303 NOTES TO THE FINANCIAL STATEMENTS (CONT’D) For the financial year ended 31 January 2023 ACCOUNTABILITY (FINANCIAL STATEMENTS) 45. Summary of effects of acquisition and re-organisation of companies (continued) 2022 (continued) Company (i) On 28 December 2021, the Company completed the acquisition of 100% equity interest in Yinson Heather Ltd (“YHL”) from Yinson Acacia Ltd, an indirect wholly owned subsidiary of the Company for a consideration of USD70,000. YHL became a wholly owned subsidiary of the Company. (ii) On 28 December 2021, the Company completed the acquisition of 100% equity interest in Yinson Ghacacia Ltd (“YGL”) from Yinson Acacia Ltd, an indirect wholly owned subsidiary of the Company for a consideration of USD100,000. YGL became a wholly owned subsidiary of the Company. (iii) On 28 December 2021, the Company completed the acquisition of 100% equity interest in Yinson Clover Ltd (“YCL”) from Yinson Acacia Ltd, an indirect wholly owned subsidiary of the Company for a consideration of USD1. YCL became a wholly owned subsidiary of the Company. (iv) On 29 December 2021, the Company completed the acquisition of 100% equity interest in Knock Allan Pte. Ltd. (“KAPL”) comprising 30,000,001 ordinary shares and 59,999,999 preference shares from Allan AS, an indirect wholly owned subsidiary of the Company for a consideration of USD6,800,000. KAPL became a wholly owned subsidiary of the Company. 46. Summary of effects of dilution and disposal of companies 2023 Group (i) On 30 March 2021, Green EV Charge Sdn. Bhd. (formerly known as Yinson EV Charge Sdn. Bhd.) (“GEVCSB”) was incorporated in Malaysia and was wholly owned by Yinson Green Technologies (M) Sdn Bhd (“YGTMSB”), an indirect wholly owned subsidiary of the Company. On 18 February 2022, YGTMSB, GEVCSB and Greentech Malaysia Alliances Sdn Bhd (“GTMA”) had entered into a joint venture and shareholders’ agreement (“Agreement”) for the subscription of new ordinary shares in GEVCSB for the purpose of undertaking the investment in electric vehicle charging infrastructure and ecosystem business in Malaysia. On 31 May 2022, YGTMSB has subscribed for additional 11,660,000 new ordinary shares in GEVCSB for a total consideration of RM11,660,000, while GTMA has subscribed for 5,000,000 new ordinary shares in GEVCSB for a total consideration of RM5,000,000. Upon completion of the allotment of new shares, YGTMSB and GTMA hold 11,700,000 and 5,000,000 ordinary shares, representing 70.06% and 29.94% equity interest of the enlarged share capital of GEVCSB, respectively. YGTMSB had, on 6 December 2022, issued the option notice to exercise the option for the subscription of an additional 10,000,000 new ordinary shares in GEVCSB for a total cash consideration of RM10 million. Upon completion of the allotment of 10,000,000 ordinary shares to YGTMSB on 14 December 2022, YGTMSB and GTMA hold 21,700,000 and 5,000,000 ordinary shares, representing 81.27% and 18.73% equity interest of the enlarged share capital of GEVCSB, respectively. The above changes in ownership interest of GEVCSB resulted in a net increase in non-controlling interest of RM5 million.
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