Horizon.my

2008 Annual Report data now in our database (for YE 30-Jun-08). See:

http://www.horizon.my/investor/profile.php?counter=ioicorp

We note that Net Borrowings has increased from RM903 million to RM3.1 billion. Amounts Due from Jointly-Controlled Entities has jumped up to RM1.5 billion (from RM160 million previously). IOICORP’s explanation is as per below:

Amounts due from jointly controlled entities represent outstanding amounts arising from subsidiaries’ proportionate advances for the acquisition and development of land in Singapore and were related to development expenses and working capital which are unsecured, bear interest at rates ranging from 1.81% to 3.60% (2007 – 3.12%) per annum and are not repayable within the next twelve months.