ACCOUNTABILITY | FINANCIAL STATEMENTS 255 NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 January 2024 19. INVESTMENT IN SUBSIDIARIES (CONTINUED) (a) In the current financial year, movement in the cost of investment in subsidiaries were as follows: (i) The Company reduced its investment in Yinson Production Ltd. (“YPL”) through share capital reduction exercise for a total consideration of RM21 million settled via offset of amount owing to YPL. (ii) The Company increased its investment in Yinson Global Corporation (S) Pte. Ltd. (“YGCSPL”) with a total issuance of 36,000,000 new ordinary shares for a total cash consideration of RM157 million. (iii) The Company completed the acquisition of remaining 40% equity interest in Yinson Offshore Services Sdn Bhd (“YOSSB”) comprising 2,662,620 ordinary shares from Yinson Global Corporation (HK) Limited (“YGCHKL”), an indirect wholly owned subsidiary of the Company for a consideration of RM3 million. As a result, the Company owns 100% equity interest in YOSSB. (iv) Knock Allan Ptd. Ltd., a wholly-owned subsidiary of the Company, has been struck off from the Register of Companies in Singapore, resulting in cost in investment and accumulated impairment of RM28 million being writen off respectively. In the previous financial year, movements in the cost of investment in subsidiaries were as follows: (i) The Company increased its investment in YGCSPL with issuance of 454,315,105 new ordinary shares for a total consideration of RM2,334 million which was settled via capitalisation of amount owing by YGCSPL to the Company of RM919 million and cash settlement of RM1,415 million. (ii) 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. (iii) 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. (b) Movement in the allowance for impairment is as follows: Company 2024 RM million 2023 RM million At 1 February 85 52 Impairment (Note 9) 3 33 Liquidation of a subsidiary (28) - At 31 January 60 85 In the current and previous financial years, 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. (c) The equity interest, principal activities and countries of incorporation of subsidiaries that are included in the consolidated financial statements are disclosed in Note 47.
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