GHL System Berhad Annual Report 2019

G H L S Y S T E M S B E R H A D 1 9 9 4 0 1 0 0 7 3 6 1 ( 2 9 3 0 4 0 - D ) 124 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2019 CONT’D 16. INVESTMENTS IN SUBSIDIARIES (cont’d) (e) Members’ Voluntary Liquidation of subsidiary during 31 December 2019 (i) Pinoytek Solusyon, Inc. On 8 October 2018, a 40% owned subsidiary of GHL Systems Philippines, Inc., Pinoytek Solusyon, Inc. had applied for dissolution from Republic of the Philippines Securities and Exchange Commission pursuant to the provision of Section 15 of Revised Corporation Code of Philippines, Republic Act No. 11232. On 8 November 2019, Pinoytek Solusyon, Inc. was dissolved. Effects of the liquidation of Pinoytek Solusyon, Inc. are as follows: 2019 RM Carrying amount of shares at the date of liquidation 186,488 Less: Realisation of post-acquisition reserves - Accumulated losses (33,893) - Exchange translation reserve reclassified to profit or loss (12,373) - Non-controlling interest reclassified to profit or loss (91,772) Loss on liquidation of a subsidiary 48,450 (f) Members’ Voluntary Liquidation of subsidiary during 31 December 2018 (i) GHL ePayments Philippines, Inc In the previous financial year, a 99% owned subsidiary of GHL ePayments Sdn. Bhd., GHL ePayments Philippines, Inc. had been de-registered from the The Philippines Business Registry. (ii) e-pay Thailand Co. Limited In the previous 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. 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)