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Contents
• Our Vision & Mission
02
03
• Prime Minister Launches SEGi College Malaysia 04
• Corporate Information 06
• Notice of Annual General Meeting 07 • Statement Accompanying Notice of Annual General Meeting 09
• Chairman’s Statement 12 • President’s Review 16 • CEO’s Insight 18 • Board of Directors 22
• Directors’ Profiles 24 • The Management Team 30
• Heads of Centres & Business Units 32 • Consortium of Global Partners 37
• Partner Professional Bodies 42 • What the Press Says 46
• Awards & Recognition 48 • Success Stories 52
• Celebrating 30 Years of Excellence in Education
• The SEGi Family
56
60 • SEGi Education & Training Programmes 68
• Infrastructure & Facilities Upgrading 72
• Looking Beyond Our Shores 76 • Special Projects 78 • Research & Development 80
• Corporate Social Responsibility 82 • Calendar of Events 90
• Financial Highlights 94 • Corporate Governance Statement 95
• Statement of Directors’ Responsibilities 101
• Audit Committee Report 102 • Statement on Internal Control 105
• Financial Statements 107 • Group Properties 169
• Analysis of Shareholdings 170 • Appendix A : Notice of Nomination of Auditors 172
• 30-Year Milestones
• Form of Proxy
• SEGi Education Network
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• SEG International Bhd •
Our Vision
& Mission
VISION
To be the premier education and training
provider for all levels of society.
MISSION
To empower learners with education
and training that is relevant to industry
needs so that they can contribute
positively to the global community.
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Celebrating 30 Years
of Excellence
in Education
Over the years SEGi College has carved a name for itself as one of the leading private education providers, offering
students a wide variety of nationally and internationally recognised courses taught by first-class lecturers with
state-of-the-art facilities.
2007 marks the 30th Anniversary for SEGi College as well as the official launch of the SEGi College Malaysia (Kota
Damansara) by the Prime Minister of Malaysia, highlighting the achievements and milestones from a small college
based in shop lots to a force in the education industry.
2007 also saw SEGi College further expanding and diversifying its course offerings and global networks, not only
enhancing the employability of its students, but strengthening the SEGi College brand in the minds of potential
students and parents.
Another feather in the Group’s cap was added when SEGi College Malaysia was invited by the Minister of Higher
Education, under Section 22, Private Higher Education Act 1996, to upgrade to status of University College. This
rare honour reflects the Government’s confidence in SEGi’s impressive accomplishments and responsibilities.
It also marks the beginning of a new chapter of SEGi’s development as a leading provider of industry relevant
qualifications that are globally recognised.
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Prime Minister Launches
SEGi College Malaysia
The new flagship campus, SEGi College Malaysia at Kota
Damansara, was officially launched by the Prime Minister of
Malaysia, YAB Dato’ Seri Abdullah Haji Ahmad Badawi on 18
February 2008. The event was
also attended by the Chief
Minister of Selangor Dato’
Seri Dr. Mohamad Khir
Toyo, Minister of Youth and
Sports Dato’ Sri Azalina
Datuk Othman Said, deputy
ministers and dignitaries,
senior college leaders, staff
and students.
Dato’ Pahamin A. Rajab, said that it was a proud day for the
college, when addressing the 8,000 strong crowd who were
present to witness the significant event.
In his address, the Prime
Minister congratulated SEGi
for being the hallmark of
quality education in the
country.
The official launch of the new
flagship campus is testament
to SEGi’s growth and
achievement, which today
stands as one of the most
successful private education
providers in the country with
more than 16,000 students
and 1,200 staff. Aside from
its flagship campus in Kota
Damansara, SEGi’s network of colleges are also located in Subang
Jaya, Kuala Lumpur, Penang and Sarawak.
“I applaud the launch of SEGi
College flagship campus as
it reflects the commitment to
provide high quality learning
opportunities for Malaysians, and sets the hallmark of educational
excellence. The new campus will play a crucial role towards the
realisation of the National aim of being the hub of education, not
only in Malaysia, but in the Asian region,” the Prime Minister said.
The Prime Minister mentioned that private higher education
institutions play an important role in nation building by developing
human capital that is knowledgeable, skilled and have moral
values and ethics. He credited SEGi College for redefining higher
education by providing industry driven courses, focused and
comprehensive curriculum, learning and teaching techniques that
are aggressive but creative, and a modern and conducive learning
environment.
“I hope that the people of SEGi will continue in its efforts and
eventually be an institution of higher learning that is both great
and able to create a new generation that is cemerlang, gemilang
and terbilang.”
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“This is a great occasion
for SEGi. It demonstrates
our commitment to set new
benchmarks in education
excellence,
synonymous
with
the
Government’s
aim of making Malaysia a
regional education hub.” adds
Pahamin.
The flagship campus is not only an iconic building with great
architectural features but it also provides an excellent study
environment, where students can work wherever and whenever
they choose. The campus is fitted with full-fledged facilities,
including on campus residence halls, sports & recreational
complex and state-of-the-art laboratories and learning facilities.
“The academic block provides the latest I.T. resources, including
over 500 PCs, wireless network and I.T. equipped classrooms as
well as well-equipped spaces for teaching, learning and studying.
The library, which spans two floors of the administrative block,
has extensive print and digital learning resources. Living up to
its reputation as a technology friendly campus, SEGi College
Malaysia will make most of its materials available online within an
Prime Minister Launches SEGi College Malaysia
Internet and wireless environment. “Think tank” rooms are also
specially constructed to enable students to interact with each
other in group discussions or to perform study projects.”
The campus also boasts high-tech equipment within its pharmacy,
engineering and computing laboratories. The facilities are cutting
edge and are designed to prepare students to excel in the
future, with the usage of live video conferencing and recording
technology.
see collaborations in the areas of research, teaching, staff and
student exchanges in the areas of medicine, dentistry, health
sciences, engineering, hospitality & tourism, as well as business
management.
The full-fledged campus has already attracted a large international
student population from more than 46 countries. The presence of
these students also lends a cosmopolitan feel to the campus and
contributes to a rich and fascinating cultural mix on campus, and
helps foster an open and global frame of mind among students.
The launch of the flagship campus also saw the signing of
memorandum of agreements (MOA) with The University of
Sheffield and University of Sunderland from the UK, and
Universitas Airlangga, Indonesia. The signing of the MOAs will
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Corporate
Information
Board of Directors
Registered Office
Dato’ Pahamin A. Rajab
Non-Independent Non-Executive Chairman
5th Floor, SEGi College
Persiaran Kewajipan, USJ1
47600 UEP Subang Jaya
Selangor Darul Ehsan
Tel : +603 8024 8899
Fax: +603 8025 3003
Website: www.segi.edu.my
Dato’ (Dr.) Patrick Teoh Seng Foo
President
Dato’ Clement Hii Chii Kok
Group Chief Executive Officer
Lee Kok Cheng
Chief Operating Officer
Dato’ Seri Megat Najmuddin bin Dato’ Seri Dr. Haji Megat Khas
Independent Non-Executive Director
Datin Fadzilah bte Saad
Non-Independent Non-Executive Director
Stock Exchange Listing
Bursa Malaysia Securities Berhad
Main Board
Auditors
Simon Hue Fook Chuan
Level 10, KPMG Tower
No. 8, First Avenue, Bandar Utama
47800 Petaling Jaya
Tel : +603 7721 3388
Fax: +603 7721 3399
Abdullah Kamal bin Shafi’i
Registrar
Amos Siew Boon Yeong
Tony Foo San Kan
Company Secretaries
Chong Poh Yee
(MIA 7620)
Hew Ling Sze
(MAICSA 7010381)
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Symphony Share Registrars Sdn Bhd
Level 26 Menara Multi-Purpose
Capital Square, No. 8 Jalan Munshi Abdullah
50100 Kuala Lumpur
Tel : +603 2721 2222
Fax: +603 2721 2530/1
Notice of Annual
General Meeting
NOTICE IS HEREBY GIVEN that the Twenty-Second Annual General Meeting of SEG International Bhd
(“SEGi” or “the Company”) will be held at Room 2.7, Level 2, Right Wing, SEGi College Malaysia, No.
9, Jalan Teknologi, Taman Sains Selangor, Kota Damansara, PJU5, 47810 Petaling Jaya, Selangor Darul
Ehsan on Wednesday, 25 June 2008 at 3.00 p.m. for the following purposes:AS ORDINARY BUSINESS
1. To receive and adopt the Audited Financial Statements for the year ended 31 December 2007 and the Directors’ and Auditors’ Reports
thereon.
(Ordinary Resolution 1)
2. To declare a final dividend of 2 sen per ordinary share less income tax at 26% for the year ended 31 December 2007 as recommended
by the Directors in their Report.
3. To approve the payment of Directors’ fees for the year ended 31 December 2007.
4. To appoint Auditors of the Company and authorise the Directors to fix their remuneration.
Notice of nomination from a shareholder pursuant to Section 172(11) of the Companies Act, 1965, a copy of which is annexed hereto as
Appendix A, has been received by the Company for nomination of Messrs. Horwath, who have given their consent to act, for appointment as
Auditors and proposing the following Ordinary Resolution:-
“THAT Messrs. Horwath (AF 1018) be and are hereby appointed as Auditors of the Company in place of the retiring Auditors,
Messrs. KPMG, and to hold office until the conclusion of the next Annual General Meeting at a remuneration to be determined by
the Directors.
AS SPECIAL BUSINESS
To consider and if thought fit, to pass the following resolutions:5. Authority to allot and issue shares pursuant to Section 132D of the Companies Act, 1965
“THAT pursuant to Section 132D of the Companies Act, 1965, the Directors be and are hereby empowered to issue shares in the Company,
at any time 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 to be issued pursuant to this resolution in any one financial year does not exceed ten percent (10%) of
the issued capital of the Company for the time being and that the Directors be and are also empowered to obtain approval for the listing of and
quotation for the additional shares so issued on Bursa Malaysia Securities Berhad (“Bursa Securities”) and that such authority shall continue
to be in force until the conclusion of the next Annual General Meeting (“AGM”) of the Company.”
6. Proposed Renewal of Authority for the Purchase by SEGi of its Own Shares (“Proposed Share Buy-Back”)
“THAT, subject to the provisions of the Companies Act, 1965 (“the Act”) (as may be amended, modified or re-enacted from time to time),
the Articles of Association of the Company, the Listing Requirements of Bursa Securities and any other relevant authorities, the Company be
and is hereby authorised to purchase on the market of the Bursa Securities and/or hold such number of ordinary shares of RM1.00 each in
SEGi (“SEGi Shares”) as may be determined by the Directors from time to time through Bursa Securities upon such terms and conditions as
the Directors may deem fit in the interest of the Company provided that the total aggregate number of shares purchased or to be purchased
pursuant to this resolution does not exceed ten percent (10%) of the total issued and paid-up share capital of the Company for the time
being; And That an amount not exceeding the Company’s latest audited retained profit of RM12,642,000 and share premium account of
RM35,876,000 as at 31 December 2007, be allocated by the Company for the Proposed Share Buy-Back AND THAT in respect of each
purchase of SEGi Shares, the Directors shall have the absolute discretion to decide whether such shares purchased are to be cancelled and/
or retained as treasury shares and distributed as dividends or resold on the market of the Bursa Securities or subsequently cancelled;
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notice of annual general meeting
AND THAT the authority conferred by this resolution shall commence immediately upon the passing of this resolution and shall continue to
be in force until:i.
the conclusion of the next AGM of the Company, at which time it will lapse, unless renewed by an ordinary resolution passed by the
shareholders of the Company in a general meeting;
ii. the expiry of the period within which the next AGM of the Company is required to be held pursuant to Section 143(1) of the Act (but shall
not extend to such extension as may be allowed pursuant to Section 143(2) of the Act); or
iii. revoked or varied by an ordinary resolution passed by the shareholders of the Company in a general meeting;
whichever is the earlier;
AND THAT the Directors be and are hereby authorised to act and to take all such steps to give full effect to the Proposed Share Buy-Back
and do all such acts and things as they may deem necessary or expedient in the best interests of the Company.”(Ordinary Resolution 6)
7. To consider any other business of which due notice shall have been given.
NOTICE OF BOOKS CLOSURE
NOTICE IS HEREBY GIVEN that the Register of Members will be closed on 1 August 2008 to determine shareholders’ entitlement to the
dividend payment. The dividend, if approved, will be paid on 20 August 2008 to shareholders whose names appear in the Record of Depositors
on 31 July 2008.
FURTHER NOTICE IS HEREBY GIVEN that a depositor shall qualify for entitlement to the final dividend only in respect of:a) shares transferred into the depositor’s securities account before 4.00 p.m. on 31 July 2008 in respect of ordinary transfers; and
b) shares bought on Bursa Securities on a cum entitlement basis according to the Rules of the Bursa Securities.
By Order of the Board
CHONG POH YEE (MIA 7620)
HEW LING SZE (MAICSA 7010381)
Secretaries
Subang Jaya, Selangor
Date: 3 June 2008
NOTES:
1.
A member entitled to attend and vote at the meeting is entitled to appoint not more than two proxies to attend and vote in his stead. A proxy may but need not be
a member of the Company and the provision of Section 149(1) (b) of the Companies Act, 1965 shall not apply to the Company. A member who is an authorised
nominee may appoint at least one proxy in respect of each securities account it holds.
2.
The Form of Proxy must be deposited at the Registered Office of the Company at 5th Floor, SEGi College, Persiaran Kewajipan, USJ1, 47600 UEP Subang Jaya,
Selangor Darul Ehsan not less than 48 hours before the time and date of the meeting or adjourned meeting.
3.
Explanatory notes on Special Business
a.
Ordinary Resolution 5 - Authority to allot and issue shares pursuant to Section 132D of the Companies Act, 1965
The proposed Ordinary Resolution 5, if passed, will give authority to the Directors of the Company to issue ordinary shares in the Company up to an aggregate
amount of not exceeding ten percent (10%) of the issued share capital of the Company for such purposes as the Directors consider would be in the interest
of the Company. This authority, unless revoked or varied at a general meeting, will expire at the conclusion of the next AGM of the Company.
b.
Ordinary Resolution 6 - Proposed Renewal of Authority for the Proposed Share Buy-Back
The proposed Ordinary Resolution 6, if passed, will empower the Directors to purchase SEGi shares through Bursa Securities up to an amount of not
exceeding ten percent (10%) of the issued and paid-up share capital of the Company. This authority, unless revoked or varied at a general meeting, will expire
at the conclusion of the next AGM of the Company.
Detailed information on the Proposed Share Buy-Back is set out in the Statement to Shareholders dated 3 June 2008 which is despatched together with
this Annual Report.
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statement accompanying
Notice of Annual
General Meeting
(Pursuant to Paragraph 8.28(2) of the Listing Requirements of the Bursa Malaysia Securities Berhad)
1.Directors who are standing for re-election at the Twenty-Second Annual General Meeting of the Company
The Directors retiring at the Twenty-Second Annual General Meeting pursuant to Article 86 of the Company’s Articles of Association are as
follows:
(a) Dato’ Pahamin A. Rajab;
(b) Datin Fadzilah bte Saad; and
(c) Encik Abdullah Kamal bin Shafi’i.
The retiring Directors, Dato’ Pahamin A. Rajab, Datin Fadzilah bte Saad and Encik Abdullah Kamal bin Shafi’i, have indicated that they do not
wish to seek for re-election at the Twenty-Second Annual General Meeting.
2.Details of attendance of Directors at Board meetings
There were five (5) Board meetings held during the financial year ended 31 December 2007. Details of attendance of the Directors are set out
in the Corporate Governance Statement appearing in page 95 of the Annual Report.
3.Place, Date and Time of Twenty-Second Annual General Meeting
The Twenty-Second Annual General Meeting of the Company will be held at Room 2.7, Level 2, Right Wing, SEGi College Malaysia, No. 9,
Jalan Teknologi, Taman Sains Selangor, Kota Damansara, PJU5, 47810 Petaling Jaya, Selangor Darul Ehsan on Wednesday, 25 June 2008
at 3.00 p.m.
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building on
strong
educational
foundations
010
011
Chairman’s
Statement
Chairman
“The better performance of the Group was mainly attributable to
the overall increase in student enrolment at the Group’s colleges
and training centres. A major contributing factor to the increase
in student enrolment is the launch of SEGi’s new flagship campus
with full-fledged facilities, and which is strategically located in
the bustling and fast growing hub of Klang Valley.”
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Chairman’s Statement
On behalf of the Board of Directors, it gives me great pleasure to
present the Annual Report and Audited Financial Statements of
SEG International Bhd (“SEGi”) and the Group for the financial year
ended 31 December 2007.
The 2008 Budget focuses on three (3) main strategies, namely,
enhancing the nation’s competitiveness, strengthening human
capital development and ensuring the well-being of all Malaysians.
Human capital of high quality is critical in ensuring that Malaysia
achieves its objectives of becoming a developed nation. Hence,
the quality of education as well as training will continue to be given
emphasis.
Financial Performance The Group achieved higher revenue of RM86.3 million for the
financial year under review, as compared to the previous financial
year of RM74.2 million, representing a commendable improvement
of 16%. In tandem with the higher revenue, the Group recorded a
higher profit after taxation and minority interest of RM5.3 million for
the financial year ended 31 December 2007 as compared to the
preceding financial year of RM1.9 million.
The better performance of the Group was mainly attributable to
the overall increase in student enrolment at the Group’s colleges
and training centres. A major contributing factor to the increase
in student enrolment is the launch of SEGi’s new flagship campus
with full-fledged facilities, and which is strategically located in the
bustling and fast growing hub of Klang Valley.
Dividend
The Board of Directors is recommending a final dividend of 2 sen per
share, less income tax, for the financial year ended 31 December
2007, subject to the shareholders’ approval at the forthcoming
Annual General Meeting (2006 : 2 sen per share less income tax).
No interim dividend has been paid or declared for the financial year
ended 31 December 2007 (2006 : nil).
Operational Review
I am delighted to report that the launching of SEGi new flagship
campus marked our commitment to provide high quality learning
opportunities for Malaysians in conjunction with the Government’s
Higher Education Strategic Plan. The full-fledged campus is
equipped with state-of-the-art facilities to provide a range of
academic courses, particularly in niche areas such as nursing,
pharmacy, medical and health sciences and bio-technology.
The Group also promotes a culture of life-long learning among
Malaysians by introducing programmes ranging from skills training
to university or college education academic courses.
During the year, SEGi received the Technology Business Review
Asean Awards in the category of “Excellence in Education Sector”.
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The Group acquired an I.T. company in the business of developing
and providing integrated learning training solutions on 9 April 2008.
The company was granted the Multimedia Super Corridor Status
which entitles it to enjoy Pioneer Status incentives. The company is
now involved in providing I.T. solutions to SEGi College campuses.
Human Resource Development
The Group has always emphasised on succession planning and
career development as we recognise that talent management
is critical to long-term survival. We have introduced a variety of
programmes that focus on maximising leadership effectiveness and
nurturing talents within the Group.
Another notable achievement that we are proud of is that our efforts
to upgrade the quality of our colleges have been recognised. I am
pleased to announce that we have been officially invited by Ministry
of Higher Education to set up SEGi University College in April
2008. The invitation to set up a university college has created an
exciting new chapter for our Group. This will bring the Group closer
to fulfilling its vision and mission to be the premier education and
training provider for all levels of society, and to empower learners
with education and training relevant to industry needs so that they
can contribute positively to the global community.
Corporate Development
During the financial year under review, the Company proposed for
the sale and leaseback of its property located at Kota Damansara,
Selangor Darul Ehsan (“KD Campus”). This proposal was completed
in January 2008. The sale and leaseback is in line with the Group’s
strategy to focus on its core business, which is education and
training. Thus, property holding and property management are not
the Group’s forte.
The sale and leaseback helped the Group to maximize its resources
and meet its expansionary strategy. The disposal of KD Campus
enabled the Group to unlock capital resources from being tied up in
long-term assets and allowed the Group to better focus on its core
business in the education sector. In addition, the Group was able
to realise the properties at a fair market value, enhance its liquidity
and strengthen its financial position.
The leaseback of KD Campus ensures that the on-going business
operation of the Group is not disrupted and its campus continues
its operations at the existing location in Kota Damansara.
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We encourage our staff, in particular the academic staff, to pursue
Masters or Doctorate degrees, to improve and upgrade themselves.
We are also working closely with our partner universities to provide
quality education to our staff to enable them to achieve their dreams
of obtaining postgraduate qualifications.
The Group will continue to promote a performance culture driven
by excellence.
Corporate Social Responsibility (“CSR”)
Ever mindful of our role in CSR, the Group has actively integrated
CSR initiatives as part of our business operations. The Group
believes that effective corporate responsibility is of benefit to
its businesses and, in turn, to its shareholders. We are working
towards making CSR an integral component of all future strategies
to enable the Group to contribute towards society in ways that will
create value for shareholders.
During the year, the Group continued with its CSR initiatives in
education and participated actively in social community. The longstanding commitment to foster educational excellence has in turn
benefited the community. The Group has given out over RM10
million worth of scholarships, bursaries and promotion of charity,
sports and other nation building initiatives. Our contributions go
beyond plain financial support. The Group actively encourages its
employees to support and participate in the various community
service projects and philanthropic activities.
Future Outlook
The prospect of the education sector remains bright with the
Government’s efforts in increasing opportunities for education
as well as assisting to finance the cost of education. The current
financial year will be an exciting one which offers both anticipated
and unprecedented challenges. The Group will begin its operations
as a University College and will offer new fields of studies. It will also
step up efforts to intensify research and development. The Group
believes that holistic education will help the youth in their future
careers and to excel academically.
Acknowledgements
On behalf of the Board, I wish to extend our appreciation to
our valued shareholders, global partners, students, regulatory
authorities, bankers and business associates for their continued
support and confidence in the Group.
Our sincere thanks and gratitude also go to the management and
staff who have played a critical part in the success of the Group.
Last but not least, I would like to take this opportunity to thank my
fellow board members for their support and cooperation during my
tenure with the Company. I will be retiring from the Board at the
forthcoming Annual General Meeting.
Datin Fadzilah bte Saad and Encik Abdullah Kamal Shafi’i will also
be retiring at the forthcoming Annual General Meeting. On behalf of
the Board, I wish to record our appreciation to Datin Fadzilah and
Encik Abdullah Kamal for their invaluable contribution and input to
the Company and the Group.
With steadfast determination and collaboration between the leaders,
SEGi achieved rapid transformation over the past three decades.
We are confident of achieving greater success in providing quality
education with the strong foundation that we have built thus far.
Chairman
15 May 2008
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President’s
Review
President
“ We will continue to work responsibly and contribute positively
to the academic and skills development of the community. The
progress in CSR will deliver a competitive advantage which will
contribute to the Group’s long-term success.”
PRESIDENT’S REVIEW
For 30 years the Group has faced many challenges and changes,
and yet, we have always stood by our principles of providing
affordable and quality education for all. As SEGi looks back on its
proud history, it is clear that we have stood the test of time.
Since 1977, SEGi Group of Colleges has provided recognised
education of high quality within the industry. The Group has practised
continuous improvement in the development of education through
researching and practising the best methods and providing quality
service, the latest facilities and partnerships with global institutions
that share our passion and beliefs.
It is easy to take for granted the benefits we enjoy today due to our
past success and growth but we also need to appreciate the efforts
put in to achieve success. What we have achieved to date would
not be possible without good leadership.
A major milestone for the SEGi Group of Colleges in 2007 was the
opening and official launch of the main campus in Kota Damansara.
The Prime Minister of Malaysia, YAB Dato’ Seri Abdullah Haji Ahmad
Badawi, officially launched the new RM150 million flagship campus
of SEGi College Malaysia at Kota Damansara. This is a great
occasion for SEGi as it demonstrates our achievements as well as
our commitment to set new benchmarks in education excellence,
synonymous with the Government’s aim of making Malaysia a
regional education hub.
Our motto ‘Passion Guided, Industry Driven’ is reflected in all
aspects of our courses and delivery. We ensure that all our lecturers
and staff are passionate about their profession, the future of their
respective industries and the students whose minds they mould.
We also strive to maintain the integrity of our courses and graduates
by continuously shaping and updating the syllabus around industry
needs and trends. In 2007 the Group continued to grow and venture
into providing niche courses that are professionally recognised.
Over recent years the Group has undergone many changes
including a major restructuring exercise and re-branding. Coming
together under one single brand name has allowed us to develop a
focus in our promotions and enjoy a stronger and more corporate
image. We are always reviewing the positioning and branding of
the individual campuses and business units and determining new
ways to strengthen marketing, working towards the goal of offering
a complete learning experience.
As we grow, we also need to place more emphasis on the investment
in our people and staff development. Teamwork is integral in growth
and development and, as a group, we want to ensure all staff are
united under a single vision.
As a public-listed education Group in Malaysia, we believe that
we should be leading the way in demonstrating Corporate Social
Responsibility (CSR). Our obligation to the community is an integral
part of our business strategy along with growth, profits, productivity
and having a team of winners. We will continue to work responsibly
and contribute positively to the academic and skills development
of the community. The progress in CSR will deliver a competitive
advantage which will contribute to the Group’s long-term success.
We envisage 2008 to be a prosperous year for the Group with a
continued growth of student numbers as a result of strengthening
of our global partnerships, programme development and promotion
of the SEGi brand. SEGi has built a strong student base over the
years by focusing on high-demand courses with good job prospects
through flexible and practical training. Now SEGi not only provides
a quality education but a complete education experience, meeting
the needs of all students whether they be SPM graduates keen to
experience college life or a mature age student looking to upgrade
their skills and knowledge.
Now that SEGi College Malaysia at Kota Damansara has received
an invitation to apply for University College status, the Group will
again be thrown into the limelight. I firmly believe we will rise to
the challenge and embrace this honour as a chance to continue
to reinvent ourselves in the face of stiff competition. Achieving
University Status in 2008 would be another achievement towards
our goal of becoming the nation’s premier education provider and a
leader in teaching, research and development.
17
CEO’s
Insight
Dato’ Clement Hii
“We have gone into many niche areas such as nursing, allied
health sciences, pharmacy, dentistry, biotechnology, tourism,
hotel management and construction management.”
(Reprinted with the kind permission from The Star, Malaysia, Starbiz dated 2 February 2008.)
18
CEO’S INSIGHT
SEG International Bhd (SEGi) is focusing on educational
programmes in niche areas in the job market to boost its business
in the coming years, Chief Executive Officer Dato’ Clement Hii said.
“We are not just running common programmes such as business,
accountancy, marketing and the lot now.”
“We have gone into many niche areas such as nursing, allied
health sciences, pharmacy, dentistry, biotechnology, tourism, hotel
management and construction management,” Hii told StarBiz.
For example, the Group currently has more than 1,500 nursing
students with the number set to grow this year.
SEGi also has added value to many of its academic courses. For
instance, it has a leadership training centre in Malacca where
students have the opportunity to go for short stints to learn soft
skills and leadership skills.
In addition, SEGi has a Career Exploratory Programme, where
students undergo industrial training at leading companies.
Hii said SEGi had been involved in training for companies and
revenue stream from this source was slowly increasing.
“We have also undertaken training projects for ministries and
Government agencies, and there is room for growth in this area as
well,” he said.
He added that 2,200 students had enrolled within six months of the
opening its flagship campus in Kota Damansara.
“This is highly encouraging and we expect to achieve 4,500
students by year’s end at this campus alone.”
“Our foreign student population has also increased, in line with our
aggressive marketing campaign in China, Indonesia, the African
continent and the Middle East,” he said.
On the Group’s financial, Hii said SEGi was enjoying the fruit of its
rationalisation and re-branding exercises that began in early 2006.
At the time, the Group disposed off smaller and loss-making centres
and re-branded all its colleges under a single name. It has also
improved on a host of areas such as facilities, programme quality
and range, as well as student services.
The Group’s efforts seem to be pretty successful as earnings have
been steadily improving since then.
“We got ourselves out of feeder roads and small pathways onto
a highway, so to speak. Now, the direction ahead is clearer and
smoother.”
“I strongly believe that SEGi will see healthy returns in the years to
come, and such profits can be sustained over the years,” Hii said.
(Reprinted with the kind permission from The Star, Malaysia, Starbiz dated 2 February 2008.)
Hii said SEGi had also beefed up its human capital substantially,
having recruited many doctorate holders.
“We are even talking to our partner universities about sending their
faculty members to Malaysia on secondment,” he added.
SEGi has 16,000 students in six campuses and five training
centres.
“We don’t have immediate plans to expand, in terms of infrastructure,
but we are certainly confident of reaching our full capacity of 26,000
students within the next three or four years,” Hii said.
19
globally
recognised
education
20
21
Board OF
Directors
Independent
Non-Executive Director
22
Non-Independent
Independent
Dato’ (Dr.) Patrick
Teoh Seng Foo
President
Tony Foo San Kan
Independent
Dato’ Seri Megat Najmuddin bin
Dato’ Seri Dr. Hj Megat Khas
Dato’ Clement
Hii Chii Kok
Abdullah Kamal bin
Shafi’i
Non-Independent
Non-Independent
Non-Executive Chairman
Lee Kok Cheng
Chief Operating Officer
23
DIRECTORs’
ProfileS
DATO’ PAHAMIN A. RAJAB
Chairman (Non-Independent Non-Executive Director)
President (Non-Independent Executive Director)
Malaysian
Malaysian
Dato’ Pahamin A. Rajab, aged 62, was appointed to the Board
Dato’ (Dr.) Patrick Teoh Seng Foo, aged 51, was appointed to
on 27 August 2002 and assumed the position as Chairman on 28
the Board as President on 2 February 2001. An Accountant by
June 2005. He holds several tertiary qualifications. He obtained
profession, he is a Chartered Accountant of the Malaysian Institute
the Bachelor of Arts (Hons) in History majoring in International
of Accountants and a Chartered Management Accountant/Fellow
Relations from the University of Malaya in 1970; the Master of
Member of the Chartered Institute of Management Accountants,
Arts in Public Policy and Administration majoring in Economic
United Kingdom. He also holds a Diploma in Commerce from
Development from the University of Wisconsin, Madison, United
Tunku Abdul Rahman College.
States of America in 1978; a Law Degree with Honours from the
University of London in 1990; and a postgraduate Diploma in
For his contribution to education, Dato’ was conferred the
Syariah Law and Practice from the International Islamic University,
Honorary Doctorate in Business Administration by the University of
Malaysia in 1994. He completed the Certificate of Legal Practice
Abertay Dundee, United Kingdom and is currently a patron of the
in 1997 and was admitted as Advocate and Solicitor of the High
University of Abertay Foundation. He is also the Chairman of the
Court of Malaya. In 2006, he was conferred the Honorary Doctor
Education Committee in the Malaysia-China Business Council.
of Laws (honoris causa) by University of Newcastle.
He has wide experience in commerce and industry, having
Dato’ Pahamin has worked in several ministries and government
held senior management positions in multinationals such
agencies in Malaysia over a 30-year period and held various
as
key positions including as Director General, Road Transport
PricewaterhouseCoopers. Presently, he holds these board
Department from the year 1974 to year 1998, Secretary General
positions in the following public listed companies:-
Intel
Technology,
Woodward
&
Dickerson
Inc
and
of the Ministry of Domestic Trade and Consumer Affairs from the
year 1998 to year 2001 and Chairman of the Patent Board and
EcoFirst Consolidated Bhd - Executive Deputy Chairman
the Controller of Copyright from the year 1998 to 2001. He is
Meda Inc. Berhad - Non-Executive Chairman
recognised internationally as an expert in intellectual property laws
by the World Intellectual Property Organisation and in Year 2000,
He is a member of the Executive and Remuneration Committees
he was awarded the prestigious Cyber Champion International
of the Company.
Award by Business Software Alliance in Washington.
He has a direct interest of 507,000 ordinary shares of RM1.00 each
Currently he is an Advocate and Solicitor of the High Court of
in the Company and is a substantial shareholder of the Company
Malaya. He is also the Chairman of Airasia Berhad and LNG
by virtue of his indirect shareholding in EcoFirst Consolidated
Resources Berhad. He is the Chairman of the Nominating,
Bhd. Apart from the above, he has no family relationship with any
Remuneration and Executive Committees of the Company.
director and/or major shareholder of the Company. He has not
He has a direct interest of 767,800 and an indirect interest of
entered into any transaction, whether directly or indirectly, which
15,226,865 ordinary shares of RM1.00 each respectively in the
has a conflict of interest with the Company other than those
Company. He has no family relationship with any director and/or
disclosed in the accompanying financial statements and has no
major shareholder of the Company, no conflict of interest with the
convictions for offences within the past ten (10) years.
Company and no convictions for offences within the past ten (10)
years.
24
directors’ profiles
Lee Kok Cheng
Chief Operating Officer (Non-Independent Executive Director)
(Non-Independent Executive Director)
Malaysian
Malaysian
Lee Kok Cheng, aged 48, was appointed to the Board as Executive
Dato’ Clement Hii Chii Kok, aged 50, was appointed to the Board
Director on 28 June 2005. He obtained the BSc (Hons) Computer
on 3 September 2001 as the Executive Director of the Company
Science from University Sains Malaysia in 1985 and thereafter in
and subsequently assumed the position of Chief Executive Officer
1996 he obtained his Masters in Business Administration from
on 10 October 2001. He graduated with a Bachelor of Laws
the University of Dubuque, Iowa, United States of America. He is
(Hons) degree from the United Kingdom. He was conferred the
currently pursuing the Doctor of Business Administration from the
Honorary Doctorate of Business Administration by the University
University of Newcastle, Australia.
of Sunderland, United Kingdom, in early 2006. In 2007, he was
conferred an Honorary Doctorate of Laws by the University of
He joined the Group as Vice President (Operations) in June 2003
Wolverhampton, United Kingdom.
and thereafter was promoted to the position of Chief Operating
Officer in January 2005. In SEGi, he is responsible for all operational
He is a former senior journalist holding positions in several local
matters of the colleges and business units of the Group. He is
newspapers, including as Chief Editor of Borneo’s leading English
also the Principal for SEGi’s flagship campus, Kota Damansara
daily, “The Borneo Post”. He also served in senior positions with
Campus. He is a member of the Executive Committee and also
management firms and was appointed a Justice of Peace in
the Chairman for Risk Management Committee of the Company.
2005.
He does not have any interest in shares of the Company or its
subsidiaries.
Presently he is also the Group Managing Director of a publiclisted company, EcoFirst Consolidated Berhad and the Executive
Prior to this, Mr. KC Lee has eighteen years of experience in
Deputy Chairman of LLL-Lifelong Learning Network Sdn Bhd. He
another educational institution and his last position was the
is a member of the Executive Committee of the Company and
Group Executive Director of that institution. He was instrumental
has a direct shareholding of 945,500 ordinary shares of RM1.00
in implementing many e-applications to replace paperwork for
each in the Company. He is also a substantial shareholder of
the accounting, human resource and information technology
the Company by virtue of his indirect shareholding in EcoFirst
functions.
Consolidated Berhad.
He has no family relationship with any director and/or major
He has no family relationship with any director and/or major
shareholder of the Company.
shareholder of the Company. He has not entered into any
transaction which may be deemed to have potential conflict of
He has not entered into any
transaction, whether directly or indirectly, which has a conflict
interest with the Company and has no convictions for offences
of interest with the Company, other than those disclosed in the
within the past ten (10) years.
accompanying financial statements and has no convictions for
offences within the past ten (10) years.
25
Dato’ Seri Megat Najmuddin bin Dato’ Seri Dr. Hj
Datin Fadzilah Bte Saad
Megat Khas
Malaysian
Malaysian
Datin Fadzilah bte Saad, aged 67, was appointed to the Board
Dato’ Seri Megat Najmuddin bin Dato’ Seri Dr. Hj Megat Khas,
on 27 August 2002. She is a Chartered Accountant and holds a
aged 62, was appointed to the Board on 2 February 2001. He
Masters of Business Administration degree.
holds an Honours Degree in Law from University of Singapore.
He practised law for 14 years until 1986, and since then he
In 1968, she joined the government accounting service and all
concentrated on business as well as political activities. He was
through her career she served many departments, mainly the
formerly the State Assemblyman of Kelana Jaya, Selangor for two
Accountant General’s Department. She retired from the government
terms. He is prominent in the corporate sector and holds several
service in 1996 after 28 years of service. She was conferred the
important posts. He is the President of both the Federation of
“bintang kebesaran” KMN by the Federal Government and PCM
Public Listed Companies Behad (“FPLC”) and the Malaysian
by the Perak Government.
Institute of Corporate Governance (“MICG”).
Datin Fadzilah still plays an active role in the academic field. She
He currently sits as the Non-Executive Chairman of 4 public
is a council member of the Malaysian Institute of Certified Public
listed companies, i.e. Tradewinds Corporation Berhad, Asian Pac
Accountants and represents the Institute at meetings with the
Holdings Berhad, Formis Resources Berhad [formerly known as
Ministry of Education relating to accounting education in schools
My-Infotech (M) Berhad] and MajuPerak Holdings Berhad. He
and Institutes of Higher Education. She has been the Treasurer
sits as an Independent Non-Executive Director on the Board of
General of the Malaysian Government Pensioner’s Association
Dialog Group Berhad and Salcon Berhad. He was a member of
since June 2003. Datin Fadzilah Saad does not hold any other
the High Level Finance Committee of the Ministry of Finance and
directorships in public companies.
Capital Market Advisory Council of the Securities Commission
(“CMAC”). He was a member of the 2nd National Economic
She is a member of the Audit Committee of the Company. Datin
Consultative Council (“NECC2”) and the Central Bank’s Corporate
Fadzilah has indirect shareholdings of 15,226,865 ordinary shares
Debt Restructuring Committee (“CDRC”). He now sits on UMNO
of RM1.00 each in the Company and has no direct interest in
(Ruling Party) Malaysia’s Disciplinary Committee. He is also active
the shares of the subsidiaries of the Company. She has no
in the Institute of Integrity Malaysia (“IIM”), Transparency Institute
family relationship with any director and/or major shareholder of
of Malaysia (“TIM”) and an Adjunct Professor at Faculty of Law,
the Company, no conflict of interest with the Company and no
UUM.
He has a direct shareholding of 297 ordinary shares of RM1.00
each in the Company and has no indirect shareholding in the
Company nor has he any interests in the subsidiaries of the
major shareholder of the Company, no conflict of interest with the
Company and no convictions for offences within the past ten (10)
years.
26
Malaysian
Malaysian
Simon Hue Fook Chuan, aged 46, was appointed to the Board on
Amos Siew Boon Yeong, aged 49, was appointed to the Board
20 June 2001. He obtained both the Bachelor of Economics and
on 2 February 2001. He qualified as a Certified Public Accountant
Bachelor of Laws degree from the University of Sydney in 1984
in 1984 and is currently a member of the Malaysian Institute of
and 1986 respectively. Thereafter, he was admitted as a Barrister-
Certified Public Accountants, a Chartered Accountant with the
At-Law to the Supreme Court of New South Wales, Australia in
Malaysian Institute of Accountants and an associate member of
1987 and in 1988 he was admitted as an Advocate and Solicitor
the Malaysian Institute of Taxation. He is also a Certified Financial
to the High Court of Malaya.
Planner and is a member of the Financial Planning Association of
Malaysia.
He is presently practising as an Advocate and Solicitor under the
firm’s name of Messrs Simon Hue & Associates which has been
He started his auditing career and professional training with the
established since April 2000. Formerly, he practised in Messrs Ho,
accounting firm Coopers & Lybrand in 1978 before establishing his
Loke & Koh, as a Legal Assistant from 1990 to 1994 and later as
own practice in 1988. He is currently the sole practitioner of the
a Partner from 1994 to March 2000.
public accounting firm Messrs. Siew Boon Yeong & Associates.
He has gained extensive knowledge, skills and experience in
He is a member of the Audit, Nominating and Risk Management
auditing, tax planning, corporate finance and financial planning.
Committees of the Company. He does not hold any other
He was also involved in numerous assignments on mergers and
directorships in public companies. He does not have any interest
acquisitions, debt restructuring and liquidation. He is also an
in shares in the Company or its subsidiaries. He has no family
Independent Non-Executive Director of EcoFirst Consolidated
relationship with any director and/or major shareholder of the
Bhd, Petra Energy Berhad and an Executive Director of TMC Life
Company, no conflict of interest with the Company and no
Sciences Bhd.
He is the Chairman of the Audit Committee of the Company and
a member of the Remuneration Committee of the Company.
He does not have any interest in shares in the Company or its
subsidiaries. He has no family relationship with any director and/
or major shareholder of the Company, no conflict of interest with
the Company and no convictions for offences within the past ten
(10) years.
27
Malaysian
Abdullah Kamal bin Shafi’i, aged 61, was appointed to the Board
Encik Kamal was the Executive Director of both First Cartel (M)
on 28 June 2005.
Sdn Bhd (the official organiser of the internationally renowned
cycling race Le Tour de Langkawi) and DwiGergasi Sdn Bhd
He began his career with Bank Pertanian Malaysia (“the Bank”) in
(Proton Vehicles dealership). He was also a board member of
1972. During his tenure at the Bank, Encik Kamal specialised in
WRP Asia Pacific Sdn Bhd (formerly known as Wembley Rubber
the field of Agricultural Credit/Financial Analysis. He was admitted
Products Berhad). Presently, he is a board member of MOCCIS
as a Fellow of the Economic Development Institute of the World
and Ladang MOCCIS Sdn Bhd.
Bank in 1980. His last position was as the Assistant General
Manager of Human Resource. He retired in 1997 and was a
He is a member of the Executive Committee of the Company. He
member of the Bank’s Management Committee.
has direct and indirect shareholdings of 10,000 and 18,982,078
ordinary shares of RM1.00 each respectively in the Company
He attended various executive programmes from established
and has no direct interest in shares of the subsidiaries of the
educational institutions overseas, one of which is INSEAD
Business School, Fontainebleu, France in 1995. In addition, he
major shareholder of the Company, no conflict of interest with
attended a diploma programme at the College of Agriculture
the Company and no convictions for offences within the past ten
Malaya, Serdang (1965-1968), and a degree programme in
(10) years.
Agricultural Science at Lincoln College, University of Canterbury,
New Zealand (1969-1972).
28
Tony Foo San Kan
Malaysian
Tony Foo San Kan, aged 59, is a Chartered Accountant of the
He is currently a Director of Symphony House Berhad and Allianz
Malaysian Institute of Accountants. He is also a member of the
Malaysia Berhad (formerly known as Allianz General Insurance
Malaysian Institute of Certified Public Accountants, a fellow of the
Malaysia Berhad), listed on the Main Board of Bursa Malaysia
Institute of Chartered Accountants in England and Wales as well
Securities Bhd (“Bursa Malaysia”) and OSK Ventures International
as the Malaysian Institute of Taxation.
Berhad, listed on the MESDAQ Board of Bursa Malaysia. He is
also a Director of OSK Trustees Berhad, OSK Investment Bank
He was the Country Managing Partner of Ernst & Young Malaysia
Berhad,
from 1997 to 2002 before he retired as a practising accountant.
General Insurance Company (Malaysia) Berhad.
Allianz Life Insurance Malaysia Berhad and Allianz
He has 34 years of experience in the accounting profession, the
last 30 years of which were spent in various positions in Ernst
Mr. Foo is a member of the Audit Committee and Nominating
& Young including stints in several offices in East and West
Committee of the Company. He does not have any interest in
Malaysia. During the course of his career, he was involved in
shares in the Company or its subsidiaries. He has no family
various industrial sectors including financial services, energy,
relationship with any director and/or major shareholder of the
manufacturing, plantations, property, construction, leisure and
Company, no conflict of interest with the Company and no
entertainment. His professional experience covers almost all
aspects of the accounting profession, including but not limited
to audit, receivership, liquidation, taxation, secretarial, corporate
advisory and management consultancy and all services related to
the Labuan Offshore Financial Services Authority (LOFSA).
29
The
management Team
30
19
6
10
12
8
1
4
16
9
7
5
15
14
13
3
17
18
11
2
1.HEW MOI LAN
8. LILAINE LEE SOOK MUN
15.YONG LIT SENG
Manager, Information Technology
2.DATO’ CLEMENT HII CHII KOK 9.HEW LING SZE
16. LEE KEE HIN
3. LEE KOK CHENG
10.DOREEN ONG LEE AEI
17.AILIN TON BINTI dato’ ISAHAK
11. BRUCE LIM AUN CHOONG
18.Hajjah ROSWATI BINTI RAHMAT
12.ANNUAR ZAMZURY BIN JOLIS
19.NG KIM LENG
Vice President, Operations
Chief Operating Officer/
Principal, Segi College Malaysia
4.DR. TAN BENG CHEOK
Senior Vice President (Academic)
5.CHERYL CHONG POH YEE
Group Vice President
6.CINDY KHAW SU MING
Senior Manager, Legal Services
7.ADELINE CHEAH LI MENG
Financial Controller
Director, Group Human Resources
Company Secretary
Senior Manager, Human Resources
Senior Director, Group Marketing
Director, Training Services
Head, Creative Communications
Director, Business Development
Director, Regulatory Affairs
Manager, Finance & Accounts
13.CHOW KIM WAI
Head, Internal Audit
14.STELLA LAU KAH WAI
Head, Programme Development
31
Heads of Centres &
Business Units
SEGi COLLEGE Malaysia
Standing, from left to right
1.Anita Toh Ann Lee
9. Linda Tan Kim Lian
Head, Language Centre
2.
Lai Yin Ling
Head, School of Engineering
10.Dr. K.T. Nathan
Dean, Faculty of Dentistry
Head, Examination
3.Capt (Rtd) Roslee bin Mohamad
Building & Facilities Manager
11.Norman Chu Su Jiun
Head, School of Built Environment
4.Goh Jin Hui
Manager, International Marketing
12.Dr. Daphne Loke Wai Yue
Director, Centre for Continuing Education
5.Kenny Yap Wai Yeong
Sales Manager
13. Tengku Sheila binti Tengku Annuar Zainal
Head, School of Hotel & Tourism
6.Dr. Wong Wah Hun
Dean, Faculty of Pharmacy & Health Sciences
Seating, from left to right
7.Sau Ai Leng
Head, School of Nursing
1.
Lee Kok Cheng
Principal
8.Pamela Anne Lopez
Registrar
2.Dr. Muhamad bin Awang
32
Acting Chief Executive
Heads of Centres & Business Units
SEGi COLLEGE SUBANG JAYA
1.Roslan bin Othman
7. Vilasini a/p V.S. Kandiah
Head, Faculty of Creative Arts & Design
Head, Examination Unit
2.Alex Lee Hong Sin
Head, School of Multimedia Technology
8.Sueann Chok Soo Yan
3. Lydia Foong Yoke Yean
Dean, Faculty of Education, Social & Health Sciences
9.Soh Lay Guat
4.Dr. Baptist Stephen
Head, American Degree Programme
Finance Manager
Head, Administration
Seating, from left to right
5.Doreen D’orville
Manager, Business Development
1.Dr. Lisa Tan Saw Poh
6. Thavamaney a/p Vadiveloo
2.Helena Tan Guad Dee
Head, Centre for Continuing Education
Principal
Dean, Faculty of Business & Accountancy
33
SEGi COLLEGE KUALA LUMPUR
1.Datin Devagey a/p K. Raru
4. Tang Choong Pang
6.Doris Pamela Alexius
Head, School of Nursing
Registrar
Deputy Principal, Academic
2.Norulashikin binti Ismail
5.Hew Moi Lan
7.Gary Tan Hong Guan
Head, Internal Diploma Programmes
3. Lawrence Ngu Herng Hwa
Deputy Principal, Operations
34
Principal
Marketing Manager
1.Helen Ngu Moi Hiong
Head of Operations,
SEGi College Sarawak
2.Hafizah binti Johar
Senior Centre Manager,
SEGi Training Centre Seri Kembangan
3.Annuar Zamzury bin Jolis
Director of Training Services
5. Jeffrey Goh Beng Poh
Principal, SEGi College Penang
Principal, SEGi College Seri Kembangan
4.Stella Lau Kah Wai
Principal, SEGi College Sarawak
6. Loo Hock Chuan
Head, Sales & Marketing
SEGi College Penang
35
1.Edward Cheah Wai Phang
Operations Manager,
SEGi Leadership Centre
2.Dr. Chow Yong Neng
General Manager,
Corporate Learning Division
36
3.Mohd Rozali bin Mohd Ali
5.Gabriel Gobeekrishnan a/l Susayan
Chief Executive Officer,
SEGi Youth Training
4.Irene Foo Shu Jen
Operations Manager,
St. Nicholas Montessori Centre
Sales Manager, Ifpa Resources
Consortium of
Global Partners
The University of Sheffield, UK (TUOS)
University of Sunderland, UK (UOS)
The University of Sheffield grew out of the Sheffield Medical School
(founded in 1828), Firth College (1879) and the Sheffield Technical
School (1884). These three institutions came together in 1897 to
form the University College of Sheffield, which in turn became the
University of Sheffield in 1905. Today, the University has a total of
70 Academic Departments and Sections, grouped in 7 Faculties
(Architectural Studies, Arts, Engineering, Law, Medicine, Pure
Science, Social Sciences).
The
University
of
Sunderland is a dynamic,
modern university with high
standards of teaching and
research and a growing
reputation as the university
of enterprise, employment
and opportunity.
The University is widely recognised as one of the UK’s leading
universities. Teaching quality assessments rate teaching very highly
across a wide range of subjects, and official research assessments
rate the University as a centre for world-class research in many
disciplines.
The University of Sheffield has been teaching Engineering
programmes at degree level for more than 120 years and is one
of the most prestigious in the UK, with its various departments
highly rated for excellence in teaching and research quality. It is
well known for its innovation and promotion of new ideas and new
technologies.
The University of Sheffield’s research partners and clients include
Boeing, Rolls Royce, Unilever, Boots, AstraZeneca, GSK, ICI,
Slazenger, and many more prominent multinationals, as well
as the UK and overseas government agencies and charitable
foundations.
The University of Sheffield offers pathways for SEGi students to
complete their engineering degree with the University.
TUOS offers the Bachelor of Engineering (Honours) 1+2 twinning
degree with SEGi College Malaysia.
Sunderland, located at
the heart of the buzzing
North East of England,
is
acknowledged
as
one of Britain’s foremost
attractions for its surviving
historic
and
cultural
heritage. It founded its Business School in the early 1990’s and
prospered in the physical expansion and reputation within five
years. Its teaching has been recognised for excellence by the
Quality Assurance Agency in the UK.
The University has diversified its programmes to tailor to corporate
clients, entrepreneurs and researchers alike. It has also developed
four research centres under its Business and Management
Research Group initiative.
In Malaysia, 3+0 bachelors degree of Engineering degrees are
offered by the University to cater to those who want to experience
the advantages of Sunderland’s contemporary engineering
expertise. SEGi College also offers the Sunderland University
Bachelors’ Degree in Business & Management and International
Tourism & Hospitality Management, as well as the Master of
Business Administration programme. Graduates of SEGi diploma
also enjoy a full pathway to the University’s popular business topup programmes.
The Faculty of Pharmacy & Health Sciences, SEGi College Malaysia
in collaboration with the Sunderland Pharmacy School, offers the
Master in Pharmacy (MPharm) (2+2) twinning programme.
37
Consortium of Global Partners
University of TeesSide, UK (UOT)
The University of Abertay Dundee, UK (UAD)
The University of Teesside is a dynamic modern university dedicated
to delivering quality programmes of study; demonstrating a
commitment to social inclusion and widening participation; and
contributing to the success of the community it serves. The
University boasts a supportive learning environment and has a
strong record for graduate-level jobs and further study or training.
The University also pursues excellence in teaching and scholarship
and has developed a reputation for enterprise and research.
The
University
of
Abertay Dundee is a
new university, one with
a long history and has
quickly become one
of Scotland’s leading
universities,
highly
ranked for its academic
performance.
Teesside has an amazing range of courses in exciting subjects
such as forensics, computing, health, sport, media and design.
The University has invested nearly £100m in the campus, so the
21,300 student population have some of the most up-to-date
facilities in the UK. Teesside has full-time and part-time courses
available ranging from professional development certificates to
master’s degrees and doctorates in a wide variety of subjects.
From its birth as the Dundee Technical Institute in 1888, the
University of Abertay Dundee has received global acclaim for
developing innovative and instructive courses in constantly evolving
disciplines spanning technical fields such as software engineering
and computer games design as well as business fields, including
accountancy and commerce.
With an award-winning Students’ Union and fantastic sporting,
social and study facilities - all in a single town centre campus Teesside is a great place to spend your student years.
SEGi collaborates with Teesside in offering the 3+0 honours degrees
in accountancy & finance as well as in business administration.
Being among Scotland’s top three (3) institutions for research
funding, UAD has an entrenched reputation for professionalism
in offering career-driven higher education. It received top ranking
by UK’s Quality Assurance Agency when 79% of graduates gave
the ‘thumbs up’ for the University’s teaching methodologies and
learning approaches.
SEGi collaborates with UAD in offering 3+0 honours degrees in
business administration and marketing.
38
The University of Greenwich, UK (UOG)
An award-winning university
with research affiliations and
partnerships in more than 80
countries worldwide, UOG has
delivered international education
excellence in the vibrant and
challenging technology-based
world.
UOG is credited by the Institute
of Management of Information
Systems (IMIS). It is also a past
recipient of prestigious awards
from the British Computing
Society (BCS), and the Queen’s
Anniversary Prize.
With a flexible module-based approach supported by SEGi’s
learning support centres, UOG offers the Honours Computing
degree with exposure to subjects such as information, networking,
e-commerce and web development and IT project management.
SEGi also collaborates with UOG in offering 3+0 honours degrees
in accounting & finance, and articulation pathways to its students
and health sciences degrees.
University of Southern Queensland, Australia
(USQ)
The University of Southern
Queensland is a leader
in flexible learning, has a
significant profile in regionally
relevant research and is
closely engaged with its
communities. The University
has over 26,000 enrolments,
including 7,500 international
students.
USQ was awarded the Commonwealth of Learning Award of
Excellence for Institutional Achievement in July 2004. Other
awards include the Joint Winner of the Good Universities Guides’
University of the Year 2000-2001 Award in 1999, as well as the
Inaugural Award for Excellence from the International Council for
Open and Distance Education (ICDE) as a world leader in ‘dual
mode’ education.
Academics and staff of USQ were recognised as best university
teachers, who have made a significant contribution to the quality
of student learning over a sustainable period at the 2006 Carrick
Awards and Citations respectively.
SEGi collaborates with USQ in offering 3+0 twinning degrees and
articulation pathways into bachelor programmes in administration
management, marketing, human resource management,
engineering, mass communication, multimedia and early childhood
education. SEGi also offers the popular USQ Master of Business
Administration programme.
39
Upper Iowa University, USA (UIU)
Liverpool John Moores University, UK (LJMU)
Founded in 1857, Upper Iowa University (UIU) is a private, nonprofit university providing educational excellence and leadership
development to approximately 6,000 students – both nationally
and internationally – at its traditional campus in picturesque
Fayette, Iowa; and its international centers in Hong Kong,
Singapore, Malaysia and Canada.
Liverpool John Moores University (LJMU) is a thriving vibrant
university located at the heart of one of the most exciting cities
in the UK. LJMU is proud to be a modern university, with learning
and the advance of its students at the heart of its activity. The
University’s ethos is dream, plan, achieve and it aims to nurture the
dreams of every single student.
UIU is a recognised innovator in the delivery of accredited
education and is proud of its diverse range of student populations
and progressive, flexible options for students of all ages, without
losing sight of its rich heritage and without compromise to the
character and quality of its curriculum.
LJMU has been awarded significantly more research funding than
many of the new universities and this is due to the strong Research
Assessment Exercise ratings. It is top of the league for teaching in
applied social work, health studies, hospitality, leisure, recreation,
sports and tourism, physics and astronomy. The University is firmly
rooted in the real world, and its expertise and professionalism is
widely recognised by the industry.
UIU has produced a long and distinguished list of alumni which
includes one of the founders of YMCA and a Nobel Peace Prize
winner, the first Speaker of the U.S House of Representatives west
of the Mississippi River, a world famous archeologist and scholar
of the Dead Sea Scrolls, and a founder of a Fortune 500 Company
(Target stores), just to name a few.
In Malaysia, SEGi is an approved off-campus centre offering the
Bachelor of Science 4+0 programme with majors in Marketing,
Management Information Systems, Management, Psychology,
Financial Management and Communication. Students can opt to
complete their degree either at SEGi or on-campus at Fayette,
Iowa.
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SEGi collaborates with LJMU in the disciplines of nursing and
health sciences.
Airlangga University, Indonesia (unair)
business academy west, denmark (Bawest)
Airlangga University started as a branch of the University of
Indonesia in 1948 with two faculties, namely the Faculty of
Medicine and Faculty of Dentistry. The University was named
after the famous King Airlangga who ruled the eastern part of the
Indonesian archipelagos from 1019 to 1042. Its aim is to be an
independent, innovative and foremost university both regionally
and globally.
The Business Academy West offers 2-year AP Degree Programmes
and has strong links to the regional business and industry as well
as to international partners. An AP degree from Business Academy
West gives you the best possibility to find your future career.
Airlangga University is a forerunner in science development,
technology, humanities and arts based on moral and religion.
The University is currently working with SEGi in developing
programmes in medicine, dentistry, nursing and pharmacy.
SEGi’s Foundation in Science (Pre-Medical and Pre-Dentistry)
programmes provide graduates with direct entry into bachelor
degrees in Medicine or Dentistry at Airlangga University.
The Academy offers International AP Programmes in:
• Marketing Management
• Multimedia Design and Communication
• Computer Science
At the moment the academy has 550 full-time students and 300
part-time students.
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Partner
Professional Bodies
At segi, we strive to maintain the integrity of our courses and graduates by developing strong
foundations and partnerships with relevant professional/industry bodies and continuously
shaping the syllabus to meet industry needs and trends. This has allowed us to provide
internationally recognised programmes and produce graduates who are career ready with
industry recognised qualifications. Through the development of programmes in conjunction
with international universities and professional bodies we have enhanced the interchange of
knowledge and ideas; thus, ensuring we provide a superior service.
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Partner Professional Bodies
Association of Chartered Certified Accountants
(ACCA), UK
The Association of Chartered Certified Accountants (ACCA) is the
largest international accounting body, comprising over 300,000
members in over 160 countries worldwide. With 100 years of
providing rigorous accountancy training, ACCA professional courses
are designed to enhance knowledge, skills, industry standards
and practices of finance and non-finance professionals alike. The
association has seen the rise of membership, ensuring accounting
practices are relevant to modern demands. SEGi Colleges offer
tuition that qualifies students for professional membership into the
ACCA, the eligibility for membership into the Malaysia Institute of
Accountants (MIA). SEGi students have regularly emerged as top
students in Malaysia and worldwide in the ACCA examinations.
They also frequently receive the Best Paper Prize winners award
from ACCA.
Chartered Institute of Management
Accountants (CIMA), UK
The Chartered Institute of Management Accountants (CIMA) offers
financial qualification with strategic management-driven function. It
boasts over 62,000 members in 155 countries worldwide earning
its reputation as the ‘preferred business qualification’ provider.
CIMA training and qualification enhances professional management
accountancy practices in various sectors, while ensuring the
protection of public interest.
London Chamber of Commerce and Industry
(LCCI), UK
Institute of Chartered Secretaries and
Administrators (ICSA), UK
The London Chamber of Commerce and Industry (LCCI) is an
independent body representing the biggest business membership
in London. Membership into LCCI reflects competence in various
aspects of business accounting, while accelerating career
opportunities worldwide. LCCI is a non-profit organisation set-up
to support the development of professional learning amongst its
fraternity. SEGi’s LCCI students have written many success stories
with over 180 international awards since 1980.
The Institute of Chartered Secretaries and Administrators (ICSA),
founded in 1891, has more than 44,000 members, while 30,000
students undertake its professional courses each year. The
qualification is recognised in over 70 countries. The mission of
ICSA is to benchmark standards for company secretarial best
practices, corporate governance and taxation. ICSA graduates
with five (5) years experience in taxation management can apply
for Malaysian Association of the Institute of Chartered Secretaries
and Administrators (MAICSA) professional membership. SEGi
College offers the ICSA qualification with exemptions for its degree
or diploma holders.
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International Motor Industry (IMI), UK
IMI is a professional body, based in the UK, for people employed in
the motor industry. There are 25,000 individual IMI members from
across all areas of the motor industry, who are recognised for their
skills and experience. IMI membership is awarded on the basis
of an individual’s qualifications, career history and motor industry
experience.
IMI prides itself in having a comprehensive portfolio of national
qualifications, both technical and non-technical. It is the only
awarding body which is totally focused on skills requirements and
the automotive sector.
SEGi is part of IMI’s network of over 300 IMI approved assessment
centres, across the UK and overseas. SEGi delivers training to
students and motor industry employees, whereas IMI provides
a full-time national quality assurance team, and an independent
advisory board of motor industry executives who are involved in
education, training and human resources.
Royal Pharmaceutical Society of Great Britain
(RPSGB), UK
The Royal Pharmaceutical Society of Great Britain (RPSGB) is
the professional and regulatory body for pharmacists in England,
Scotland and Wales. It also regulates pharmacy technicians on
a voluntary basis, which is expected to become statutory under
anticipated legislation. The primary objectives of the Society are to
lead, regulate, develop and represent the profession of pharmacy.
SEGi College, in collaboration with University of Sunderland,
offer MPharm degree that qualifies its graduates for professional
membership into the RPSGB.
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malaysian Nursing Board
The role of the Malaysian Nursing Board is to protect the public
through the development of statutory nursing rules and regulations.
The development and implementation of these rules assist towards
the safe and holistic practice of nursing throughout Malaysia by
ensuring employees within the health system are capable, effective,
competent, professional and knowledgeable.
Another objective and project of the Malaysian Nursing Board is to
increase the standards of health in Malaysia by promoting health
services such as education for the public, prevention, medication
and overall health and recovery.
Any person wishing to practise as a nurse in Malaysia must first
meet the standards and requirements as set by the Malaysian
Nursing Board and successfully complete their registration.
The SEGi College Diploma in Nursing is fully recognised by the
Malaysian Nursing Board.
CONFEDERATION OF TOURISM, HOTEL & CATERING
MANAGEMENT (CTHCM)
CTHCM provides recognised standards of vocational and
management syllabi, examinations and awards for the hotel and
travel industries. CTHCM works with approved centres worldwide,
such as SEGi, and is acknowledged by leading hotel and travel
industry organisations.
The Confederation’s qualifications are recognised by major
organisations in the hospitality and tourism industries as suitable
for employment at supervisory and management level. Learners on
CTHCM programmes are eligible for membership of the Institute
of Hospitality, and can articulate their qualification into a number of
British universities.
CITY & GUILDS (C&G), UK
MONTESSORI CENTRE INTERNATIONAL (MCI), UK
C&G is a UK examining and accreditation body for vocational and
managerial training, offering more than 500 qualifications over 28
industry sectors, through 8,500 approved centres around the world
in 100 countries.
Montessori Centre International (MCI) is a well established,
independent Montessori teacher training college, set in the heart
of London’s West End.
Incorporated in 1880, C&G was granted its Royal Charter by Queen
Victoria in 1900. A registered charity, its president is HRH The Duke
of Edinburgh.
The qualifications developed by C&G are designed to provide
a combination of practical and theoretical knowledge, these
qualifications are therefore recognised by employers as evidence
that the holder has the right skills to do a particular job, yet equally
they provide a route to further higher education and training.
MCI is dedicated to providing excellent training to all those who wish
to work in childcare and early years settings using the Montessori
method of education.
The Early Childhood and Infant Toddler courses lead to internationally
recognised Montessori Diplomas. MCI acts as an awarding body
to centres in the UK and overseas, such as SEGi College, which
delivers the Early Childhood course.
SEGi is an approved C&G centre that specializes in automotive and
secretarialship, among others.
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what the press says
The increased number of students registering for the January intake
was attributed to the public’s positive confidence towards SEGi
College Sarawak.
Eastern Times, 18 January 2007
SEGi was moving away from low margin courses (such as
professional and certificate programmes) towards “high ticket”
offerings. For instance, it is setting up faculties in pharmacy and
medical sciences. The group’s other new programme offerings
include nursing, medical science, biotechnology and psychology.
Starbiz, The Star, 8 February 2007
SEGi is proud of having churned out three decades of ACCA award
winners including the world’s Best.
StarSpecial, The Star, 13 March 2007
SEGi College is dedicated to preparing career-ready graduates
demanded by the industry and the new international economy.
Education Focus, The Sun, 3 April 2007
SEGi believes that specialised higher education is crucial for career
development. The college’s motto “Passion Guided, Industry
Driven” was to reflect SEGi’s full cognizance of the necessity to
prepare students for industry’s demands and changing needs.
The Borneo Post, 29 April 2007
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“The lecturer is a vital element in shaping a successful student.
SEGi College has strong and experienced deans and teaching
staff. Its teaching staff come with a wide range of expertise. This is
a plus point for students of the college.”
The Sun, 8 May 2007
The aim of the Special Award from the goverment is to recognise
and appreciate the efforts and contributions of various bodies
involved in the process of promoting and carrying out the aims of
the ministry in the country. The award is also a symbol of the close
partnership between the government and the private sector, such
as SEGi, in the promotion of healthy activities and programmes for
youth development.
New Straits Times, 27 May 2007
Equipped with high-tech simulation rooms and cutting edge
facilities, SEGi’s Hotel and Tourism programme emphasises on
real-life experiences via industrial attachments and internships, with
endorsements by key industry players.
The Malay Mail, 2 June 2007
SEGi Group of Colleges promises more than just world class
infrastructure. SEGi students will now be groom to gain an edge
over other graduates with its two unique programmes, namely, the
Career Exploratory Programme (CEP) and the SEGi Leadership
Centre (SLC). The objective of the programmes is to enhance SEGi
graduates in the competitive job market, and be recognised by
potential employers.
The Star, 20 June 2007
what the press says
The new campus at Kota Damansara houses SEGi College Malaysia
has been dubbed as ‘an equivalent of a five-star hotel’. It covers
10 acres of prime land within the city limits and consists of stateof-the-art facilities including multimedia laboratories, multi-purpose
hall, lecture theatres, hostels, a swimming pool and other sports
facilities.
The Borneo Post, 30 June 2007
The aim of the flagship campus is to provide a conducive learning
environment benchmarked against some of the best institutions in
the world.
China Press, 5 July 2007
SEGi is committed to providing quality holistic education through
high quality programmes, qualified and dedicated faculty.
Sin Chew Jit Poh, 10 July 2007
SEGi College believe that education is not only a preparation for
future living, it is a process of living. With this comes about what we
call today life-long learning.
New Straits Times, 15 August 2007
USQ MBA graduate, John Lam, who is an IT infrastructure project
manager, thinks that the MBA programme provides a good balance
between theoretical framework and real-life practical exposure.
Students are well supported by the faculty members of SEGi
College and USQ.
The Edge, 3 September 2007
“(SEGi’s flagship campus at Kota Damansara) reminds me of
city campuses in Australia. Like SEGi, they are corporate in
their environment,” said Lorne Gibson, Director Of International
Education Management, USQ.
New Straits Times, 5 September 2007
SEGi lecturers are chosen based on their qualifications and
exposure to the industry. The College stressed that the lecturers,
particularly the nursing lecturers, have clinical experience and years
of working experience in hospitals and clinics.
Utusan Malaysia, 6 October 2007
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Awards & recognition
Getting an award means living up to the rigorous spirit of regulation and requirements.
Such honours are sought after by many, but attainable by few. In advancing education
opportunities regionally and globally, SEGi has been honoured to receive these symbols of
public recognition:
SEGi Receives Government Award For Youth
Development
SEGi Recognised For Education Excellence At TBR
Asean Awards
SEG International Bhd (SEGi) was honoured by the federal
government for its contribution towards youth development in the
country. SEGi received the “Special Award” (Category for Private
Sector) in conjunction with the National Youth Week 2007. It is the
only institution of higher learning to be conferred the award. The
award was presented to SEGi Chairman Dato’ Pahamin A. Rajab
by the Deputy Prime Minister, Dato’ Seri Mohd Najib Tun Razak,
on behalf of Prime Minister Dato’ Seri Abdullah Hj Ahmad Badawi.
SEGi’s Group Chief Executive Officer (CEO) Dato’ Clement Hii said
his organisation was honoured to be recognised for its efforts and
role in promoting and carrying out the aims of the government
in youth development. “We appreciate the fact that from among
the hundreds of big names in the corporate sector, we have been
singled out for the special award,” said Dato’ Hii
SEGi Group of Colleges (SEGi), was the recipient of the prestigious
Technology Business Review Asean Awards in the category of
“Excellence in Education Sector”. The 2007 TBR Asean Award
seeks to honour excellence in a wide range of industries in the Asean
region from Banking & Finance, Automation, Telecommunications,
Information Technology, Logistics, Health Care, Oil & Gas and
Education, among others. SEGi’s Chairman, Dato’ Pahamin A.
Rajab was present to receive the award from Datuk Hjh. Azizah
bt. Datuk S.P. Hj Mohd Dun, Deputy Minister of Housing and Local
Government, Malaysia. Also present at the award ceremony was
Tan Sri Sidek Hassan, Chief Secretary to the Government, who
was also Guest of Honour that night. SEGi Group was recognised
for excellence in managing a leading group of institutions of higher
learning with more than 16,000 learners located at its 6 major
campuses nationwide. SEGi was also cited for withstanding the
best test of the quality of its education and training programmes
– ensuring that its graduates are employable – by providing unique
value added services such as the Career Exploratory Programme
and soft skills development programme at its leadership centre
located at Kuala Linggi. The selection panel also praised SEGi for
its continuous corporate social responsibility efforts.
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Awards and recognition
SEGi Receives MBPJ Award For Best Building
Structure
SEGi Named Emerging
Programmes
Star
For
Its
Nursing
SEG International Bhd (SEGi) received yet another recognition
when it was honoured by the City Council of Petaling Jaya (MBPJ)
for its picturesque campus in Kota Damansara. SEGi received the
“Merit Award” (Category for Institution) during the Photography
Contest award ceremony, organised to commemorate the city’s
first anniversary celebration. SEGi is the only institution of higher
learning to be conferred the award. The award was presented to
SEGi Chairman Dato’ Pahamin A. Rajab by the Mayor of Petaling
Jaya, Dato’ Tuan Haji Mohamad Roslan Bin Sakiman. “We
organised this event to illustrate the growth of our beloved Petaling
Jaya especially since we became a city last year,” Dato’ Mohamad
Roslan Sakiman said. “We want Petaling Jaya not only to be
developed but also lively, where old buildings are given fresh layer
of paint and the city lit with colourful lights not only on the roads,
but also at buildings and business premises,” he added. “SEGi’s
huge and beautiful campus is the only newest addition in the city.”
Pahamin said his organisation was honoured to be recognised for
its efforts and role in promoting national growth and contribution
towards the beautifying and ‘modernising’ the city.
SEGi College earned another feather in its cap as it was awarded
“The Emerging Star” award of the Excellence Nurse Award from
the Nursing Board of Malaysia last month. “We’re very pleased
to receive this award as it denotes potential and quality for SEGi.
This award indicates the trust in SEGi’s nursing programme for
producing quality nurses,” said Hajjah Roswati bt Rahmat, Director
of Regulatory Affairs. SEGi Group of Colleges started offering
the Diploma in Nursing in 2006. Since then, the nursing school
has grown rapidly and the colleges have one of the best nursing
school facilities in the country. “When we embark on offering any
programmes, we ensure our facilities match the requirements of the
programme. We do not cut corners when it comes to investment
in the equipment or facilities of the programme as it will affect the
quality. We ensure the best possible facilities to produce the best
possible graduates,” said Roswati. The skills and knowledge that
Malaysian educated nurses gain are highly regarded internationally
and the nursing profession can open doors to a broad range of
opportunities for working overseas.
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forging
STRONG
PARTNERSHIPs
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success
stories
SEGi College students and graduates are prepared to have a head start on career success
and many have gone on to assume leadership positions. Their hardwork, determination and
achievements in both academic and co-curricular activities serve to inspire the next generation
of SEGi students. It is the mission of the Group to ensure that its students career ready and be
the best that they can be. In the past 30 years, SEGi has transformed the lives of thousands of
graduates. Here are some of the notable success stories in 2007.
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success stories
“I am really happy. I didn’t expect this award. Entering the
competition was just to gain knowledge and experience. Getting
this award can be said to be a big surprise. I want to design and
invent something that will benefit everyone in the world.”
Lim Yi Jian
Faculty of Creative Arts & Design (FOCAD) student
Malaysia Design Council Young Designer Award 2006 Winner
“I was determined to graduate First Class and worked hard towards
proving that anyone can achieve First Class, irregardless of how
steep a climb it is. I chose this programme from UAD because of
the comprehensive content of the programme, which offers more
than just accounting or finance.”
Sridevan Subramaniam
First Class Graduate in Bachelor of Arts with Honours in
Accountancy and Finance
University of Abertay Dundee (UAD)
Image courtesy of Cheryl Leong
“I received a scholarship to study with SEGi in 2006 and I jumped
at the opportunity. I looked at their courses offered and to my
delight, they offered what I have always dreamed of studying Psychology. SEGi’s facilities are comprehensive and I enjoy my
studies.”
When Yvonne Fong was 16 years old, she was diagnosed
with a rare genetic disorder called Neurofibromatosis Type 2.
Neurofibromatosis (NF) is an illness of the nervous system that
causes benign tumours to grow in body for the sufferer’s entire life.
MRI scans revealed a large brain tumor that affected her hearing,
and several more tumours along her spine that caused the limb
weakness.
“I started working immediately after obtaining my engineering
Diploma in 2005. A year in, I decided to pursue an engineering
degree and enrolled for the weekend classes at SEGi College
in 2006. At work, I commit 100% of my attention to the job at
hand and likewise, during my weekend classes, I pay full attention
during lessons.”
Manjeevan Singh Seera
First Class Honours Graduate from the BEng (Hons) Electronics &
Electrical Engineering
University of Sunderland, UK
A blogger, Yvonne discovered her flair for writing and started the
“Heart4Hope campaign” to raise funds for her surgery and medical
needs. Her biography “I’m Not Sick Just A Bit Unwell” was MPH
best-seller under the “non-fiction” category in November 2006.
She also received “Most Outstanding Youth of the Year” Award
2005 by AYA Dream Malaysia.
Yvonne Fong
Current Student, BSc Psychology, Upper Iowa University
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success stories
“I chose to study at SEGi College Kuala Lumpur was because I
believe in the experience that they have gained over the years as
SEGi College has 30 years of experience in providing LCCI and
ACCA courses.”
Lua Huily
Gold Prize Winner in LCCI for Business Statistics
“I did not focus on the process as a competition, but more like a
concert. I really enjoyed my fellow contestants’ pieces. They are
amazing and from the pieces that we heard on the day of the
concert, one can really tell that they are of very high standard.”
Yii Kah Hoe
Winner, Malaysian Philharmonic Orchestra (MPO) Forum for
Malaysian Composers 2
“I would recommend this programme to others.”
“I made the choice to do ACCA even though I was offered to
pursue further studies in accounting locally because being an
international paper, it’s more challenging.”
Lim Sei Haw
First Place Winner for Paper 1.1 in ACCA
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Felix had to compete with all Australian and international students
for this award and was given full membership into the Graduate
Management Association of Australia Inc in recognition of his
achievement.
Felix Ng Sze Teck
Best Graduate in the Master of Business Administration (MBA) in
2006
University of Southern Queensland, Australia
success stories
“It is a matter of determination. Once you set your mind on
something, you can achieve it.”
Lim is 24 years old and was diagnosed with brain tumor some years
ago. Following his Diploma graduation, Lim is now poised to take
up the SEGi 3+0 BSc (Hons) Applied Business Accounting degree
programme in collaboration with the University of Sunderland.
“Dreams do come through with perseverance, guidance and
support.”
Lim Teik Hong
Diploma in E-Management
SEGi College Subang Jaya
MICHELLE OOI
Magna Cum Laude for BS in Psychology and Communication,
Upper Iowa University
“I am happy at winning this award, as it is really unexpected. I sat
for this paper just like the previous ones without paying any special
attention to it so I am really surprised to have won. I wanted the
ICSA professional certification to advance my career. I guess this
easy-going attitude was what made me excel in my studies.
MARINA BT. ABDUL MALIK
Best Paper Size in Business Organisation & Management for the
Institute of Chartered Secretaries and Administrators (ICSA)
“I would like to put forth a round of thanks to the Bolton faculty and
also the local support. I would especially like to thank Mr. Tan Teik
Thai who is an inspirational lecturer. Although Mr. Tan suffers from
disability at his legs, his heart does not as it drives his passion to
teach. But most of all, I like to attribute my success to the love and
support from my family.”
Ooi Teong Kuan
First Class Honours for BSc (Hons) Computing, University of Bolton
SEGi College Penang
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SEGi EDUCATION NETWORK
SEGI GROUP OF COLLEGES
No. 9, Jalan Teknologi
Taman Sains Selangor
Kota Damansara, PJU 5
47810 Petaling Jaya
Toll free: 1800-88-7344
Tel : +603 6145 1777
Fax : +603 6145 1666
infokd@segi.edu.my
Persiaran Kewajipan, USJ 1
Tel : +603 8600 1888
Fax : +603 8600 1999
infosj@segi.edu.my
SEGi College Kuala Lumpur
33 – 35, Jalan Hang Lekiu
50100 Kuala Lumpur
Tel : +603 2070 2078
Fax : +603 2034 2759
infokl@segi.edu.my
SEGi College Seri Kembangan
Block A, South City Plaza
Persiaran Serdang Perdana
43300 Seri Kembangan
Tel : +603 8948 4811
Fax : +603 8945 4066
infosk@segi.edu.my
SEGi College Penang
Wisma Green Hall
43 Green Hall
10200 Penang
Tel : +604 263 3888
+604 262 8127
Fax : +604 262 2193
infopg@segi.edu.my
211, Jalan Bukit Mata Kuching
93100 Kuching, Sarawak
Tel : +6082 252 566
Fax : +6082 231 355
infoswk@segi.edu.my
SEGi
LEADERSHIP CENTRE
SEGi Leadership Centre Malacca
Nusa Dusun Orchard Resort,
Tanjung Agas Kuala Linggi,
78300 Kuala Sungai Baru, Melaka
Tel : +603 2261 4808 (Marketing)
Fax : +603 2261 4778
ask@slc2u.com
SEGi GROUP OF
TRAINING CENTRES
Tel : +603 8948 4811
Fax : +603 8945 4066
SEGi Training Centre Pulau Indah
22, Blok D
Jalan Sungai Chandong 19
Bandar Armanda Putra
Pulau Indah
42009 Perlabuhan Klang, Selangor
Tel : +603-3101 3970
Fax : +603-3101 3913
SEGi Training Centre Kuala Lumpur
41, Jalan Hang Lekiu
50100 Kuala Lumpur
Tel : +603 2078 1518
Fax : +603 2078 2588
SEGi Training Centre Bukit Mertajam
No 25 & 27
Jalan Permatang Rawa 1
Kawasan Perniagaan Rawa
14000 Bukit Mertajam
Seberang Prai, Pulau Pinang
Tel : +604 5401 887/5401 886
Fax : +604 5401 889
SEGi Training Centre Kuching
Lot 9603-9611, Jalan Pending
Tel : +6082 338 816
Fax : +6082 339 816
SEGi
BUSINESS UNITS
IFPA Resources Sdn Bhd
Persiaran Kewajipan USJ 1
Tel : +603 8600 1777
Fax : +603 8605 3999
info@ifpa.com.my
I-Station Solutions Sdn Bhd
Suite 2A-23A-2, Tingkat 23A
Block 2A, Plaza Sentral
Jalan Stesen Sentral 5
Kuala Lumpur Sentral
50450 Kuala Lumpur
Tel : +603 2261 4428
Fax : +603 3361 4778
oliverchen@i-station.com.my
Summit Early Childhood
Edu-Care Sdn Bhd
Tel : +603 8600 1777
Fax : +603 8605 3999
irenefoo@segi.edu.my
Agensi Pekerjaan Job Venture Sdn Bhd
5th Floor, No. 9, Jalan Teknologi
47810 Petaling Jaya
Tel : +603 6145 2777
Fax : +603 6145 2666
info@job-venture.net
SMRC Learning Alliance Sdn Bhd
Tel : +603 8600 1777
Fax : +603 8605 3999
info@smrc2u.com
SBT Professional Publications Sdn Bhd
47810 Petaling Jaya
Tel : +603 6145 2777
Fax : +603 6145 2666
sbt@segi.edu.my
South City Lifelong Learning Centre
3rd Floor, South City Plaza
Taman Serdang Perdana, Seksyen 1
Tel : +603 8943 8186
Fax : +603 8943 8981
sclll.info@gmail.com
Worldwide Accreditation Ltd
Les Cascades Building
Edith Cavell Street
Port Louis, Mauritius
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SEGi Education & Training
Programmes
It is one of SEGi’s strategies to offer programmes to as many segments of the market as
possible. Its programmes are uniquely designed to address the demand of the industry and
nation for a workforce that is qualified and skilled.
The demand for academic qualifications and skills are expected to increase following the focus on human capital development as part of
the second phase of Vision 2020 outlined in the Ninth Malaysia Plan.
The Group will continue to develop new programmes to meet the current and future demands of the industry. Efforts will also be undertaken
to ensure SEGi’s range and quality of academic and training programmes are constantly upgraded and repackaged to remain competitive
and to sustain its leadership stake in the private education sector.
Pre-University
Pre-University programmes are designed to provide the right
foundation for academic and critical thinking skills. At SEGi,
courses are complemented with a complete learning experience,
orienting students into a college environment and preparing them
for graduate studies at university level in disciplines of business,
arts, engineering, IT, medical and health sciences. Students who
complete their SEGi Foundation are able to gain entry into degrees
from over fifty (50) universities worldwide. SEGi offers the Foundation
in Commerce and Foundation in Science with majors in medicine,
dentistry, engineering and IT.
Business & Management
Innovative graduates with business knowledge and savvy skills
accelerate organisational growth and competitiveness. SEGi offers
3+0 business degrees with the University of Abertay Dundee (UAD)
and Sunderland University (UOS) in the UK as well as the University
of Southern Queensland (USQ) in Australia. It also collaborates with
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Upper Iowa University (UIU) in the United States to offer the 4+0
Bachelor of Science with a major in management. SEGi also offers
the Diploma in Business Administration programme leading to
degrees from top-notch universities in the UK, US and Australia.
Accountancy & Finance
Accountancy and Finance training provides substantial skills for
organisational planning and growth. SEGi offers full pathways for
its students to obtain an accounting degree with its 3+0 BA (Hons)
Accountancy & Finance twinning programme with University of
Greenwich and University of Teesside, as well as the 4+0 BSc (Hons)
with a major in Finance from Upper Iowa University. Graduates of
the SEGi Diploma in Accounting are also able to articulate their
qualification into accounting degrees from University of Southern
Queensland in Australia, University of Abertay Dundee in the UK
and University of Teesside, UK. SEGi also offers the diploma in
Accountancy and Foundation in Commerce programmes as well
as professional accountancy qualifications.
SEGi Education & Training Programmes
of Sheffield, with majors in mechanical engineering, electronic &
electrical engineering and chemical engineering.
SEGi’s Diploma’s in chemical engineering, electrical & electronic
engineering, mechanical engineering, mechatronic engineering,
civil engineering and construction management provides studies
with a pathway to complete the final part of their degrees with The
University of Greenwich, The University of Sunderland, UK and The
University of Sheffield, UK.
Marketing
SEGi offers academic programmes in marketing, focused on
consumer marketing, branding strategies, advertising, product
development, international marketing and promotions. Marketing
programmes offered include 3+0 bachelor degree programme
from University of Abertay Dundee and the University of Southern
Queensland and the 4+0 BSc (Hons) degree with a major in
Marketing from Upper Iowa University, USA. Students also have the
option to pursue a Diploma in Marketing, which offers a pathway to
top-notch degrees worldwide.
Information Technology & Computer Studies
Technological development and its adoption by organisations is
central for the transformation of management culture, lifestyle and
the global economy. SEGi offers 3+0 BSc (Hons) twinning degree
programmes with The University of Sunderland, UK and University
of Greenwich, UK, majors include applied business computing with
games development and computing with multimedia. SEGi also
offers the 4+0 BSc (Hons) degree with a major in Management
Information Systems from Upper Iowa University from the US.
SEGi’s Diploma in Computer Studies and Diploma in Information
Technology provide studies with pathways to complete the final part
of their degrees with the University of Greenwich and The University
of Sunderland, UK.
Engineering
An impressive range of engineering disciplines such as mechanical
engineering, civil engineering, electronics & electrical engineering,
automotive and chemical engineering are available at SEGi College.
Its engineering students have gone on to write many success stories.
The Faculty of Engineering & Technology is proud to count more than
200 students who obtained First Class Honours in engineering from
top-notch universities worldwide. The programmes are delivered
using applied methodologies and state-of-the-art engineering
facilities. SEGi offers the 3+0 BEng (Hons) from the University of
Sunderland as well as the 1+2 BEng (Hons) from The University
Creative Arts & Design
SEGi College Faculty of Creative Arts & Design was set up to be
the premier centre for media, art and design education in Malaysia.
Students of the college are not only provided with a qualification
or skill in creative arts and design, but are prepared to brace the
challenges of the industry when they step into the working world.
Its art & design students frequently receive commendations and
awards from the industry.
69
SEGi offers diploma programs from a diverse range of disciplines
such as creative multimedia, mass communication, advertising
design, graphic design, interior design, industrial design, video &
animation, photography, performing arts (theatre) and music. Upon
completion of the diploma, students can articulate their qualification
into degrees from University of Southern Queensland, Australia.
SEGi also collaborates with Upper Iowa University from the US to
offer the 4+0 BSc (Hons) degree programme with a major in Mass
Communication.
Hospitality & Tourism
Among SEGi’s latest programmes is the Diploma in Hotel & Tourism
Management and the Diploma in Tourism Management. These
programmes are designed to have strong industrial recognition
and focus with constant feedback by leading players in the
industry. The programme also allows for industry placements and
apprenticeships in renowned hotels and service related industries
in Malaysia and worldwide. SEGi also offers the 3+0 BSc (Hons)
International Tourism and Hospitality Management from the
University of Sunderland, UK.
Early Childhood Education
Early childhood education applies specialist knowledge in the
teaching and nurturing of pre-school children. The Faculty
of Education & Social Science at SEGi College provides the
Montessori-based early childhood diploma qualifications from
the Montessori Centre International, UK and the Diploma in Early
Childhood Education. The programmes enable articulation into the
Bachelor of Early Childhood degree from the University of Southern
Queensland, Australia.
American Degree Programme
The American Degree Programme (ADP) at SEGi College of
Graduate Studies offers students the opportunity to complete
their studies without having to transfer to the United States. The
programme is based on the same model followed by students in
universities all over the US. Upon completion of the 4+0 programme,
students will graduate with a Bachelor of Science honours degree
majoring in Communication, Financial Management, Management,
Management Information Systems, Marketing or Psychology from
Upper Iowa University, USA.
70
Psychology
SEGi collaborates with Upper Iowa University (UIU) in the United
States to offer the 4+0 Bachelor of Science with a major in
psychology. This programme allows students to complete the full
degree programme in Malaysia, however, they also have the ability
to transfer to the Fayette Campus. SEGi also offers the Diploma in
Psychology.
Nursing
There is a growing demand for health professionals in Malaysia
and worldwide. And SEGi is poised to respond to such demands
by providing a range of health science programmes including the
Diploma in Nursing. The Diploma in Nursing is designed to prepare
students to be qualified as a Registered Nurse and focuses both on
Law
Legal and paralegal professionals can gain international qualification
by pursuing the Diploma in Law and the Bachelor of Law offered
externally by the University of London at the SEGi College based in
Sarawak. There are plans to extend its suite of law programmes to
SEGi’s flagship campus at Kota Damansara.
Financial Planning
IFPA Resources is an approved education provider of Financial
Planning Association of Malaysia (FPAM) and is a major player
in offering the Certified Financial Planner (CFP) professional
qualification.
the ‘care’ aspects of nursing as well as the ‘science’ of healthcare.
SEGi College is one of the fastest growing nursing school in
Malaysia.
Pharmacy
Pharmacy is the branch of medical science concerned with the
sources, nature, properties, preparation and safe effective use of
medicinal drugs. Pharmacists are key professionals in the health
care system who formulate and dispense drugs and work closely
with doctors and patients in providing advice on the management
of a patient’s medication. The Master in Pharmacy (MPharm) (2+2)
twinning programme available at SEGi College is a collaboration
between the Faculty of Pharmacy & Health Sciences, SEGi College
Malaysia and the Sunderland Pharmacy School, University of
Sunderland, UK. SEGi also offers a Foundation in Science which is
designed to equip students with the knowledge and skills required
for admission into the MPharm programme.
Dentistry
SEGi College Faculty of Dental Auxillary is among the latest additions
to the wide range of study areas available. SEGi offers the 2-year
Dental Surgery Assistant certificate designed to provide students
with hands-on training and experience at the SEGi Dental Centre.
Postgraduate Studies
SEGi is a clear leader in the adult learners segment by offering
flexible and part-time learning modes. Working adults and graduates
have the choice of pursuing the popular Master of Business
Administration (MBA) programme from The University of Southern
Queensland, Australia or The University of Sunderland, UK.
Vocational & Training Courses
SEGi’s vocational training programmes are suitable for students
who are not academically inclined to obtain skill-based training.
Its training centres provide vocational courses with Sijil Kemahiran
Malaysia (SKM) qualification from Skills Development Department
(JPK), in the disciplines of Automotive, Air-Conditional Repair &
Maintenance, Computer Systems Technician, Information Systems
Administrative Assistant, Multimedia Artist and Graphic Design. Its
training centres also provide training under the Graduate Training
Scheme to enable graduates to be skilled, hence enabling a better
job match with the needs of industry.
71
Infrastructure &
Facilities Upgrading
SEGi College Main Campus at Kota Damansara commenced
operations in June 2007. The flagship campus is not only an iconic
building with great architectural features but it also provides an
excellent study environment, where students can work whenever
and wherever they choose. The campus is fitted with full-fledged
facilities, including on campus residence halls, sports & recreational
complex and state-of-the-art laboratories and learning facilities.
Simulation Wards and Skills Laboratories, used for teaching and
development within the Nursing programmes, are fully-equipped
with modern and sophisticated aids to provide students with hands
on experience in a realistic environment, giving them the ability to
practise and develop their skills before advancing onto their industry
placement. The purpose built Pharmacy Laboratories are fully fitted
with the latest equipment providing students with a hands-on learning
experience.
The Sports & Recreational Complex, which was launched by YB
Dato’ Sri Azalina Othman Said, Minister of Youth & Sports of Malaysia,
showcases facilities such as a multi-purpose hall, gymnasium,
swimming pool, squash, badminton and basketball courts.
SEGi College Malaysia also boasts a Mechanical Engineering
Laboratory, Chemical Engineering Laboratory, Thermodynamics &
Heat Transfer Laboratory and Electronic & Electrical Engineering
Laboratories. These laboratories and well-equipped with the latest
sophisticated facilities and provide students with knowledge and
understanding into engineering principals.
Computer Laboratories with high speed Internet access and the
latest software are available to students, and students with notebook
computers can also take advantage of the wireless environment on
the campuses.
72
Infrastructure & Facilities Upgrading
SEGi College Subang Jaya began development into both Nursing
A well-stocked library containing large selections of the latest books,
journals and online materials as recommended by professional
bodies and is available to students.
and Hotel & Tourism courses in 2007. This new course development
saw the college upgrade and acquire facilities to provide the
best resources to future students. Simulation Wards and Skills
Laboratories, used for teaching and development within the Nursing
programmes, were fully-equipped with modern and sophisticated
aids to provide students with hands-on experience in a realistic
environment, giving them the ability to practice and develop their
skills before advancing onto their industry placement.
The Hotel &Tourism Diploma programme is a very hands-on course
which includes a lot of practical training. SEGi College Subang Jaya
has developed a mock kitchen and bar area to help students learn
all aspects of kitchen and beverage service, as well as a mock hotel
room fully-fitted with bedroom and bathroom facilities.
SEGi College Subang Jaya continuously upgrades facilities and
resources available to students to ensure they receive the best in
education and training.
73
SEGi College Kuala Lumpur continues to enjoy the success
and growth of their new and existing programmes. Due to
this sustained growth, SEGi College Kuala Lumpur completed
renovations to improve the facilities and overall appearance of
the existing buildings as well as creating new classrooms and a
library within the recently acquired Asia Life building.
SEGi College Kuala Lumpur also begun offering Nursing
programmes in 2007 and has thus developed facilities to
provide students with the best in training and education.
Simulation Wards and Skills Laboratories, used for teaching and
development within the Nursing programmes, are fully-equipped
with modern and sophisticated aids to provide students with
hands-on experience in a realistic environment, giving them the
ability to practise and develop their skills before advancing onto
their industry placement.
74
SEGi College Penang
SEGi College Penang moved to a new campus in Green Hall in
February 2007 to provide better education and facilities to its
students. Equipped with advanced facilities and a more beneficial
learning environment, the campus in Green Hall provides a more
complete educational experience to its students. The facilities
at the new Green Hall campus includes more than 15 purposed
built classrooms, well designed lobby and lounge area, new
resource centre, cafeteria, one floor of dedicated IT labs, 2 floors
of car park bays, large auditorium with sea view, games and
recreational area. Students can enjoy the convenience of the
location and ease of access to eateries, banks, shopping malls,
public amenities and public transport. The island life is also an
ideal student lifestyle with an easygoing space, fresh air and
affordable standard of living.
SEGi College Sarawak continued to upgrade and improve existing
facilities and infrastructure, resulting in an enjoyable and beneficial
campus environment. Facilities available to students include:
- Well-equipped Computer Laboratories with modern PC’s that
have a high bandwidth internet connection, the latest software
and multimedia facilities.
- A fully-equipped library that provides a conducive environment
to read, study or conduct research by using the reference
available.
- The Reading Room provides an excellent venue to study, read
or just to relax in one’s mind after a hard day’s work.
- A Student Lounge for students to relax and socialise.
- The Cafeteria has a wonderful array of culinary delights capable
of tempting even the most fastidious customer.
- Student can make use of the gym, swimming pool and sauna
free of charge.
- Wireless hotspots are also available for students with notebook
computers.
SEGi opened it’s second training centre, based in Pulau Indah, in
2007. This training centre is approved by the Skills Development
Department (JPK) to conduct vocational training courses in
the fields of automotive, information technology & multimedia,
draughtsmanship and others. SEGi Training Centres are fast gaining
a reputation as one of the leading providers of quality corporate
and vocational training, to help Malaysian’s meet the nations need
for qualified skilled, semi-professionals towards its goal to achieve
development status by the year 2020.
The centre is committed to the pursuit of excellence in teaching and
to the interaction with technological professionals.
75
Looking Beyond
Our Shores
SEGi is an international institution of higher learning with a large
and growing foreign student population from over 46 countries
such as China, Indonesia, Denmark, Maldives, Korea, Iran, India
and Ghana.
Aside from offering globally recognised qualifications, the location
of SEGi campuses within the city limits of Kuala Lumpur, Penang
and Kuching makes them very attractive choice of higher education
institutions among international students.
The presence of international students, not only reflect the prestige
and recognition that SEGi has gained globally but also creates a
cosmopolitan campus environment. These will help foster and open
and global perspective among Malaysian students.
It is also the Group’s mission to inject an international outlook
among its faculty staff. In addition to local faculty members, SEGi
retains a large number of international scholars and academics in
its community, which are drawn from some of the best universities
around the world, to serve as advisors, examiners, lecturers or
moderators.
SEGi has established International Representative Offices in China,
India and Iran. The Group will continue to seek out ventures overseas
through partnership with reputable international partners who are
able to support and understand the market of its source country.
Our Agents
China
Segi China Representative Office
Study Access Network
Beijing MaZhongSin Education & Culture Centre
Beijing City College, Educational Training Centre
Studying Abroad Service Centre Under International Exchange
Association For Xinjiang Education
Mongolia
MPEC Company
Uzbekistan
Abda Solution
Khazakstan
Abda Solution
Korea
Uhak-Hub
Cambodia
LKN Cambodia Study Abroad
Vietnam
Global Education Solutions Company (GES)
Maldives
Glonet Network
Indonesia
NIS Indonesia
Medan Muzik
First Class
76
Looking Beyond Our Shores
India
SEGi India Representative Office
Fun Holidays Instant Reservation Pvt. Limited
Pakistan
North Pole International
Qurtuba Study Guidance
iran
SEGi Iran Representative Office
Chavoushi Sdn. Bhd.
Avid Future Plan Sdn. Bhd.
Africa
Orbit Consulting
1AllStaz Universal Ltd
XCEL Education Consultants
Nigeria
IAIIStaz Universal Ltd
XCEL Education Consultants
Orbit Consulting
Ghana
DeJuz Consulting
Burkina Faso
Global Intellect S.A
DeJuz Consulting
Mali
Senegal
Zimbabwe
Saddein Education Consultancy
Botswana
Basebi Inverstment Pty Ltd
Yemen
Abdullah Mohammed Alhajj Alsalehi
Jordan
Overseas Student Consultant
Syria
Palestine
Guinea
77
special projects
It is SEGi’s strategy to diversify its operations
and to establish itself in various niche
segments. The meaning of education goes
beyond merely providing tertiary education
to school leavers. By moving into other
segments, the Group will be less affected by
the intense competition for students currently
The project – Program Belia CGT – was conceived as part of the 9th
Malaysia Plan to hasten the training of youths in the country. The
Group will provide value-added features to the Program by putting
in additional curriculum on character building and entrepreneurship
as well as job placement services for the trained youths.
occurring in the industry.
We will continue to seek out blue oceans by establishing linkages
with the government and with the industry, to open up other
opportunities for the Group.
Career Exploratory Programme (CEP)
A formal collaboration between SEGi and hundreds of its valued
corporate partners was established to offer thousands of practical
training opportunities and internships for its graduates or students
who are about to graduate. The scheme, known as the Career
Exploratory Programme (CEP), was officially launched by YB Datuk
Ong Tee Keat, Deputy Minister of Higher Education.
Program Belia CGT
SEGi has secured a public-private partnership with the Government
of Malaysia under the Ministry of Youth & Sports to provide skillsbased training for up to 10,000 youths per year. The current
training centres owned and managed by the Ministry are insufficient
to provide places for the 30,000 odd applicants for skills-based
courses each year. As an attempt to achieve its training capacity,
the Ministry has an outsourcing scheme through the buying of
places available in private entities with the requisite facilities and
qualified human resources.
The objective of the programme is to provide an added advantage
for SEGi graduates to stand out in the competitive job market, and
be recognised by potential future employers.
The CEP programme will give SEGi students the chance to roll up
their sleeves and have hands-on experience in the real working
environment. The students are able to feel what it is like to work
with some of the best companies in the country and around the
world. The experience is expected to give SEGi graduates an edge
over other graduates in getting employment in a competitive job
market. What’s more, they stand to earn while they learn.
SEGi has also collaborated with Jobstreet.com, a leading recruitment
portal, to power the CEP website by matching its students with the
right internship jobs in suitable companies.
78
special projects
SEGi Leadership Centre
SEGi College has taken a bold step by introducing a new innovative
scheme – to send its student to its very own leadership development
camp, the ‘SEGi Leadership Centre’.
SPECIAL PROJECTS
Lifelong Learning Centre
SEGi operates the first Lifelong Learning Centre (LLC) situated at
South City Plaza in support of MCA’s Lifelong Learning programme.
The aim of the SEGi Leadership Centre (SLC) is to help students
identify their true potential and to build confidence, which is
fundamental to their future success and development.
By establishing the centre at a shopping mall, it helps facilitate
learning opportunities, where community will get themselves a step
closer to lifelong learning.
SLC is a purpose designed facility that provides experiental
The centre which exemplifies an integrated network, quality and
education programmes for its students and corporate clients.
affordability of lifelong learning in the country was launched by YB
The outbound centre is located at Nusa Dusan Orchard Resort at
Dato’ Seri Ong Ka Ting, President of MCA on 1st of September
Linggi, Malacca.
2007.
The Centre boasts facilities such as a 4-storey high rock climbing
tower, twelve (12) element high obstacle course, abseiling tower,
flying fox, outdoor-designed accommodation, camping ground,
seminar amenities, and paintball battlefield as well as rafting and
canoeing facilities.
SEGi REVIEW
The SEGi Review is a publication developed by the Group which
allows academic staff to submit research papers in their chosen
fields. The Management and staff of SEGi College have developed
this publication as a means of encouraging academic staff members
to write and submit papers about their research.
The objective of the SEGi Review is to promote a research culture
through the interchange of knowledge and ideas in the hope that
future research will lead to the findings and/or inventions being
patented and commercialised.
79
research &
development
SEGi’s effort at research and development
is done with the purpose of bridging our
products with market and industry needs.
Research and development is at the heart of
the Group’s medium and long-term growth
strategies.
These innovative and industry driven courses are also continuously
revised and upgraded to meet dynamic industry standards. The
Group also continuously repackages its existing suite of products
so that they cater to new segments of the market and to stay
ahead of competition in aims to be a leader in the higher education
market.
Product Development
The Group seeks to develop cutting edge, quality programmes
that are industry driven. Continuous research into market, student
and industry needs helps SEGi design unique course features and
identify market breakthroughs.
The design of courses is done with the aim that students are
career-ready the moment they graduate. The courses that are
developed and launched not only comply with standards set by
regulatory bodies, but have received recognition from industry and
professional bodies worldwide.
Education Management System (EMS)
EMS is an Oracle-based software platform customised to manage
personal data and perform the tasks of registering, maintaining
and reporting on student records. The system also provides aging
reports for collection tracking. EMS was developed to allow fussfree scheduling of classes, attendance tracking and classroom
allocation. EMS is integrated with the Centralised Examinations
Department for the processing of exam registration and results
transcripts. An alumni database stores records of students’
achievements, and provides SEGi access to the graduates for its
future marketing efforts.
SEGi2U E-Learning Portal
An innovative web portal was developed and installed to enhance
learning of accounting, business, marketing and computing at
SEGi College. It is a seamless manager of students’ personal data,
and value-adds students’ learning experience by complementing
traditional classroom teaching. Interactive delivery also facilitates
independent study through online materials, self-test exercises,
discussion boards and chatroom. The system allows students
access to real-time campus updates, and plays a key role in
developing e-learning capabilities.
80
research & development
Recently, SEGi College Malaysia and The College of Architecture
of the University of The Phillippines with the technical support
from TAO-Philipinas Incs., the Technical Assistance Office of the
Phillippines, signed a Memorandum of Practices on CapabilitiesBuilding of Communities. The ceremony, held in Taipei, marked
the finale of the International Training Workshop on Typhoon and
Flood Disaster Reduction 2008 attended by representatives from
nine countries, including Mexico, the United States, Guatemala, El
Salvador and Vietnam.
Joint R&D with University Partners
Strategic identification of future education trends has underscored
SEGi’s growth as an education provider. Joint research with our
consortium of global universities has enhanced the interchange of
knowledge and ideas. The Group also integrates research findings
and market needs into its academic approaches.
SEGi also works with its consortium of global partners in quality
assurance, particularly in areas of syllabi development and teaching
methods. Staff and student exchange programmes are frequently
organised. The Group conducts specialised R&D in engineering,
early childhood education, hospitality & tourism and nursing. SEGi
also collaborates with its partner universities in providing recruitment
and support services.
Collaboration with Industry Partners
SEGi has embarked in ‘Valued Corporate Partnerships’ (VCP) with
more than 250 large, medium and small organisations to upgrade
the skills and qualification of their staff and their family members.
The Group also works closely with selected VCP partners in areas
Centralised Examinations Department
The Centralised Examinations Department received the ISO
9001:2000 Quality Management System from the independent
ABS Quality Evaluations Inc (US) certification board. The award
was given in recognition of integrity of its examination management
and support services. Proper check and balance of internal college
exams are ensured. Continuous research on best practices at
UK universities and professional institutions, as well as rigorous
resource management are factors in maintaining stringent quality
assurance.
of setting up education funds, curriculum development and job
placements.
The Career Exploratory Programme (CEP) internship and graduate
attachment programme is testament to the immense opportunities
and value that VCP’s bring.
81
Corporate Social
Responsibility
“Our philosophy for being a good corporate citizen is that we should not look at what we can
gain when giving which will destroy the very spirit of ‘giving” – Dato’ (Dr.) Patrick Teoh
Being a good corporate citizen is more often than not, easier said
than done. At SEGi, it is not about paying lip service to corporate
social responsibility. It’s a full-time and ongoing mission. The
Board, management, staff and students are united with the same
commitment, goals and strategies to contribute positively to society
and add social value.
refer to our mission, vision and values in our conduct in all aspects
of our business relationship, including areas such as academic
and intellectual integrity. There is zero tolerance to plagiarism and
corruption in the organization. The company personified is likewise,
unwavering in its compliance with applicable legal and statutory
requirements.
The feature article by Malaysian Business (16th September 2005)
ranked SEGi 4th among 65 public listed companies that were
surveyed in terms of their Corporate Social Responsibilities.
SEGi was also given mention in ACCA Malaysia Environmental
and Social Reporting Awards (MESRA) 2006 in recognition of its
completeness, credibility and communication in disclosure of its
social information, update of social reporting and awareness of
corporate transparency issues.
Being the leading player in the industry, we are able to influence
to a large extent, the lives of thousands of people. We take our
responsibilities towards our students, parents, staff, suppliers,
environment and the communities where we operate and live.
Here are some of our CSR policies & initiatives:
CORPORATE SOCIAL CONDUCT
We believe that education is about the business of transforming
lives and making our students – the future generation – into better
persons, and less about mere providing paper qualification and
skills. Leadership is set by example and therefore, there is an
expectation among the people of SEGi to maintain the highest
standards of integrity and professionalism in our daily conduct. We
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In maintaining good governance, SEGi places great importance on
accountability and transparency in the disclosure of information to
our stakeholders. The Group has an established Investor Relations
(IR) programme through its IR channel - http://ir.wallstraits.net/segi/
- that provides stakeholders with valuable insights into our Groups
business operations and performance.
Visitors to www.segi.edu.my are also encouraged to submit their
feedback directly to the CEO under “Connect to CEO” to enable the
Group to further enhance its services. Details of Group’s Investor
Relations can be found in Statement of Corporate Governance.
Corporate Social Responsibility
Investment in Staff Development & Training
Long-term investments in staff such as qualifications upgrade and
skills training give our people better job opportunities and increased
income, aside from providing SEGi with a skilled workforce and
faculty. As a learning-based organization, we firmly believe in
continuous training and development as a strategy to attract and
retain the best talents in the industry.
OUR PEOPLE & THE WORKPLACE
We are keenly aware that in the education service industry, our
people are key to differentiate us as a great company and institution
from a mere good one. The combined talents of our 1000 strong
staff – their knowledge, experience and passion ultimately define
who SEGi really is.
Integrity is personified in our value that each staff member should
be given equal concern and respect regardless of rank and
position. The unwavering adoption of this principle provides the
opportunity for our staff to develop his or her potential in a safe and
fair workplace where their views and choices are respected and
valued. Our goal is to inspire and motivate our people to continue
to achieve extraordinary things so that they can take pride in their
work and their company.
Development of Academia, which encourages a “culture of
excellence, uplift the profession through professional development
and training, career progression, awards and recognition” is
encapsulated as one of the Institutional Pillar Initiatives for SEGi’s
upgrade to University College status, consistent with the strategic
thrusts found in National Higher Education Strategic Plan (2007
and beyond 2020).
Opportunities are given for staff to upgrade their qualifications and
skills. Education assistance schemes are offered to academic and
non-academic staff to encourage personal growth. SEGi provides
scholarships, study loans and rebates for its people and their family
members.
In 2007, SEGi recognised its staff who has served with the Company
since its inception at its 30 Years Anniversary bash.
Our commitment to our people, found in our core values, strategic
game plan for sustainable business growth, including University
College upgrade plans, reflect our fundamental respect for our
people and our commitment to providing a rights-based working
environment. SEGi also strives to be a learning organization, and
its efforts were recognised it received the Malaysia Emerging
Knowledge Organisation (MEKO) Award in 2006.
83
Training needs analysis are frequently conducted, based on the following criteria and prioritization processes:
Prioritisation of identified training needs
Sufficiently
Important area
Quality Audit
and
Assessment
Terms of
reference
of the unit
Mission
Statement
Institutional
Goals
Influence on
curriculum
Prioritisation of
Training Needs
Impact
Training
Needs
Analysis
Staff
Appraisal
Discussions
with Heads of
Department
Self/peer
observation
Power of staff to
influence others
Ability of staff
to change
Leads to
curriculum
changes
Resources
Age profile
of staff
Student
feedback
Number of staff
affected
Maintenance
Long Term
Motivation
Consultancy
with Deans
Support
Meets longterm goals
Staff recognise
need to change
Gains and
benefits
Training
Source : SEGi University College Strategic Plan 2008
We have been invited to be upgraded to University College status, and are setting our sights to becoming a full-fledged University with
emphasis on niche programmes that are professionally recognised. This grand ambition necessitates having 30% of our academic staff
qualified with doctorates or equivalent and 50% with masters degree or equivalent. SEGi’s flagship campus currently has 18% of its
academic staff with doctorates and 42% with master’s qualification. A strategic plan has been put in place to upgrade its staff to meet such
standards.
YEAR
ACADEMIC STAFF
2007
2008
2009
2010
2011
2012
105
110
150
180
212
224
PhD
6
9
21
33
45
69
RECRUITMENT OF PhD 6
8
12
12
12
16
STAFF DEVELOPMENT
4
12
6
10
15
20
TOTAL PhD
% PhD
6
21
33
45
57
67
6%
18%
22%
25%
32%
38%
Source : SEGi University College Strategic Plan 2008
Among the strategies are to develop in-house programmes through overseas and local university partnerships for staff to upgrade their
qualifications to PhDs or Masters level. There are also plans to recruit local and foreign qualified lecturers, appointment of adjunct professors,
associates and lecturers from among local and international universities and research institutes.
84
Through our focus on employee development and welfare, SEGi’s
strategy is to produce a culture of excellence and satisfaction
amongst our people, so as to produce a favourable work
environment for all and exceed the expectations of our customers,
shareholders, associates and partners.
To further enhance good governance practices, SEGi has
established a policy that encourages staff to report cases of fraud
or irregularities within the Group to the Internal Audit Department.
Employee feedback is also encouraged through www.segi2u.edu.my
shared resource portal.
Listening to Our People
For the people at SEGi, work is more than a place to go every day.
Instead, it should be a place of discovery, creation and inspiration.
This is drawn from the same philosophy we put in place for our
students – the institution is not just a place of study and learning,
but one that seeds creativity and critical thinking.
The past 30 years have seen a dramatic change in employees
and their relationships with employers, where career changes are
becoming more frequent. SEGi has employed both technological
hardware and heart-ware to enable a new and more dynamic
way of working, which is more mobile, faster and technologically
dependent. Our people are given notebook computers, mobile
phones with 3G technology to enable communication to take place
anytime and anywhere. Cross-campus meetings can take place
using tele-conference and video-conference facilities available at
all centres.
The top management has also initiated a series of monthly Breakfast
Talks and staff lunch gatherings to encourage open dialogue with its
people, as well as to keep the people of SEGi clued in on company
directions and strategies.
Fair Policy & Regulations
SEGi aims to instill a high level of work ethics and values in its
people for their contribution, competency, accountability, integrity
and responsibility. SEGi constantly updates its employment policy
so as to make it current and to ensure a holistic direction for staff
sourcing, recruitment, remuneration, the creation of a conducive
work environment, people relations, increment, incentives,
promotion, conflict resolution and training.
Succession planning is also crucial with SEGi which is experiencing
rapid growth with establishment of new campuses and upgrade to
University College status. New leaders are developed and nurtured
in-house with clear Key Result Areas (KRA) that are constantly
reviewed by the management.
Health & Safety
SEGi is certified under Occupational Health & Safety (OSHA)
regulations. Safety is paramount for all staff and students. Adoption
of OSHA will provide a common language around our health and
safety management systems, and make it easier to demonstrate
implementation of these standards to our stakeholders.
The Group also provides employee welfare through health insurance,
medical coverage, hospitalisation and retirement benefits for our
network of more than 1000 people in the organisation.
BUILDING A NEW GENERATION OF LEADERS
Scholarships & Bursaries
Scholarships, bursaries and contributions towards education funds
are given out to deserving students who are academically inclined,
needy or active in co-curricular activities. These are given mainly
as ‘fee waivers’, when the Group repurposes its excess capacities
at its colleges for good use. The scholarships and bursaries were
given out, in many instances, with marginal cost to the company
as the recipients are joining scheduled programmes where a large
proportion of the costs had already been sunk.
85
Rules and regulations of the scholarship can be viewed at this URL:
http://www.segi.edu.my/scholarships/
-
SEGi High Achievers Scholarship (HAS): Full and partial
scholarships with a total value of RM3481,175 were given out
to top scorers in the 2007 SPM and STPM examinations to
pursue tertiary education at SEGi Colleges nationwide.
-
SEGi Sports Scholarship: Sponsorship of national and state
level athletes for their studies at diploma and degree levels.
Six (6) eligible student athletes who got scholarship worth
RM120,590 represented SEGi Colleges in various sports meet
such as the MAPCU games, University College Basketball
League (UCBL) and the Futsal Face-Off 2006.
-
-
Dana Pendidikan Karangkraf: A memorandum of agreement
was signed with one of Malaysia’s largest print media owner,
Kumpulan Karangkraf to set-up a RM5 million fund for the
readers of its publications. This is an expansion from the initial
RM5 million fund signed 3 years ago for the benefit of staff and
family members of Karangkraf.
8TV Scholarship Fund: SEGi was again the official partner
for the 8TV Scholarship Fund for the third year running. The
scholarship fund was established to seek out and reward smart,
86
confident candidates that fit 8TV’s criteria of having the “XFactor”. The amount pledged this time topped RM1,000,000
with 39 candidates being eligible for the fund from a pool of
more than 700 applications. This marks an an increase from
RM800,000 pledged the previous year that saw 25 candidates
receiving the scholarship, and RM300,000 with 8 candidates
obtaining the scholarship when the scholarship fund first
started in 2006. Details of the scholarship can be viewed at
www.8tv.com.my/scholarshipfund
-
Star Education Fund: The Group remains one of the largest
contributors to the fund with contribution of RM641,520
benefiting twenty three (23) students to pursue diploma and
degree programmes with SEGi College.
-
Sin Chew Scholarship Fund: SEGi College was ranked among
the most popular and successful higher educational institution
among applicants for this fund. RM952,615 worth of full and
partial scholarships were given out to benefit thirty three (33)
students jointly selected by SEGi and Sin Chew Daily, a leading
Chinese medium newspaper.
-
Skim Bantuan Pelajar Kurang Mampu: A special scheme which
offers bursaries and financial aid to needy but academically
qualified Malaysian students from rural areas to pursue higher
education or training at SEGi Colleges. Among the criteria
for eligibility is a combined household income of less than
RM2,500 and having at least 5 credits at SPM level.
-
Pledged RM 2 million worth of scholarship to Youtheme Online.
The event was officiated by YB Dato’ Seri Ong Ka Ting.
-
Higher Opportunities for Private Education (HOPE): SEGi is
one of the inaugural group of ten (10) private universities and
colleges which have contributed to the HOPE, a programme
established to assist students who are unable to secure a place
in local public institutions of higher learning into programmes
offered by participating local private universities and colleges.
Eligible students are able to pursue tertiary education at
private higher educations of higher learning at subsidised rates
comparable to fees charged by public universities.
Education Outreach Programme
- SEGi organised the successful National Secondary School
Quiz with Nanyang Siang Pau for the 3rd consecutive year. The
event this year saw the number of contestants jump to more
than four thousand students from four hundred ninety two
(492) secondary schools which competed at ten (10) locations
nationwide. SEGi has also invited The University of Sheffield as
a partner for this programme. Winners of the competition stand
an opportunity to pursue their degree studies in engineering at
one of UK’s most prestigious universities.
-
SEGi sponsored and organised the “Star SPM” workshop,
which featured renowned mathematics and science tutor,
Sunny Yee. The event attracted more than 1000 students at
Forms 4 and 5 levels to its campuses at Kota Damansara,
Subang Jaya and Penang. Students were treated to guides
and tips in excelling in SPM science and mathematics.
The sponsorship encouraged SEGi to go further by organising
and sponsoring a series of workshops with Star’s NIE paper F4F5 – to prepare students for SPM examinations throughout
2008.
-
SEGi has also established and contributed RM5,000,000 worth
of schoolships to Yayasan Pendidikan Bistari, a foundation
set up to open education and training opportunities to young
Malaysians. The initial contribution of RM1,000,000 worth of
scholarships was given to the people of Kota Damansara as
part of SEGi’s contribution to the community, where its flagship
campus operates. The pledge was received by the Minister
of Education, YB Dato’ Seri Hishamuddin Tun Hussein on 20
August 2007.
87
-
-
Hosted and co-organised the Junior Journalist Programme
(JJP) with The Sun and Nanyang Siang Pau on 7th July 2007
at its flagship campus at Kota Damansara. The event saw
participation by 250 budding journalists from the editorial
board from secondary schools. It featured prominent speakers
such as editors from The Sun, Nanyang Siang Pau and
Doctorjob Courses Now publication. There was also a session
on journalism using blogs, featuring Malaysia’s number 1 social
blogger, Mr. Kenny Sia.
-
Sponsored “Karnival Aktiviti Pendidikan dan Kerjaya Sekolahsekolah 2007” organised by Pejabat Pendidikan Daerah
Petaling. The event saw participation by students and teachers
from close to seventy (70) schools in the Petaling district. This
marks the third (3rd) consecutive year of SEGi’s support of this
event.
-
SEGi campuses nationwide organised and participated in
124 school outreach programmes that are aimed to provide
career and educational workshops, seminars and talks to
secondary school tudents and teachers. The events touched
on disciplines such as computing, culinary arts, engineering,
creative arts & design (“MAD Workshops”), business and
accountancy, among others. Students were also bussed into
SEGi campuses to attend talks by prominent guests from The
University of Sheffield, Upper Iowa University and the University
of Sunderland.
88
Sponsored the “SPM Survival Kit” benefiting forty (40) selected
schools nationwide organised by Times Guides. The kit, which
features writings, tips and guides by prominent writers such as
education editor, En. Ibrahim Saad of NST and Mark Disney of
Education Quarterly, is designed to benefit secondary school
students preparing for the major government examination.
CHARITY & NATION BUILDING
- Sponsored popular reality television programme Please Give Me
A Job (PGMAJ) aired over 8TV in May 2007. The programme
pits ten (10) fresh graduates through various challenges
over nine (9) episodes with the ultimate aim of landing them
employment with eight (8) top-notch companies. Aside from
providing entertainment, the programme is aimed at educating
and guiding fresh graduates on employable qualities that top
notch companies look for in the hiring process, from grooming
to communication, teamwork to leadership, and academic
qualities to skills competence. The show received good ratings
and plans are underway for PGMAJ 2.
-
Hosted and organised the SEGi Community Day 2007 at Kota
Damansara on 7th July 2007. RM26,400 was raised during
the event for the benefit of various named charities. Among the
highlights of the event were a charity concert featuring One In A
Million finalist Farah, Dragon Red, One Buck Short and dancers
from So You Think You Can Dance programme. More than one
thousand (1,000) visitors were feted to a full day and night of
paint ball, amazing campus challenge, children inflatables and
other interesting games.
-
Hosted & sponsored reality television show, Radhi Study
Go!, (RSG!) also with 8TV. This gives SEGi and its people
the opportunity to guide and groom well known rock star,
Radhi OAG, into somebody who is qualified, useful and able
to contribute to the community. There is an underlying social
message that the programme intends to get across, aside
from its entertainment value – there is no barrier to education
regardless of one’s calling or stature in life. RSG! also gives the
public the rare opportunity to find out more about campus life
at SEGi Colleges.
-
International Students from countries such as Iran, China,
Uzbekistan, Africa, Mongolia, Yemen, Saudi Arabia and
Denmark at SEGi College organised an “International Cultural
Fair” to raise funds for Nargis Cyclone Victims of Myanmar.
A cheque of six thousand five hundred ringgit (RM6500) was
presented to Mercy Malaysia at the Star Office in May 2008.
-
Sponsored the inaugural High School Basketball League. The
event saw participation by 80 teams from 40 secondary schools
in the Klang Valley. The event was launched by YB Dato’ Hoh
Lee Lee, President of Selangor Basketball Association. The 3
month league were concluded at the finals which were held at
the flagship campus in July 2007.
The event received positive response and positioned SEGi as an
active promoter of sports in the country. SEGi intends to expand
this initiative by organizing the “SEGi 5ive”, which is hoped to
double the teams in 2008. For this, SEGi has also invited Upper
Iowa University from the US to fly down their team to provide
workshops and seminars to basketball enthusiasts, and an
perform an exhibition match with the HSBL all-star team.
-
Co-sponsored Cheer 2008, an event organised by Star
newspaper. The event will see top secondary cheerleading
teams from 3 regions to come together at the finals at Stadium
Putra on 13th July 2008. The sponsorship is consistent
with SEGi’s support for sports and its values, particularly,
persistence, hardwork, innovation and teamwork, aside from
providing entertainment value for spectators.
-
Participated and sponsored the National Youth Day (Hari Belia)
celebrations at Stadium Putra Bukit Jalil for second consecutive
year. SEGi was recipient of Anugerah Khas (Special Award)
from the Government of Malaysia in conjunction with the
celebrations.
-
Sponsored the “2007 Sunshine Youth Carnival” held on 3rd
and 4th March 2007 at Bukit Jalil Sports Complex. The event
was officiated by YB Dato’ Liow Tiong Lai, Deputy Minister of
Youth & Sports, Malaysia.
-
Charity concerts: In conjunction with RSG, a charity concert,
known as “Radhi Study Gig!” was held to benefit the Darfur
Fund. The concert which raised RM600 from 250 students
had performances from top underground bands such as
Hujan, Meet Uncle Hussain, OAG and Bittersweet. The event
which was also televised across 8TV, received popular views
on YouTube. Other notable concerts were performance by
Johnson Wee to raise funds for AIDS cause “Wave 2007”
concert organised by the Faculty of Creative Arts & Design.
89
Calendar of Events
JANUARY 3
140 students graduate with degrees from Upper Iowa University, USA
January 27 & 28
The first SEGi College Open Day of 2007.
January 29
SEGi College received approval from the Ministry of Higher
Education (MOHE) to offer the Master of Business Administration
(MBA) in collaboration with the University of Southern Queensland.
JANUARY 31
High School Basketball League 2007 (HSBL) launched by YB Dato’
Hoh Lee Lee, President of Selangor Basketball Association.
FEBRUARY 1
Chinese New Year celebration at all SEGi campuses
FEBRUARY 9
SEGi celebrates Montessori’s 100 Years of Glory
February 10
SEGi College held it’s first Creative Arts Showcase, which saw the
graduating batch of students presenting their art and works to the
industry, parents, lecturers and friends.
FEBRUARY
SEGi College Penang moves to new campus with upgraded
facilities at Green Hall. The event was officiated by YB Datuk Ong
Tee Keat, Deputy Minister of Higher Education.
90
March 20
269 diploma students graduated from the College’s four faculties
(Business & Accountancy, Engineering & Technology, Education &
Social Sciences and Creative Art & Design).
MARCH 27
SEGi student, Lua Huily won the Gold Prize in the LCCI examinations
in Business Statistics, the world’s best result.
April 1
74 SEGi College students graduated with bachelor and master
degrees from University of Southern Queensland.
APRIL 2
SEGi College student, Lim Yi Jian was awarded the Young Designer
Award 2006 organised by Malaysia Design Council.
APRIL 6
Christian Horner, Team Principal of Redbull F1 Racing presented a talk
on Formula 1 to automotive students at SEGi College Subang Jaya.
April 12
SEGi Group of Colleges, in collaboration with it valued corporate
partners, launched the Career Exploratory Programme (CEP).
April 15
8TV, in partnership with SEGi College, launched new job search
reality show ‘Please Give Me A Job!’
Calendar of Events
MAY 6
SEGi College Sarawak student, Felix Ng Sze Teck was recognised
by the University of Southern Queensland as the Best Graduate
in the Master of Business Administration (MBA) programme for
2006.
May 18
SEGi received the ‘Special Award’ (Category for Private Sector) in
conjunction with National Youth Week 2007.
May 18
SEGi College together with the Confederation of Tourism, Hotel &
Catering Management (CTHCM) launched the Hotel Management
Tourism programme.
MAY 24
SEGi lecturer, Yii Kah Hoe won the Malaysian Philharmonic
Orchestra (MPO) Forum for Malaysian Composers 2, Phase II. This
earned him the opportunity to represent Malaysia to enter the MPO
International Composers Award.
June 12
The 8TV Scholarship Fund, supported by SEGi Group of Colleges,
was awarded to 15 successful students.
June 21
21st Annual General Meeting held at SEGi College Malaysia.
Declared dividend 2% less tax.
July 7 & 8
SEGi held its nationwide Open Day at all its campuses in Kuala
Lumpur, Subang Jaya, Petaling Jaya, Penang, Sarawak and its
main campus at Kota Damansara.
JULY 7
SEGi College Malaysia at Kota Damansara organised Community
Day 2007.
Junior Journalist Programme 2007 held at the flagship campus at Kota
Damansara attracted 250 participants from secondary schools.
JULY 9
SEGi College welcomed the arrival of the second tallest man in the
world, Rajan Adhikari and disabled Nepal national cyclist, Chitra
Poudel. The duo were at the college to spread the message of
peace and brotherhood around the world.
July 23
Clubs and Societies of SEGi College Kota Damansara celebrated
Clubs Week.
August 1
SEGi Group of Colleges celebrated 30 years of providing recognised
education.
August 8
SEGi College welcomed the newly appointed Chief Executive
Officer of the National Accreditation Board, Datuk Dr. Prof. Syed
Ahmad, to its new flagship campus in Kota Damansara.
91
Calendar of Events
AUGUST 9
SEGi College Subang Jaya organised the Early Childhood
Practitioners Appreciation Day. The event was officiated by YB
Dato’ G. Palanivel, the Deputy Minister of Women and Community
Development, Malaysia.
August 9
SEGi College pledged RM1,000,000 to UMNO Youth for the
purpose of helping underprivileged youths obtain education and
training.
October 5
SEGi Prom Night 2007 was held at the Evergreen Laurel Hotel in
Penang in conjunction with the 18th Anniversary of SEGi College
Penang.
October 19
SEGi set up representative office in India.
October 26
SEGi received the prestigious Technology Business Review Asean
Award in the category of “Excellence in Education Sector”.
August 15
SEGi College Kuala Lumpur welcomed new students during its
orientation day.
October 29
University of Bolton conferred awards on 300 graduates.
September 18
SEGi Group of Colleges signed with the Ministry of Health to use
hospital facilities for practical training.
November 14
Extraordinary General Meeting held at Summit Hotel, USJ to
approve the sale and leaseback of SEGi College Malaysia.
SEPTEMBER 18
The sports and recreation complex at SEGi College, Malaysia at
Kota Damansara was officially launched by Youth & Sports Minister,
YB Dato’ Sri Azalina Dato’ Othman Said.
November 19
150 students were conferred Master of Business Administration
and Master of Financial Planning awards by the University of the
Sunshine Coast, Australia.
SEPTEMBER 26
International Cultural Night was held at SEGi College, Malaysia. The
event was attended by dignitaries from embassies and more than
500 international students from over 46 countries.
November 19
40 students from SMK Penanti participated in a free workshop on
culinary arts by SEGi College Penang.
92
Calendar of Events
November 26
University of Sunderland graduation was held. More than 200
graduants were conferred their awards of excellence.
December 12
SEGi College Kuala Lumpur held their Prom Night themed Casino
Royale at the Parkroyal Hotel Kuala Lumpur.
NOVEMBER 29
SEGi College Malaysia played host to a special talk by Professor
John Yates, Head of Mechanical Engineering of The University of
Sheffield. The talk titled “Faster, Larger, Better: How Engineers
Push the Boundaries” presents a rare opportunity for students and
the public to deepen their knowledge and insights into the latest
development in engineering.
December 14
The University of Wolverhampton, UK conferred an Honorary
Doctorate on Group CEO.
DECEMBER 2
Reality television programme Radhi Study Go! went on air over
8TV.
December 14
SEGi received the ‘Merit Award’ (Category for Institution) from the
City Council of Petaling Jaya (MBPJ) Award for its picturesque
campus and building structure in Kota Damansara.
DECEMBER 15
SEGi College Malaysia, Kota Damansara played host to 8TV’s
Ultimate Prom Nite live competition. Students of the campus also
organised the “White Christmas” prom night a week later.
93
financial highlights
Group Five Years Financial Summary
Revenue
Profit before tax
Profit for the year - attributable to shareholders
Share capital
Shareholders’ fund
Total assets
Basic earnings per share (sen)
Proposed gross dividend per share (sen)
REVENUE (RM’000)
2003
RM’000
2004
RM’000
2005
RM’000
2006
RM’000
2007
RM’000
92,571 19,679 14,373 80,996 133,089 225,513 18.04 8.00 86,263 11,994 9,321 88,647 155,073 275,020 11.08 6.00 75,118 1,000 236 89,093 151,558 301,315 0.27 2.00 74,230 2,868 2,073 89,093 150,774 284,251 2.37 2.00 86,263
2,479
5,156
89,093
153,589
309,896
6.03
2.00
PROFIT FOR THE YEAR attributable
to shareholders (RM’000)
100,000
10,000
80,000
8,000
60,000
6,000
40,000
4,000
20,000
2,000
2003
2004
2005
2006
2007
2005
2006
2007
TOTAL ASSETS (RM’000)
400,000
300,000
200,000
100,000
2003
94
2004
2003
2004
2005
2006
2007
CORPORATE
GOVERNANCE STATEMENT
The Board of Directors is supportive of the adoption of principles
and best practices in the Malaysian Code of Corporate Governance
(the Code) throughout the Group. The Board views the adoption of
the highest standards of corporate governance as imperative for
the protection and enhancement of stakeholders’ value and the
performance of the Group.
The Board of Directors of the Company is pleased to report to
shareholders on the manner in which the Group has applied the
Principles, and the extent to which it has complied with the Best
Practices of good governance as set out in Parts 1 and 2 on the
Code.
Board meetings
The Board meets on a scheduled basis, at least once every
quarter with additional meetings held as and when urgent issues
and important decisions are required to be made between the
scheduled quarterly meetings. The Board has a formal schedule
of matters reserved to it for decision, including the approval of
annual and quarterly results, major acquisitions and disposals,
material contracts or agreement, major capital expenditures, major
decisions affecting business operations and performance of the
Group. All Board members carry an independent judgement when
deliberating matters concerning the Group including strategy,
operations, performance, finance resources and standard of
conduct.
Principle A – Board of Directors
Constitution of the Board and Board Balance
The Board has the overall responsibility for corporate governance,
strategic direction and overseeing the investments of the Group
and of the Company.
The Board, led by a Non-Executive Chairman, is currently made
up of ten (10) members, comprising three (3) Executive Directors
and seven (7) Non-Executive Directors, four (4) of whom are
Independent Directors. The Board, with their different backgrounds
and specialisation, collectively bring with them a diverse range of
experience and expertise in legal, business, financial and technical
fields. The mixture of skills and experience is vital to give balanced
views in decision making. A brief profile of each Director is presented
on pages 24 to 29.
There is a clear division of responsibility between the Chairman
and Chief Executive Officer to ensure that there is a balance of
power and authority. The Chairman is responsible for ensuring
Board effectiveness and conduct whilst the Chief Executive Officer
has overall responsibility for the operating units, organisational
effectiveness and implementation of Board policies and decisions.
The Executive Directors have direct responsibility for business
operations. The presence of Independent Non-Executive Directors
fulfils a pivotal role in corporate accountability. Although all the
Directors have equal responsibility for the Group’s operations, the
role of these Independent Non-Executive Directors is important.
They provide independent and objective views, advice and
judgement on issues of strategy, business performance and
controls, to take account of the interests of the Group, shareholders
and communities in which the Group conducts business as well as
the public at large.
During the financial year ended 31 December 2007, five (5) meetings
were held. A summary of attendance for each of the board meetings
held is as follows:
No. of
meetings
Name of Directors
attended
5 out of 5
3 out of 5
5 out of 5
Lee Kok Cheng
5 out of 5
Dato’ Seri Dr. Haji Megat Khas
4 out of 5
5 out of 5
5 out of 5
5 out of 5
5 out of 5
Tony Foo San Kan (appointed on 27 February 2007) 4 out of 4
Access to Information
Board meetings are structured with a pre-set agenda, whereby
prior to each Board meeting, all Directors are provided with a set of
Board papers containing information relevant to the business of the
meeting to facilitate decision-making. The Board has unrestricted
access to all information pertaining to the Group’s affairs and the
services of the Company Secretary. If necessary, the Directors can
seek independent professional advice at the Company’s expense
to enable them to discharge their duties effectively.
95
CORPORATE GOVERNANCE STATEMENT
Board Committees
The Board assumes responsibility for effective stewardship and
control of the Group. It delegates certain responsibilities to the
Board Committees as described below with clearly defined terms
of reference:
Dato’ Clement Hii Chii Kok -
Group Chief Executive Officer/Executive Director
Member
Lee Kok Cheng
Chief Operating Officer/Executive Director
-
Member
• Nominating Committee
The Nominating Committee is entrusted with the specific task
of identifying and recommending new nominees to the Board.
However, the Board has the final decision on appointments after
considering the recommendations of the committee.
-
Member
The committee also assesses the Directors of the Company on an
on-going basis. The duties include evaluating the effectiveness of
the Board as a whole, the various board committees and reviewing
the mix of skills, experience and expertise of each Director and
their contribution to the effectiveness of the decision-making
process of the Board.
The Nominating Committee comprises Non-Executive Directors
as follows:
-
Chairman
President/Executive Director
-
Member
Member
-
Member
Member
-
Chairman
-
-
The Remuneration Committee consists of the following members:
Tony Foo San Kan
• Remuneration Committee
The Remuneration Committee comprising mainly Non-Executive
Directors is responsible for developing the remuneration policy
framework and to make recommendations to the Board on the
remuneration packages of the Directors. The Executive Directors
do not participate in decisions relating to their remuneration. The
Board as a whole determines the remuneration of the Directors.
The individual concerned abstains from participating in decisions
in respect of his/her individual remuneration.
The committee met once during the financial year under review.
The committee met once during the financial year under review.
• Executive Committee
The Executive Committee is authorised to transact business
activities of the Group subject to certain limitations as set out in
the terms of reference and to ensure the smooth and effective
running of the Company. The Executive Committee comprises the following:
-
Chairman
President/Executive Director
-
Member
96
• Audit Committee
The Audit Committee assists the Board in discharging its duty
in maintaining a sound internal control system to safeguard the
shareholders’ investments and the Company’s assets.
The terms of reference and further information on the Audit
Committee are set out in the Report of the Audit Committee.
• Risk Management Committee
The Risk Management Committee was established to oversee
the implementation of the risk management system in the Group.
The committee reports directly to the Board and assists the
Board in overseeing the management of risk issues and reviews
the effectiveness of internal controls within the Group.
The Risk Management Committee consists of the following
members:
Lee Kok Cheng
Chief Operating Officer/Executive Director
-
Chairman
Simon Hue Fook Chuan Independent Non-Executive Director
-
Member
Cheryl Chong Poh Yee
Group Vice President
-
Member
The committee met twice during the financial year under review.
Re-election
In accordance with the Articles of Association of the Company, all
Directors who are appointed by the Board are subject to retirement
and eligible for election by shareholders at the annual general
meeting following their appointment. The remaining Directors will
retire at regular intervals by rotation at least once every three (3)
years and shall be eligible for re-election.
Training and Development of Directors All the Directors have completed the Mandatory Accreditation
Programme and continuously attended various training programmes
to stay abreast with developments in the market place and new
statutory and regulatory requirements.
During the financial year under review, the Directors continually
attended education programmes and seminars to stay abreast
with developments in the market place. Among the professional
programmes attended were financial reporting standards,
introduction of the revised corporate governance and leadership
courses. The Board will continue to evaluate and determine the
training needs of its Directors on an ongoing basis.
Principle B – Directors’ Remuneration
The objective of the Company’s policy on Directors’ remuneration
is to attract and retain Directors of calibre needed for the
achievement of the Company’s strategic objectives. The details of
the remuneration for the Directors of the Company for the financial
year under review are as follows:
1.The aggregate remuneration of each Director were as follows:
Executive Directors
Lee Kok Cheng
Non-Executive Directors
Dato’ Pahamin A. Rajab Dato’ Seri Megat Najmuddin bin Dato’ Seri Dr. Hj Megat Khas
Datin Fadzilah bte Saad Amos Siew Boon Yeong
Simon Hue Fook Chuan Abdullah Kamal bin Shafi’i
Tony Foo San Kan
Salary
Fee
Others
Emoluments
219,750
366,250
296,000
-
-
-
50,700
43,500
49,260
-
-
-
-
-
-
-
66,000
28,000
28,000
40,000
28,000
28,000
24,000
-
Other emoluments include benefits-in-kind and statutory contributions.
97
2.The number of Directors whose total remuneration fall within the following bands were as follows :
Number of Directors
Range of Remuneration
Below RM50,000
RM50,001 to RM100,000
RM250,001 to RM300,000
RM300,001 to RM350,000
RM400,001 to RM450,000
Executive
-
-
1
1
1
Non-Executive
6
1
-
Principle C – Shareholders
Principle D – Accountability and Audit
Relationship with Shareholders and Investors
Recognising the importance of timely dissemination of information
to shareholders and other stakeholders, the Board is committed
to ensure that the shareholders and other stakeholders are well
informed of major developments of the Company and the information
is communicated to them through the following channels:
Financial Reporting
The Board aims to present a balanced and understandable
assessment of the Group’s financial performance and prospects to
the shareholders, primarily through its annual financial statements
and unaudited interim results as well as the Chairman’s Statement
and other reports in the Annual Report. The Audit Committee
assists the Board in reviewing information disclosed to ensure
accuracy and adequacy.
•
•
•
•
The Annual Report;
The various disclosures and announcements to Bursa Malaysia
Securities Berhad (“Bursa Securities”) including quarterly and
annual results via www.bursamalaysia.com;
The Company’s website at www.segi.edu.my; and
The Company’s investor relations website at ir.wallstraits.net/segi.
The Board has appointed Mr. Amos Siew Boon Yeong, a senior
Independent Non-Executive Director, to whom all concerns
regarding the Company may be conveyed.
Annual General Meeting (“AGM”)
The AGM provides a platform for two-way communication between
the Company and shareholders. The Chairman and the Board
encourage shareholders to attend and participate in the AGM.
Shareholders are given the opportunity to seek clarification on any
matters pertaining to the business and financial performance of the
Company.
Internal Control
Information on the Group’s internal control is presented in the
Statement of Internal Control which appears in the ensuing pages
of this report.
Relationship with Auditors
The role of the Audit Committee in relation to external auditors is
described in the Audit Committee Report set in the ensuing pages
of this Annual Report. The Company has maintained a close and
transparent relationship with its auditors in seeking professional
advice and ensuring compliance with applicable approved
accounting standards in Malaysia.
Compliance Statement
The Board has taken steps to ensure that the Group has implemented
the Best Practices as set out in the Code and considers that all other
Best Practices have been substantially implemented in accordance
with the Code.
This statement was approved by the Board of Directors on
22 April 2008.
98
Other information required by the Bursa Securities Listing
Requirements
1. Utilisation of Proceeds raised from Corporate Proposals
Save as disclosed below, there were no corporate proposals
conducted in the financial year under review:
The gross proceeds of RM145.00 million from the proposed
disposal of the property located at Kota Damansara, Selangor
Darul Ehsan has been utilised for repayment of bank borrowings
(RM97 million) and working capital (RM48 million).
2. Share Buy-back
During the financial year ended 31 December 2007, the
Company bought back a total of 1,331,800 of its own shares
for a total consideration of RM1,048,526. These shares are
presently held as treasury shares. None of the shares purchased
has been resold or cancelled during the financial year.
3. Options, Warrants or Convertible Securities
There were no options, warrants or convertible securities being
issue during the financial year under review.
4. American Depository Receipt (“ADR”) or Global
Depository Receipt (“GDR”) Programme
The Company did not sponsor any ADR or GDR Programme
during the financial year.
5. Sanctions and/or Penalties
During the financial year, there were no major sanctions
and/or penalties imposed on the Company or its subsidiary
companies, Directors or management by the relevant regulatory
authorities.
6. Non-Audit Fees
There were no non-audit fees paid to the external auditors
during the financial year ended 31 December 2007.
Details of the shares purchased during the year are as follows:
Monthly
Breakdown
February 2007
May 2007
June 2007
July 2007
August 2007
December 2007
No. of Shares Purchase Price
Per Share (RM)
Average Cost
Per Share Total
Purchased Lowest Highest RM RM 136,400 427,000 349,000 173,000 160,000
86,400
0.790 0.800 0.740 0.780 0.740
0.690
0.800 0.830 0.820 0.795 0.740
0.750
0.800 0.819 0.784 0.794 0.740
0.700
109,101
349,658
273,565
137,327
118,400
60,475
1,331,800 0.690 0.830 0.787 1,048,526
99
7. Variation in Results
There was no material variance in results between the audited
results for the financial year ended 31 December 2007 and the
unaudited results previously announced.
(iii) the outstanding amounts payable by the Guarantor to the
Company as stated in (i) and (ii) above shall be secured
by an assignment in escrow of properties owned by the
Guarantor’s subsidiary in favour of the Company.
8. Profit Guarantee
The Group has not provided any profit guarantee in the financial
year ended 31 December 2007.
The Guarantor, Dato’ (Dr.) Patrick Teoh Seng Foo and Dato’
Clement Hii Chii Kok are substantial shareholders of the
Company. Dato’ (Dr.) Patrick Teoh Seng Foo, Dato’ Clement
Hii Chii Kok and Mr. Amos Siew Boon Yeong, the Directors of
the Company, are also Directors of the Guarantor.
9. Material Contracts
Save as disclosed below, there were no material contracts
entered into by the Company and its subsidiaries, involving
the interest of directors and major shareholders, either still
subsisting at the end of the financial year or entered into since
the end of the previous financial year.
Settlement Agreement dated 24 March 2008 entered into
between EcoFirst Consolidated Bhd (formerly known as
Kumpulan Emas Berhad) (“Guarantor”) and the Company in
relation to a Profit Guarantee Agreement dated 22 October
1999 and three Supplemental Agreements thereto. The salient
terms of the Settlement Agreement are as follows:
(i) the shortfall of the guaranteed profit up to the financial year
ended 31 December 2005 amounting to RM3,380,000.00
shall be paid by the Guarantor to the Company via monthly
payment over a period of 34 months at RM100,000.00
each month from January 2008 until September 2010 and
the final RM80,000.00 in October 2010;
(ii) the guaranteed profit for the financial year ended 31
December 2006 shall be calculated based on the
cumulative pre-tax profits of the Company for the years of
2006, 2007, and 2008, and all and any shortfall then shall
be payable by the Guarantor to the Company; and
100
10. Revaluation Policy on Landed Properties
The Company does not have a policy to revalue its landed
properties.
11. Recurrent Related Party Transactions of a revenue or
trading nature
There were no recurrent related party transactions during the
financial year under review.
12. Internal Audit Function
The internal audit function was previously outsourced to an
independent external audit firm (“IEAF”). In September 2007,
the Company re-established its own Internal Audit Department
to replace the IEAF. During the year under review, the Company
incurred expenses amounting to RM64,000 for the internal
audit function.
Statement of Directors’
responsibilities
in respect of the audited financial statements
The Board is responsible for ensuring that the financial statements of the Group give a true and fair view of the state of affairs of the Group
and of the Company as at the end of the financial year and of their results and cash flows for the financial year then ended. In preparing
the financial statements, the Directors have complied with the applicable approved accounting standards in Malaysia and the provision of
the Companies Act, 1965.
In preparing the financial statements, the Directors have adopted and consistently applied suitable accounting policies, and made reasonable
and prudent judgements.
The Directors are also responsible for taking such steps as are reasonably open to them to safeguard the assets of the Group and to prevent
and detect fraud and other irregularities.
101
AUDIT COMMITTEE
REPORT
The Board of Directors is pleased to present the Audit Committee Report for the year ended 31 December 2007.
Membership
The Audit Committee comprises:
Tony Foo San Kan
-
-
-
-
Chairman, Independent Non-Executive Director
MEETINGS
During the year under review, meetings were held on 27 February 2007, 20 April 2007, 29 May 2007, 27 August 2007 and 29 November
2007, a total of five (5) meetings. Attendance of each member was as follows:
Audit Committee MembersNo. of meetings attended
5/5
5/5
5/5
Tony Foo San Kan 3/3
Terms of Reference of the Audit Committee
The Audit Committee (“the Committee”) is governed by the terms of reference that were formally endorsed by the Board on 11 May 2001
and that have been reviewed from time to time. The terms of reference are set out as follows:
OBJECTIVES
The principal objectives of the Committee are to review the adequacy and the integrity of the Company’s internal control systems and
management information systems, including systems for compliance with applicable laws, regulations, rules, directives and guidelines, as
well as to oversee the conduct of the Company’s businesses.
The Committee provides assistance to the Board in fulfilling its fiduciary responsibilities, particularly in areas related to financial accounting
and reporting practices as well as operation and management controls. This is to ensure conformity with good corporate governance,
transparency, integrity and accountability in the conduct of the Group’s activities so as to safeguard the rights and interests of the
shareholders.
COMPOSITION
The Committee shall consist of at least three (3) members. All the Committee members must be non-executive Directors, with a majority of
them being independent. The Chairman shall be an Independent Non-Executive Director. At least one member of the Committee must be a
member of the Malaysian Institute of Accountants or if he is not, then he must be a person who complies with the requirements of Paragraph
15.10 of the Listing Requirements of Bursa Malaysia Securities Berhad (“Bursa Securities Listing Requirements”).
In the event of any vacancy in the Committee resulting in the non-compliance of subparagraph 15.10(1) of the Bursa Securities Listing
Requirements, the vacancy must be filled within three (3) months.
102
AUDIT COMMITTEE REPORT
MEETINGS
The Committee shall meet not less than four (4) times a year. A quorum shall consist of two (2) members, with independent directors forming
the majority.
Certain members of senior management shall attend meetings by invitation of the Committee. The External Auditors will be present at certain
meetings to report to the Committee on their activities and other specific issues, if any. The Committee also meets at least twice a year with
the External Auditors without the management present.
The Secretary shall be responsible for drawing up the agenda and circulating it, supported by explanatory documentation to the Committee
members prior to each meeting.
The Secretary shall also be responsible for keeping the minutes of the Committee, and circulating them to each member of the Committee
and of the Board of Directors. The Chairman of the Committee shall report on each meeting to the Board. The Secretary to the Committee
shall be the Company Secretary.
AUTHORITY
The Committee is authorised by the Board:
(a)
(b)
(c)
(d)
(e)
(f)
to investigate any matter within its terms of reference;
to have the resources which are required to perform its duties;
to have full and unrestricted access to any information pertaining to the Group and the Company;
to have direct communication channels with the external auditors and person(s) carrying out the internal audit function or activity;
to obtain independent professional or other advice as necessary; and
to convene meetings with the external auditors, the internal auditors or both, excluding the attendance of other directors and employees
of the Company whenever deemed necessary.
FUNCTIONS
The functions of the Audit Committee are as follows:
(a) to review the following and report the same to the Board of Directors:
i with the external auditors, the audit plan;
ii with the external auditors, their evaluation of the system of internal controls;
iii with the external auditors, their audit report;
iv the assistance given by the Company’s employees to the external auditors;
v the adequacy of the scope, functions, competency and resources of the internal audit function and that it has the necessary
authority to carry out its work;
vi the internal audit programme, processess, the results of the internal audit work undertaken and whether or not appropriate action
is taken on the recommendations of the internal audit function;
vii the quarterly results and year end financial statements, prior to the approval by the Board of Directors, focusing particularly on:
• changes in or implementation of major accounting policies and practices;
• significant adjustments arising from the audit;
• significant and unusual events; and
• compliance with accounting standards and legal requirements;
viii any related party transaction and conflict of interest situation that may arise within the Company or Group including any transaction,
procedure or course of conduct that raises questions of management integrity;
ix external auditors’ management letter and management’s responses;
103
AUDIT COMMITTEE REPORT
(b) to consider the appointment of internal auditor and conduct exit interview for internal audit staff who is leaving the organisation;
(c) to consider the appointment of external auditors, the audit fee and any questions on resignation or dismissal ;
(d) to recommend the nomination of a person or persons as external auditors; and
(e) such other functions as the Board may from time to time determine.
ACTIVITIES DURING THE YEAR
During the year under review, the following were the activities of the Audit Committee:
•
•
•
•
•
•
•
•
•
•
•
Reviewed the external auditors’ scope of work and audit plans for the year prior to the audit, with the representatives from the external
auditors who presented their audit strategy and plan.
Reviewed with the external auditors the results of the audit, the audit report and the management letter, including the management’s
responses.
Considered and recommended to the Board for approval of the audit fees payable to the external auditors as disclosed in the notes to
the financial statements.
Reviewed the Company’s compliances, in particular the quarterly and year-end financial statements with the Bursa Securities Listing
Requirements, applicable approved accounting standards in Malaysia and other relevant legal and regulatory requirements.
Reviewed the Company’s Statement on Internal Control prior to endorsement by the Board.
Reviewed the internal audit function resource requirements, programmes and plan for the financial year under review.
Reviewed with the internal auditors, important issues highlighted including the management’s responses and the follow-up action plans
implemented.
Reviewed the extent of the Group’s compliance with provisions set out in the Malaysian Code on Corporate Governance.
Recommended to the Board action plans to address identified gaps between the Group’s existing corporate governance practices and
the prescribed corporate governance principles and best practices under the Code.
Met with the external auditors independently without the presence of the management.
Met with the internal auditors independently without the presence of the management.
STATEMENT ON EMPLOYEES’ SHARE OPTION SCHEME (“THE SCHEME”)
The Scheme expired on 14 January 2007. Should the Company decide to allocate any options in future, the allocation shall be verified by
the Committee at the end of that financial year.
INTERNAL AUDIT FUNCTION
The internal audit function undertakes the audit using a risk-based approach. The audit focuses on key controls to mitigate risks, safeguard
assets, ensure compliances with policies and procedures, and promote effectiveness of management and efficiency of operations. The
audit covers the Group’s operating units, reviewing the unit’s compliances to Group’s policies and procedures, identifying weaknesses in
the internal control system and making appropriate recommendations for improvement. The internal audit function carries out its duties
according to the approved audit plan and issues of concern are highlighted to the Committee at the Committee meetings. The Committee
reports the same to the Board after reviewing and deliberating on the findings.
The internal audit function was previously outsourced to an independent external audit firm (“IEAF”). In September 2007, the Company
re-established its own Internal Audit Department to replace the IEAF. During the year under review, the IEAF completed its internal audit
work on three of the Group’s colleges. The reports of the audits were duly submitted to the Committee together with their findings and
recommendations, and the management’s responses on the findings.
104
statement on
internal control
Introduction
The Board of SEG International Bhd approved the following
statement which outlines the state of internal control of the Group
for the year under review, in accordance with Principle DII in Part 1
of the Code on Corporate Governance and Paragraph 15.27 (b) of
the Listing Requirements.
The Board’s Commitment
The Board affirms its overall responsibility for the Group’s system
of internal control and for reviewing its effectiveness, adequacy and
integrity. Due to the limitations that are inherent in any system of
internal control, the Board is aware that such system is designed to
manage rather than eliminate the risk of failure to achieve business
objectives, and can provide only reasonable and not absolute
assurance against material misstatement or loss.
The Board has reviewed the effectiveness of the Group’s system
of internal control and risk management processes. The Board
confirms that there is an ongoing process for identifying, evaluating
and managing the significant risks faced by the Group. This process
is regularly reviewed by the Board.
The Board further believes that the Group’s system of internal
control, financial or otherwise, should provide reasonable assurance
regarding the achievement of the Group’s objectives in:
•
•
•
•
Effectiveness and efficiency of the operation;
Reliability and transparency of financial information;
Compliance with laws and regulations; and
Safeguarding of its assets.
Key frameworks of the Group’s system of internal control include:•
The Group has an appropriate organisational structure for
planning, executing and controlling business operations which
enables adequate monitoring of the activities and ensures
effective flow of information across the Group.
•
Lines of responsibility and delegations of authority are clearly
defined which include amongst others approval of major
expenditure.
•
Key processes of the Group are clearly defined in the Standard
Operating Procedures that are extended to all operating units
in the Group.
•
Key functions such as finance and treasury, legal, human
resource and regulatory matters are controlled centrally.
•
The Board has appointed the Audit Committee (AC) to examine
the effectiveness of the Group’s internal control system
on behalf of the Board. In order to better assist the Audit
Committee in discharging its duty for assessing the efficiency
and effectiveness of the Group’s internal control system, the
Group had re-established its Internal Audit Department (IAD) in
September 2007 to replace the independent external audit firm
(IEAF). The IAD reports directly to the Audit Committee in order
to maintain its impartiality, proficiency and due professional
care.
Risk Management
Part 2 of the Best Practices in Corporate Governance states, in
relation to risk management, that “the Board should identify principal
risks and ensure the implementation of appropriate systems to
manage these risks.”
The Board has delegated the task for overseeing the risk management
assessment of the Group to the Risk Management Committee
(RMC). The RMC is chaired by the Chief Operating Officer and
the RMC meetings are attended by an Independent Non-Executive
Director together with selected members of the Management
team. The committee met in July and November 2007 to deliberate
issues identified by the Management and recommended courses of
action to mitigate these risks. The outcomes of the RMC meetings
were presented to the Board accordingly.
105
statement on internal control
The Board is committed to maintain a strong control structure
and environment for the proper conduct of the Group’s business
operations. The current system of risk management in the Group
has the following key elements:
•
•
•
•
•
•
•
•
•
An effective Board that retains control over the Group.
A clear Group vision, mission and strategic direction.
An organisation structure with its defined lines of responsibility
and delegation of authority to achieve the Group’s objectives.
Key Result Areas (KRA) of Management staff that incorporates
the Group’s objectives.
A quarterly Management meeting comprising Management
staff is set-up to monitor performances and to discuss major
operations issues.
The constant monitoring and review of annual budget and
business strategies against actual performances.
Clearly established practices and procedures in the Standard
Operation Procedure (SOP) manuals for implementation by the
Group’s operating units/division.
Continuous quality improvement initiatives such as ISO
certification for the Examination department.
Quarterly Board meetings to review business operations and
approve significant transactions (if any). Performance report
provides the Board with comprehensive information on financial
performance and other key indicators.
106
Assurance
During the year under review, the IEAF conducted audits on three
main colleges to assess and review the efficiency and effectiveness
of the college’s internal controls in key business processes. There
were no major issues of internal controls highlighted in these
reports that would result in any material losses, contingencies
or uncertainties that require any disclosure in the Group’s annual
report.
Important issues observed, management’s action plan to rectify
the issues highlighted and persons responsible to implement the
action plan by the target date were tabled at the quarterly Audit
Committee meetings for deliberation and subsequently reported to
the Board of Directors.
The IAD had since September 2007 worked out an Internal Audit
Plan for Year 2008 and Internal Audit Charter and tabled to the
Audit Committee in November 2007. Since then, actual audit
reviews have commenced to review the Group’s internal control
system based on the approved audit plan.
The statement was approved by the Board of Directors on
22 April 2008.
fINANCIAL
sTATEMENTs
108 • Statement by Directors 114 • Statutory Declaration 114
• Report of the Auditors 115 • Balance Sheets 116 • Income Statements 117
• Statement of Changes in Equity 118 • Cash Flow Statements 120
• Notes to the Financial Statements 122
• Directors’ Report
107
Directors’ Report
for the year ended 31 December 2007
The Directors have pleasure in submitting their report and the audited financial statements of the Group and of the Company for the year
ended 31 December 2007. Principal activities
The Company is principally engaged in investment holding, the provision of management consultancy services, property management,
rental of premises, business advisory services and the provision of educational and training services, whilst the principal activities of the
subsidiaries are as stated in Note 7 to the financial statements. There has been no significant change in the nature of these activities during
the financial year.
Results
GroupCompany
RM’000RM’000
Profit attributable to:
Shareholders of the Company
Minority interest
5,156
187
3,423
-
5,343
3,423
Reserves and provisions
There were no material transfers to or from reserves and provisions during the year under review except as disclosed in the financial
statements.
Dividends
Since the end of the previous financial year, the Company paid a final ordinary dividend of 2 sen per ordinary share less tax at 27% totalling
RM1,245,000 (1.46 sen net per ordinary share) in respect of the year ended 31 December 2006 on 15 August 2007.
The final ordinary dividend recommended by the Directors in respect of the year ended 31 December 2007 is 2 sen per ordinary share less
tax at 26% totalling RM1,243,000 (1.48 sen net per ordinary share).
Directors of the Company
Directors who served since the date of the last report are:
Director
Lee Kok Cheng
Dato’ Seri Megat Najmuddin bin Dato’ Seri Dr. Haji Megat Khas
Tony Foo San Kan
108
Directors’ Report
Directors of the Company (continued)
The interests and deemed interests in shares and options over shares in the Company and its related corporations (other than wholly-owned
subsidiaries) of those who were Directors at the end of the year as recorded in the Register of Directors’ Shareholdings are as follows:
Number of ordinary shares of RM1.00 each
As atAs at
Name
1.1.2007 BoughtSold
31.12.2007
Interest in the Company:
- own
Deemed interest in the Company:
- others#
- own
- others#
Dato’ Seri Dr. Haji Megat Khas
- own
- own
- others+
705,000
-
198,000 507,000
22,855,025
-
-
22,855,025
945,500
-
-
945,500
22,855,025
-
-
22,855,025
297
-
-
297
10,000
-
-
10,000
18,982,078
-
-
18,982,078
- own
- others^
-
767,800 -
767,800
15,226,865
-
-
15,226,865
- others^
15,226,865
-
-
15,226,865
#
^
+
Deemed interest held through EcoFirst Consolidated Berhad and Sawitani Sdn. Bhd.
Deemed interest held through Koperasi Pegawai-Pegawai Melayu Malaysia Berhad
Deemed interest held through Koperasi Pegawai-Pegawai Melayu Malaysia Berhad and Ladang MOCCIS Sdn. Bhd.
109
Directors’ Report
Directors of the Company (continued)
Number of options over ordinary shares of RM1.00 each
As at As at
Name
1.1.2007 GrantedExercised
Lapsed
31.12.2007
Lee Kok Cheng
35,000
-
-
35,000 -
By virtue of their interest in shares in the Company, the above Directors are also deemed interested in the shares of the subsidiaries during
the financial year to the extent that the Company has an interest.
Other than as disclosed above, none of the other Directors holding office as at 31 December 2007 had any interest in the ordinary shares
and options over shares in the Company or its related corporations during the financial year.
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 a
benefit included in the aggregate amount of emoluments received or due and receivable by Directors as shown in the financial statements or
the fixed salary of a full time employee of the Company or of related companies/corporations) 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 except as disclosed in Note 31 to the financial statements.
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 except for options
granted to certain Directors pursuant to the Company’s Employees Share Options Scheme (ESOS).
Issue of shares
There were no changes in the authorised, issued and paid-up capital of the Company during the financial year.
Treasury shares
During the financial year, the Company repurchased 1,331,800 ordinary shares of its issued share capital from the open market. The
average price paid for the shares bought back was RM0.79 per ordinary share. The share buy back transactions were financed by internally
generated funds. The shares bought back were held as treasury shares in accordance with Section 67A of the Companies Act, 1965.
At the Balance Sheet date, the total shares held as treasury shares amounted to 4,238,300 shares.
110
Directors’ Report
Options granted over unissued shares and debentures
No options were granted to any person to take up unissued shares or debentures of the Company during the year apart from the issue of
options pursuant to the ESOS.
At an extraordinary general meeting held on 15 November 2001, the Company’s shareholders approved the establishment of an ESOS of
not more than 10% of the issued share capital of the Company at any one time at the point of granting of the options to Executive Directors
and eligible employees of the Group. The ESOS was implemented on 15 January 2002 for a period of five (5) years.
The options offered to take up unissued ordinary shares of RM1.00 each and the exercise prices are as follows:
Number of options over ordinary shares of RM1.00 each
ExerciseAs atAs at
Date of offer
price
1.1.2007
Granted ExercisedLapsed
31.12.2007
5.2.2002
30.6.2003
17.6.2004
RM1.40
RM1.35
RM2.25
1,274,000
463,000
513,000
-
-
-
-
-
-
1,274,000
463,000
513,000
-
No options were being granted during the financial year and the ESOS expired on 14 January 2007.
The salient features of the scheme are as follows:
i)
Eligible persons are employees or any Executive Directors who are citizens or residents of Malaysia and employed by a member of the
Company or its subsidiaries (“SEG Group”) for a continuous period of at least one (1) year and whose service of employment has been
confirmed in writing as at the date of offer. In addition, where an employee is serving under a fixed term of employment contract, the
contract must be for a duration of at least three (3) years and whose service of employment has been confirmed in writing.
ii)
As at the date of offer, employees must not participate or have not been offered option(s) under any other ESOS implemented by any
other member of the SEG Group which is in force for the time being.
iii) The option is personal to the grantee and is non-assignable.
iv) The options granted may be exercised at any time from the date of offer of the option to the expiry date of the scheme or such shorter
period as may be specifically stated in the offer upon giving notice in writing.
v) The options granted may be exercised in full or in lesser number of ordinary shares provided that the number shall be in multiples of
1,000 shares.
vi) The option price shall be determined at a discount of not more than 10% from the five (5)-day weighted average market price of the
Company’s ordinary shares (“SEG Shares”) immediately preceding the date of the offer of the option or at par value of SEG Shares,
whichever is higher.
111
Directors’ Report
Other statutory information
Before the balance sheets and income 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)
all current assets have been stated at the lower of cost and net realisable value.
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 Group and in the Company financial statements 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 results of the operations of the Group and of the Company for the financial year ended 31 December
2007 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.
112
Directors’ Report
Subsequent event
On 6 September 2007, SEG International Berhad (“SEGi”) entered into a sale and purchase agreement (‘SPA”) with CIMB Trustee
Berhad (“CIMB Trustee”), being the trustee of AmanahRaya Real Estate Investment Trust (“ArREIT”), to dispose a piece of land in
Mukim of Sungai Buloh measuring approximately 425,146 square feet (“Land”), an institutional building complex known as SEGi
College erected on the Land and fixtures, fittings, plants and equipments (collectively referred to as the “Property”) for a total cash
consideration of RM145 million.
Concurrently, SEGi and CIMB Trustee entered into a lease agreement wherein SEGi agreed to lease the above Property from CIMB
Trustee for a period of ten (10) years from the completion date of the SPA, extendable at SEGi’s option for a further five (5) years at a
revised rental to be mutually agreed upon (“Lease Agreement”).
The Proposed Disposal was completed on 3 January 2008 whilst the Lease Agreement commenced on even date with a monthly rental of
RM870,000.
Auditors
The auditors, Messrs KPMG, have indicated their willingness to accept re-appointment.
Signed on behalf of the Board of Directors in accordance with a resolution of the Directors:
Date: 22 April 2008
113
Statement by Directors
pursuant to Section 169(15) of the Companies Act, 1965
In the opinion of the Directors, the financial statements set out on pages 116 to 168 are drawn up in accordance with the provisions of
the Companies Act, 1965 and applicable approved accounting standards for entities other than private entities issued by the Malaysian
Accounting Standards Board so as to give a true and fair view of the state of affairs of the Group and of the Company at 31 December 2007
and of the results of their operations and cash flows for the year ended on that date.
Signed in accordance with a resolution of the Directors:
Date: 22 April 2008
Statutory declaration
pursuant to Section 169(16) of the Companies Act, 1965
I, Dato’ (Dr.) Patrick Teoh Seng Foo, the Director primarily responsible for the financial management of SEG International Bhd., do
solemnly and sincerely declare that the financial statements set out on pages 116 to 168 are, to the best of my knowledge and belief,
correct and I make this solemn declaration conscientiously believing the same to be true, and by virtue of the provisions of the Statutory
Declarations Act, 1960.
Subscribed and solemnly declared by the abovenamed in Subang Jaya, Selangor on 22 April 2008.
MIA Number: 3568
Before me:
Choy Yee Cheong (P.P.N.) No. B083
Commissioner for Oaths
114
Report of the auditors
to the members of SEG International Bhd.
We have audited the financial statements set out on pages 116 to 168. The preparation of the financial statements is the responsibility of
the Company’s Directors.
It is our responsibility to form an independent opinion, based on our audit, on the financial statements and to report our opinion to you, as a
body, in accordance with Section 174 of the Companies Act, 1965 and for no other purpose. We do not assume responsibility to any other
person for the content of this report.
We conducted our audit in accordance with approved Standards on Auditing in Malaysia. Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing
the accounting principles used and significant estimates made by the Directors, as well as evaluating the overall financial statements
presentation. We believe our audit provides a reasonable basis for our opinion.
In our opinion:
(a) the financial statements are properly drawn up in accordance with the provisions of the Companies Act, 1965 and applicable approved
accounting standards for entities other than private entities issued by the Malaysian Accounting Standards Board so as to give a true
and fair view of:
i)
the state of affairs of the Group and of the Company at 31 December 2007 and the results of their operations and cash flows for
the year ended on that date; and
ii)
the matters required by Section 169 of the Companies Act, 1965 to be dealt with in the financial statements of the Group and of
the Company; and
(b) the accounting and other records and the registers required by the Companies Act, 1965 to be kept by the Company and the subsidiaries
of which we have acted as auditors have been properly kept in accordance with the provisions of the said Act.
The subsidiaries in respect of which we have not acted as auditors are identified in Note 7 to the financial statements and we have
considered their financial statements and the auditors’ reports thereon.
We are satisfied that the financial statements of the subsidiaries that have been consolidated with the Company’s financial statements are in
form and content appropriate and proper for the purposes of the preparation of the consolidated financial statements and we have received
satisfactory information and explanations required by us for those purposes.
The audit reports on the financial statements of the subsidiaries were not subject to any qualification and did not include any comment made
under subsection (3) of Section 174 of the Act.
KPMGChen Foo Siong
Firm Number: AF 0758
Partner
Chartered Accountants
Approval Number: 1547/11/08(J/PH)
Kuala Lumpur,
Date: 22 April 2008
115
Balance Sheets
as at 31 December 2007
Note
Assets
Property, plant and equipment
Intangible assets
Prepaid lease payments
Investment property
Investment in subsidiaries
Investment in associates
Other investments
Deferred tax assets
Other receivables
3
4
5
6
7
8
9
10
11
60,339
30,165
4,957
522
-
706
5,830
3,007
18,165
157,101
30,323
4,963
532
-
1,745
8,970
1,098
9,600
8,494
-
-
522
70,941
-
1,920
2,469
-
113,248
532
70,941
6,000
-
Total non-current assets
123,691
214,332
84,346
190,721
Inventories
12
Receivables, deposits and prepayments
11
Other investments
9
Current tax assets
Assets classified as held for sale
13
Cash and cash equivalents
14
188
40,059
147
4,005
132,654
9,152
119
48,817
174
1,807
12,865
6,137
-
63,202
-
1,232
132,654
5,591
58,242
694
12,865
284
Total current assets
186,205
69,919
202,679
72,085
Total assets
309,896
284,251
287,025
262,806
Equity
Share capital
Reserves
89,093
64,496
89,093
61,681
89,093
46,984
89,093
45,860
153,589
749
150,774
562
136,077
-
134,953
-
Total equity
15
154,338
151,336
136,077
134,953
Liabilities
Loans and borrowings
Deferred tax liabilities
16
10
26,156
1,874
67,125
2,070
20,000
283
63,059
644
Total non-current liabilities
28,030
69,195
20,283
63,703
Current liabilities
Payables and accruals
17
Loans and borrowings
16
Taxation
73,040
54,359
129
16,895
45,775
1,050
83,003
47,662
-
21,845
42,305
-
Total equity attributable to shareholders of the Company
Minority interest
Group
2007
2006
RM’000
RM’000
Company
2007
2006
RM’000
RM’000
Total current liabilities
127,528
63,720
130,665
64,150
Total liabilities
155,558
132,915
150,948
127,853
Total equity and liabilities
309,896
284,251
287,025
262,806
The notes on pages 122 to 168 are an integral part of these financial statements.
116
Income Statements
Note
GroupCompany
2007
2006
2007
2006
RM’000
RM’000
RM’000
RM’000
Revenue 20
Cost of services
86,263
(24,740)
74,230
(20,943)
21,938
(2,216)
11,722
(1,033)
Gross profit
Other income
Distribution costs
Administration expenses
Other expenses
61,523
4,862
(8,831)
(22,206)
(26,482)
53,287
9,772
(6,903)
(20,738)
(26,422)
19,722
-
(752)
(3,210)
(9,090)
10,689
452
(349)
(2,620)
(4,616)
Results from operating activities
Interest income
Finance costs
8,866
389
(6,776)
8,996
15
(6,143)
6,670
976
(6,204)
3,556
1,763
(4,760)
Operating profit
21
Share of profit after tax and minority interest
of equity accounted associates
2,479
2,868
1,442
559
-
-
-
-
Profit before tax
Tax expense
23
2,479
2,864
2,868
(1,010)
1,442
1,981
559
(492)
Profit for the year
5,343
1,858
3,423
67
Attributable to:
Shareholders of the Company
Minority interest
5,156
187
2,073
(215)
3,423
-
67
-
Profit for the year
5,343
1,858
3,423
67
24
6.03
2.37
Basic earnings per ordinary share (sen)
117
Statement of changes
in equity
Attributable to shareholders of the Company
Non-DistributableDistributable
ShareShareRevaluationTreasuryTranslationRetained MinorityTotal
Note capital premium
reserve shares
reserve profitsTotal interestEquity
GroupRM’000RM’000RM’000RM’000RM’000RM’000RM’000 RM’000RM’000
At 1 January 2006
Foreign exchange
translation differences
Net gains recognised
directly in equity
Profit for the year
Total recognised income
and expense for the year
Transfer of retained
profit on the realisation
of revaluation reserve
Treasury shares acquired
Acquisition of minority
interest
Dividends to shareholders
25
At 31 December 2006/
1 January 2007
Foreign exchange
translation differences
Net gains recognised
directly in equity
Profit for the year
Total recognised income
and expense for the year Transfer of retained
profit on the realisation
25
At 31 December 2007
89,093
35,876
2,077
(961)
-
-
-
-
-
(49)
89,093
-
35,876
-
2,077
-
(961)
-
(49)
-
25,473 151,509
2,073
2,073
697 152,206
(215) 1,858
89,093
35,876
2,077
(961)
(49)
27,546 153,582
482 154,064
-
-
-
-
(25)
-
-
(1,546)
-
-
25
-
-
(1,546)
-
-
(1,546)
-
-
-
-
-
-
-
-
-
-
-
(1,262)
-
(1,262)
80
-
80
(1,262)
89,093
35,876
2,052
(2,507)
-
-
-
-
(42)
89,093
-
35,876
-
2,052
-
(2,507)
-
(91)
-
26,309 150,732
5,156
5,156
562 151,294
187
5,343
89,093
35,876
2,052
(2,507)
(91)
31,465 155,888
749 156,637
-
-
-
-
-
-
(25)
-
-
-
(1,054)
-
-
-
-
89,093
35,876
(3,561)
(91)
2,027
Note 15
25,473 151,558
-
(49) 26,309 150,774
-
25
-
(1,245)
(42)
-
(1,054)
(1,245)
30,245 153,589
Note 19
118
(49)
697 152,255
-
(49)
562 151,336
-
-
-
-
(42)
(1,054)
(1,245)
749 154,338
Statement of changes in equity
Attributable to shareholders of the Company
Non-Distributable
Distributable
Share ShareRevaluationTreasuryRetained
capital
premium
reserve
shares
profitsTotal
CompanyNoteRM’000RM’000RM’000RM’000RM’000RM’000
At 1 January 2006
Profit for the year
Transfer to retained profit on the realisation
25
89,093
-
35,876
-
2,077
-
(961)
-
11,609
67
137,694
67
-
-
-
-
-
-
(25)
-
-
-
(1,546)
-
25
-
(1,262)
(1,546)
(1,262)
At 31 December 2006/1 January 2007
Profit for the year
Transfer to retained profit on the realisation
25
89,093
-
35,876
-
2,052
-
(2,507)
-
10,439
3,423
134,953
3,423
-
-
-
-
-
-
(25)
-
-
-
(1,054)
-
25
-
(1,245)
(1,054)
(1,245)
At 31 December 2007
89,093
35,876
2,027
(3,561)
12,642
136,077
Note 15
Note 19
119
Cash flow statements
Note
Group
2007
2006
RM’000
RM’000
Company
2007
2006
RM’000
RM’000
Cash flows from operating activities
Profit before tax
Adjustments for:
Amortisation of prepaid lease payments
5
Amortisation of development costs
4
Depreciation of property, plant and equipment
3
Depreciation of investment property
6
Dividend income
Bad debts written off
Allowance for diminution in value on investment in unquoted bonds
Investment in unquoted bonds written off Allowance for/(write back of) diminution in value
on investment in quoted shares
Investment in associate written off
8
Allowance for diminution in value on investment in associate
Interest expense
Interest income Loss on disposal of assets held for sale
(Gain)/Loss on disposal of property, plant and equipment Property, plant and equipment written off Share of profit of equity accounted associates
2,479
2,868
1,442
559
6
120
3,970
10
-
2,366
400
2,280
-
992
4,853
10
-
6,999
-
-
-
-
330
10
(5,132)
-
400
2,280
533
10
(3,900)
183
-
27
39
1,000
6,826
(389)
574
(8)
722
-
(59)
-
145
6,143
(15)
-
(2,016)
337
-
-
-
-
6,204
(976)
574
-
-
-
4,760
(1,763)
26
251
-
Operating profit before working capital changes
Change in working capital:
Inventories
Receivables, deposits and prepayments
Payables and accruals
20,422
20,257
5,132
659
(69)
(2,173)
56,141
(15)
16,157
(1,361)
-
(4,960)
61,158
31,893
11,949
Cash generated from operations
Dividend received
Tax paid
Interest paid
Interest received Tax refunded
74,321
-
(3,706)
(6,826)
389
1,346
35,038
-
(2,382)
(6,143)
15
473
61,330
3,782
(37)
(6,204)
976
-
44,501
2,808
(86)
(4,760)
1,763
-
Net cash generated from operating activities
65,524
27,001
59,847
44,226
120
Cash flow statements
Group
2007
2006
RM’000
RM’000
Company
2007
2006
RM’000
RM’000
Cash flows from investing activities
Proceeds from disposal of property, plant and equipment Proceeds from disposal of assets classified as held for sale
Proceeds from disposal of unquoted bonds
Acquisition of property, plant and equipment i
Acquisition of quoted shares
Purchase of additional interest in existing subsidiaries
Acquisition of associate company
69
12,291
1,400
(36,434)
(940)
-
-
70,293
-
-
(75,546)
-
(68)
(40)
-
12,291
1,400
(28,230)
-
-
-
1,273
(64,500)
-
Net cash used in investing activities
(23,614)
(5,361)
(14,539)
(63,227)
Cash flows from financing activities
Increase in pledged deposits placed with licensed bank
Dividend paid to shareholders of the Company
Purchase of treasury shares
Payment of finance lease liabilities
Term loans repaid
Proceeds from term loans and revolving credit
(5,002)
(1,245)
(1,054)
(546)
(97,870)
53,525
(2)
(1,262)
(1,546)
(476)
(26,241)
25,090
-
(1,245)
(1,054)
-
(96,991)
53,525
(1,262)
(1,546)
(48)
25,090
Net cash (used in)/generated from financing activities
(52,192)
(4,437)
(45,765)
22,234
Net (decrease)/increase in cash and cash equivalents
Cash and cash equivalents at 1 January
(10,282)
2,102
17,203
(15,101)
(457)
(1,614)
3,233
(4,847)
(8,180)
2,102
(2,071)
(1,614)
Note
Cash and cash equivalents at 31 December
i)
ii
Acquisition of property, plant and equipment
During the year, the Group acquired property, plant and equipment with an aggregate cost of RM40,645,000 (2006 - RM75,779,000)
of which RM4,211,000 (2006 - RM233,000 ) were acquired by means of finance leases.
ii) Cash and cash equivalents
Cash and cash equivalents included in the cash flow statements comprise the following balance sheet amounts:
Note
Cash and bank balances
Deposits placed with licensed banks
Bank overdrafts
14
14
6
Group
2007
2006
RM’000
RM’000
Company
2007
2006
RM’000
RM’000
4,103
5,049
(12,283)
6,090
47
(3,988)
591
5,000 (7,662)
284
(1,898)
Deposits pledged to banks
(3,131)
(5,049)
2,149
(47)
(2,071)
-
(1,614)
-
(8,180)
2,102
(2,071)
(1,614)
121
notes to the
financial statements
SEG International Berhad is a public limited liability company, incorporated and domiciled in Malaysia and is listed on the Main Board of
Bursa Malaysia Securities Berhad. The address of its registered office and principal place of business is as follows:
Registered office
5th Floor, SEGi College, Persiaran Kewajipan USJ 1,
47600 UEP Subang Jaya,
Selangor Darul Ehsan.
Principal place of business
5th Floor, SEGi College (Malaysia Main Campus)
No.9, Jalan Teknologi,
Taman Sains Selangor,
Kota Damansara PJU 5,
47810 Petaling Jaya,
Selangor Darul Ehsan.
The consolidated financial statements as at and for the year ended 31 December 2007 comprise the Company and its subsidiaries (together
referred to as the Group) and the Group’s interest in associates. The financial statements of the Company as at and for the year ended 31
December 2007 do not include other entities.
The Company is principally engaged in investment holding, the provision of management consultancy services, property management,
rental of premises, business advisory services and the provision of educational and training services while the other Group entities are
primarily involved in provision of education and training services, investment holding, management consultancy and property investment.
The financial statements were approved by the Board of Directors on 22 April 2008.
1. Basis of preparation
(a)Statement of compliance
The financial statements of the Group and of the Company have been prepared in accordance with applicable approved accounting
standards for entities other than private entities issued by the Malaysian Accounting Standards Board (MASB), accounting principles
generally accepted in Malaysia and the provisions of the Companies Act, 1965. These financial statements also comply with the
applicable disclosure provisions of the Listing Requirements of the Bursa Malaysia Securities Berhad.
The MASB has also issued the following FRSs and Interpretations that are effective for annual periods beginning after 1 January
2007 and that have not been applied in preparing these financial statements:
FRSs / InterpretationsEffective date
FRS 107, Cash Flow Statements
1 July 2007
FRS 111, Construction Contracts
1 July 2007
FRS 112, Income Taxes
1 July 2007
122
Notes to the financial statements
1. Basis of preparation (continued)
(a)Statement of compliance (Continued)
FRSs / InterpretationsEffective date
FRS 118, Revenue
1 July 2007
FRS 120, Accounting for Government Grants and Disclosure of Government Assistance
1 July 2007
Amendment to FRS 121, The Effects of Changes in Foreign Exchange Rates - Net Investment in a Foreign Operation
1 July 2007
FRS 134, Interim Financial Reporting
1 July 2007
FRS 137, Provisions, Contingent Liabilities and Contingent Assets
1 July 2007
FRS 139, Financial Instruments: Recognition and Measurement
To be announced
IC Interpretation 1, Changes in Existing Decommissioning, Restoration and Similar Liabilities
1 July 2007
IC Interpretation 2, Members’ Shares in Co-operative Entities and Similar Instruments
1 July 2007
IC Interpretation 5, Rights to Interests arising from Decommissioning,
Restoration and Environmental Rehabilitation Funds
1 July 2007
IC Interpretation 6, Liabilities arising from Participating in a Specific Market
- Waste Electrical and Electronic Equipment
1 July 2007
IC Interpretation 7, Applying the Restatement Approach under FRS 129,
Financial Reporting in Hyperinflationary Economies
1 July 2007
IC Interpretation 8, Scope of FRS 2
1 July 2007
The Group and the Company plan to apply the rest of the abovementioned FRSs and Interpretations for the annual period beginning
1 January 2008 except for FRS 139, Financial Instruments: Recognition and measurement which the effective date has yet to be
announced.
The impact of applying FRS 139 on the financial statements upon first adoption as required by paragraph 30(b) of FRS 108,
Accounting Policies, Changes in Accounting Estimates and Errors is not disclosed by virtue of the exemption given in FRS
139.103AB.
The initial application of the other FRSs and Interpretations are not expected to have any material impact on the financial statements
of the Group and the Company.
(b) Basis of measurement
The financial statements have been prepared on the historical cost basis except for the following assets and liabilities as explained
in their respective accounting policy notes:
• Investment property
• Non-current assets held for sale
123
1. Basis of preparation (continued)
(c)Functional and presentation currency
These financial statements are presented in Ringgit Malaysia (RM), which is the Company’s functional currency. All financial
information presented in RM has been rounded to the nearest thousand, unless otherwise stated.
(d)Use of estimates and judgements
The preparation of financial statements 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 estimate is 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 4 - valuation of intangible assets
• Note 6 - valuation of investment property
• Note 9 - valuation of investment in quoted shares and unquoted bonds
• Note 10 - recognition of unutilised tax losses and capital allowances
2.Significant accounting policies
The accounting policies set out below have been applied consistently to the periods presented in these financial statements, and
have been applied consistently by Group entities, unless otherwise stated.
Certain comparative amounts have been reclassified to conform to the current year’s presentation (see note 33).
(a) Basis of consolidation
(i)Subsidiaries
Subsidiaries are entities, including unincorporated entities, controlled by the Group. Control exists when the Group has the
ability to exercise its power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
In assessing control, potential voting rights that presently are exercisable are taken into account. Subsidiaries are consolidated
using the purchase method of accounting.
Under the purchase method of accounting, the financial statements of subsidiaries are included in the consolidated financial
statements from the date that control commences until the date that control ceases.
Investments in subsidiaries are stated in the Company’s balance sheet at cost less impairment losses, unless the investment
is classified as held for sale (or included in a disposal group that is classified as held for sale).
124
2.Significant accounting policies (continued)
(a) Basis of consolidation (Continued)
(ii)Associates
Associates are entities, including unincorporated entities, in which the Group has significant influence, but not control, over the
financial and operating policies.
Associates are accounted for in the consolidated financial statements using the equity method unless it is classified as held for
sale (or included in a disposal group that is classified as held for sale).
The consolidated financial statements include the Group’s share of the income and expenses of the equity accounted
associates, after adjustments to align the accounting policies with those of the Group, from the date that significant influence
commences until the date that significant influence ceases.
When the Group’s share of losses exceeds its interest in an equity accounted associate, the carrying amount of that interest
(including any long-term investments) is reduced to nil and the recognition of further losses is discontinued except to the extent
that the Group has an obligation or has made payments on behalf of the investee.
Investments in associates are stated in the Company’s balance sheet at cost less impairment losses, unless the investment is
classified as held for sale (or included in a disposal group that is classified as held for sale).
(iii) Minority interest
Minority interest at the balance sheet date, being the portion of the net identifiable assets (excluding goodwill) of subsidiaries
attributable to equity interests that are not owned by the Company, whether directly or indirectly through subsidiaries,
are presented in the consolidated balance sheet and statement of changes in equity within equity, separately from equity
attributable to the equity shareholders of the Company. Minority interest in the results of the Group are presented on the face
of the consolidated income statement as an allocation of the total profit or loss for the year between minority interest and the
equity shareholders of the Company.
Where losses applicable to the minority exceed the minority’s interest in the equity of a subsidiary, the excess, and any further
losses applicable to the minority, are charged against the Group’s interest except to the extent that the minority has a binding
obligation to, and is able to, make additional investment to cover the losses. If the subsidiary subsequently reports profits, the
Group’s interest is allocated with all such profits until the minority’s share of losses previously absorbed by the Group has been
recovered.
(iv)Transactions eliminated on consolidation
Intra-group balances, and any unrealised income and expenses arising from intra-group transactions, are eliminated in
preparing the consolidated financial statements.
Unrealised gains arising from transactions with equity accounted investees are eliminated against the investment to the extent
of the Group’s interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains, but only to the
extent that there is no evidence of impairment.
125
(b)Foreign currency
(i)Foreign currency transactions
Transactions in foreign currencies are translated to the respective functional currencies of Group entities at exchange rates at
the dates of the transaction.
Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated to the functional
currency at the exchange rate at that date. Non-monetary assets and liabilities denominated in foreign currencies that are
measured at fair value are retranslated to the functional currency at the exchange rate at the date that the fair value was
determined. Foreign currency differences arising on retranslation are recognised in the income statement.
(c) Property, plant and equipment
(i)Recognition and measurement
Items of property, plant and equipment are stated at cost less accumulated depreciation and impairment losses.
Cost includes expenditures that are directly attributable to the acquisition of the asset and any other costs directly attributable
to bringing the asset to working condition for its intended use, and the costs of dismantling and removing the items and
restoring the site on which they are located. The cost of self-constructed assets includes the cost of materials and direct
labour and, for qualifying assets, borrowing costs are capitalised in accordance with the Group’s accounting policy. Purchased
software that is integral to the functionality of the related equipment is capitalised as part of that equipment.
The cost of property, plant and equipment recognised as a result of a business combination is based on fair value at acquisition
date. The fair value of property is the estimated amount for which a property could be exchanged between a willing buyer
and a willing seller in an arm’s length transaction after proper marketing wherein the parties had each acted knowledgeably,
prudently and without compulsion. The fair value of other items of plant and equipment is based on the quoted market prices
for similar items.
When significant parts of an item of property, plant and equipment have different useful lives, they are accounted for as
separate items (major components) of property, plant and equipment.
Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds from
disposal with the carrying amount of property, plant and equipment and are recognised net within “other income” or “other
expenses” respectively in the income statements.
(ii)Reclassification to investment property
Property that is being constructed for future use as investment property is accounted for as property, plant and equipment until
construction or development is complete, at which time it is remeasured to fair value and reclassified as investment property.
Any gain or loss arising on remeasurement is recognised in the income statement.
126
(c) Property, plant and equipment (Continued)
(iii)Subsequent costs
The cost of replacing part of an item of property, plant and equipment is recognised in the carrying amount of the item if it
is probable that the future economic benefits embodied within the part will flow to the Group and its cost can be measured
reliably. The carrying amount of those parts that are replaced is derecognised. The costs of the day-to-day servicing of
property, plant and equipment are recognised in the income statement as incurred.
(iv)Depreciation
Depreciation is recognised in the income statement on a straight-line basis over the estimated useful lives of each part of
an item of property, plant and equipment. Leased assets are depreciated over the shorter of the lease term and their useful
lives unless it is reasonably certain that the Group will obtain ownership by the end of the lease term. Freehold land is not
depreciated. 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:
• Buildings • Computer hardware and software • Plant and equipment
• Fixtures, fittings and office equipment • Library books and manuals
50 years or lease period
4 - 5 years
4 - 10 years
3 - 10 years
3 - 10 years
The depreciable amount is determined after deducting the residual value.
Depreciation methods, useful lives and residual values are reassessed at the balance sheet date.
(d)Leased assets
(i)Finance lease
Leases in terms of which the Group assumes substantially all the risks and rewards of ownership are classified as finance
leases. Upon initial recognition the leased asset is measured at an amount equal to the lower of its fair value and the present
value of the minimum lease payments. Subsequent to initial recognition, the asset is accounted for in accordance with the
accounting policy applicable to that asset.
Minimum lease payments made under finance leases are apportioned between the finance expense and the reduction of the
outstanding liability. The finance expense is allocated to each period during the lease term so as to produce a constant periodic
rate of interest on the remaining balance of the liability. Contingent lease payments are accounted for by revising the minimum
lease payments over the remaining term of the lease when the lease adjustment is confirmed.
127
(d)Leased assets (Continued)
(ii)Operating lease
Other leases are operating leases and, the leased assets are not recognised on the Group’s balance sheet.
Leasehold land that normally has an indefinite economic life and title is not expected to pass to the lessee by the end of the
lease term is treated as an operating lease. The payment made on entering into or acquiring a leasehold land is accounted for
as prepaid lease payments. The estimated useful life for the leasehold land is 779 years.
Payments made under operating leases are recognised in the income statements on a straight-line basis over the term of the
lease. Lease incentives received are recognised as an integral part of the total lease expense, over the term of the lease.
(e)Intangible assets
(i) Goodwill
Goodwill arises on business combinations and is measured at cost less any accumulated impairment losses.
For acquisitions prior to 1 January 2006, goodwill represents the excess of the cost of the acquisition over the Group’s interest
in the fair values of the net identifiable assets and liabilities.
With the adoption of FRS 3 beginning 1 January 2006, goodwill represents the excess of the cost of the acquisition over the
Group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the acquiree.
Any excess of the Group’s interest in the net fair value of acquiree’s identifiable assets, liabilities and contingent liabilities over
the cost of acquisition is recognised immediately in income statements.
(ii)Research and development
Development expenditure consists of direct costs incurred, net of income of trial courses, to develop new curriculum to be
submitted to the Ministry of Education and Lembaga Akreditasi Negara for approval and direct costs related to the development
of educational courses.
Other development expenditure is recognised in the income statement as an expense as incurred. Capitalised development
expenditure is stated at cost less accumulated amortisation and impairment losses.
(iii)Subsequent expenditure
Subsequent expenditure on capitalised intangible assets is capitalised only when it increases the future economic benefits
embodied in the specific asset to which it relates. All other expenditure is expensed as incurred.
(iv)Amortisation
Goodwill and intangible assets with indefinite useful lives are tested for impairment annually and whenever there is an indication
that they may be impaired.
Other intangible assets are amortised from the date that they are available for use. Amortisation of intangible assets is charged
to the income statements on a straight-line basis over the estimated useful lives of intangible assets. The estimated useful life
of the development costs is 5 years.
128
(f)Investments in debt and equity securities
Investments in debt and equity securities are recognised initially at fair value plus attributable transaction costs.
Subsequent to initial recognition:
•
Investments in non-current equity securities other than investments in subsidiaries, associates and jointly-controlled entities,
are stated at cost less allowance for diminution in value,
•
Investments in non-current debt securities are stated at amortised cost using the effective interest method less allowance for
diminution in value,
•
All current investments are carried at the lower of cost and market value, determined on an aggregate portfolio / individual
investment basis by category of investments.
Where in the opinion of the Directors, there is a decline other than temporary in the value of non-current equity securities and noncurrent debt securities other than investment in subsidiaries, associates and jointly-controlled entities, the allowance for diminution
in value is recognised as an expense in the financial year in which the decline is identified.
On disposal of an investment, the difference between net disposal proceeds and its carrying amount is recognised in the income
statement.
All investments in debt and equity securities are accounted for using settlement date accounting. Settlement date accounting refers
to:
a) the recognition of an asset on the day it is received by the entity, and
b) the derecognition on an asset and recognition of any gain or loss on disposal on the date it is delivered.
(g)Investments property
Investment property carried at cost
Investment properties are properties which are owned to earn rental income or for capital appreciation or for both. These include
land (other than leasehold land) held for a currently undetermined future use. Properties that are occupied by the companies in the
Group are accounted for as owner-occupied rather than as investment properties.
Investment properties are stated at cost less any accumulated depreciation and any accumulated impairment losses, consistent
with the accounting policy for property, plant and equipment as stated in accounting policy note 2(c).
Depreciation is charged to the income statement on a straight-line basis over the estimated useful lives of 50 to 80 years for
buildings. Freehold land is not depreciated.
The Directors value its property based on comparable market price provided in the market for disclosure in the financial statements.
The fair values are based on market values, being the estimated amount for which a property could be exchanged for on the date
of the valuation between a willing buyer and a willing seller in an arm’s length transaction after proper marketing wherein the parties
had each acted knowledgeably, prudently, and without compulsion.
129
(h)Inventories
Inventories are measured at the lower of cost and net realisable value. The cost of inventories is based on the first-in first-out
principle and includes expenditure incurred in acquiring the inventories and bringing them to their existing location and condition.
Net realisable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and
selling expenses.
(i)Receivables
Receivables are initially recognised at their cost when the contractual right to receive cash or another financial asset from another
entity is established.
Subsequent to initial recognition, receivables are stated at cost less allowance for doubtful debts.
Receivables are not held for the purpose of trading.
(j)Non-current assets held for sale
Non-current assets (or disposal groups comprising assets and liabilities) that are expected to be recovered primarily through sale
rather than through continuing use are classified as held for sale.
Immediately before classification as held for sale, the assets (or components of a disposal group) are remeasured in accordance
with the Group’s accounting policies. Thereafter generally the assets (or disposal group) are measured at the lower of their carrying
amount and fair value less cost to sell.
Any impairment loss on a disposal group first is allocated to goodwill, and then to remaining assets and liabilities on pro rata basis,
except that no loss is allocated to inventories, financial assets, deferred tax assets, employee benefit assets, and investment property,
which continue to be measured in accordance with the Group’s accounting policies. Impairment losses on initial classification as
held for sale and subsequent gains or losses on remeasurement are recognised in the income statement. Gains are not recognised
in excess of any cumulative impairment loss.
(k)Cash and cash equivalents
Cash and cash equivalents consist of cash on hand, balances and deposits with banks and highly liquid investments which have
an insignificant risk of changes in value. For the purpose of the cash flow statement, cash and cash equivalents are presented net
of bank overdrafts and pledged deposits.
130
(l)Impairment of assets
The carrying amounts of assets except for inventories /deferred tax assets/ assets arising from employee benefits/ non-current
assets (or disposal groups) classified as held for sale are reviewed at each reporting date to determine whether there is any
indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. For goodwill and intangible
assets that have indefinite useful lives or that are not yet available for use, the recoverable amount is estimated at each reporting
date.
The recoverable amount of an asset or cash-generating unit is the greater of its value in use and its fair value less costs to sell.
In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that
reflects current market assessments of the time value of money and the risks specific to the asset. For the purpose of impairment
testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are
largely independent of the cash inflows of other assets or groups of assets (the “cash-generating unit”).
An impairment loss is recognized in the income statement if the carrying amount of an asset or its cash-generating unit exceeds
its recoverable amount unless the asset is carried at a revalued amount, in which case the impairment loss is recognised directly
against any revaluation surplus for the asset to the extent that the impairment loss does not exceed the amount in the revaluation
surplus for that same asset. A cash-generating unit is the smallest identifiable asset group that generates cash flows that largely
are independent from other assets and groups. Impairment losses recognised in respect of cash-generating units are allocated first
to reduce the carrying amount of any goodwill allocated to the units and then to reduce the carrying amount of the other assets in
the unit (groups of units) on a pro rata basis.
An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognised in prior periods
are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is
reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed
only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of
depreciation or amortisation, if no impairment loss had been recognised. Reversals of impairment losses are credited to the income
statement in the year in which the reversals are recognised, unless it reverses an impairment loss on a revalued asset, in which case
it is credited directly to revaluation surplus. Where an impairment loss on the same revalued asset was previously recognised in the
income statement, a reversal of that impairment loss is also recognised in the income statement.
(m)Share capital
Repurchase of share capital
When share capital recognised as equity is repurchased, the amount of the consideration paid, including directly attributable costs,
is recognised as a deduction from equity and is not re-valued for subsequent changes in the fair value or market price of shares.
Repurchased shares that are not subsequently cancelled are classified as treasury shares and are presented as a deduction from
total equity.
131
(n)Loans and borrowings
Loans and borrowings are stated at amortised cost with any difference between cost and redemption value being recognised in the
income statements over the period of the loans and borrowings using the effective interest method.
(o)Employee benefits
(i)Short-term employee benefits
Short-term employee benefit obligations in respect of salaries, annual bonuses, paid annual leave and sick leave are measured
on an undiscounted basis and are expensed as the related service is provided.
A provision is recognised for the amount expected to be paid under short-term cash bonus if the Group has a present legal
or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be
estimated reliably.
The Group’s contribution to statutory pension funds are charged to the income statements in the year to which they relate.
Once the contributions have been paid, the Group has no further payment obligations.
(ii)Share-based payment transactions
The grant date fair value of options granted to employees is recognised as an employee expense, with a corresponding
increase in equity, over the period that the employees become unconditionally entitled to the options. The amount recognised
as an expense is adjusted to reflect the actual number of share options that vest.
(p) Provisions
A provision is recognised if, as a result of a past event, the Group has a present legal or constructive obligation that can be
estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are
determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time
value of money and the risks specific to the liability.
Contingent liabilities
Where it is not probable that an outflow of economic benefits will be required, or the amount cannot be estimated reliably, the
obligation is disclosed as a contingent liability, unless the probability of outflow of economic benefits is remote. Possible obligations,
whose existence will only be confirmed by the occurrence or non-occurrence of one or more future events are also disclosed as
contingent liabilities unless the probability of outflow of economic benefits is remote.
132
(q) Payables
Payables are measured initially and subsequently at cost. Payables are recognised when there is a contractual obligation to deliver
cash or another financial asset to another entity.
(r)Revenue
(i)Services
Revenue is recognised in the income statement when the services are rendered to the customers, net of discounts. These
comprise course fees, examination fees and management fees. Course fees and management fees are recognised in the
income statement on a straight line basis over the duration of the course or service.
(ii) Goods sold
Revenue from the sale of goods is measured at fair value of the consideration received or receivable, net of returns and
allowances, trade discounts and volume rebates. Revenue is recognised when the significant risks and rewards of ownership
have been transferred to the buyer, recovery of the consideration is probable, the associated costs and possible return of
goods can be estimated reliably, and there is no continuing management involvement with the goods.
(iii)Rental income
Rental income from investment property is recognised in the income statement on a straight-line basis over the term of the
lease. Lease incentives granted are recognised as an integral part of the total rental income, over the term of the lease.
(iv)Dividend income
Dividend income is recognised in the income statement when the right to receive payment is established.
(s)Interest income and borrowing costs
Interest income is recognised as it accrues, using the effective interest method.
All borrowing costs are recognised in the income statement using the effective interest method, in the period in which they are
incurred except to the extent that they are capitalised as being directly attributable to the acquisition, construction or production of
an asset which necessarily takes a substantial period of time to be prepared for its intended use.
The capitalisation of borrowing costs as part of the cost of a qualifying asset commences when expenditure for the asset is being
incurred, borrowing costs are being incurred and activities that are necessary to prepare the asset for its intended use or sale are
in progress. Capitalisation of borrowing costs is suspended or ceases when substantially all the activities necessary to prepare the
qualifying asset for its intended use or sale are interrupted or completed.
133
(t)Tax expense
Tax expense comprises current and deferred tax. Tax expense is recognised in the income statement except to the extent that it
relates to items recognised directly in equity, in which case it is recognised in equity.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantially enacted at the
balance sheet date, and any adjustment to tax payable in respect of previous years.
Deferred tax is recognised using the balance sheet method, providing for temporary differences between the carrying amounts of
assets and liabilities for reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for the
following temporary differences: the initial recognition of goodwill, the initial recognition of assets or liabilities in a transaction that
is not a business combination and that affects neither accounting nor taxable profit (tax loss). Deferred tax is measured at the tax
rates that are expected to be applied to the temporary differences when they reverse, based on the laws that have been enacted
or substantively enacted by the balance sheet date.
Deferred tax liability is recognised for all taxable temporary differences.
A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against which temporary
difference can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer
probable that the related tax benefit will be realised.
(u)Earnings per share
The Group presents basic and diluted earnings per share (EPS) data for its ordinary shares. Basic EPS is calculated by dividing the
profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding
during the period. Diluted EPS is determined by adjusting the profit or loss attributable to ordinary shareholders and the weighted
average number of ordinary shares outstanding for the effects of all dilutive potential ordinary shares, which comprise convertible
notes and share options granted to employees.
134
3. Property, plant and equipment
ComputerFurniture,Library
software
fittings booksCapital
GroupFreehold
and
Motor Plant and and office
and work-inNote
land Buildings hardware vehicles equipment equipment manualsprogressTotal
CostRM’000RM’000RM’000RM’000RM’000RM’000RM’000RM’000RM’000
At 1 January 2006
Effect of adopting FRS 117
5
11,178
-
75,218
(4,963)
11,345
-
2,087
-
2,316
-
30,081 2,529 71,542 206,296
-
-
- (4,963)
At 1 January 2006, restated
Additions
Reclassification
Disposals
Transfer to assets held for sale 13
Write off
11,178
-
41,620
(44,671)
-
-
70,255
-
-
(21,808)
(13,750)
-
11,345
416
-
(7)
-
-
2,087
180
-
(257)
-
-
2,316
41
-
-
-
(77)
30,081 2,529 71,542 201,333
3,531
197 71,414 75,779
-
- (41,620)
(6,427)
-
- (73,170)
-
-
- (13,750)
(470)
-
-
(547)
1 January 2007
Additions
Disposals
Transfer to assets held for sale 13
Write off
Reclassification
8,127
-
-
-
-
(3,877) 34,697
-
-
(15,137)
-
3,877 11,754
1,206
(62)
-
-
-
2,010
206
(168)
-
-
-
2,280
-
-
-
-
-
26,715 2,726 101,336 189,645
8,475
410 30,348 40,645
(194)
-
-
(424)
-
- (117,517) (132,654)
(2,566)
-
- (2,566)
-
-
-
-
At 31 December 2007
4,250
23,437
12,898
2,048
2,280
32,430
Representing items at:
Cost
Directors’ valuation - 1993
-
4,250
23,337
100
12,898
-
2,048
-
2,280
-
32,430 3,136 14,167 90,296
-
-
- 4,350
4,250
23,437
12,898
2,048
2,280
32,430
At 1 January 2006
821
-
2,421
-
9,812
-
1,142
-
1,781
-
15,714 1,988
-
-
- 33,679
-
-
At 1 January 2006, restated
Depreciation for the year
Disposals
Transfer to asset held for sale 13
Write off
821
78
-
-
-
2,421
602
(853)
(885)
-
9,812
918
(3)
-
-
1,142
350
(166)
-
-
1,781
6
-
-
-
15,714 1,988
2,589
310
(3,871)
-
-
-
(210)
-
- 33,679
- 4,853
- (4,893)
-
(885)
-
(210)
1 January 2007
899
1,285
10,727
1,326
1,787
14,222
- 32,544
3,136 14,167
3,136 14,167
94,646
94,646
Accumulated Depreciation
2,298
135
3. Property, plant and equipment (continued)
ComputerFurniture, Library
software
fittings booksCapital
GroupFreehold
and
Motor Plant and and office
andwork-inNote
land Buildings hardware vehicles equipment equipmentmanualsprogressTotal
RM’000RM’000RM’000RM’000RM’000RM’000RM’000RM’000RM’000
1 January 2007
Disposals
Write off
Reclassification
899
78
-
-
(977) 1,285
341
-
-
977 10,727
638
(60)
-
-
1,326-
254
(159)
-
-
1,787
-
-
-
-
14,222 2,298
2,474
185
(144)
-
(1,844)
-
-
-
- 32,544
- 3,970
-
(363)
- (1,844)
-
-
At 31 December 2007
-
2,603
11,305
1,421
1,787
14,708
- 34,307
At 1 January 2006
1 January 2007
10,357
67,834
1,533
945
535
14,367
541 71,542 167,654
7,228
33,412
1,027
684
493
12,493
428 101,336 157,101
At 31 December 2007
4,250
20,834
1,593
627
493
17,722
653 14,167
2,483
Carrying amounts
136
60,339
ComputerFurniture,Library
software
fittings
booksCapital
CompanyFreehold
and
Motor and office
and work-in
land Buildings hardware vehicles equipment manuals progressTotal
CostNoteRM’000RM’000RM’000RM’000RM’000RM’000RM’000RM’000
At 1 January 2006
Additions
Disposals
Transfer to assets held for sale
13
Write off
8,127
-
-
-
-
30,464
-
(1,469)
(13,750)
-
1,726
15
-
-
-
638
-
-
-
-
1,773
704
(37)
-
(445) 4
-
-
-
-
25,542 68,274
63,781 64,500
- (1,506)
- (13,750)
-
(445)
Additions
13
Reclassification
8,127
-
-
(3,877) 15,245
-
(15,137)
3,877 1,741
32
-
-
638
-
-
-
1,995
4
-
-
4 89,323 117,073
- 28,194 28,230
- (117,517) (132,654)
-
-
-
At 31 December 2007
4,250
3,985
1,773
638
1,999
4
- 12,649
Representing items at:
Cost
Directors’ valuation - 1993
-
4,250
3,885
100
1,773
-
638
-
1,999
-
4
-
-
-
4,250
3,985
1,773
638
1,999
4
- 12,649
At 1 January 2006
Disposals
13
Write off
822
78
-
-
-
929
158
(192)
(885)
-
1,575
65
-
-
-
550
79
-
-
-
699
153
(15)
-
(194)
3
-
-
-
-
-
-
-
-
-
4,578
533
(207)
(885)
(194)
Reclassification
900
78
(978)
10
3
978 1,640
49
-
629
9
-
643
191
-
3
-
-
-
-
-
3,825
330
-
At 31 December 2007
-
991
1,689
638
834
3
-
4,155
At 1 January 2006
7,305
29,535
151
88
1,074
1
25,542 63,696
7,227
15,235
101
9
1,352
1
89,323 113,248
At 31 December 2007
4,250
2,994
84
-
1,165
1
8,299
4,350
Carrying amounts
-
8,494
137
3.1Revaluation
It is the Group’s policy to state property, plant and equipment at cost.
Certain freehold land and buildings of the Group are stated at Directors’ valuation based on a professional valuation on open market
basis conducted in December 1993. The surplus arising on revaluation has been taken to revaluation reserve.
In accordance with the transitional provisions issued by the Malaysian Accounting Standard Board (“MASB”) on the adoption of
FRS 116 Property, Plant and Equipment, the valuation of these assets have not been updated and they continue to be stated at
their existing carrying amounts less accumulated depreciation.
The Directors are of the view that the current market values of the revalued properties are not less than their net book values as at
31 December 2007.
Had the freehold land and buildings been carried at historical cost less accumulated depreciation, the carrying amount of the
revalued assets that would have been included in the financial statements at the end of the year are as follows:
Group
2007
2006
RM’000
RM’000
Company
2007
2006
RM’000
RM’000
Freehold land Apartments
4,250
97
4,250
98
4,250
97
4,250
98
4,347
4,348
4,347
4,348
The cost and carrying amount of freehold land is not segregated from buildings as the required records are not available.
3.2Security
At 31 December 2007, certain land and buildings, including capital work-in-progress of the Group and of the Company with the
cost of RM35,004,000 (2006 - RM117,682,000) and RM8,127,000 (2006 - RM106,412,000), respectively are charged to banks
as security for borrowings (see Note 16).
3.3 Borrowing costs
Included in capital work-in-progress of the Company is interest capitalised at rate of 4.65% (2006 - 4.65%) per annum for the year
of RM995,000 (2006 - RM1,447,835).
3.4Assets under hire purchase
The net carrying amount of property, plant and equipment of the Group as at year end held under hire purchase agreements
amounted to RM4,696,000 (2006 - RM716,000).
138
4.Intangible assets
Development
costsTotal
RM’000
RM’000
Group
Cost
Goodwill
RM’000
At 1 January 2006
Acquisition through business combination Effect of movement in exchange rates
37,527
149
-
5,541
-
(50)
43,068
149
(50)
Effect of movement in exchange rates
37,676
-
5,491
(38)
43,167
(38)
At 31 December 2007
37,676
5,453
43,129
At 1 January 2006 Amortisation for the year 7,869
-
3,983
992
11,852
992
Amortisation for the year 7,869
-
4,975
120
12,844
120
At 31 December 2007
7,869
5,095
12,964
Accumulated amortisation
Carrying amounts
At 1 January 2006
29,658
1,558
31,216
29,807
516
30,323
At 31 December 2007
29,807
358
30,165
With effect from 1 January 2006, the Group no longer amortises goodwill on consolidation. Such goodwill is tested annually for
impairment, including in the year of its initial recognition, as well as when there are indications of impairment. Impairment losses are
recognised when the carrying amount of the cash generating unit to which the goodwill has been allocated exceeds its recoverable
amount. Impairment loss is recognised in the income statement and subsequent reversal is not allowed.
Impairment testing for cash-generating units containing goodwill
For the purpose of impairment testing, goodwill is allocated to groups of companies acquired (“the Units”) at which the goodwill is
monitored for internal management purposes.
The recoverable amount for the above is based on value in use calculations using cash flow projections covering a five-year period
approved by the management.
139
4.Intangible assets (continued)
The following describes the key assumptions on which management has based its cash flow projections to undertake impairment
testing of goodwill:
•
There will be no material changes in the structure and principal activities of the Group.
•
There will not be any significant increase in the labour costs, adverse changes in the economic conditions or other abnormal
factors, which will adversely affect the operations of the Units.
• Statutory income tax rate - the rate for Malaysia is 27% for current year, 26% for year 2008 and thereafter 25%.There will be no
material changes in the present legislation or regulations, rates of duties, levies and taxes affecting the Units’s activities.
• Discount rate of 8% is applied in determining the recoverable amounts of the Units. The discount rate was estimated based on the
Group’s existing rate of borrowings.
5. Prepaid lease payments
Unexpired
period
more than
50 years
GroupTotal
NoteRM’000
Cost
At 1 January 2006
3
4,963
At 31 December 2006/1 January 2007, restated
4,963
At 31 December 2007
4,963
At 1 January 2006
3
-
At 31 December 2006/1 January 2007, restated
Amortisation for the year
6
At 31 December 2007
6
At 1 January 2006
4,963
4,963
At 31 December 2007
4,957
Accumulated amortisation
Carrying amounts
140
5. Prepaid lease payments (continued)
5.1Security
At 31 December 2007, the leasehold land has been charged to a licensed bank to secure banking facilities granted to the Group
(see Note 16).
6.Investment property
Apartment
Group and
Company
CostRM’000
At 1 January 2006
643
At 31 December 2006/1 January 2007/31 December 2007
643
At 1 January 2006
101
10
Depreciation for the year 111
10
At 31 December 2007
121
Carrying amounts
At 1 January 2006 542
532
At 31 December 2007
522
The Directors estimate the fair value of investment property based on comparable market value of similar property. Based on Directors’
estimation, the fair value of the apartment is RM684,000.
7.Investment in subsidiaries
Company
2007
2006
RM’000RM’000
At Cost :
Unquoted shares
Less: Impairment loss 71,366
(425)
71,366
(425)
70,941
70,941
141
7.Investment in subsidiaries (continued)
Details of subsidiaries are as follows:
Effective
ownership interest
Name of subsidiary
2007
2006
Principal activities
SEGi College (KL) Sdn. Bhd.
100%
100%
Provision of professional,
commercial and academic
education.
SEGi College of Technology (KL) Sdn. Bhd.
100%
100%
Provision of computer
training, commercial
and academic education.
SEGi College (PJ) Sdn. Bhd.
100%
100%
education.
SEGi College (PG) Sdn. Bhd.
100%
100%
commercial and
academic education.
SMRC Learning Alliance Sdn. Bhd.
100%
100%
Provision of educational and
training services.
SBT Professional Publications Sdn. Bhd. 100%
100%
Operation of a book centre, dealing
in all kinds of reading material,
information research and
related business.
SEG Equity Sdn. Bhd.
Investment holding.
100%
100%
SMRC Learning Alliance (EM) Sdn. Bhd. *
100%
100%
Provision of management
consultancy services and
investment holding.
Shaw Commercial Institution Sdn. Bnd.
Investment property holding.
100%
100%
Agensi Pekerjaan Job Venture Sdn. Bhd.
100%
100%
Provision of job placement
consultancy services.
SEG International Group Sdn. Bhd.
100%
100%
Provision of training and
education services.
SMRC Learning Alliance (PG) Sdn. Bhd. Dormant.
142
100%
100%
Effective
ownership interest
Name of subsidiary
2007
2006
SEGi Holdings Sdn. Bhd.
100%
100%
(formerly known as Berrington Bay
Corporation Sdn. Bhd.)
Investment holding and
management consultancy.
Prestige Front Sdn. Bhd. 100%
100%
Property investment and
property management.
SEGi College (M) Sdn. Bhd.
100%
100%
(formerly known as SEGi College
(SJ) Sdn. Bhd.)
education.
SMRC Learning Alliance (KL) Sdn. Bhd.*
100%
100%
Provision of educational
and training services.
SEGi College (Sarawak) Sdn. Bhd.*
100%
100%
Operation of an educational
institution for further studies.
IFPA Resources Sdn. Bhd. 100%
100%
Provision of financial planning
and financial related courses.
Summit Education Sdn. Bhd. 98.63%
98.63%
Investment holding and
management consultancy.
SEGi College (Subang Jaya) Sdn. Bhd.
98.63%
98.63%
(formerly known as Premier
Media Sdn. Bhd.)
Operation of an institute
providing educational
programmes.
Binary Mark Sdn. Bhd. Property investment.
98.63%
98.63%
Summit Multimedia Education
73.97%
73.97%
Sdn. Bhd. Operation of an institute
providing educational
programmes.
Summit Early Childhood 100%
100%
Edu-Care Sdn. Bhd. * Provision of child educational
and related services.
Pusat Kemahiran Maju Ria Sdn. Bhd.*
100%
100%
Provision of educational and
training services.
70%
70%
Edu-Care (Rawang) Sdn. Bhd.*
Provision of child educational
and related services.
143
Effective
ownership interest
Name of subsidiary
2007
2006
Prim Edu-Services Sdn. Bhd. 100%
100%
Investment holding.
SMRC Learning Alliance (PJ) Sdn. Bhd.
100%
100%
Provision of educational
and training services.
Sino-Malaysia EduCulture
Centre Sdn. Bhd. 100%
100% Provision of cross border
education and culture activities.
SEGi College Training
Centre (Kuching) Sdn. Bhd.* (formerly known as
Taska Sri Emas Sdn. Bhd)
100%
100%
Operation of a training centre
for vocational and professional
courses.
Worldwide Accreditation Ltd* #
100%
100%
Provision of licensing and
accreditation of education
programmes.
Systematic Training Network Sdn. Bhd.
70%
70%
Provision of education services.
SEGi Unisel Sdn. Bhd. * 42%
42%
Recruitment and placement of
students.
SEG International Training Sdn. Bhd. *
51%
51%
Provision of services in
information and computer
technologies.
SEGi Skills Development &
Placement Services Sdn. Bhd. *
100%
100%
Provision of training services.
SEGi Youth Training Sdn. Bhd. *
100%
100%
Provision of training services.
SEGi Methods Sdn. Bhd.*
70%
70%
Investment holding.
SEGi Jobs Sdn. Bhd.*
100%
100%
Dormant.
CEPI Resources (Selangor) Sdn. Bhd.*
49%
49%
Provide training services for
environment management and
protection.
SEGi-IGS Sdn. Bhd.*
70%
70%
Provision of education services.
All subsidiaries are incorporated in Malaysia except where indicated.
* Not audited by KPMG
# Incorporated in the Republic of Mauritius.
144
8.Investments in associates
Group
2007
2006
RM’000
RM’000
At cost:
Unquoted shares
Acquisition during the year
Written off during the year
Share of post-acquisition reserves Goodwill amortised
2,080
-
(39)
88
(278)
(1,145)
2,040
40
88
(278)
(145)
706
1,745
Represented by:
Group’s share of net assets other than goodwill
Goodwill on acquisition, less amortization & impairment
388
318
427
1,318
706
1,745
The associates of the Group are as follows:
Effective
PrincipalOwnership
CountryActivitiesInterest
2007
2006
%
%
Palm Leisure Sdn. Bhd.*
Upward Portfolio Sdn. Bhd.*
My Training Providers Sdn. Bhd.*
Malaysia
Malaysia
Malaysia
Dormant
Dormant
Dormant
30.00
-
40.00
30.00
39.45
40.00
* Not audited by KPMG
9.Other investments
Group
2007
2006
RM’000
RM’000
Company
2007
2006
RM’000
RM’000
Non-current
At cost:
Quoted shares (see note 27.1)
3,910
2,970
-
-
Unquoted bonds
Bonds redemption
Allowance for diminution in value
Written off
6,000
(1,400)
(400)
(2,280)
6,000
-
-
-
6,000
(1,400) (400) (2,280) 6,000
-
1,920
6,000
1,920
6,000
5,830
8,970
1,920
6,000
145
9.Other investments (continued)
Group
2007
2006
RM’000
RM’000
Company
2007
2006
RM’000
RM’000
Market value
Quoted shares
1,643
775
-
-
Current
At cost:
Quoted shares
147
174
-
-
Market value
Quoted shares
147
174
-
-
10.Deferred tax assets and liabilities
Recognised deferred tax assets and liabilities
Deferred tax assets and liabilities are attributable to the following:
AssetsLiabilitiesNet
2007
2006
2007
2006
2007
2006
RM’000
RM’000
RM’000
RM’000
RM’000
RM’000
Group
- capital allowances
- revaluation
Provisions
Tax loss carry-forwards
2,484
-
49
474
10
-
49
1,039
(1,591)
(283)
-
-
(1,714)
(356)
-
-
893
(283)
49
474
(1,704)
(356)
49
1,039
Tax assets/(liabilities)
3,007
1,098
(1,874)
(2,070)
1,133
(972)
Company
- revaluation
2,469
-
-
-
-
(283)
(356)
(288)
2,469
(283)
(356)
(288)
Tax assets/(liabilities)
2,469
-
(283)
(644)
2,186
(644)
146
10.Deferred tax assets and liabilities (continued)
Unrecognised deferred tax assets
Deferred tax assets have not been recognised in respect of the following items:
Group
2007
2006
RM’000
RM’000
Tax loss carry-forwards
Unabsorbed capital allowance
561
800
337
10
1,361
347
Deferred tax assets have not been recognised in respect of these items because it is not probable that future taxable profit will be
available against which the Group can utilise the benefits therefrom. Unutilised tax loss carry-forwards and unutilised capital allowance
carry-forwards amounting to RM561,000 and RM800,000 will not be available to the Group if there is substantial change in shareholders
(more than 50%).
Movement in temporary differences during the year
RecognisedRecognised
in income in income
At statementAt statementAt
1.1.2006
(Note 23) 31.12.2006
(Note 23) 31.12.2007
RM’000RM’000RM’000RM’000RM’000
Group
- revaluation
Provision
Tax losses carried forward
(2,011)
(294)
112
264
307
(62)
(63)
775
(1,704)
(356) 49
1,039
2,597
73
-
(565)
893
(283)
49
474
(1,929)
957
(972)
2,105
1,133
Company
- revaluation
(405)
(294)
49
6
(356)
(288)
2,825
5
2,469
(283)
(699)
55
(644)
2,830
2,186
147
11.Receivables, deposits and prepayment
Company
2007
2006
RM’000
RM’000
Non current
Other receivables
18,165
9,600
-
-
Current
Trade
Trade receivables
17,250
16,541
959
-
Non Trade
Other receivables, deposits and prepayments
Amount due from subsidiaries
Amount due from associate
Amount due from affiliated companies
21,681
-
3
1,125
31,051
-
3
1,222
15,180
45,935
3
1,125
16,184
40,833
3
1,222
40,059
48,817
63,202
58,242
11.1
The amounts due from subsidiaries are unsecured, interest free and repayable on demand except for advances to certain
subsidiaries amounting to RM43,490,000 (2006 - RM33,316,000), which bear interest at rates ranging from 1.00% to 8.50%
(2006 – 3.00% to 8.50%) per annum.
11.2
Included in the Group and the Company’s prepayment is an interest prepaid of RM142,000 (2006 - RM442,000) on term loan.
The prepayment will be amortised over the period of the term loan of five (5) years.
11.3
Included in the Group’s non-current other receivables is the amounts due from a guarantor of RM2,180,000 and RM1,000,000
on the profit guarantee for the acquisition of subsidiaries in prior years. The guarantor has undertaken to settle the outstanding
amounts by monthly instalments of RM100,000 commencing end January 2008.
11.4
Included in the Group’s non current and current other receivables are amounts due from former subsidiaries of RM12,295,000
(2006 - RM9,600,000) and RM1,375,000 (2006 – RM4,070,000) respectively. The buyer of the disposed subsidiaries has
undertaken to assume these debts and to settle them by instalments, provision of future training services and contra with
certain leasehold properties located in East Malaysia.
12.Inventories
Group
2007
2006
RM’000
RM’000
Inventories comprise text books and manuals, which are stated at cost.
148
13.Assets classified as held for sale
Prepaid lease payments and buildings are classified as held for sale upon the execution of the Sales and Purchase Agreement to
dispose of these properties. The completion of the sales is pending the payments of the remaining purchase price by the purchaser.
The sales is completed subsequent to year end (see note 34).
Details are as follows:
Group and
Company
Note
2007
2006
RM’000RM’000
At cost:
Buildings
3
3
14,960
117,694
12,865
132,654
12,865
14.Cash and cash equivalents
GroupCompany
2007
2006
2007
2006
RM’000RM’000RM’000RM’000
Cash and bank balances
Deposits placed with licensed banks
4,103
5,049
6,090
47
591
5,000
284
-
9,152
6,137
5,591
284
Deposits in the Group and the Company of RM5,049,000 and RM5,000,000 (2006 - RM47,000 and nil) have been pledged to licensed
banks for banking facilities granted to the Group and to the Company as disclosed in Note 16.
15.Equity
Share capital
Group and Company
NumberNumber
Amount
of sharesAmount
of shares
2007
2007
2006
2006
RM’000
‘000RM’000
‘000
Authorised:
Ordinary shares of RM1 each
100,000
100,000
100,000
100,000
Issued and fully paid:
Ordinary shares of RM1 each
89,093
89,093
89,093
89,093
149
15.Equity (continued)
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. In respect of the Company’s treasury shares that are held by the Group (see below), all rights are suspended
until those shares are reissued.
Translation reserve
The translation reserve comprises all foreign currency differences arising from the translation of the financial statements of foreign
operations.
Revaluation reserve
The revaluation reserve relates to the revaluation of property, plant and equipment prior to its reclassification as investment property.
Treasury shares
The shareholders of the Company, by an ordinary resolution passed in a general meeting held on 21 June 2007, approved the renewal
of Company’s plan to repurchase its own shares. The Directors of the Company are committed to enhancing the value of the Company
to its shareholders and believe that the repurchase plan can be applied in the best interests of the Company and its shareholders.
During the financial year, the Company repurchased 1,331,800 (2006 - 1,854,600) of its issued share capital from the open market. The
average price paid for the shares repurchased was RM0.79 (2006 - RM0.83) per share. The repurchase transactions were financed by
internally generated funds. The shares repurchased were retained as treasury shares.
Section 108 tax credit
Subject to agreement by the Inland Revenue Board, the Company has sufficient Section 108 tax credit and tax exempt income to frank
all of its distributable reserves at 31 December 2007 if paid out as dividends.
The Malaysian Budget 2008 introduced a single tier company income tax system with effect from year of assessment 2008. As such,
the Section 108 tax credit as at 31 December 2007 will be available to the Company until such time the credit is fully utilised or upon
expiry of the six-year transitional period on 31 December 2013, whichever is earlier.
16.Loans and borrowings
This note provides information about the contractual terms of the Group’s and Company’s interest bearing loans and borrowings. For
more information about the Group’s and the Company’s exposure to interest rate, see Note 27.
GroupCompany
2007
2006
2007
2006
RM’000RM’000RM’000RM’000
Non-current
Secured term loans
Unsecured term loan
Finance lease liabilities
3,212
20,000
2,944
46,786
20,000
339
-
20,000
-
43,059
20,000
-
26,156
67,125
20,000
63,059
150
16.Loans and borrowings (continued)
GroupCompany
2007
2006
2007
2006
RM’000RM’000RM’000RM’000
Current
Secured term loans
Secured revolving credit
Unsecured term loan
Bank overdraft - secured
Bank overdraft - unsecured
520
40,000
-
11,711
572
1,556
1,291
-
40,000
3,988
-
496
-
40,000 -
7,177
485
-
407
40,000
1,898
-
54,359
45,775
47,662
42,305
Term loans and bank overdrafts
The secured term loans and bank overdrafts of subsidiaries are charged against the leasehold land and building, a debenture
incorporating fixed and floating charge over all the assets, properties and undertakings of a subsidiary and corporate guarantee given
by the Company.
The secured bank overdraft of the Company is charged against the freehold land and building of the Company and certain buildings
of a subsidiary.
The term loans and bank overdrafts are subject to interest at rates ranging from 4.65% to 8.75% (2006 - 4.65% to 8.75%) and 7.00%
to 9.25% (2006 – 7.00% to 9.25%) per annum.
Revolving credits
The revolving credit of the Company is secured by pledge of fixed deposit of RM5,000,000 and the proceeds from the disposal of
prepaid lease payments and buildings as stated in Note 13. Revolving credits are subject to interest rate of 2.00% per annum above
the bankers’ cost of funds.
Finance lease liabilities of the Group are subject to interest at rates ranging from 2.08% to 5.85% (2006 - 3.00% to 5.85%).
151
Terms and debt repayment schedule
2007
2006
GroupCarryingUnder 1
1-2
2-5Over 5CarryingUnder 1
1-2
2-5Over 5
AmountYear
years
years
years amount
year
years
years
years
RM’000RM’000RM’000RM’000RM’000RM’000RM’000RM’000RM’000RM’000
Secured term loans
3,732
Secured revolving credit 40,000
Unsecured term loans
20,000
Secured bank
overdrafts
11,711
Unsecured bank
overdrafts
572
4,500
80,515
520
295
40,000
-
- 20,000
1,009
-
-
1,908
-
-
48,077
-
60,000
1,291
-
40,000
1,262 11,297 34,227
-
-
- 20,000
-
11,711
-
-
-
3,988
3,988
-
-
-
572
1,556
-
1,325
-
1,601
-
18
-
835
-
496
-
194
-
145
-
54,359
21,620
2,610
1,926 112,900
45,775
1,456
31,442
34,227
2007
2006
CompanyCarryingUnder 1
1-2
2-5Over 5CarryingUnder 1
1-2
2-5Over 5
AmountYear
years
years
years amount
year
years
years
years
RM’000RM’000RM’000RM’000RM’000RM’000RM’000RM’000RM’000RM’000
Secured term loans
-
Secured revolving credit 40,000
20,000
Secured bank
overdrafts
7,177
Unsecured bank
overdrafts
485
-
-
40,000
-
- 20,000
67,662
152
-
-
-
-
-
-
43,466
-
60,000
407
-
40,000
731 10,352 31,976
-
-
- 20,000
-
7,177
-
-
-
1,898
1,898
-
-
-
485
-
-
-
-
-
-
-
-
47,662
20,000
- - 105,364
42,305
731
30,352
31,976
Finance lease liabilities are payable as follows:
Minimum
Minimum
lease
lease
paymentsInterest
Principal paymentsInterest
Principal
2007
2007
2007
2006
2006
2006
GroupRM’000RM’000RM’000RM’000RM’000RM’000
Less than one year
Between one and five years
More than five years
1,824
3,175
18
(268)
(249)
-
1,556
2,926
18
529
385
-
(33)
(46)
-
496
339
-
5,017
(517)
4,500
914
(79)
835
17. Payables and accruals
GroupCompany
2007
2006
2007
2006
RM’000RM’000RM’000RM’000
Trade
1,095
1,028
-
-
Non Trade
Other payables and accrued expenses
Amount due to subsidiaries
71,945
-
15,867
-
62,537
20,466
6,905
14,940
73,040
16,895
83,003
21,845
17.1
17.2
The amounts due to subsidiaries are unsecured, interest free and repayable on demand.
17.3
Included in other payables and accrued expenses of the Group are amounts owing to contractors of RM1,072,000 (2006 - RM4,139,000)
for the construction of a campus.
17.4
Included in other payables and accrued expenses of the Group and the Company is partial deposit of RM59,223,000 (2006 - Nil)
received from the purchaser for the disposal of the prepaid lease payments and buildings by the Company as disclosed in Note 13.
Included in other payables and accrued expenses of the Group is an amount of RM631,000 (2006 - RM1,185,000) which
represents course fees received in advance.
153
18.Employee benefits
Share option plan
The Group offers vested share options over ordinary shares to Executive Directors and employees with more than one year service.
Movements in the number of share options held by employees are as follows:
Group and Company
2007
2006
’000
’000
Outstanding at 1 January Exercised
Lapsed
2,250
-
(2,250)
2,250
-
Outstanding at 31 December
-
2,250
The ESOS expired on 14 January 2007.
19.Treasury shares - at cost
Group and Company
2007
2007
2006
2006
Number
Number
of shares
of shares
’000RM’000
’000RM’000
Ordinary shares of RM1.00 each At 31 December
4,238
3,561
2,907
2,507
During the financial year, the Company repurchased 1,331,800 (2006 - 1,854,600) ordinary shares of its issued share capital from the
open market. The average price paid for the shares bought back was RM0.79 (2006 - RM0.83) per ordinary share. The share buy
back transactions were financed by internally generated funds. The shares bought back are held as treasury shares in accordance with
Section 67A of the Companies Act, 1965.
20.Revenue
GroupCompany
2007
2006
2007
2006
RM’000RM’000RM’000RM’000
Services
Management fee Rental income
Sales of manuals
Dividend income
84,989
-
756
518
-
72,185
-
1,503
542
-
4,724
3,206
8,876
-
5,132
1,507
2,353
3,962
3,900
86,263
74,230
21,938
11,722
154
21.Operating profit
GroupCompany
2007
2006
2007
2006
RM’000RM’000RM’000RM’000
Operating profit is arrived at after charging:
Allowance for diminution in value on investment in unquoted bonds
Investment in unquoted bonds written off Amortisation of development costs
Auditors’ remuneration:
- Statutory audit
- KPMG
- Other auditors
Allowance for diminution in value on investment in quoted shares
Bad debts written off
Depreciation of property, plant and equipment
Depreciation of investment property
Amortisation of prepaid lease payments
Investment in associate written off
Interest expense on:
- Bank overdraft
- Loans - Other borrowings
Loss on disposal of property, plant and equipment
Loss on disposal of assets held for sale
Property, plant and equipment written off Personnel expenses (including key management personnel):
- Contributions to Employees Provident Fund
- Wages, salaries and others
Rental expense on land and buildings
Rental of equipment
After crediting:
Gross dividends from:
- Unquoted subsidiaries
Rental income on land and buildings
Gain on disposal of property, plant and equipment
Write back of allowance for diminution in value on investment in quoted shares
Profit guarantee from guarantor
400
2,280
120
-
-
992
400
2,280
-
-
139
29
1,000
27
2,366
3,970
10
6
39
120
24
145
-
6,999
4,853
10
-
-
28
-
-
-
-
330
10
-
-
25
183
533
10
-
267
6,377
182
-
574
722
853
5,177
113
-
-
337
69
6,135
-
-
574
- 256
4,493
11
26
251
2,502
25,421
-
418
2,255
19,216
2,990
293
202
1,463
-
-
129
905
79
-
-
756
8
-
-
-
1,981
2,016
59
3,380
5,132
8,876
-
-
-
3,900
3,961
-
155
22. Key management personnel compensation
The key management personnel’s compensations are as follows:
GroupCompany
2007
2006
2007
2006
RM’000RM’000RM’000RM’000
Directors
- Fees
- Remuneration
Other short-term employee benefits
(including estimated monetary value of benefits-in-kind)
242
987
218
953
242
987
218
953
39
39
39
39
1,268
1,210
1,268
1,210
Other key management personnel:
- Wages, salaries and others
601
589
309
321
1,869
1,799
1,577
1,531
Other key management personnel comprise persons other than the Directors of the Company, having authority and responsibility for
planning, directing and controlling the activities of the entity either directly or indirectly.
23.Tax expense
Recognised in the income statement
GroupCompany
2007
2006
2007
2006
RM’000RM’000RM’000RM’000
Current tax expense/(income)
- current
- prior year
- section 110 set-off
Deferred tax (income)/expense
- origination and reversal of temporary differences
- prior year
156
1,807
(1,216)
(1,350)
2,475
(508)
-
652
197
-
548
(1)
-
(2,299)
194
(432)
(525)
(2,971)
141
(38)
(17)
(2,864)
1,010
(1,981)
492
23.Tax expense (continued)
GroupCompany
2007
2006
2007
2006
RM’000RM’000RM’000RM’000
Reconciliation of effective tax expense
Profit for the year
Total tax (income)/expense
5,343
(2,864)
1,858
1,010
3,423
(1,981)
67
492
Profit excluding tax 2,479
2,868
1,442
559
Tax calculated using Malaysian tax rates
1st RM500,000 at 20%*
Balance taxed at 27% (2006 - 28%)*
Effect of difference in tax rates in foreign jurisdictions
Non-deductible expenses
Tax incentives
Tax exempt income
Effect of deferred tax benefit not recognised
Other items
Section 110 set-off
(Over)/under provision in prior years
317
1,071
36
980
(2,927)
-
37
(6)
(1,350)
(1,022)
87
1,988
67
789
-
(1,016)
41
87
-
(1,033)
-
389
-
225
(2,927)
-
-
(6)
-
338
156
336
-
(2,864)
1,010
(1,981)
492
* With effect from year of assessment 2004, companies with paid-up capital of RM2.5 million and below at the beginning of the basis
period for a year of assessment are subject to corporate tax at 20% on chargeable income up to RM500,000.
The corporate tax rates are 27% for year of assessment 2007, 26% for year of assessment 2008 and 25% for the subsequent years of
assessment. Consequently deferred tax assets and liabilities are measured using these tax rates.
24.Earnings per share
Basic earnings per share
The calculation of basic earnings per share at 31 December 2007 was based on the profit attributable to ordinary shareholders and a
weighted average number of ordinary shares outstanding calculated as follows:
Group
2007
2006
RM’000RM’000
Profit for the year attributable to shareholders
5,156
2,073
157
24.Earnings per share (continued)
Basic earnings per share (continued)
Group
2007
2006
RM’000RM’000
Issued ordinary shares at 1 January
Effect of treasury shares held
86,186
(727)
88,041
(543)
Weighted average number of ordinary shares at 31 December
85,459
87,498
Basic earnings per share (sen)
From continuing operations
6.03
2.37
Diluted earnings per share
In 2006, the diluted earnings per share is anti-dilutive and therefore not shown. As stated in Note 18, the ESOS expired on 14 January
2007 hence the computation and disclosure of diluted earnings per share is therefore not applicable.
25.Dividends
Dividends recognised in the current year by the Company are:
SenTotal
per share
amountDate of
(net of tax)RM’000
payment
2007
Final 2006 ordinary
1.46
1,245
15 August 2007
2006
Final 2005 ordinary
1.44
1,262
8 August 2006
After the balance sheet date the following dividends were proposed by the Directors. These dividends will be recognised in subsequent
financial reports upon approval by the shareholders.
Group
Sen perTotal
share
amount
(net of tax)RM’000
Final ordinary
158
1.48
1,243
26.Segmental information
The Group’s turnover and profit are derived mainly from educational activities in Malaysia and accordingly no segment reporting is
presented.
27. Financial instruments
Financial risk management objectives and policies
Exposure to credit, interest rate, currency and liquidity risk arises in the normal course of the Group and the Company’s business.
Credit risk
Management has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis.
At balance sheet date, there were no significant concentrations of credit risk, except for 98% (2006 - 28%) of trade receivables which
represent loan disbursements outstanding from the various government educations funds.
Interest rate risk
The Group borrows for operations at fixed and variable rates using its term loans and overdraft facilities. At balance sheet date, approximately 25% (2006 - 91%) and 30% (2006 - 98%) of the Group and of the Company’s borrowings, respectively, are on a fixed
rate basis.
Foreign currency risk
The Group is exposed to foreign currency risk on transactions entered into by a foreign subsidiary that is denominated in US dollars.
The Company does not hedge these exposures by purchasing forward currency contracts at present. However, the Board is keeping
this policy under review.
Liquidity risk
The Group monitors and maintains a level of cash and cash equivalents deemed adequate by management to finance the Group’s
operations and to mitigate the effects of fluctuations in cash flows.
159
27.Financial instruments (continued)
Effective interest rates and repricing analysis
In respect of interest-earning financial assets and interest-bearing financial liabilities, the following table indicates their average effective
interest rates at the balance sheet date and the periods in which they mature, or if earlier, reprice.
GroupAverageLess
effective
than
1 - 2
2 – 3
3 - 4
4 - 5Over 5
interest rateTotal
1 year
years
years
years
years
years
% RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
2007
Fixed rate instruments
Deposits
Floating rate instruments
Secured term loans
Secured overdrafts
Unsecured overdrafts
3.00
5.50
49
(20,000)
49
-
-
(20,000)
-
-
-
-
-
-
-
6.28
6.47
7.99
7.64
(40,000) (40,000)
(3,732)
(520)
(11,711) (11,711)
(572)
(572)
-
(295)
-
-
-
(217)
-
-
-
(260)
-
-
-
(532)
-
-
(1,908)
-
2006
Deposits
Secured term loans
3.00
7.50
4.65
47
47
(60,000) (40,000)
(43,466)
(407)
-
-
- (20,000)
(731) (3,179)
-
-
(3,470)
Secured term loans
Secured overdrafts
7.25
8.43
160
(4,611)
(3,988)
(884)
(3,988)
(531)
-
(946)
-
(217)
-
-
-
(3,702) (31,977)
(260)
-
(1,773)
-
CompanyAverageLess
effective
than
1 - 2
2 – 3
3 - 4
4 - 5Over 5
interest rateTotal
1 year
years
years
years
years
years
% RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000
2007
Advance to subsidiaries
2.51
5.50
43,490
(20,000)
Secured overdrafts
Unsecured overdrafts
7.75
6.28
8.25
(7,177) (7,177)
(40,000) (40,000)
(485)
(485)
2006
Advance to subsidiaries
Secured term loans
5.48
7.75
4.65
33,316 33,316
(60,000) (40,000)
(43,466)
(407)
Secured overdrafts
8.25
43,490
-
- (20,000)
(1,898)
(1,898)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
- (20,000)
(731) (3,179)
-
-
(3,470)
-
-
-
-
-
-
-
(3,702) (31,977)
-
-
-
Fair values
The fair values of other financial assets and liabilities, together with the carrying amounts shown in the balance sheets, are as follows.
Group
2007
2007
2006
2006
Carrying
Fair Carrying
Fair
amount
value
amount
value
RM’000RM’000RM’000RM’000
Financial assets
Investment in quoted shares
Unquoted bonds
3,910
1,920
1,643
*
2,970
6,000
775
*
5,830
1,643
8,970
775
Financial liabilities
Secured term loans
40,000
3,733
20,000
40,000
2,372
19,531
-
48,077
60,000
44,940
58,626
63,733
61,903
108,077
103,566
161
Company
Financial assets
Unquoted bonds
Financial liabilities
Unsecured term loan:
RM fixed rate loan
2007
2007
2006
2006
Carrying
Fair Carrying
Fair
amount
value
amount
value
RM’000RM’000RM’000RM’000
1,920
*
6,000
*
40,000
40,000
43,059
41,830
20,000
19,532
60,000
58,626
60,000
59,532
103,059
100,456
27.1Investment in quoted shares
The Directors are of the view that the quoted market price as at 31 December 2007 is not indicative of the fair value of the quoted
investment mainly due to the following reasons:
(i) the quoted investment was acquired with the intention to hold for long term investment purpose;
(ii) the decline in valuation of the investment in quoted shares is temporary;
(iii) subsequent to the Company’s financial year end, the investee company announced the completion of a major corporate
exercise which could potentially contribute to the growth and improvement of the investee company’s business in the longterm.
In assessing the fair value of the said quoted investment as at 31 December 2007, the Directors took into consideration the
factors mentioned above.
27.2 Investment in unquoted bonds
*It was not practicable to estimate the fair value of investment in unquoted bonds.
27.3 Other financial instruments
For other financial instruments of the Group and the Company listed above, fair value has been determined by discounting the relevant cash flows using current interest rates for similar instruments at the balance sheet date.
162
28.Operating leases
Leases as lessee
Non-cancellable operating lease rentals are payable as follows:
GroupCompany
2007
2006
2007
2006
RM’000RM’000RM’000RM’000
Less than one year Between one and five years
More than five years
4,345
13,728
36,568
4,345
18,073
42,824
4,345 13,728
36,568
4,345
18,073
42,824
54,641
65,242
54,641
65,242
The Group leases a 12-storey building and two blocks of 5½-storey commercial buildings under operating leases. The leases typically
run for a period of 15 years and 10 years respectively, with an option to renew the lease after that date. Lease payments are increased
every 3 years and 2 years respectively to reflect market rentals.
29.Commitments
GroupCompany
2007
2006
2007
2006
RM’000RM’000RM’000RM’000
Capital commitment
Property, plant and equipment authorised and contracted for
-
23,190
-
23,190
30.Contingent liabilities
Company
2007
2006
RM’000RM’000
Guarantees and contingencies relating to borrowings of:
Subsidiaries-secured
4,638
3,037
The Company has undertaken to provide financial support to certain subsidiaries to enable them to continue to operate as going
concerns.
163
31.Related parties
Identity of related parties
For the purposes of these financial statements, parties are considered to be related to the Group if the Group has the ability, directly or
indirectly, to control the party or exercise significant influence over the party in making financial and operating decisions, or vice versa,
or where the Group and the party are subject to common control or common significant influence. Related parties may be individuals
or other entities.
Key management personnel are defined as those persons having authority and responsibility for planning, directing and controlling the
activities of the Group either directly or indirectly. The key management personnel includes all the Directors of the Group, and certain
members of senior management of the Group.The Group has a related party relationship with its subsidiaries (see Note 7) and associate
(see Note 8).
Transactions with Directors
Significant transactions and balances with companies in which Directors, Dato’ (Dr) Patrick Teoh Seng Foo and close members of his
family and Dato’ Clement Hii Chii Kok have interest other than those disclosed elsewhere in the financial statements are as follows:
GroupCompany
2007
2006
2007
2006
RM’000RM’000RM’000RM’000
Balances in respect of non-trade transactions
Amounts due from:
EcoFirst Consolidated Group of Companies
in respect of liquidated ascertained
damages claim and profit guarantee.
4,718
4,605
1,126
1,169
Transactions:
EcoFirst Consolidated Group of Companies
Profit guarantee from guarantor
-
3,380
-
-
These transactions have been entered into in the normal course of business and have been established at negotiated rates.
164
31.Related parties (continued)
The significant related party transactions of the Company, other than key management personnel compensation, are as follows:
CompanyAllowance Bad or doubtful
Transactions Gross balanceNet balance
for doubtful
receivables
amount for
outstanding
outstanding
receivables recognised for
the year ended
at
at
at the year ended
31 December 31 December 31 December 31 December 31 December
2007RM’000
RM’000
RM’000RM’000RM’000
Subsidiaries
Transactions
Rental Service charge
Management fee
Examination fee
Advances
Subsidiaries
Balances in respect of non-trade transaction
Amount due from:
SMRC Learning Alliance (EM) Sdn. Bhd.
SMRC Learning Alliance (KL) Sdn. Bhd.
SEGi College (Sarawak) Sdn. Bhd.
SEGi-IGS Sdn. Bhd.
Edu-Care Sdn. Bhd.
Amount due to:
SEGi College of Technology (KL)
Sdn. Bhd.
Prestige Front Sdn. Bhd.
Shaw Commercial Institution Sdn. Bhd.
Binary Mark Sdn. Bhd.
Worldwide Accreditation Ltd 8,120
192
3,206
1,355
(792)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
7,166
2,257
1,571
12,465
9,142
1,874
1,001
1,142
1,520
7,166
2,257
1,571
12,465
9,142
1,874
1,001
1,142
1,520
-
-
-
-
-
-
-
-
-
-
-
-
2,433
2,773
2,433
2,773
-
-
-
-
3,967
3,967
-
-
-
-
-
-
-
-
1,938
2,101
1,427
1,381
1,079
7,766
1,938
2,101
1,427
1,381
1,079
7,766
-
-
-
-
-
-
-
165
31.Related parties (continued)
The significant related party transactions of the Company, other than key management personnel compensation, are as follows:
CompanyAllowance Bad or doubtful
Transactions Gross balanceNet balance
for doubtful
receivables
amount for
outstanding
outstanding
receivables recognised for
the year ended
at
at
at the year ended
31 December 31 December 31 December 31 December 31 December
2006RM’000
RM’000
RM’000RM’000RM’000
Subsidiaries
Transactions
Rental Service charge
Management fee
Examination fee
Advances
Subsidiaries
Balances in respect of non-trade transaction
Amount due from:
SMRC Learning Alliance (EM) Sdn. Bhd.
SMRC Learning Alliance (KL) Sdn. Bhd.
SEGi College (Sarawak) Sdn. Bhd.
SEGi-IGS Sdn. Bhd.
Edu-Care Sdn. Bhd.
Amount due to:
SEGi College of Technology (KL)
Sdn. Bhd.
Prestige Front Sdn. Bhd.
Shaw Commercial Institution Sdn. Bhd.
Binary Mark Sdn. Bhd.
Worldwide Accreditation Ltd 166
2,459
180
2,353
1,230
6,140
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
7,396
1,300
1,593
14,387
3,667
557
2,555
596
1,524
7,396
1,300
1,593
14,387
3,667
557
2,555
596
1,524
-
-
-
-
-
-
-
-
-
-
-
-
2,176
2,345
2,176
2,345
-
-
-
-
3,169
3,169
-
-
-
-
-
-
-
-
459
1,427
932
385
1,079
6,647
459
1,427
932
385
1,079
6,647
-
-
-
-
-
-
-
32.Acquisition of subsidiaries
Acquisition
In 2006, the Group acquired 70% of the shares in SEGi-IGS Sdn. Bhd. and CEPI Resources (Selangor) Sdn. Bhd. for RM200,000 and
RM300,000 satisfied in cash respectively. SEGi-IGS Sdn. Bhd. is involved in provision of education services, where as CEPI Resources
(Selangor) Sdn. Bhd. is involved in provision of training services for environment management and protection.
The fair values of assets and liabilities assumed in the acquisition of subsidiaries and their cash flow effects are as follows:
Acquisition
2007
2006
RM’000RM’000
Current assets
Current liabilities
-
-
504
(5)
Net assets
Goodwill on acquisition
Less: Minority interest
-
-
-
499
149
(148)
Considerations
Cash acquired
-
-
500
(500)
Net cash inflow
-
-
Effect of acquisition
The acquisition of subsidiaries had no effect on the Group’s operating results for 31 December 2006 and had the following effect on the
Group’s assets and liabilities as at 31 December 2006.
Acquisition
2007
2006
RM’000RM’000
Balance sheets:
Current assets
Current liabilities
-
-
504
(5)
Net assets disposed/acquired
Minority interest
-
-
499
(148)
Increase in the Group’s net
assets at the end of financial year
-
351
167
32.Acquisition of subsidiaries (continued)
Acquisition of minority interest
In March 2006 the Group acquired an additional 30% interest in SEGi Youth Training Sdn. Bhd. for RM75,000 in cash, increasing
its ownership from 70% to 100%. The carrying amount of SEGi Youth Training Sdn. Bhd.’s net assets in the consolidated financial
statements on the date of the acquisition was RM68,000.
In 2006, a wholly owned subsidiary, SEGi Methods Sdn. Bhd. issued shares to a minority shareholder. This resulted in the Group’s
equity shareholdings in SEGi Methods Sdn. Bhd. being diluted from 100% to 70%. The impact of this transaction is not material to the
consolidated financial statements.
33.Comparative figures
Certain comparative figures have been reclassified as a result of changes in accounting policies following the adoption of FRS 117,
Leases as stated in Note 5 to conform with the presentation requirements of FRS 101, Presentation of Financial Statements.
As
As previously
restated
stated
RM’000RM’000
157,101
4,963
162,064
-
Leasehold land normally has an indefinite economic life and title is not expected to pass to the lessee by the end of the lease term
is treated as an operating lease. The payment made on entering into or acquiring a leasehold land is accounted for as prepaid lease
payments.
34.Subsequent event
On 6 September 2007, SEG International Berhad (“SEGi”) had entered into a sale and purchase agreement (‘SPA”) with CIMB Trustee
Berhad (“CIMB Trustee”), being the trustee of AmanahRaya Real Estate Investment Trust (“ArREIT”), to dispose a piece of land in Mukim
of Sungai Buloh measuring approximately 425,146 square feet (“Land”), an institutional building complex known as SEGi College
erected on the Land and fixtures, fittings, plants and equipment (collectively referred to as the “Property”) for a total cash consideration
of RM145 million. The prepaid lease payments and building have been classified as an asset held for sale during the year under review
(see Note 13).
Concurrently, SEGi and CIMB Trustee had also entered into a lease agreement wherein SEGi agreed to lease the above Property from
CIMB Trustee for a period of ten (10) years from the completion date of the SPA, extendable at SEGi’s option for a further five (5) years
at a revised rental to be mutually agreed upon (“Lease Agreement”).The Proposed Disposal has been completed on 3 January 2008
whilst the Lease Agreement has commenced on even date with a monthly rental of RM870,000.
168
Group Properties
as at 31 December 2007
No. AddressApproximate Areas/Existing TenureApproximateNBV as atDate of
DescriptionUseAge of 31/12/2007Revaluation/
Building (years)
(RM’000)Acquisition
Owned by Company
33-35 Jalan Hang Lekiu
4,515 sq ft land area Education
50100 Kuala Lumpur
with a 9-storey Centre
commercial building
16 Jalan 5/101C
2,228 sq ft built-up Office
Off Jalan Kaskas 1
area of 4 office suites
Cheras Business Centre
56000 Cheras, Kuala Lumpur
Freehold
30
7,150
14/12/1993
Leasehold
Expiry date @
07/12/2077
10
391
25/08/1995
36-4, 4th Floor Block B
2,910 sq ft built-up Residential
Jalan Senohong
area of an apartment
Taman Cantik, Cheras
56100 Kuala Lumpur
Leasehold
Expiry date @
18/01/2076
27
97
08/01/1993
26-3, 3rd Floor Block A
Jalan Senohong
56100 Kuala Lumpur
Leasehold
Expiry date @
18/01/2076
27
64
04/04/1994
28-3, 3rd Floor Block A
Jalan Senohong
56100 Kuala Lumpur
Leasehold
Expiry date @
18/01/2076
27
64
04/04/1994
47810 Petaling Jaya
Selangor
Leasehold
of 99 years
1
132,654
22/12/2003
Leasehold
Expiry date @
13/08/2785
31
10,460
13/06/2001
South City Plaza
21,986 sq ft built-up Training
Lot 3.09a, 3rd Floor
area of shoplot space
Centre
Taman Serdang Perdana
Section 1
Selangor
Leasehold
Expiry date @
09/11/2093
4
8,453
03/07/1998
South City Plaza
15,482 sq ft built-up Training
Lot 3.09b, 3rd Floor
area of shoplot space
Centre
Taman Serdang Perdana
Section 1
Selangor
Leasehold
Expiry date @
09/11/2093
4
5,956
08/01/1999
Lot 196 & 444, Block 16
3.69 acres of land
Vacant
KCLD, Jalan Tun Jugah
Kuching, Sarawak
Leasehold
Expiry date @
Lot 196 - 31/12/2026
Lot 444 - 31/12/2024
-
10,007
28/12/2004
9.76 acres of land with an institutional complex
Education
Campus
Owned by Subsidiaries
211 Jalan Bukit Mata Kuching 22,081 sq ft land area Education
with 6-storey building
Centre
169
ANALYSIS OF
SHAREHOLDINGS
as at 30 April 2008
Authorised Share Capital
Issued and Fully Paid-up Share Capital
Class of shares
Voting rights
: RM100,000,000
: RM83,963,455
(Excluding treasury shares of 5,129,300)
: Ordinary shares of RM1.00 each
: One vote per ordinary share
Distribution Schedule of Shareholdings
Size of shareholdingsNo. of
shareholders
% ofNo. of
shareholders
shares held
% of
issued capital
1 – 99
100 – 1,000
1,001 – 10,000
10,001 – 100,000
100,001 – less than 5% of issued shares
5% and above of issued shares 25
351
1,580
315
63
4
1.07
15.01
67.58
13.47
2.69
0.17
845
285,679
5,661,512
9,094,823
39,372,608
29,547,988
0.00
0.34
6.74
10.83
46.89
35.19
TOTAL
2,338
100.00
83,963,455
100.00
Substantial Shareholders as at 30 April 2008
According to the register required to be kept under Section 69L of the Companies Act, 1965, the following are the substantial shareholders
(excluding bare trustees) of the Company:No. of shares held
Name of ShareholdersDirect
%Indirect
1. EcoFirst Consolidated Berhad (“EcoFirst”)
20,620,025
24.56
2,235,000## 2. Koperasi Pegawai-pegawai Melayu Malaysia Bhd (“MOCCIS”) 15,226,865
18.14
-
3. Dato’ (Dr.) Patrick Teoh Seng Foo
507,000
0.60
22,855,025**
4. Dato’ Clement Hii Chii Kok 945,500
1.13
22,855,025**
5. Dato’ Pahamin A. Rajab
767,800
0.91
15,226,865*
6. Datin Fadzilah bte Saad
-
-
15,226,865*
7. Abdullah Kamal bin Shafi’i
10,000
0.01
18,982,078+
Directors’ Shareholdings
No. of shares held
Name of DirectorsDirect
%Indirect
1. Dato’ Pahamin A. Rajab
767,800
0.91
15,226,865*
2. Dato’ (Dr.) Patrick Teoh Seng Foo
507,000
0.60
22,855,025**
3. Dato’ Clement Hii Chii Kok 945,500
1.13
22,855,025**
4. Dato’ Seri Megat Najmuddin bin Dato’ Seri Dr. Haji Megat Khas
297
-
-
5. Datin Fadzilah bte Saad
-
-
15,226,865*
6. Abdullah Kamal bin Shafi’i
10,000
0.01
18,982,078+
%
2.66
27.22
27.22
18.14
18.14
22.61
%
18.14
27.22
27.22
18.14
22.61
## Deemed interest by virtue of shares held by Sawitani Sdn Bhd, a wholly-owned subsidiary of EcoFirst
** Deemed interest by virtue of shares held by EcoFirst and Sawitani Sdn Bhd in which the Director(s) is/are deemed to have an interest
* Deemed interest by virtue of shares held by MOCCIS in which the Director(s) is/are deemed to have an interest
+ Deemed interest by virtue of shares held by MOCCIS and Ladang MOCCIS Sdn Bhd in which the Director is deemed to have an interest
170
ANALYSIS OF SHAREHOLDINGS
as at 30 April 2008
Thirty Largest Shareholders
Name of shareholdersNo. of shares
1. Minister of Finance
Akaun Jaminan Pinjaman Kerajaan Persekutuan
2. Alliancegroup Nominees (Tempatan) Sdn Bhd
Alliance Merchant Nominees (Tempatan) Sdn Bhd for Kumpulan Emas Berhad
3. Mayban Nominees (Tempatan) Sdn Bhd
Aseambankers Malaysia Berhad for Koperasi Pegawai-Pegawai Melayu Malaysia Berhad
4. CIMB Group Nominees (Tempatan) Sdn Bhd
Pledged Securities Account for EcoFirst Consolidated Bhd
5. Ladang MOCCIS Sdn Bhd
6. Kumpulan Wang Simpanan Guru-Guru
7. Public Nominees (Tempatan) Sdn Bhd
8. Koperasi Permodalan Felda Berhad
9. CIMB Group Nominees (Tempatan) Sdn Bhd
Pledged Securities Account for Sawitani Sdn Berhad
10.Mayban Nominees (Tempatan) Sdn Bhd
Malaysian Trustees Berhad for AMB Smallcap Trust Fund
11.TA Nominees (Tempatan) Sdn Bhd
Pledged Securities Account for EcoFirst Consolidated Bhd 12.PFM Capital Sdn Bhd
13.Kenanga Nominees (Tempatan) Sdn Bhd
Pledged Securities Account for Rexter Capital Sdn Bhd 14.Khor Meow Siang
15.Lembaga Tabung Angkatan Tentera
Pledged Securities Account Purewise Sdn Bhd 17.HSBC Nominees (Asing) Sdn Bhd
Exempt An for Credit Suisse 18.OSK Nominees (Tempatan) Sdn Berhad
19.PFM Capital Sdn Bhd
20.Inter-Pacific Equity Nominees (Tempatan) Sdn Bhd
Pancaran Abadi Sdn Bhd for EcoFirst Consolidated Bhd
21.Pahamin AB Rajab 22.Mah Ming Yuet
23.Tan Chee Sing 24.TA Nominees (Tempatan) Sdn Bhd
Pledged Securities Account for Hii Chii Kok @ Hii Chee Kok 25.ECML Nominees (Tempatan) Sdn Bhd
Perdana Technology Venture Sdn Bhd
26.SBB Nominees (Tempatan) Sdn Bhd
Yayasan Mohd Noah
27.Mayban Securities Nominees (Tempatan) Sdn Bhd
Pledged Securities Account for Rahmat Suffian
28.HDM Nominees (Tempatan) Sdn Bhd
29. Kee Ju-Hun
Pledged Securities Account for Diana Lim
%
8,826,865
10.51
7,490,000
8.92
7,000,000
8.34
6,231,123
3,155,213
2,840,000
7.42
3.76
3.38
2,674,000
2,414,700
3.18
2.88
2,100,000
2.50
1,963,200
2.34
1,650,000
1,639,500
1.97
1.95
1,246,500
997,200
958,000
1.48
1.19
1.14
936,400
1.12
850,900
1.01
832,286
811,000
0.99
0.97
774,616
767,800
704,383
683,200
0.92
0.91
0.84
0.81
676,000
0.81
558,600
0.67
540,000
0.64
535,000
0.64
484,000
459,000
0.58
0.55
450,000
0.54
171
Appendix A
Notice of
Nomination of Auditors
Lim Lay Keow
15 Jalan 47 Kawasan 19
Off Jalan Meru
41050 Klang
12 May 2008
The Board of Directors
SEG International Berhad
Dear Sirs
Notice of Nomination of Messrs. Horwath as Auditors
I, Lim Lay Keow, being a shareholder of the Company, hereby give notice pursuant to Section 172 (11) of the Companies Act, 1965 of my
intention to nominate Messrs. Horwath (AF 1018) for appointment as auditors of the Company and to propose the following as an ordinary
resolution to be tabled at the forthcoming annual general meeting of the Company, to replace the retiring auditors, Messrs. KPMG:
“THAT Messrs. Horwath (AF 1018) be and are hereby appointed as Auditors of the Company in place of the retiring Auditors, Messrs.
KPMG, and to hold office until the conclusion of the next Annual General Meeting at a remuneration to be determined by the Directors.”
Yours faithfully,
Lim Lay Keow
172
(Incorporated in Malaysia)
145998-U
Form of Proxy
I/We
of
being a member/members of SEG International Bhd hereby appoint
of
or failing him/her
of
or failing him/her, the Chairman of the meeting as my/our proxy to vote for me/us on my/our behalf at the Twenty-Second Annual General
Meeting of the Company to be held at Room 2.7, Level 2, Right Wing, SEGi College Malaysia, No. 9, Jalan Teknologi, Taman Sains Selangor,
Kota Damansara, PJU 5, 47810 Petaling Jaya, Selangor Darul Ehsan on Wednesday, 25 June 2008 at 3.00 p.m. and at any adjournment
thereof.
My/Our proxy is to vote either on a show of hands or on a poll as indicated below with an “X”:
RESOLUTION
1. Adoption of the Audited Financial Statements and Reports
2. Declaration of a final dividend of 2 sen per ordinary share less income tax at 26%
3. Approval of the payment of Directors’ Fee
4.
Appointment of Auditors and to authorise the Directors to fix their remuneration.
5.
Authority pursuant to Section 132D of the Companies Act, 1965 for Directors to issue
shares
6.
Proposed renewal of authority for the purchase of its own shares
FOR
AGAINST
Dated this __________ day of __________________________ 2008
Number of shares held
Signature of member(s)
Notes:
1. If you wish to appoint other person(s) to be your proxy, delete the words “the Chairman of the meeting” and insert the name(s) and address(es) of the person(s)
desired in the space so provided.
2. If there is no indication as to how you wish your vote(s) to be cast, the proxy will vote or abstain from voting at his/her discretion.
3. A proxy may but need not be a member of the Company and the provision of Section 149(1)(b) of the Companies Act, 1965 shall not apply to the Company.
4. A member shall not be entitled to appoint more than two proxies to attend and vote at the same meeting. Where two proxies are appointed, the proportions of
shareholdings to be represented by each proxy must be specified in order for the appointments to be valid.
5. Where a member of the Company is an authorised nominee as defined under the Securities Industry (Central Depositories) Act, 1991, it may appoint at least one
proxy in respect of each securities account it holds with ordinary shares of the Company standing to the credit of the said securities account.
6. If the appointor is a corporation, this form must be executed under its Common Seal or under the hand of its Attorney.
7. All Forms of Proxy must be duly executed and deposited at the Registered Office of the Company at 5th Floor, SEGi College, Persiaran Kewajipan, USJ1, 47600
UEP Subang Jaya, Selangor Darul Ehsan not less than 48 hours before the time for holding the Meeting or adjourned meeting.
Fold this flap for sealing
1st fold here
Stamp
SEG International Bhd
5th Floor, SEGi College, Persiaran Kewajipan, USJ 1
47600 UEP Subang Jaya, Selangor Darul Ehsan
2nd fold here
SEGi EDUCATION NETWORK
SEGI GROUP OF COLLEGES
47810 Petaling Jaya
Toll free: 1800-88-7344
Tel : +603 6145 1777
Fax : +603 6145 1666
infokd@segi.edu.my
Tel : +603 8600 1888
Fax : +603 8600 1999
infosj@segi.edu.my
33 – 35, Jalan Hang Lekiu
50100 Kuala Lumpur
Tel : +603 2070 2078
Fax : +603 2034 2759
infokl@segi.edu.my
SEGi College Seri Kembangan
Tel : +603 8948 4811
Fax : +603 8945 4066
infosk@segi.edu.my
SEGi College Penang
Wisma Green Hall
43 Green Hall
10200 Penang
Tel : +604 263 3888
+604 262 8127
Fax : +604 262 2193
infopg@segi.edu.my
211, Jalan Bukit Mata Kuching
Tel : +6082 252 566
Fax : +6082 231 355
infoswk@segi.edu.my
SEGi
LEADERSHIP CENTRE
SEGi Leadership Centre Malacca
Nusa Dusun Orchard Resort,
Tanjung Agas Kuala Linggi,
78300 Kuala Sungai Baru, Melaka
Tel : +603 2261 4808 (Marketing)
Fax : +603 2261 4778
ask@slc2u.com
SEGi GROUP OF
TRAINING CENTRES
Tel : +603 8948 4811
Fax : +603 8945 4066
22, Blok D
Jalan Sungai Chandong 19
Bandar Armanda Putra
Pulau Indah
42009 Perlabuhan Klang, Selangor
Tel : +603-3101 3970
Fax : +603-3101 3913
SEGi Training Centre Kuala Lumpur
41, Jalan Hang Lekiu
50100 Kuala Lumpur
Tel : +603 2078 1518
Fax : +603 2078 2588
SEGi Training Centre Bukit Mertajam
No 25 & 27
Jalan Permatang Rawa 1
Kawasan Perniagaan Rawa
14000 Bukit Mertajam
Seberang Prai, Pulau Pinang
Tel : +604 5401 887/5401 886
Fax : +604 5401 889
SEGi Training Centre Kuching
Lot 9603-9611, Jalan Pending
Tel : +6082 338 816
Fax : +6082 339 816
SEGi
BUSINESS UNITS
IFPA Resources Sdn Bhd
Tel : +603 8600 1777
Fax : +603 8605 3999
info@ifpa.com.my
I-Station Solutions Sdn Bhd
Suite 2A-23A-2, Tingkat 23A
Block 2A, Plaza Sentral
Jalan Stesen Sentral 5
Kuala Lumpur Sentral
50450 Kuala Lumpur
Tel : +603 2261 4428
Fax : +603 3361 4778
oliverchen@i-station.com.my
Edu-Care Sdn Bhd
Tel : +603 8600 1777
Fax : +603 8605 3999
irenefoo@segi.edu.my
Agensi Pekerjaan Job Venture Sdn Bhd
5th Floor, No. 9, Jalan Teknologi
47810 Petaling Jaya
Tel : +603 6145 2777
Fax : +603 6145 2666
info@job-venture.net
SMRC Learning Alliance Sdn Bhd
Tel : +603 8600 1777
Fax : +603 8605 3999
info@smrc2u.com
SBT Professional Publications Sdn Bhd
47810 Petaling Jaya
Tel : +603 6145 2777
Fax : +603 6145 2666
sbt@segi.edu.my
South City Lifelong Learning Centre
3rd Floor, South City Plaza
Taman Serdang Perdana, Seksyen 1
Tel : +603 8943 8186
Fax : +603 8943 8981
sclll.info@gmail.com
Worldwide Accreditation Ltd
Les Cascades Building
Edith Cavell Street
Port Louis, Mauritius

Untitled - Investor @ NET

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