2
Introduction to Crescendo Corporation BerhadIntroduction to Crescendo Corporation Berhad (“CCB”) Group(“CCB”) Group
CCB is listed on the Main Board of Bursa Malaysia Securities Bhd with a market capitalisation and shareholders’ fund of RM169 million and RM398 million respectively.
CCB Group is primarily involved in property development and construction related activities in Johor since 1989.
3
PRINCIPAL ACTIVITIESPRINCIPAL ACTIVITIES
Business Activities
Property Division Construction Division Others
Property Development
Resort Development (future)
Building Construction
Civil Engineering
Concrete Products
Education Property investment & Management Services
4
GROUP STRUCTURE AS AT 31 October 2009GROUP STRUCTURE AS AT 31 October 2009
100%
Unibase Construction
Sdn Bhd (22898-A)
70%
Panoramic Jaya Sdn Bhd
(651964-D)
100%
Crescendo Development
Sdn Bhd (204079-D)
100%
Ambok Resorts
Development Sdn Bhd
(329538-M)
60% Unibase Concrete Industries Sdn Bhd
(380745-A)
100%
Unibase Corporation
Sdn Bhd (343826-P)
70%
Repute Ventures
Sdn Bhd (392908-V)
100%
Unibase Jaya Sdn Bhd
(388414-H)
100%
Unibase Trading Sdn Bhd
(456217-U)
86%
Repute Construction
Sdn Bhd (456224-P)
70%
Crescendo Land
Sdn Bhd (611503-M)
70%
Crescendo Jaya Sdn Bhd
(603468-X)
100%
Crescendo Education
Sdn Bhd (472850-T)
60%
Crescendo International
College Sdn Bhd
(362221-T)
100% Crescendo
Creative Education Sdn Bhd
(687412-V)
Crescendo Corporation Berhad (359750-D)
100% Panoramic Industrial
Development Sdn Bhd
(148382-K)
100%
Repute Corporation
Sdn Bhd (564792-D)
100%Panoramic
Land Sdn Bhd
(626926-T)
100% Crescendo Commercial
Complex Sdn Bhd
(414716-A)
70% Unibase
Pre-Cast Sdn Bhd
(791633-H)
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Group’s Performance for the Past 3 YearsGroup’s Performance for the Past 3 Years
0.38
7.3%
11.2%
7.8%
3.7
20.3
392,495
155,071
17
22
33,985
44,030
203,020
2009
0.36
2.5%
3.7%
2.6%
N/A
6.65
397,728
155,071
13.90
18.76
11,004
14,844
79,143
*2Q 2010
0.31
6.3%
9.2%
5.4%
8.1
15.0
350,732
155,068
19
26
23,805
32,233
124,707
2008
5.7%Return on Total Assets (Pre-tax)
7.9%Return on Shareholders’ equity (Pre-tax)
0.22
5.8%
7.7
13.4
319,440
143,793
25
34
18,552
25,121
74,089
2007
Earning Per Share (sen)
PE Ratio (times)
Return on Capital Employed
- Profit After Tax (%)
Shareholders’ fund (RM’000)
Gearing (times)
Share Capital (RM’000)
Margin - Profit Before Tax (%)
Profit After Tax (RM’000)
Profit Before Tax (RM’000)
Revenue (RM’000)
Note:
* Based on unaudited 6 months results ended 31 July 2009
6
Dividend Payment Ratio (Times)Dividend Payment Ratio (Times)
**3,4899,6588,0947,554Net Dividend Declared (RM’000)
2.53
0.75
30.8
9.3
7.0
31,317
2009
2.56
0.99
34.0
3.0
3.0
10,264
*2Q 2010
2.26
1.22
35.4
5.7
7.0
22,866
2008
2.22
1.00
41.1
7.0
7.0
18,366
2007
Dividend Pay-out (%)
NTA (RM)
Market Price (RM)
Dividend Yield (%)
Dividend (Sen)
Profit Attributable (RM’000)
•Based on unaudited 6 months results ended 31 July 2009. •** An interim dividend of 3 sen less tax, based on paid up capital as at 31 July 2009.
(Source: For 2007, 2008 & 2009, the market price is based on The Star as at 31 January 2007, 31 January 2008 and 31 January 2009 respectively.)
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Analysis by SegmentsAnalysis by Segments
14,844
(1,764)
(905)
146
(54)
3,518
583
13,320
(RM’000)
*2Q 2010
44,030
(1,562)
(2,315)
(764)
(3,147)
6,794
6,638
38,386
(RM’000)
2009
PROFIT MarginREVENUE
22
52
9
18
%
2009
18
62
2
24
%
*2Q 2010
79,143
(6,743)
5,647
24,349
55,890
(RM’000)
*2Q 2010
Finance cost
203,020
(98,321)
13,003
72,944
215,394
(RM’000)
2009
Less: Inter-segment eliminations
Unallocated income/ (loss)
Unallocated expenses
Management services & others
TOTAL
Manufacturing & trading
Property Development & Construction
Note:
* Based on unaudited 6 months results ended 31 July 2009
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Results by Segment (FY2009)Results by Segment (FY2009)
Property Development &
Construction72%
Management services and
others4%
Manufacture of concrete products
24%
REVENUE
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Results by Segment (FY2009)Results by Segment (FY2009)
Property Development
& Construction74%
Management services and
others13%Manufacture of
concrete products
13%
PROFIT (EBIT)
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Development LandbankDevelopment Landbank
(i) Final conversion and subdivision approval(ii) Out of which 165 acres were acquired and the balance with development right with option to purchase. (iii) Development right through the Privatisation Agreement.* Land within the boundary of Iskandar Malaysia (formerly known as Iskandar Development Region) is approximately 1,773 acres.
Project /Taman Distance Status Type of Developmentfrom JB Development Land
(Acres)* Taman Perindustrian 16km Approved Industrial/ 156
Cemerlang Comm ercial
* Desa Cemerlang 16km Approved Res idential/ 127 Comm ercial
Bandar Cem erlang 20km* - Tebrau, Johor Bahru Approved (i) Mixed 864 - Kota Tinggi Approved (i) Mixed 526
* Taman Tiram Jaya 20km Approved Res idential 10
Ambok 67km Pending finalisation Resorts / 794 of layout plan Mixed
* Taman Dato Chellam 18km Approved Res idential/ 42 Comm ercial
* Nusa Cemerlang 30km Approved (ii) Industrial 352 Industrial Park
* CLSB Land 18km Approved (iii) Mixed 222
Total development land as at 31 July 2009 3,093
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Nusa Cemerlang Industrial Park (NCIP)Nusa Cemerlang Industrial Park (NCIP)
527 acres of gross industrial development land forming part of Bandar Nusajaya has been approved for development of approximately 353 units of factories.
NCIP will be developed into an industrial park. Main infrastructures such as rail, port and major highway are all in place nearby.
The Iskandar Regional Development Authority (“IRDA”) will spearhead massive new development in South-Western Johor into a major commercial, residential and industrial hub.
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Nusa Cemerlang Industrial Park (NCIP) (Cont.)Nusa Cemerlang Industrial Park (NCIP) (Cont.)
To date 99 units of detached and semi-detached factories with Gross Development Value of RM231 million have been launched.
63 units of detached and semi-detached factories with Gross Development Value of RM174 million have been sold to date.
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Competitive Advantages of NCIPCompetitive Advantages of NCIP
Foreign investors and industrialists, especially those from Singapore, will be interested to invest in the cheap freehold medium industrial properties of NCIP in view of its proximity to Singapore which is merely 10 minutes drive from Tuas Singapore through the 2nd Link. Also, compared to light industrial land, medium industrial land at NCIP can accommodate a broader range of manufacturing industries.
Top management of Singaporean industrialists who set up factories at NCIP will also have easier and more efficient control over their manufacturing operations.
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Competitive Advantages of NCIP (Cont.)Competitive Advantages of NCIP (Cont.)
Skilled and unskilled workers are available from nearby housing estates and the established townships close to NCIP. Liberal immigration policy allows expatriate positions where there is a shortage of trained Malaysians to fill the required posts.
Enhanced security features with only 2 entrances which are guarded and a wide perimeter main drain surrounding NCIP will effectively deter trespassers and provides security.
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Competitive Advantages of NCIP (Cont.)Competitive Advantages of NCIP (Cont.)
NCIP is close to Tanjung Pelepas Port and easily accessible to Pasir Gudang Port, Tanjung Langsat Port and Jurong Port. It is also close to Singapore Changi International Airport and Changi Airport and there is easy access through Second Link to Customs, Immigration and Quarantine Complex (CIQ). It is next to Gelang Patah Interchange that links to all national highways. With good connectivity, a lot of time can be saved in the transportation of raw materials and manufactured products.
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Competitive Advantages of NCIP (Cont.)Competitive Advantages of NCIP (Cont.)
Water Supply6.2 million liters per day water of WHO standards with a 25 million liters concrete storage reservoir upgradeable to 50 million liters.
Power Supply24-hour electricity supply available from TNB with transmission voltages of 500kV, 275kV, 132kV, 66kV and distribution voltages at 33kV, 22kV, 11kV, 6.6kV, 0.415kV.
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Competitive Advantages of NCIP (Cont.)Competitive Advantages of NCIP (Cont.)
TelecommunicationNCIP area is serviced by Telekom Malaysia (TM) and Time Dotcom Bhd through a network of fibre optic cables.
Telekom Malaysia (TM) nation-wide network ensures extensive international connectivity bringing the convenience of communication technology to industries.
Waste DisposalNCIP is connected to the existing 50,000 PE central sewerage treatment plant which is upgradeable to 150,000 PE.
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Industrialists at NCIPIndustrialists at NCIP
BritainPets food manufacturing
SingaporeElectrical components
MalaysiaBio-tech
USARubber manufacturer
MalaysiaOil & gas equipment manufacturer
SingaporeMachinery
MalaysiaCorrugated packaging
MalaysiaMetal stamping
Malaysia, GermanyMetal plating
Malaysia, Germany Engineering
GermanyPrinting
MalaysiaGypsum board
KoreaCan manufacturer
MalaysiaGarment
MalaysiaConfectionery
SingaporeAir conditioner
SingaporeFood
SingaporeInjection molding
Country of originIndustry*
*Type of Industries operating at NCIP as at 31 July 2009
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Design Features of NCIPDesign Features of NCIP
Aluminium Composite Panel & High Reflective Glass to the front facade Upmarket facade - projection of good
corporate image
Eave Height of 9 meters for Detached Factories & 8 meters for Semi-Detached Factories 0.5mm Metal Roofing with Rock wool insulation
NCIP factories are designed and built to meet the high expectation of the buyers. As such, several features are incorporated into the design such as:-
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Design Features of NCIP (Cont.)Design Features of NCIP (Cont.)
Floor Hardener to the production area Detached Factory with built-in TNB Sub-Station
Detached Factory surrounded with Concrete Driveway
Wide access road
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Bandar Cemerlang (BC) Bandar Cemerlang (BC)
1,390 acres of landbank near Ulu Tiram to be developed into a self-contained new township of residential/commercial development.
We expect to commence construction of infrastructure and earthwork in 4th quarter FY2010. Such earthworks are to be completed in 15 months time.
Phases 1 & 2 to commence in FY2013.
Estimated to generate RM2.5 billion of revenue over 12-15 years.
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Taman Perindustrian Cemerlang (TPC)Taman Perindustrian Cemerlang (TPC)
16km from Johor Bahru, 30km from Senai Airport and 16km from Singapore.
Among the largest industrial parks in Johor.
A 600 acres industrial park which is expected to house some 900 factories once fully developed.
To date have completed 764 industrial units worth RM733million.
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Desa Cemerlang (DC)Desa Cemerlang (DC)
Located next to TPC.
Self-contained township containing some 6,900 units of mixed development.
To date, have completed 4,584 units worth RM533 million.
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CLSB LandCLSB Land
A mixed development of residential and commercial premises on 221.58 acres of land.
Main access and reclamation works will commence soon and is expected to complete before the end of FY2011.
Comprises 2,413 units of residential properties, 290 units of shop offices and approximately 50 acres of commercial land.
The land is a water front project located in a prime location within Iskandar Malaysia and very near Johor Bahru.
The new highway from Johor Bahru to Pasir Gudang through CLSB under 9th Malaysian Plan will shorten the traveling time from city centre to CLSB land significantly. The distance of approximately 18km from JB to CLSB Land will take 20 minutes.
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Taman Dato’ Chellam (TDC)Taman Dato’ Chellam (TDC)
37.6 acres of mixed development land acquired on 12 May 2004.
Located opposite to TPC and DC.
Ready for immediate development which will certainly enhance earning capacity of the Group.
This project is expected to generate about RM120 million in revenue over a period of 5 to 6 years.
34 units of double storey terrace house & shop office with Gross Development Value of RM11.3 million have been sold to date.
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Location Plan of Ambok ResortsLocation Plan of Ambok Resorts
This land has been zoned for mixed development and it is possible to start developing this land in 10 years’ time into a retirement homes cum mixed development project.
43
Concrete ManufacturingConcrete Manufacturing
Contributed 24% of group revenue and 13% of EBIT respectively in FY2009. We expect a positive contribution in revenue and profit from this segment for FY2010 in view of the new infrastructure projects in Iskandar Malaysia area.
Operates 2 ready-mixed concrete plants with a total capacity of 140 cubic m/hr. These 2 plants also manufacture ‘u’ drains, concrete pipes/culverts, piles and other precast concrete products for the export market.
Concrete plant and other concrete products cater for both in-house and external needs. Sales to external parties is approximately 91% or RM50.9 million in FY2009.
The contract sum of projects undertaken during this year is about RM10 million. Potential projects under negotiation total about RM32.5 million.
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Construction ActivitiesConstruction Activities
Undertaken by Unibase group, which commenced activities in August 1989.
Contributed 30% of group revenue and 9% of group EBIT in FY2009.
Undertakes both in-house and external contracts, with external contracts under Repute Construction Sdn. Bhd.
The contract sum of projects undertaken during this year is about RM20 million. Potential projects under negotiation total about RM18 million.
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Established brand name We have established our brand name in Johor property market. Good response for our products. Value added features like better landscaping, gated community,
etc. Main developer of integrated industrial park in Johor.
Sufficient and strategically located landbank Total gross development land of approximately 3,093 acres
(inclusive of development rights over 187 acres of gross industrial land) will keep CCB Group busy until the next decade.
StrengthsStrengths
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Sufficient and strategically located landbank (Cont.) Located in close proximity to Singapore, Johor Bahru, Pasir
Gudang and Senai Airport, the land banks currently under development are within the boundary of Iskandar Malaysia which will benefit from the Government’s proposed development expenditure of RM12.2 billion under the 9th
Malaysia Plan.
Due to the close proximity of NCIP to Tuas in Singapore, it is anticipated that there will be significant relocation of Singapore industrialists to NCIP to take advantage of the lower land cost , lower operating, utilities charges and capital expenditure. Such close proximity to Singapore will also facilitate the management of the operation by the Singapore industrialists after the relocation.
Strengths (Cont.)Strengths (Cont.)
49
Integrated operation The residential, commercial and industrial lots are competitively
priced since the construction is undertaken by in-house construction companies. Consequently there have been repeated sales through introduction of new buyers by existing customers.
Capable Management Top management has almost 30 years’ experience in property
and construction industry and is quick to identify and capitalize on opportunities and trends in the property market as well as identify commercially viable projects for diversification.
Strengths (Cont.)Strengths (Cont.)
50
Financial Strength
Healthy balance sheet: net gearing at only 0.36x.
The strong financial position of CCB Group allows for pre-purchase of building materials and pre-building of properties to mitigate the impact of rising building material prices on development costs. This will result in better profit margins for the Group.
Strengths (Cont.)Strengths (Cont.)
52
Competitive AdvantagesCompetitive Advantages
Iskandar Malaysia covers 2,217 square kilometers of land in South Johor and is the key engine of growth identified under the 9MP.
Iskandar Malaysia has attracted US$11.96 billion of investments in the last 24 months and has almost achieved its US$13 billion overall foreign direct investment target for the phase ending in 2010. As the government had provided adequate world class infrastructures to woo more foreign investors to invest in the area, we are optimistic of the success of Iskandar Malaysia.
There are large foreign direct investments into this region especially those from Singapore, in view of the spiraling property prices in Singapore and to take advantage of the various Iskandar Malaysia incentives.
53
Competitive Advantages (Cont.)Competitive Advantages (Cont.)
Malaysian property remains one of the cheapest in the region - The availability of contiguous and sizeable land in Malaysia
gives Malaysia a competitive cost advantage in terms of land prices.
Competitive utilities and manpower cost- The utilities and manpower cost of Malaysia is among the
cheapest in the region.
Proposed tax incentive (Budget 2009)- The employment income of a Malaysian and foreign
knowledge worker residing in Iskandar Malaysia is to be taxed at 15% indefinitely.
54
Competitive Advantages (Cont.)Competitive Advantages (Cont.)
Potential Appreciation of Land Value - Initiatives by Johor State Government/ Khazanah to attract international property developers, operators and investors to invest in the property in Iskandar Malaysia will lead to a big jump in property values, especially land with international development potential.
- Due to the close proximity of NCIP to Tuas in Singapore, it is anticipated that there will be significant relocation of Singapore
industrialists to NCIP to take advantage of the lower land cost, lower operating cost, utilities charges and capital expenditure.
- Such close proximity to Singapore will also facilitate the management of the operation by the Singaporean industrialists after the
relocation.
55
Competitive Advantages (Cont.)Competitive Advantages (Cont.)
Synergistic and Integrated Operations In-house construction, civil engineering and building materials division
offers synergistic benefits.
The integrated building and civil construction work ensure that building and construction works are of consistently good quality and completed on time at low costs.
The in-house building materials trading arm ensures timely supply of building materials at competitive prices.
BC, DC and TDC are located close to one another, consequently the overall management overhead will be lower.
57
Business OutlookBusiness Outlook
The first half of FY2010 was a relatively challenging period with uncertainty in the global economic environment and credit crunch problems.
However, for the second half of FY2010, the property market is making a strong comeback with renewed buying interest on expectation that the economic downtrend is bottoming out and relative stability of the job market.
The Group expects the industrial and commercial development operations to remain as the main
profit contributors for the Group in FY2010.
58
Business Outlook Business Outlook (Cont.)(Cont.)
The business outlook for Crescendo Group in the medium to long term is expected to be good for the following reasons:
Good rental market- The rental market for industrial properties is expected to be good as it can
cater for industrialists who are not prepared to enter into sales commitment due to the economic slow down.
Malaysian property remains one of the cheapest in the region
- The availability of contiguous and sizeable land in Malaysia gives Malaysia a competitive cost advantage in terms of land prices.- Attracting international property developers, operators and investors to
invest in the Malaysian property sector will lead to increase in property values, especially land with international development potential.
- The Malaysian real estate remains attractive in terms of price stability, value and potential appreciation.
Prime Location- Out of our total landbank of 3,093 acres, 1,773 acres of our converted landbank is
located within the prime Iskandar Malaysia area.
59
Business Outlook Business Outlook (Cont.)(Cont.)
Improvement in residential property market - Although the demand for residential property is currently slow due to oversupply,
we believe this scenario will change in a few years’ time. in view of the scheduled opening of the Integrated Resorts project in Singapore in 2010 as well as the
various developments within Iskandar Malaysia. These developments will create significant employment opportunities for the JB residents and inmigration
workers from other states. This large population of young employed will be ready to purchase their residential homes in the Iskandar Malaysia area where our projects are located.
The Government is currently further liberalising various sectors of the economy as measures to boost it in the face of the global recession. All property transactions including those between foreigners and non-bumiputeras will no longer require the Foreign Investment Committee’s approval.
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Dividend Policy
Rewarding shareholders with minimum dividend payout of 30% of Net Profit After Tax and Minority Interests.
For FY2010, expected to maintain a gross dividend of at least 7%.
Dividend PolicyDividend Policy
61
Near-Term ProspectsNear-Term Prospects
Total committed sales for FY2010 up to 31 October 2009 is RM94.2 million, out of which new sales committed this year is RM56.4 million. Total revenue recognised up to 31 July 2009 is RM50.8 million.
The Group expects the Group to remain profitable for FY2010.
62
Near-Term Prospects (Cont.)Near-Term Prospects (Cont.) Development for Financial Year 2010, 2011 and 2012 (Period covered: 1 Feb 2009 to 31 Jan 2012)
Unitavailable /
Development Type launched GDVUnit RM m
Launched ProjectsResidential and commercial- Double storey terrace houses 137 35 - Shop office 27 16
Industrial- Detached and semi-detached 46 133
210 184 New Project launches
Residential and commercial- Shop office 70 39
Industrial- Detached and semi-detached 40 88
110 127
63
NCIP will be the main contributor to future Group earnings in the next few years.
We will complete the main access and reclamation works for CLSB Land by FY2011.
Medium-to-Long Term ProspectsMedium-to-Long Term Prospects
64
An interchange providing access to the Bandar Cemerlang development via the Johor Bahru-Kota Tinggi highway is presently under construction and is scheduled for completion together with the Johor Bahru-Kota Tinggi highway by end of 2010. Phase 1 & 2 of Bandar Cemerlang will commence in FY2013 and this project is expected to contribute positively to the revenue and profit of the Group.
The completion of the Sg Johor Bridge project in tandem with the new Senai-Desaru Highway in 2 years time will boost land value of 794-acre landbank in Kota Tinggi. This land has been zoned for mixed development and it is possible to start developing this land in 10 years’ time into a retirement homes cum mixed development project.
Medium-to-Long Term Prospects (Cont.)Medium-to-Long Term Prospects (Cont.)
65
Medium-to-Long Term Prospects (Cont.)Medium-to-Long Term Prospects (Cont.)
Education Proposed construction of a new campus for our college
which is expected to be in operation by FY2011 With the proper campus and hostel facilities, the
college will be able to attract foreign students Total project cost of the new campus is expected to be
approximately RM6 million
67
StrategiesStrategies
For the residential and commercial operations, we have scaled down our launches this year and concentrate on selling our existing stock.
The Group’s focus now is on the development of industrial properties as the demand for residential property is
currently slow due to oversupply and economic slowdown.The demand for the commercial properties is good and the Group will continue to invest in this sector but in smaller phases so as to be conservative.
There will be more emphasis on residential and commercial sector in the medium term when we start to develop
Bandar Cemerlang and CLSB Land.
68
The Group will continue its strategy of selling substantially built and completed buildings as the Group has received strong demand from customers preferring to buy substantially built/completed buildings.
We also have pre-built factories for rent to industrialists. Given the lower cost environment, we are confident of significant demand for rental market at NCIP by foreigners who are currently operating in higher cost areas.
The Group will provide wider array of ready built property choices according to market demand Large detached factories and landed commercial properties to attract
purchasers from Singapore Smaller semi-detached factories for both the local and foreign
purchasers Affordable houses (<RM250,000) Quality & modern design shop offices at populated areas
Strategies (Cont.)Strategies (Cont.)
69
THANK YOUTHANK YOU
Questions & Answers Questions & Answers SessionSession
Telephone number: 07-224 8316 Email address: [email protected]
71
CORPORATE FACT SHEETCORPORATE FACT SHEET
Listed On: April 8, 1997 (Main Board)April 8, 1997 (Main Board)Issued Shares: 155.071 mil155.071 mil(31 October 2009)Par Value Per Share: RM1.00RM1.00NTA/Share (31 July 2009): RM2.56RM2.56 Estimated Free Float: 25% or 38.8m shares25% or 38.8m sharesMarket Capitalization asof 31 October 2009: RM169 milRM169 milMajor Shareholders: Sharikat Kim Loong SB (64.02%)Sharikat Kim Loong SB (64.02%)(18 June 2009) Public Smallcap Fund (2.57%)Public Smallcap Fund (2.57%) Public Far-East Property & Resorts Fund(2.38%)Public Far-East Property & Resorts Fund(2.38%)Financial Year End: 31 January31 January
72
Corporate Address:
Telephone number:
Fax:
Website:
Lot 18.02, 18Lot 18.02, 18thth Floor, Floor,Public Bank Tower,Public Bank Tower,19, Jalan Wong Ah Fook,19, Jalan Wong Ah Fook,80000 Johor Bahru,80000 Johor Bahru,Johor, MalaysiaJohor, Malaysia
+607 224 8316+607 224 8316
+607 223 2562+607 223 2562
www.crescendo.com.mywww.crescendo.com.my
CORPORATE FACT SHEET (Cont.)CORPORATE FACT SHEET (Cont.)
73
BOARD OF DIRECTORSBOARD OF DIRECTORS
Independent DirectorYeo Jon Tian @ Eeyo Jon Thiam
Independent DirectorTan Ah Lai
Senior Independent DirectorGan Kim Guan
Executive DirectorGooi Seong Gum
Executive DirectorGooi Seong Chneh
Executive DirectorGooi Seong Heen
Chairman & Managing DirectorGooi Seong Lim
PositionName