18. INVESTMENTS IN SUBSIDIARIES (CONT’D.) (a) Group restructuring (cont’d.) The following group restructuring took place in the previous financial year: (cont’d.) (xxiii) The effects of the acquisition of CRSB to the financial statements are as follow: (cont’d.) The effect of the acquisition on cash flow is as follows: 2021 RM’000 Cash and cash equivalents of subsidiary acquired 1,346 Less: Consideration settled in cash (109,300) Net cash outflow on acquisition (107,954) (xxiv) On 6 December 2021, the Company divested its 20,000 ordinary shares in Tropicana Coliseum (Ipoh) Sdn Bhd (“TCISB”) and 2 ordinary shares in TPSLSB respectively representing 100% of the total paid-up capital, for a total cash consideration of RM1 each to its wholly-owned subsidiary, Megaxis Sdn Bhd (“MSB”). Accordingly, TCISB and TPSLSB have become wholly-owned subsidiaries of MSB, which in turn are the indirect wholly-owned subsidiaries of the Company. (xxv) On 6 December 2021, TINSB divested its 2,000,000 ordinary shares in TSSB representing 100% of the total paid-up capital, for a total cash consideration of RM1 to MSB. Accordingly, TSSB has become a wholly-owned subsidiary of MSB, which in turn is an indirect wholly-owned subsidiary of the Company. (xxvi) On 13 December 2021, the Company divested its 1,000,000 ordinary shares in Tropicana Plaza Sdn Bhd (“TPLSB”) representing 100% of the total paid-up capital, for a total cash consideration of RM1 to MSB. Accordingly, TPLSB has become a wholly-owned subsidiary of MSB, which in turn is an indirect wholly-owned subsidiary of the Company. (xxvii) On 14 December 2021, the Company had incorporated a wholly-owned subsidiary, Bestari Zamrud Sdn Bhd with 1 ordinary share representing 100% of total paid-up capital, for a total consideration of RM1. (xxviii) On 20 December 2021, the Company had incorporated a wholly-owned subsidiary, Tropicana Privilege (M) Sdn Bhd with 10,000 ordinary shares representing 100% of total paid-up capital, for a total consideration of RM10,000. (xxix) On 23 December 2021, the Company divested its 2 ordinary shares in Tropicana Lido Development Sdn Bhd (“TLDSB”) representing 100% of the total paid-up capital, for a total cash consideration of RM1 to MSB. Accordingly, TLDSB has become a wholly-owned subsidiary of MSB, which in turn is an indirect wholly-owned subsidiary of the Company. (xxx) On 30 December 2021, the Company completed a capital reduction exercise to reduce its investment in a subsidiary, Tropicana Danga Senibong Holding Sdn Bhd (“TDSHSB”) by cancelling 274,500 RNCPS, all of which are held by the Company amounting to RM274,500. (xxxi) On 30 December 2021, TDSHSB, a wholly-owned subsidiary of the Company, acquired SSARSB, SNARSB, SRARSB, STIRSB and SJTIRSB with 100 ordinary shares representing 100% of the total paid-up capital, for a total cash consideration of RM100 each from TDJBSB. Following the completion of the acquisitions, SSARSB, SNARSB, SRARSB, STIRSB and SJTIRSB have become wholly-owned subsidiaries of the TDSHSB, which in turn are the indirect wholly-owned subsidiaries of the Company. NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022 234 ANNUAL REPORT 2022
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