Disclosure Details:
|
Phnom Penh SEZ Plc. would like to inform shareholders holding voting right shares that our AGM is extended until the further notice due to the current Covid-19 pandemic. PPSP has to postpone our AGM which is supposed to be held on 24th April, 2020. Due to the unexpected happening of the Covid-19, we rapidly decided to delay our meeting in accordance to Quarantine Policies in Cambodia in a part to be prevented, is necessary, to first and foremost reinforce our safe community with this framework exercise together. In the spirit of solidarity and in light of the exceptional nature of the COVID -19 crisis, we agree on the need to establish, for the duration of the emergency, the extension of Annual General Shareholders’ Meeting. We are engaged in an effort to safeguard the health and lives of Cambodian and to tackle this current challenging. We, as an individual, is an act in solidarity and we will deliver this fight for our betterment together. Therefore, we will provide the information to publish about the reschedule of our AGM as soon as possible and stay turned with us to win this battle. AT the same time, we also refer to Restatement of Income Statement of PPSP. Our financial statements are audited and conforming to international financial reporting standards and practices, and we are adopting CIFRS, which is also IFRS compliance in term of financial reporting. In addition to the audit adopted by our external auditor is also ISA compliance (i.e. Complying to International Standards of Auditing). In Fiscal Year 2018, we have experienced an expectedly good result in sales, amounting to approximately US$22 million sales for one single transaction by one single customer, ever since we started operation, we never had such experience in sales as to this amount. This transaction occurred in September 2018 and thereafter we did the disclosure on CSX reporting this sales has taken place, after signing the Perpetual Land Lease Agreement with PPSP by the buyer, Shenzhou International (later known as “Gain Lucky/Marvel Garment” as contracting party with PPSP. This sales amount was original recorded and recognized in the year of signing the agreement with this buyer, the normal standard way of revenue recognized in the past frequently adopted by PPSP. However when the new standard (i.e. CIFRS 15 / IFRS 15) came in place, the application of the standard varied from the usual practice of PPSP and it would result non-compliance to standard practice if PPSP did not follow the new standard in recognizing the revenue. After carefully reviewed, almost going through few internal meetings with external auditors (including BDO Cambodia, GT Cambodia and GT Thailand, then Baker Tilly Cambodia, Baker Tilly Thailand, and Baker Tilly Malaysia), eventually we have concluded the approach to be adopted. As a result, what has been previously recognized and adopted in the previous year financial statements, must be re-stated (prior year adjustments). This was the main reason. For our public release to press media, we will have to explain the above carefully and clearly, as the truth and correct reason that we have to follow the disclosure requirements and compliance to standard practice, as a public listed entity to ensure complying to the PRAKAS and listing requirements as our statutory duties. Hence this COVID-19 pandemic constitutes an unprecedented challenge, we agree to prolong our AGM as necessary to meet the strength in a spirit of solidarity as a slogan mentioning ‘Stay home, Stay safe’ . Meanwhile, through the experiences of IFRS 15, we hope you can learn some of the fully explanation on the result of the new IFRS introduced and affecting PPSP in revising the financial reports previously presented. |
