FORGING AHEAD - Tradewinds Plantation Berhad

42. SIGNIFICANT EVENTS SUBSEQUENT TO THE END OF THE REPORTING PERIOD (continued)
On 25 February 2011, PSSB and SBSB entered into a supplemental agreement to revise the purchase consideration for
the Proposed Acquisition of Mardec as provided in the SSA from RM150,000,000 to RM140,000,000, which shall be
payable in the following manner:
(i) a first instalment of RM42,000,000 or 30% of the revised purchase consideration to be paid on the completion date;
and
(ii) a second instalment of RM98,000,000 or 70% of the revised purchase consideration to be paid within 3 months of
the completion date.
The revised purchase consideration is arrived at based on Ernst & Young’s appraisal of the fair value of the Mardec Group
by using the Hybrid Methodology, which is a combination of Income and Asset Approaches of valuation, which ranges
between RM130,000,000 and RM150,000,000.
The Proposed Acquisition of Mardec is pending the approvals of the shareholders of the Company at a general meeting to
be convened and the Economic Planning Unit of the Prime Minister’s Department.
43. COMPARATIVES
Certain figures as at 1 January 2009 have been restated due to the effects arising from the adoption of Amendment to
FRS 117 Leases, which have resulted in retrospective adjustments. Leasehold land held by the Group for own use were
reclassified from prepaid lease payments for land as previously reported, to property, plant and equipment - leasehold land.
Effect of
As adoption of
previously Amendment As
Group reported to FRS 117 restated
RM’000 RM’000 RM’000
As at 1 January 2009
Statement of Financial Position
Property, plant and equipment 1,276,032 1,132,293 2,408,325
Prepaid lease payments for land 1,132,293 (1,132,293) -
As at 31 December 2009
FINANCIAL STATEMENTS
Statement of Financial Position
Property, plant and equipment 1,369,910 1,127,554 2,497,464
Prepaid lease payments for land 1,127,554 (1,127,554) -
TRADEWINDS PLANTATION BERHAD
Annual Report 2010
215