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GHL Systems Berhad
(293040-D)
Annual report 2015
Notes to the Financial Statements
31 December 2015 (continued)
10. INVESTMENTS IN SUBSIDIARIES (continued)
(a) The details of the subsidiaries are as follows (continued):
Effective
Country of
interest in equity
Name of company
incorporation 2015 2014 Principal activities
% %
Subsidiaries of e-Pay (M)
Sdn. Bhd.
PT e-pay Indonesia *
Indonesia 78.80 78.80 Dormant.
e-pay Thailand Co. Limited Thailand 49.50 49.50 Dormant.
Subsidiaries of Mobiepay
Sdn. Bhd.
Pay Here Sdn. Bhd.
#
Malaysia 100.00 100.00 Engaged in the business of
developing and selling software.
PT Pembayaran Elektronik
Indonesia
Indonesia 100.00 100.00 Engaged in the business of
developing and selling software.
# Subsidiaries audited by BDO in Malaysia.
^ Effective interest of the Group in PT. Spotpay Indonesia (“Spotpay”) is 100% taking into account
99% interest in equity of Spotpay held by a wholly-owned subsidiary of the Company, GHL Asia
Pacific Limited.
@ The Group controls Pinoytek Solusyen, Inc. (“Pinoytek”) and e-pay Thailand Co. Limited (“e-pay
Thailand”) even though it owns less than fifty percent (50%) of the voting rights. This is due to the
key management personnel of Pinoytek and e-pay Thailand, who have the ability to direct the
relevant activities, are employees of the Group. Furthermore, a significant portion of Pinoytek’s
and e-pay Thailand activities are conducted on behalf of the Group.
* Effective interest of the Group in PT e-Pay Indonesia (“e-Pay Indo”) is 100% taking into account 22%
interest in equity of e-Pay Indo held by a wholly-owned subsidiary of the Company, EPY Capital
Holdings Limited and 78% interest in equity of e-Pay Indo held by an indirect subsidiary of the
Company, e-Pay (M) Sdn. Bhd.