- CHANGE TO HALF YEARLY DISCLOSURE OF FINANCIAL RESULTS
- CHANGE IN FINANCIAL YEAR END
The board of directors (the "Board") of Yoma Strategic Holdings Ltd. (the "Company") wishes to update shareholders on the change to half yearly announcement of its financial statements and the change in the Company's financial year end from 31 March to 30 September.
- Quarterly Reporting
Following the amendments to the Listing Manual ("Listing Manual") of the Singapore Exchange Securities Trading Limited ("SGX-ST") which has taken effect as of 7 February 2020, the Company will not be required to release its financial statements on a quarterly basis. The Board has, after due deliberations, decided not to continue with quarterly reporting of the Company's financial statements, and instead, the Company will announce the financial statements of the Company on a half-yearly basis and provide a trading update for the other quarters.
- Change in Financial Year End Implications
- Following the change in financial year end, the current financial year will cover a period of 18 months from 1 April 2019 to 30 September 2020 ("FY2020").
- The Company had already released its unaudited financial results for the first two (2) quarters ended 30 June 2019 and 30 September 2019. Accordingly, the Company will be releasing its (i) unaudited financial results for the second 6-month period from 1 October 2019 to 31 March 2020 (the "Interim Financial Results"); and (ii) unaudited financial results for the 18-month period from 1 April 2019 to 30 September 2020 (the "Full Year Financial Results"), in accordance with Rule 705 of the Listing Manual as follows:-
Type | of | Financial Period | Comparative | Latest Date for |
Announcement | Financial Period | Release | ||
Interim | Financial | 1 October 2019 to | 1 October 2018 to | 15 May 2020 |
Results | 31 March 2020 | 31 March 2019 | ||
(6-month period) | (6-month period) | |||
1 April 2019 to 31 | 1 April 2018 to 31 | |||
March 2020 | March 2019 | |||
YOMA STRATEGIC HOLDINGS LTD. Company Registration No. 196200185E 63 Mohamed Sultan Road #02-14Sultan-Link Singapore 239002 Tel: (65) 6223 2262 Fax: (65) 6223 1990
www.yomastrategic.com
Full Year Financial | 1 | April | 2020 | to | 30 | 1 | April 2019 | to | 30 | 29 November 2020 |
Results | September 2020 | September 2019 | ||||||||
1 | April | 2019 | to | 30 | 1 | April 2018 | to | 31 | ||
September 2020 | March 2019 | |||||||||
(18-month period) | (12-month period) | |||||||||
3. In accordance with Rule 707 of the Listing Manual, the Company will hold its next annual general meeting for FY2020 within four (4) months from its financial year end (i.e. on or before 31 January 2021).
Rationale for Change
The Company and its subsidiaries operate primarily in the Republic of the Union of Myanmar ("Myanmar"). The Ministry of Planning and Finance of Myanmar has mandated that with effect from 1 October 2019, all taxpayers must adopt the new financial year from 1 October to 30 September. Prior to this change, taxpayers in Myanmar had been adopting the period 1 April to 31 March as their financial year. The Company's Myanmar subsidiaries have effected the change in their financial year end from 31 March to 30 September to comply with the mandate.
As such, the Company and its Singapore subsidiaries have changed its existing financial year end from 31 March to 30 September to coincide with this mandatory change to reduce additional external audit costs and internal resources and efforts to be expended to accommodate the Company's financial reporting.
BY ORDER OF THE BOARD
Melvyn Pun
Chief Executive Officer
14 February 2020
YOMA STRATEGIC HOLDINGS LTD.
Company Registration No. 196200185E 63 Mohamed Sultan Road #02-14Sultan-Link Singapore 239002 Tel: (65) 6223 2262 Fax: (65) 6223 1990
www.yomastrategic.com
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Yoma Strategic Holdings Ltd. published this content on 14 February 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 February 2020 02:08:07 UTC