Serba Dinamik Annual Report 2016

108 SERBA DINAMIK HOLDINGS BERHAD Company No.1167905 P Serba Dinamik Holdings Berhad is a public limited liability company, incorporated and domiciled in Malaysia. The address of its registered office is No. 8-5, Pusat Dagangan UMNO Shah Alam, Lot 8, Persiaran Damai Seksyen 11, 40100 Shah Alam, Selangor Darul Ehsan. The consolidated financial statements of the Company as at and for the financial period ended 31 December 2016 comprise the financial statements of the Company and its subsidiaries (together referred to as the “Group” and individually referred to as “Group entities”) and the Group’s interest in associates. The Company is principally engaged in investment holding and provision of management services while the principal activities of the subsidiaries are stated in Note 4 to the financial statements. On 25 May 2016, the shareholders of the Company entered into the Share Purchase Agreement with Serba Dinamik Group Berhad (“Serba Dinamik Group”) for the purchase by the Company from the shareholders of the entire issued and paid-up share capital of Serba Dinamik Group, 73,978,860 ordinary shares of RM1.00 each, at a total consideration of RM531,799,999 to be satisfied by the issuance of a total of 1,063,599,998 ordinary shares of RM0.50 each in the Company to each of the shareholder. Since then, the Company became the holding company of Serba Dinamik Group. The acquisition of shares forms part of the internal reorganisation of the Group and its group of companies in relation to the initial public offering of the ordinary shares in the Company and the listing of the Company on the Main Market of Bursa Malaysia Securities Berhad on 8 February 2017. The financial statements were authorised for issue by the Board of Directors on 12 April 2017. 1. 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”) and International Financial Reporting Standards. The following are accounting standards, amendments and interpretations that have been issued by the Malaysian Accounting Standards Board (“MASB”) but have not been adopted by the Group and the Company: MFRS / Amendment / Interpretation Effective date Amendments to MFRS 12, Disclosure of Interests in Other Entities (Annual Improvements to MFRS Standards 2014-2016 Cycle) 1 January 2017 Amendments to MFRS 107, Statement of Cash Flows - Disclosure Initiative 1 January 2017 Amendments to MFRS 112, Recognition of Deferred Tax Assets for Unrealised Losses 1 January 2017 MFRS 9, Financial Instruments (2014) 1 January 2018 MFRS 15, Revenue from Contracts with Customers 1 January 2018 Clarifications to MFRS 15, Revenue from Contracts with Customers 1 January 2018 IC Interpretation 22, Foreign Currency Transactions and Advance Consideration 1 January 2018 Amendments to MFRS 1, First-time Adoption of Malaysian Financial Reporting Standards (Annual Improvements to MFRS Standards 2014-2016 Cycle) 1 January 2018 Amendments to MFRS 2, Share-based Payment – Classification and Measurement of Share-based Payment Transactions 1 January 2018 Amendments to MFRS 4, Insurance Contracts – Applying MFRS 9 Financial Instruments with MFRS 4 Insurance Contracts 1 January 2018 NOTES TO THE FINANCIAL STATEMENTS