GHL System Berhad Annual Report 2020

125 a n n u a l r e p o r t 2 0 2 0 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2020 CONT’D 16. INVESTMENTS IN SUBSIDIARIES (cont’d) (e) Disposal of subsidiary during the financial year (cont’d) (i) Speed Pay Plc (“Speed Pay”) (cont’d) The effect of the disposal is as follows: 2020 At date of disposal RM Consideration agreed 1,008,625 Less: Value of net assets disposed - Share capital 10,116,972 - Equity loan 843,000 - Accumulated losses (10,734,373) 225,599 Less: Non-controlling interests 302,526 Gain on disposal of subsidiary 480,500 (f) 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