GHL System Berhad Annual Report 2019

A N N U A L R E P O R T 2 0 1 9 125 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2019 CONT’D 16. INVESTMENTS IN SUBSIDIARIES (cont’d) (f) Members’ Voluntary Liquidation of subsidiary during 31 December 2018 (cont’d) (iii) PT. Spotpay Indonesia In the previous 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. Effects of the de-registration of PT. Spotpay Indonesia are as follows: 2018 RM Carrying amount of shares at the date of disposal - Less: Realisation of post-acquisition reserves - Accumulated losses (27,999) - Exchange translation reserve reclassified to profit or loss 444 Gain on de-registration of a subsidiary (27,555) (g) Acquisition of subsidiary during the financial year ended 31 December 2019 (i) Speed Pay Plc. On 29 November 2018, the Board of Director of the Company (“Board”) announced that GHL Asia Pacific Limited (“GAPL”), a wholly owned subsidiary of the Company had entered into a conditional share purchase and subscription agreement (“SPSA”) between GAPL, Lim Sambat, Da Sopheak and Speed Pay Plc. (“Speed Pay”) to acquire 51.0% of the equity interest in Speed Pay, a company incorporated in Cambodia for a total consideration of USD2,040,000 which equivalent to RM8,344,620. On 22 January 2019, the Group completed the acquisition 51% equity interest in Speed Pay comprising 1,868,702 ordinary share for a total consideration of RM8,344,620. Subsequent to the acquisition, Speed Pay became an indirect subsidiary of the Company.