Protasco Berhad (“Protasco”) wishes to announce that Protasco has recognised I2 Solarpark One Sdn Bhd (“I2SO”), as its subsidiary, based on the following factors:
- Protasco has the ability to exercise its rights to direct the activities of I2SO through its majority in board composition;
- Protasco has rights to variable returns from its involvement in I2SO; and
- Protasco has ability to use its power to affect the investor’s returns from its involvement with I2SO.
I2SO is 44% owned by Ikram Greentech Sdn Bhd, which in turn is a wholly-owned subsidiary of Protasco.
Consequent to the above, Protasco will be consolidating I2SO results for the financial results of Protasco Group for year ended 31 December 2018 as required by Malaysian Financial Reporting Standard 10.