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ASSETS HELD FOR SALE
9 Months Ended
Mar. 31, 2018
Assets Held For Sale  
ASSETS HELD FOR SALE

 

During the fourth quarter of 2015, the operations in Malaysia planned to sell its factory building in Penang, Malaysia. In May 2015, Trio-Tech Malaysia was approached by a potential buyer to purchase the factory building. Negotiation is still ongoing and is subject to approval by Penang Development Corporation. In accordance with ASC Topic 360, during fiscal year 2015, the property was reclassified from investment property, which had a net book value of RM 371, or approximately $92, to asset held for sale, since there was an intention to sell the factory building. The net book values of the building were RM 371, or approximately $96, as at March 31, 2018 and RM 371, or approximately $86, as at June 30, 2017. As at end of March 31, 2018, management is still actively looking for a suitable buyer.