Notes To The Financial Statements 31 March 2024 (Cont’d) 130 ENRA GROUP BERHAD ANNUAL REPORT 2024 6. INVESTMENTS IN SUBSIDIARIES (CONT'D) (c) Changes in investment in subsidiaries during the financial year (Cont'd) Disposal of ENRA IOL Sdn. Bhd. (“EIOL”) (Cont'd) The gain on disposal of a subsidiary of the Group and of the Company in the current financial year is as follows: Group Company 2024 2024 RM’000 RM’000 Total disposal proceeds 1,200 1,200 Carrying amount of EIOL’s net asset at disposal date (2,106) - Minority interests of EIOL’s at disposal date 1,026 - Carrying amount of cost of investment in EIOL - (1,000) Gain on disposal of a subsidiary 120 200 Dilution of equity interest in ENRA Labuan Sdn. Bhd. (“ELabuan”) On 29 August 2023, ELabuan converted 104,450 Redeemable Convertible Preference Shares Series-A (“RCPS-A”) into 104,450 ordinary shares at an issued price of RM10.12 each upon the maturity date of the RCPS-A. Following the conversion, the shareholding of the Company in ELabuan has been diluted from 100% to 66%. Incorporation of subsidiaries, Hexagon Marine Logistics Labuan Ltd. ("HMLL") and Hexagon SPM Solutions Sdn. Bhd. ("HSPM") The wholly-owned subsidiary of the Company, Hexagon Energy Logistics Sdn. Bhd. (“HELSB”) (f.k.a ENRA Oil & Gas Services Sdn. Bhd.) had on 10 April 2023 incorporated a new subsidiary known as HMLL, with a paid-up share capital of RM1 comprising of 1 ordinary shares. HELSB held 100% of the ordinary shares. On 22 December 2023, HEL incorporated another new subsidiary known as HSPM, with a paid-up share capital of RM100 comprising of 100 ordinary shares. HELSB held 100% of the ordinary shares. (d) Changes in investment in subsidiaries during the previous financial year Incorporation of a subsidiary, MSMENRA Sdn. Bhd. ("MSMENRA") A subsidiary of the Company, ENRA Energy Solutions Sdn. Bhd. (“EESSB”) had on 1 June 2022 incorporated a new subsidiary known as MSMENRA, with a paid-up share capital of RM100,000 comprising of 100,000 ordinary shares. EESSB held 70% of the ordinary shares while the remaining 30% of the ordinary shares is held by a non-controlling interest. Internal restructuring of ENRA IOL Sdn Bhd (“EIOL”) In the previous financial year, the Company made an internal restructuring involving a transfer of 100% shares in EIOL held by ENRA Engineering and Fabrication Sdn. Bhd. (“EEFAB”) to ENRA Group Berhad (“EGB”) by way of offsetting the amount owing from EEFAB amounting to RM1,000,000. Internal restructuring of EESSB In the previous financial year, the Company made an internal restructuring involving a transfer of 100% shares in EESSB held by ENRA Energy Sdn. Bhd. (“EESB”) to ENRA Engineering & Construction Sdn. Bhd. (“EECSB”) by way of offsetting the amount owing from EESB.
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