7 223 222 Notes to the Financial Statements 36. SUBSEQUENT EVENT (i) In April 2023, the Group via its subsidiary, Kembang Subur Sdn. Bhd. entered into a Share Acquisition Agreement with Mr. Lee Ah Choy and Mr. Tay Kuan Huat to acquire 100 ordinary shares in Agromacy Sdn. Bhd. for a total cash consideration of RM404,000. Agromacy Sdn. Bhd. is a private limited company incorporated and domiciled in Malaysia. The company has total issued and paid-up share capital of RM100. The company is principally engaged in coconut plantation and has been dormant since 2021. The acquisition was completed on 26 May 2023. Following the acquisition, Agromacy Sdn. Bhd. became a whollyowned subsidiary of Kembang Subur Sdn. Bhd., which in turn is 87.22% owned by the Group. (ii) On 7 July 2023, the Group via its wholly-owned subsidiary, QL Lian Hoe (S) Pte. Ltd. (“QLLHS”), has convened an Extraordinary General Meeting on matters relating to members’ voluntary winding up in accordance with the relevant sections of Singapore’s Insolvency, Restructuring and Dissolution Act 2018 (“Winding Up”) as the board of directors of QLLHS have no intention to further carry out any operational activities going forward. The Winding Up of QLLHS will not have significant financial and operational impact on the Company and its Group for the financial year ending 31 March 2024. STATEMENT BY DIRECTORS pursuant to Section 251(2) of the Companies Act 2016 In the opinion of the Directors, the financial statements set out on pages 119 to 222 are drawn up in accordance with Malaysian Financial Reporting Standards, International Financial Reporting Standards and the requirements of the Companies Act 2016 in Malaysia so as to give a true and fair view of the financial position of the Group and of the Company as of 31 March 2023 and of their financial performance and cash flows for the financial year then ended. Signed on behalf of the Board of Directors in accordance with a resolution of the Directors: Chia Song Kun Director Chia Song Kooi Director Shah Alam Date: 10 July 2023
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