GHL System Berhad Annual Report 2019

A N N U A L R E P O R T 2 0 1 9 123 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2019 CONT’D 16. INVESTMENTS IN SUBSIDIARIES (cont’d) (d) The details of the subsidiaries are as follows (cont’d): Name of company Country of incorporation/ Principal place of business Effective interest in equity Principal activities 2019 2018 % % Subsidiary of Paysys (M) Sdn. Bhd. Paysys Communications Sdn. Bhd. # Malaysia 100.00 100.00 Engaged in developing payment solution together with relevant hardware require for a complete solution. Paysys Technology Sdn. Bhd. # Malaysia 100.00 100.00 Dormant. # Subsidiaries audited by BDO PLT Malaysia or BDO PLT member firms. ^ Subsidiaries not audited by BDO PLT Malaysia or BDO PLT member firms. @ In the previous financial year, the Group controls Pinoytek Solusyen, Inc. (“Pinoytek”) even though it owns less than fifty percent (50%) of the voting rights. This is due to the key management personnel of Pinoytek, who have the ability to direct the relevant activities, are employees of the Group. Furthermore, a significant portion of Pinoytek’s activities are conducted on behalf by 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.