1.Introduction
1.1. The Truly Loving Company Sdn. Bhd. (“TLCSB” or “the Company”) was incorporated on 11th July 2006 with the objective of providing worthy Malaysian charities with a regular, sustainable and long term source of income and funds. TLCSB’s mission statement accordingly reads as follows: “Our mission is to generate funds for charitable causes by making our products the brand of choice for caring consumers”.
1.2. TLCSB fulfills this objective by firstly, developing and manufacturing its own “TLC” brand of quality household and personal care products that consumers can use in their everyday lives; secondly, marketing these products through retail outlets to generate income and profits; and finally, distributing one hundred percent (100%) of its dividends to worthy Malaysian charities and charitable causes. As the Truly Loving Company generates its own income and funds from its business and operations, it is entirely self sustaining and requires no donations from the public to fulfill its objective.
1.3. TLCSB commenced business on 3rd January 2007 and between 1st March and 31st December 2007 the Company launched a total of 40 quality household and personal care products that are marketed under the “TLC” brand through retail outlets in Malaysia. These products include hand wash, soaps, hand and body lotions, shower crèmes and talcs under the personal care category and dishwash, floor, glass and toilet bowl cleaners under the household care category.
2.Shareholders
2.1. 2.1. As at 31st December 2007, TLCSB has an issued and paid up capital of RM1,500,000 comprising 2 ordinary shares of RM1 each and 1,499,998 irredeemable non-convertible preference shares (“INCPS”) of RM1 each that are held by the following shareholders:-
2.2. TLCSB’s 2 ordinary shares of RM1 each are entitled to voting rights but are not entitled to any dividends or distributions from the Company.
2.3. TLCSB’s 1,499,998 INCPS of RM1 each do not have voting rights but are entitled to all dividends and distributions from the Company.
2.4. TLCSB’s issued and paid up capital of RM1,500,000 was funded by donations from the Company’s Chief Executive Officer, Julia Chong (RM1,000,000) and an individual donor (RM500,000).
3.Charity Partners
3.1. As at 31st December 2007, HSBC (Malaysia) Trustee Bhd holds all the Company’s INCPS on trust for 5 charitable organizations, namely: