Notes to the Financial Statements
The principal activity of the Company during the financial year was that of investment holding. The principal activities of the subsidiaries and associate are as stated in Note 7 to the financial statements. There have been no significant changes in the nature of these principal activities during the financial year.
The Company is a public limited liability company, incorporated and domiciled in Malaysia and listed on the Main Market of Bursa Malaysia Securities Berhad.
The registered office of the Company is located at Suite 2-1, 2nd Floor, Menara Penang Garden, 42A, Jalan Sultan Ahmad Shah, 10050 Penang.
The principal place of business of the Company is located at Suite 1, 8th Floor, Wing A, Northam Tower, No. 57, Jalan Sultan Ahmad Shah, 10050 Georgetown, Penang.
The financial statements are expressed in Ringgit Malaysia.
The financial statements were authorised for issue by the Board of Directors in accordance with a resolution of the directors on 20 April 2010.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of preparation
The financial statements of the Group and of the Company have been prepared in accordance with the Financial Reporting Standards (“FRSs”) and the provisions of the Companies Act, 1965 in Malaysia.
The financial statements of the Group and of the Company have been prepared under the historical cost basis, except as disclosed in the significant accounting policies in Note 2.3 to the financial statements.
The preparation of financial statements in conformity with FRSs requires the use of certain critical accounting estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of the revenue and expenses during the reported financial year. It also requires the Directors’ best knowledge of current events and actions, and therefore actual results may differ.
The areas involving a higher degree of judgement of complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in Note 3 to the financial statements.
New and Revised FRSs, Amendments/Improvements to FRSs and IC Interpretations (“IC Int”)
Adoption of New and Revised FRSs, Amendments/Improvements to FRSs and IC Int There are no new and revised accounting standards, amendments/improvements to FRSs and IC Int
that are effective and applicable for the Group’s financial year ended 31st December 2009.
Annual Report 2009