181
ANNUAL REPORT 2016
NOTES TOTHE FINANCIAL STATEMENTS
30 JUNE 2016
(Continued)
40. SIGNIFICANT EVENTS SUBSEQUENT TO THE END OF THE REPORTING PERIOD
(a)
On 18 July 2016, CRRVietnam Co., Ltd. (“CRR”) became an indirect wholly-owned subsidiary of the Company via CRG’s subscription
of 100% equity interest in CRR for a contributed capital of VND1,125,000,000.
(b)
As disclosed in Note 10(c)(ii) to the financial statements, the voluntary liquidation of BIS was completed on 21 July 2016.
(c)
On 22 September 2016, Jeco and HNB, had executed a Deed of Amendment to vary certain terms and conditions in the SPA dated
29 January 2016 in relation to Jeco’s acquisition of 100% equity interest in IBB as disclosed in Note 35 to the financial statements as
summarised below:
(i)
the purchase price to acquire IBB was reduced from SGD6,000,000 to SGD4,000,000;
(ii)
the payment schedule of the purchase price has been revised and the payment period was shortened to end by 31 August 2017
instead of 30 April 2018;
(iii) the clauses in relation to profit guarantee of SGD2,000,000 for each financial period of 1 January 2016 to 31 December 2016,
and 1 January 2017 to 31 December 2017 respectively, warranted by HNB, were deleted in its entirety from the SPA; and
(iv) Jeco has full right and absolute discretion to determine the board composition and all the management and operating affairs of
IBB.
