The financial year under review was a year where challenges on many fronts appeared. The environment was affected by the continuing economic crisis in the Eurozone and the global economic slowdown. All these have contributed to a lower global trade and investments.

In contrast, the sanguine Malaysian economy has remained buoyant throughout the financial year with the Malaysian economy registering a healthy growth rate of 5% per annum. Meanwhile, Bank Negara Malaysia (“BNM”) held rates steady which augurs well for the economy, as it exhibits a balanced landscape. The external environment which is damp and gloomy is balanced by a growing domestic market.

Despite the slowing global economy, CPO prices have trended higher and are relatively stable yearon- year, supported by the growing demand for vegetable oils as well as emerging demand from the biofuel sector. In the domestic property scene, sales of properties at prime areas have been encouraging despite a cautious property market backdrop. Over at the Singapore property market, the Singapore government’s introduction of the extra 10% stamp duty for foreign buyers has resulted in a lower demand for high-end properties.