Additional Information on the Impairment of Goodwill

BackMay 07, 2007
Announcement Title * Additional Information on the Impairment of Goodwill  
In response to SGX query on 4 May 2007, the Board of Directors of Indofood Agri Resources Ltd. ("The Company") wishes to provide additional information in relation to the note on impairment of goodwill in the Q1 2007 announcement made by the Company on 27 April 2007.

Under reverse acquisition accounting, FRS 103-Business Combinations deems that the consideration paid by the acquirer to be equivalent to the number of CityAxis Holdings Limited's shares outstanding (before share consolidation) and the fair value as at the reverse acquisition completion date. As such, the deemed cost of combination amounted to Rp99,779 million, which gave rise to a goodwill of Rp76,337 million at the completion date after considering the fair value of net assets of CityAxis Holdings Limited and other incidental costs.  

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