ENRA Group Berhad Annual Report 2019

147 ENRA GROUP BERHAD ∞ Annual Report 2019 page Notes to the Financial Statement 31 March 2019 44. SUBSEQUENT EVENTS AFTER THE END OF THE REPORTING PERIOD (a) Acquisition of a subsidiary On 31 May 2019, ENRA Land Sdn. Bhd. (“ELAND”), a wholly-owned direct subsidiary of the Group and of the Company has entered into a Shareholders Agreement with IBGH Capital Sdn. Bhd. (“IBGHC”) to collaborate in the business of property development in Malaysia via Q Homes Sdn. Bhd. (“Q Homes”). Q Homes was incorporated in Malaysia on 28 February 2019 as a private limited company. The principal activities of Q Homes include construction of buildings and real estate activities. Q Homes owns a 100% equity stake in Merpati TPG Sdn. Bhd.. On 20 June 2019, ELAND has subscribed for a 51% equity stake in Q Homes for a total cash consideration of RM127,500. (b) Claim against Gemula Sdn. Bhd. On 25 June 2019, the High Court granted the winding up petition initiated by EEFAB against Gemula. 45. ADOPTION OF NEWMFRSs AND AMENDMENTS TO MFRSs 45.1 New MFRSs adopted during the financial year The Group and the Company are transitioning entities as defined by the Malaysian Accounting Standards Board (“MASB”), and adopted the MFRS Framework during the financial year ended 31 March 2019. Accordingly, these are the first financial statements of the Group and of the Company prepared in accordance with MFRSs. In adopting the new MFRS Framework, the Group and the Company applied the transition requirements in MFRS 1 First-time Adoption of Malaysian Financial Reporting Standards . In addition to the adoption of the new MFRS Framework, the following new MFRSs and Amendments to the MFRSs issued by MASB were adopted by the Group and the Company during the financial year: Title Effective Date Amendments to MFRS 1 Annual Improvements to MFRS Standards 2014 - 2016 Cycle 1 January 2018 MFRS 15 Revenue from Contracts with Customers 1 January 2018 Clarification to MFRS 15 1 January 2018 MFRS 9 Financial Instruments (IFRS as issued by IASB in July 2014) 1 January 2018 Amendments to MFRS 2 Classification and Measurement of Share-based Payment Transactions 1 January 2018 Amendments to MFRS 128 Annual Improvements to MFRS Standards 2014 - 2016 Cycle 1 January 2018 IC Interpretation 22 Foreign Currency Transactions and Advance Consideration 1 January 2018 Amendments to MFRS 140 Transfers of Investment Property 1 January 2018 Amendments to MFRS 4 Applying MFRS 9 Financial Instruments with MFRS 4 Insurance Contracts See MFRS 4 Paragraphs 46 and 48 MFRS 16 Leases 1 January 2019