OTHERS IMPIANA HOTELS BERHAD - Reasons for Amended Quarterly Results
|IMPIANA HOTELS BERHAD|
IMPIANA HOTELS BERHAD - Reasons for Amended Quarterly Results
The Board of Directors (“Board”) of Impiana Holdings Berhad (“the Company”) wishes to announce that the Quarterly Results of the Company for the financial periods ended 31 March 2019, 30 June 2019, 30 September 2019, 31 December 2019 and 31 March 2020 which were announced previously had included the effects of the completion of the Proposed Acquisitions (as defined in the announcement dated 12 April 2018) of the Company. The business combination arising from the completed acquisitions was accounted for using the direct acquisition method wherein the Company was identified as both the legal and accounting acquirer. During the review of purchase price allocation, it was brought to the Board’s attention that the legal acquirer may not necessarily be the accounting acquirer for accounting purposes.
Further, the Board had sought an independent expert to provide his opinion on which entity (or entities) should be identified as the accounting acquirer. The independent expert concluded that the Company should be identified as the accounting acquiree instead of the accounting acquirer.
The Board has now decided that the legal acquirer (ie Impiana Hotels Berhad) is to be distinguished from the accounting acquirer (ie the legal subsidiaries) as the substance of the completed acquisitions reflects a reverse acquisition within the scope of MFRS 3 Business Combinations.
The key differences under this revised approach:
The changes to the quarterly reports under this revised approach only affect the Balance Sheet and NOT the Profit and Loss. To illustrate the changes to the amended announcement, a comparison between the initial and amended quarterly results Balance Sheet for the period ended 31 March 2019 is set out in the Table A attached.
The quarterly results for all previous quarters affected by the revised approach will be amended, reissued and announced via amended announcements to be posted accordingly
This announcement is dated 28 August 2020.
Please refer attachment below.
|Company Name||IMPIANA HOTELS BERHAD|
|Date Announced||28 Aug 2020|
|Category||General Announcement for PLC|