247 NOTES TO THE FINANCIAL STATEMENTS (CONT’D) For the financial year ended 31 January 2023 ACCOUNTABILITY (FINANCIAL STATEMENTS) 19. Investment in subsidiaries Company 2023 RM million 2022 RM million Unquoted shares, at cost In Malaysia 79 574 Outside Malaysia 4,522 2,188 4,601 2,762 Accumulated impairment loss (85) (52) 4,516 2,710 During the current financial year, the Company increased its investment in Yinson Global Corporation (S) Pte. Ltd. (‘YGCSPL”) with issuance of 454,315,105 new ordinary shares (2022: 158,000,000 ordinary shares) for a total consideration of RM2,334 million (2022: RM668 million) which was settled via capitalisation of amount owing by YGCSPL to the Company of RM919 million and cash settlement of RM1,415 million (2022: cash settlement of RM668 million). During the current financial year, the Company transferred its 60% shareholding in Yinson Macacia Limited (“YML”) with a cost of investment of RM495 million consisting of 122,010,000 ordinary shares to Yinson Macacia Sdn. Bhd. (“YMSB”), an indirect wholly owned subsidiary, for a total consideration of RM543 million settled via novation of amount owing by YMSB to the Company. During the current financial year, the Company completed the disposal of its entire 100% equity interest in Yinson Marine Services Sdn. Bhd. with a cost of investment of RM0.3 million to Yinson Capital Sdn. Bhd., a related company controlled by certain Directors of the Company for a total cash consideration of RM1.25 million. During the prior financial year, the Company acquired Knock Allan Pte. Ltd. from its indirect wholly owned subsidiary for a total cash consideration of RM28 million consisting of 30,000,001 ordinary shares and 59,999,999 preference shares. Movement in the allowance for impairment accounts is as follows: Company 2023 RM million 2022 RM million At 1 February 52 49 Impairment (Note 9) 33 3 At 31 January 85 52 In the current financial year, an impairment loss was recognised for certain subsidiaries of the Group as a result of their recoverable amounts being estimated to be lower than their carrying amounts.
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