318 NOTES TO THE FINANCIAL STATEMENTS (CONT’D) For the financial year ended 31 January 2023 YINSON HOLDINGS BERHAD | INTEGRATED ANNUAL REPORT 2023 48. List of subsidiaries, joint ventures and associates (continued) Details of subsidiaries, joint ventures and associates are as follows: (continued) Notes: (i) Audited by member firms of PricewaterhouseCoopers International Limited, which are separate and independent legal entities from PricewaterhouseCoopers PLT. (ii) Audited by audit firms other than PricewaterhouseCoopers. (iii) Subsidiaries newly incorporated during the current financial year. (iv) Companies not required to be audited under the laws of the country of incorporation. (v) Company not required to be audited due to status being in member’s voluntary winding-up. (vi) Auditor not appointed as at 31 January 2023. (vii) The reclassification or reorganisation of these companies in the Group are as disclosed in Note 45. (viii) The Group has concluded that it controls Yinson Energy Sdn. Bhd., even though it holds 30% equity interest in this subsidiary. Based on an agreement signed between the shareholders, the Company has majority representation on the Board of Directors, which is responsible for directing the relevant activities. All decisions of the Board of Directors only require a simple majority vote to be passed. (ix) The Group has concluded that it controls Yinson Operations & Production West Africa Limited, even though it holds 40% equity interest in this subsidiary. Based on an agreement signed between the shareholders, the Company has majority representation on the Board of Directors, which is responsible for directing the relevant activities. All decisions of the Board of Directors only require a simple majority vote to be passed. (x) Companies disposed, liquidated or struck off during the current financial year. (xi) The dilution or disposal of these companies in the Group are as disclosed in Note 46. (xii) The Group has re-assessed and concluded that it controls Yinson Production West Africa Limited, even though it holds 49% equity interest in this subsidiary. Based on an agreement signed between the shareholders, a subsidiary of the Company has majority representation on the Board of Directors, which are responsible for directing the relevant activities. Matters presented to the Board shall be approved upon receiving affirmative vote of a simple majority of the Directors. (xiii) The Group has concluded that it does not control eMoovit Technology Sdn. Bhd.. Although it holds 66.1% equity interest in this joint venture, based on the agreement signed between the shareholders, the Company only has joint control. (xiv) On 1 April 2022, Yinson Venture Capital Pte. Ltd. has subscribed for 25,863 shares at NOK 290 each in Lift Ocean AS for a consideration of RM4 million (NOK7.5 million). As a result, the Group’s equity interest in Lift Ocean AS increased to 23.30% as at 31 January 2023. (xv) On 9 May 2022, YR Peru Limited, an indirect wholly owned subsidiary of the Company, completed the acquisition of 45% equity interest in Majes Sol. De Verano S.A.C. for a total cash consideration of RM3 million (USD0.67 million). (xvi) On 28 July 2022, YR C&I Pte Ltd, an indirect wholly owned subsidiary of the Company, completed the acquisition of 40% equity interest in Plus Xnergy Assets Sdn Bhd for a total consideration of RM1.6 million.
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