GAPACK (00468): International Business Ceases Consolidation Accounting

Stock News08-18

GAPACK (00468) announced that on January 29, 2024, the company disclosed through its former board of directors a reorganization involving the subscription of limited partnership interests in Future Strategy Investment Fund Limited Partnership, as well as the deemed disposal of Greatview Holdings International Limited (the target company, together with its subsidiaries collectively referred to as the "target group"), the holding company of the group's international business.

The deemed disposal transaction has raised concerns regarding the opinions adopted by the company through its former board of directors, and the basis for consolidation accounting of the international business after reorganization has also formed part of the investigation scope.

Based on preliminary results of the investigation, the board of directors, after considering applicable accounting standards, believes that the financial performance of the target group should cease consolidation accounting from the group after completion of reorganization on January 25, 2024.

Details of the circumstances upon which such opinions are based will be disclosed in due course in a further announcement containing, among other things, a summary of the investigation results.

The board of directors believes that given the circumstances and degree of control regarding the reorganization and target group, preparing the group's consolidated financial statements for the year ended December 31, 2024 based on the cessation of consolidation accounting will present the group's performance and state of affairs as a whole more fairly.

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