joint letter to shareholders - malaysiastock.biz 2015. 5. 22. · 10.0% of perodua domestic vehicle...

MBM RESOURCES BERHAD8

Joint Letter to SharehoLderS

Annual Report 2014 9



Motor Trading

Our Motor Trading Division in Numbers


The Volvo dealership made gains with a 43.9%

growth in sales, driven by the popular V40

and XC60 models. We believe the recovery

in Volvo car sales seen in the last two years

is sustainable as the model lineup is being

refreshed with a series of appealing new

products to be launched, including the all-new

XC90 later this year. Our long term partnership

with the Volvo brand dates back 55 years, and

this year also marks the return of the Volvo

dealership in Kuala Lumpur back to its original

landmark location after the redevelopment of

the original site into MBMR’s new headquarters,

Menara MBMR in Jalan Syed Putra.

The Mitsubishi dealership, where we now have a

network of four outlets, have grown steadily over

the years as the product range have extended from

the best selling Triton pick-up trucks to include the

compact cars, Mirage and Attrage, and the now

locally assembled ASX SUV.

Although sales of Volkswagen cars have

declined further in 2014, we focused on

consolidating our position after the steep

growth in recent years. The various initiatives

taken by the principal, Volkswagen Group

Malaysia, are beginning to take effect in turning

around the brand’s presence in Malaysia. The

aggressive promotional programmes coupled

with reinforced aftersales nationwide coverage

is showing early signs of a recovery in our sales

volumes.

Our Perodua dealership continued to

command a considerable market share of

10.0% of Perodua domestic vehicle sales. After

a slow start to the year, the Axia model helped

boost sales in the fourth quarter. Sales dropped

by 4.1% in 2014 but in the fourth quarter sales

grew by 0.9% compared to the fourth quarter

of 2013.

The commercial vehicle market reflected

overall weaker sales, compounded by tight

financing, slower demand from the economic

sector and lower demand for buses from the

tourism industry. Our sales of Daihatsu and

Hino vehicles consequently fell by 10.4% and

14.6% respectively.

Our overall group vehicle sales dropped by 6.3% with the

absence of any major new model launches, with the exception of

the Perodua Axia in the latter part of the year. Our dealerships

however, held on to its market share for the brands we represent as there were no major addition to our distribution network during the year. In the face of the challenging market, we however focused on preserving our margins by less discounting, cost curtailment and continuing with growing the higher marginedaftersales revenues.


Building the momentum from aftersales incomeWe continue to leverage on our strong vehicle

sales of the past few years to drive the growth

in our aftersales revenues. We believe this

segment of the Motor Trading business will

provide us with the sustainable recurring

income to help boost our overall gross profit

margins. Although the Ringgit value of the

aftersales and parts business is relatively small

in relation to the value of vehicles sold, the

contribution margin is significant in helping us

drive our overall margins higher.

Growth in service throughputsDuring the year the Group serviced a combined

total of 184,000 vehicles, a growth of 10.3%

from the previous year. Our nationwide

network is well positioned with the capacity

to support this growth. Our focus is to ensure

our customers return to service their vehicles

with us during both the warranty and post-

warranty periods. This recurring income forms

an integral part in our strategy in placing

greater emphasis on aftersales contribution to

our gross profit margin.


Growing Contribution of Aftersales and Parts to Gross Profits

Aftersales Throughput

Volkswagen service centre in Glenmarie


Our accessories and car care grooming

product offerings have also expanded to boost

the Ringgit value sales per customer. We have

found there to be a significant demand from

our customers for these offerings, both at the

point of new vehicle sales as well as vehicles

returning for servicing. This helps support our

long-term relationship with our customers

and differentiating our dealerships from the

competition.

Williams Car Care at Federal Auto, Glenmarie

Aftersales Ringgit Value Per Car


Our Manufacturing Division in Numbers

Auto Parts Manufacturing



Weaker Total Industry ProductionOur Auto Parts Manufacturing Division has

all the major car makers as our customers.

Despite a diverse customer base, our revenues

are concentrated with the top three customers

accounting for 86% of the Division’s revenues.

The overall industry’s lower production, TIP fell

by 0.8%, understates the underlying weaker

production in the industry. The national makes

total production fell by 11.2% for the year.

Our deliveries were therefore negatively

impacted, with declines recorded for our main

products.

Steel wheel deliveries declined by 16.2% in

2014 as the shift in preference to alloy wheels

continued with new model launches by our

customers. The OMI alloy wheel business

under its wholly-owned subsidiary, OMI Alloy,

started supply of alloy wheels to Perodua

in March 2014. The volumes have

been steady and had a

major uptake in

the fourth

quarter for the supply of wheels for the new

Myvi which was launched in January 2015. The

operating losses at OMI Alloy widened in 2014,

as production volumes remained below the

optimum level.

Hirotako Acoustics Sdn Bhd recorded better

performance as it continued to enjoy the full

year impact of higher volumes for the models

it supplies to. Contribution from the felt

line improved further as utilisation rate has

increased significantly as we secured orders

from external customers.

OMI’s alloy wheel plant in Sungai Choh,Selangor. The plant annual capacity

in 2014 was 500,000 wheels



Jointly Controlled Company

Autoliv Hirotako Sdn Bhd (AHSB) recorded

lower revenues for the year. Our growth is

dependent on the TIP. As we had earlier

highlighted, the lower TIP, particularly of the

national makes, have impacted on our sales.

We are however, seeing a pick-up in demand

this year as the new model launches in the

latter part of 2014, have contributed to a

recovery in the production numbers.

Our Focus on Cost ManagementThe automotive industry faces intense

competition. As suppliers, we continuously

face pressure to reduce our prices in particular

for new product launches. Additionally for this

year, the weak Ringgit has added the costs of

our imported parts and materials, which are

mainly denominated in US Dollars, Thai Baht

and the Euro.

In order to defend our margins and profitability,

we have intensified our own cost reduction

exercises.

We aim to lower our direct material costs

through rationalising of our supply sources,

hence our ability to leverage on greater volumes

over less number of suppliers. Similarly, we

have through our engineering and design

capabilities look to standardising our products

and components so as to help our suppliers

lower their costs, and consequently our costs

too. Productivity improvement programmes

are conducted vigorously throughout the year.

OMI in 2014 successfully participated in the

Toyota Production System (TPS) programme

at its Shah Alam plant. The programme focused

on improving OMI’s production, system and

warehousing and distribution processes.

TPS Programme at OMI

Steering wheel manufacturing at AHSB


Associate Companies

Perodua and Hino new plants started production in 2014Hino’s new plant in Sendayan, Negeri

Sembilan, commenced production in April

2014. The plant, costing RM172 million, took

five years from planning to completion with an

annual production capacity of 10,000 units of

vehicles. The plant manufactures the full range

of Hino products from light, medium and heavy

duty trucks and buses. The plant reinforces

Hino’s almost four decades long presence in

Malaysia, allowing it the flexibility and to be

more responsive to market demand.

Hino sales dropped by 14.7% during the year,

larger than the drop in the truck and bus

market of 4.4%. The intense competition in

the light commercial vehicle market and softer

bus market were the major contributors for

this decline. A more aggressive marketing

campaign coupled with a competitive product

lineup is expected to help Hino recover some

of its market share. Hino however maintained

its overall No.1 position in 2014.

Perodua’s overall registrations grew by 1.8%

for the year, maintaining its leading position

in Malaysia with a market share of 33.9%.

The fourth quarter growth of 13.5% is more

reflective of the overwhelming response to

the launch of the new Perodua Axia. The new

model, classified an Energy Efficient Vehicle

(EEV) under the National Automotive Policy

(NAP), was launched in mid September, and

had received 13,500 bookings by its launch

date. The Axia is the first model to be made at

Perodua’s new state-of-the-art manufacturing

facility in Rawang, Selangor. This highly

automated RM790 million plant has an annual

capacity of 100,000 vehicles based on 1-shift

cycle. It marks a significant step in Perodua’s

transformation in enhancing its global

competitiveness. As at the end of March 2015,

Perodua had delivered over 60,000 Axias to

its customers.

With further emphasis on strengthening its

presence in Malaysia, Perodua and Daihatsu

Motor Company Ltd (Daihatsu) announced

during the year plans to invest in a RM600

million new engine plant in Sendayan, Negeri

Sembilan. Daihatsu will hold 51% in the new

engine manufacturing company with Perodua

holding the remaining 49%. Together with

an earlier investment made with Daihatsu in

an Electronic Automatic Transmission (EAT)

plant, Akashi Kikai Industry Malaysia Sdn

Bhd, Perodua stands to enhance its global

competitiveness by bringing down its costs,

increasing its localisation and introducing

advanced technology to the domestic

automotive industry.

Hino manufacturing plant official opening ceremony

on 26th August 2014



Dividends and Shareholder Returns

With strong operating cash flow and

moderating capital expenditure requirements,

the Board declared for the financial year

two interim dividends of 4 sen each paid on

19th September 2014 and 25th March 2015

respectively. The total dividends for the year

of 8 sen per share is a jump of 33% from 2013

of 6 sen.

Average shareholders return of 19.1% over the last five yearsWe aim to achieve a long term sustainable

shareholders returns of at least 10% per

annum. We have made major investments

in positioning the MBMR Group for future

growth by laying strong foundations to tap on

opportunities and new developments in the

automotive industry. Our dividend policy is

progressive, maintaining a regular and stable

payout and rewarding shareholders with

special dividends on exceptional gains. Our

average shareholders return over the last five

years of 19.1%, comfortably exceeded our long

term target.

Outlook Momentum to gather paceWe enter 2015 with optimism. We expect

the momentum that we have built last year

to gather pace. For 2015 the Motor Trading

Division will benefit from new model launches

by our brand partners. We expect these new

product launches during the year to drive our

growth in sales. We anticipate this to be an

exciting year with some of the most advanced

technological products with the latest market

leading features to be introduced to our

market. Our aftersales revenues are expected

to continue to expand, driven primarily by our

new vehicle sales, our expanded service bay

capacity and improvement in productivity.

We expect losses from our plant investments

to narrow this year. Volume production is

increasing which will help lower our unit cost

of production.

Planned CAPEX of RM45.9 millionOur capital expenditure plans for the year will

support our long-term growth strategy. This

includes further enhancing our Motor Trading

distribution network and capacity increases at

the alloy wheel plant. Additionally, investments

will be made in tooling to support the supply

programmes we secured from our major

customers for production next year.

Distribution network enhancement and new model launchesDuring the year we will see further investments

in strengthening our distribution network.

DMMS is currently enhancing the 3S facilities

in Johor Baru, with expanded capacity for

both its sales and service operations.

AvERAGE ANNuAlSHAREHOlDERS’RETuRN (2010-2015)

19.1%

Federal Auto Holdings Bhd (FAHB) will be

relocating back its Volvo Kuala Lumpur

dealership to Menara MBMR after it vacated

for the redevelopment of the property into

MBMR’s new 24-storey office block. This will be

our new Volvo flagship dealership, timed for

the launch of the all-new XC90 later in the year.

The launch of the all-new Triton in the first

half of 2015, will provide the impetus for the

Mitsubishi brand to further strengthen its

position in the domestic market as well as in

the pick-up segment.

Our Volkswagen dealership will get an

additional branch in Sri Hartamas, Kuala

Lumpur. This new 3S dealership is well

located to capture the affluent surrounding

neighbourhood and will offer better access for

current Volkswagen customers to service their

vehicles.

Iveco distributorship to commence this yearIn August 2014, we announced that via F.A.

Trucks Sdn Bhd, a wholly subsidiary of FAHB,

had signed a Distributorship Agreement with

Iveco S.p.A to be an authorised distributor

for the sale and service of Iveco vehicles in

Malaysia. This additional brand under the

Group will help broaden our revenue base

and complement our existing operations.

Iveco is an established Italian industrial vehicle

manufacturing company, offering a wide range

of vehicles from light, medium and heavy

commercial vehicles to specialist vehicles for

applications in firefighting and military and

civil defence use. We expect to commence our

operations later this year and to establish a

distribution and service network in phases.

Expected significant jump in alloy wheel production this yearWe anticipate the volume production of alloy

wheels to take off significantly this year as we

have secured the supply of wheels to Perodua’s

other models, Additionally, our supply to the

REM market in Germany will also see major

uplift as we secured the supply to additional

customers. Earlier this year, we were confirmed

as an approved supplier of alloy wheels to

Volkswagen, initially to support their assembly

in Pekan, Pahang. The preparations for the

commencement of production are underway

and we target to supply the first wheels to

Volkswagen by the third quarter of 2016.



Recognition of Menara MBMR revenues and profits in 2015Menara MBMR is now completed. The

redevelopment of this previous FAHB Volvo

sales and service branch into a 24-storey

Grade A office has enabled us to to realise

the value of this prime asset with a Gross

Development Value of RM240 million.

The volatility in the currency markets is

causing uncertainties on its impact on our

margins in the Auto Parts Manufacturing

division. We will tighten our cost discipline

further and focus on our continuous

productivity improvements.

OMI Alloy to invest in Phase 3 capacity expansionAs our volumes are expected to be ramped

up this year, OMI Alloy’s losses are expected

to narrow. Our Phase 3 programme to increase

the capacity of the alloy wheel plant by

another 250,000 pieces per annum to a total

rated capacity of 750,000 per annum is now

underway and expected to be commissioned

by the fourth quarter of this year.

Content of safety products per vehicle set to increaseAlthough we expect Malaysian TIV to grow

moderately in the next few years, we remain

optimistic of the growth prospects for our

passive safety products by expanding our

sales of content per vehicle. Our growth will

be driven by new technologies and higher

value-added features of our safety products.

In recent new model introductions, our

customers are installing more airbags and

more advanced seatbelt systems in line with

global trends towards higher safety standards.

The ASEAN NCAP has also played an integral

part in pushing the industry towards improving

their crash test ratings by improving the

safety standards and design of their vehicles.

AHSB secured new projects for the supply

of airbags, seat belts and steering wheel to

two major customers for commencement of

production in 2016.

Menara MBMR


long Term Incentive Plan (lTIP)

During the year shareholders of MBMR

approved a LTIP to be implemented for its

employees and executive directors to help

retain, motivate and reward key employees

of the MBMR Group. The LTIP also serves to

align the interest of eligible employees with

long term shareholder value enhancement.

The Board believes that the LTIP will

complement the existing rewards structure

in setting the right performance culture in

the organisation and recognising the key

employees in driving the growth of the

Group’s performance.

Appreciation

On behalf of the Board of Directors, we wish

to thank all our stakeholders, including our

customers, business partners, bankers and

shareholders for their trust and support

of the Group. Our appreciation also goes

to our employees for their continued

dedication and commitment. To our fellow

Board members, we thank them for their

invaluable guidance and advice during the

year.

Dato’ Abd Rahim Abd Halim

Chairman

looi Kok loon

Group Managing Director

22 May 2015

OMI Team building 2014 HASB Team building 2014


At MBMR, we have built in a culture of a responsible corporate in the way we conduct our business.

We continue to refine our approach with the changing business environment.

WorkplaceOur people form the foundation of the success of MBMR. We believe in attracting skilled talents and

developing and retaining them as our employees by keeping them engaged and motivated in helping

grow our business. We have scheduled training sessions to empower and enhance the skills of our

employees; we have regular employee communication such as holding staff assemblies; we organise

team building sessions and business retreats to keep our staff engaged, motivated and aligned with

the group’s strategy for expansion and growth; we support results-driven behaviour and encourage

entrepreneurship and creativity; safety at the workplace is of great importance and we continue to

target zero injuries in our workplace; we conduct safety awareness campaigns and training to help our

employees prevent any future risk of accidents.

The Company has a policy for the Group to cultivate an inclusive workplace that reflects

the national mix of gender, age, ethnicity as well as the variegated cultural

and social backgrounds existing in Malaysia. We see this as an essential

principle for the whole organisation to be embedded into its corporate

strategies, decisions and processes. Our inclusiveness and diversity

policy is aimed at promoting and maintaining a balanced and

harmonious workplace that is vital for corporate sustainability

and continuous improvement.

MarketplaceWe continue to strive to serve our customers with

the best service and produce products of highest

quality. We build strong and deep relationships

with them and always try to understand their

needs and what matters most to them. We

actively participate in vendor programmes

to support lean production systems in the

face of pressure of lowering costs. We

continuously develop our relations with

our main suppliers to build a strong

partnership in ensuring our supply base

is supportive of our operations. OMI

received the Best Vendor Delivery award

2014 from Perodua.

SociaL reSponSibiLity


EnvironmentWe are constantly creating awareness of the

impact of the way we conduct our business has

on the environment. We continuously assess

energy saving programmes to reduce energy

consumption in our operations; we actively

explore new methods of carrying out our

processes to minimise wastes and where

possible, to encourage recycling. Our

manufacturing facilities are Environment

Management System (EMS) MS ISO

14001 and Occupational Health and

Safety Management System (OHSAS

18001) certified.

CommunityMBMR encourages and provides

opportunities for its employees to

participate in community service

programmes. We support local charities

and initiatives in the communities we

operate in. As in previous years, we have

supported the Pusat Penjagaan Kanak-kanak

Cacat Taman Megah, home for special needs

children, the Al-Munirah, Johan Setia orphanage

in Klang, House of Joy, Puchong and Rumah Alam

Limpahan Kasih, Puchong. We were sponsors of the

Relay for Life event organised by the National Cancer

Society Malaysia for the fifth year in a row.

Our joint venture, AHSB, plays an important role in the

automotive industry in making products that help save lives and

reducing traffic injuries. Therefore, helping to save lives with the

installation of our products in vehicles is our core contribution to our

social responsibilities. We also initiate road safety campaigns internally

as well as for the public to raise the safety awareness on the roads. We

support agencies on road safety such as the Malaysian Institute of Road

Safety Research (MIROS) by participating in their programmes and

developments on road safety issues.


the year at a GLance

17 AprilHino Sendayan Plant Official Line-off Ceremony

20 AugustAnalyst Briefing

22 AprilNew Daihatsu GranMax

17 June Annual General Meeting

26 AugustHino Motors Manufacturing (Malaysia) Sdn. Bhd.Official Opening Ceremony


15 SeptemberVisit by Mr. Koichi Ina, Chairman of Daihatsu Motors

15 SeptemberPerodua Axia Launch

27 OctoberPerodua’s New Engine Plant Ground Breaking Ceremony

17 SeptemberVisit by Nagoya Daihatsu

19 NovemberExtraordinary General Meeting


board of directorS’ profiLeS

Y. BHG. DATO’ ABD RAHIM ABD HAlIMAged 66, MalaysianChairmanNon-Independent Non-Executive Director

Y. Bhg. Dato’ Abd Rahim was MBM Resources Berhad’s (MBMR)

Managing Director until 28 February 2006. He is currently the

Chairman of MBMR. Prior to his appointment to MBMR’s Board

on 17 December 1993, he was the Chairman of Daihatsu (Malaysia)

Sdn. Bhd. (DMSB). Dato’ Abd Rahim has extensive experience in

the motor vehicle industry and is presently on the Board of Rubberex

Corporation (M) Berhad as well as several other private companies.

He is also the Chairman of the Board of Oriental Metal Industries (M)

Sdn. Bhd. (OMI) and a Board member of Perusahaan Otomobil Kedua Sdn.

Bhd. (Perodua). He holds a Bachelor of Economics (Honours) degree from the

University of Malaya.

MS. WONG FAY lEEAged 51, MalaysianExecutive DirectorHead of Group Legal, Risk and Compliance Division

Ms. Wong has been Group General Counsel to the MBM

Resources Bhd group of companies since 2011. Ms. Wong started

her career in 1987 with the Sydney office of Mallesons Stephens

Jaques (now King & Wood Mallesons) as a corporate finance

lawyer and later joined the South East Asian practice of Mallesons.

Her former positions include having been a Manager in the Research

& Development Division with the Malaysian Securities Commission, Chief

Executive Officer of the Malaysian Derivatives Clearing House and an adviser

to the Clearing Division of the Hong Kong Exchanges and Clearing Limited. She is

also currently a director of Apex Investment Services Bhd. She has a Bachelor’s degree in law

from the University of Sydney and post-graduate qualifications in finance and investments

from the Securities Institute of Australia. She is admitted as a solicitor to the NSW Supreme

Court and the High Court of Malaya.


ENCIK ISKANDER ISMAIl MOHAMED AlIAged 65, MalaysianSenior Independent Non-Executive Director

Encik Iskander was appointed to the Board of MBMR on 8 May 2009 and re-designated

Senior Independent Director on 22 August 2013. He is currently Chairman of MBMR’s Audit

and Risk Management Committee and a member of the Nominating and Remuneration

Committee. Encik Iskander is a member of the Malaysian Institute of Accountants and

fellow member of the Association of Chartered Certified Accountants and was

formerly the Executive Director and Chief Executive Officer of Kenanga Fund

Management Berhad.

Having worked in the fund management industry since 1982, he had

previously held various senior management roles in the fund management

division/ subsidiary of Bumiputra Merchant Bankers Berhad and MIDF

Berhad, where he was also a director of several MIDF subsidiary

companies.

He was the first (and for a few years thereafter) Chairman of the Malaysian

Association of Asset Managers, which he helped establish in November

1996. He also served on the Capital Market Advisory Council and was a

member of the Bursa Malaysia Securities Berhad Listing Committee and

of the Institutional Shareholders’ Pro Tem Committee under the Minority

Shareholder Watchdog Group.

He is an independent director of an asset management company in Malaysia and

also sits on the Board of Trustees of a local educational foundation.

MR. lOOI KOK lOONAged 48, Malaysian

Group Managing Director

Mr. Looi Kok Loon was appointed to the Board of MBMR on 18 May 2001

and subsequently Managing Director since 1 March 2006. He had

previously worked for a foreign investment bank, heading their Kuala

Lumpur office in 1996 and 1997 and was subsequently based in their

offices in London and Hong Kong. Mr. Looi holds a Bachelor’s degree

in Government and Economics from Brunel University and a Master’s

degree in Management from the University of Kent, United Kingdom.

He represents MBMR on the Boards of the following companies –

Perodua, Hino Motors Sales (Malaysia) Sdn. Bhd. (HMSM), Hino

Motors Manufacturing (Malaysia) Sdn. Bhd. (HMMM), DMSB, Federal

Auto Holdings Berhad (FAHB), Hirotako Holdings Berhad (HHB),

Autoliv Hirotako Sdn. Bhd. (AHSB), Hirotako Acoustics Sdn. Bhd. (HASB)

and OMI.


board of directors’ profiles

Notes:1. None of the Directors has any family relationship with any Director and/or major shareholder of the Company.2. None of the Directors has any conflict of interest with the Company.3. None of the Directors has been convicted of any offences other than traffic offences within the past 10 years.

ENCIK MuSTAPHA MOHAMEDAged 69, Malaysian

Independent Non-Executive Director

Encik Mustapha was appointed to the Board of MBMR on 25

February 2013 and is currently Chairman of MBMR’s Nominating

and Remuneration Committee and a member of the Audit and

Risk Management Committee. He is a member of the Malaysian

Institute of Accountants, Certified Public Accountants (Malaysia)

and a fellow member of the Association of Chartered Certified

Accountants. He was previously with Coopers & Lybrand Malaysia

(now known as Pricewaterhouse Coopers) for 22 years from 1971 to

1993 of which he was a Partner from 1987 to 1993. He previously served

as a director of Gadek Berhad, Gadek Capital Berhad, Ipmuda Berhad,

Credit Corporation of Malaysia Berhad, Ho Hup Construction Company

Berhad and MHC Plantations Berhad. He is presently a director of Majuperak

Holdings Berhad, Rubberex Corporation (M) Berhad and manages his own advisory

services firm.

MR. lOW HIN CHOONGAged 54, Malaysian

Non-Independent Non-Executive Director

Mr. Low Hin Choong joined the Board on 18 May 2001 and

is currently a member of the Nominating and Remuneration

Committee and chairs the Information Systems & Information

Technology Committee. He has more than 20 years experience in the

IT industry, having worked as a systems analyst and software manager.

He graduated from Queen’s University of Belfast, United Kingdom

with a Bachelor of Science (Honours) degree in Business Administration

& Computer Science and is currently managing his own successful software

applications business. He is also a director on the Board of HHB, AHSB and HASB.


MANAGEMENT TEAM

ENCIK AqIl AHMAD AzIzuDDINAged 56, Malaysian

Non-Independent Non-Executive Director

Encik Aqil began his career with DMSB where he held various senior

management positions prior to his appointment to the Board of MBMR

on 18 May 2001. He is currently a member of MBMR’s Audit and Risk

Management Committee and the Chairman of DMSB, FAHB, HHB,

HASB and HMSM. He is also a director on the Board of Perodua,

HMMM and AHSB.

He holds a Bachelor of Science degree in Business Economics and

an Associate Degree in Commercial Graphics from Southern Illinois

University, USA.

Mr. Looi Kok LoonGroup Managing Director

Ms. Wong Fay LeeExecutive Director

Head of Group Legal,

Risk and Compliance Division

Mr. Cheng Seng FookDirector, Automotive Division

Mr. Poh Chee KwanGroup General Manager

Mr. Kong Kam SeongGroup Financial Controller

joint letter to shareholders - malaysiastock.biz 2015. 5. 22. · 10.0% of perodua domestic vehicle...

Documents