2018 UEM Edgenta Annual Report

46. SIGNIFICANT EVENTS (a) Issuance of Islamic Commercial Papers In 2017, the Company had established the Islamic Commercial Papers (“ICPs”) and Islamic Medium Term Notes (“IMTNs”) under an Islamic Commercial Papers Programme (“ICP Programme”) and Islamic Medium Term Notes Programme (“IMTN Programme”) respectively, which have a combined aggregate limit of up to RM1,000.0 million in nominal value and a sub-limit of RM300.0 million in nominal value for the ICP Programme under the Shariah Principle of Murabahah via a Tawarruq Arrangement. On 26 April 2018, the Company completed the issuance of RM50.0 million in nominal value of Islamic Commercial Papers (“ICP”) with a tenure of 12 months under the ICP Programme. The proceeds raised was utilised to redeem the outstanding ICPs amounting to RM50.0 million on the said ICP Programme which was issued on 26 April 2017 and matured on 26 April 2018. (b) Members’ voluntary winding-up of Asia Integrated Facility Solutions Pte. Ltd. (“AIFS”) and Asia Facility Solutions Pte. Ltd. (“AFS”) On 22 November 2017, AIFS and AFS, indirect wholly-owned subsidiaries of the Company incorporated in Singapore, had been placed under members’ voluntary winding-up pursuant to Section 290(1) of the Singapore Companies Act (Cap. 50). The members’ voluntary winding up was completed on 27 December 2018. The voluntary wind-up had no material effect to the earnings, gearing or net asset of the Group and Company. (c) Restructuring of Edgenta UEMS Pte Ltd (Formerly known as UEMS Pte. Ltd.) On 10 August 2018, Edgenta UEMS Pte Ltd became a direct subsidiary of Edgenta (Singapore) Pte Ltd (“ESG”), a wholly-owned subsidiary of the Company via the transfer of shares by way of distribution-in-specie from AIFS, a wholly-owned subsidiary of ESG. The restructuring had no material effect to the financial statements of the Group and Company. (d) Dissolution of International Business Link Inc. (“IBL”) On 1 November 2018, IBL, a wholly-owned subsidiary of Opus Group Berhad, which in turn is a wholly-owned subsidiary of the Company, had been struck off from the British Virgin Islands’ Registry of Corporate Affairs. 47. SUBSEQUENT EVENT Members voluntary wind up of Faber Hotels Holdings Sdn. Bhd. On 6 March 2019, Faber Hotels Holdings Sdn. Bhd. (“FHH”), a wholly-owned subsidiary of the Company, had been placed under Member’s Voluntary Winding-Up pursuant to Section 439(1)(b) of the Companies Act 2016. The winding up of FHH is not expected to have a material effect on the earnings, gearing or net assets of the Group. Financial Review Stakeholder Information AGM Information 259 Governance Review of Sustainability Activities