GHL Systems Berhad Annual Report 2015

110

GHL Systems Berhad

(293040-D)

Annual report 2015

Notes to the Financial Statements

31 December 2015 (continued)

10. INVESTMENTS IN SUBSIDIARIES (continued)

(f) In the previous financial year, a wholly-owned subsidiary of the Company, GHL Asia Pacific Limited

(“GHL Asia Pacific”) subscribed an additional 72,237 ordinary shares or 5.46% equity interest of THB100

each and an additional 249,360 preference shares of THB100 each in GHL (Thailand) Co., Ltd. (“GHL

(Thailand)”), a subsidiary of the GHL Asia Pacific. Accordingly, the Group’s equity interest in GHL

Thailand increased from 89.99% to 95.45%. The total consideration for the subscription of THB32,159,700

was settled by offsetting the amount owing by GHL (Thailand) to GHL Asia Pacific. The Group had

recorded a debit difference of RM290,425 arising from this accretion of interest.

(g) In the previous financial year, the Company:

(i) acquired one hundred (100) ordinary shares of RM1.00 each in S Capital Sdn. Bhd. from e-pay Asia

Pty. Ltd., a wholly owned subsidiary of the Company, representing 100% of the issued and paid-up

share capital of S Capital Sdn. Bhd. for cash consideration of RM100;

(ii) acquired two (2) ordinary shares of RM1.00 each in Sentripay Sdn. Bhd. from e-pay Asia Pty. Ltd.,

a wholly owned subsidiary of the Company, representing 100% of the issued and paid-up share

capital of Sentripay Sdn. Bhd. for cash consideration of RM2;

(iii) acquired one (1) ordinary shares of USD1.00 each in EPY Capital Holdings Limited from e-pay Asia

Pty. Ltd., a wholly owned subsidiary of the Company, representing 100% of the issued and paid-up

share capital of EPY Capital Holdings Limited for cash consideration of RM1,080,012; and

(iv) acquired five hundred thousand (500,000) ordinary shares of RM1.00 each in Mobiepay Sdn. Bhd.

from e-pay Asia Pty. Ltd., a wholly owned subsidiary of the Company, representing 100% of the

issued and paid-up share capital of Mobiepay Sdn. Bhd. for cash consideration of RM500,000.

(h) The Group does not have any subsidiary that has non-controlling interests, which is individually material

to the Group for both financial years ended 31 December 2014 and 31 December 2015.

11. INVESTMENTS IN JOINT VENTURES

Group

2015

2014

Unquoted equity shares, at cost

2,017,542 1,973,442

Share of post-acquisition reserves

(1,074,191) (1,014,688)

Foreign exchange reserve

(46,900)

Accumulated impairment losses

(824,994)

71,457

86,860