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LAPORAN TAHUNAN 2005 ANNUAL REPORT

NOTES TO THE FINANCIAL STATEMENTS

30 June 2005

1.

GENERAL INFORMATION

The principal activities of the Company are those of investment holding, letting of properties and provision of management services. The principal activities of the subsidiaries are described in Note 5 to the financial statements. There have been no significant changes in the nature of these activities during the financial year.

The Company is a public limited liability company, incorporated and domiciled in Malaysia, and listed on the Main Board of Bursa Malaysia Securities Berhad.

The financial statements were authorised for issue by the Board of Directors in accordance with a resolution of the Directors on 29 August 2005.

  • 2.

    SIGNIFICANT ACCOUNTING POLICIES

    • (a)

      Basis of Preparation

The financial statements of the Group and of the Company have been prepared under the historical cost convention except for the revaluation of freehold land and building included under property,

plant and equipment.

The financial statements comply with provisions of the Companies Act, 1965 and applicable MASB Approved Accounting Standards in Malaysia.

  • (b)

    Basis of Consolidation

  • (i)

    Subsidiaries

The consolidated financial statements include the financial statements of the Company and all its subsidiaries. Subsidiaries are those companies in which the Group has a long term equity interest and where it has power to exercise control over the financial and operating policies so as to obtain benefits therefrom.

Subsidiaries are consolidated using the acquisition method of accounting. Under the acquisition method of accounting, the results of subsidiaries acquired or disposed of during the year are included in the consolidated income statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. The assets and liabilities of a subsidiary are measured at fair values at the date of acquisition and these values are reflected in the consolidated balance sheet. The difference between the cost of an acquisition and the fair value of the Group’s share of net assets of the acquired subsidiary at the date of acquisition is included in the consolidated balance sheet as goodwill or negative goodwill arising on consolidation.

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