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FRONTKEN CORPORATION BERHAD
(651020-T)
ANNUAL REPORT
2015
29.
SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR (CONT’D)
(ii) During the financial year, the Company increased its issued and paid-up share capital from RM101,140,816 to
RM105,343,513 by the issuance of 42,026,970 new ordinary shares of RM0.10 each pursuant to the exercise of
42,026,970 warrants at an exercise price of RM0.18 per warrant. The warrants were exercised on various dates in
year 2015 before the expiry date of the warrant on 10 March 2015.
The new ordinary shares issued are rank pari passu with the existing issued ordinary shares of the Company.
The resulting premium of RM3,362,158 arising from the shares is credited to the share premium account.
(iii) During the financial year, the Company acquired 2,135,610 ordinary shares of NT$10 each representing 6.46% of
the issued and paid-up share capital of AGTC for a total cash consideration of NT$42,192,117 (including incidental
costs) (equivalent to RM5,103,100). Following the acquisition, the Group’s interest in AGTC increased from 57.92%
to 64.38%.
(iv) During the financial year, the Company’s wholly-owned subsidiary, FSPL, had on 25 August 2015 entered into a
Sale and Purchase Agreement with Giga Group Pte. Ltd., to acquire the remaining 49% of the entire issued and
paid-up share capital in FPPL for a cash consideration of S$585,060 (equivalent to RM1,758,924). Following the
completion of the acquisition on 28 August 2015, FPPL became a wholly-owned subsidiary of FSPL.
(v) The Company and its subsidiary, Ares Green International Corporation had on 19 August 2015 entered into a Sale
and Purchase Agreement with MIC-Tech Ventures Asia Pacific Inc. to dispose of 60% of the issued and paid-
up share capital of FMIC comprising 10,903,805 ordinary shares of HKD1.00 each for a cash consideration of
USD90,000. The disposal was completed on 30 September 2015, whereupon FMIC ceased to be a subsidiary of
the Group.
(vi) During the year, AGTC, a subsidiary of the Company, withdrew from the Over-The-Counter GreTai and revoked for
public trading.
30.
SUBSEQUENT EVENTS AFTER THE FINANCIAL YEAR
(i)
On 26 February 2016, the Company acquired 1,135,575 ordinary shares of NT$10 each representing 3.33% of the
issued and paid-up share capital of Ares Green Technology Corporation (“AGTC”) for a total cash consideration
of NT$19,514,250 (including incidental costs) (equivalent to RM2,438,473). Following the acquisition, the Group’s
interest in AGTC increased from 64.38% to 67.71%.
(ii) On 27 February 2016, the Company’s wholly-owned subsidiary, FMSB, acquired the remaining 39.93% of the
entire issued and paid-up share capital in Frontken Projects Sdn. Bhd. (formerly known as Frontken Petroleum
Sdn. Bhd.) (“FPSB”) for a cash consideration of RM2. Following the acquisition, FPSB became a wholly-owned
subsidiary of FMSB.
(iii) On 8 March 2016, the Company’s wholly-owned subsidiary, Frontken Petroleum Sdn. Bhd. changed its name to
Frontken Projects Sdn. Bhd.
NOTES TO THE FINANCIAL STATEMENTS
(cont’d)