MK Land clarifies

MK Land clarifies

Lai Fook Pui

WE refer to the article entitled Malaysia’s Highest-Paid Directors in the

Aug 1, 2003 issue of Malaysian Business.

We read with interest the comments and research figures collated. While

we acknowledge that such statistics may differ between companies and the

bases of disclosure are varied, the use of footnotes has made an attempt

to qualify the several differences with explanatory notations for the

reader’s comprehension.

Unfortunately, we did not read a similar footnote qualification in

respect of information on MK Land Holdings Bhd.

For the record, while the total payout figures for the executive

chairman of MK Land quoted in the article have been correctly extracted

from the company’s 2002 annual report, the article omitted a material

qualification in that the figures were derived as an aggregate of an 18-

month financial year and not a 12-month financial year.

This material change for the particular financial year-end from Dec 31,

2001 to 18 months ending June 30, 2002 was duly reflected in the said

annual report.

A mathematical calculation of the aggregate total payout based on a 12-

month period will disclose that the total payout of the directors

remuneration of MK Land Holdings is RM4,713,333.

Lai Fook Pui

Company Secretary

MK Land Holdings Bhd

Copyright 2003

Provided by ProQuest Information and Learning Company. All rights Reserved.