MSM Malaysia Holdings Berhad Annual Report 2020

MEETINGS IN 2020 Since its establishment, the Committee held three (3) meetings during 2020 and the matters discussed were primarily on the ramping up plans of MSM Sugar Refinery (Johor) Sdn Bhd and its related matters. The meetings of the ITC were attended by the Group Chief Executive Officer, Group Chief Operating Officer, Chief Financial Officer and by relevant team members who presented their proposals. Decisions/recommendations of these meetings were then tabled to the Board for further deliberation and decision. KEY ACTIVITIES The Committee has undertaken the following key activities in the FYE 2020: • Approved Terms of Reference for ITC for implementation • Reviewed the proposal on Condensed Milk Project in MSM Johor • Reviewed the Biomass Boiler Project in MSM Sugar Refinery (Johor) Sdn Bhd • Evaluated the transfer of critical assets from MSM Perlis Sdn Bhd Refinery to MSM Sugar Refinery (Johor) Sdn Bhd Refinery • Reviewed the proposed sale of 81 units of tractor by MSM Perlis Sdn Bhd (Plantation Division) • Assessed the appointment of an Engineering Consultants for Conveyor Study and Study on Steam Supply and Distribution System in MSM Sugar Refinery (Johor) Sdn Bhd • Reviewed the status update on the capital expenditure of MSM Sugar Refinery (Johor) Sdn Bhd • Approved the proposed schedule of ITC Meetings for year 2021 STATEMENT BYTHE BOARD This Report on Investment and Tender Committee is made in accordance with a resolution of the Board of Directors duly passed on 25 March 2021. INVESTMENT AND TENDER COMMITTEE REPORT MSM MALAYSIA HOLDINGS BERHAD Annual Repor t 2020 108 CHAIRMAN’S STATEMENT DELIVERING VALUE MSM OVERVIEW MANAGEMENT DISCUSSION & ANALYSIS GROUP FINANCIAL REPORT