Disclosure Requirements - FRS 139
30 June 2010 - 8:42PM
UK Regulatory
TIDMTNJ
RNS Number : 5196O
Tanjong PLC
30 June 2010
TANJONG PUBLIC LIMITED COMPANY ("Tanjong" or "the Company")
- Disclosure Requirements pursuant to Implementation of FRS 139 "Financial
Instruments: Recognition and Measurement"
1. INTRODUCTION
We refer to the Directive dated 25 March 2010 issued by Bursa Malaysia
Securities Berhad ("Bursa Securities") on the above-captioned subject matter
where a listed issuer is required to release an immediate announcement to Bursa
Securities upon its board of directors approving the incorporation of any
gains/losses arising from the fair value changes to its financial liabilities
where such amount amounted to either 5% or more of the listed issuer's profit
after tax for the year-to-date, or RM1 million, whichever is higher.
2. DETAILS OF THE FINANCIAL LIABILITIES AND THE REASON FOR THE
GAINS/LOSSES
In conjunction with the release of the Tanjong Group's financial results for the
first quarter ended 30 April 2010 today, Tanjong Group has recognised a total
net loss of RM22.5 million or 11.6% of the profit after tax of the Tanjong Group
for the period ended 30 April 2010 in the hedging reserve in equity arising from
fair value changes on the Interest Rate Swaps ("IRS") which are marked to market
as at 30 April 2010.
It is not expected that this loss will significantly impact the Group's cash
flows.
3. THE BASIS IN ARRIVING AT THE FAIR VALUE CHANGES
The Group has entered into IRS arrangements with counterparty financial
institutions to hedge its exposure to interest rate fluctuations on certain of
its borrowings issued at variable rates.
Tanjong Group determines the fair value of the derivative financial liabilities
relating to the IRS arrangements using valuation techniques which utilise data
from recognised financial information sources.
Assumptions are based on market conditions existing at each reporting date. The
fair value is calculated as the present value of the estimated future cash flows
using the appropriate market based yield curve.
For further details, please refer to Tanjong's Quarterly Report for the First
Quarter ended 30 April 2010.
This announcement is dated 30 June 2010.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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