Meetings in 2021 The Committee has held eight (8) meetings during year 2021 and among the key matters discussed were on the divestment of 100% shares in MSM Perlis Sdn Bhd, strategic partnerships to explore new export segments, 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 relevant team members who presented their proposals. ITC can award tenders and variation orders up to certain amount as per MSM Group Limits of Authority. All approvals by ITC were informed to the Board and all recommendations were tabled to the Board for further deliberations and approvals. Focus in 2021 The Committee has undertaken the following key activities during the financial year 2021: • Reviewed and approved the capital expenditure (CAPEX) projects for 2021 and its implementation • Monitor the implementation of CAPEX projects and utilisation of funds at MSM Prai Bhd and MSM Sugar Refinery (Johor) Sdn Bhd • Reviewed and approved the appointment of consultants to dispose MSM Perlis Sdn Bhd’s assets and reallocate some assets to MSM Prai Bhd and MSM Sugar Refinery (Johor) Sdn Bhd • Reviewed the proposal to dispose MSM Group non-core assets • Reviewed, recommended and approved proposed strategies for improvements & optimisation in both MSM Sugar Refinery (Johor) Sdn Bhd and MSM Prai Bhd to address operational issues • Reviewed, recommended and approved new gas supply agreement for refineries operations • Reviewed and approved revisions of MSM Group policies relating to procurement • Reviewed Group’s business strategies for expansion and diversification Statement by the Board This Report on Investment and Tender Committee is made in accordance with a resolution of the Board of Directors duly passed on 21 March 2022. INVESTMENT ANDTENDER COMMITTEE REPORT WHO WE ARE STATEMENT & DISCUSSION BY OUR LEADERS HOWWE OPERATE MSM Malaysia Holdings Berhad ANNUAL INTEGRATED REPORT 2021 246
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