GHL System Berhad Annual Report 2018

G H L S y s t e m S B e r h a d ( 2 9 3 0 4 0 - D ) 104 NOT ES TO THE F I NANC I A L STAT EMENTS 3 1 D e c e m b e r 2 0 1 8 C O N T ’ D 15. INVESTMENTS IN SUBSIDIARIES (cont’d) (e) The details of the subsidiaries are as follows (cont’d): # Subsidiaries audited by BDO PLT Malaysia or BDO PLT member firms. ^ 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’s 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 21.20% interest in equity of e-pay Indo held by a wholly-owned subsidiary of the Company, EPY Capital Holdings Limited and 78.80% interest in equity of e-pay Indo held by an indirect subsidiary of the Company, e-pay (M) Sdn. Bhd.. Ω Subsidiary incorporated during the financial year. (f) De-registration of subsidiaries On 29 January 2018, a 99% owned subsidiary of GHL ePayments Sdn. Bhd., GHL ePayments Philippines, Inc. had been de-registered from the The Philippines Business Registry. During the financial year, a 49.50% owned subsidiary of e-pay (M) Sdn. Bhd., e-pay Thailand Co. Limited had been de-registered from the registrar of Thailand. (i) Effects of the de-registration of e-pay Thailand Co. Limited are as follows: 2018 RM Carrying amount of shares at the date of disposal - Less: Realisation of post-acquisition reserves - Accumulated losses (17,570) - Exchange translation reserve reclassified to profit or loss (6,997) Gain on de-registration of a subsidiary (24,567) During the financial year, a 1% owned subsidiary of the Company and 99% owned subsidiary of GHL Asia Pacific Limited., PT. Spotpay Indonesia had been de-registered from the registrar of Indonesia.