case 3 nurul diana intan

8/14/2019 Case 3 Nurul Diana Intan

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C A S E 3Asian Journal of Case

Research

1(2): 130 143 (2008)

Turnaround Strategy: A Case of Hillview Sdn Bhd

NURUL DIANA INTAN ZAFIRAHa, ANNUAR MD NASSIRb*, ABU

SOFIAN YAAKOBcAND AZHAR MOHD NASIRd

ABSTRACT

Hillview Sdn Bhd (a government owned company) was instructed by

the Ministry of Finance, to bail out Tegajana Sdn Bhd, a nancially

troubled company with consecutive losses since its inception in 1998.

The takeover was crucial to ensure that the requirement in the Bills

of Guarantee of Cyberjaya as the hub of Multimedia Super Corridor

(MSC) Malaysia is met and the development of Cyberjaya will run

smoothly. However, Hillview need to safeguard its interest in the

takeover and help Tegajana to improve its sales and create prot. As

at 2007, Tegajanas total loss amount to RM3.7 million and is expected

to escalate in the near future due to increase in operating cost.

In order to minimize the risk of depletion in Hillview Groups

prot, thereby affecting Hillviews shareholders wealth, Encik Razli

and his team were determined to turnaround Tegajana to improve its

nancial standing. The turnaround of Tegajana was important as tomaintain shareholders trust towards the management of Hillview.

Hillview is the backbone of the development of Cyberjaya, the hub of

MSC Malaysia.

Keywords: Financially troubled company, turnaround, Malaysian

Multimedia Super Corridor.

THE DILEMMA

It was Friday morning the 3rdof July 2008. Encik Razli was deep in thoughts. The

instruction given was very clear to him that Hillview must bail out Tegajana, anancially troubled company. He knew that he could not say no to the instruction.

His Key Performance Indicators (KPI) depended on what he could achieve in the

aCyberview Sdn Bhd, Cyberjayab,c & d Department of Accounting and Finance, Faculty of Economics and Management, Universiti

Putra Malaysia*Corresponding author. Email:[email protected], Phone: 603-89467600


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Turnaround Strategy: A case of Hillview Sdn Bhd

takeover. The rumors had been going on for some time and Dato Abdul, Ministry

of Finance (MoF) hinted to him several times before the formal instruction.Mentally, Encik Razli was prepared to deal with the news. However, preparation

and evaluation needed to be done to ensure that Hillview was sheltered from

any major impacts to its nancial standing as a result of the takeover. From the

instruction, Encik Razli knew that his challenge was to turnaround the company

and improve the current situation to greater heights.

Encik Razli decided to call for an urgent meeting with his key personnel.

Encik Razli called his Personal Assistant, Tasha, please call Irdatul and Saliha

to see me immediately. Its about the takeover.

Puan Irdatul is currently the General Manager of Finance and Corporate

Services Department. She graduated from University of London (Finance)

in 1994 and continued with her professional study after graduation. Before

working with Hillview, she had various experience working in big companies and

audit rms. However, she gained more experience working with few property

development companies, local and foreign. In Hillview, she was asked by Encik

Razli to join the team in 2006. Encik Razli knew very well of her capability and

he had entrusted her to manage the fund entrusted to Hillview by the Government.

She was also in charge of the Human Resource Unit. Encik Razli said that she

was the calming factor of the company. In Hillview, she managed 5 subordinates

ranging from the Senior Managers to non executives.

Puan Saliha was the youngest manager in Hillview. She graduated from

Multimedia University in the year 2002. She was trained by Encik Razli from thestart of her career. Encik Razli believed in her capability in delivering tasks that

he wanted. She was the Head of Department for Legal and Corporate Investment

Unit.

All of you were there when the Ministry of Finance (MoF) gave the

instruction in the meeting. However, they have yet to send us a letter to formalize

the instruction. I guess well have to make the necessary steps now to ensure

that Hillview will not be affected with Tegajanas losses and at the same time,

turnaround the company. This year is going to be a tough year for us, with

projects that were required to deliver and our existing deliverables. I hope all

of you are prepared for a stressful year ahead especially Irdatul. Numbers and

gures will be our main indicators of how were doing in the coming years. I needthe two of you to come up on Monday with some concrete plans to turnaround the

company. Submit to me in three days for I have to present to the boards meeting

on the 7thof July. Thank you.

Irdatul and Saliha left and pondered what can be done.


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Asian Journal of Case Research (AJCR)

THE BACKGROUND

Company Background Pendinginan Tegajana Sdn Bhd

Pendinginan Tegajana Sdn Bhd (Tegajana) is the sole provider of district cooling

service in Cyberjaya for air conditioning. The principal activities of Tegajana

are to carry on the business of developing, owning, operating, maintaining,

promoting, selling, managing and servicing district cooling system, co-generation

system band electricity distribution system.

The company was incorporated on 1 September 1998, with an authorized

paid up capital of RM25 million shares at RM1 each. The paid up capital to date

is 16.4 million shares at RM1 each.

Effective from 30 March 2007, Tegajana is wholly owned by Hillview Sdn

Bhd, a Government Linked Company incorporated in Malaysia. Hillview has

taken over the entire shares of Tegajana from the previous shareholders, Seseni

Niaga Sdn Bhd (51%), a member of Tetratacorp Berhad and NTD Capital Bhd;

and TNB Energy Services, a wholly owned subsidiary of TNB (49%), for a

consideration of RM2. At the acquisition date, the shareholders equity of

Tegajana showed a decit close to RM4.4 million (please refer to Appendix I:

Balance Sheet, Shareholders Equity).

The purpose of the take-over of Tegajana was to turnaround the company from

a loss making company to a healthy company within 5 years. It was necessary

for Hillview to turn around the company due to the survival of Tegajana was

important to ensure that the 10 Bills of Guarantee (BOG) offered to companieslocated in Cyberjaya prevails. In the BOG, it is stated that there must be 99.9%

availability of chilled water supply in Cyberjaya. As the sole provider of chilled

water supply, sustainability of Tegajana was crucial.

The District Cooling System (DCS)

Basically, a district cooling system (DCS) distributes thermal energy in the form

of chilled water or other media from a central source to multiple buildings through

a network of underground pipes for use in space and process cooling. The cooling

or heat rejection is usually provided from a central cooling plant, thus eliminating

the need for separate systems in individual buildings.A DCS consists of three primary components: the central plant, the

distribution network and the consumer system. The central plant includes the

cooling equipment, power generation and thermal storage. The distribution or

piping network is often the most expensive portion of the DCS and warrants

careful design to optimize its use. The consumer system would usually comprise

of air handling units and chilled water piping in the building.


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Hillview Sdn Bhd (Hillview)

Established in 1996, Hillview Sdn Bhd, a government owned company and

land owner of Cyberjaya has been mandated to spearhead the development in

Cyberjaya. To this end, Hillview put its utmost effort towards ensuring Cyberjaya

continues to progress in line with the Governments aspiration.

Its mission is to realize Cyberjaya as a nucleus of the MSC Malaysia and

as a global hub and preferred location for ICT, Multimedia and Services for

innovation and operations; and to fulll specic Government initiatives in support

of Malaysias Vision 2020.

Hillviews main objective is to ensure the development of Cyberjaya in

accordance with Governments guidelines and aspirations and to also advise the

Government on MSC/Cyberjaya development related matters.Hillviews roles in developing Cyberjaya are:

Ensure Cyberjaya is developed in accordance with MSC Guidelines

Provision of assistance/support in co-ordinating joint activities with

organisation in Cyberjaya

Attend to all Cyberjaya land administration matters

Advise the Government on MSC/Cyberjaya development matters

Build enterprise buildings to be leased/rented/sold to companies

Build supporting amenities for the Cyberjaya community

Undertake rehabilitation/maintenance work in Cyberjaya

The Multimedia Super Corridor (MSC)

The Multimedia Super Corridor (MSC) is a 15km wide by 50km long corridor

that runs from KLCC in the North down to KLIA in the South. The MSC is

the brainchild of our former Prime Minister, YAB Dato Seri Dr. Mahathir

Mohamad.

Located 25km South of Kuala Lumpur and 20km North of KLIA Sepang,

Cyberjaya is designed as an integrated township to house the MSC leading edge

rms. The 2894 hectare Flagship Zone is seen as the catalyst for the development

of the MSC and shall provide the impetus for the country to leap into the nextmillennium. It aims to be an integrated, eco-friendly township development with

four specialized precincts; Enterprise, Commercial, Residential and Public area.

Upon completion, the whole development will be supported by advanced

physical and telecommunications infrastructure, top quality business facilities,

low density environment and convenient transportation. The nancial and

non-nancial benet is the main attraction for MSC companies to locate in

Cyberjaya.


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The Bills of Guarantee (BOG)

The BOGs are a package of commitment by the Malaysian Government to ensure

the success of MSC Malaysia status companies.

The 10 major trusts of BOGs are:

Provide a world-class physical and information infrastructurei.

Allow unrestricted employment of local and foreign knowledgeii.

workers

Ensure freedom of ownership by exempting companies with MSCiii.

Malaysia Status from local ownership requirements

Give the freedom to source capital globally for MSC Malaysiaiv.

infrastructure and the right to borrow funds globally

Provide competitive nancial incentives, including no income tax forv.

up to 10 years or an investment tax allowance, and no duties on import

of multimedia equipment

Become a regional leader in intellectual property protection andvi.

cyberlaws

Ensure no internet censorshipvii.

Provide globally competitive telecommunication tariffsviii.

Tender key MSC Malaysia infrastructure contracts to leadingix.

companies willing to use the MSC Malaysia as their regional hub

Provide an effective one-stop agency- the Multimedia Developmentx.

THE SITUATION

The Instructions

Hillview was instructed by Ministry of Finance (MoF) to look into the

predicament of Tegajana Sdn Bhd which currently is facing nancial difculties.

With current mode of operation, it would appear that Tegajanas status as a going

concern could be seriously jeorpardized, resulting in severe complications that

would impair Cyberjayas status as a preferred premier city of MSC Malaysia.

At a meeting room in MoF, Encik Razli was discussing the take over issueswith MoF representatives. Encik Razli was accompanied by Puan Irdatul in the

meeting room.

Dato, on the accounting implication, we might be facing problems dealing

with goodwill and consolidation. Furthermore, more administrative work may

have to be done after the takeover materializes because previously it was done by

NTD Capital.

We have already come up with the steps that need to be taken subsequent

to the takeover, Dato, Encik Razli handed over a stack of documents to the

committee; Documents of the strategy of prior and post takeover.


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The MoF representatives glanced through the documents and discussed the

outcome of each steps presented. In the meeting with Treasury General, therepresentatives of MOF unanimously agreed on the selection of Encik Razli to

handle the mission impossible task based on his track record.

A committee consisted of Hillview personnel and representative from MoF

were set up to manage the planning and implementation of the takeover. Before

the takeover is fully materialized, NTD Capital shall hand over the management

control to the committee.

Therefore, it is proposed that Hillview to take over Tegajana shares at RM2

from the shareholders.

Residential Development in CyberjayaThe current population in Cyberjaya is 39,000 people. The working community

(MNCs, foreign-owned and local developed companies with MSC status) account

for 15,000 or 39% of total population in Cyberjaya, student population stood at

13,000 or 33% (Multimedia University, Lim Kok Wing University College of

Creative Technology and Cyberjaya University of Medical Sciences) and local

residents contribute to another 11,000 or 28%. This proportion will change

signicantly in the next 10-15 years when the residence population is expected to

increase to about 180,000 or 64% of the total population in Cyberjaya, while the

working and student population will also increase to 70,000 (25%) and 30,000

(11%) respectively.

Table 1 Current vs Target Population

2007 Target

Working 15,000 70,000

Student 13,000 30,000

Residence 11,000 180,000

Total 39,000 280,000

Source: Setia Bina Sdn Bhd, March 2006.

As of 2005, Cyberjaya still lacks signicant residential properties apart from

the DMelor condominiums, the Cyberia condominiums and townhouses. This

results in de-population of the area when ofce workers commute home every

night.

However, this issue will be resolved soon with the launch of more than 900

units of affordable housing comprising of various type houses by Hillview. This

development, which will be developed in phases, is expected to have a population

of more than 3,600 residents once it is fully developed.


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Tegajanas Plant Capacity and Its Customers

Tegajanas plant is located at 3 acres land, Lot 12150 Cyberjaya. However, only 1

acre was utilized. In the original plan, the plant was to be developed in 2 phases.

Phase 1 of the plant consisted of 10 units of 1,000 RT Heat Exchangers, 1 unit of

7,500 RT Ice Storage Tank, 5 km of underground chilled water piping network

and 4 units of 500 RT base chillers. The second phase involves installation of

4 units of 2,250 RT of Heat Exchangers, 1 unit of 500 RT base chiller, 7 km of

underground chilled water piping network and 1 unit of 100,000 RT Ice Storage

Tank.

Tegajanas customer base was dependent on the capacity of its plant.

Currently, the facilities used are from Phase 1 development. Its customers were

separated to two stages. Stage 1 includes Telekom Complex, Century Square andNTT-MSC Ofce. Stage 2 comprises of DHL Building, Enterprise buildings,

Ericsson, MDeC, Cyberjaya City Command Centre, Century Square Phase 2,

Malaysia Communication & Multimedia Commission, Measat, Satyam Global

Development Centre and Telekom R&D Centre. Its customer base is reliant on

the capacity of chill water that Tegajana is able to generate.

In the original Business Plan of Tegajana, the company will be beneting

from the off peak electricity charges to recharge the chill water and later to be

supplied to its customers. The off peak TNB tariff is cheaper than the peak tariff.

However, with limited plant capacity, the recharging of chill water supply was

done during peak period with higher tariffs.

Source: Tegajanas Company Prole.


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Tegajanas Projects and Activities Done in 2007

Tegajana has involved in several projects in 2007. The activities are presented in

the table below:

No Area Items Quantity

1 Electrical Install additional Fluorescence lamps at SSB LV room +

wiring

3 units

2 Install Fluorescence lamps at MSB4 HT room + wiring 9 units

3 Painting epoxy layer to the HT room oor area

4 Construct holes on the concrete walls & install exhaust

fans for HT & LV room (improve ventilation to reduceequipments heat radiation).

4 units

5 Safety Make sand beds for wiring drain at LV & HT room 6 tonnes

6 Install steel plate to cover wiring drainage at HT transformer

room & LV room.

2 rooms

7 Cover & tie cable trench in S/S1 1 set

8 Install hard plastic covers at SSB Inverter Stg1 (safety

maintenance).

1 set

9 Cooling Towers Modication on inlls steel casings CT1 Stg1 by lifting up

the base ~4in. (clear mud & dirts & improve water ow)

3 cells

10 Replace new inlls CT Stg 1 9 cells

11 Replace wire trunking (rusted & broken) 5 pcs

12 Facilities Service & modication on all FCU drainage piping system

inside ofce (prevent leakages)

5 units

13 Modication white board & wall plug to the meeting

roomwall.

1 unit

14 Welding & repainting main trash bin to make good. I unit

15 Customers

metering room

Install power surge regulator for Energy meter & Flow

meter at customers metering room.

19 units

Source: Tegajanas Key Performance Indicator 2007.

Historical Financial Results of Tegajana

Please refer to Appendix 1 for Income Statement, Balance Sheet and Cash Flow

Statement.


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THE ISSUES

Gearing Ratio Pre Takeover

The interest rate imposed for the loans used for the operations of Tegajana

amounting to RM65.6 million was at 7.5% per annum. The payment for the

interest is from RM400,000 to RM500,000 monthly.

Total outstanding loan was RM65.6 million at the interest rate of 7.5% per

annum. 30% of the total loan was nanced by its creditors. The balance of the

loan is then renanced at an interest rate of 7% per annum. As security for the

loan, Tegajanas land and building was charged as collateral.

FundingTegajanas previous major shareholders, TNB and Tetracorp refused to inject

money to fund the purchase of its xed assets in order to increase capacity. TNB

has its wholly owned subsidiary to supply DCS and Tegajana was seen as the

competitor. Tegajana was in dire need of cash injection to increase capacity. With

TNBs refusal, Tetracorp was reluctant to inject cash inow as well.

Due to its nancial performance, banks declined Tegajanas application for

loans. The company had no collateral to secure the loans. These increased the

burden to the companys unstable nancial standing.

Perceptions and Slow Growth

From the survey done by consultants to analyse the sales of DCS in Cyberjaya,

it was the perception of the building owners in Cyberjaya of the rates charged by

Tegajana are not competitive as opposed to the desired effect of having a district

cooling plant. This has deterred investors to come to Cyberjaya and caused some

building owners to opt for alternative air conditioning methods to lower their

operating cost.

One of the key reasons for this is the very small scale ice ball machine installed

at the plant. The plant used water which is chilled during off-peak hours and is

therefore insufcient to provide chill water to customers during peak period. As

such, peak rate charges have to be incurred, thereby driving up the cost.The revenue for Tegajana remains low for the past few years as a result

of slow development in Cyberjaya over the past years. However, since the

takeover of development activities by Hillview from Setia Bina in early 2006,

the development of Cyberjaya has increased. More building are being built in

Cyberjaya and the demand for chill water has increased tremendously.

As Tegajana is a wholly owned subsidiary of Hillview, the parent company

has increased its promotion of chill water to its clients. The demand of chill water

rely on Hillviews role as the land owner of Cyberjaya since the takeover.


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Amount Owed to Creditors

Tegajana was sent a letter by TNB on its 7 day notice of payment for the services

that Tegajana has rendered amounting to RM11.58 million (amount owing to

TNB). Tegajana has appealed for a 30-day settlement timeline, for Tegajanas

shareholders to continue discussions with MoF on the possibility of full takeover

by Government.

The outstanding amount owed to TNB amounting to RM13 million as at 30

April 2007:

Balance Outstanding Amount (RM)

Principal 15,414,012.30

Interest 3,655,875.17

Total 19,069,887.47

Contra with transformer (2,000,000.00)

Waive the penalty interest (3,655,875.17)

Total amount outstanding 13,414,012.30

The amount was spread to 10 years at RM1,341,401.23 per annum. Monthly

payment will commence in May 2010 at RM11,783.44 per month.

The Meeting and Delegation of Duties

After the meeting on the 3rdof July:

I know Razli. We will be burdened by Tegajanas debts and this will lower down

our overall return to shareholder if we are not able to come up with bulletproof

strategies. Our KPI will be affected. All these years we are able to increase our

dividends to shareholders by 2%. You dont have to worry. I will work something

up with Saliha and my assistant. Miracle could happen!, Irdatul said with a

smile and nodded knowingly at Saliha.

Saliha, please help Irdatul on the Business Plan for Tegajana. We need

to determine its way forward after the takeover. And dont forget to draft the

Conditional Sales and Purchase Agreement (SPA). I need to look at the terms.

Please get legal advice from our panel lawyer. We have a lot of work to do since

this is our rst subsidiary, and its not a good deal either. We have to deliver what

was expected of us but we also need to cover ourselves. If not, you and me will be

browsing advertisements on Jobstreet again!

While managing and developing Cyberjaya is a full time responsibility, other

special tasks as assigned by MoF need to be carried out as well. Most employees

work round the clock to ensure that their job is done.


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As the landowner of Cyberjaya, Hillviews mission is to realize Cyberjaya

as a nucleus of the MSC Malaysia and as a global hub and preferred location forICT, Multimedia and Services for innovation and operations; and to fulll specic

Government initiatives in support of Malaysias Vision 2020.

Its work culture embraces speed and excellence as well as ideas contribution

by everyone, regardless of their position.

THE TURNAROUND

After the takeover, the Management of Tegajana, the committee members and

Hillviews top management tried to resolve the situation that has been hindering

Tegajanas growth.

Encik razali knew that if he is capable of doing a major turnaround of Tegajana

in 2 years or less, it will be marked as a great success. However, if the turnaround

failed to materialized, Tegajanas losses will affect Hillviews nancial position

tremendously. Therefore, it will affect Hillviews shareholders wealth. As major

shareholder of Hillview, MoFs investment in Hillview will be affected. Hillviews

operation is based on Governments grants and nancial support from the ministry.

If the ministry has lost trust in Hillview, the development of Cyberjaya might be

derailed. Hillview is the only organization that was entreusted to spearhead the

development of Cyberjaya to realize the Governments aspiration of an intelligent

city.

His challenge now was greater than anything that he had done before.Tegajanas previous shareholders gave up hope on this company and the experts

predicted that Tegajana will be insolvent in the near future. The future of Cyberjaya

will be dependent on his credibility to make the right decisions to turnaround the

company. He could not failed this time.

He continued his work until very late at night. With the takeover, he had not

taken a day off ever since. Until the clouds are cleared, he will do his best and

double up his efforts. It was a do or die situation.

Some pertinent questions that need to be addressed:

To increase sales within Cyberjaya through packaging of Tegajanasi.

products and services with Hillviews development activities, hence

improving the cash ow position of Tegajana,

To negotiate with creditors for favourable terms on existing and additionalii.

loans.


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APPENDIX A

TEGAJANA FINANCIAL STATEMENT

INCOME STATEMENT

2003 (000) 2004 (000) 2005 (000) 2006 (000) 2007 (000)

Revenue 6,226 11,890 10,294 11,251 12,247

Cost of Sales (2,826) (5,510) (6,038) (6,189) (8,310)

Gross Prot 3,400 6,380 4,256 5,062 3,937

Other Income 432 231 446 294 2,599

Administrative Expenses (2,606) (7,746) (5,759) (5,605) (5,594)

Prot/Loss 1,226 (1,135) (1,057) (249) 942

Finance Cost (1,181) (6,049) (4,700) (4,589) (4,625)

Prot/Loss before tax 45 (7,184) (5,757) (4,838) (3,683)

Taxation (7) - - - -

Net loss for the year 38 (7,184) (5,757) (4,838) (3,683)

BALANCE SHEET

2003 (000) 2004 (000) 2005 (000) 2006 (000) 2007 (000)

Non-current Asset

Property, Plan and Equipment 86,257 82,814 78,834 75,697 71,501

Fixed deposit 776 1,053 603 622 644

Total non-current asset 87,033 83,867 79,437 76,319 72,145

Current Asset

Trade receivables 5,083 3,195 4,108 1,926 2,001

Other receivables 57 305 336 326 327

Tax recoverable 17 31 30 - -

Cash and bank 474 200 76 573 957

Total current asset 5,631 3,731 4,550 2,825 3,285

Current Liabilities

Trade payables 962 4,800 7,055 11,351 17,689

Other payables 4,932 993 2,015 2,115 2,449

Retention sum 3,163 2,879 2,668 1,868 1,468

Due to corporate shareholder 830 830 830 830 -


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2003 (000) 2004 (000) 2005 (000) 2006 (000) 2007 (000)

Amount due to a related

company

1 - - - -

Borrowings 900 2,600 3,600 3,800 3,800

Total current liabilities 10,788 12,102 16,168 19,964 25,406

Net current liabilities (5,157) (8,371) (11,618) (17,139) (22,121)

81,876 75,496 67,819 59,180 50,024

Represented by:

Share capital 16,420 16,420 16,420 16,420 16,420

Accumulated losses 38 (7,145) (12,272) (17,111) (20,794)

Shareholder equity 16,458 9,275 4,148 (691) (4,374)

Non Current Liabilities

Borrowings 64,395 65,198 61,998 58,198 54,398

Amount due to holding

company

1,023 1,023 1,673 1,673 -

65,418 66,221 63,671 59,871 54,398

81,876 75,496 67,819 59,180 50,024

CASH FLOW STATEMENT

2003 (000) 2004 (000) 2005 (000) 2006 (000) 2007 (000)

Cash ow from operating

activities

45 (7,184) (5,126) (4,840) (3,682)

Loss/prot before taxation - - - - -

Adjustments for:

Bad debts written off - 1,372 367 50 -

Depreciation 1,722 5,210 4,219 4,284 4,298

Interest expense 1,171 6,036 4,670 4,583 4,618

Interest income (78) (34) (28) (20) (20)

Waiver of debts from

shareholders

- - - - (2,501)

Loss of disposal of Property,

plan and equipment

17 - (121) - 54

Operating prot before

working capital changes

2,877 5,400 3,981 4,057 2,767

Decrease/increase in

receivables

(2,600) 267 (1,311) 2,142 (76)


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2003 (000) 2004 (000) 2005 (000) 2006 (000) 2007 (000)

Decrease/increase in payables 1,905 (384) 3,066 3,596 6,271

Inter-company indebtedness 1 (1) 650 - (2)

Increase in corporate

shareholder

10 - - - -

Cash generated from

operations

2,193 5,282 6,386 9,795 8,960

Interest paid (1,171) (6,036) (4,670) (4,582) (4,618)

Interest received 78 35 28 20 20

Taxes paid (44) (13) - 31 -

Net cash (used in)/generated

from operating activities

1,056 (732) 1,744 5,264 4,362

Cash ows from investing

activities

Purchase of property, plant

and equipment

(238) (1,767) (1,580) (1,147) (156)

Construction in progress (45,934) - - - -

Proceeds from disposal of

property, plant & equipment

28 - 1,46 - -

Placement of xed deposits (776) - - - -

Net cash used in investing

activities

(46,920) (1,767) (119) (1,147) (156)