Kimlun Corporation Berhad Annual Report 2019

Annual Report 2019 Kimlun Corporation Berhad NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2019 (cont’d) 125 16. Investment in subsidiaries (cont'd) Proportion (%) Country of of ownership Name incorporation Principal activities interest 2019 2018 Held through Kimlun Sdn Bhd: Kimlun Superior Crest Malaysia Building and infrastructure 60 60 Sdn. Bhd. contractors Held through Kimlun Land Sdn Bhd: Kimlun Medini Sdn. Bhd. Malaysia Property development and 100 100 property investment Kitaran Lintas Sdn. Bhd. Malaysia Property development and 100 100 property investment Kiiville Sdn. Bhd. Malaysia Property development and 100 100 property investment Kii Ashbury Sdn. Bhd. Malaysia Property development and 100 100 property investment Kii Morris Sdn. Bhd. Malaysia Property development and 100 100 property investment * Audited by a firm of chartered accountants other than Ernst & Young PLT, Malaysia. During the financial year: (a) (b) (c) the Company subscribed for additional ordinary shares in Kimlun Land Sdn. Bhd. for a total consideration of RM38,500,000, satisfied by cash. The subscription did not change the percentage of shareholdings effectively held by the Company. Kimlun Land Sdn. Bhd., a wholly-owned subsidiary of the Company, subscribed for additional ordinary shares in Kitaran Lintas Sdn. Bhd. for a total consideration of RM3,900,000, satisfied by settlement of amount owing by Kitaran Lintas Sdn.Bhd. The acquisition did not change the percentage of shareholding effectively held by the Company. Kimlun Land Sdn Bhd., a wholly-owned subsidiary of the Company, subscribed for additional ordinary shares in Kii Morris Sdn.Bhd. for a total consideration of RM22,600,000, satisfied by settlement of amount owing by Kii Morris Sdn.Bhd. The acquisition did not change the percentage of shareholding effectively held by the Company.