail,amongstotherprojects.

Besides this,we plan to leverage on our coreexpertise gained from previous successfulprojections to bid for building jobs such ashospitals,universities,mosques,sportsfacilitiesandothers.Webelievethatoursuiteofintegratedservicesfrominnovativedesigntoconstruction,coupledwithourcompetitivepricing,standsusingoodsteadinsecuringsuchbuildingprojects.

We want to ensure a good product mix ofinfrastructureandcommercialprojects,inorderto mitigate cyclical sector risks and continuestrengtheningourtrackrecord.

AerialviewofthecompletedStudentAccommodationComplexforUniversitiTeknologiMalaysia,KualaLumpur.


AnnuAl RepoRt 2016

• Oil and Gas (‘O&G Division’)

TheGroup’sO&GDivisionhelduprelativelywellamidstachallengingyear,whatwiththeincessantglobal concerns on oversupply and waningdemandforfossilfuels.Still,itisnoteworthythatthemanagementmadethebestof thesituationandkeptitsfocustrainedonthefutureprospects.This stance led to the Group’s ownership of amajoritystakeintheoperatorofTokBaliSupplyBase: one of the three supply base licenseholders in Malaysia, and the only one situatedin Kelantan, and therefore in prime position tobethesoleMalaysia-basedserviceprovider forProductSharingContractors(“PSCs”)operatingintheNorthMalayBasin,Malaysia-ThailandJointDevelopmentAreaandCommercialArrangementAreabetweenMalaysiaandVietnam.

Cognisantofthesepositiveprospects,theGroupwastednotimeinensuringthatitsfacilitieswerepreparedandreadytoservethevaryingneedsofthePSCs.Effortstothisendincludedconstructinganofficeblock,theliquidmudplantandmarinetower,warehouseswithamenities,customsandimmigration complex,weighbridge, and bondedholdingareain2016.Weareheartenedthatourinitiativesto fullyequipTokBaliSupplyBasetobetterservepotentialclientelehavebornefruit,asaptly demonstrated by our increasing customerbase,includingnotableoilandgasplayerCarigaliHess Operating Company (“CHOC”) who hassigned a service agreement for its crew boatactivities for a period of two years. In additionto Carigali Hess being a new client, HESSExploration&ProductionMalaysiaB.V.(“HESS”)hasbeenaclientatTokBaliSupplyBasesinceSeptember2015.

AerialviewoftheTokBaliSupplyBase,Kelantan


70


In addition to our strong proposition of being afull service provider with 24-hour operations,our strategic location generates great time-and cost-savings of up to 60% for PSCs dueto shorter steaming time between the supplybase and oil platforms; hence providing addedincentive for PSCs to utilise Tok Bali SupplyBase as their preferred service provider. Also,theproposedECRLhasearmarkedTokBaliasoneofitsdestinationstobuildapassengerandcargoterminal,thusbringinganotherchannelofconnectivitytoTokBaliandpotentiallyelevatingits economic development to the next level.Allthingsconsidered,weareconfidentofattractingevenmorePSCstoourTokBaliSupplyBasein2017onwards.

In 2017, we intend to continue upgrading ourcapabilities and expanding our capacity tosupport future anticipated demand, allocatingRM26.8millionincapitalexpenditure(“CAPEX”)in thefinancial yearending31December2017(“FY2017”)formachinery,additionalwarehouses,andtheacquisitionoflandforshipyard.

This strong recurring income-based businessmodel for ourO&Gdivision is premisedon the32-year concession period, undergirding ourprospectsforthelongterm.

• Property

ThePropertyDivisionchartedsolidperformanceintheyearunderreview,generatingincomefromtwomaincomponents:propertydevelopment,aswellasthemaidencontributionsfromitsfacilitiesmanagementsegment.

In its property development segment, AZRBundertooktwoongoingprojectsin2016,namelyPakaIndustrialParkandTiaraPaka,bothlocatednorthofKerteh,Terengganu,renderingitreadytomeetcurrentdemandfromtheOilandGasandsurroundingindustries,aswellascapturepotentialdemandfromotherdevelopmentsliketheKertehPolymer Park. Paka Industrial Park (“PIP”), anindustrial and commercial development withan ongoing GDV of RM110.6 million, reportedhealthytake-uprateofapproximately70%asat31December2016.TiaraPaka,whichformstheresidentialcomponentofPIP,sawitsfirstphaseofRM18.8millionsoft-launchedinend2016,andnotedtake-uprateofapproximately10%atyear-end.WebelievethatthesteadydevelopmentofPIP and increasing economic activity in Kertehwould spur further take-up of subsequentlaunches.BothPIPandTiaraPakaareslatedforcompletionin2021.

TiaraPakaDevelopment,Terengganu


AnnuAl RepoRt 2016

AZRB intends tocontinuegrowingourpropertydevelopment division well into the future, withRM1.1billionnewlaunchesinthepipeline.Ofthis,weplan to launch the67-acreRM217.7millionmixeddevelopmentofPuncakTemalainMarang,Terengganuinearly2017,features349unitsofdouble-storey link houses offered at a discountto eligible civil servants under the PerumahanPenjawatAwam1Malaysia(“PPA1M”)scheme.With close to 20%approval rate underPPA1Mto date, we are optimistic that Puncak Temalawouldbewell-received;puttingourfirststepintodevelopingacriticalmasspopulation.

OfparticularnoteintheGroup’spipelinelaunchesis the RM257.4 million residential project ofRimbun Damansara in Kwasa Damansara,Sungai Buloh, Kuala Lumpur, slated for launchin early 2018. In early 2016, we secured thecompetitivetendertobethedevelopmentpartnerfor Kwasa Land Sdn Bhd, the subsidiary ofmasterdeveloperKwasaDamansara,pavingthewayforourfirstpropertydevelopmentprojectintheKlangValley.

Inallthis,AZRBintendstomaintainanasset-lightbalancesheetforitsPropertyDivisionbyenteringintojointventureswithlandownerstounlockthe

valueoflandsandbringaboutimportantmultipliereffectstothesaidlocations.Wewillcontinuetobeonthelookoutforsuchopportunitiestoextendourgrowthpotentialfurther.

Our facilities management segment made agood start in 2016 with the completion of theIIUMMedicalCentre.OursubsidiaryPeninsularMedical Sdn Bhd is tasked to provide facilityandequipmentmaintenanceaswellasbuildingmanagement services for the hospital for theremaining 21½ year concession period, whichwouldfurtherboosttheGroup’srecurringincomestream.

• Plantation

We are delighted to announce that as at 31December2016,thePlantationDivisionspanneda sizable 8,200 hectare oil palm plantation inWest Kalimantan, Indonesia, with a balancedtreeprofileof52%newtreesunder4years,and48%maturedtreesofbetween4to10years.

WebelievethatFY2017willbetheturningpointforourPlantationDivision.Wewanttomaintainourgrowthmomentumintheplantingofnewtreestoincreasetotalplantedareato10,000hectaresbyend-2017,andhavesetasideRM10.5millionincapitalexpenditureforplantingandupkeepofthetrees.Withthis,thePlantationDivisionwouldhaveahealthytreeprofilewhereapproximately60%oftheplantationwouldcompriseofyoungtoprimeagedtreesbytheyear2021,withatargetto produce 200,000metric tonne (“MT”) of ourownFFB.

TheotherimportantmilestoneforthePlantationDivision is the successful construction of ourpalmoilmillwithinourplantation,whichstartedoperations from February 2017 onwards.Equipped with the continuous sterilizer systemthat has a production capacity of 60 metrictonnesperhour,themillisthelargestwithinthe80kmradiusinKabupatenLandakdistrict,andisthereforestrategicallypositioned toprocessnotonlyourownFFB,butalsothird-partyFFBina


IIUMMedicalCentre,Kuantan

72


timelymanner.Themill iscapableofproducingboth crude palm oil (“CPO”) and crushed palmkernel,andhasrecordedencouragingresponsefrom third-party plantations within the vicinityin the first quarter of 2017. Currently, all fruitsproduced in our plantation are processed in-house in our ownmill, lending itself to greateryields,andimprovedoperationsefficiencyinourplantationsoperations.

Withinourfirstyearofoperationsofthemill,wetargettoprocess180,000MTofFFB,with60,000MT from our own plantation and the balance120,000 MT from external parties. We foreseeincreasing thenumberofproductionshifts from

onetotwowithinthisyear,andintendtoembarkon continuous improvements to run the mill athigh efficiency to be the benchmark againstindustrystandards.

With enhanced cost savings for our ownplantation, together with revenue contributionsfrom third party processing, the mill would beinstrumental in inducing a turnaround for thePlantation Division in FY2017. Coupled withgradually increasing prices of CPO and ourongoing strategies to extract better yields, theDivisionistargetedtocontributepositivelytotheGrouphereon.

OilPalmPlantationinWestKalimantan,Indonesia


AnnuAl RepoRt 2016

• Expressway

WearepleasedtoreportthatconstructiononthefirstphaseoftheEastKlangValleyExpressway(“EKVE”)commencedin2015,withapproximately20%ofthe36.1kmexpresswaycompletedasat31December2016.UponitstargetedcompletioninSeptember2019,theGroupwouldmanagetheEKVEaspartofitsconcessionagreementfor50yearsuntilFebruary2065.

BuiltataprojectcostofRM2.0billion(includingnon-construction costs), the EKVE would playapivotal role in trafficdispersal for theheavily-congested Middle Ring Road 2 and EasternKualaLumpur,inadditiontobeinganenablerfor

theGreater KlangValley Plan. Forming part oftheKualaLumpurOuterRingRoadnetwork,theEKVEwould enable vehicles to bypass the KLcitycentrefornorth-southboundtraffic,therebyeffectivelyconnectingthewesttotheeastofKL.The EKVE would be an impetus for economicgrowthintheeastofSelangor.

Market Outlook

AccordingtotheInternationalMonetaryFund(IMF),theglobalgrowthisexpectedtoriseto3.4%in2017incomparisonto3.1%in2016mainlyduetoexpectedpick-upingrowthofemergingmarkets.Nonetheless,economists remain wary of potential socio-politicaldevelopments,notonlyaffectedbyanticipatedpolicychangesfromthenewadministrationintheUS,butalsotrade-impactingdevelopmentssuchasBrexit.That being said, Malaysia is slated to chart bettergrowth, with GDP expected to increase by 4.5%according to theWorldBank.However,Malaysia isexpected to better withstand the challenges facedin theupcoming year, backedby stabilisingprivateconsumptionandpublicspending.

To this end, major government spending in keyinfrastructureisexpectedtohelppropeltheeconomyas well as induce future economic growth. Someof the projects in the pipeline include subsequentphasesoftheKVMRT,theEastCoastRailLine,theKualaLumpur-SingaporeHighSpeedRail,aswellashighwaysandexpressways in bothPeninsular andEastMalaysia.

In addition, both the public and private sector areaggressively addressing the issue of low homeownershipinMalaysia,inlightoftheever-expandingpopulationandtheacceleratingrateofurbanisation.

On top of that, the Government remains keen topositionMalaysiaasanoilandgashubtofulfildemandfromtheASEANregion.ThisisdemonstratedintheongoingdevelopmentofRefineryandPetrochemicalIntegrated Development (RAPID) in Pengerang,Johor, as well as the building of ports in the EastCoastofPeninsularMalaysia.

OngoingEKVEconstructionproject


74

Allthesedevelopmentspointtoabrightoutlookgoingforward.Therefore,weintendtoplaceourselvesinthemostoptimumpositiontoensurethattheGroupwouldeffectivelycapturetheopportunitiespresented.

Looking ahead

Allsaid,AZRBstandsatthecuspofanewbeginning,withallourbusinessdivisionsequippedandreadytolaunchintothenextphaseofgrowth.Thelatterpoint isreflectedinourexpectedCAPEXofaboutRM400millionearmarked to carryout the various initiativesplannedacrossourdiversedivisionsanddepicts thedeterminationofAhmadZakiResourcesBerhadinscalinggreaterheightsgoingforward.

Wehaveeveryconfidencethateachdivisionishelmedbyvisionaryleaderssupportedbytheirstrong-calibremanagementteamandstaffforce,whoarenotonlyequippedwiththecapabilitiestodeliverstronggrowth,butalsoaspiringtoachievegreaterthingsintheconstantpursuitofexcellence.Asolidfoundationwehavebuilttolaunchourselveswellintothefuture,andwelookforwardtocelebratingmanymoremilestonestogether.

Appreciation

Aswehaveillustrated,2017willbeabusyyearforeachandeverybusinessdivisionoftheGroup.Italsoentailssignificantcapitalexpenditureforthewholegroup,withclosetoRM400millionscheduledtobespentin2017.AstheGroupgrows,theimportanceofGroupoversightoveritsbusinessesisparamount.ThepeopleofAZRBarefullycommittedtogrowanddeveloptheGroupforthebenefitofallstakeholders.Therefore,thepeopleoftheGroupwillbethetruedeterminantoftheGroup’ssuccess.WithouttherightexpertiseatalllevelsoftheGroup,theGroupwillnotbeabletofunctionwellasabusiness.Weareverymuchdependentontheeffortsofourpeopletodeliveronallourpromisesanddreams.Inthisregard,wewouldliketocelebrateandexpressourdeepestgratitudetoallthepeopleintheGroupfortheircontinuedefforts,dedication,commitmentandsacrificeonbehalfoftheGroup.

Finally,wewishtoexpressoursincerestgratitudeandappreciationtotheshareholders,variousgovernmentagencies, clients, consultants, suppliers and business partners who have contributed significantly to oursuccessandfortheircontinuoussupportandconfidenceintheAZRBGroup.

Thankyou.

DATO’ SRi wAN ZAKARiAH BiN HAJi wAN MuDAGROUPMANAGINGDIRECTOR


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