MSM Malaysia Holdings Berhad Annual Report 2020

DIRECTORS’ REPORT IMMEDIATE HOLDING COMPANY The Directors regard FGV Holdings Berhad, a company incorporated in Malaysia and listed on the Main Market of Bursa Malaysia Securities Berhad as the immediate holding company. ULTIMATE HOLDING BODY As disclosed in Note 41(b) to the financial statements, following the unconditional mandatory take over offer from Federal Land Development Authority (“FELDA”) and subsequent to the completion of the acquisition of FGV Holdings Berhad’s (“FGVH”) shares from Urusharta Jamaah Sdn. Bhd. and Kumpulan Wang Persaraan (Diperbadankan) on 24 December 2020, the shareholding of FELDA in FGVH increased to approximately 35.12% and the collective shareholding of FELDA and the Persons Acting in Concerts in FELDA increased to approximately 50.49%. Consequently, FELDA is deemed as the ultimate holding body of FGVH. The Directors regard FELDA, a body set up under the Land Development Act 1956, as the ultimate holding body of the Company. AUDITORS The auditors, PricewaterhouseCoopers PLT (LLP0014401 - LCA & AF 1146), have expressed their willingness to continue in office. This report was approved by the Board of Directors on 25 March 2021. Signed on behalf of the Board of Directors: DATUK SYED HISHAM SYEDWAZIR CHOY KHAI CHOON CHAIRMAN DIRECTOR Kuala Lumpur MSM MALAYSIA HOLDINGS BERHAD Annual Repor t 2020 126 CHAIRMAN’S STATEMENT DELIVERING VALUE MSM OVERVIEW MANAGEMENT DISCUSSION & ANALYSIS GROUP FINANCIAL REPORT