Bursa Announcements

Date : 29 August 2018

OTHERS AEON CO. (M) BHD. ("AEON" or "Company") - Closure of Outlets of Index Living Mall Malaysia Sdn. Bhd. (1082843-T) (formerly known as AEON Index Living Sdn Bhd)

AEON CO. (M) BHD

Type Announcement
Subject OTHERS
Description
AEON CO. (M) BHD. ("AEON" or "Company")  
- Closure of Outlets of Index Living Mall Malaysia Sdn. Bhd. (1082843-T)
(formerly known as AEON Index Living Sdn Bhd)

The Board of Directors of the Company wishes to announce that Index Living Mall Malaysia Sdn. Bhd. (1082843-T) (formerly known as AEON Index Living Sdn Bhd) (“ILMM"), an associate company of the Company will be closing down the remaining of its outlets in Malaysia. ILMM is a joint venture company between AEON and Index Living Mall Company Limited (“ILM”) which was incorporated in Thailand. AEON holds 49% of ILMM’s total shares and remaining 51% of ILMM’s shares are hold by ILM.

ILMM is engaged in the operations of furniture retailer and will be closing down the remaining of its outlets in Malaysia by third quarter of 2018. As such, for the second quarter result, the Company has recognised the impairment loss on its investment in the associate company which amounted to RM8.01 million and also share of its year to-date operating loss which amounted to RM13.7 million.

The closure of the associate’s outlets are expected to reduce the earnings per share and net assets per share of the Company by approximately two cents respectively for the financial year ending 31 December 2018. Being a non-cash item, the financial impact will have no bearing to the Company’s current and future cash position. 

This announcement is dated 29 August 2018.






Announcement Info

Company Name AEON CO. (M) BHD
Stock Name AEON
Date Announced 29 Aug 2018
Category General Announcement for PLC
Reference Number GA1-29082018-00036


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