Co n

TABLE O

nt e tF
s
02 Management Discussion and Analysis

05 Corporate Structure

06 Corporate Information

07 Directors’ Profile / Key Senior Management

10 Financial Highlights

11 Corporate Governance Overview Statement

20 Other Information

21 Sustainability Statement
Statement on Risk Management
39 and Internal Control

41 Audit Committee Report

44 Directors’ Report

49 Statements of Financial Position

50
Statements of Profit or Loss and
Other Comprehensive Income 27 th
ANNUAL
51 Consolidated Statement of Changes In Equity GENERAL
MEETING
52 Statement of Changes In Equity

53 Statements of Cash Flows

28 November 2024 (Thursday)

57 Notes to the Financial Statements

Statement by Directors 2:00 p.m.
92 Pursuant to Section 251(2) of the Companies Act 2016

Statutory Declaration
92 Pursuant to Section 251(1)(b) of the Companies Act 2016 Online meeting platform at
https://pasb-online.digerati.com.my
93 Independent Auditors’ Report

97 List of Properties

98 Analysis of Shareholdings

100 Analysis of Warrant Holdings

102 Notice of Annual General Meeting

Proxy Form

Administrative Guide
 Management Discussion and Analysis

OVERVIEW OF THE GROUP’S BUSINESS AND OPERATIONS

SKB Shutters Corporation Berhad (“SKB”) specializes in manufacturing of roller shutters, steel doors and storage and
handling system and is listed on the Main Market of Bursa Malaysia Securities Berhad since 28 March 2001. SKB Shutters
Manufacturing Sdn. Bhd. and SKB Storage Industries Sdn. Bhd. are main subsidiaries of the Group.

Following the Group’s listing on the stock exchange, its main objective has led to the expansion in its regional coverage,
product innovation, manufacturing capability and capacity. The Group strives to achieve the vision of being recognized as
the largest roller shutter and storage system manufacturer in South East Asia.

For the financial year ended 2024, the Group’s mission is to be the preferred supplier of roller shutters, steel doors
and storage system products in the industry. In enhancing shareholders’ value, the Group is committed in providing the
well-engineered, thoroughly designed products for security, safety and reliable solutions. The aim to continuously exceed
customers’ expectations with satisfactory service and delivery as well as innovating useful, functional and high-performance
product is integral in achieving these goals.

The Group also emphasize on succession planning in its respective integral divisions to ensure learning, leading and
succession opportunities are identified for group-wide employees to excel and be rewarded.

Over the past years, eager research and development efforts has been deployed with product testing for roller shutters,
metal doors and racking systems carried out for both R&D and regulatory testing purposes. This includes the all-new
powerless flood shutters, extended length and S5 shelving systems and oversized fire-rated metal doors. The Group is
positively expecting these products to contribute to competitive edge in specific industries and bring about increased
exposure to wider range of projects segments locally and internationally.

PERFORMANCE OF THE GROUP FOR THE FINANCIAL YEAR ENDED 30 JUNE 2024

FYE 30 June 2024 FYE 30 June 2023

RM’000 RM’000 Changes (%)
Revenue 115,731 112,136 3.21
Result From Operating Activities 23,494 20,192 16.35
Interest Income 1,059 408 159.56
Interest Expense (2,569) (2,237) 14.84
Profit before Tax 21,984 18,363 19.72
Tax Expense (5,615) (3,368) 66.72
Profit/(Loss) after Tax 16,369 14,995 9.16
Basic Earnings Per Ordinary
12.40 11.36
Share (sen)

FINANCIAL RESULTS

The Group’s revenue grew by 3.21% from RM112.136 million in FYE 30 June 2023 to RM115.731 million in the financial
year under review. The growth in revenue was primarily driven by the expansion of the domestic construction sector,
particularly within the logistics and industrial segments. The Group also benefited from the rise in both domestic and foreign
investments into Malaysia, which contributed to this positive performance.

The Group recorded an increase in profit before tax of RM3.621 million from RM18.363 million in FYE 30 June 2023. The
improvement in net profit before tax is a testament to the Group’s ongoing initiatives to optimize operational efficiencies and
streamline work processes across all divisions. These efforts have not only reduced costs but also enhanced productivity
and overall performance. Additionally, the Group has experienced a rise in sales of high-performance products, which are
characterized by their superior quality, innovation, and added value. These products command better margins compared to
standard offerings, further contributing to the increase in profitability. This strategic focus on both operational excellence
and premium product offerings has positioned the Group to capitalize on market opportunities while maintaining sustainable
financial growth

With improve earnings, the Group’s financial position was further strengthened with total equity increased to RM132.413
million as at 30 June 2024. The Group’s total assets as at FYE 2024 had increased to RM248.348 million from RM227.173
million in FYE 2023.

02 SKB SHUTTERS CORPORATION BERHAD REG NO. 199701014865 (430362-U)

 Management Discussion and Analysis

REVIEW OF BUSINESS OPERATIONS AND FINANCIAL PERFORMANCE

Business Operations

The financial year ended 30 June 2024 was supported by the rebound of the domestic economy in the construction sector,
with the continued progress in the commercial and industrial sectors, particularly in the logistics, digital infrastructure
centers and industrial buildings sectors.

SKB Racking Complies with Australian Standard

Our storage systems adhere to the Australian Standard 4084.1:2023, underscoring our commitment to delivering the
highest standards of safety and quality. This achievement, fueled by continuous innovation, marks a key milestone for the
Group as we expand our market presence in Australia and New Zealand. With the growing emphasis on workplace safety
and health, the demand for racking systems that meet these standards is expected to rise, positioning us to effectively
cater to these emerging needs.

Oversized Fire-Rated Door

This year, the Group successfully tested Malaysia’s largest Metal Fire-Rated Door, conforming to MS:1073 standards. This
innovation breakthrough allows us to enhance our product offerings, catering to the growing industrial and commercial
demand for larger fire-rated door solutions. It underscores our commitment to meeting customer needs for safety and
compliance in larger structural openings.

Extreme Weather Wind Resistant Shutter

Aligned with the Group’s focus on social innovation and risk mitigation, we successfully tested our Heavy Duty Shutter to
meet Categories 4 and 5 of the Hurricane Scale. This achievement reflects our dedication to creating products that protect
lives, property, and assets from extreme weather events.

Fire Shutter Conforms to BS EN1634

As part of our strategy to expand into export markets, SKB’s Fire Shutter now conforms to BS EN1634, in addition to
holding certifications for UL, Singapore Standard, and Malaysian Standard. This certification further strengthens our global
competitiveness and ability to serve diverse markets with high-quality fire safety solutions.

BUSINESS RISKS

The key risks that the Group currently faces in its business operations include among others market competition. The
management of the material key risks are as below:

• Market competition

Market competition risk is caused by increased competition which may have an adverse impact on the Group,
in terms of customer growth, revenue and profitability. To mitigate this risk, the Group is continuously exploring
and implementing effective ways in customer engagement to deliver customer’s expectation and add value in the
customer relationship. The Group is also working on expanding its customer base, including focus on the expanding
export market, in order to entrench its position as one of the largest market players in the industry.

• Rising manufacturing and financing costs

Global inflation has risen over the past two years. There is a huge pressure on rising labour costs, financing costs
and currency volatility. This Group manages this volatility by managing the uncertainty while not disrupting the
demand and supply equation. In addition, the Group continues to improve its costs structure by improving the
manufacturing efficiency and procurement strategies to minimize adverse impact to the sales of the Group.

The Group will continue to monitor the price fluctuations of input costs and exercise prudence to ensure stability of
our finances and business operations.

03
Annual Report
2024
 Management Discussion and Analysis

FORWARD LOOKING STATEMENT

The Group remains optimistic about future growth, supported by the expansion of the Malaysian economy. With the increase
in Foreign Direct Investments (FDI) into Malaysia, we anticipate continued opportunities, particularly within the growing
construction segment. As demand for high-quality building materials rises, the Group is well-positioned to leverage these
developments, driving sustainable growth and enhancing our market presence. At the same time, the Group will remain
vigilant and resilient in managing rising costs, including raw material price volatility and manufacturing overheads, to ensure
operational efficiency and profitability.

These strategic initiatives led by the Group are designed to foster value and growth during challenging and uncertain times:

i. Enhance our internal competencies;

ii. Expand our core business segments; and
iii. Transform our organization to be more adaptive and responsive to our operating environment.

The Group continues to position itself as a solution provider rather than merely a manufacturer and supplier. By increasingly
integrating automation and complementary products within the Group’s portfolio and forming close partnerships with
industry experts, clients can access comprehensive industry solutions instead of having to consolidate various products
into a single system or setup.

04 SKB SHUTTERS CORPORATION BERHAD REG NO. 199701014865 (430362-U)

 Corporate Structure

SKB SHUTTERS CORPORATION BERHAD

Registration No.: 199701014865 (430362-U)

INVESTMENT HOLDING

SKB Shutters Manufacturing Sdn. Bhd.

100% Registration No.: 197701001003 (31982-W)
Manufacture and sale of roller shutters, racking systems,
storage system and related steel products

SKB Storage Industries Sdn. Bhd.

100% Registration No.: 200101022164 (557922-U)
Manufacture and sale of roller shutters, racking systems,
storage system and related steel products

SKB Shutters (S) Pte. Ltd.

100% Registration No.: 200909146H
Trading of roller shutters, racking systems and storage
systems

05
Annual Report
2024
 Corporate Information

Corporate
Information

Sin Kheng Lee Sin Tze Yi

(Executive Chairman) (Executive Director)

Sin Siew Huey Ng Swee Weng

(Group Managing Director) (Independent Non-Executive Director)

Sin Ching San Amnah Apasra Emir Binti Moehamad Izat Emir
(Executive Director) (Independent Non-Executive Director)

Chou Lee Sin Ir Yeoh Yen Shiong

(Executive Director)
(Independent Non-Executive Director)

Company Secretary Remuneration Committee

Teoh Wei Yee • Amnah Apasra Emir Binti Moehamad Izat Emir
Company Secretary (Chairman)
SSM PC No.: 201908000052 • Ng Swee Weng
MAICSA 7066750 (Member)
• Ir Yeoh Yen Shiong
Registered Office (Member)
Lot 22, Jalan Teknologi
Taman Sains Selangor 1 Registrar
Kota Damansara Securities Services (Holdings) Sdn. Bhd.
47810 Petaling Jaya (Reg. No. 197701005827 (36869-T))
Selangor Darul Ehsan Suite 18.05, MWE Plaza,
Tel. no.: 603-6157 2277 No. 8, Lebuh Farquhar,
Fax no.: 603-6157 2211 10200 Penang, Malaysia.
Tel. no.: +604 263 1966
Principal Bankers Fax no.: +604 262 8544
• Malayan Banking Berhad Email: [email protected]
Registration No.: 196001000142 (3813-K)
• Ambank (M) Berhad Auditors
Registration No.: 196901000166 (8515-D) KPMG PLT (Firm No. LLP0010081-LCA & AF 0758)
• Hong Leong Bank Berhad Chartered Accountants
Registration No.: 193401000023 (97141-X) Level 18, Hunza Tower
163E, Jalan Kelawei
Audit Committee 10250 Penang
• Ng Swee Weng
(Chairman) Principal Place of Business
• Amnah Apasra Emir Binti Moehamad Izat Emir Lot 22, Jalan Teknologi
(Member) Taman Sains Selangor 1
• Ir Yeoh Yen Shiong Kota Damansara
(Member) 47810 Petaling Jaya
Selangor Darul Ehsan
Nominating Committee Website: www.skb-shutters.com
• Ir Yeoh Yen Shiong Tel. no.: 603-6157 2277
(Chairman) Fax no.: 603-6157 2211
• Ng Swee Weng
(Member) Stock Exchange Listing
• Amnah Apasra Emir Binti Moehamad Izat Emir Main Market of Bursa Malaysia Securities Berhad
(Member) (“Bursa Securities”)

06 SKB SHUTTERS CORPORATION BERHAD REG NO. 199701014865 (430362-U)

 Directors' Profile / Key Senior Management

Sin Kheng Lee Sin Siew Huey

Group Managing Director/
Executive Chairman/Chief Executive Officer
Chief Financial Officer
(referred to as Executive Chairman)
(referred to as Group Managing Director)
Key Senior Management
Key Senior Management

Age: 67 | M Age: 42 | F

Mr Sin Kheng Lee was appointed to the Board of SKB Ms Sin Siew Huey was appointed to the Board on 15
on 10 February 2001. He holds a Diploma in Mechanical July 2009. She graduated from Swinburne University of
Engineering in 1979 from the Taipei Institute of Technology Technology in Melbourne with a Master in Accounting in
in Taiwan. Upon graduation, he started his career with 2005 and Bachelor in Business, majoring in Economics and
Sin Kean Boon Industries Sdn. Bhd. for 13 years until Finance from RMIT University in 2004. Upon graduation,
his resignation in May 1992. During his tenure in the she started her career in KPMG Malaysia as an Auditor in
company, he was the Director- in-charge of the Kuala the field of banking and finance, and Corporate Finance
Lumpur branch from the year 1982 till May 1992. much later. She is a member of the CPA Australia. She
is responsible for the overall administration and financial
He subsequently pursued his career in manufacturing matters of SKB Group. She also sits on the Board of all
roller shutters where he was appointed Managing Director subsidiaries of SKB and several other private companies.
of SKB Shutters Manufacturing Sdn. Bhd. (“SKBM”) on In 2019, Ms Sin is appointed as Committee Member of
the 25 June 1992 and SKB Storage Industries Sdn. Bhd. the Malaysian Fire Protection Association.
(“STO”) on 4 September 2001 respectively. He is currently
responsible for the overall developments of products
and businesses in SKBM and STO, including overseeing
manufacturing, administrative and operating functions
of the Group. With his vast experience of more than 40
years in the roller shutters industry, he has successfully
brought about the rapid expansion, modernization and Sin Ching San
diversification of the Group’s manufacturing activities, Executive Director
hence provided the necessary guidance and contribution Key Senior Management
towards management activities of the Group. He also sits
on the Board of all subsidiaries of SKB and several other
private companies.

He was appointed as a committee member of the Age: 56 | M

Malaysia Fire Protection Association from 2009 till 2011.
Mr Sin was awarded Successful CEOs by BrandLaureate Mr Sin Ching San was appointed to the Board of SKB
Brandpreneur Award in 2016, Most Outstanding Alumni by on 10 February 2001. He began his career shortly after
the National Taiwan University of Technology in 2017 and completing his secondary education and Diploma studies
2019, the Modal Entrepreneur Award from the National in Taiwan. He has over 30 years of experience and
Innovation and Entrepreneurship Association, R.O.C. exposure in the roller shutters and steel-work industry. He
(Taiwan) in 2022. was appointed to the Board of SKBM on 25 June 1992.
He also sits on Board of a few subsidiaries of SKB and
several other private companies. He heads the Research
and Development Department of the Group, whereby his
responsibilities include improvement of productivities
and quality of roller shutters and other related steel-work
products through innovation.

07
Annual Report
2024
 Directors' Profile / Key Senior Management

Chou Lee Sin Sin Tze Yi

Executive Director Executive Director

Age: 65 | F Age: 37 | F

Ms Chou Lee Sin was appointed to the Board of SKB on Ms Sin Tze Yi was appointed to the Board on 29 February
10 February 2001. She obtained a Diploma in Synthetic 2016. She resigned on 28 November 2017 and was re-
Commerce from Taipei, Taiwan. She started her career appointed on 4 December 2017. A Master of Applied
in Malaysia in 1982 whereby she was attached to Sin Finance graduate of Monash University Melbourne, Ms
Kean Boon Metal Industries Sdn. Bhd.. She was stationed Sin also holds a Bachelor of Commerce (Accounting
in the Kuala Lumpur branch office and was responsible & Finance) degree from University of Melbourne. A
for the overall administration and financial matters. In member of CPA Australia, she began her career at KPMG
May 1992 she joined SKBM as the General Manager Consulting in Financial Risk Management specialising in
and was subsequently appointed as a Director of SKBM operational risk in the banking and finance sector. She is
on 26 June 1997. With her experience of over 40 years responsible for the overall business development of SKB
in the roller shutters and steel-work industry, Ms Chou Group. She also sits on the Board of all subsidiaries of
oversees administration and financial matters within the SKB and several other private companies.
Group. She also sits on the Board of a few subsidiaries
of SKB and several other private companies. Ms Chou
was awarded Outstanding Business Women in Malaysia
by China Press in 2018.

Ng Swee Weng
Independent Non-Executive Director

Age: 67 | M
Mr Ng Swee Weng was appointed to the Board on 2 March Prior to joining BDO, he was an Audit Partner at KPMG
2021. He is also the Chairman of Audit Committee and Malaysia for 23 years before he retired in 2012 as the
member of Nominating Committee and Remuneration Partner in charge of the Penang office. He was also
Committee. formerly a member of KPMG’s Audit and Accounting
Committee, which provided directives and consultative
He was articled with KPMG in 1977 and qualified as a support on technical issues. Mr Ng was also a former
member of the Malaysian Institute of Certified Public Project Director of the Malaysian Accounting Standards
Accountants (MICPA) in 1981. He is also member of Board.
the Malaysian Institute of Accountants (MIA) and CPA
Australia. Mr Ng Swee Weng is also an Independent Non-Executive
Director, Chairman of Audit Committee and Nominating
Mr Ng Swee Weng is currently a Senior Advisor at BDO Tax Committee, and Member of Remuneration Committee
Services Sdn Bhd (“BDO”). of BM Greentech Berhad (formerly known as Boilermech
Holdings Berhad), a company listed on the Main Market of
Bursa Malaysia Securities Berhad.

08 SKB SHUTTERS CORPORATION BERHAD REG NO. 199701014865 (430362-U)

 Directors' Profile / Key Senior Management

Amnah Apasra Emir

Yeoh Yen Shiong
Binti Moehamad Izat Emir Independent Non-Executive Director
Independent Non-Executive Director

Age: 59 | F Age: 36 | M

Puan Amna A Emir was appointed to the Board of SKB Ir. Yeoh Yen Shiong was appointed to the Board on
on 15 July 2022. She is Chairman of the Remuneration 1 December, 2022. He is Chairman of the Nominating
Committee and member of Audit Committee and Committee and member of the Audit Committee and
Nominating Committee. Remuneration Committee.

She is a qualified architect from the Architectural He is a Professional Engineer registered with the Board of
Association School of Architecture, London, UK, with 30 Engineers, Malaysia (BEM) and has extensive experience
years of experience in the architectural and real estate in the building and construction industry, having delivered
development industry. a multitude of iconic and sustainable buildings in the
region. He is also a Green Building Index Facilitator (GBIF),
She is an honorary advisor to the Malaysian Structural Certified Energy Manager (CEM) and ASEAN Chartered
Steel Association, having retired as its honorary secretary- Professional Engineer (ACPE).
general after 23 years of service in promoting the use of
constructional steel. He presently leads GH Consultants Sdn Bhd, an
established Engineering Consultancy Practice specializing
Amna is CEO of Neuformation Architects Sdn Bhd, in climate-conscious MEP design solutions for buildings
a company specializing in Transport Architecture, across various sectors from commercial to healthcare.
Urban Regeneration and Green Buildings. Amna has
been responsible for projects of diverse architectural
typologies and complexities with the recent completion
Notes:
of a GBI Platinum rated headquarters for Tenaga All the Directors are Malaysian except for Chou Lee Sin
Nasional Bhd which received the PAM Gold Award 2023 who is a Taiwanese.
for Commercial Highrise. Amna has provided strategic
advice to government-linked companies in the area of None of the Directors has any conflict of interest with SKB,
urban regeneration on localities ranging from greenfield or any personal interest in any business arrangement
to brownfield, with roles to include lead consultant for involving SKB other than as disclosed in the Directors’
Khazanah Penang in the preparation of the Georgetown Report and Notes to the Financial Statements.
Transformation Plan and Komtar Business Improvement
District Scheme (BIDS) for Think City. None of the Directors had been convicted for any offences
within the past 5 years (except for traffic offences, if any)
The key principles in Amna's design approach is Adaptability and have no public sanction or penalty imposed by the
relevant regulatory bodies during the financial year under
and Innovation in response to the changing dynamics of
review.
the social, cultural, political and environmental landscape.
Details of the Directors’ attendance at Board meetings for
Amna has served as external lecturer for University the financial year ended 30 June 2024 are set out in the
Southern California Summer Schools and industry Expert Corporate Governance Overview Statement of this Annual
for University Malaya and University Technology Petronas Report.
as well as external juror on Crit Panels for both public
and private institutions such USM, UPM, UKM & UITM, None of the Directors has any family relationship with any
Taylors University and Limkokwing University of Creative Director and/or major shareholder of SKB other than:
Technology, amongst others. • Chou Lee Sin is the spouse of Sin Kheng Lee whilst
Sin Ching San and Sin Kheng Lee are brothers.
• Sin Kheng Lee and Sin Ching San have interest in SKB
Glory Sdn. Bhd., a substantial shareholder of SKB.
• Sin Siew Huey and Sin Tze Yi are the daughters of Sin
Kheng Lee and Chou Lee Sin.

None of the Directors has any other directorship in public

companies except Mr Ng Swee Weng whose directorships
has been shown as above.

09
Annual Report
2024
 Financial Highlights

2020 2021 2022 2023 2024

RM’000 RM'000 RM’000 RM’000 RM’000
Revenue 66,558 64,407 74,492 112,136 115,731
Profit Before Taxation 24 5,690 12,291 18,363 21,984
Profit/(Loss) After Taxation (959) 5,024 9,596 14,995 16,369
Shareholders' Fund 81,732 91,072 100,642 115,553 132,413
Basic Earnings/(Loss) Per Share (Sen) (0.80)* 4.19* 7.27 11.36 12.40
Net Assets Per Share Attributable to Ordinary
Equity Holders of the Parent (Sen) 0.62* 0.69* 0.76 0.88 0.99

* Earnings per share and Net assets per share for FY2020 and FY2021 has been adjusted to reflect the effect of bonus issue
of two (2) bonus shares for every one (1) existing ordinary share held which was completed on 5 January 2022.

Revenue (RM'000) Shareholders' Fund (RM'000)

120,000 150,000
115,731
112,136

100,000

132,413
120,000

115,553
80,000
90,000

100,642
91,072
74,492

60,000
81,732
66,558

64,407

60,000
40,000

30,000
20,000

0 0
2020 2021 2022 2023 2024 2020 2021 2022 2023 2024

Profit Before Taxation (RM'000) Basic Earnings/(Loss) Per Share (Sen)

25,000 15

12
21,984

20,000
12.40
11.36

9
18,363

15,000

6
7.27
12,291

10,000
3
4.19

5,000
0
5,690

(0.80)
24

0 -3
2020 2021 2022 2023 2024 2020 2021 2022 2023 2024

10 SKB SHUTTERS CORPORATION BERHAD REG NO. 199701014865 (430362-U)

 Corporate Governance Overview Statement

This Corporate Governance (“CG”) Overview Statement is presented in accordance with the requirements under Paragraph
15.25(1) and the provisions in Practice Note 9 of the Main Market Listing Requirement (“MMLR”). The Statement highlights
the applications of the key corporate governance practices of the Group during the financial year under the principles of (a)
Board Leadership and Effectiveness; (b) Effective Audit and Risk Management; as well as (c) Integrity in Corporate Reporting
and Meaningful Relationship with Stakeholders.

The Board has also provided specific disclosures on the application of each Practice in its Corporate Governance Report
(“CG Report”). Shareholders may obtain the CG Report by accessing the website at www.skb-shutters.com for further details.

PRINCIPLE A: BOARD LEADERSHIP AND EFFECTIVENESS

(I) BOARD COMPOSITION

During the financial year, the Board has eight (8) members comprising an Executive Chairman, one (1) Group
Managing Director, three (3) Executive Directors, and three (3) Independent Non-Executive Directors. The Executive
Chairman and Executive Directors are responsible for overseeing the Group’s operational facets. In contrast, the
Non-Executive and Independent Directors enhance the Board’s decision-making procedures by providing impartial
judgment and perspectives to ensure checks and balances.

In discharging its governance responsibilities, the Board has collectively:

• Conducted periodic reviews of the interim and annual financial results and ensured that the financial
statements of the Company and Group were fairly stated and conformed to the relevant regulations and
acceptable accounting policies;

• Strengthened the Company’s cash flows in order to cope with the current business environment;

• Defined its Charter and Schedule of Key Matters, setting out the roles, duties and responsibilities of the
Board, the principles and practices of corporate governance to be followed;

• Established its Board Committees and their terms of reference to assist the Board in discharging its duties
and responsibilities effectively. These Committees have the authority to examine particular issues and report
to the Board with their recommendations;

• Observed the regulatory requirements when disseminating information and making disclosures in consultation
with the Company Secretary;

• Ensured the implementation of Group anti-corruption framework, anti-bribery and gratification guidelines,
Code of Conduct and Ethics and Whistleblowing Policy;

• Maintained an appropriate and adequate system of internal control to manage risks in the Group; and

• Defined and implemented the Fit and Proper Policy, including the requirements of a Director’s character,
integrity, experience, competence, and commitment to discharge their roles effectively.

The roles of Board Chairman are currently held by the same director. The combination of these roles has helped
the Board align the management mindset with the Board. Nonetheless, with the presence of three (3) Independent
Non-Executive Directors, the Board feels that its current composition is reasonably sufficient to ensure the balance
of power and authority and, at the same time, provides the Board with the advantage of ensuring the expectations
of the Board and management are aligned with such combination of roles and responsibilities.

The Independent Directors have distinguished credentials, and some of them have also served as Independent
Directors in other publicly listed companies. The Board could rely on their extensive experience and knowledge to
ensure independence of judgment.

When identifying suitably qualified candidates for appointment of Director, the Board will not solely rely on
recommendations from existing board members, management, or major shareholders but will also consider
independent sources to identify suitably qualified candidates. During the financial year, no new Director was
appointed.

The current composition of the Board includes members with diverse skills, experience, age, and cultural backgrounds.
Half of the Board members are female directors. Each director’s profile is presented on pages 7 to 9 of this Annual
Report.

11
Annual Report
2024
 Corporate Governance Overview Statement

PRINCIPLE A: BOARD LEADERSHIP AND EFFECTIVENESS (continued)

(I) BOARD COMPOSITION (continued)

All Independent Directors have completed a self-evaluation by the end of each financial year, affirming their alignment
with the independence criteria detailed in Chapter 1 of the MMLR and will continuously exercise independent
judgement and act in the Company’s best interest.

All Board members have unrestricted access to the advice and services of the Company Secretary for the Board’s
affairs and business. The appointment and removal of the Company Secretary of the Board is the prerogative of the
Board as a whole.

The Board is assisted by a qualified and competent Company Secretary. Mr. Teoh Wei Yee, the Company Secretary,
who is an Associate member of the Malaysian Institute of Chartered Secretaries and Administrators (MAICSA). The
Company Secretary supports the Board in carrying out its fiduciary duties and stewardship role and plays an advisory
role to the Board, particularly with regard to regulatory compliance, guidelines, legislations and governance practices.
The Company Secretary is responsible for ensuring that Board procedures are followed, the applicable rules and
regulations for the conduct of the affairs of the Board are complied with, and minutes are duly entered into the books
for all resolutions and proceedings of the Board and Board Committees.

The Company Secretary and management ensure that the Board is given sufficient information and time to prepare
for Board meetings. When external advice is necessary, Board Members may notify and seek the Board for approval.

The underlying factors of Directors’ commitment to the Group are the devotion of time and continuous improvement
of knowledge and skill sets. The Board meets at least every quarter and as required to assess the Company and its
subsidiaries’ operation and performance, as well as to address pertinent business development issues.

During the financial year, 4 Board meetings were held. The attendance of the existing Directors is as follows:

No. of meetings
attended by
Directors Directors
Sin Kheng Lee 4
(Executive Chairman)
Sin Ching San 3
(Executive Director)
Chou Lee Sin 3
(Executive Director)
Sin Siew Huey 4
(Group Managing Director)
Sin Tze Yi 4
(Executive Director)
Ng Swee Weng 4
(Independent Non-Executive Director)
Amnah Apasra Emir Binti Moehamad Izat Emir 4
(Independent Non-Executive Director)
Ir Yeoh Yen Shiong 4
(Independent Non-Executive Director)

12 SKB SHUTTERS CORPORATION BERHAD REG NO. 199701014865 (430362-U)

 Corporate Governance Overview Statement

PRINCIPLE A: BOARD LEADERSHIP AND EFFECTIVENESS (continued)

(I) BOARD COMPOSITION (continued)

Matters requiring Board decisions during the intervals between the Board meetings are circulated and approved
through circular resolutions.

Following are the trainings and briefings attended by Board members during the financial year.

Training Attended by
Anti-Corruption and Bribery Awareness Training Ir Yeoh Yen Shiong
(Independent Non-Executive Director)

CIPAA Conference 2022 Amnah Apasra Emir Binti Moehamad Izat Emir
(Independent Non-Executive Director)

Mandatory Accreditation Programme Part II: Leading Ir Yeoh Yen Shiong

for Impact (LIP) (Independent Non-Executive Director)

Amnah Apasra Emir Binti Moehamad Izat Emir

(Independent Non-Executive Director)

Sin Siew Huey

(Group Managing Director)

Sin Tze Yi
(Executive Director)

Sin Kheng Lee

(Executive Chairman)

Chou Lee Sin

(Executive Director)

Sin Ching San

(Executive Director)

Sustainability Awareness Training Sin Siew Huey

(Group Managing Director)

Chou Lee Sin

(Executive Director)

Sin Tze Yi
(Executive Director)

Ir Yeoh Yen Shiong

(Independent Non-Executive Director)

Sustainable Solutions in Electrification Ir Yeoh Yen Shiong

(Independent Non-Executive Director)

Navigating New Frontiers Embracing Sustainability Ng Swee Weng

(Independent Non-Executive Director)

13
Annual Report
2024
 Corporate Governance Overview Statement

PRINCIPLE A: BOARD LEADERSHIP AND EFFECTIVENESS (continued)

(I) BOARD COMPOSITION (continued)

Training Attended by
Awareness on Sustainability Briefing by KPMG PLT Sin Siew Huey
(Group Managing Director)

Ng Swee Weng
(Independent Non-Executive Director)

Ir Yeoh Yen Shiong

(Independent Non-Executive Director)

MIA International Accountants Conference Ng Swee Weng

(Independent Non-Executive Director)

Navigating Malaysia’s Indirect Tax Landscape: Sin Siew Huey

Latest Updates and Implications (Group Managing Director)

Hospital Design Workshop Amnah Apasra Emir Binti Moehamad Izat Emir
(Independent Non-Executive Director)

E-Invoicing Engineering Consultancy Practices in Ir Yeoh Yen Shiong

Malaysia (Independent Non-Executive Director)

PAM Architectural Heritage Conservation Course for Amnah Apasra Emir Binti Moehamad Izat Emir
Architects 4.0 (Independent Non-Executive Director)

The Company Secretary and the Internal Auditors update the directors on any changes to governance and regulatory
requirements relating to their duties and responsibilities. The External Auditors also brief the Board on changes to
MFRS Accounting Standards as issued by the Malaysian Accounting Standards Board ("MFRS Accounting Standards")
that affect the Group’s financial statements.

The Board will stay abreast of current sustainability issues and consult the subject matter experts when needed to
discharge their new sustainability responsibilities.

(II) BOARD AUTHORITY AND BOARD COMMITTEES

The Board has defined its Board Charter, which sets out the Board’s roles, duties, and responsibilities, the principles
and practices of corporate governance to be followed, and the key matters reserved for the Board’s approval.

To assist the Board in discharging its function, the Board has delegated specific oversight responsibilities to the Audit
Committee, Nominating Committee and Remuneration Committee. These Committees provide greater objectivity and
independence in the deliberations of specific agendas. The respective Chairpersons of the Board Committees report
and recommend to the Board on matters discussed and require the Board’s approval.

The Board has defined the Corporate Code of Conduct and Ethics and posted it on the Company’s website
at www.skb-shutters.com. This Code guides the directors, officers, and staff in preventing abuse of power,
corruption, insider trading and money laundering.

14 SKB SHUTTERS CORPORATION BERHAD REG NO. 199701014865 (430362-U)

 Corporate Governance Overview Statement

PRINCIPLE A: BOARD LEADERSHIP AND EFFECTIVENESS (continued)

(III) CORPORATE CULTURE: INTEGRITY, TRANSPARENCY AND FAIRNESS

To protect the confidentiality of information and the identity of whistleblowers, the Board has assigned the
whistleblowing reporting channel and administration to the Internal Auditor. Stakeholders who know of or suspect
a violation of the Code of Conduct and Ethics may report the incident by emailing [email protected] or by
posting to PO Box #911, L2- 08, Level 2, Cheras Leisure Mall, Jalan Manis 6, Taman Segar, 56100 Kuala Lumpur.
The Internal Auditor shall maintain a record of the notification received and on quarterly basis, prepare a summary
report and present it to the Audit Committee.

During the financial period, the Board did not receive any violation complaints from these whistleblowing reporting
channels.

(IV) SUSTAINABILITY CONSIDERATION

The Company’s current key sustainability considerations of the Group are product innovation and development,
environmental impact, employee well-being and diversity, community development, and governance.

The Company’s core sustainability values, initiatives and performance are communicated to all stakeholders through
the Sustainability Statements in the Annual Report.

The Company formed its Sustainability Management Committee on 1 June 2024, led by the Managing Director and
composed of the respective Heads of Department.

Nominating Committee (“NC”)

The NC comprises 3 members, all of whom are Independent Non-Executive Directors. The present composition of the
Nominating Committee is as follows:

Chairman : Ir Yeoh Yen Shiong (Independent Non-Executive Director)

Member : Ng Swee Weng (Independent Non-Executive Director)
Amnah Apasra Emir Binti Moehamad Izat Emir (Independent Non-Executive Director)

The Terms of Reference for NC are available at the Company’s website www.skb-shutters.com.

The NC meets as and when required and at least once every financial year. During the financial year under review,
the NC met on 29 August 2023 and was attended by all members of the Board Committee.

The activities undertaken by the NC for the financial year ended 30 June 2024 were as follows: -

i. Reviewed the performance of the Directors, key officers, independence status of independent directors for
the financial year ended 30 June 2023 (“FY2023”);

ii. Reviewed re-election of directors who are due for retirement at the Twenty-Sixth Annual General Meeting
("26th AGM");

iii. Reviewed terms of office and performance of Audit Committee and each of its members;

iv. Reviewed the composition of the Board Committee;

v. Reviewed the list of trainings attended by the Directors during FY2023;

vi. Note the Nominating Committee’s circular resolution(s) passed during the period from 21 October 2022 to
21 August 2023, if any; and

vii. Other businesses, such as sustainability requirements.

(V) BOARD’S PERFORMANCE ASSESSMENT

Annually, the NC, comprising wholly independent directors, evaluates the effectiveness of the Board, the Board
Committees and each Director. Based on the directors’ self-performance assessment results, the Board is satisfied
with the performance, contribution and effectiveness of each Director, the Board Committees and the present board
structure, size and composition.

15
Annual Report
2024
 Corporate Governance Overview Statement

PRINCIPLE A: BOARD LEADERSHIP AND EFFECTIVENESS (continued)

(VI) REMUNERATION

The Remuneration Committee (“RC”) was formed in the fiscal year ended in 2022. It is primarily responsible for
establishing a documented, formal, and transparent procedure for assessing and reviewing the remuneration
packages of Executive Directors, Non-Executive Directors, and Principal Officers that link rewards to corporate and
individual performance.

The Board has set up a Remuneration Committee comprising three (3) members, all of whom are Independent Non-
Executive Directors, namely:

Chairman : Pn Amnah Apasra Emir Binti Moehamad Izat Emir (Independent Non-Executive Director)
Member : Mr Ng Swee Weng (Independent Non-Executive Director)
Ir Yeoh Yen Shiong (Independent Non-Executive Director)

The roles and functions of RC are governed under its Terms of Reference (“TOR”), detailing its authority, duties,
and responsibilities authorised by the Board. The RC’s TOR was adopted on 8 May 2023 and is available for the
reference of stakeholders on the Company’s website.

The Policy provides that the directors’ remuneration shall be determined by considering:

Executive Directors & Senior Management

• The scope of the duty and responsibilities;

• The conditions and experiences required;
• The corporate and individual performance; and
• Current market rate within the industry and in comparable companies.

Non-Executive Directors

• The qualifications and contribution required in view of the Group’s complexity;

• The extent of the duty and responsibilities; and
• The corporate and individual performance.

No Remuneration Committee was held during the 2024 financial year. The last Remuneration Committee for FY2023
was held on 16 June 2023.

The number of Directors whose annual income falls within the following bands is set out as follows:

Company 50,000 and 50,001 - 100,001 - 150,001 - 200,001 -

below 100,000 150,000 200,000 250,000
(RM)
Executive Director
Sin Kheng Lee √
Sin Siew Huey √
Sin Ching San √
Chou Lee Sin √
Sin Tze Yi √
Non-Executive Director
Ng Swee Weng √
Amnah Apasra Emir Binti √
Moehamad Izat Emir
Ir Yeoh Yen Shiong √

Subsidiaries Company Sin Kheng Lee Sin Siew Huey Sin Ching San Chou Lee Sin Sin Tze Yi
RM650,001 - RM700,000 √
RM750,001 - RM800,000 √ √ √
RM850,001 - RM900,000
RM900,001 - RM950,000
RM950,001 - RM1,050,000
RM1,050,001 – RM1,100,000
RM1,100,001 – RM1,150,000
RM1,150,001 – RM1,200,000 √

16 SKB SHUTTERS CORPORATION BERHAD REG NO. 199701014865 (430362-U)

 Corporate Governance Overview Statement

PRINCIPLE A: BOARD LEADERSHIP AND EFFECTIVENESS (continued)

(VI) REMUNERATION (continued)

The aggregated annual remuneration paid and payable to all Directors of the Company is further categorised into the
following components:

Received and Receivable

Received and Receivable from Subsidiary
from the Company Companies in the Group Total
Remuneration (RM’000) (RM’000) (RM’000)
Components ED NED ED NED ED NED
Fees 200 75 -- -- 200 75
Salaries -- -- 2,442 -- 2,442 --
Bonuses -- -- 1,218 -- 1,218 --
EPF -- -- 439 -- 439 --
Benefit-in-Kind -- -- 11 -- 11 --
Total 200 75 4,110 -- 4,310 75

Under Section 230(1) of the Companies Act 2016, the Directors’ fees and any benefits payable to the Directors of
a listed company and its subsidiaries will be presented for shareholders’ approval in the annual general meeting.

PRINCIPLE B: EFFECTIVE AUDIT AND RISK MANAGEMENT

(VII) AUDIT COMMITTEE

The Board has established an effective and independent Audit Committee. The members comprised fully independent
Non-Executive Directors. They are financially literate and able to understand matters under the purview of the Audit
Committee, including the financial reporting process.

The Chairman of the Audit Committee is not the Chairman of the Board. The Audit Committee Chairman can have
access to all Executive Directors, Senior Management, and External and Internal Auditors. The review of the terms
of office and performance of the Audit Committee and its members are carried out annually.

Details of the Audit Committee’s composition, functions and activities are set out separately under the Audit
Committee Report in this Annual Report.

Annually, the Audit Committee reviews the External Auditors’ appointment, performance, and remuneration. Upon
review, the Audit Committee will recommend that the Board propose a resolution to shareholders for the appointment
of external auditors.

The Audit Committee will convene meetings with the External Auditors and Internal Auditors without the presence of
the Executive Directors and employees of the Group if needed to allow the Auditors to exchange their views freely
with the Audit Committee.

17
Annual Report
2024
 Corporate Governance Overview Statement

PRINCIPLE B: EFFECTIVE AUDIT AND RISK MANAGEMENT (continued)

(VIII) RISK MANAGEMENT AND INTERNAL CONTROL

The Board as a whole is responsible for the overall oversight of risk management in the Group, covering the system
of risk management and internal control for financial, operational and compliance, while the Executive Directors,
together with the senior management team, are primarily responsible for managing risks in the Group.

The Group recognises the persistent challenges arising from the volatility of raw material prices and currency
fluctuations, driven by geopolitical tensions, supply chain disruptions, and uneven recovery rates globally. These
factors have led to unpredictable cost variations, affecting production expenses and profit margins, while currency
fluctuations, especially in international operations, continue to influence import and export costs.

Despite these challenges, the Group remains optimistic about the recovery in the construction sector, particularly
within the industrial and digital infrastructure segments. This recovery is expected to drive demand for innovative,
high-quality building materials, positioning the Group to capitalize on emerging opportunities.

To manage these risk challenges, the Group continues to strengthen and enhance its business strategies by:

i. Providing comprehensive industry solutions through the integration of automation and complementary
products and industry experts partnership;

ii. Expanding customer base and export market by participating in overseas networking events;

iii. Continuous monitoring and managing material cost by arranging blanket orders and hedging;

iv. Engaging and adding value in the customer relationship;

v. Improving product quality, timeliness of delivery, innovation, and cost competitiveness; and

vi. Recruit and train local workers to reduce reliance on foreign skilled workers, including collaborating with local
technical schools and participating in their career fairs.

The Board is satisfied with the effectiveness and adequacy of the current level of risk management and internal
control systems. The Statement on Risk Management and Internal Control in this Annual Report provides further
details of the Group’s risk management and internal control systems.

The Company had outsourced its internal audit function to IA Essential Sdn Bhd, a third-party internal audit firm.
The Internal Auditors have conducted their work based on the broad principles of the International Professional
Practice Framework of the Institute of Internal Auditors, which covers audit planning, execution, documentation,
communication of findings, and consultation with key stakeholders on audit concerns. The Audit Committee will
review the internal audit engagement to ensure that the Internal Auditors’ objectivity and independence are not
impaired or affected.

Further details of the internal audit function are disclosed in the Audit Committee Report in this Annual Report.

18 SKB SHUTTERS CORPORATION BERHAD REG NO. 199701014865 (430362-U)

 Corporate Governance Overview Statement

PRINCIPLE C: INTEGRITY IN CORPORATE REPORTING AND MEANINGFUL RELATIONSHIPS WITH STAKEHOLDERS

(IX) COMMUNICATION WITH STAKEHOLDERS

Regular communication with stakeholders is important for enhancing their appreciation and understanding of the
Group’s business and activities. Following are the ways the Board communicates with stakeholders:

• Financial results of the Group are published quarterly via the website of Bursa Securities at www.bursamalaysia.com
and the Company’s website at www.skb-shutters.com.

• Corporate information is provided on its corporate website at www.skb-shutters.com for the interest of the
general public;

• The information disclosed in the Annual Report complies with the disclosure requirements by the listing
requirements and the approved accounting standards; and

• Shareholders’ interaction during the general meetings.

(X) CONDUCT OF GENERAL MEETINGS

The Company held its 26th AGM on 28 November 2023 at The Olive, Level 6, Olive Tree Hotel Penang, 76, Jalan
Mahsuri, Bandar Sunway Tunas, 11950 Bayan Lepas, Penang, Malaysia.

All Directors of the Company were present at the 26th AGM to engage directly with shareholders and respond to any
questions raised by the shareholders that fall under the purview of the relevant Board Committees or Board. The
Board responded to the shareholders’ and proxies’ questions raised during the 26th AGM.

All resolutions set out in the Notice of 26th AGM were voted on by poll. The Company appointed an independent
scrutineer to validate the vote cast in the 26th AGM. The minutes of the previous AGM were published on the
company’s website and are accessible at www.skb-shutters.com.

DIRECTORS’ RESPONSIBILITY STATEMENT

The Directors are responsible for ensuring that:

(i) The annual audited financial statements of the Group and the Company are drawn up according to the applicable MFRS
Accounting Standards as issued by the Malaysian Accounting Standards Board ("MFRS Accounting Standards"), IFRS
Accounting Standards as issued by the International Accounting Standards Board ("IFRS Accounting Standards") and
the provisions of the Companies Act 2016 to give a true and fair view of the state of affairs of the Group and of the
Company for the financial year, and

(ii) Accurate accounting and related records are diligently maintained, facilitating the preparation of financial statements
with a reasonable degree of precision and reasonable steps to ensure that appropriate systems are in place to
safeguard the Group’s assets and prevent and detect fraud and other irregularities.

In preparing the financial statements for the financial year ended 30 June 2024, the Directors adopted appropriate
accounting policies and applied them consistently with reasonable and prudent judgments and estimates. The Directors are
also satisfied that all relevant approved accounting standards have been followed.

This CG Overview Statement is made by a resolution of the Board on 25 October 2024.

19
Annual Report
2024
 Other Information

Utilisation of proceeds

There were no proceeds raised from any corporate proposal during FY2024.

Material contracts

There were no material contracts outside the ordinary course of business entered into by the Company and its subsidiaries
involving Directors and major shareholders of SKB.

Audit / Non-audit fees

The amount of audit and non-audit fees paid to the external auditors and its affiliates by the Company and the Group for the
financial year are as follows:

Company (RM) Group (RM)

Audit fees 40,000 165,000
Non-audit fees 5,900 29,400

Share buybacks

During the year, there were no share buybacks by the Company.

Options, warrants or convertible securities

No options or convertible securities were exercised during the financial year ended 30 June 2024, except the allotment
of 1,117,400 new ordinary shares at RM0.45 each through the exercise of 1,117,400 warrants, which increased the
Company's issued and paid-up capital from RM45,818,324 to RM46,321,154. Proceeds arising from the exercised of the
warrants are utilised for working capital.

Imposition of sanctions/penalties

There were no sanctions and/or penalties imposed on the Company or its subsidiaries, Directors or management by the
relevant bodies.

Profit estimate, forecast or projection

There was no significant variance between the results for the financial year and the unaudited results previously announced.
The Company did not make any release on the profit estimate, forecast or projections for the financial year.

Profit guarantee

During the year, there were no profit guarantees given by the Company.

20 SKB SHUTTERS CORPORATION BERHAD REG NO. 199701014865 (430362-U)

 Sustainability Statement

About This Statement

SKB Shutters Corporation Berhad (“SKB” or “the Group”) is benefitting from the continuous recovery of the domestic
construction sector and services sector, especially logistics and digital economy segment. Aside from emphasising
operational efficiency and cost rationalisation to improve profitability and sustainable business growth, we are also
committed to integrating ESG (environmental, social, and governance) principles into both our operations and strategic long-
term planning. Our aim is to contribute meaningfully to a sustainable environment through our product offerings, stakeholder
and employee engagement, and by upholding our social responsibilities.

This year, we conducted our first engagement directly with stakeholders centred on key ESG topics. The insights and
findings from this exercise are presented in the following section. Additionally, for the first time in this reporting period, we
are disclosing data on our performance across several sustainability indicators.

Reporting Scope and This Statement covers the Group’s sustainability management and performance in our Kota
Boundary Damansara manufacturing plant of SKB Shutters Manufacturing Sdn. Bhd. and SKB Storage
Industries Sdn. Bhd.

Reporting Cycle Annually

Reporting Period 1 July 2023 to 30 June 2024 (“FY2024”)

Reporting Framework This Statement is prepared in accordance with Paragraph 6, Part III Sustainability Statement
of Practice Note 9 of the Bursa Malaysia’s (“Bursa”) Main Market Listing Requirements and
guided by Bursa’s Sustainability Reporting Guide (3rd Edition).

Sustainability Management Core Values

INTEGRITY AND ETHICS RESPECTFUL

Honesty and integrity are crucial for effective Sustainability requires collaboration,
performance, building trust, and shaping shared resources, and equitable solutions,
our company's reputation, ensuring long- starting with treating everyone with respect
term success for all stakeholders. and consideration for shared values and
goals

INNOVATION ADVOCACY

At SKB, innovation drives our product We are committed to environmental

development and service delivery, focusing stewardship and community engagement.
on reducing waste, enhancing durability In addition to practicing these values, we
and safety, and tackling new challenges. also advocate for responsible sustainability
management from an early age.

21
Annual Report
2024
 Sustainability Statement

Our Approach to Sustainability

Sustainability Governance

Our Board of Directors (“Board”) oversees the Group’s sustainability efforts, including monitoring and assessing sustainability
issues and practices, defining policies, and authorising strategies. The Board evaluates the sustainability performance of
the directors and their comprehension of relevant sustainability issues concerning the Group and its business, including
climate-related risks and opportunities, in consultation with the Nominating Committee. The Board ensures sustainability is
integrated into the Group’s strategies, business plans, and risk management, while promoting long-term value creation and
effectively communicating sustainability priorities and performance to subsidiaries and stakeholders.

The Sustainability Management Committee (“SMC”), composed of the respective Heads of Departments and led by our
Managing Director, reports to and advises the Board on sustainability matters. The SMC supervises the Group’s sustainability
implementation and performance, recommends improvements, and identifies material topics, including climate-related risks
and stakeholder interests. Additionally, the SMC sets targets, integrates sustainability into decision-making, and develops
systems for collecting, verifying, and reporting sustainability data.

Stakeholder Engagement

We regularly evaluate key sustainability topics and their impact on our operations, taking into account shifts in our operating
environment and insights gathered through ongoing stakeholder engagement sessions.

Key Stakeholders Area of Interest or Concerns Type of Engagement

Customers • Product quality and performance • Sustaining long-term relationship
• Sustaining long-term relationship • Customer satisfaction survey
• On-site visits
• Customer audit
• Exhibition and roadshows

Employees • Communication and engagement • Training and development

• Working environment • Formal meeting and discussion
• Career development and training • Employee suggestion programme
• Business performance review • Appraisal and performance review
• Health and safety training

Suppliers • Forging strategic partnership • Supplier selection via pre-qualification

• Supplier performance review • Regular meetings and correspondence
• Product quality monitoring • Whistle-blowing platform

22 SKB SHUTTERS CORPORATION BERHAD REG NO. 199701014865 (430362-U)

 Sustainability Statement

Sustainability Matters

We recognise that our approach to sustainability directly influences our long-term value creation for stakeholders. These
considerations guide our business strategy and inform how we allocate resources toward sustainable initiatives.

In FY2024, we conducted an assessment of these matters by engaging directly with our internal stakeholders (senior
management and employees) and key external groups (business partners, corporate professionals, customers, NGOs/local
communities, and financial institutions). We have identified seven key stakeholder groups and eighteen relevant issues,
nine of which require focused attention. The findings were carefully reviewed by management and subsequently approved
by the Board.

Our assessment process was aligned with Bursa’s Sustainability Reporting Guide, which outlines the following three phases:

SKB’s Materiality Assessment Process

Phase 1: Phase 2: Phase 3:

 
Identification Prioritisation Validation

• Identified key stakeholders of • Engaged our internal and • The materiality assessment
SKB external stakeholders through a process and outcome were
• Identified SKB’s material survey, which included reviewed by the Management
sustainability topics based - 34 internal stakeholders and presented to the Board for
on sustainability guidelines, - 24 external stakeholders endorsement.
frameworks, and standards • Conducted a workshop with
• Leveraged on outcomes of the Management to evaluate
general external stakeholder SKB’s materiality perspective
engagement to understand their by considering the sustainability
needs and expectations based matters’ impact on revenue,
on the company’s operating cost, business survival or
context sustainability, growth, and
• A preliminary list of sustainability media or reputation.
topics was derived. • The material sustainability
topics were prioritised based on
SKB’s materiality perspective
and importance to prioritised
stakeholders through inputs
from the stakeholder survey.
• The outcome of the prioritisation
resulted in a sustainability
matrix.

23
Annual Report
2024
 Sustainability Statement

SKB’s Sustainability Matrix FY2024

100%
5
6 3
90% 2
1
80%
Importance to Stakeholders

9 4
8 7
70%
60%
50%
40%
30%
20%
10%
0%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Importance to Organisation

Stakeholders’ Identified Material Sustainability Matters

1 Product Design & Material Sourcing 6 Industry Development
2 Assurance1 7 Risk Management1
3 Labour Practices and Standards 8 Green Operating Approaches, Methods and Procedures2
4 Regulatory Compliance1 9 Corporate Code of Conduct and Ethics1
5 Occupational Safety and Health

Our new focus centres on the nine material sustainability matters identified above, which are significant to both our
stakeholders and us due to their substantial impact. We have prioritised these matters compared to the other common
sustainability matters identified in the assessment, as we are already adequately managing the common sustainability
matters listed in the table below. This approach allows us to concentrate our efforts where needed, ensuring we remain
responsive and responsible.

Common Sustainability Matters

10 Corporate Governance1 15 Supply Chain Management
11 Water3 16 Community Development and Commitment
12 Energy Management3 17 Emissions Management3
13 Diversity, Equity and Inclusion 18 Customer Privacy and Cybersecurity
14 Waste Management3

Note:
1. “Assurance”, “Regulatory Compliance”, “Risk Management”, “Corporate Code of Conduct and Ethics”, and
“Corporate Governance” are collectively managed under “Corporate Governance and Compliance”.
2. “Green Operating Approaches, Methods and Procedures” is managed under “Workplace and Immediate Environment”
and “Industry Development”.
3. “Water”, “Energy Management”, “Waste Management”, and “Emissions Management” are collectively managed
under “Workplace and Immediate Environment”.

24 SKB SHUTTERS CORPORATION BERHAD REG NO. 199701014865 (430362-U)

 Sustainability Statement

The management and performance of these sustainability matters are disclosed under four themes:

Environment Social Governance Economics

• Product Design and • Labour Practices and • Corporate Governance • Industry Development
Material Sourcing Standards* and Compliance • Supply Chain
• Workplace and • Occupational Safety and • Customer Privacy and Management*
Immediate Environment Health* Cybersecurity*
• Diversity, Equity and
Inclusion*
• Community Development
and Commitment

*Additional sustainability matters in FY2024

Assurance

Our Sustainability Statement has been subjected to internal review by the respective Heads of Department and deliberated
and approved by the Board.

ENVIRONMENT SOCIAL GOVERNANCE ECONOMICS

Product Design and Material Sourcing

Why it matters?

Sustainable product design is vital for both environmental stewardship and the long-term reliability of our offerings. The
materials we select not only influence our environmental footprint but also determine the durability and performance of
our products. By prioritising recyclability, responsibly sourced materials, and product longevity, we aim to reduce waste
and minimise our impact on the environment.

Our approach and performance

Sustainability is embedded in our product design and material sourcing processes. We focus on using recyclable materials,
sourcing resources responsibly, ensuring their availability, and enhancing product durability. Our commitment to prioritising
product quality and durability minimises replacement frequency, thereby contributing to resource conservation and waste
reduction. We also adopted powder-coat finishing across all our products. This method uses organic components that are
free from TGIC, heavy metals, and harmful volatile substances, aligning with our commitment to environmental safety.

Our Powerless Auto-Close Flood Shutter, recognised with the Archidex Star
Award 2023 and The Brandlaureate Sustainable Business and Inspirational
Brands Achievement Awards 2022-2023, is designed with automatic
deployment that does not require electricity supply or backup power during
flood events.

SKB’s Powerless Auto-Close Flood Shutter

A few categories of our roller shutters have been rigorously tested to ASTM
E330 standards for wind speed resistance of up to 3,600 Pascal, equivalent
to 280 km/h, a Category 5 hurricane on the Saffir-Simpson scale. Hurricanes
and typhoons at this scale causes catastrophic damage to buildings and
infrastructure1. This product design further demonstrates our commitment to
quality and environmental stewardship. SKB’s Roller Shutter

1
National Hurricane Center (NHC) of the US National Oceanic and Atmospheric Administration (NOAA).

25
Annual Report
2024
 Sustainability Statement

ENVIRONMENT SOCIAL GOVERNANCE ECONOMICS

Workplace and Immediate Environment

Why it matters?

Our commitment to sustainability extends to our workplace and the management of our surrounding environment. The
design of our facilities and our daily operations directly impact our energy and water usage, waste management, and overall
carbon footprint. By prioritising energy efficiency, waste reduction, and responsible resource use, we not only protect the
environment but also inspire our employees to adopt sustainable practices.

Our approach and performance

Our Kota Damansara plant was designed with several energy-saving measures in mind. The plant’s design optimises natural
light by using skylight panels, reducing reliance on artificial lighting. These panels are maintained annually to ensure optimal
efficiency. For low-light conditions, we use energy-efficient LED lighting. In FY2022, we expanded our sustainability efforts
by installing solar panels across 5,200 m² of the plant’s roof. These panels generated 488 MWh in FY2023, significantly
reducing our carbon footprint while delivering financial savings for the Group.

In FY2024, we saved 829.8 MWh of electricity through the use of solar-generated power, resulting in an estimated reduction
of 629 tonnes of CO2e.

Energy management Energy Consumption by Category (GJ)

In FY2024, we upgraded our machinery by incorporating inverter motors,

enabling more precise control over motor speed, reducing energy

LPG 11,749
consumption, and lowering operational costs. To enhance fuel efficiency, we

Solar energy 2,987

maintain all vehicles regularly and train forklift drivers on optimal operational
Electricity 2,528

Petrol 3,731
practices. Additionally, employees are consistently reminded to switch off
all electrical appliances during lunchtime and rest days to conserve energy.
Diesel 1,917

Our total energy consumption in FY2024 was 22,912 GJ, with 51.7%
attributed to LPG usage in our production.

FY2024

Water management Total Volume of Water Used

(Megalitres)
Our water conservation programme encourages employees to recycle and
reuse water where possible. We also operate a wastewater treatment
process to filter and treat water from fabrication and treatment processes. 21.42
The treated water meets the standards prescribed by the Department of
Environment (“DOE”) before discharge.

In FY2024, the Group consumed 21.42 megalitres of water.

FY2024

26 SKB SHUTTERS CORPORATION BERHAD REG NO. 199701014865 (430362-U)

 Sustainability Statement

ENVIRONMENT SOCIAL GOVERNANCE ECONOMICS

Waste management
Waste Generated (Tonnes)
Our waste management strategy involves a collective commitment across
the organisation. All employees actively participate in our ongoing "Leave-
No-Trash-Behind" initiative, sorting waste into recyclables, non-recyclables,
and organic waste at the end of each workday. Hazardous waste generated 38.2
is categorised as scheduled waste, while non-hazardous waste includes 19%
general and recyclable materials. Recyclable materials from our factory, i.e.
scrap metal and scheduled waste, are collected by vendors regularly. Our
factory also fully reuses all cardboard packaging materials from procured
items.

In FY2024, we generated a total of 199.3 tonnes of waste, comprising both

hazardous and non-hazardous categories, with 19.2% of the total waste 161.1
being recycled. 81%

Waste Diverted From Disposal

Waste Directed To Disposal

Emissions management
Total Emissions by Scope (tCO2e)
In FY2024, we initiated tracking and monitoring of our Scope 3 emissions 92.7
related to employee commuting. We plan to expand our reporting to include
Scope 3 emissions from business travel in future assessments.
532.2
Note:
1. Scope 1 emissions are derived from our consumption of petrol, diesel and LPG.
2. Scope 2 emissions factors for electricity grids in Peninsular Malaysia are sourced
from MY Energy Commission 2021 Grid Emission Factor (“GEF”) in Malaysia.
3. Scope 3 emissions are derived from employee commuting based on the 1124.2
methodology provided in Technical Guidance for Calculating Scope 3 Emissions
(version 1.0), published by GHG Protocol.
4. Scope 1 and Scope 3 emissions factors are sourced from the GHG Conversion
Factors for Company Reporting version 1.0 (2023), published by the UK
Department for Environment, Food & Rural Affairs (“DEFRA”). FY2024
Scope 1 Scope 2 Scope 3

27
Annual Report
2024
 Sustainability Statement

ENVIRONMENT SOCIAL GOVERNANCE ECONOMICS

Labour Practices and Standards Total Hours of Training by Employee

Category in FY2024
Why it matters?

Promoting fair labour practices is essential to cultivating a workplace where

everyone feels valued, respected, and motivated. By ensuring equitable
60
treatment, providing equal access to opportunities, and maintaining strong
support systems, we not only enhance employee well-being but also drive
the overall success and sustainability of our organisation. 151

Our approach and performance 463.5

Hours
Our commitment to fair labour practices is supported by our Local Employment 150.5
Policy, Sustainability Policy, and Human Rights Policy. These policies guide
our initiatives, which include:
102
Employee Benefits

We continually review and enhance our employment

benefits to ensure they align with the evolving needs of our Senior Management
employees, offering them the support needed to thrive. Management
Executive
Training and Development Non-executive

We prioritise continuous learning and development Percentage of Contract-Based/

opportunities, empowering our employees to build their Temporary and Permanent Staff in
skills, excel in their roles, and progress in their careers. FY2024

Employee Engagement Programme

We encourage open communication and foster engagement 20%

through formal meetings, discussions, and employee
suggestion programmes, ensuring that every employee
has a voice and remains aligned with the company’s
mission and goals.

Health and Well-Being

80%
We support the physical and mental well-being of our
employees through health and safety training, along with
initiatives aimed at promoting a healthy work-life balance.

Contract-based or temporary
Appraisal and Performance Review Permanent

We conduct regular appraisals and performance reviews Number of employee turnover in FY2024
to offer constructive feedback, recognise achievements, Senior Management -
and identify growth opportunities. Management -
Executive 15
Non-executive 17
In FY2024, we provided a total of 463.5 hours of both internal and external
Total 32
trainings across the following areas:

• Anti-corruption • Health and Safety Number of substantiated

• Career development • Operational complaints concerning human Nil
• Environmental • Human Rights rights violation in FY2024

28 SKB SHUTTERS CORPORATION BERHAD REG NO. 199701014865 (430362-U)

 Sustainability Statement

ENVIRONMENT SOCIAL GOVERNANCE ECONOMICS

We have also conducted various quarterly team-building activities and provided basic health screenings for employees, in
addition to festive celebrations.

NKF Health Screening for all employees Teambuilding activity at Thistle

Raya Open House Team outing at Luge, Gamuda Gardens

29
Annual Report
2024
 Sustainability Statement

ENVIRONMENT SOCIAL GOVERNANCE ECONOMICS

Occupational Safety and Health

Why it matters?

Occupational health and safety are essential for ensuring the well-being of our employees and the smooth operation of our
business. Prioritising workplace safety helps us minimise accidents and injuries, fosters a culture of safety, and ensures
compliance with industry standards.

Our approach and performance

Our Kota Damansara plant features crane-operated lifting and hoisting In FY2024, our performance for occupational
systems on the production floor, enhancing both safety and efficiency in health and safety is as follows.
material handling.
Total hours worked 333,440
To maintain a safe and healthy work environment, we regularly review and
update our Occupational Safety, Health, and Environment (“OSHE”) Policy
Number of work-related
and our Hazard Identification, Risk Assessment, and Risk Control (“HIRARC”) Nil
fatalities
processes. These updates are part of our ongoing efforts to improve safety
protocols.
Number of lost time incidents Nil
We place a strong emphasis on training and awareness to uphold workplace
safety. Our training programs cover emergency evacuation procedures, Lost time incident rate
4.80
fire drills, forklift operations, roll-forming upright procedures, and lessons (“LTIR”)
learned from past incidents to prevent future occurrences. We also conduct
regular toolbox meetings on topics such as overhead crane safety, material Number of employees
handling awareness, behaviour-based safety, personal protective equipment trained on health and safety 98
(“PPE”), and the safe operation of roll-forming coil uncoilers. standards

In FY2024, we recorded eight incidents, primarily involving lacerations

and injuries related to daily operations. Following thorough investigations,
we implemented several measures to prevent future occurrences. These
include emphasising the safe and correct use of machinery during toolbox
meetings, conducting targeted training sessions, revising and establishing
standard operating procedures, installing protective guards on equipment,
and enforcing the use of PPE.

30 SKB SHUTTERS CORPORATION BERHAD REG NO. 199701014865 (430362-U)

 Sustainability Statement

ENVIRONMENT SOCIAL GOVERNANCE ECONOMICS

Diversity, Equity and Inclusion

Why it matters?

Embracing diversity and ensuring equal opportunities for all foster an environment where every individual feels valued,
respected, and empowered to contribute effectively. This inclusive approach not only enhances workplace culture but also
drives collective success.

Our approach and performance

In our recruitment and workplace practices, we are committed to respecting diversity and actively preventing discrimination
based on race, religion, age, gender, sexual orientation, disability, or any other identity aspect. Our objective is to remove
barriers to fairness and justice, promoting an environment where open dialogue is encouraged, diverse perspectives are
valued, and everyone has the opportunity to contribute to our shared success.

As of FY2024, our team comprises 8 directors and 336 employees. Given the nature of our work, non-executive positions
are predominantly held by male employees.

Directors Profile

Board Diversity by Gender in FY2024 Board Diversity by Age Board Diversity by Ethnicity

12.5%
25.0%

Non-Malaysian
>65 years old Other ethnic
37.5%
50% 50% 56-65 years old minorities 75.0%
46-55 years old Indian
36-45 years old Chinese
37.5%
<35 years old Malay
12.5%

Male Female FY2024 FY2024

Workforce Profile

Gender Diversity in FY2024 Age Diversity Ethnic Diversity

7.1% 10.1%

Non-Malaysian
53.9% 69.0%
Other ethnic
minorities
>50 years old Indian
1.8%
92.9% 30-50 years old Chinese 8.6%
36.0%
<30 years old Malay 20.5%

Male Female FY2024 FY2024

31
Annual Report
2024
 Sustainability Statement

ENVIRONMENT SOCIAL GOVERNANCE ECONOMICS

Gender Diversity by Employee Category in FY2024

0.4%

Non-executive 99.6%

Executive 69.8% 30.2%

Management 60.0% 40.0%

Senior Management 40.0% 60.0%

Male Female

Age Diversity by Employee Category in FY2024

Non-executive 39.9% 51.5% 8.6%

Executive 26.4% 66.0% 7.5%

Management 60.0% 40.0%

Senior Management 40.0% 60.0%

<30 years old 30-50 years old >50 years old

32 SKB SHUTTERS CORPORATION BERHAD REG NO. 199701014865 (430362-U)

 Sustainability Statement

ENVIRONMENT SOCIAL GOVERNANCE ECONOMICS

Community Development and Commitment

Why it matters?

Active involvement in our community is central to our mission of extending our positive impact beyond our core business
activities. By engaging with and supporting our local communities, we contribute to the social good and build deeper, more
meaningful relationships with those around us.

Our approach and performance

Our commitment to community development is deeply ingrained in our Total community

values. We strive to ensure inclusivity, regardless of religious, ethnic, or investment where target
gender backgrounds, to maximise the reach and impact of our efforts. By RM 59,133
beneficiaries are external
embracing equality and fostering unity, we enhance our community outreach to SKB
and support.
Total number of
Over the years, we have dedicated significant resources to community
beneficiaries* of the 6
projects, utilising our products and services to address local needs. Our
community investment
contributions include donations to community centres, schools, homes for
the elderly, and other local organisations, reflecting our commitment to
* Disclosed as the number of organisations/
making a tangible difference in the areas where we operate.
associations.
Recently, we made a notable advancement by participating in the Eco-
Schools programme through the Green Growth Asia Foundation. This
initiative educates students on environmental stewardship. We partnered
with the foundation to support SK Tunku Azizah School in Kuantan, Pahang,
named in honour of Her Majesty the Queen of Pahang. Our aim with this
partnership is to help students understand their potential to positively
impact the environment from their school and extend these efforts to their
communities. This project has reached out to 1,024 students, marking a
significant milestone in our mission to inspire sustainability among young
learners.

33
Annual Report
2024
 Sustainability Statement

ENVIRONMENT SOCIAL GOVERNANCE ECONOMICS

Corporate Governance and Compliance

Why it matters?

Building and maintaining trust with our shareholders, stakeholders, and the broader community is essential for long-term
success. Effective corporate governance is crucial for ensuring transparency, ethical conduct, and legal compliance. It
safeguards shareholders' investments, manages risks, and creates value by upholding accountability and integrity in all
business operations.

Our approach and performance

Our dedication to corporate governance is guided by the principles of The first corruption-related training was
the Malaysian Code on Corporate Governance. We emphasise robust conducted in the year 2022 for all existing
governance practices to protect shareholder interests and fulfil stakeholder employees. All new employees were
expectations, thereby enhancing shareholder value and ensuring operational subsequently trained in anti-corruption
transparency and integrity. during the onboarding process.

Anti-corruption To ensure 100% of employees across all

categories are trained in the future, we
This year, we have upheld high governance standards with no issues plan to implement progressive training
negatively impacting our shareholders or stakeholders. We continuously for foreign employees, which will include
implement a company-wide Anti-Bribery and Corruption Policy, which is translating the Anti-Bribery and Corruption
integral to our governance framework. This policy underscores our zero- Policy into their native languages.
tolerance stance on bribery and corruption, reinforcing the expectation that
integrity takes precedence over business gains. Corruption-related training received by
employee as of the end of FY2024
Code of Conduct and Ethics Senior Management 100%
Management 100%
Our Code of Conduct and Ethics, available on our website since 2020,
Executive 100%
outlines the ethical standards and behaviours expected within our company.
Additionally, our Whistle Blowing Policy and Procedure, implemented in 2019 Non-executive -
and accessible on our website, provides a secure channel for reporting
misconduct or breaches of our ethical standards, supporting a culture of Percentage of operations
honesty and accountability. assessed for corruption- 100%
related risks in FY2024
Risk Management
Number of confirmed
We acknowledge that a comprehensive Risk Management process is corruption incidents in Nil
necessary to ensure the potential risks and opportunities of the material FY2024
sustainability matters are adequately managed. We plan to address this by
identifying, evaluating, and mitigating potential risks, including those related
to climate change, in line with the recommendations of the Task Force on
Climate-related Financial Disclosures (TCFD).

In executing these practices, we maintain compliance with all relevant

standards and regulations, and adopt best practices wherever practicable.

34 SKB SHUTTERS CORPORATION BERHAD REG NO. 199701014865 (430362-U)

 Sustainability Statement

ENVIRONMENT SOCIAL GOVERNANCE ECONOMICS

Customer Privacy and Cybersecurity

Why it matters?

Protecting our customers' privacy and ensuring robust cybersecurity are paramount. Safeguarding personal information from
unauthorised access and misuse not only builds trust but also ensures compliance with legal requirements, such as the
Personal Data Protection Act (“PDPA”). Adhering to these standards helps us secure sensitive information and maintain the
confidence of those we serve.

Our approach and performance

We are committed to upholding the highest standards of data protection Number of substantiated
and cybersecurity. Our Privacy Policy outlines our strategies for safeguarding complaints concerning
personal information and our adherence to the PDPA. We implement breaches of customer Nil
stringent protocols to prevent data breaches and regularly update our privacy and losses of
security measures to effectively manage risks and prioritise privacy. customer data in FY2024

All data managed by the Group is securely stored on a local server with
restricted access. We employ encryption and maintain detailed audit logs
to enhance security and monitor access. These measures are designed
to protect against unauthorised access and ensure the integrity of our
customers’ personal information.

35
Annual Report
2024
 Sustainability Statement

ENVIRONMENT SOCIAL GOVERNANCE ECONOMICS

Industry Development

Why it matters?

Staying abreast of industry developments is crucial for enhancing safety and addressing emerging challenges effectively.
Particularly in areas such as fire safety and flood protection, continuous updates in regulations and rising environmental
risks necessitate a proactive approach. Keeping informed about these changes ensures that our products remain effective
in safeguarding lives.

Our approach, innovations and achievements

We actively engage with the latest advancements in fire safety and industry standards by participating in research and
attending relevant conferences. This engagement allows us to stay updated on new materials, building techniques, and
regulatory changes.

Innovative solutions to address environmental challenges

To address specific challenges such as flood risks, we have launched the Powerless Auto-Close Flood Shutter in FY2023.
Theses shutters are designed to protect assets and lives during flood events. Additionally, we collaborate with government
and industry partners to develop customised solutions, including insulated fire shutters and seismic storage systems.
Our storage racking systems have been tested to Australian Standard AS 4084:2023, which requires all racking systems
to be designed to withstand earthquakes and outlines the framework for safe operation and maintenance of the product.
Adherence to the standard helps ensure the safety and structural integrity of racking systems, and protect workers and the
public from hazard associated with the use of racking. These innovations not only addresses market expectations of the
products but also serves as a mitigation measure in response to increasing drastic climate events.

SKB is the first in Malaysia to successfully test fire-rated doors with electric mortise lock, and the largest fire-rated doors
under Malaysian Standard. Additionally, our horizontal shutter is the first in the world to achieve 4-hour fire rating under BS
EN Standard.

Supply Chain Management

Why it matters?

Maintaining a responsible and sustainable supply chain is crucial, particularly when working with local suppliers. Ethical
sourcing and fair treatment of suppliers ensure that we avoid causing harm to people or the environment. By prioritising local
suppliers, we not only contribute positively to our community but also support the sustainability of our operations.

Our approach and performance FY2024

We are committed to responsible supply chain management, focusing on
ethical sourcing and the fair treatment of all suppliers. Our procurement
processes emphasise sustainability and integrity, and we regularly review
and assess our supply chain to ensure alignment with our values and
standards. This commitment helps us maintain a transparent and ethical 23%
supply chain while supporting local businesses.

In FY2024, 77% of the expenditure allocated for procurement purpose

is directed towards local suppliers. Despite this, we occasionally source
materials from international suppliers when necessary to meet our
requirements, ensuring that we fulfil all our operational needs effectively.
77%

Spending on local suppliers

Spending on international suppliers

36 SKB SHUTTERS CORPORATION BERHAD REG NO. 199701014865 (430362-U)

 SKB SHUTTERS CORPORATION BERHAD
2024 Sustainability Statement
Sustainability Statement
SKB SHUTTERS CORPORATION BERHAD
Performance
2024 Data
Sustainability Table
Statement
Indicator Measurement Unit 2024

Performance
Bursa (Water)
Performance Data Table Data Table
Bursa C9(a) Total volume of water used Megalitres 21.420000

Bursa (Energy management)

Indicator Measurement Unit 2024
Bursa C4(a)
Bursa Total energy consumption
(Water) Megawatt 22,912.00

Bursa (Waste
Bursa C9(a) management)
Total volume of water used Megalitres 21.420000
Bursa C10(a)
Bursa (EnergyTotal waste generated
management) Metric tonnes 199.30

Bursa C10(a)(i) Total

C4(a) Total waste
energy diverted from
consumption Metric tonnes
Megawatt 38.20
22,912.00
disposal
Bursa (Waste management)
Bursa C10(a)(ii) Total waste directed to Metric tonnes 161.10
Bursa C10(a) Total waste generated
disposal Metric tonnes 199.30

Bursa C10(a)(i)
Bursa (EmissionsTotal waste diverted from
management) Metric tonnes 38.20
disposal
Bursa C11(a) Scope 1 emissions in tonnes Metric tonnes 1,124.20
Bursa
of C10(a)(ii) Total waste directed to
CO2e Metric tonnes 161.10
disposal
Bursa C11(b) Scope 2 emissions in tonnes Metric tonnes 532.20
Bursa (Emissions management)
of CO2e
Bursa C11(c)
Bursa C11(a) Scope
Scope 31 emissions
emissions in
in tonnes
tonnes Metric tonnes
Metric tonnes 1,124.20
92.70
of
of CO2e
CO2e (at least for the categories of
business travel and employee commuting)
Bursa C11(b) Scope 2 emissions in tonnes Metric tonnes 532.20
of CO2e
Bursa (Labour practices and standards)
Bursa C6(a)
Bursa C11(c)Total
Scope 3 emissions
hours inby
of training tonnes Metric tonnes 92.70
of CO2e (at
employee least for the categories of
category
business travel and employee commuting)
Senior Management Hours 60
Bursa (Labour practices and standards)
Management Hours 151
Bursa C6(a) Total hours of training by
Executive
employee category Hours 102

Senior Management
Non-executive Hours 60
151

BursaManagement
C6(b) Percentage of employees that Hours
Percentage 151
20.00
are contractors or temporary staff
Executive Hours 102
Bursa C6(c) Total number of employee
Non-executive
turnover by employee category Hours 151

BursaSenior
C6(b) Management
Percentage of employees that Percentage
Number 20.00
0
are contractors or temporary staff
Management Number 0
Bursa C6(c) Total number of employee
Executive
turnover by employee category Number 15

Senior Management
Non-executive Number 0
17

BursaManagement
C6(d) Number of substantiated Number 0
complaints concerning human rights
Executive Number 15
violations

BursaNon-executive
(Health and safety) Number 17

Bursa C5(a)
Bursa C6(d) Number
Number of
of work-related
substantiated Number
Number 0
0
complaints
fatalities concerning human rights
violations
Bursa C5(b) Lost time incident rate ("LTIR") Rate 4.80
Bursa (Health and safety)
Bursa C5(c) Number of employees trained Number 98
Bursa
on C5(a)
health andNumber of work-related
safety standards Number 0
fatalities
Total hours worked Hours 333,440
Bursa C5(b) Lost time incident rate ("LTIR") Rate 4.80
Number of lost time incidents Number 8
Bursa C5(c) Number of employees trained Number 98
Bursa
on health(Diversity)
and safety standards
Bursa C3(a)worked
Total hours Percentage of employees by Hours 333,440
gender and age group, for each employee
Number of lost time incidents
category Number 8

Bursa
Age(Diversity)
Group by Employee Category
BursaSenior
C3(a) Management
Percentage ofUnder
employees
30 by Percentage 0.00
gender and age group, for each employee
Senior Management Between 30-50
category Percentage 40.00

Senior
Age Management
Group Above
by Employee 50
Category Percentage 60.00

Senior Management
Management Under 30
Under 30 Percentage 0.00

Senior Management
Management Between
Between 30-50 30-50 Percentage 40.00
60.00

Senior Management
Management Above 50
Above 50 Percentage 60.00
40.00

Management
Executive Under
Under 30 30 Percentage 0.00
26.40

Management
Executive Between
Between 30-50
30-50 Percentage 60.00
66.00

Management
Executive Above
Above 50 50 Percentage 40.00
7.50

Executive Under
Non-executive 30 30
Under Percentage 26.40
39.90

Executive Between
Non-executive 30-50
Between 30-50 Percentage 66.00
51.50

Executive Above
Non-executive 50 50
Above Percentage 7.50
8.60

Non-executive
Gender Group byUnder 30 Category
Employee Percentage 39.90
Senior Management
Non-executive Male
Between 30-50 Percentage 40.00
51.50
Senior Management
Non-executive AboveFemale
50 Percentage 60.00
8.60
Management
Gender Male
Group by Employee Category Percentage 60.00

Senior Management
Management FemaleMale Percentage 40.00

Senior Management
Executive Male Female Percentage 60.00
69.80

Management
Executive Male
Female Percentage 60.00
30.20

Management Female
Non-executive Male Percentage 40.00
99.60

Executive Male Percentage 69.80

Executive Female Percentage 30.20

Non-executive Male Percentage 99.60

Internal assurance External assurance No assurance (*)Restated

37
Internal assurance External assurance No assurance Annual Report(*)Restated
2024
 SKB SHUTTERS CORPORATION BERHAD
2024 Sustainability Statement
Sustainability Statement
Performance
SKB SHUTTERSData Table
CORPORATION BERHAD
2024
Indicator
Sustainability Statement
Measurement Unit 2024
Bursa (Water)
Performance Data Table (continued)
Performance
Bursa C9(a) Total volume ofData Table Megalitres
water used 21.420000

Bursa (Energy management)

Indicator Measurement Unit 2024
BursaNon-executive
C4(a) Total energy consumption
Female Megawatt
Percentage 22,912.00
0.40
Bursa (Waste
Bursa C3(b) management)
Percentage of directors by
gender and age group
Bursa C10(a) Total waste generated Metric tonnes 199.30
Male Percentage 50.00
Bursa C10(a)(i) Total waste diverted from Metric tonnes 38.20
disposal
Female Percentage 50.00
BursaUnder
C10(a)(ii)
36 Total waste directed to Metric tonnes
Percentage 161.10
0.00
disposal
36 - 45 Percentage 37.50
Bursa (Emissions management)
46 - 55 Percentage 0.00
Bursa C11(a) Scope 1 emissions in tonnes Metric tonnes 1,124.20
of CO2e
56 - 65 Percentage 37.50
BursaAbove
C11(b)65 Scope 2 emissions in tonnes Metric tonnes
Percentage 532.20
25.00
of CO2e
Total number of employees Number 336
Bursa C11(c) Scope 3 emissions in tonnes Metric tonnes 92.70
Gender
of CO2ediversity
(at least-for
Male
the categories of Percentage 93.00
business travel and employee commuting)
Gender diversity - Female Percentage 7.00
Bursa (Labour practices and standards)
Age diversity - <30 years old Percentage 36.00
Bursa C6(a) Total hours of training by
Age diversity
employee - 30-50 years old
category Percentage 54.00

Age diversity - >50 years old

Senior Management Percentage
Hours 10.00
60
EthnicManagement
diversity - Malay Percentage
Hours 20.50
151
EthnicExecutive
diversity - Chinese Percentage
Hours 8.60
102
EthnicNon-executive
diversity - Indian Percentage
Hours 1.80
151
Ethnic diversity
Bursa C6(b) - Other ethnic
Percentage minoritiesthat
of employees Percentage 0.00
20.00
are contractors or temporary staff
Ethnic diversity - Non-Malaysian Percentage 69.00
Bursa C6(c) Total number of employee
Bursa (Community/Society)
turnover by employee category
BursaSenior
C2(a) Management
Total amount invested in the MYR 59,133.00
Number 0
community where the target beneficiaries
Management
are external to the listed issuer Number 0
BursaExecutive
C2(b) Total number of beneficiaries of Number 6
15
the investment in communities
Non-executive Number 17
Bursa (Anti-corruption)
Bursa C6(d) Number of substantiated Number 0
Bursa C1(a)concerning
complaints Percentage of employees
human rights who
have received training on anti-corruption by
violations
employee category
Bursa (Health and safety)
Senior Management Percentage 100.00
Bursa C5(a) Number of work-related Number 0
Management
fatalities Percentage 100.00

BursaExecutive
C5(b) Lost time incident rate ("LTIR") Percentage
Rate 100.00
4.80

BursaNon-executive
C5(c) Number of employees trained Percentage
Number 0.00
98
on health and safety standards
Bursa C1(b) Percentage of operations Percentage 100.00
Total
assessed forworked
hours corruption-related risks Hours 333,440
Bursa
NumberC1(c) Confirmed
of lost incidents of
time incidents Number 0
8
corruption and action taken
Bursa (Diversity)
Bursa (Data privacy and security)
Bursa C3(a) Percentage of employees by
Bursa C8(a)
gender Number
and age of for
group, substantiated
each employee Number 0
complaints concerning breaches of
category
customer privacy and losses of customer
dataAge Group by Employee Category

BursaSenior Management
(Supply Under 30
chain management) Percentage 0.00

BursaSenior
C7(a) Management Between 30-50
Proportion of spending on local Percentage
Percentage 40.00
77.00
suppliers
Senior Management Above 50 Percentage 60.00

Management Under 30 Percentage 0.00

Management Between 30-50 Percentage 60.00

Management Above 50 Percentage 40.00

Executive Under 30 Percentage 26.40

Executive Between 30-50 Percentage 66.00

Executive Above 50 Percentage 7.50

Non-executive Under 30 Percentage 39.90

Non-executive Between 30-50 Percentage 51.50

Non-executive Above 50 Percentage 8.60

Gender Group by Employee Category

Senior Management Male Percentage 40.00

Senior Management Female Percentage 60.00

Management Male Percentage 60.00

Management Female Percentage 40.00

Executive Male Percentage 69.80

Executive Female Percentage 30.20

Non-executive Male Percentage 99.60

Internal assurance External assurance No assurance (*)Restated

38 Internal assurance External assurance No assurance (*)Restated

SKB SHUTTERS CORPORATION BERHAD REG NO. 199701014865 (430362-U)
 Statement on Risk Management and Internal Control

BOARD’S RESPONSIBILITIES

The Board acknowledges its overall responsibility to maintain a sound system of internal control and risk management
framework within the Group. The Board also recognises that reviewing the Group’s systems of risk management and internal
control is a continuous process in ensuring the implementation of appropriate strategies to manage risks and safeguard the
shareholders’ investment and the Group’s assets.

The Board recognises that business decisions require balancing risk, cost management, shareholders’ interest and return.
Functionally, risk management implementation is the responsibility of all Executive Directors and Departmental Heads, while
the Board derives its comfort in the state of risk management and internal control implementation in the Group from the
following avenues:

• Quarterly reviews of the financial performance of the Company and the Group;

• Briefing by Management during the Board Meetings on significant business and operational performance and
outlooks;

• Reviews of audit findings presented by External Auditors;

• Assessments of the internal control systems and governance practices by the Internal Auditors; and

• Annual management assurance that the Group’s risk management and internal control systems are adequate and
effective in all material respects.

RISK MANAGEMENT

The Executive Directors and Heads of Departments are accountable to the Board for identifying, evaluating, monitoring, and
managing risks; taking and implementing appropriate and timely actions and controls, and providing assurance to the Board
that these risk management and internal control systems are adequate and effective.

The Group recognises the persistent challenges arising from the volatility of raw material prices and currency fluctuations,
driven by geopolitical tensions, supply chain disruptions, and uneven recovery rates globally. These factors have led to
unpredictable cost variations, affecting production expenses and profit margins, while currency fluctuations, especially in
international operations, continue to influence import and export costs.

Despite these challenges, the Group remains optimistic about the recovery in the construction sector, particularly within the
industrial and digital infrastructure segments. This recovery is expected to drive demand for innovative, high-quality building
materials, positioning the Group to capitalise on emerging opportunities.

To manage these risk challenges, the Group continues to strengthen and enhance its business strategies by:

i. Providing comprehensive industry solutions through the integration of automation and complementary products and
industry experts partnership;
ii. Expanding customer base and export market by participating in overseas networking events;
iii. Continuous monitoring and managing material cost by arranging blanket orders and hedging;
iv. Engaging and adding value in the customer relationship;
v. Improving product quality, timeliness of delivery, innovation, and cost competitiveness; and
vi. Recruit and train local workers to reduce reliance on foreign skilled workers, including collaborating with local
technical schools and participating in their career fairs.

INTERNAL CONTROL

The following are the key control procedures and measures embedded in the Group forming part of the Group’s risk
mitigation procedures and the management controls:

i. Management organisation structure defining the management’s responsibilities and hierarchical structure of
reporting lines and accountability;

ii. Periodic management meetings, departmental meetings and performance reporting for monitoring and ensuring that
the business operations are progressed per the objectives and targets;

iii. Standard operating procedures guiding staff members in carrying out their functions effectively;

39
Annual Report
2024
 Statement on Risk Management and Internal Control

INTERNAL CONTROL (continued)

iv. Provision of training to employees to strengthen their skill sets and capabilities and keep them abreast of compliance
requirements;

v. Insurance program protecting plant, property, equipment, money and the Group’s liability against fire, consequential
loss, property damage, theft, loss of money, burglary, fidelity guarantee and public liability;

vi. Adoption of quality management systems ISO 9001:2015 in the key subsidiaries, forming the principal guides for
the operation procedures;

vii. Implementation of Anti-Bribery & Corruption (“ABC”) Policy, provision of ABC guidelines to create employees and
business associates awareness, assessment of the bribery and corruption risks and identification of measures in
preventing corruption and bribery; and

viii. Implementation of Whistleblowing Policy for protecting and encouraging stakeholders to report suspicious activities.

MANAGEMENT RESPONSIBILITIES AND ASSURANCE

In accordance with the Bursa Malaysia Securities Berhad (“Bursa Securities”)’ Guidelines, Management is responsible for
identifying risks, implementing and maintaining sound systems of risk management and internal control, monitoring and
reporting to the Board on significant control deficiencies and changes in risks that could significantly affect the Group’s
achievement of its objectives and performance.

In producing this Statement, the Board has received assurance from the Executive Chairman cum Chief Executive Officer
and Group Managing Director cum Chief Financial Officer to the best of their knowledge, the Group’s risk management and
internal control systems are adequate and effective for the Group’s operation.

BOARD ASSURANCE

The disclosure in this Statement is presented pursuant to paragraph 15.26(b) of the Main Market Listing Requirements
(“MMLR”) of Bursa Securities and is guided by the Statement on Risk Management and Internal Control: Guidelines for
Directors of Listed Issuers (“Guidelines”).

The Board acknowledges its continuous oversight responsibility on the Management’s risk identification, assessment and
management. The existing internal control and risk management systems are adequate and effective to enable the Group to
achieve its business objectives. There were no material losses arising from significant control weaknesses for the financial
year under review.

The Board wishes to reiterate that risk management and internal control systems would be continuously improved in line
with the evolving business environment. However, it should be noted that these systems are designed to manage rather
than eliminate risks of failure to achieve business objectives. Therefore, these systems can only provide reasonable but
not absolute assurance against material misstatements, fraud, and losses.

REVIEW OF STATEMENT ON RISK MANAGEMENT AND INTERNAL CONTROL

Under Paragraph 15.23 of Bursa’s Main Market Listing Requirements and AAPG 3, Guidance for Auditors on Engagements
to Report on the Statement on Risk Management and Internal Control, issued by Malaysia Institute of Accountants, the
External Auditors have performed a limited assurance engagement on the Statement on Risk Management and Internal
Control for the inclusion in this Annual Report for the financial year ended 30 June 2024.

The External Auditors have reviewed this Statement on Risk Management and Internal Control for inclusion in this Annual
Report. They have reported to the Board that nothing has come to their attention that causes them to believe that this
Statement is inconsistent with their understanding of the process adopted by the Board and management in reviewing the
adequacy and integrity of the risk management and effectiveness of the systems of risk management and internal control
of the Group.

The Statement is made by a resolution of the Board on 25 October 2024.

40 SKB SHUTTERS CORPORATION BERHAD REG NO. 199701014865 (430362-U)

 Audit Committee Report

The Audit Committee (“AC”) of SKB is pleased to present the AC Report for the financial year ended 30 June 2024 in
compliance with Paragraph 15.15 of the Main Market Listing Requirements (“MMLR”) of Bursa Malaysia Securities Berhad
(“Bursa”).

The AC was established to assist the Board in discharging its oversight function, the Board has delegated certain
responsibilities for corporate governance, internal controls and financial reporting to AC. The AC provides greater objectivity
and independence in the deliberations of specific agenda. The AC Chairman report to the Board on the matters discussed
and deliberated in the AC meetings.

During the financial year, the members of AC had discharged their duties, responsibilities and functions in accordance with
the Terms of Reference (“TOR”) of the AC. The TOR is available at the Company’s website at www.skb-shutters.com.

Membership

The Board has established an effective and independent AC. The AC members are financially literate and can understand
matters under the purview of the AC including the financial reporting process.

In compliance with paragraph 15.09(1) of the MMLR, the AC comprises solely independent non-executive directors. None
of the AC members are alternate Director. Members of the AC during the financial year ended 30 June 2024 are as follows:

Chairman : Ng Swee Weng (Independent Non-Executive Director)

Member : Amnah Apasra Emir Binti Moehamad Izat Emir (Independent Non-Executive Director)
Ir Yeoh Yen Shiong (Independent Non-Executive Director)

The Chairman of the Audit Committee, Mr Ng Swee Weng is a member of the Malaysian Institute of Certified Public
Accountants (MICPA) and member of the Malaysian Institute of Accountants (MIA) and CPA Australia.

Annually, the AC reviews the appointment, performance and remuneration of the External Auditors before recommending
them to the shareholders for re-appointment in the AGM. As part of the AC review processes, the AC will also obtain
assurance from the External Auditors confirming that they are, and have been, independent throughout the conduct of the
audit engagement in accordance with the terms of all relevant professional and regulatory requirements.

Attendance at Meetings

During the financial year ended 30 June 2024, five (5) AC meetings were held and the attendance of each committee
member is as follows:

Members Number of meetings held during No. of meetings attended by members

members’ tenure in office
Ng Swee Weng 5 5
Amnah Apasra Emir Binti Moehamad 5 5
Izat Emir
Ir Yeoh Yen Shiong 5 5

Upon invitation by the AC, members of the management team attended the AC meetings to assist in clarifying matters raised
at the meetings as needed.

The AC will convene meeting with the External Auditors and Internal Auditors without the presence of the Executive Directors
and employees of the Group as and when necessary. The External Auditors and Internal Auditors will present their reports
on financial results, audit and other matters for the information and/or approval of the AC.

Minutes of the AC meetings were recorded and tabled for confirmation at the next following meeting and subsequently
circulated to the Board for notation. The AC Chairman reports to the Board the discussions undertaken and makes
recommendations for the Board’s consideration and decision.

41
Annual Report
2024
 Audit Committee Report

Attendance at Meetings (continued)

Details profile of all members of the AC can be found in the Board of Directors’ profile in this Annual Report.

The Internal Audit Function is carried out by an internal audit consulting firm. The team members of the internal audit
team are accounting graduates from local universities. The Internal Auditors have performed its work with reference to the
principles of the International Professional Practice Framework of Institute of Internal Auditors covering the conduct of the
audit planning, execution, documentations, communication of findings and consultation with key stakeholders. The AC will
review the internal audit engagement to ensure that the Internal Auditors’ objectivity and independence are not impaired or
affected.

Summary Of Activities During The Year

In line with the TOR, the AC held five (5) meetings during the financial year and carried out the following activities:

Financial Reporting

- Reviewed the unaudited quarterly financial reports before recommending to the Board for their approval and release
of the Group’s results to Bursa Malaysia Securities Berhad;
- Reviewed the annual audited financial statements of the Company and of the Group and its related notes to financial
statements for the financial year ended 30 June 2023 to ensure compliance with the provisions of the Companies
Act 2016, MMLR, applicable MFRS Accounting Standards as issued by the Malaysian Accounting Standards Board
("MFRS Accounting Standards") and other legal and regulatory requirements prior to the submission to the Board of
Directors for their approval;
- The focus of review was on:
• key audit matters and other significant audit matters;
• significant matters highlighted including financial reporting issues, judgements made by management,
significant and unusual events or transactions, and how these matters are addressed; and
• reviewed the inter-company transactions and related party transactions (“RPT”) report and noted that all the
RPT were within the holding company and its wholly owned subsidiaries.

External Audit

- Reviewed the Audit Plan with the External Auditors;

- Reviewed the results and issues arising from the audit and their resolutions with the External Auditors;
- Hold two meetings with the External Auditors without the presence of the Executive Directors or management, to
deliberate on key areas of concern to the External Auditors and action necessary for the improvement of the Group
arising from the audit review. The issues discussed were then highlighted by the AC Chairman to the Board;
- Reviewed and discussed with the External Auditors accounting standards and other legal requirements;
- Received update of newly effective accounting standards, pre-approval for non-assurance services, Transparency
Report and sustainability reporting requirements from the External Auditors;
- Reviewed and endorsed the audit planning memorandum presented by the External Auditors on the scope of work
and audit plan of the Group for the financial year ended 30 June 2024, proposed audit reporting schedule and new
development on financial reporting standards applicable to the Group;
- The External Auditors also have not identified any breach of independence during the financial year ended 30 June
2023 and were in compliance with the independence requirements;
- Considered the audit fees paid to the External Auditors for the financial year ended 30 June 2024. The details of the
audit and non-audit services rendered by the External Auditors and their affiliates for financial year ended 30 June
2024 are disclosed in Other Information of this Annual Report;
- Reviewed the extent of assistance rendered by management during audit at the private session; and
- Reviewed and evaluated the performance, effectiveness and independence of the External Auditors including
assessment of their suitability and independence in performing their obligations and made recommendations to the
Board of Directors on their appointment and remuneration.

42 SKB SHUTTERS CORPORATION BERHAD REG NO. 199701014865 (430362-U)

 Audit Committee Report

Summary Of Activities During The Year (continued)

Internal Audit

- Reviewed and approved the internal audit reports and audit recommendations made by the internal auditors, IA
Essential Sdn. Bhd. (“IAE”) on Inventory Management of SKB Storage Industries Sdn. Bhd. and management’s
responses thereto. The internal auditors monitored the implementation of management action plan through follow-up
audit to ensure all key risks and weaknesses were being addressed;
- Reviewed the Internal Audit Plan proposed by IAE with the following key considerations:
• Financial Performance Indicators;
• Management Team and Past Audit;
• Frequency, Timing and Previous Audit Issues;
• Management Risk Assessment;
• Conflict of Interest; and
• 2023 Key Audit Matter (“KAM”) highlighted by External Auditor (“EA”);
- Reviewed the Report on Sustainability Materiality Assessment 2024;
- Reviewed ESG Roadmap on sustainability compliance;
- Reviewed and adopted the proposed Board and Senior Management Sustainability Performance Evaluation Criteria;
- Conducted Materiality Assessment Process; and
- Reviewed Draft Sustainability Policy.

Other Matters

- Discussed and reviewed on ERP system

- Reviewed the Group’s 2024 Enterprise Risk Register (“ERR”) which consists of risk assessment and action plan with
redefined risk appetite and assessed on the emerging risks arising from time to time.
- Reviewed the following prior to the Board’s approval for inclusion in the Annual Report and to recommend the same
to the Board for release to Bursa Malaysia Securities Berhad:
• Corporate Governance Overview Statement (“CGOS”)
• Statement on Risk Management and Internal Control which provides an overview of the state of internal
controls and risk management within the Group
• AC report
• Corporate Governance Report (“CGR”)
- Reviewed the AC Evaluation Report.

Performance of AC

The performance and activities of the AC and its members were reviewed on annual basis and the assessment results would
be tabled to the Nominating Committee for review. During the financial year ended 30 June 2024, the Board is satisfied that
the AC had discharged its responsibilities and duties in accordance with its TOR.

Internal Audit Function

The AC is aware of the importance of an independent and adequately resourced internal audit function in discharging
its duties and responsibilities. The Company has outsourced its internal audit function to an independent internal audit
services provider for the financial year ended 30 June 2024. The Internal Audit function is to assist the Board and the AC
to evaluate the system of internal control, risk management and corporate governance whilst ensuring that there is an
appropriate balance of controls and risks in achieving its business objectives. The Internal Audit reviews the effectiveness
of the internal control structures over the Group’s activities focusing on high risk areas.

The Internal Auditors independently reviews the risk identification practices and control processes implemented by the
management and reports to the AC. The results of the reviews performed by the Internal Auditors were communicated to
both Management and the AC together with the implementation status of audit recommendations for further improvement.

During the financial year, internal audit conducted the following:

• Inventory Management on SKB Storage Industries Sdn Bhd;

• ESG awareness briefing to the Board and Management and E-Survey in January 2024; and
• Developed the Sustainability Report Framework.

The total costs incurred for the internal audit function of the Company for the financial year was RM42,000. The details of
the TOR of the AC are published in the corporate website at www.skb-shutters.com.

43
Annual Report
2024
 Directors’ Report
for the year ended 30 June 2024

The Directors have pleasure in submitting their report and the audited financial statements of the Group and of the Company
for the financial year ended 30 June 2024.

Principal activities

The Company is principally engaged in the investment holding activity, whilst the principal activities of the subsidiaries are
as stated in Note 6 to the financial statements. There has been no significant change in the nature of these activities during
the financial year.

Ultimate holding company

The Company is a subsidiary of SKB Glory Sdn. Bhd., of which is incorporated in Malaysia and regarded by the Directors as
the Company’s ultimate holding company, during the financial year and until the date of this report.

Subsidiaries

The details of the Company’s subsidiaries are disclosed in Note 6 to the financial statements.

Results

Group Company
RM RM

Profit for the year attributable to owners of the Company 16,369,252 180,240

Reserves and provisions

There were no material transfers to or from reserves and provisions during the financial year under review except as
disclosed in the financial statements.

Dividend

No dividend was paid since the end of the previous financial year and the Directors do not recommend any dividend to be
paid for the financial year under review.

Directors of the Company

Directors who served during the financial year until the date of this report are :

Sin Kheng Lee - Chairman

Sin Siew Huey - Managing Director
Sin Ching San
Chou Lee Sin
Sin Tze Yi
Ng Swee Weng
Amnah Apasra Emir Binti Moehamad Izat Emir
Yeoh Yen Shiong

Directors of the subsidiaries

Directors of the subsidiaries (other than Directors of the Company) who served during the financial year until the date of
this report is Tan Cheng Shun.

44 SKB SHUTTERS CORPORATION BERHAD REG NO. 199701014865 (430362-U)

 Directors’ Report
for the year ended 30 June 2024

Directors’ interests in shares

The direct and deemed interests in the ordinary shares and warrants of the Company and of its related corporations (other
than wholly-owned subsidiaries) of those who were Directors at financial year end (including the interests of the spouses
or children of the Directors who themselves are not Directors of the Company) as recorded in the Register of Directors’
Shareholdings are as follows :

Number of ordinary shares

Balance at Balance at
1.7.2023 Bought (Sold) 30.6.2024
Direct interests

The Company

Sin Kheng Lee - own 6,930,000 - - 6,930,000

Sin Ching San - own 30,000 - - 30,000
Chou Lee Sin - own 30,000 - - 30,000

Holding company
- SKB Glory Sdn. Bhd.

Sin Kheng Lee - own 971,250 422,750 - 1,394,000

Sin Ching San - own 416,250 86,000 - 502,250

Deemed interests

The Company

Sin Kheng Lee - own 68,542,821 - - 68,542,821

Sin Ching San - own 68,542,821 - - 68,542,821

Holding company
- SKB Glory Sdn. Bhd.

Sin Kheng Lee - own 112,500 41,250 - 153,750

Number of Warrants
Balance at Balance at
1.7.2023 Bought (Sold) 30.6.2024
Direct interests

The Company

Sin Kheng Lee - own 3,465,000 - - 3,465,000

Sin Ching San - own 15,000 - - 15,000
Chou Lee Sin - own 15,000 - - 15,000

Deemed interests

The Company

Sin Kheng Lee - own 24,271,410 - - 24,271,410

Sin Ching San - own 24,271,410 - - 24,271,410

By virtue of their interests in the shares of the Company, Messrs Sin Kheng Lee and Sin Ching San are also deemed to be
interested in the shares of the subsidiaries during the financial year to the extent that the Company has an interest.

None of the other Directors holding office at 30 June 2024 had any interest in the ordinary shares and warrants of the
Company and of its related corporations during the financial year.

45
Annual Report
2024
 Directors’ Report
for the year ended 30 June 2024

Directors’ benefits

Since the end of the previous financial year, no Director of the Company has received nor become entitled to receive any
benefit (other than those shown below) by reason of a contract made by the Company or a related corporation with the
Director or with a firm of which the Director is a member, or with a company in which the Director has a substantial financial
interest.

The Directors’ benefits paid to or receivable by Directors in respect of the financial year ended 30 June 2024 are as follows :

From
From the subsidiary
Company companies
RM RM

Directors of the Company :

Fees 275,000 -
Remuneration - 3,660,000
Contributions to Employees’ Provident Fund - 439,200
Estimated monetary value of benefits-in-kind - 10,600

275,000 4,109,800

There were no arrangements during and at the end of the financial year which had the object of enabling Directors of the
Company to acquire benefits by means of the acquisition of shares in or debentures of the Company or any other body
corporate other than through the Warrants of the Company.

Issue of shares and debentures

During the financial year, the Company increased its issued and paid-up capital from RM45,818,324 to RM46,321,154
by way of allotment of 1,117,400 new ordinary shares at RM0.45 each through exercise of Warrants, for working capital
purpose.

Warrants

On 16 February 2022, the Company issued 65,999,996 free warrants (“Warrants”) on the basis of one (1) Warrant for
every two (2) existing ordinary shares held in the Company. The Warrants entitle the holders to subscribe for one (1) new
ordinary share in the Company on the basis of one (1) new ordinary share for every Warrant held at an exercise price of
RM0.45 per ordinary share, to be satisfied in cash within three (3) years from the date of the issue of the Warrants, subject
to adjustments in accordance with the provisions of the Deed Poll created on 20 January 2022. Any Warrant not exercised
during the exercise period will lapse and thereafter ceases to be valid for any purpose.

During the financial year, there were 1,117,400 (2022 : Nil) Warrants exercised with 64,882,596 (2023 : 65,999,996)
Warrants remained unexercised as at the end of the reporting period.

Options granted over unissued shares

No options were granted to any person to take up unissued shares of the Company during the financial year apart from
Warrants of the Company.

Indemnity and insurance costs

The amount of indemnity coverage and premium paid for public liability insurance during the financial year are RM10 million
and RM16,440 respectively for Directors and officers of the Group and the Company.

There was no indemnity given to or insurance effected for auditors of the Company during the financial year.

46 SKB SHUTTERS CORPORATION BERHAD REG NO. 199701014865 (430362-U)

 Directors’ Report
for the year ended 30 June 2024

Other statutory information

Before the financial statements of the Group and of the Company were made out, the Directors took reasonable steps to
ascertain that :

i) all known bad debts have been written off and adequate provision made for doubtful debts, and

ii) any current assets which were unlikely to be realised in the ordinary course of business have been written down to
an amount which they might be expected so to realise.

At the date of this report, the Directors are not aware of any circumstances :

i) that would render the amount written off for bad debts or the amount of the provision for doubtful debts in the Group
and in the Company inadequate to any substantial extent, or

ii) that would render the value attributed to the current assets in the financial statements of the Group and of the
Company misleading, or

iii) which have arisen which render adherence to the existing method of valuation of assets or liabilities of the Group
and of the Company misleading or inappropriate, or

iv) not otherwise dealt with in this report or the financial statements that would render any amount stated in the
financial statements of the Group and of the Company misleading.

At the date of this report, there does not exist :

i) any charge on the assets of the Group or of the Company that has arisen since the end of the financial year and
which secures the liabilities of any other person, or

ii) any contingent liability in respect of the Group or of the Company that has arisen since the end of the financial year.

No contingent liability or other liability of any company in the Group has become enforceable, or is likely to become
enforceable within the period of twelve months after the end of the financial year which, in the opinion of the Directors, will
or may substantially affect the ability of the Group and of the Company to meet their obligations as and when they fall due.

In the opinion of the Directors, the financial performance of the Group and of the Company for the financial year ended 30
June 2024 have not been substantially affected by any item, transaction or event of a material and unusual nature nor has
any such item, transaction or event occurred in the interval between the end of that financial year and the date of this report.

47
Annual Report
2024
 Directors’ Report
for the year ended 30 June 2024

Auditors

The auditors, KPMG PLT, have indicated their willingness to accept re-appointment.

The auditors’ remuneration of the Group and of the Company during the year are RM165,000 and RM40,000 respectively.

Signed on behalf of the Board of Directors in accordance with a resolution of the Directors :

…………………………………..
Sin Kheng Lee
Director

…………………………………..
Sin Siew Huey
Director

Penang,

Date : 25 October 2024

48 SKB SHUTTERS CORPORATION BERHAD REG NO. 199701014865 (430362-U)

 Statements of Financial Position
as at 30 June 2024

Group Company
Note 2024 2023 2024 2023
RM RM RM RM
Assets

Property, plant and equipment 3 32,247,811 32,420,074 - -

Right-of-use assets 4 92,951,134 94,286,419 - -
Investment properties 5 245,215 252,643 - -
Investments in subsidiaries 6 - - 17,522,940 17,522,942
Deferred tax assets 7 257,388 - - -
Trade receivables 8 5,275,670 5,197,742 - -

Total non-current assets 130,977,218 132,156,878 17,522,940 17,522,942

Inventories 9 51,249,514 51,237,634 - -

Trade and other receivables 8 22,668,951 19,432,577 4,035,771 11,074,602
Current tax assets 48,499 19,593 817 817
Short-term deposits placed with financial
institutions 10 38,014,696 - 25,602,075 -
Cash and cash equivalents 11 5,389,564 24,326,711 576,663 18,408,416

Total current assets 117,371,224 95,016,515 30,215,326 29,483,835

Total assets 248,348,442 227,173,393 47,738,266 47,006,777

Equity

Share capital 12 46,321,154 45,818,324 46,321,154 45,818,324

Reserves 13 86,091,702 69,734,452 1,039,679 859,439

Total equity attributable to owners of the

Company 132,412,856 115,552,776 47,360,833 46,677,763

Liabilities

Loans and borrowings 14 59,931,564 64,052,806 - -

Lease liabilities 379,052 536,418 - -
Deferred tax liabilities 7 122,000 626,498 - -

Total non-current liabilities 60,432,616 65,215,722 - -

Loans and borrowings 14 21,882,441 15,950,453 - -

Lease liabilities 157,366 174,372 - -
Trade and other payables 15 33,074,814 29,295,233 377,433 329,014
Current tax liabilities 388,349 984,837 - -

Total current liabilities 55,502,970 46,404,895 377,433 329,014

Total liabilities 115,935,586 111,620,617 377,433 329,014

Total equity and liabilities 248,348,442 227,173,393 47,738,266 47,006,777

The notes on pages 57 to 91 are an integral part of these financial statements.

49
Annual Report
2024
 Statements of Profit or Loss and Other Comprehensive Income
for the year ended 30 June 2024

Group Company
Note 2024 2023 2024 2023
RM RM RM RM

Revenue 16 115,730,844 112,135,556 - 300,000

Cost of sales (74,626,778) (77,858,026) - -

Gross profit 41,104,066 34,277,530 - 300,000

Other income 3,876,029 3,724,758 6 -

Selling and distribution expenses (1,300,056) (1,100,265) (866) -

Administrative expenses (19,650,050) (16,175,898) (661,458) (656,169)

Net loss on impairment of financial

instruments 17 (171,374) (131,540) - -

Other expenses (364,886) (402,611) - -

Results from operating activities 23,493,729 20,191,974 (662,318) (356,169)

Finance income 17 1,059,656 408,170 842,558 369,163

Finance costs 18 (2,569,147) (2,236,819) - -

Net finance (costs)/income (1,509,491) (1,828,649) 842,558 369,163

Profit before tax 17 21,984,238 18,363,325 180,240 12,994

Tax expense 20 (5,614,986) (3,368,498) - -

Profit for the year 16,369,252 14,994,827 180,240 12,994

Other comprehensive expense, net of tax

Item that is or may be reclassified

subsequently to profit or loss

Foreign currency translation differences for

foreign operation (12,002) (84,140) - -

Total other comprehensive expense for

the year, net of tax (12,002) (84,140) - -

Total comprehensive income for the year 16,357,250 14,910,687 180,240 12,994

Profit for the year attributable to :

Owners of the Company 16,369,252 14,994,827 180,240 12,994

Total comprehensive income for the year

attributable to :

Owners of the Company 16,357,250 14,910,687 180,240 12,994

Basic earnings per ordinary share (sen) 21 12.40 11.36

Diluted earnings per ordinary share (sen) 21 11.16 NA

The notes on pages 57 to 91 are an integral part of these financial statements.

50 SKB SHUTTERS CORPORATION BERHAD REG NO. 199701014865 (430362-U)

 Consolidated Statement of Changes in Equity
for the year ended 30 June 2024

Attributable to owners of the Company

Share Translation Capital Retained Total
capital reserve reserve earnings equity
RM RM RM RM RM

At 1 July 2022 45,818,324 (249,033) 30,000 55,042,798 100,642,089

Other comprehensive expense for the year

- Foreign currency translation
differences for foreign operation - (84,140) - - (84,140)
Profit for the year - - - 14,994,827 14,994,827

Total comprehensive (expense)/

income for the year - (84,140) - 14,994,827 14,910,687

At 30 June 2023/ At 1 July 2023 45,818,324 (333,173) 30,000 70,037,625 115,552,776

Other comprehensive expense for the year

- Foreign currency translation
differences for foreign operation - (12,002) - - (12,002)
Profit for the year - - - 16,369,252 16,369,252

Total comprehensive (expense)/

income for the year - (12,002) - 16,369,252 16,357,250

Contributions by owners of the

Company :
- Issuance of shares arising from
Warrants exercised 502,830 - - - 502,830

At 30 June 2024 46,321,154 (345,175) 30,000 86,406,877 132,412,856

Note 12 Note 13

The notes on pages 57 to 91 are an integral part of these financial statements.

51
Annual Report
2024
 Statement of Changes in Equity
for the year ended 30 June 2024

Attributable to owners of the Company

Share Retained Total
capital earnings equity
RM RM RM

At 1 July 2022 45,818,324 846,445 46,664,769

Profit for the year representing total comprehensive income for the year - 12,994 12,994

At 30 June 2023/1 July 2023 45,818,324 859,439 46,677,763

Profit for the year representing total comprehensive income for the year - 180,240 180,240

Contributions by owners of the Company :

- Issuance of shares arising from Warrants exercised 502,830 - 502,830

At 30 June 2024 46,321,154 1,039,679 47,360,833

Note 12 Note 13

The notes on pages 57 to 91 are an integral part of these financial statements.

52 SKB SHUTTERS CORPORATION BERHAD REG NO. 199701014865 (430362-U)

 Statements of Cash Flows
for the year ended 30 June 2024

Group Company
Note 2024 2023 2024 2023
RM RM RM RM

Cash flows from operating activities

Profit before tax 21,984,238 18,363,325 180,240 12,994

Adjustments for :
Depreciation of :
- property, plant and equipment 3 3,484,106 3,346,807 - -
- right-of-use assets 4 1,335,285 876,836 - -
- investment properties 5 7,428 7,428 - -
Dividend income 16 - - - (300,000)
Gain on disposal of plant and equipment 17 (106,079) (75,994) - -
Gain on :
- derecognition of right-of-use assets 17 - (7,121) - -
- forfeiture of non-refundable deposits
received 17 (34,331) (54,537) - -
Net loss on impairment of financial
instruments 17 171,374 131,540 - -
Plant and equipment written off 3 6 - -
Provision/(Reversal) of inventories written
down 17 186,917 (72,696) - -
Inventories written off 17 - 107,521 - -
Investment in subsidiary written off - - 2 -
Interest income 17 (1,059,656) (408,170) (842,558) (369,163)
Interest expense 18 2,569,147 2,236,819 - -
Unrealised gain on foreign exchange 17 (343,602) (145,836) - -

Operating profit/(loss) before changes in

working capital 28,194,830 24,305,928 (662,316) (656,169)

Changes in working capital :

Inventories (198,797) 1,539,421 - -
Trade and other receivables (3,501,998) (6,394,133) 3,000 -
Trade and other payables 3,806,014 2,511,162 48,419 (9,569)

Cash generated from/ (used in) operations 28,300,049 21,962,378 (610,897) (665,738)

Tax paid (7,002,266) (3,414,785) - (184)

Net cash from/(used in) operating

activities 21,297,783 18,547,593 (610,897) (665,922)

53
Annual Report
2024
 Statements of Cash Flows
for the year ended 30 June 2024

Group Company
Note 2024 2023 2024 2023
RM RM RM RM
Cash flows from investing activities

Purchase of :
- plant and equipment A (2,109,467) (1,164,037) - -
- right-of-use assets - (35,974,000) - -
Proceeds from disposal of plant and
equipment 108,500 76,000 - -
Repayment from subsidiaries, net - - 7,035,831 6,121,999
Interest received 1,059,656 408,170 842,558 369,163

Net cash (used in)/from investing

activities (941,311) (36,653,867) 7,878,389 6,491,162

Cash flows from financing activities

Drawdown of term loans - 29,977,000 - -

Repayment of term loans (3,831,261) (2,133,314) - -
Repayment of hire purchase creditors, net (1,066,750) (985,744) - -
Placement of short-term investment (38,014,696) - (25,602,075) -
Payment of lease liabilities (174,372) (186,914) - -
Issuance of shares arising from Warrants
exercised 502,830 - 502,830 -
Changes in other borrowings, net 3,650,054 1,995,506 - -
Interest paid (2,569,147) (2,236,819) - -

Net cash (used in)/from financing

activities (41,503,342) 26,429,715 (25,099,245) -

Net (decrease)/increase in cash and cash

equivalents (21,146,870) 8,323,441 (17,831,753) 5,825,240

Effect of exchange rate fluctuation on cash

and cash equivalents 355,820 257,306 - -

Cash and cash equivalents at 1 July

2023/2022 23,910,263 15,329,516 18,408,416 12,583,176

Cash and cash equivalents at 30 June B 3,119,213 23,910,263 576,663 18,408,416

Cash outflows for leases as lessee - Group

Note 2024 2023

RM RM

Included in net cash from operating activities

Payment relating to short-term leases 17 514,590 550,192

Payment relating to leases of low-value assets 17 27,970 24,330

Included in net cash (used in)/from financing activities

Interest paid in relation to lease liabilities 18 22,428 8,151

Payment of lease liabilities 174,372 186,914

Total cash outflows for leases 739,360 769,587

54 SKB SHUTTERS CORPORATION BERHAD REG NO. 199701014865 (430362-U)

 Reconciliation of movements of liabilities to cash flows arising from financing activities - Group

Drawdown of
new term loan/ Net changes At Net changes
At Hire purchase Addition from financing 30.6.2023/ Hire purchase from financing At
1.7.2022 arrangement of new lease Derecognition* cash flows 1.7.2023 arrangement cash flows 30.6.2024
RM RM RM RM RM RM RM RM RM

Term loans 38,113,294 - 29,977,000 - (2,133,314) 65,956,980 - (3,831,261) 62,125,719

Hire purchase
creditors 1,730,570 2,227,005 - - (985,744) 2,971,831 1,204,800 (1,066,750) 3,109,881
Lease liabilities 411,814 - 594,773 (108,883) (186,914) 710,790 - (174,372) 536,418
Other bank
borrowings
(excluding bank
overdrafts) 8,662,494 - - - 1,995,506 10,658,000 - 3,650,054 14,308,054

Total liabilities from

financing activities 48,918,172 2,227,005 30,571,773 (108,883) (1,310,466) 80,297,601 1,204,800 (1,422,329) 80,080,072

* Derecognition due to early termination of lease contracts.

Annual Report
2024
for the year ended 30 June 2024
Statements of Cash Flows

55
 Statements of Cash Flows
for the year ended 30 June 2024

NOTES

A. Purchase of property, plant and equipment - Group

During the financial year, the Group acquired property, plant and equipment as follows :

Note 2024 2023

RM RM

Purchase of property, plant and equipment 3 3,314,267 3,391,042

Less : Acquired by means of hire purchase arrangements (1,204,800) (2,227,005)

2,109,467 1,164,037

B. Cash and cash equivalents

Cash and cash equivalents included in the statements of cash flows comprise the following statements of financial
position amounts :

Group Company
Note 2024 2023 2024 2023
RM RM RM RM

Cash and cash equivalents 11 5,389,564 24,326,711 576,663 18,408,416

Less :
Bank overdrafts 14 (2,270,351) (416,448) - -

3,119,213 23,910,263 576,663 18,408,416

The notes on pages 57 to 91 are an integral part of these financial statements.

56 SKB SHUTTERS CORPORATION BERHAD REG NO. 199701014865 (430362-U)

 Notes to the Financial Statements

SKB Shutters Corporation Berhad is a public limited liability company, incorporated and domiciled in Malaysia and is listed
on the Main Market of Bursa Malaysia Securities Berhad. The addresses of its registered office and principal place of
business are as follows :

Principal place of business / Registered office

Lot 22, Jalan Teknologi

Taman Sains Selangor 1
Kota Damansara
47810 Petaling Jaya
Selangor Darul Ehsan

The consolidated financial statements of the Company as at and for the financial year ended 30 June 2024 comprise the
Company and its subsidiaries (together referred to as the “Group” and individually referred to as “Group entities”).

The Company is principally engaged in the investment holding activity. The principal activities of its subsidiaries are as
stated in Note 6 to the financial statements.

The ultimate holding company during the financial year is SKB Glory Sdn. Bhd., a company incorporated in Malaysia.

These financial statements were authorised for issue by the Board of Directors on 25 October 2024.

1. Basis of preparation

(a) Statement of compliance

The financial statements of the Group and the Company have been prepared in accordance with MFRS
Accounting Standards as issued by the Malaysian Accounting Standards Board (“MFRS Accounting
Standards”), IFRS Accounting Standards as issued by the International Accounting Standards Board (“IFRS
Accounting Standards”) and the requirements of the Companies Act 2016 in Malaysia.

The following are accounting standards and amendments of the MFRS Accounting Standards that have been
issued by the Malaysian Accounting Standards Board (“MASB”) but have not been adopted by the Group and
the Company :

MFRS Accounting Standards, interpretations and amendments effective for annual periods beginning
on or after 1 January 2024
• Amendments to MFRS 16, Leases - Lease Liability in a Sale and Leaseback
• Amendments to MFRS 101, Presentation of Financial Statements - Non-current Liabilities with
Covenants and Classification of Liabilities as Current or Non-current
• Amendments to MFRS 107, Statement of Cash Flows and MFRS 7, Financial Instruments:
Disclosures - Supplier Finance Arrangements

MFRS Accounting Standards, interpretations and amendments effective for annual periods beginning on
or after 1 January 2025
• Amendments to MFRS 121, The Effects of Changes in Foreign Exchange Rates - Lack of
Exchangeability

MFRS Accounting Standards, interpretations and amendments effective for annual periods beginning on
or after 1 January 2026
• Amendments to MFRS 9, Financial Instruments and MFRS 7, Financial Instruments: Disclosures -
Classification and Measurement of Financial Instruments
• Amendments that are part of Annual Improvements - Volume 11:
 Amendments to MFRS 1, First-time Adoption of Malaysian Financial Reporting Standards
 Amendments to MFRS 7, Financial Instruments: Disclosures
 Amendments to MFRS 9, Financial Instruments
 Amendments to MFRS 10, Consolidated Financial Statements
 Amendments to MFRS 107, Statement of Cash Flows

57
Annual Report
2024
 Notes to the Financial Statements

1. Basis of preparation (continued)

(a) Statement of compliance (continued)

MFRS Accounting Standards, interpretations and amendments effective for annual periods beginning
on or after 1 January 2027
• MFRS 18, Presentation and Disclosure in Financial Statements
• MFRS 19, Subsidiaries without Public Accountability: Disclosures

MFRS Accounting Standards, interpretations and amendments effective for annual periods beginning
on or after a date yet to be confirmed
• Amendments to MFRS 10, Consolidated Financial Statements and MFRS 128, Investments in
Associates and Joint Ventures - Sale or Contribution of Assets between an Investor and its Associate
or Joint Venture

The Group and the Company plan to apply the abovementioned standards and amendments where applicable,
in the respective financial years when the above standards and amendments become effective.

The initial application of the above standards and amendments is not expected to have any material financial
impact to the current period and prior period financial statements of the Group and the Company.

(b) Basis of measurement

The financial statements have been prepared on the historical cost basis.

(c) Functional and presentation currencies

These financial statements are presented in Ringgit Malaysia (“RM”), which is the Company’s functional
currency. All financial information is presented in RM, unless otherwise stated.

(d) Use of estimates and judgements

The preparation of the financial statements in conformity with MFRS Accounting Standards requires
management to make judgements, estimates and assumptions that affect the application of accounting
policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from
these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates
are recognised in the period in which the estimates are revised and in any future periods affected.

There are no significant areas of estimation uncertainty and critical judgements in applying accounting policies
that have significant effect on the amounts recognised in the financial statements other than those disclosed
in the following notes :

• Note 8.3 - Trade and other receivables; and

• Note 9.1 - Inventories.

2. Changes in material accounting policies

2.1 Material accounting policy information

The Group adopted amendments to MFRS 101, Presentation of Financial Statements and MFRS Practice
Statement 2 - Disclosures of Accounting Policies from 1 January 2023. The amendments require the
disclosure of ‘material’, rather than ‘significant’, accounting policies. The amendments also provide guidance
on the application of materiality to disclosure of accounting policies, assisting entities to provide useful,
entity-specific accounting policy information that users need to understand other information in the financial
statements.

Although the amendments did not result in any changes to the Group’s accounting policies, it impacted the
accounting policy information disclosed in the financial statements. The material accounting policy information
is disclosed in the respective notes to the financial statements where relevant.

58 SKB SHUTTERS CORPORATION BERHAD REG NO. 199701014865 (430362-U)

 3. Property, plant and equipment - Group

Furniture,
Building fittings, Capital
and building Plant and fixtures and Motor work-in-
improvements machinery equipment vehicles progress Total
RM RM RM RM RM RM

Cost

At 1 July 2022 32,748,632 45,734,612 18,187,965 6,376,011 1,787,100 104,834,320

Additions - 1,337,383 361,613 1,509,538 182,508 3,391,042

Disposals - - - (542,600) - (542,600)
Written off - (672,056) - (73,826) - (745,882)
Reclassification - - 1,754,332 - (1,754,332) -
Effect of movements in exchange rates - - 536 - - 536

At 30 June 2023/1 July 2023 32,748,632 46,399,939 20,304,446 7,269,123 215,276 106,937,416

Additions - 1,087,029 313,773 420,757 1,492,708 3,314,267

Annual Report
Disposals - - - (594,838) - (594,838)

2024
Written off - - (6,875) - - (6,875)

At 30 June 2024 32,748,632 47,486,968 20,611,344 7,095,042 1,707,984 109,649,970

Notes to the Financial Statements

59
60
3. Property, plant and equipment - Group (continued)

Furniture,
Building fittings, Capital
and building Plant and fixtures and Motor work-in-
improvements machinery equipment vehicles progress Total
RM RM RM RM RM RM
Depreciation and impairment loss

At 1 July 2022

Accumulated depreciation 12,070,142 40,073,224 15,051,106 4,991,817 - 72,186,289

Accumulated impairment losses - 272,180 - - - 272,180

12,070,142 40,345,404 15,051,106 4,991,817 - 72,458,469

Depreciation for the year 644,526 1,151,424 945,061 605,796 - 3,346,807

Disposals - - - (542,594) - (542,594)
Written off - (672,051) - (73,825) - (745,876)
Effect of movements in exchange rates - - 536 - - 536

At 30 June 2023 12,714,668 40,824,777 15,996,703 4,981,194 - 74,517,342

Depreciation for the year 644,527 1,163,899 919,146 756,534 - 3,484,106

Disposals - - - (592,417) - (592,417)
Written off - - (6,872) - - (6,872)
Notes to the Financial Statements

SKB SHUTTERS CORPORATION BERHAD REG NO. 199701014865 (430362-U)

At 30 June 2024 13,359,195 41,988,676 16,908,977 5,145,311 - 77,402,159

Carrying amounts

At 1 July 2022 20,678,490 5,389,208 3,136,859 1,384,194 1,787,100 32,375,851

At 30 June 2023/1 July 2023 20,033,964 5,575,162 4,307,743 2,287,929 215,276 32,420,074

At 30 June 2024 19,389,437 5,498,292 3,702,367 1,949,731 1,707,984 32,247,811

 Notes to the Financial Statements

3. Property, plant and equipment - Group (continued)

3.1 Assets under hire purchase arrangements

The carrying amounts of plant and equipment acquired under hire purchase arrangements are as follows :

2024 2023
RM RM

Plant and machinery 1,938,430 1,211,293

Motor vehicles 1,923,479 2,284,424

3,861,909 3,495,717

3.2 Property, plant and equipment subject to operating lease

The Group leases part of its building to a third party. The lease contains a non-cancellable period of 3 years.
Subsequent renewal is negotiated with the lessee.

The Group generally does not require a financial guarantee on the lease arrangement. Nevertheless, the
Group requires two months of rental as deposit from the lessee. This lease does not include residual value
guarantee.

The following are recognised in profit or loss :

2024 2023
RM RM

Lease income 3,348,120 3,285,345

The operating lease payments to be received are as follows :

2024 2023
RM RM

Less than one year 837,030 3,348,120

One to two years - 837,030

Total undiscounted lease payments 837,030 4,185,150

3.3 Security

The building is charged to a licensed bank as security for the term loans facility granted to a subsidiary (see
Note 14).

3.4 Capitalisation of borrowing costs

The Group’s property, plant and equipment includes borrowing costs arising from term loan. During the
financial year, the borrowing costs of RM1,389,505 (2023 : RM15,278) were capitalised as cost of capital
work-in-progress.

61
Annual Report
2024
 Notes to the Financial Statements

3. Property, plant and equipment - Group (continued)

3.5 Material accounting policy information

(a) Recognition and measurement

Items of property, plant and equipment are measured at cost less any accumulated depreciation and
any accumulated impairment losses.

(b) Depreciation

Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of
each component of an item of property, plant and equipment from the date that they are available for
use. Property, plant and equipment under construction are not depreciated until the assets are ready
for their intended use.

The estimated useful lives for the current and comparative periods are as follows :

Building and building improvements 50 years

Plant and machinery 5 - 10 years
Furniture, fittings, fixtures and equipment 5 years
Motor vehicles 5 years

4. Right-of-use assets - Group

Leasehold
land Forklifts Total
RM RM RM

At 1 July 2022 58,300,013 396,231 58,696,244

Additions 35,974,000 594,773 36,568,773

Depreciation (691,283) (185,553) (876,836)
Derecognition* - (101,762) (101,762)

At 30 June 2023/1 July 2023 93,582,730 703,689 94,286,419

Depreciation (1,154,966) (180,319) (1,335,285)

At 30 June 2024 92,427,764 523,370 92,951,134

* Derecognition due to early termination of lease contracts.

The Group leases a number of forklifts and two (2023 : two) parcels of leasehold land that run between 5 years and
99 (2023 : 99) years respectively.

62 SKB SHUTTERS CORPORATION BERHAD REG NO. 199701014865 (430362-U)

 Notes to the Financial Statements

4. Right-of-use assets - Group (continued)

4.1 Security

The leasehold land are charged to licensed banks as security for the term loans facility granted to a subsidiary
(see Note 14).

4.2 Judgements and assumptions in relation to leases

The Group applied judgement and assumptions in determining the incremental borrowing rates of the leases
of forklifts. Group entities first determine the closest available borrowing rates before using judgement to
determine the adjustments required to reflect the term, security, value or economic environment of the
leases.

4.3 Material accounting policy information

(a) Recognition and measurement

All right-of-use assets are measured at cost less any accumulated depreciation and any accumulated
impairment losses.

(b) Recognition exemption

The Group has elected not to recognise right-of-use assets and lease liabilities for short-term leases
that have a lease term of 12 months or less and leases of low-value assets. The Group recognises
the lease payments associated with these leases as an expense on a straight-line basis over the
lease term.

5. Investment properties - Group

Apartment
and shop office
RM
Cost

At 1 July 2022/30 June 2023/1 July 2023/30 June 2024 791,415

Depreciation and impairment loss

At 1 July 2022

Accumulated depreciation 189,102

Accumulated impairment losses 342,242

531,344

Depreciation for the year 7,428

At 30 June 2023/1 July 2023

Accumulated depreciation 196,530

Accumulated impairment losses 342,242

538,772

63
Annual Report
2024
 Notes to the Financial Statements

5. Investment properties - Group (continued)

Apartment
and shop office
RM

Depreciation for the year 7,428

At 30 June 2024

Accumulated depreciation 203,958

Accumulated impairment losses 342,242

546,200

Carrying amounts

At 1 July 2022 260,071

At 30 June 2023/1 July 2023 252,643

At 30 June 2024 245,215

Investment properties comprise a number of commercial properties that are leased to third parties. No contingent
rents are charged.

The following are recognised in profit or loss :

2024 2023
RM RM

Lease income 27,000 26,700

Direct operating expenses :

- income generating investment properties 12,108 12,108
- non-income generating investment properties 1,123 1,208

5.1 Fair value information

The fair value of the investment properties of the Group is based on the Directors’ estimation using the latest
available market information and recent experience and knowledge in the location and category of properties
being valued. The fair value of the investment properties as at 30 June 2024 is classified as level 3 fair value
(2023 : level 3 fair value), estimated at approximately RM585,000 (2023 : RM580,000).

Policy on transfer between levels

The fair value of an asset to be transferred between levels is determined as of the date of the event or change
in circumstances that caused the transfer.

There has been no transfer between the fair value levels during the financial year (2023 : no transfer in either
directions).

Level 3 fair value

Level 3 fair value is estimated using unobservable inputs for the investment properties.

64 SKB SHUTTERS CORPORATION BERHAD REG NO. 199701014865 (430362-U)

 Notes to the Financial Statements

5. Investment properties - Group (continued)

5.1 Fair value information (continued)

Estimation uncertainty and key assumptions

The Directors estimate the fair value of the Group’s investment properties based on the following key
assumptions :

• Comparison of the Group’s investment properties with similar properties that were published for sale
within the same locality or other comparable localities; and
• Enquiries from relevant property valuers and real estate agents on market conditions and changing
market trends.

5.2 Material accounting policy information

Investment properties are measured subsequently at cost less any accumulated depreciation and any
accumulated impairment.

6. Investments in subsidiaries - Company

2024 2023
RM RM

Unquoted shares, at cost 17,548,945 17,548,947

Less: Impairment loss (26,005) (26,005)

17,522,940 17,522,942

Details of the subsidiaries are as follows :

Principal place of
business/ Effective ownership
Country of interest and voting
Name of entity incorporation interest Principal activities
2024 2023

SKB Shutters Manufacturing Malaysia 100% 100% Manufacture and sale of roller shutters,
Sdn. Bhd. (“SSM”) racking systems, storage system and
related steel products.

SKB Storage Industries Sdn. Malaysia 100% 100% Manufacture and sale of roller shutters,
Bhd. (“STO”) racking systems, storage system and
related steel products.

SKB Shutters Industries Malaysia - 100% Dormant.

Sdn. Bhd. (“SSI”)

SKB Shutters (S) Pte. Ltd. Singapore 100% 100% Trading of roller shutters, racking systems
(“SSS”) # and storage systems.

# Not audited by KPMG PLT.

6.1 Striking off of a subsidiary

During the financial year, SSI has submitted its application for strike off and was successfully gazetted and
dissolved subsequent to the financial year with effect from 19 August 2024.

6.2 Material accounting policy information

Investments in subsidiaries are measured in the Company’s statement of financial position at cost less any
impairment loss.

65
Annual Report
2024
66
7. Deferred tax assets/(liabilities) - Group

Recognised deferred tax assets/(liabilities)

Deferred tax assets and liabilities are attributable to the following :

Assets Liabilities Net

2024 2023 2024 2023 2024 2023
RM RM RM RM RM RM

Property, plant and equipment

- capital allowances - - (1,211,000) (1,713,000) (1,211,000) (1,713,000)
Right-of-use assets
- revaluation - - (1,503,612) (1,641,498) (1,503,612) (1,641,498)
- others - - (125,000) (169,000) (125,000) (169,000)
Lease liabilities 128,000 170,000 - - 128,000 170,000
Interest expense capitalised - - (333,000) - (333,000) -
Provisions 3,180,000 2,727,000 - - 3,180,000 2,727,000

Deferred tax assets/(liabilities) 3,308,000 2,897,000 (3,172,612) (3,523,498) 135,388 (626,498)

Set off of tax (3,050,612) (2,897,000) 3,050,612 2,897,000 - -

Net deferred tax assets/(liabilities) 257,388 - (122,000) (626,498) 135,388 (626,498)

Deferred tax assets and liabilities are offset when the entity has a legally enforceable right to set off current tax assets against current tax liabilities and when the
deferred taxes relate to the same authority. Deferred tax assets are recognised to the extent it is probable that future taxable profit will be available against which
the Group entities can utilise the benefits therefrom.
Notes to the Financial Statements

SKB SHUTTERS CORPORATION BERHAD REG NO. 199701014865 (430362-U)

 Notes to the Financial Statements

7. Deferred tax assets/(liabilities) - Group (continued)

Recognised deferred tax assets/(liabilities) (continued)

Movements in temporary differences during the year are as follows :

Recognised Recognised
in profit At in profit
At or loss 30.6.2023/ or loss At
1.7.2022 (Note 20) 1.7.2023 (Note 20) 30.6.2024
RM RM RM RM RM
Property, plant and equipment
- capital allowances (1,546,000) (167,000) (1,713,000) 502,000 (1,211,000)
- reinvestment allowances 313,000 (313,000) - - -
Right-of-use assets
- revaluation (1,779,382) 137,884 (1,641,498) 137,886 (1,503,612)
- others (95,000) (74,000) (169,000) 44,000 (125,000)
Lease liabilities 98,000 72,000 170,000 (42,000) 128,000
Interest expense capitalised - - - (333,000) (333,000)
Provisions 1,451,710 1,275,290 2,727,000 453,000 3,180,000

(1,557,672) 931,174 (626,498) 761,886 135,388

Unrecognised deferred tax assets

Deferred tax assets have not been recognised in respect of the following items (stated at gross) :

2024 2023
RM RM

Tax losses carry-forward 1,482,000 1,464,000

The tax losses carry-forward of RM1,482,000 (2023 : RM1,464,000) for a subsidiary do not expire under the tax
legislation in Singapore.

Deferred tax assets have not been recognised in respect of the tax losses carry-forward because it is not probable
that future taxable profits will be available against which the subsidiary can utilise the benefits.

67
Annual Report
2024
 Notes to the Financial Statements

8. Trade and other receivables

Group Company
Note 2024 2023 2024 2023
RM RM RM RM
Non-current

Trade

Retention sum 5,275,670 5,197,742 - -

Current

Trade

Trade receivables 16,398,214 14,708,889 - -

Retention sum 3,484,218 2,095,199 - -

19,882,432 16,804,088 - -

Non-trade

Amount due from subsidiaries 8.1 - - 4,034,771 11,070,602

Other receivables 209,400 162,429 - -
Deposits 798,958 859,820 1,000 4,000
Prepayments 8.2 1,778,161 1,606,240 - -

2,786,519 2,628,489 4,035,771 11,074,602

22,668,951 19,432,577 4,035,771 11,074,602

8.1 Amount due from subsidiaries - Company

The non-trade amount due from subsidiaries is unsecured, interest-free and repayable on demand.

8.2 Prepayments - Group

Included in prepayments of the Group is an amount of RM1,063,943 (2023 : RM865,453) representing

advance payments made to suppliers for the purchase of raw materials.

8.3 Significant judgements and assumptions

The management reviews for impairment loss on trade receivables based on individual assessment for those
receivables past due more than 90 days. This review requires judgement and estimates. Possible changes in
the estimate could result in revision to the impairment loss on trade receivables.

9. Inventories - Group

2024 2023
RM RM

Raw materials 28,701,988 27,627,318

Work-in-progress 131,425 841,779
Manufactured inventories 22,416,101 22,768,537

51,249,514 51,237,634

68 SKB SHUTTERS CORPORATION BERHAD REG NO. 199701014865 (430362-U)

 Notes to the Financial Statements

9. Inventories - Group (continued)

Recognised in profit or loss (included under cost of sales) :

2024 2023
RM RM

Inventories recognised as cost of sales 74,439,861 77,823,201

Provision/(Reversal) of inventories written down 186,917 (72,696)
Inventories written off - 107,521

9.1 Significant judgements and assumptions

In determining the amount of inventories to be written down, the Directors took into consideration the age
of the inventories and the likelihood of future consumption. This review requires judgement and estimates.
Possible changes in the estimate could result in revision to the valuation of inventories.

9.2 Material accounting policy information

Inventories are measured at the lower of cost and net realisable value. The cost of inventories is calculated
using the first-in, first out method.

10. Short-term deposits placed with financial institutions

The above short-term deposits represent investment in money market funds which are invested in corporate bonds,
commercial papers, money market deposits and cash equivalents. The short-term deposits are redeemable within
a period of 3 to 7 days.

11. Cash and cash equivalents

Group Company
Note 2024 2023 2024 2023
RM RM RM RM

Short-term funds 11.1 - 18,359,517 - 18,359,517

Cash and bank balances 5,389,564 5,967,194 576,663 48,899

5,389,564 24,326,711 576,663 18,408,416

11.1 Short-term funds

Short-term funds represent investments in fixed income funds which are redeemable within a period of less
than 7 days.

12. Share capital - Group and Company

Note 2024 2023

Amount Number Amount Number
RM of shares RM of shares
Issued and fully paid ordinary
shares with no par value
classified as equity instruments

At 1 July 2023/2022 45,818,324 132,000,000 45,818,324 132,000,000

Issuance of shares arising from
Warrants exercised 12.2 502,830 1,117,400 - -

At 30 June 46,321,154 133,117,400 45,818,324 132,000,000

69
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2024
 Notes to the Financial Statements

12. Share capital - Group and Company (continued)

12.1 Ordinary shares

The holders of ordinary shares are entitled to receive dividends as declared from time to time, and are
entitled to one vote per share at meetings of the Company.

12.2 Issuance of shares arising from Warrants exercised

During the financial year, the Company increased its issued and paid-up capital from RM45,818,324 to
RM46,321,154 by way of allotment of 1,117,400 new ordinary shares at RM0.45 each through the exercise
of Warrants.

13. Reserves

Group Company
Note 2024 2023 2024 2023
RM RM RM RM

Capital reserve 30,000 30,000 - -

Translation reserve 13.1 (345,175) (333,173) - -
Retained earnings 86,406,877 70,037,625 1,039,679 859,439

86,091,702 69,734,452 1,039,679 859,439

13.1 Translation reserve

The translation reserve comprises all foreign currency differences arising from the translation of the financial
statements of foreign operation.

14. Loans and borrowings - Group

2024 2023
RM RM
Non-current

Secured

Term loans 57,911,903 62,123,042

Hire purchase creditors 2,019,661 1,929,764

59,931,564 64,052,806

Current

Secured

Term loans 4,213,816 3,833,938

Hire purchase creditors 1,090,220 1,042,067

5,304,036 4,876,005

Unsecured

Bank overdrafts 2,270,351 416,448

Bankers’ acceptances 10,255,000 8,658,000
Revolving credits 4,053,054 2,000,000

16,578,405 11,074,448

21,882,441 15,950,453

Total loans and borrowings 81,814,005 80,003,259

70 SKB SHUTTERS CORPORATION BERHAD REG NO. 199701014865 (430362-U)

 Notes to the Financial Statements

14. Loans and borrowings - Group (continued)

14.1 Securities

The term loans are secured by the Group’s land and building (see Notes 3.3 and 4.1).

The hire purchase creditors are effectively secured as the rights to the assets will be reverted to the hire
purchase creditors in the event of default.

15. Trade and other payables

Group Company
Note 2024 2023 2024 2023
RM RM RM RM

Trade

Trade payables 11,649,971 10,269,810 - -

Non-trade

Other payables 15.1 16,436,831 14,711,099 3,780 3,710

Accrued expenses 4,121,415 3,581,485 373,653 325,304
Deposits received 866,597 732,839 - -

21,424,843 19,025,423 377,433 329,014

33,074,814 29,295,233 377,433 329,014

15.1 Other payables

Included in other payables of the Group is an amount of RM12,925,359 (2023 : RM11,348,446) representing
advance payments from customers.

16. Revenue

Group Company
2024 2023 2024 2023
RM RM RM RM

Revenue from contracts with customers 115,730,844 112,135,556 - -

Other revenue
- Dividend income - - - 300,000

Total revenue 115,730,844 112,135,556 - 300,000

16.1 Disaggregation of revenue

Group
2024 2023
RM RM
Timing and recognition

At a point in time 34,874,279 42,344,377

Over time 80,856,565 69,791,179

115,730,844 112,135,556

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72
16. Revenue (continued)

16.1 Disaggregation of revenue (continued)

Revenue from contracts with customers is mainly confined to one business segment. Revenue mainly consists of sale of roller shutters, racking systems,
storage system and related steel products. Disaggregation of revenue based on geographical markets is disclosed in Note 23 to the financial statements.

16.2 Nature of goods and services

Nature of goods Timing of recognition or method

or services used to recognise revenue Significant payment terms Warranty
Project sale of roller shutters, Revenue is recognised over time Credit period of 60 days from Defect liability period between 1 to 2
racking systems and storage using the output method based on invoice date (based on milestones years is given to the
system the agreed value of works executed certified by architects). customers.
and certified by architects.

Sale of roller shutters, racking Revenue is recognised at a point in Credit period of 30 days to 60 days Assurance warranties on mechanical
systems, storage system and time when the goods are delivered from invoice date. parts of 1 year is given to
related steel products and accepted by the customers. customers.

There is no variable element in consideration, obligation for returns or refunds attached to the goods sold by the Group.

16.3 Transaction price allocated to the remaining performance obligations

The Group applies the practical expedient exemption in paragraph 121(a) of MFRS 15 on the exemption for disclosure of information on remaining performance
obligations that have original expected durations of one year or less.
Notes to the Financial Statements

SKB SHUTTERS CORPORATION BERHAD REG NO. 199701014865 (430362-U)

 Notes to the Financial Statements

17. Profit before tax

Profit before tax is arrived at after charging/(crediting) :

Group Company
2024 2023 2024 2023
RM RM RM RM

Auditors’ remuneration :
Audit fees
- KPMG PLT 165,000 154,000 40,000 36,000
- Other auditors 12,132 11,771 - -
Non-audit fees
- KPMG PLT 4,000 3,500 4,000 3,500
- Affiliates of KPMG PLT 25,400 23,900 1,900 1,900
Depreciation of :
- Property, plant and equipment (Note 3) 3,484,106 3,346,807 - -
- Right-of-use assets (Note 4) 1,335,285 876,836 - -
- Investment properties (Note 5) 7,428 7,428 - -
Provision/(Reversal) of inventories written
down (Note 9) 186,917 (72,696) - -
Inventories written off (Note 9) - 107,521 - -
Research and development expenses
(Note 17.1) 1,283,905 866,251 - -
Finance income (Note 17.2) (1,059,656) (408,170) (842,558) (369,163)
Gain on derecognition of right-of-use assets - (7,121) - -
Gain on disposal of plant and equipment (106,079) (75,994) - -
Gain on forfeiture of non-refundable
deposits received (34,331) (54,537) - -
Loss/(Gain) on foreign exchange :
- realised 324,007 344,400 - -
- unrealised (343,602) (145,836) - -

Expenses/(Income) arising from leases

Expenses relating to :
- short-term leases (Note 17.3) 514,590 550,192 - -
- leases of low-value assets (Note 17.3) 27,970 24,330 - -
Income from subleasing of :
- Property, plant and equipment (3,348,120) (3,285,345) - -
- Investment properties (27,000) (26,700) - -

Net loss on impairment of financial

instruments

Impairment loss on trade and other

receivables 171,374 131,540 - -

17.1 Research and development expenses include Director’s emoluments of RM764,400 (2023 : RM627,200).

17.2 Finance income represents interest income of financial assets calculated using the effective interest method
that are at amortised cost.

17.3 The Group leases staff accommodations and equipment with contract term of 1 year or shorter. These leases
are short-term and/or leases of low-value items. The Group has elected not to recognise right-of-use assets
and lease liabilities for these leases.

73
Annual Report
2024
 Notes to the Financial Statements

18. Finance costs - Group

2024 2023
RM RM

Interest expense of financial liabilities that are not at fair value through profit or
loss 2,546,719 2,228,668
Interest expense on lease liabilities 22,428 8,151

2,569,147 2,236,819

19. Employee information

Group Company
2024 2023 2024 2023
RM RM RM RM

Personnel costs (including key management

personnel) 19,043,213 17,618,455 275,000 285,417

Personnel costs of the Group (including key management personnel) include contributions to the Employees’
Provident Fund of RM1,214,996 (2023 : RM1,168,494).

Included in personnel costs and research and development expenses is compensation paid to key management
personnel as follows :

Group Company
2024 2023 2024 2023
RM RM RM RM

Directors’ fees
- current Directors 275,000 264,584 275,000 264,584
- past Directors - 20,833 - 20,833
Directors’ remuneration 3,660,000 3,050,000 - -
Contributions to Employees’ Provident Fund 439,200 366,000 - -
Estimated monetary value of benefits-in-kind 10,600 10,600 - -

4,384,800 3,712,017 275,000 285,417

20. Tax expense

Recognised in profit or loss

Major components of income tax expense include :

Group Company
2024 2023 2024 2023
RM RM RM RM
Current tax expense

- Current year 6,067,000 4,081,000 - -

- Under provision in prior year 309,872 218,672 - -

Total current tax recognised in profit or loss 6,376,872 4,299,672 - -

Deferred tax expense

- Origination and reversal of temporary

differences (577,885) (128,962) - -
- Over provision in prior year (184,001) (802,212) - -

Total deferred tax recognised in profit or loss (761,886) (931,174) - -

Total income tax expense 5,614,986 3,368,498 - -

74 SKB SHUTTERS CORPORATION BERHAD REG NO. 199701014865 (430362-U)

 Notes to the Financial Statements

20. Tax expense (continued)

Reconciliation of tax expense

Group Company
2024 2023 2024 2023
RM RM RM RM

Profit for the year 16,369,252 14,994,827 180,240 12,994

Total tax expense 5,614,986 3,368,498 - -

Profit excluding tax 21,984,238 18,363,325 180,240 12,994

Income tax calculated using Malaysian tax

rate of 24% 5,276,218 4,407,198 43,258 3,119
Effect of different tax rate in foreign
jurisdiction 1,916 (4,005) - -
Non-deductible expenses 627,088 536,265 158,956 157,480
Tax exempt income (202,110) (88,599) (202,214) (160,599)
Non-taxable income (133,292) (56,676) - -
Tax incentive - (449,635) - -
Effect of unrecognised deferred tax assets 4,320 (356,880) - -
Reversal of deferred tax on revaluation
surplus (137,885) (137,884) - -
Others 52,860 102,254 - -

5,489,115 3,952,038 - -

Under/(Over) provision in prior year 125,871 (583,540) - -

5,614,986 3,368,498 - -

21. Earnings per ordinary share - Group

Basic earnings per ordinary share

The calculation of basic earnings per ordinary share was based on the profit attributable to ordinary shareholders and
a weighted average number of ordinary shares outstanding, calculated as follows :

2024 2023
RM RM

Profit for the year attributable to ordinary shareholders 16,369,252 14,994,827

2024 2023

Issued ordinary shares at beginning of the financial year 132,000,000 132,000,000

Effect of Warrants exercised during the year 48,380 -

Weighted average number of ordinary shares 132,048,380 132,000,000

Basic earnings per ordinary share (sen) 12.40 11.36

75
Annual Report
2024
 Notes to the Financial Statements

21. Earnings per ordinary share - Group (continued)

Diluted earnings per ordinary share

The calculation of diluted earnings per ordinary share was based on profit attributable to ordinary shareholders and
the weighted average number of ordinary shares outstanding after adjustment for the effects of all dilutive potential
ordinary shares, calculated as follows :

2024 2023
RM RM

Profit for the year attributable to ordinary shareholders 16,369,252 14,994,827

Weighted average number of ordinary shares at 30 June (basic) 132,048,380 132,000,000

Effect of Warrants 14,574,644(1) -(2)

Weighted average number of ordinary shares at 30 June (diluted) 146,623,024 132,000,000

(1)
The average market price of the Company’s shares during the year for the purpose of calculating the dilutive effect
of Warrants was based on quoted market prices for the period during which the Warrants were outstanding.

(2)
The effect of the assumed exercise of Warrants on the earnings per ordinary shares is anti-dilutive. The effect of
the assumed exercise of Warrants has not been considered as the exercise price of the Warrants was higher than
the average market price of the Company’s shares.

2024 2023
sen sen

Diluted earnings per ordinary share 11.16 NA

22. Related parties

Significant related party transactions

The significant related party transactions of the Group and the Company are shown below. The balances related to
the significant related party transactions are shown in Note 8 to the financial statements.

(a) Transactions with subsidiaries

Company
2024 2023
RM RM

Advances to subsidiaries - 3,890,000

Dividend income - 300,000

(b) Transactions with Directors and key management personnel

There were no transactions with the Directors and key management personnel other than the remuneration
package paid to them in accordance with the terms and conditions of their appointment as disclosed in Note
19 to the financial statements.

23. Operating segments - Group

The Group is principally involved in the manufacture and sale of roller shutters, racking systems, storage system
and related steel products which are principally carried out in Malaysia. Management monitors the Group’s operating
results as one business unit due to the similar nature and economic characteristics of the products. The products
within the business unit do not require materially different technology, operational and marketing strategies.
Accordingly, information by operating segments on the Group’s operations as required by MFRS 8 is not presented.

76 SKB SHUTTERS CORPORATION BERHAD REG NO. 199701014865 (430362-U)

 Notes to the Financial Statements

23. Operating segments - Group (continued)

Geographical information

Revenue and non-current assets information are based on the geographical location of customers and assets
respectively. The amounts of non-current assets do not include financial instruments and deferred tax assets.

Non-current
Revenue assets
RM RM

2024

Malaysia 93,517,123 125,444,160

Asia (excluding Malaysia) 11,814,636 -
Oceania 6,242,598 -
Middle East 3,932,893 -
Others 223,594 -

115,730,844 125,444,160

2023

Malaysia 82,202,692 126,959,133

Asia (excluding Malaysia) 16,392,511 3
Oceania 10,339,163 -
Middle East 2,857,214 -
Others 343,976 -

112,135,556 126,959,136

24. Capital commitment - Group

2024 2023
RM RM

Property, plant and equipment

- Contracted but not provided for 973,835 300,000

77
Annual Report
2024
 Notes to the Financial Statements

25. Financial instruments

25.1 Categories of financial instruments

The table below provides an analysis of financial instruments categorised as amortised cost (“AC”).

Carrying
amount AC
RM RM
Group

2024

Financial assets

Trade and other receivables (excluding prepayments) 26,166,460 26,166,460

Short-term deposits placed with financial institutions 38,014,696 38,014,696
Cash and cash equivalents 5,389,564 5,389,564

69,570,720 69,570,720

Financial liabilities

Loan and borrowings 81,814,005 81,814,005

Trade and other payables 33,074,814 33,074,814

114,888,819 114,888,819

2023

Financial assets

Trade and other receivables (excluding prepayments)

23,024,079 23,024,079
Cash and cash equivalents 24,326,711 24,326,711

47,350,790 47,350,790

Financial liabilities

Loan and borrowings 80,003,259 80,003,259

Trade and other payables 29,295,233 29,295,233

109,298,492 109,298,492

78 SKB SHUTTERS CORPORATION BERHAD REG NO. 199701014865 (430362-U)

 Notes to the Financial Statements

25. Financial instruments (continued)

25.1 Categories of financial instruments (continued)

The table below provides an analysis of financial instruments categorised as amortised cost (“AC”).(continued)

Carrying
amount AC
RM RM
Company

2024

Financial assets

Trade and other receivables (excluding prepayments) 4,035,771 4,035,771

Short-term deposits placed with financial institutions 25,602,075 25,602,075
Cash and cash equivalents 576,663 576,663

30,214,509 30,214,509

Financial liabilities

Trade and other payables 377,433 377,433

2023

Financial assets

Trade and other receivables (excluding prepayments) 10,774,602 10,774,602

Cash and cash equivalents 18,408,416 18,408,416

29,183,018 29,183,018

Financial liabilities

Trade and other payables 329,014 329,014

25.2 Net gains and losses arising from financial instruments

Group Company

2024 2023 2024 2023

RM RM RM RM
Net gains/(losses) on :

Financial assets at amortised cost 1,226,128 521,223 842,558 369,163

Financial liabilities at amortised cost (2,830,639) (2,617,288) - -

(1,604,511) (2,096,065) 842,558 369,163

25.3 Financial risk management

The Group has exposures to the following risks from its use of financial instruments :

• Credit risk
• Liquidity risk
• Market risk

79
Annual Report
2024
 Notes to the Financial Statements

25. Financial instruments (continued)

25.4 Credit risk

Credit risk is the risk of a financial loss if a customer or counterparty to a financial instrument fails to
meet its contractual obligations. The Group’s exposure to credit risk arises principally from the individual
characteristics of each customer. The Company’s exposure to credit risk arises principally from advances to
subsidiaries and financial guarantees given to banks and suppliers for credit facilities granted to subsidiaries.
There are no significant changes as compared to prior periods.

Trade receivables

Risk management objectives, policies and processes for managing the risk

Management has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis.
Normally credit evaluations are performed on customers requiring credit over a certain amount.

At each reporting date, the Group or the Company assesses whether any of the trade receivables is credit
impaired.

The gross carrying amount of credit impaired trade receivables is written off (either partially or full) when there
is no realistic prospect of recovery. This is generally the case when the Group or the Company determines
that the debtor does not have assets or sources of income that could generate sufficient cash flows to repay
the amounts subject to the write-off. Nevertheless, trade receivables that are written off could still be subject
to enforcement activities.

There are no significant changes as compared to previous year.

Exposure to credit risk, credit quality and collateral

As at the end of the reporting period, the maximum exposure to credit risk arising from trade receivables is
represented by the carrying amounts in the statements of financial position.

Concentration of credit risk

The exposure of credit risk for trade receivables as at the end of the reporting period by geographical region was :

Group
2024 2023
RM RM

Malaysia 24,522,483 21,148,948

Asia (excluding Malaysia) 614,672 21,627
Oceania - 831,255
Middle east 20,947 -

25,158,102 22,001,830

Recognition and measurement of impairment loss

In managing credit risk of trade receivables, the Group manages its debtors and takes appropriate actions
(including but not limited to legal actions) to recover long overdue balances. Generally, trade receivables will
pay within credit terms granted. The Group’s debt recovery process is as follows :

a) Above 30 days past due after credit term, the Group will start to initiate a structured debt recovery
process which is monitored by the credit controller; and
b) Above 90 days past due, the Group will commence a legal proceeding against the customer.

The Group uses an allowance matrix to measure expected credit losses (“ECLs”) of trade receivables for all
trade receivables except for project-based customers. Invoices which are past due 90 days will be considered
as credit impaired.

80 SKB SHUTTERS CORPORATION BERHAD REG NO. 199701014865 (430362-U)

 Notes to the Financial Statements

25. Financial instruments (continued)

25.4 Credit risk (continued)

Trade receivables (continued)

Recognition and measurement of impairment loss (continued)

Loss rates are calculated using a ‘roll rate’ method based on the probability of a receivable progressing
through successive stages of delinquency to 90 days past due.

Loss rates are based on actual credit loss experience over the past three years. The Group also considers
differences between (a) economic conditions during the period over which the historic data has been
collected, (b) current conditions and (c) the Group’s view of economic conditions over the expected lives
of the receivables. Nevertheless, the Group believes that these factors are immaterial for the purpose of
impairment calculation for the year.

For project-based customers, the Group assessed the risk of loss of each customer individually based on
past trend of payments. All of these customers have low risk of default.

The following table provides information about the exposure to credit risk and ECLs for trade receivables.

Gross carrying Loss Net

amount allowance balance
RM RM RM

Group

2024

Current (not past due) 19,230,116 - 19,230,116

1 - 90 days past due 5,376,845 - 5,376,845

24,606,961 - 24,606,961

Credit impaired

91 - 180 days past due 250,254 - 250,254

181 - 270 days past due 296,003 - 296,003
More than 270 days past due 4,884 - 4,884
Individually impaired 2,201,587 (2,201,587) -

27,359,689 (2,201,587) 25,158,102

2023

Current (not past due) 17,747,352 - 17,747,352

1 - 90 days past due 3,370,565 - 3,370,565

21,117,917 - 21,117,917

Credit impaired

91 - 180 days past due 323,135 - 323,135

181 - 270 days past due 181,073 - 181,073
More than 270 days past due 379,705 - 379,705
Individually impaired 2,155,573 (2,155,573) -

24,157,403 (2,155,573) 22,001,830

There are trade receivables where the Group has not recognised any loss allowance as the trade receivables
are supported by subsequent collection after the reporting period in managing exposure to credit risk.

81
Annual Report
2024
 Notes to the Financial Statements

25. Financial instruments (continued)

25.4 Credit risk (continued)

Trade receivables (continued)

Recognition and measurement of impairment loss (continued)

The movements in the allowance for impairment in respect of trade receivables during the financial year are
as shown below.

Trade receivables
- credit impaired
2024 2023
RM RM
Group

Balance at 1 July 2023/2022 2,155,573 2,024,530

Net remeasurement of loss allowance (Note 17) 171,374 131,540

Write-off (125,360) (497)

Balance at 30 June 2,201,587 2,155,573

Short-term deposits placed with financial institutions and cash and cash equivalents

The above are held with banks and financial institutions. As at the end of the reporting period, the maximum
exposure to credit risk is represented by their carrying amounts in the statements of financial position.

These banks and financial institutions have low credit risks. In addition, some of the bank balances are
insured by government agencies. Consequently, the Group and the Company are of the view that the loss
allowance is not material and hence, it is not provided for.

Other receivables

Credit risk on other receivables are mainly arising from staff advances, deposits paid for utilities and
membership for golf club.

As at the end of the reporting period, the maximum exposure to credit risk is represented by their carrying
amounts in the statements of financial position.

As at the end of the reporting period, the Group recognised allowance for impairment losses on other
receivables amounted to RM51,960 (2023 : RM51,960).

Financial guarantees

Risk management objectives, policies and processes for managing the risk

The Company provides unsecured financial guarantees to banks and suppliers in respect of facilities granted
to certain subsidiaries. The Company monitors the ability of the subsidiaries to service their banking facilities
on an individual basis.

Exposure to credit risk, credit quality and collateral

The maximum exposure to credit risk amounts to RM82,208,072 (2023 : RM80,704,486) representing the
outstanding banking facilities of the subsidiaries as at the end of the reporting period.

Financial guarantees provided to the suppliers of certain subsidiaries are to secure the amount payable of
RM1,443,027 (2023 : RM1,207,433) as at the end of the reporting period.

82 SKB SHUTTERS CORPORATION BERHAD REG NO. 199701014865 (430362-U)

 Notes to the Financial Statements

25. Financial instruments (continued)

25.4 Credit risk (continued)

Financial guarantees (continued)

Recognition and measurement of impairment loss

The Company assumes that there is a significant increase in credit risk when a subsidiary’s financial position
deteriorates significantly. The Company considers a financial guarantee to be credit impaired when :

• The subsidiary is unlikely to repay its credit obligation to the bank or supplier in full; or
• The subsidiary is continuously loss making and is having a deficit shareholder’s fund.

The Company determines the probability of default of the guaranteed amounts individually using internal
information available.

As at the end of the reporting period, the Company did not recognise any allowance for impairment loss in
respect of the financial guarantees as the probability of the subsidiaries defaulting on the banking facilities
is remote.

Inter-company advances

Risk management objectives, policies and processes for managing the risk

The Company provides unsecured advances to subsidiaries. The Company monitors the ability of the
subsidiaries to repay the advances on an individual basis.

Exposure to credit risk, credit quality and collateral

As at the end of the reporting period, the maximum exposure to credit risk is represented by their carrying
amounts in the statement of financial position.

Advances are only provided to subsidiaries which are wholly-owned by the Company, and are not secured by
any collateral or supported by any other credit enhancements.

Recognition and measurement of impairment loss

Generally, the Company considers advances to subsidiaries to be with low credit risk. The Company assumes
that there is a significant increase in credit risk when a subsidiary’s financial position deteriorates significantly.

As the Company is able to determine the timing of payments of the subsidiaries’ advances when they are
payable, the Company considers the advances to be in default when the subsidiaries are not able to pay when
demanded. The Company considers a subsidiary’s advance to be credit impaired when :

• The subsidiary is unlikely to repay its advances to the Company in full; or

• The subsidiary is continuously loss making and is having a deficit shareholder’s fund.

The Company determines the probability of default for these advances individually using internal information
available.

83
Annual Report
2024
 Notes to the Financial Statements

25. Financial instruments (continued)

25.4 Credit risk (continued)

Inter-company advances (continued)

Recognition and measurement of impairment loss (continued)

The following table provides information about the exposure to credit risk and ECLs for subsidiaries’ advances.

Gross carrying Impairment Net

amount loss allowance balance
RM RM RM
Company

2024

Low credit risk 4,034,771 - 4,034,771

Credit impaired 1,147,147 (1,147,147) -

5,181,918 (1,147,147) 4,034,771

2023

Low credit risk 11,070,602 - 11,070,602

Credit impaired 1,147,147 (1,147,147) -

12,217,749 (1,147,147) 11,070,602

25.5 Liquidity risk

Liquidity risk is the risk that the Group and the Company will not be able to meet their financial obligations as
they fall due. The Group’s and the Company’s exposure to liquidity risk arises principally from their various
payables, loans and borrowings.

The Group and the Company maintain a level of cash and cash equivalents and banking facilities deemed
adequate by the management to ensure, as far as possible, that they will have sufficient liquidity to meet
their liabilities when they fall due.

It is not expected that the cash flows included in the maturity analysis could occur significantly earlier, or at
significantly different amounts.

84 SKB SHUTTERS CORPORATION BERHAD REG NO. 199701014865 (430362-U)

 25. Financial instruments (continued)

25.5 Liquidity risk (continued)

Maturity analysis

The table below summarises the maturity profile of the Group’s and the Company’s financial liabilities as at the end of the reporting period based on
undiscounted contractual payments :

Contractual
interest rate/
Carrying Discount rate Contractual Under 1-2 2-5 More than
amount per annum cash flows 1 year years years 5 years
RM % RM RM RM RM RM
2024

Non-derivative financial liabilities

Group

Term loans 62,125,719 4.45 - 4.75 81,608,443 6,992,013 6,899,071 20,113,413 47,603,946
Hire purchase creditors 3,109,881 1.88 - 3.63 3,414,870 1,228,341 867,545 1,318,984 -

Annual Report
Lease liabilities 536,418 3.40 - 3.60 624,900 227,700 157,200 240,000 -

2024
Bank overdrafts 2,270,351 6.70 - 8.14 2,270,351 2,270,351 - - -
Bankers’ acceptances 10,255,000 4.86 - 5.43 10,255,000 10,255,000 - - -
Revolving credits 4,053,054 5.06 - 5.32 4,053,054 4,053,054 - - -
Trade and other payables 33,074,814 - 33,074,814 33,074,814 - - -

115,425,237 135,301,432 58,101,273 7,923,816 21,672,397 47,603,946

Notes to the Financial Statements

Company

Trade and other payables 377,433 - 377,433 377,433 - - -

Financial guarantees - - 83,651,099 83,651,099 - - -

377,433 84,028,532 84,028,532 - - -

85
86
25. Financial instruments (continued)

25.5 Liquidity risk (continued)

Maturity analysis (continued)

Contractual
interest rate/
Carrying Discount rate Contractual Under 1-2 2-5 More than
amount per annum cash flows 1 year years years 5 years
RM % RM RM RM RM RM
2023

Non-derivative financial liabilities

Group

Term loans 65,956,980 4.45 - 4.75 87,972,958 6,765,425 6,939,329 20,266,080 54,002,124
Hire purchase creditors 2,971,831 1.88 - 3.63 3,231,034 1,167,658 951,537 1,111,839 -
Lease liabilities 710,790 3.40 - 3.60 767,700 196,800 173,700 397,200 -
Bank overdrafts 416,448 6.70 416,448 416,448 - - -
Bankers’ acceptances 8,658,000 5.17 - 5.34 8,658,000 8,658,000 - - -
Revolving credits 2,000,000 5.02 - 5.12 2,000,000 2,000,000 - - -
Trade and other payables 29,295,233 - 29,295,233 29,295,233 - - -

110,009,282 132,341,373 48,499,564 8,064,566 21,775,119 54,002,124

Company
Notes to the Financial Statements

Trade and other payables 329,014 - 329,014 329,014 - - -

SKB SHUTTERS CORPORATION BERHAD REG NO. 199701014865 (430362-U)

Financial guarantees - - 81,911,919 81,911,919 - - -

329,014 82,240,933 82,240,933 - - -

 Notes to the Financial Statements

25. Financial instruments (continued)

25.6 Market risk

Market risk is the risk that changes in market prices, such as foreign exchange rates and interest rates that
will affect the Group’s financial position or cash flows.

25.6.1 Currency risk

The Group is exposed to foreign currency risk on sales, purchases, cash and cash equivalents and
borrowings that are denominated in a currency other than the respective functional currencies of the
Group entities. The currency giving rise to this risk is primarily U.S. Dollar (“USD”).

Risk management objectives, policies and processes for managing the risk

It is generally the Group’s practice not to enter into foreign exchange contracts in managing its
foreign exchange risk resulting from cash flows from transactions denominated in foreign currency.

Exposure to foreign currency risk

The Group’s exposure to foreign currency (a currency which is other than the functional currency
of the Group entities) risk, based on carrying amounts as at the end of the reporting period was :

Group
2024 2023
RM RM
Denominated in USD

Trade and other receivables (excluding prepayments) 635,545 -

Cash and cash equivalents 2,801,626 2,403,980
Trade and other payables (1,533,887) (1,418,138)

Net exposure 1,903,284 985,842

Currency risk sensitivity analysis

Foreign currency risk arises from Group entities which have a Ringgit Malaysia (“RM”) functional
currency. The exposure to currency risk of Group entities which do not have a RM functional currency
is not material and hence, sensitivity analysis is not presented.

A 10% (2023 : 10%) strengthening of the RM against USD at the end of the reporting period would
have increased (2023 : increased) post-tax profit or loss by RM144,650 (2023 : RM74,924).
This analysis is based on foreign currency exchange rate variances that the Group considered to
be reasonably possible at the end of the reporting period. This analysis assumes that all other
variables, in particular interest rates, remained constant and ignores any impact of forecasted
transactions.

A 10% (2023 : 10%) weakening of the RM against USD at the end of the reporting period would
have had equal but opposite effect on USD to the amount shown above, on the basis that all other
variables remained constant.

87
Annual Report
2024
 Notes to the Financial Statements

25. Financial instruments (continued)

25.6 Market risk (continued)

25.6.2 Interest rate risk

The Group’s fixed rate borrowings are exposed to a risk of change in their fair value due to changes
in interest rates. The Group’s variable rate borrowings are exposed to a risk of change in cash flows
due to changes in interest rates. Short-term receivables and payables are not significantly exposed
to interest rate risk.

Risk management objectives, policies and processes for managing the risk

The Group is presently enjoying competitive interest rates which are reviewed and negotiated on a
yearly basis. The Group manages their interest rate risk by having a combination of borrowings with
floating and fixed rates.

Exposure to interest rate risk

The interest rate profile of the Group’s and the Company’s significant interest-bearing financial
instruments, based on carrying amounts as at the end of the reporting period was :

Group Company
2024 2023 2024 2023
RM RM RM RM

Fixed rate instruments

Financial liabilities (17,954,353) (14,340,621) - -

Floating rate instruments

Financial assets 38,014,696 18,359,517 25,602,075 18,359,517

Financial liabilities (64,396,070) (66,373,428) - -

(26,381,374) (48,013,911) 25,602,075 18,359,517

Interest rate risk sensitivity analysis

(a) Fair value sensitivity analysis for fixed rate instruments

The Group does not account for any fixed rate financial assets and liabilities at fair value
through profit or loss. Therefore, a change in interest rates at the end of the reporting period
would not affect profit or loss.

(b) Cash flow sensitivity analysis for variable rate instruments

A change of 50 basis points (“bp”) in interest rates at the end of the reporting period
would have increased/(decreased) post-tax profit or loss by the amounts shown below. This
analysis assumes that all other variables, in particular foreign currency rates, remained
constant.

88 SKB SHUTTERS CORPORATION BERHAD REG NO. 199701014865 (430362-U)

 Notes to the Financial Statements

25. Financial instruments (continued)

25.6 Market risk (continued)

25.6.2 Interest rate risk (continued)

Interest rate risk sensitivity analysis (continued)

(b) Cash flow sensitivity analysis for variable rate instruments (continued)

Profit or loss
50 bp 50 bp
increase decrease
RM RM
Group

2024

Floating rate instruments (100,249) 100,249

2023

Floating rate instruments (182,453) 182,453

Company

2024

Floating rate instruments 97,288 (97,288)

2023

Floating rate instruments 69,766 (69,766)

89
Annual Report
2024
90
25. Financial instruments (continued)

25.7 Fair value information

The carrying amounts of short-term deposits placed with financial institutions, cash and cash equivalents, short-term receivables and payables and short-term
borrowings reasonably approximate their fair values due to the relatively short term nature of these financial instruments.

The table below analyses financial instruments carried at fair value and those not carried at fair value for which fair value is disclosed, together with their fair
values and carrying amounts shown in the statements of financial position.

Fair value of financial instruments Fair value of financial instruments

carried at fair value not carried at fair value Total Carrying
Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total fair value amount
RM RM RM RM RM RM RM RM RM RM
Group

Financial
liabilities

2024

Term loans - - - - - - (62,126,000) (62,126,000) (62,126,000) (62,125,719)

Hire purchase
creditors - - - - - - (3,110,000) (3,110,000) (3,110,000) (3,109,881)

- - - - - - (65,236,000) (65,236,000) (65,236,000) (65,235,600)

2023
Notes to the Financial Statements

Term loans - - - - - - (65,957,000) (65,957,000) (65,957,000) (65,956,980)

SKB SHUTTERS CORPORATION BERHAD REG NO. 199701014865 (430362-U)

Hire purchase
creditors - - - - - - (2,972,000) (2,972,000) (2,972,000) (2,971,831)

- - - - - - (68,929,000) (68,929,000) (68,929,000) (68,928,811)

 Notes to the Financial Statements

25. Financial instruments (continued)

25.7 Fair value information (continued)

Policy on transfer between levels

The fair value of an asset to be transferred between levels is determined as of the date of the event or change
in circumstances that caused the transfer.

There has been no transfer between the fair value levels during the financial year (2023 : no transfer in either
directions).

Level 3 fair value

Non-derivative financial liabilities

Fair value, which is determined for disclosure purposes, is calculated based on the present value of future
principal and interest cash flows, discounted at the market rate of interest at the end of the reporting period.
The fair value of the loans and borrowings is calculated using discounted cash flows where the market rate
of interest is determined by reference to similar borrowing arrangements.

26. Capital management

The Group’s objectives when managing capital is to maintain a strong capital base and safeguard the Group’s ability
to continue as a going concern, so as to maintain investor, creditor and market confidence and to sustain future
development of the business. The Directors monitor and determined to maintain an optimal debt-to-equity ratio that
complied with debt covenants and regulatory requirements.

The debt-to-equity ratios were as follows :

Group
2024 2023
RM RM

Loans and borrowings (Note 14) 81,814,005 80,003,259

Lease liabilities 536,418 710,790
Less : short-term deposits placed with financial institutions (Note 10) (38,014,696) -
Less : cash and cash equivalents (Note 11) (5,389,564) (24,326,711)

Net debt 38,946,163 56,387,338

Total equity 132,412,856 115,552,776

Debt-to-equity ratio 0.29 0.49

There were no changes in the Group’s approach to capital management during the financial year.

91
Annual Report
2024
 Statement by Directors
pursuant to Section 251(2) of the Companies Act 2016

In the opinion of the Directors, the financial statements set out on pages 49 to 91 are drawn up in accordance with MFRS
Accounting Standards as issued by the Malaysian Accounting Standards Board, IFRS Accounting Standards as issued by
the International Accounting Standards Board and the requirements of the Companies Act 2016 in Malaysia so as to give
a true and fair view of the financial position of the Group and of the Company as of 30 June 2024 and of their financial
performance and cash flows for the financial year then ended.

Signed on behalf of the Board of Directors in accordance with a resolution of the Directors :

…………………………………..…..…..…..…..…
Sin Kheng Lee
Director

…………………………………..…..…..…..…..…
Sin Siew Huey
Director

Penang,

Date : 25 October 2024

Statutory declaration
pursuant to Section 251(1)(b) of the Companies Act 2016

I, Sin Siew Huey, the Director primarily responsible for the financial management of SKB Shutters Corporation Berhad, do
solemnly and sincerely declare that the financial statements set out on pages 49 to 91 are, to the best of my knowledge
and belief, correct and I make this solemn declaration conscientiously believing the declaration to be true, and by virtue of
the Statutory Declarations Act 1960.

Subscribed and solemnly declared by the abovenamed Sin Siew Huey, NRIC: 820805-10-5402, MIA CA30773, at George
Town in the State of Penang on 25 October 2024.

…………………………………..…..…..…..…..…
Sin Siew Huey

Before me :
Goh Suan Bee
(No. P125)
Commissioner for Oaths
Penang

92 SKB SHUTTERS CORPORATION BERHAD REG NO. 199701014865 (430362-U)

 Independent Auditors’ Report
to the members of SKB Shutters Corporation Berhad

Report on the Audit of the Financial Statements

Opinion

We have audited the financial statements of SKB Shutters Corporation Berhad, which comprise the statements of financial
position as at 30 June 2024 of the Group and of the Company, and the statements of profit or loss and other comprehensive
income, statements of changes in equity and statements of cash flows of the Group and of the Company for the year then
ended, and notes to the financial statements, including material accounting policy information, as set out on pages 49 to
91.

In our opinion, the accompanying financial statements give a true and fair view of the financial position of the Group and
of the Company as at 30 June 2024, and of their financial performance and their cash flows for the year then ended in
accordance with MFRS Accounting Standards as issued by the Malaysian Accounting Standards Board (“MFRS Accounting
Standards”), IFRS Accounting Standards as issued by the International Accounting Standards Board (“IFRS Accounting
Standards”) and the requirements of the Companies Act 2016 in Malaysia.

Basis for Opinion

We conducted our audit in accordance with approved standards on auditing in Malaysia and International Standards on
Auditing. Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of
the Financial Statements section of our auditors’ report. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our opinion.

Independence and Other Ethical Responsibilities

We are independent of the Group and of the Company in accordance with the By-Laws (on Professional Ethics, Conduct and
Practice) of the Malaysian Institute of Accountants (“By-Laws”) and the International Ethics Standards Board for Accountants’
International Code of Ethics for Professional Accountants (including International Independence Standards) (“IESBA Code”),
and we have fulfilled our other ethical responsibilities in accordance with the By-Laws and the IESBA Code.

Key Audit Matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the
financial statements of the Group and of the Company for the current year. These matters were addressed in the context of
our audit of the financial statements of the Group and of the Company as a whole, and in forming our opinion thereon, and
we do not provide a separate opinion on these matters.

Valuation of trade receivables

Refer to Note 1(d) (basic of preparation - use of estimates and judgements) and Note 8 (trade and other receivables)
The key audit matter How the matter was addressed in our audit
The Group has trade receivables amounting to RM25.1 Our audit procedures included, amongst others :
million, representing 10.13% of the Group’s total assets as
at 30 June 2024. • Tested the accuracy of trade receivables’ ageing reports
by testing outstanding invoices to their respective age
Due to the Group’s business nature, the Group has significant brackets on a sampling basis;
trade receivables mainly from project-based customers.
Some of these customers have long outstanding debts. This • Assessed the recoverability of the past due trade
may lead to a heightened risk that certain trade receivables receivables on sampling basis by testing the receipts of
may not be recoverable. With the significance of the balance cash after year end; and
and the level of judgement required to assess the amount
of impairment loss required for trade receivables, valuation • Assessed the adequacy of the Group’s allowance for
of trade receivables has been identified as one of the key impairment loss including expected credit loss (“ECL”)
audit matters. against the doubtful trade receivables by challenging
the key assumptions/judgement applied by Directors in
determining the allowance for impairment loss on any
residual balances of significant past due debts net of
subsequent receipts, taking into consideration past
payment trends, and bad debts record for debts deemed
doubtful.

93
Annual Report
2024
 Independent Auditors’ Report
to the members of SKB Shutters Corporation Berhad

Key Audit Matters (continued)

Valuation of inventories
Refer to Note 1(d) (basic of preparation - use of estimates and judgements) and Note 9 (Inventories)
The key audit matter How the matter was addressed in our audit
The Group has inventories amounting to RM51.2 million, Our audit procedures included, amongst others :
representing 43.66% of the Group’s total current assets
as at 30 June 2024. • Tested the accuracy of inventories ageing reports by
testing the goods received notes, production records
The Group made the write-down of inventories, if neces- and other relevant underlying documentation to their
sary, based on the analysis of the aging of inventories. respective age brackets on a sampling basis;
With the significance of the balance and the level of judge-
ment required to assess the amount of allowance needed • Assessed the Directors’ procedures and challenged
for the slow moving and obsolete inventories, valuation the key assumptions made in identifying and writing
of inventories has been identified as one of the key audit down the slow moving and obsolete inventories and
matters. evaluated the adequacy of write down based on the
past trends;

• Assessed whether any significant items identified as

damage, slow moving or obsolete during the inventory
count observation were written down; and

• Assessed whether the inventories were carried at the

lower of cost and net realisable value by comparing
their carrying amounts against the selling prices after
year end less estimated selling expenses.

We have determined that there are no key audit matters in the audit of the separate financial statements of the Company
to communicate in our auditors’ report.

Information Other than the Financial Statements and Auditors’ Report Thereon

The Directors of the Company are responsible for the other information. The other information comprises the information
included in the annual report, but does not include the financial statements of the Group and of the Company and our
auditors’ report thereon.

Our opinion on the financial statements of the Group and of the Company does not cover the annual report and we do not
express any form of assurance conclusion thereon.

In connection with our audit of the financial statements of the Group and of the Company, our responsibility is to read the
annual report and, in doing so, consider whether the annual report is materially inconsistent with the financial statements
of the Group and of the Company or our knowledge obtained in the audit, or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of the annual report, we are
required to report that fact. We have nothing to report in this regard.

Responsibilities of the Directors for the Financial Statements

The Directors of the Company are responsible for the preparation of financial statements of the Group and of the Company
that give a true and fair view in accordance with MFRS Accounting Standards, IFRS Accounting Standards and the
requirements of the Companies Act 2016 in Malaysia. The Directors are also responsible for such internal control as the
Directors determine is necessary to enable the preparation of financial statements of the Group and of the Company that
are free from material misstatement, whether due to fraud or error.

In preparing the financial statements of the Group and of the Company, the Directors are responsible for assessing the
ability of the Group and of the Company to continue as a going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Group or the
Company or to cease operations, or have no realistic alternative but to do so.

94 SKB SHUTTERS CORPORATION BERHAD REG NO. 199701014865 (430362-U)

 Independent Auditors’ Report
to the members of SKB Shutters Corporation Berhad

Auditors’ Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements of the Group and of the Company
as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted
in accordance with approved standards on auditing in Malaysia and International Standards on Auditing will always detect
a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on
the basis of these financial statements.

As part of an audit in accordance with approved standards on auditing in Malaysia and International Standards on Auditing,
we exercise professional judgement and maintain professional scepticism throughout the audit. We also :

• Identify and assess the risks of material misstatement of the financial statements of the Group and of the Company,
whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
internal control of the Group and of the Company.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by the Directors.

• Conclude on the appropriateness of the Directors’ use of the going concern basis of accounting and, based on
the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast
significant doubt on the ability of the Group or of the Company to continue as a going concern. If we conclude that a
material uncertainty exists, we are required to draw attention in our auditors’ report to the related disclosures in the
financial statements of the Group and of the Company or, if such disclosures are inadequate, to modify our opinion.
Our conclusions are based on the audit evidence obtained up to the date of our auditors’ report. However, future
events or conditions may cause the Group or the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements of the Group and of the Company,
including the disclosures, and whether the financial statements of the Group and of the Company represent the
underlying transactions and events in a manner that gives a true and fair view.

• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities
within the Group to express an opinion on the financial statements of the Group. We are responsible for the direction,
supervision and performance of the group audit. We remain solely responsible for our audit opinion.

We communicate with the Directors regarding, among other matters, the planned scope and timing of the audit and significant
audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide the Directors with a statement that we have complied with relevant ethical requirements regarding
independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear
on our independence, and where applicable, actions taken to eliminate threats or safeguards applied.

From the matters communicated with the Directors, we determine those matters that were of most significance in the audit
of the financial statements of the Group and of the Company for the current year and are therefore the key audit matters.
We describe these matters in our auditors’ report unless law or regulation precludes public disclosure about the matter
or when, in extremely rare circumstances, we determine that a matter should not be communicated in our auditors’ report
because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of
such communication.

Report on Other Legal and Regulatory Requirements

In accordance with the requirements of the Companies Act 2016 in Malaysia, we report that the subsidiary of which we have
not acted as auditors is disclosed in Note 6 to the financial statements.

95
Annual Report
2024
 Independent Auditors’ Report
to the members of SKB Shutters Corporation Berhad

Other Matter

This report is made solely to the members of the Company, as a body, in accordance with Section 266 of the Companies
Act 2016 in Malaysia and for no other purpose. We do not assume responsibility to any other person for the content of this
report.

KPMG PLT Lee Phaik Im

(LLP0010081-LCA & AF 0758) Approval Number : 03177/05/2025 J
Chartered Accountants Chartered Accountant

Penang

Date : 25 October 2024

96 SKB SHUTTERS CORPORATION BERHAD REG NO. 199701014865 (430362-U)

 List of Properties
at as 30 June 2024

Carrying
amount
Date Existing 30.06.24
No. Description/Address Revaluation Tenure Area Use RM

LAND

1 Lot 22, Jalan Teknologi 28/06/2011 Leasehold 48,637 Factory 56,917,446

Taman Sains Selangor 1 - 99 years sq.m.
Kota Damansara expiring 2106
47810 Petaling Jaya

2 PT 10562, Mukim of Ijok Leasehold 474,900 Vacant 35,510,318

District of Kuala Selangor - 99 years sq.m.
Selangor Darul Ehsan expiring 2101

BUILDING

1 Lot 22, Jalan Teknologi 28/06/2011 Leasehold 336,263 Factory 19,389,437

Taman Sains Selangor 1 - 99 years sq.ft.
Kota Damansara expiring 2106
47810 Petaling Jaya

2 Corporate Tower Subang Square 28/06/2011 Freehold 810 sq.ft. Rent 181,496
CT-01-17, Jln SS 15/4G
47500 Subang Jaya, Selangor

3 Kota Point Shopping Complex, Not Applicable Freehold 28 sq.m. Vacant 1

Lot LG-20
Grant No.: 15702, Lot 346
Jalan Lombong
Kota Tinggi Johor

4 Kiambang Apartment 28/06/2011 Leasehold 790 sq.ft. Vacant 63,718

C-1-12, Jln Putra Perdana 5F - 99 years
Taman Putra Perdana expiring 2093
47100 Puchong, Selangor

Total 112,062,423

* On 19 January 2016, the Group acquired 99 years leasehold land which was previously leased for 30 years.

97
Annual Report
2024
 Analysis of Shareholdings
as at 30 September 2024

ISSUED AND FULLY PAID-UP CAPITAL : RM48,455,729

CLASS OF SHARE : Ordinary shares of RM1 each fully paid
VOTING RIGHTS : On a show of hands - one vote for every shareholder
On a poll - one vote for every ordinary share held

DISTRIBUTION OF SHAREHOLDINGS

No. of % of
Size of Shareholding shareholders shareholders No. of shares % of shares

Less than 100 9 0.4870 245 0.0002

100 - 1,000 191 10.3355 116,200 0.0843
1,001 - 10,000 1,027 55.5736 5,330,600 3.8667
10,001 - 100,000 538 29.1126 16,071,400 11.6577
100,001 - 6,893,044* 81 4.3831 38,001,634 27.5652
6,893,045 - 137,860,900** 2 0.1082 78,340,821 56.8260
Total 1,848 100.0000 137,860,900 100.0000

Remark : * Less than 5% of issued Shares

: ** 5% and above of issued Shares

SUBSTANTIAL SHAREHOLDERS

% of Issued % of Issued
Name Direct Interest Capital Indirect Interest Capital

1 SKB Glory Sdn. Bhd. 68,542,821 49.7188 - -

2 Sin Kheng Lee 9,798,000 7.1072 68,572,821 * 49.7406
3 Chou Lee Sin 30,000 0.0218 78,340,821 # 56.8260
4 Sin Ching San 30,000 0.0218 68,542,821 ^ 49.7188

* Deemed interest via SKB Glory Sdn. Bhd. and spouse

# Deemed interest via spouse
^ Deemed interest via SKB Glory Sdn. Bhd.

DIRECTORS' SHAREHOLDINGS

Direct Interest % Indirect Interest %

The Company
1 Sin Kheng Lee 9,798,000 7.1072 68,572,821 * 49.7406
2 Chou Lee Sin 30,000 0.0218 78,340,821 # 56.8260
3 Sin Ching San 30,000 0.0218 68,542,821 ^ 49.7188
4 Sin Siew Huey - - - -
5 Sin Tze Yi - - - -
6 Ng Swee Weng - - - -
7 Amnah Apasra Emir Binti Moehamad Izat Emir - - - -
8 Yeoh Yen Shiong - - - -

Holding Company - SKB Glory Sdn. Bhd.

1 Sin Kheng Lee 1,394,000 68.0000 153,750 @ 7.5000
2 Sin Ching San 502,250 24.5000 - -
3 Chou Lee Sin - - 1,547,750 # 75.5000

* Deemed interest via SKB Glory Sdn. Bhd. and spouse

# Deemed interest via spouse
^ Deemed interest via SKB Glory Sdn. Bhd.
@ Deemed interest via Lembah Segar Sdn. Bhd.

Note: By virtue of their interest of more than 20% in the Ordinary Shares of the Company, Messrs Sin Kheng Lee and Sin
Ching San are also deemed to have interest in the Ordinary Shares of all the subsidiaries to the extent that the
Company has an interest.
98 SKB SHUTTERS CORPORATION BERHAD REG NO. 199701014865 (430362-U)
 Analysis of Shareholdings
as at 30 September 2024

LIST OF 30 LARGEST SHAREHOLDERS

NO. NAME HOLDINGS %

1 SKB GLORY SDN BHD 68,542,821 49.72
2 SIN KHENG LEE 9,768,000 7.09
3 CITIGROUP NOMINEES (TEMPATAN) SDN BHD 4,519,400 3.28
EMPLOYEES PROVIDENT FUND BOARD (PHEIM)
4 DAUD BIN DAROS 2,955,717 2.14
5 MOHD HAFIZ BIN HASHIM 2,955,717 2.14
6 LEE CHEE BENG 2,519,700 1.83
7 HSBC NOMINEES (TEMPATAN) SDN BHD 1,652,200 1.20
HSBC (M) TRUSTEE BHD FOR MANULIFE FLEXI INVEST FUND
8 OOI SAY TUAN 1,500,000 1.09
9 HSBC NOMINEES (TEMPATAN) SDN BHD 1,357,300 0.98
HSBC (M) TRUSTEE BHD FOR MANULIFE INVESTMENT SHARIAH PROGRESS PLUS FUND
10 MAYBANK NOMINEES (TEMPATAN) SDN BHD 1,137,800 0.83
MAYBANK TRUSTEES BERHAD FOR MANULIFE INVESTMENT - ML FLEXI FUND (250283)
11 AFFIN HWANG NOMINEES (TEMPATAN) SDN. BHD. 1,013,000 0.73
PLEDGED SECURITIES ACCOUNT FOR LEE CHEE PENG
12 HSBC NOMINEES (TEMPATAN) SDN BHD 895,100 0.65
HSBC (M) TRUSTEE BHD FOR MANULIFE INVESTMENT GROWTH FUND (4074)
13 MAYBANK NOMINEES (TEMPATAN) SDN BHD 734,200 0.53
MTRUSTEE BERHAD FOR ETHEREAL CAPITAL SDN. BHD. (GROWTH FUND)(445788)
14 YEOH YEW CHOO 731,800 0.53
15 LEE LAM KEIONG 614,000 0.45
16 LEE BENG YONG 530,000 0.38
17 CITIGROUP NOMINEES (ASING) SDN BHD 511,000 0.37
CEP FOR PHEIM SICAV-SIF
18 HEE YAU SING 500,000 0.36
19 LIM POH BOON 462,000 0.34
20 LAU SAM SIONG 460,000 0.33
21 SYARIKAT RIMBA TIMUR (RT) SDN BHD 450,000 0.33
22 TAN AIK CHOON 436,900 0.32
23 CIMB GROUP NOMINEES (ASING) SDN. BHD. 410,000 0.30
EXEMPT AN FOR DBS BANK LTD (SFS)
24 CITIGROUP NOMINEES (ASING) SDN BHD 405,300 0.29
UBS AG
25 MAYBANK NOMINEES (TEMPATAN) SDN BHD 400,000 0.29
PLEDGED SECURITIES ACCOUNT FOR CHUA RAY-MEN
26 CARTABAN NOMINEES (ASING) SDN BHD 379,400 0.28
EXEMPT AN FOR BARCLAYS CAPITAL SECURITIES LTD (SBL/PB)
27 ALLIANCEGROUP NOMINEES (TEMPATAN) SDN BHD 379,000 0.27
PLEDGED SECURITIES ACCOUNT FOR TEE JEN TONG (7003685)
28 MAYBANK NOMINEES (TEMPATAN) SDN BHD 361,000 0.26
PLEDGED SECURITIES ACCOUNT FOR LEE KEAN BOON
29 HSBC NOMINEES (ASING) SDN BHD 320,500 0.23
J.P. MORGAN SECURITIES PLC
30 LOOI ENG KEONG 300,000 0.22
107,201,855 77.76

99
Annual Report
2024
 Analysis of Warrant Holdings
as at 30 September 2024

3-YEAR WARRANTS 2022/2025

Total Number of Warrant Issued : 65,999,996

Outstanding : 60,139,096
Voting Rights : The holders of the Warrants will not be entitled to any voting right or participation
in any form of distribution and/or offer of further securities in our Company until
and unless such holders of the Warrants exercise their Warrants into new SKB
Shutters Corporation Berhad ordinary shares

DISTRIBUTION OF WARRANT HOLDINGS

No. of % of
Size of Shareholding warrant holders warrant holders No. of warrant % of warrant

Less than 100 61 6.9555 2,698 0.0045

100 - 1,000 72 8.2098 28,972 0.0482
1,001 - 10,000 409 46.6363 1,793,950 2.9830
10,001 - 100,000 282 32.1551 9,504,550 15.8043
100,001 - 3,006,953* 51 5.8153 19,638,516 32.6552
3,006,954 - 60,139,096** 2 0.2281 29,170,410 48.5049
Total 877 100.00 60,139,096 100.0000

Remark : * Less than 5% of issued Warrants

: ** 5% and above of issued Warrants

SUBSTANTIAL WARRANT HOLDERS

% of Issued % of Issued
Name Direct Interest Warrants Indirect Interest Warrants

1 SKB Glory Sdn. Bhd. 24,271,410 40.3588 - -

2 Sin Kheng Lee 4,899,000 8.1461 24,286,410 * 40.3837
3 Chou Lee Sin 15,000 0.0249 29,170,410 # 48.5049
4 Sin Ching San 15,000 0.0249 24,271,410 ^ 40.3588

* Deemed interest via SKB Glory Sdn. Bhd. and spouse

# Deemed interest via spouse
^ Deemed interest via SKB Glory Sdn. Bhd.

DIRECTORS' WARRANT HOLDINGS

Direct Interest % Indirect Interest %

The Company
1 Sin Kheng Lee 4,899,000 8.1461 24,286,410 * 40.3837
2 Chou Lee Sin 15,000 0.0249 29,170,410 # 48.5049
3 Sin Ching San 15,000 0.0249 24,271,410 ^ 40.3588
4 Sin Siew Huey - - - -
5 Sin Tze Yi - - - -
6 Ng Swee Weng - - -
7 Amnah Apasra Emir Binti Moehamad Izat Emir - - - -
8 Yeoh Yen Shiong - - - -

* Deemed interest via SKB Glory Sdn. Bhd. and spouse

# Deemed interest via spouse
^ Deemed interest via SKB Glory Sdn. Bhd.

100 SKB SHUTTERS CORPORATION BERHAD REG NO. 199701014865 (430362-U)

 Analysis of Warrant Holdings
as at 30 September 2024

LIST OF 30 LARGEST WARRANT HOLDERS

NO. NAME HOLDINGS %

1 SKB GLORY SDN BHD 24,271,410 40.36
2 SIN KHENG LEE 4,884,000 8.12
3 GO HOOI MENG 2,750,000 4.57
4 DAUD BIN DAROS 1,477,858 2.46
5 MOHD HAFIZ BIN HASHIM 1,477,858 2.46
6 ALLIANCEGROUP NOMINEES (TEMPATAN) SDN BHD 1,209,200 2.01
PLEDGED SECURITIES ACCOUNT FOR TEE JEN TONG (7003685)
7 LIM WEN PING 878,500 1.46
8 RHB NOMINEES (TEMPATAN) SDN BHD 850,000 1.41
PLEDGED SECURITIES ACCOUNT FOR TANG JEE ENG
9 OOI SAY TUAN 750,000 1.25
10 LEE CHEE BENG 696,800 1.16
11 ALLIANCEGROUP NOMINEES (TEMPATAN) SDN BHD 551,000 0.92
PLEDGED SECURITIES ACCOUNT FOR TEE CHEE CHIANG (8073610)
12 MAYBANK NOMINEES (TEMPATAN) SDN BHD 493,000 0.82
MTRUSTEE BERHAD FOR ETHEREAL CAPITAL SDN. BHD. (GROWTH FUND)(445788)
13 LOK WEI SEONG 400,000 0.67
14 YOU CHIN FAT 400,000 0.67
15 MOOMOO NOMINEES (TEMPATAN) SDN. BHD. 379,000 0.63
PLEDGED SECURITIES ACCOUNT FOR CHANG PEY CHEE
16 LEE SIEW PENG 317,800 0.53
17 APEX NOMINEES (TEMPATAN) SDN. BHD. 310,000 0.52
PLEDGED SECURITIES ACCOUNT FOR TEE JEN TONG (STA1)
18 FOO YONG BOON 300,000 0.50
19 TEO QUEK SIANG 300,000 0.50
20 CITIGROUP NOMINEES (TEMPATAN) SDN BHD 299,200 0.50
EXEMPT AN FOR BANK OF SINGAPORE LIMITED (LOCAL)
21 MAYBANK NOMINEES (TEMPATAN) SDN BHD 288,400 0.48
NG KAY JEONG
22 ALLIANCEGROUP NOMINEES (TEMPATAN) SDN BHD 286,200 0.48
PLEDGED SECURITIES ACCOUNT FOR ALWYN TAN (8070782)
23 TAN TOO SENG 250,000 0.42
24 TAN MING JUN 235,300 0.39
25 LAW JIA MING 232,200 0.39
26 LIM POH BOON 231,000 0.38
27 LOW SOOK TIN 230,000 0.38
28 DAVID KHOO CHONG BENG 200,000 0.33
29 KENANGA NOMINEES (TEMPATAN) SDN BHD 200,000 0.33
RAKUTEN TRADE SDN BHD FOR TAN LAI MING
30 TEE CHEE CHIANG 200,000 0.33
45,348,726 75.41

101
Annual Report
2024
 Notice of Annual General Meeting

NOTICE IS HEREBY GIVEN that the Twenty Seventh (“27th”) Annual General Meeting (“AGM”) of the Company will be held
on a fully virtual basis through the online meeting platform at https://pasb-online.digerati.com.my provided by Digerati
Technologies Sdn. Bhd. in Malaysia (Domain registration number D1A119533), on 28th day, November 2024 at 2:00 p.m.
to transact the following business: -

As Ordinary Business:
1. To receive and adopt the Financial Statements for the year ended 30 June 2024 and (Please refer to Explanatory
the Reports of Directors and Auditors thereon. Note (B)(1))

2. To re-elect the following Directors who are due to retire in accordance with Clause 88 of
the Company’s Constitution and being eligible, had offered themselves for re-election: -

2.1 Mr Sin Kheng Lee Ordinary Resolution 1

2.2 Mr Sin Ching San Ordinary Resolution 2
2.3 Ms Chou Lee Sin Ordinary Resolution 3
2.4 Ms Sin Siew Huey Ordinary Resolution 4
2.5 Ms Sin Tze Yi Ordinary Resolution 5
2.6 Mr Ng Swee Weng Ordinary Resolution 6
2.7 Puan Amnah Apasra Emir Binti Moehamad Izat Emir Ordinary Resolution 7
2.8 Ir Yeoh Yen Shiong Ordinary Resolution 8

3. To approve Directors’ Fees of RM280,000.00 for the year ended 30 June 2024. Ordinary Resolution 9

4. To re-appoint Messrs KPMG PLT as auditors of the Company to hold office until the Ordinary Resolution 10
conclusion of the next AGM and to authorise the directors to fix their remuneration.

As Special Business

To consider and if thought fit, to pass the following Resolutions with or without modification: -

5. Authority to Issue Shares pursuant to the Companies Act 2016 and Waiver of Pre- Ordinary Resolution 11
Emptive Rights

“THAT subject always to the Companies Act 2016 (the “Act”), the Constitution of
the Company, and the approvals from Bursa Malaysia Securities Berhad (“Bursa
Securities”) and any relevant governmental/regulatory authority, the Directors of the
Company be and are hereby empowered, pursuant to the Act, to issue and allot shares
in the Company, at any time to such persons and upon such terms and conditions
and for such purposes as the Directors may, in their absolute discretion, deem fit,
provided that the aggregate number of shares issued pursuant to this resolution does
not exceed ten per centum (10%) of the total number of issued shares of the Company
for the time being;

THAT pursuant to Section 85 of the Act to be read together with Clause 56 of the
Constitution of the Company, that approval be and is hereby given to waive the statutory
pre-emptive rights of the shareholders of the Company to be offered new shares ranking
equally to the existing issued shares arising from any issuance of new shares pursuant
to this mandate;

AND THAT the Directors be and are also empowered to obtain the approval for the
listing of and quotation for the additional shares so issued on Bursa Securities;

AND FURTHER THAT such authority shall commence immediately upon the passing
of this resolution and continue to be in force until the conclusion of the next Annual
General Meeting of the Company.”

6. To transact any other business of which due notice shall have been given.

102 SKB SHUTTERS CORPORATION BERHAD REG NO. 199701014865 (430362-U)

 Notice of Annual General Meeting

By Order of the Board

Teoh Wei Yee

Company Secretary
SSM PC No.: 201908000052
MAICSA7066750
Penang, 30 October 2024

Notes:

(A) Appointment of Proxy: -

1. A Member may appoint up to two (2) proxies to attend on the same occasion. A proxy may but need not be a Member
of the Company. If a Member appoints two (2) proxies, the appointments shall be invalid unless he specifies the
proportions of his holdings to be represented by each proxy.

2. Where a member of the Company is an authorised nominee as defined under the Securities Industry (Central
Depository) Act, 1991 (“SICDA”), it may appoint at least one (1) proxy in respect of each securities account it holds
with ordinary shares of the Company standing to the credit of the said securities account.

3. Where a Member of the Company is an exempt authorised nominee which hold ordinary shares in the Company for
multiple beneficial owner in one (1) securities account (“omnibus account”), there is no limit to the number of proxies
which the exempt authorized nominee may appoint in respect of each omnibus account its holds.

An exempt authorised nominee refers to an authorised nominee defined under the SICDA which is exempted from
compliance with the provisions of subsection 25A(1) of SICDA.

4. The instrument appointing a proxy may be made in hardcopy form or by electronic means in the following manner not
less than 48 hours before the time for holding the meeting or any adjournment thereof:

(i) In hardcopy form: The proxy form shall be deposited at the office of the Poll Administrator at Plantation
Agencies Sdn. Berhad, 3rd Floor, No. 2 Lebuh Pantai, 10300 Georgetown, Pulau Pinang.
(ii) By electronic means: The proxy form can be electronically lodged with the Company at [email protected]
(iii) Through online meeting platform: E-proxy form can be submitted at https://pasb-online.digerati.com.my
provided by Digerati Technologies Sdn. Bhd. in Malaysia (Domain Registration No. D1A119533).

5. The instrument appointing a proxy shall be in writing under the hand of the appointor or his attorney duly authorised
in writing, or if the appointor is a corporation, either under Seal or under the hand of an officer or attorney duly
authorised.

6. Pursuant to Paragraph 8.29A of Bursa Malaysia Securities Berhad (“Bursa Securities”) Main Market Listing
Requirements (“MMLR”), all resolutions set out in the Notice of the 27th AGM will be put to vote on a poll.

7. For purpose of determining who shall be entitled to attend this meeting, the Company shall be requesting Bursa
Malaysia Depository Sdn. Bhd. to make available to the Company pursuant to Clause 68 of the Company’s Constitution
and Paragraph 7.16(2) of the MMLR of Bursa Securities, a Record of Depositors (“ROD”) as at 21 November 2024.
Only Depositor whose name appears on such ROD or the appointed proxy holder/representative shall be entitled to
attend, speak and vote at the AGM.

103
Annual Report
2024
 Notice of Annual General Meeting

(B) Explanatory Notes on Ordinary Business: -

1. The audited financial statements are laid in accordance with Section 340(1)(a) of the Act for discussion only under
Agenda 1. They do not require shareholders’ approval and hence, will not be put for voting.

2. Resolutions 1, 2, 3, 4, 5, 6, 7 and 8 – Re-election of Directors

Clause 88 of the Company’s Constitution states that all Directors shall retire from office every year, but shall be
eligible for re-election.

Mr Sin Kheng Lee, Mr Sin Ching San, Ms Chou Lee Sin, Ms Sin Siew Huey, Ms Sin Tze Yi, Mr Ng Swee Weng, Puan
Amnah Apasra Emir Binti Moehamad Izat Emi and Ir Yeoh Yen Shiong who retire in accordance with Clause 88 of the
Company’s Constitution, being eligible, have offered themselves for re-election.

In determining the eligibility of the Directors to stand for re-election at the forthcoming AGM, the Nominating
Committee (“NC”) has assessed and recommend to the Board the re-election of retiring Directors based on the
following considerations: -

(i) satisfactory performance and have met Board’s expectation in discharging their duties and responsibilities;
(ii) level of independence demonstrated by the independent director; and
(iii) their ability to act in the best interest of the Company in decision-making.

The Board approved the NC’s recommendation for the re-election of the retiring Directors pursuant to Clause 88
of the Company’s Constitution at the forthcoming AGM of the Company. The retiring Directors had abstained from
deliberation as well as decision on their own eligibility to stand for re-election at the relevant NC and Board meetings.

3. Resolution 9 – Proposed payment of Directors’ Fee

Section 230(1) of the Act provides amongst others, that the fees of the Directors and any benefits payable to the
Directors of a listed company shall be approved at a general meeting. Pursuant thereto, shareholders’ approval is
sought for the payment of fees to Directors in respect of the year ended 30 June 2024.

The fees payable to each Director pursuant to Section 230(1)(b) of the Act have been reviewed by the Board of
Directors of the Company, all of whom have recognized that the fees payable are in the best interest of the Company.

4. Resolution 10 – Re-appointment of Auditors

Pursuant to Section 271(3)(b) of the Act, shareholders shall appoint auditors who shall hold office until the conclusion
of the next AGM in year 2025. The current auditors, Messrs. KPMG PLT has expressed their willingness to continue
in office.

The Board and Audit Committee of the Company have considered the re-appointment of Messrs. KPMG PLT as
auditors of the Company and collectively agreed that Messrs. KPMG PLT has met the relevant criterias prescribed by
Paragraph 15.21 of the Listing Requirements.

The Board of Directors recommends the re-appointment of Messrs. KPMG PLT as External Auditors of the Company
to hold the office until the conclusion of the next AGM.

104 SKB SHUTTERS CORPORATION BERHAD REG NO. 199701014865 (430362-U)

 Notice of Annual General Meeting

(C) Explanatory Notes to Special Business: -

1. Ordinary Resolution 11 – Authority to issue shares pursuant to the Companies Act 2016 and Waiver of Pre-emptive Rights

The proposed Ordinary Resolution 11 is primarily to seek for the renewal of the Previous Mandate (as defined herein)
to give flexibility to the Board to issue and allot shares up to 10% of the total number of issued share (excluding
treasury shares) of the Company for the time being, at any time to such persons in their absolute discretion for such
purposes as the Board considers to be in the best interests of the Company (hereinafter referred to as the “General
Mandate”).

The Company had been granted a general mandate by its shareholders at the last AGM held on 28 November 2023
of which will lapse at the conclusion of the 27th AGM (hereinafter referred to as the “Previous Mandate”).

The Previous Mandate granted by the shareholders had not been utilised and therefore, no proceed been raised
therefrom.

The General Mandate, upon renewal, will provide flexibility to the Company to undertake any possible fund raising
activities, including but not limited to placement of shares, for the purpose of funding Company’s future investment
projects, working capital, acquisitions and/or such other purposes as the Directors may deem fit, without having
to convene a general meeting, provided that the aggregate number of the shares issued pursuant to the General
Mandate does not exceed 10% of the total number of issued shares of the Company. This authority, unless revoked
or varied by the Company in a general meeting, will expire at the conclusion of the next AGM of the Company.

The Waiver of Pre-emptive Rights will allow the Directors of the Company to issue new Ordinary Shares of the
Company which rank equally to existing issued shares of the Company, to any person without having to offer the
new shares to all existing shareholders of the Company prior to issuance of new shares in the Company under the
General Mandate.

(D) The Annual Report 2024 and Corporate Governance Report 2024 are available for download at
www.skb-shutters.com

Personal data privacy:

By submitting an instrument appointing a proxy(ies) and/or representative(s) to attend, speak and vote at the AGM and/
or any adjournment thereof, a member of the Company (i) consents to the collection, use and disclosure of the member’s
personal data by the Company (or its agents) for the purpose of the processing and administration by the Company (or its
agents) of proxies and representatives appointed for the AGM (including any adjournment thereof) and the preparation and
compilation of the attendance lists, minutes and other documents relating to the AGM (including any adjournment thereof),
and in order for the Company (or its agents) to comply with any applicable laws, listing rules, regulations and/or guidelines
(collectively, the “Purposes”), (ii) warrants that where the member discloses the personal data of the member’s proxy(ies)
and/or representative(s) to the Company (or its agents), the member has obtained the prior consent of such proxy(ies)
and/or representative(s) for the collection, use and disclosure by the Company (or its agents) of the personal data of such
proxy(ies) and/or representative(s) for the Purposes, and (iii) agrees that the member will indemnify the Company in respect
of any penalties, liabilities, claims, demands, losses and damages as a result of the member’s breach of warranty.

Statement Accompanying Notice of Annual General Meeting

(Pursuant to Paragraph 8.27(2) of the Listing Requirements of Bursa Securities)

No individual is standing for election as a Director at the forthcoming 27th AGM of the Company.

105
Annual Report
2024
This page is intentionally left blank.
 SKB SHUTTERS CORPORATION BERHAD
199701014865 (430362-U)

PROXY FORM
No. of shares held CDS account no.

I/We (Tel )
(Full name as per NRIC and NRIC No./Company No. in BLOCK LETTERS)

of (Email address: )
(Full address in BLOCK LETTERS)
being a member/members of SKB Shutters Corporation Berhad, hereby appoint

Full name in Block Letters NRIC / Passport No. Proportion of Shareholdings

No. of Shares %
Address

Email Address
Telephone No.
*and/or
Full name in Block Letters NRIC / Passport No. Proportion of Shareholdings
No. of Shares %
Address

Email Address
Telephone No.

or failing him/her, the Chairman of the meeting as my/our proxy, to vote for me/us and on my/our behalf at the Twenty
Seventh Annual General Meeting of the Company to be held on a fully virtual basis through the online meeting platform at
https://pasb-online.digerati.com.my provided by Digerati Technologies Sdn. Bhd. in Malaysia (Domain registration number
D1A119533) on 28th day, November 2024 at 2:00 p.m. and at any adjournments thereof.
No. Ordinary Resolutions For Against
1 To re-elect Mr Sin Kheng Lee as a Director of the Company
2 To re-elect Mr Sin Ching San as a Director of the Company
3 To re-elect Ms Chou Lee Sin as a Director of the Company
4 To re-elect Ms Sin Siew Huey as a Director of the Company
5 To re-elect Ms Sin Tze Yi as a Director of the Company
6 To re-elect Mr Ng Swee Weng as a Director of the Company
7 To re-elect Puan Amnah Apasra Emir Binti Moehamad Izat Emir as a Director of the Company
8 To re-elect Ir Yeoh Yen Shiong as a Director of the Company
9 To approve Directors’ Fees of RM280,000.00 for the year ended 30 June 2024
10 To re-appoint Messrs KPMG PLT as auditors of the Company
11 Authority to Issue Shares Pursuant to the Companies Act 2016 and Waiver of Pre-Emptive Rights
(Please indicate with “X” how you wish your vote to be cast. If no specific direction as to voting is given, the proxy will vote
or abstain at his discretion).

[Please note that the short description given above on the Resolutions to be passed do not in any way whatsoever reflect the
intent and purpose of the Resolutions. Shareholders are encouraged to refer to the Notice of 27th AGM for the full purpose
and intent of the Resolutions to be passed.]

Signed this day of 2024.

Signature(s)/ Common Seal of Shareholder(s)
Notes:
1. A Member may appoint up to two (2) proxies to attend on the same occasion. A proxy may but need not be a Member of the Company. If a Member
appoints two (2) proxies, the appointments shall be invalid unless he specifies the proportions of his holdings to be represented by each proxy.
2. Where a member of the Company is an authorised nominee as defined under the SICDA, it may appoint at least one (1) proxy in respect of each
securities account it holds with ordinary shares of the Company standing to the credit of the said securities account.
3. Where a Member of the Company is an exempt authorised nominee which hold ordinary shares in the Company for multiple beneficial owner in one
(1) securities account (“omnibus account”), there is no limit to the number of proxies which the exempt authorized nominee may appoint in respect
of each omnibus account its holds.
An exempt authorised nominee refers to an authorised nominee defined under the SICDA which is exempted from compliance with the provisions of
subsection 25A(1) of SICDA.
4. The instrument appointing a proxy may be made in hardcopy form or by electronic means in the following manner not less than 48 hours before the
time for holding the meeting or any adjournment thereof:
(i) In hardcopy form: The proxy form shall be deposited at the office of the Poll Administrator at Plantation Agencies Sdn. Berhad, 3rd Floor, No.
2 Lebuh Pantai, 10300 Georgetown, Pulau Pinang
(ii) By electronic means: The proxy form can be electronically lodged with the Company at [email protected].
(iii) Through online meeting platform: E-proxy form can be submitted at https://pasb-online.digerati.com.my provided by Digerati Technologies
Sdn. Bhd. in Malaysia (Domain Registration No. D1A119533).
5. The instrument appointing a proxy shall be in writing under the hand of the appointor or his attorney duly authorised in writing, or if the appointor is a
corporation, either under Seal or under the hand of an officer or attorney duly authorised.
6. Pursuant to Paragraph 8.29A of Bursa Malaysia Securities Berhad (“Bursa Securities”) Main Market Listing Requirements (“MMLR”), all resolutions
set out in the Notice of the 27th AGM will be put to vote on a poll.
7. For purpose of determining who shall be entitled to attend this meeting, the Company shall be requesting Bursa Malaysia Depository Sdn. Bhd. to
make available to the Company pursuant to Clause 68 of the Company’s Constitution and Paragraph 7.16(2) of the MMLR of Bursa Securities, a ROD
as at 21 November 2024. Only Depositor whose name appears on such ROD or the appointed proxy holder/representative shall be entitled to attend,
speak and vote at the AGM.

Personal data privacy:

By submitting the duly executed proxy form, the member and his/her proxy consent to the Company and/or its agents/service providers to collect, use and
disclose the personal data therein in accordance with the Personal Data Protection Act 2010, for the purpose of the 27th AGM of the Company and any ad-
journment thereof.

1st fold here

Stamp

To,
The Poll Administrator
SKB SHUTTERS CORPORATION BERHAD
Registration No.: 199701014865 (430362-U)
Plantation Agencies Sdn. Berhad,
3rd Floor, No. 2 Lebuh Pantai,
10300 Georgetown, Pulau Pinang

Then fold here

This page is intentionally left blank.
 SKB SHUTTERS CORPORATION BERHAD
199701014865 (430362-U)

Administrative Guide for the Fully Virtual

Twenty Seventh Annual General Meeting (“27th AGM”)

Day & Date : Thursday, 28 November 2024

Time : 2:00 p.m.
Venue : Online meeting platform at https://pasb-online.digerati.com.my provided by Digerati Technologies Sdn. Bhd.
in Malaysia (Domain registration number D1A119533)

The 27th AGM of the Company will be conducted fully virtual through live streaming and online participating and voting using
the Remote Participation and E-Voting (“RPV”) facilities.

Please take note that the quality of the live streaming and online voting is highly dependent on the bandwidth and stability
of the internet connection of the attendees (shareholders and proxies). Hence, you are to ensure your internet connectivity
throughout the duration of the 27th AGM is maintained.

Members entitled to participate in the 27th AGM

Only a depositor whose name appears on the Record of Depositors as at 21 November 2024 shall be entitled to participate
or appoint a proxy to participate, speak and/or vote on his/her behalf.

Proxy

A member shall not be entitled to appoint more than two (2) proxies to participate the same meeting. Where a member
appoints two (2) proxies, the appointment shall be invalid unless he/she specifies the proportion of his/her holdings to be
represented by each proxy.
The instrument appointing a proxy must be deposited physically or by electronic means in the following manner, not less
than 48 hours before the time appointed for holding the AGM or any adjournment thereof:

a) In hard copy form

The proxy form shall be deposited at the office of the Poll Administrator at Plantation Agencies Sdn. Berhad, 3rd Floor,
No. 2 Lebuh Pantai, 10300 Georgetown, Pulau Pinang.

b) By electronic means
The proxy form can be electronically lodged with the Company at [email protected].

c) Through online meeting platform

E-proxy form can be submitted at https://pasb-online.digerati.com.my provided by Digerati Technologies Sdn. Bhd.
in Malaysia (Domain Registration No. D1A119533).

Revocation of Proxy

The lodging of the Proxy Form shall not preclude you from participating in the 27th AGM should you subsequently wish to do
so. If you have submitted your Proxy Form and subsequently decide to appoint another proxy(ies) or you wish to participate
in the 27th AGM, please write in to [email protected] to revoke the earlier appointed proxy 48 hours before the date and
time fixed for the 27th AGM or any adjournment thereof.

Poll voting

The resolutions to be tabled at the 27th AGM will be voted by poll in accordance with Paragraph 8.29A of Main Market Listing
Requirements of Bursa Malaysia Securities Berhad.

Please refer to Procedures for RPV Facilities for poll voting. Upon completion of the voting session, the scrutineers will verify
the poll results after which the Chairman will announce the results of the resolution.
 SKB SHUTTERS CORPORATION BERHAD
199701014865 (430362-U)

Administrative Guide for the Fully Virtual

Twenty Seventh Annual General Meeting (“27th AGM”)

Remote Participation and E-Voting (RPV)

Members who wish to participate the 27th AGM remotely using RPV, must follow the following procedures:

Step Action Procedure

A To register as a user at website: • Click ‘Register’ to sign up as a new user.
https://pasb-online.digerati.com.my • Upload your identity documents.
• Complete and submit your registration.
• Verify your email in your mailbox to complete the registration.
• You will be notified upon successful or rejected registration.
• You may pose any questions to the Chairman/Board using the
website.

*Note:
 Please check your spam mailbox if you do not receive emails from
us.
 Registered users and proxies may skip this step.
 Identity documents will be deleted after registration.

B1 To virtually attend the AGM • Within three (3) days before the AGM, you will receive login
credentials to join the meeting upon approval.

B2 To appoint proxy or corporate • Log in to your registered account on the website.

representative at website (optional) • Select “SKB SHUTTERS CORPORATION BERHAD 27th AGM”
• Fill in the information to appoint proxy(s).
• Closing time for appointment is 48 hours prior to the meeting. No
request will be entertained after closing time.
• Within three (3) days before the AGM, you and your proxy(s) will be
notified upon the approval or rejection of RPV.

C On the day of AGM • Access the meeting through the link on the website or received in
the email.
• If you have any questions for the Chairman/Board, utilize the Q&A
section to submit your questions.
• Submit your vote within a specified period once the Chairman
announces that the voting is open.
• Voting will close upon the expiry of the voting period.
• The broadcast will terminate upon the Chairman’s announcement
of the poll results.
 SKB SHUTTERS CORPORATION BERHAD
199701014865 (430362-U)

Administrative Guide for the Fully Virtual

Twenty Seventh Annual General Meeting (“27th AGM”)

Digital Copies of 27th AGM Documents

As part of the Company’s dedicated commitment to sustainable practices, the following documents of the Company are
available and can be downloaded from the Company’s website at www.skb-shutters.com and on Bursa Malaysia Securities
Berhad’s website at www.bursamalaysia.com: (a) Notice of 27th AGM and Proxy Form (b) Administrative Guide of the 27th
AGM.

RPV for Authorised Nominee and Exempt Authorised Nominee

Write in to [email protected] by providing the name of Member, CDS Account Number accompanied with the Proxy
Form to submit the request.

No door gifts/vouchers

There will be no distribution of door gifts/vouchers this year to shareholder(s)/proxy(ies)/corporate representative(s)/

attorney(s) who participate in the 27th AGM.

No recording or photography

Please note that recording or photography of the 27th AGM proceedings is strictly prohibited.

Technical Enquiry

If you have any enquiry in meeting registration, system access, please contact the Technical Support:

Digerati Technologies Sdn. Bhd.

Tel No. : +6011-6338 8316
Email : [email protected]

OR

Poll Administrator Enquiry

If you have any enquiry in share and proxy related matters, please contact the Poll Administrator:

Plantation Agencies Sdn. Berhad

Tel No. : +604-2625333
Email : [email protected]

Personal Data Privacy

By lodging and subscribe for a user account with Digerati Technologies Sdn Bhd in Malaysia Portal to participate and
vote remotely at the 27th AGM using the RPV Facility, the shareholder(s)/proxy(ies)/corporate representative(s)/attorney(s)
accepts and agrees to the personal data privacy terms.
SKB SHUTTERS CORPORATION BERHAD
199701014865 (430362-U)

Registered Office:

Lot 22, Jalan Teknologi,

Taman Sains Selangor 1,
47810 Kota Damansara,
Petaling Jaya, Selangor,
Malaysia