Bank Islam Integrated Annual Report 2020

46. SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR (CONTINUED) The proposed placement, proposed SOA, proposed internal reorganisation, proposed distribution and capital repayment and proposed transfer of listing are not conditional upon each other, save for the following: (i) The proposed distribution and capital repayment is conditional upon the proposed internal reorganisation and proposed transfer of listing; and (ii) The proposed transfer of listing is conditional upon the proposed internal reorganisation and proposed distribution and capital repayment. BHB has on 10 December 2020 announced that it has received the approval from the Minister of Finance (on the recommendation of BNM), and BNM in relation to the Proposals. The Proposals are now subject to the approvals and/or consent being obtained from Securities Commission Malaysia (“SC”), Bursa Malaysia Securities Berhad (“Bursa Securities”), shareholders of BHB at an extraordinary general meeting to be convened, shareholder of the Bank, warrantholders at the court-convened meeting, sanction of the High Court of Malaya, the creditors and/or financiers of the BHB Group, the Bank and Identified Subsidiaries, if required and any other relevant regulatory authorities and/or parties, if required. 47. EVENT SUBSEQUENT TO THE BALANCE SHEET DATE On 13 January 2021, the Government of Malaysia reintroduced the movement control order to curb the soaring number of COVID-19 cases. The lock down may have a negative impact on the Group’s and Bank’s results of operation, similar to the areas highlighted in Significant Event During the Financial Year. The Group and the Bank are not able to predict the potential future direct or indirect effects resulted from the movement control order other than as disclosed in Note 39(b)(iii). However, the Group and the Bank are taking actions to mitigate the impacts, and will continue to closely monitor the impact and the related risks as they evolve. Notes to the financial statements for the financial year ended 31 December 2020 314 Financ ial Statement s Accountabi l i t y Addi t ional Informat ion