DESTINI Annual Report 2020

1. Corporate Information The Company is a public limited liability company, incorporated and domiciled in Malaysia and is listed on the Main Market of the Bursa Malaysia Securities Berhad. The registered office and the principal place of business of the Company is located at No. 10, Jalan Jurunilai U1/20, Hicom Glenmarie Industrial Park, 40148 Shah Alam, Selangor Darul Ehsan. The principal activities of the Company are those of investment holding and provision of management services. The principal activities of its subsidiaries are disclosed in Note 6. There have been no significant changes in the nature of these activities of the Company and its subsidiaries during the financial year. 2. Basis of Preparation (a) Statement of compliance The financial statements of the Group and of the Company have been prepared in accordance with Malaysian Financial Reporting Standards (“MFRSs”), International Financial Reporting Standards and the requirements of the Companies Act, 2016 in Malaysia. The financial statements of the Group and of the Company have been prepared under the historical cost convention, unless otherwise indicated in the significant accounting policies below. Adoption of new and amended standards During the financial year, the Group and the Company have adopted the following new and amendments to MFRSs, interpretations issued by the Malaysian Accounting Standards Board (“MASB”) that are mandatory for current financial year: Theadoptionof thenewandamendments toMFRSsdidnot haveany significant impact on thefinancial statements of the Group and of the Company. Notes to Financial Statements 31 December 2020 Amendments to Reference to the Conceptual Framework in MFRS Standards Amendments to MFRS 3 Definition of a Business Amendments to MFRS 9, MFRS 139 and MFRS 7 Interest Rate Benchmark Reform Amendments to MFRS 101 and MFRS 108 Definition of Material ANNUAL REPORT 2020 DESTINI BERHAD 99