304 YINSON HOLDINGS BERHAD ACCOUNTABILITY NOTES TO THE FINANCIAL STATEMENTS (CONT’D) For the financial year ended 31 January 2022 21. Investment in associates (continued) Details of associates are as follows: (continued) (d) On 11 June 2021, YVCPL completed the acquisition of 700,006 Series A Preference Shares in Oyika Pte Ltd representing 20.8% equity interest for a total cash consideration of RM21mil (USD5mil). (e) On 6 October 2021, YVCPL completed the acquisition of its 20% equity interest in Shift Clean Solutions Ltd for a total cash consideration of RM83 million (USD20 million). Summarised financial information of the material associate, based on its MFRS/IFRS financial statements are set out below: (continued) Shift Clean Solutions Ltd 2022 Summarised statement of financial position: RM million Current assets* 67 Non-current assets 341 Current liabilities (13) Non-current liabilities (1) Net assets 394 Proportion of the Group’s ownership 20% Carrying amount of the investment 79 * Included in current assets is cash and bank balances of RM34 million. 2022 Summarised statement of comprehensive income#: RM million Revenue 1 Administrative expenses * (12) Loss before tax (11) Income tax expense - Loss for the financial year (11) Other comprehensive income - Total comprehensive loss (11) Group’s share of loss for the financial year (2) Group’s share of other comprehensive (loss)/income - Group’s share of total comprehensive loss (2) * Included in administrative expense is depreciation of RM2 million. # For period from date of acquisition i.e. 6 October 2021 to 31 January 2022.
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