FGV Annual Report 2015

355 WHO WE ARE & WHAT WE DO OUR STRATEGIC INTENT & PERFORMANCE HOWWE ARE GOVERNED CREATING SUSTAINABLE VALUE OUR NUMBERS ADDITIONAL INFORMATION DETAILS OF THE ANNUAL GENERAL MEETING ADDRESSING OUR RISKS & OPPORTUNITIES Felda Global Ventures Holdings Berhad Annual Integrated Report 2015 Utilisation of Proceeds The gross proceeds received from the Initial Public Offering of RM4,459 million in conjunction with the Company’s listing on the Main Market of Bursa Securities on 28 June 2012 have been fully utilised as at 31 December 2015 in the following manner: Details of Use of Proceeds Estimated Timeframe for Utilisation Upon Listing RM ’000 Amount Utilised as at 31 December 2015 RM’000 Balance of IPO Proceeds as at 31 December 2015 RM’000 Acquisition of plantation assets within 3 years 2,190,000 (2,190,000) - Selective acquisitions of oil and fats, manufacturing and logistics businesses within 3 years 840,000 (840,000) - Construction or acquisitions of mills and refineries within 3 years 780,000 (780,000) - Loan repayment for our overseas operation within 6 months 260,000 (260,000) - Capital expenditures for increases in efficiency, as well as extension of capabilities within 2 years 100,000 (100,000) - Working capital requirements, general corporate purposes within 6 months 129,000 (129,000) - Estimated listing expenses within 6 months 160,000 (160,000) - Total gross proceeds 4,459,000 (4,459,000) - Additional Disclosure Share Buy-Back The Company did not make any proposal for share buy-back during the financial year ended 31 December 2015. Option, Warrants or Convertible Securities The Company did not issue any options, warrants or convertible securities during the financial year ended 31 December 2015. Depository Receipt Programme The Company did not sponsor any depository receipt programme during the financial year ended 31 December 2015. Material Sanctions and/or Penalties There were no material sanctions and/ or penalties imposed on the Company, its subsidiaries, Directors or Management, by the relevant regulatory bodies during the financial year ended 31 December 2015. Non-audit fees The amount of non-audit fees incurred for services rendered to theGroup andCompany by its external auditors, PricewaterhouseCoopers (PwC) for the financial year ended 31 December 2015 amounted to RM1.94 million and RM1.10 million respectively. Variation in Result There were no profit estimation, forecasts or projections made or released by the Company during the financial year ended 31 December 2015. Profit Guarantee There was no profit guarantee given by the Company during the financial year ended 31 December 2015. Material Contracts Save for those disclosed in the financial statements, there were no material contracts including contracts relating to any loans entered into by the Company and its subsidiaries involving Directors and major Shareholders’ interests except for MSM Malaysia Holdings Berhad had entered into an agreement for term financing-i/Documentary Credit-i of up to RM1.25 billion with CIMB Islamic and HSBC Amanah Malaysia Berhad to finance the construction of the new refinery plant to be located at Tanjung Langsat Industrial Estate, Pasir Gudang, Johor. Revaluation Policy The Company does not have a regular revaluation policy on landed properties. Employee Share Scheme (LTIP) Employee Share Scheme or Long-Term Incentive Plan (LTIP) was announced on 3 February 2016. Share Issuance Scheme There is no Share Issuance Scheme declared or implemented in 2015.