(Unique Entity Number: 197902647M)
(Incorporated with limited liability in the Republic of
Singapore on 5 September 1979) (the "Company")
The Company wishes to announce that the Company has changed
its functional currency from
Singapore dollars to United States dollars with effect from 1
January 2012.
The Company and its subsidiaries have invoiced customers in
both United States dollars and Singapore dollars prior to 1
January 2012. As the borrowings of the Company and its
subsidiaries have been increasingly denominated in United
States dollars, the Company negotiated with its customers to
invoice them primarily in United States dollars with effect
from 1 January 2012 in order to reduce its foreign currency
exposure. Following the change in invoicing currency, the
Company re- evaluated the requirements in the Singapore
Financial Reporting Standard 21 - The Effects of Changes in
Foreign Exchange Rates ("FRS 21") and determined the
functional currency of the Company to be United States
dollars. In line with FRS 21, this change in the functional
currency of the Company will be applied prospectively.
As a result of the change in functional currency, the Company
will present all future financial statements in United States
dollars.
By Order of the Board
See Kian Heng
Group Chief Financial Officer
4 May 2012
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