GHL System Berhad Annual Report 2017

ANNUAL REPORT 2017 129 NOTES TO THE FINANCIAL STATEMENTS 31 December 2017 CONT’D 32. SIGNIFICANT EVENTS SUBSEQUENT TO THE END OF THE REPORTING PERIOD (cont’d) (c) Proposed acquisitions of equity interests in MPOS Global Limited (i) On 12 February 2018, the Group had entered into a revised SSA to amend and restate certain terms of the SSA (“Revised SSA”). (ii) On 12 February 2018, MPOS Global had entered into a share purchase agreement (“MPOS Vietnam SPA”) with MPOS Vietnam and the shareholders of MPOS Vietnam, namely Tuat and Binh (“Sellers”) to purchase a total of 5,200,000 MPOS Vietnam Shares (“Transferred Shares”) from the Sellers representing approximately 95.69% of MPOS Vietnam for an aggregate purchase price of VND52,000,000,000 (equivalent to approximately RM9.67 million) (“MPOS Vietnam Purchase Price”) (“Proposed MPOS Vietnam Acquisition”). Accordingly, MPOS Global and MPOS Vietnam had, via a Liquidation Agreement dated 12 February 2018, mutually agreed to terminate the MPOS Vietnam SSA. There will be no change to the Group’s cost of investment and equity interest in MPOS Global and MPOS Vietnam upon completion of the Proposed Share Subscription pursuant to the Revised SSA, the Proposed Share Purchase and the Proposed MPOS Vietnam Acquisition as per the MPOS Vietnam SPA. 33. ADOPTION OF NEW MFRSs AND AMENDMENT TO MFRSs (a) New MFRSs adopted during the financial year The Group and Company adopted the following Amendments of the MFRS Framework that were issued by the Malaysian Accounting Standards Board (“MASB”) during the financial year. Title Effective Date Amendments to MFRS 112 Recognition of Deferred Tax Assets for Unrealised Losses 1 January 2017 Amendments to MFRS 107 Disclosure Initiative 1 January 2017 Amendments to MFRS 12 Annual Improvements to MFRS Standards 2014 - 2016 Cycle 1 January 2017 Adoption of the above Amendments did not have any material effect on the financial performance or position of the Group and of the Company.