Insights on UOL Third Quarter Financial Results
One of the most significant item that is presented in UOL’s Third Quarter Results is the other gain recognised of about $527 million resulting from negative goodwill on acquisition of a subsidiary and loss on derecognition of associated and joint venture companies.
The gain arises from a share swap transaction whereby UOL receive 60 million shares in UIC from Haw Par Corporation in exchange for 27.3 million shares in UOL being issued to Haw Par on 31 August 2017.
As a result, UOL’s stake in UIC increase from 44.76% to 48.96%.
As a result of the increased in stake in UIC by UOL, UOL account for UIC as a subsidiary when it previously accounted for its stake in UIC as a joint venture or ...