Audited Accounts For Financial Year Ended 31 December 2008

BackApr 30, 2009
General Announcement
Reference No NC-090430-54101

 

Company Name
:
 NAIM HOLDINGS BERHAD  
Stock Name
:
 NAIM  
Date Announced
:
 30/04/2009  


Type
:
 Announcement
Subject
:
Audited accounts for financial year ended 31 December 2008

Contents
:
Pursuant to paragraph 9.19 (34) of Bursa Listing Requirements, we append hereunder the explanation for deviation of more than 10% profit after tax and minority interest between the announced unaudited accounts and the audited accounts for the financial year ended 31 December 2008.

The Group’s audited profit after tax and minority interest for the year ended 31 December 2008 is RM80.75 million, which is higher than the RM62.51 million reported in our interim announcement made on 25 February 2009. This difference is due mainly to a technical adjustment by our external auditors which is not operational in nature. This pertains to our investment in Dayang Enterprise Holdings Berhad (DEHB) as explained below.

On 27 August 2007, the Company acquired a 45% stake each in Dayang Enterprise Sdn. Bhd., DESB Marine Services Sdn. Bhd. and Fortune Triumph Sdn. Bhd.

On 29 February 2008, the Company completed the conditional share exchange agreements with DEHB to transfer all of the Company’s interests in Dayang Enterprise Sdn. Bhd., DESB Marine Services Sdn. Bhd. and Fortune Triumph Sdn. Bhd. to DEHB in exchange for 110,621,700 new ordinary shares of RM0.50 each in DEHB.

Concurrent with the completion of the share exchange, DEHB also effected a special renounceable rights issue of 20,300,000 new ordinary shares of RM0.50 each at an issue price of RM1.00 per ordinary share, out of which 9,135,000 shares (equivalent to 45% of the rights issue) were subscribed by the Company. Upon the completion of the share exchange and the rights issue on 29 February 2008, DEHB became a 45% owned associate of the Company.

Following a public issue of 85,874,000 new ordinary shares of RM0.50 each by DEHB at RM1.45 per ordinary share on 17 April 2008, the Company’s shareholding in DEHB was reduced from 45% to 34.02%. The dilution in (or deemed disposal of) the equity interest in DEHB resulted in a gain of RM13,935,000 to the Group, which was recognised in the income statement for the year ended 31 December 2008 (see Note 21 to the financial statement for the year ended 31 December 2008). DEHB was listed on the Main Board of Bursa Malaysia Securities Berhad on 24 April 2008.

The Company acquired an additional 6,930,000 shares of RM0.50 each in DEHB from the open market at an average price of RM1.60 per ordinary share subsequent to the listing of DEHB, increasing its equity interest in DEHB from 34.02% to 35.99%. The total consideration paid for the acquisition was RM11,073,000.


Dated 30th April 2009