Annual report 2014
109
NOTES TO THE FINANCIAL STATEMENTS
31 December 2014 (continued)
10. INVESTMENTS IN SUBSIDIARIES (continued)
(f) In the previous financial year, the Company:
(i) subscribed one (1) ordinary share of RM1.00 each in GHL BPO1 Sdn. Bhd. (“BPO1”), representing
50% of the issued and paid-up share capital of BPO1. Subsequently, the Company acquired the
remaining one (1) ordinary share of RM1.00 each in BPO1 from a Director, Loh Wee Hian, for cash
consideration of RM1.00. Accordingly, BPO1 became a wholly-owned subsidiary of the Company;
(ii) subscribed one (1) ordinary share of RM1.00 each in GHL Payment Services Sdn. Bhd. (“GHLPS”),
representing 50% of the issued and paid-up share capital of GHLPS. Subsequently, the Company
acquired the remaining one (1) ordinary share of RM1.00 each in GHLPS from a Director, Loh Wee
Hian, for cash consideration of RM1.00. Accordingly, GHLPS became a wholly-owned subsidiary
of the Company; and
(iii) subscribed one (1) ordinary share of RM1.00 each inGHL ePayments Sdn. Bhd. (“GEP”), representing
50% of the issued and paid-up share capital of GEP. Subsequently, the Company acquired the
remaining one (1) ordinary share of RM1.00 each in GEP from a Director, Loh Wee Hian, for cash
consideration of RM1.00. Accordingly, GEP became a wholly-owned subsidiary of the Company.
Subsequently, the Company subscribed additional one hundred ninety-nine thousand nine
hundred and ninety-eight (199,998) ordinary shares of RM1.00 each in GEP for cash consideration
of RM199,998.
The fair value of the net assets acquired and cash flow arising from the acquisition were as follows:
At date of
acquisition
RM
Cash and cash equivalents
6
Total identified net assets/Total purchase consideration
6
Less: Cash and cash equivalents of the subsidiaries acquired
(6)
Net cash flow of the Group on acquisition
-
(g) On 26 August 2013, the Company acquired 1,250,000 ordinary shares of RM1.00 each in GHLCP from
GHL International Sdn. Bhd., a wholly-owned subsidiary of the Company, representing 100% of the
issued and paid-up share capital of GHLCP, for total cash consideration of RM1.00. Accordingly, GHLCP
became a direct wholly-owned subsidiary of the Company.
(h) During the financial year, the Group recognised share options granted under shares options scheme of
RM962,066 (2013: RM868,685) in profit or loss, out of which an amount of RM741,586 (2013: RM495,742)
was in respect of employees of subsidiaries. At Company level, the amount of RM741,586 (2013:
RM495,742) was recorded as an increase in investments in subsidiaries with a corresponding credit to
equity (Note 32).
(i) The Directors of the Company are of the view that the non-controlling interests of subsidiaries that are
not wholly owned by the Group are insignificant as at the end of the reporting period.
