FINANCIAL EFFECTS OF THE PROPOSED DISPOSAL. 7.1 Bases and assumptions The pro forma financial effects of the Proposed Disposal on the Group set out below are purely for illustrative purposes only and are therefore not indicative of the actual future position of the Company or the Group after completion of the Proposed Disposal. The pro forma financial effects of the Proposed Disposal have been prepared based on the unaudited consolidated financial statements of the Group for FY2019, and on the following bases and assumptions:
(i) the financial effect on the consolidated NTA per Share is computed based on the assumption that the Proposed Disposal was completed on 31 March 2019;
(ii) the financial effect on the consolidated loss per share ("LPS") is computed based on the assumption that the Proposed Disposal was completed on 1 April 2018; and
(iii) the expenses to be incurred in connection with the Proposed Disposal are estimated to be approximately S$48,000.
7.2 NTA per Share Before the Proposed Disposal After the Proposed Disposal NTA (S$'000) 31,531 31,535 Number of Shares, excluding treasury shares 90,287 90,287 NTA per Share (Singapore cents) 34.92 34.93
FINANCIAL EFFECTS OF THE PROPOSED DISPOSAL financial performance and position of the Group after the Proposed Disposal. No representation completion of the Proposed Disposal.
FINANCIAL EFFECTS OF THE PROPOSED DISPOSAL. For illustrative purposes only, the financial effects of the Proposed Disposal on the Group are set out below (“Financial Effects”). The Financial Effects do not necessarily reflect the exact future financial position and performance of the Group immediately after completion of the Proposed Disposal. No representation is made as to the actual financial position and/or results of the Company after completion of the Proposed Disposal. In accordance with Rule 1010(8) of the Listing Manual, the Financial Effects have been calculated using the audited consolidated financial statements of the Group for the financial year ended 31 March 2019. Assuming that the Proposed Disposal was completed on 31 March 2019 and based on the Group’s audited consolidated financial statements for FY2019, the pro forma financial effects of the Proposed Disposal on the consolidated NTA of the Group are as follows: As at 31 March 2019 No. of issued shares NTA of the Group (S$'000) NTA per share (S$ cents) Before the Proposal Disposal 907,971,182 22,974,008 2.53 After completion of the Proposed Disposal 907,971,182 22,743,322 2.51 Earnings Per Share ("EPS") Assuming that the Proposed Disposal had been completed on 1 April 2018 and based on the Group’s audited consolidated financial statements for FY2019, the pro forma financial effects of the Proposed Disposal on the consolidated EPS of the Group are as follows: FY2019 Weighted average no. of share Loss after tax of the Group (S$'000) EPS per share (S$ cents) Before the Proposal Disposal 907,971,182 (27,327,201) (3.01) After completion of the Proposed Disposal 907,971,182 (25,582,488) (2.82)
FINANCIAL EFFECTS OF THE PROPOSED DISPOSAL. The pro forma financial effects of the Proposed Disposal on the Group as set out below are for illustrative purposes only and are not intended to reflect the actual future financial performance or position of the Group immediately after completion of the Proposed Disposal. They are prepared based on the latest announced audited consolidated financial statements of the Group for FY2020, and are subject to the following key assumptions:
(a) the Consideration is RMB 50,000,000 (or approximately S$10.638 million);
(b) the effect of the Proposed Disposal on the Group’s consolidated net tangible assets (“NTA”) per share is based on the assumption that the Proposed Disposal had been effected at the end of FY2020;
(c) the effect of the Proposed Disposal on the Group’s consolidated loss per share (“LPS”) is based on the assumption that the Proposed Disposal had been effected at the beginning of FY2020; and
(d) the expenses to be incurred in connection with the Proposed Disposal are estimated to be approximately S$175,000. Consolidated NTA (S$’000) 12,208 16,641(1) Number of shares 311,698,153 311,698,153
FINANCIAL EFFECTS OF THE PROPOSED DISPOSAL. The financial effects of the Proposed Disposal on the Group set out below are purely for illustrative purposes only and do not reflect the future financial position of the Company or the Group after the completion of the Proposed Disposal. The financial effects have been prepared on a proforma basis using the latest audited consolidated financial statements of the Group for the financial year ended 31 January 2018 (“FY2017/2018”).
FINANCIAL EFFECTS OF THE PROPOSED DISPOSAL. The Company will make a further announcement setting out the pro forma financial effects of the Proposed Disposal when the Consideration has been agreed upon.
FINANCIAL EFFECTS OF THE PROPOSED DISPOSAL. The unaudited pro forma financial effects of the Proposed Disposal set out below are for illustrative purposes only and do not necessarily reflect the actual results and financial position of the Group following completion of the Proposed Disposal. The unaudited pro forma financial effects are prepared based on (i) the Group’s audited financial statements for FY2022; and (ii) the following assumptions:
(a) that the Proposed Disposal had been completed on 31 December 2022 for the purposes of the pro forma financial effect on the net tangible assets (the “NTA”) per share of the Group: Before the Proposed Disposal After the Proposed Disposal NTA (S$’000) 72,828 150,449 Number of issued shares 150,272,700 150,272,700 NTA per share (cents) 48.46 100.12
(b) that the Proposed Disposal had been completed on 1 January 2022 for the purposes of the pro forma financial effect on loss/ earnings per share (the “LPS” or “EPS”) of the Group: Before the Proposed Disposal After the Proposed Disposal Net (loss)/profit after tax (S$’000) (1,776) 61,701 Weighted average number of shares 150,272,700 150,272,700 (LPS)/EPS (cents) (1.18) 41.06 Based on the audited consolidated financial statements of the Group for FY2022, the book value and net tangible asset value of the Target Group is approximately RR 3,417,311,000 (equivalent to approximately S$62,285,4371) as at 31 December 2022. There is no open market value for the Target Group as they are not publicly traded. The Calculated Consideration (being the proceeds of the Proposed Disposal) amounts to RR 6,900,000,000 (equivalent to approximately S$125,762,4821) and is an excess of approximately RR 3,482,689,000 (equivalent to approximately S$63,477,0451) over the book value of the Target Group as at 31 December 2022. Accordingly, the Group will record a gain on disposal of RR 3,482,689,000 (equivalent to approximately S$63,477,0451) from the Proposed Disposal.
FINANCIAL EFFECTS OF THE PROPOSED DISPOSAL. 5.1 Share capital and substantial shareholders’ shareholdings
5.2 Net assets per share (RM’000) (RM’000) NA per share (RM) 0.58 0.52
(1) Due to the loss of RM7.29 million arising from the Proposed Disposal.
5.3 Earnings per share
FINANCIAL EFFECTS OF THE PROPOSED DISPOSAL. The financial effects of the Proposed Disposal are purely for illustrative purposes only and do not reflect the future actual financial position of the Group after completion of the Proposed Disposal. The financial effects of the Proposed Disposal set out below have been prepared based on the Group’s unaudited consolidated financial statements for the financial year ended 31 December 2018 (“FY2018”), and on the following bases and assumptions:
(a) for the purposes of computing the net tangible assets (“NTA”) per Share of the Company, assuming that the Proposed Disposal has been completed on 31 December 2018, being the end of FY2018; and
(b) for the purposes of computing the loss per Share (“LPS”) of the Company, assuming that the Proposed Disposal has been completed on 1 January 2018, being the beginning of FY2018
(i) NTA
(ii) Loss per Share (EPS)
FINANCIAL EFFECTS OF THE PROPOSED DISPOSAL. 2 Based on an illustrative exchange rate of S$1.00: RM3.0902. The illustrative exchange rate is solely for illustrative purposes and should not be construed as a presentation that the relevant amounts have been or could be converted at this rate or at any other rate. The proforma financial effects of the Proposed Disposal as set out below are for illustrative purposes only, and do not necessarily reflect the future actual financial position and results of the Group following Completion.
