18. INVESTMENTS IN SUBSIDIARIES (CONT’D.) (a) Group restructuring (cont’d.) During the financial year, the Group and the Company executed and completed an internal Group restructuring scheme involving the following: (cont’d.) (v) On 15 August 2022, the Company had incorporated a wholly-owned subsidiary, Island Sands Property Management Sdn Bhd (fka Paradise Entertainment Hub Sdn Bhd) with 100 ordinary shares representing 100% of total paid-up capital, for a total cash consideration of RM100. (vi) On 27 October 2022, the Company completed a capital reduction exercise to reduce its investment in a subsidiary, Tropicana Resort Holding Sdn Bhd by cancelling 67,993 Redeemable Non-Cumulative Preference Shares (“RNCPS”), all of which are held by the Company amounting to RM67,993. (vii) On 28 October 2022, Tropicana Indah Realty Sdn Bhd (“TIRSB”) completed the capitalisation of debts amounting to RM13,066,667 owed by its 70% owned subsidiary, Tropicana Indah Sdn Bhd by way of issuance of RNCPS at an issue price of RM1 each. Subsequent to the capitalisation, the Company also completed the capitalisation of debts amounting to RM13,066,667 owed by TIRSB by way of issuance of RNCPS at an issue price of RM1 each. (viii) On 31 October 2022, the Company had partially redeemed the RNCPS issued by Tropicana Kajang Hill Sdn Bhd (“TKHSB”) for RM17,505,045 by offsetting of amounts owing by the Company to TKHSB. (ix) On 14 November 2022, the Company completed a capital reduction exercise to reduce its investment in a subsidiary, Tropicana Danga Cove Holding Sdn Bhd by cancelling 14,848,101 RNCPS, all of which are held by the Company amounting to RM14,848,101. (x) On 29 November 2022, the Company had incorporated a wholly-owned subsidiary, Tropicana Aurora Property Pte Ltd with 100 ordinary shares representing 100% of total paid-up capital, for a total consideration of RM329. The following group restructuring took place in the previous financial year: (i) The Company injected total additional working capital of RM2,587,000 into Tropicana Investment Consulting Pte Ltd, a wholly-owned subsidiary of the Company. (ii) The Company completed the capitalisation of debts amounting to RM47,266,666 owed by several subsidiaries to the Company by way of issuance of Redeemable Non-Cumulative Preference Shares (“RNCPS”) issued by these subsidiaries at an issue price of RM1 each. (iii) On 25 January 2021, the Company had incorporated a wholly-owned subsidiary, Tropicana Landmark Education Sdn Bhd (“TLESB”) with 1 ordinary share representing 100% of total paid-up capital, for a total cash consideration of RM1. (iv) On 12 March 2021, the Company completed a capital reduction exercise to reduce its investment in a subsidiary, Tropicana Development (Sabah) Sdn Bhd by cancelling 19,400,000 Class-B Ordinary Shares, all of which are held by the Company amounting to RM19,400,000. (v) On 2 April 2021, the Company disposed its entire 1 ordinary share representing 100% of the total paid-up capital in Spring Garden Star Sdn Bhd (“SGSSB”) to Tropicana Golf & Country Resort Berhad (“TGCRB”), a wholly-owned subsidiary of the Company, for a total cash consideration of RM1. (vi) On 19 April 2021, TGCRB subscribed for 50,999 of the total 99,999 new ordinary shares allotted by SGSSB, for a total cash consideration of RM50,999. Following the completion of the share subscriptions, SGSSB has become a 51% owned subsidiary of TGCRB, which in turn is an indirect 51% owned subsidiary of the Company. NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022 230 ANNUAL REPORT 2022
RkJQdWJsaXNoZXIy NDgzMzc=