Yinson Annual Report 2022

303 ANNUAL REPORT 2022 ACCOUNTABILITY NOTES TO THE FINANCIAL STATEMENTS (CONT’D) For the financial year ended 31 January 2022 21. Investment in associates Group 2022 2021 RM million RM million Unquoted shares, at cost: - Outside Malaysia 128 - Share of post-acquisition reserves (2) 3 Share of foreign currency translation reserve (1) (1) 125 2 Details of associates are as follows: Name of associates Countries of incorporation Proportion (%) of ownership interest Principal activities 2022 2021 Held through Yinson Venture Capital Pte. Ltd. Lift Ocean AS (b) Norway 16.3 - Other technical consultancy activities Moovita Pte Ltd (c) Singapore 7.3 - Retail sale of computer hardware (including handheld computers) and peripheral equipment, and computer software (except games and cybersecurity hardware and software) and information technology consultancy (except cybersecurity) Oyika Pte Ltd (d) Singapore 20.8 - E-commerce, internet and mobile retail and other investment holding companies Shift Clean Solutions Ltd (e) Canada 20 - Provision of energy solutions to optimise power systems on marine grid and heavy industrial applications (a) Audited by a firm other than member firm of PricewaterhouseCoopers International Limited and PricewaterhouseCoopers PLT. (b) On 31 March 2021, Yinson Venture Capital Pte. Ltd. (“YVCPL”), an indirect wholly-owned subsidiary of the Group, completed the acquisition of its 10.4% equity interest in Lift Ocean AS for a total cash consideration of RM1 million (NOK2 million). Subsequently on 18 January 2022, YVCPL acquired additional equity interest through exercise of warrants for a total of RM1 million (NOK2 million) which was settled via cash of RM0.5 million (NOK1 million) and the remainder via in-kind services. As a result, YVCPL owns 16.3% equity interest in Lift Ocean AS. (c) On 4 June 2021, YVCPL completed the acquisition of its 5.36% equity interest in MooVita Pte. Ltd. for a total cash consideration of RM16 million (SGD5 million). Subsequently on 9 December 2021, YVCPL acquired additional equity interest of 1.94% for a total cash consideration of RM6 million (SGD2 million). As at 31 January 2022, YVCPL owned 7.3% equity interest in Moovita Pte. Ltd..

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