Finer Packaging: Global Business Termination Consolidation Accounting

Finer Packaging (00468) published a notice on January 29, 2024, announcing that the company would restructure through its previous board of directors. The restructuring involves subscribing to the limited partnership interests of Future Strategy Investment Fund Limited Partnership and considering the sale of the international business controlled by Greatview Holdings International Limited (target company), along with its subsidiaries ("target group"). The consideration of the sale transaction led to attention being paid to the opinions adopted by the previous board of directors, while the comprehensive consolidation accounting basis for the international business after restructuring also became part of the scope of investigation.

Based on the preliminary results of the investigation, the board of directors considered the applicable accounting standards and concluded that the financial performance of the target group should be consolidated as a separate entity within the group from January 25, 2024. The details regarding the basis for reaching this opinion will be disclosed in a further announcement published by the company (including a summary of the investigation results). The board believes that, given the circumstances and control degree of the restructuring and target group, the comprehensive financial reports of the group as at December 31, 2024, should be compiled based on the termination consolidation accounting basis, allowing the group's performance and operational status to be presented more fairly as a whole.