YINSON HOLDINGS BERHAD | INTEGRATED ANNUAL REPORT 2024 258 NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 January 2024 20. INVESTMENT IN JOINT VENTURES Group 2024 RM million 2023 RM million Unquoted shares at cost - Within Malaysia 9 9 - Outside Malaysia 207 124 Share of post acquisition reserves 105 113 Share of foreign currency translation reserve 151 113 Share of net assets of joint ventures 472 359 In the current financial year, movement in the investment in joint ventures includes the following: (i) On 14 April 2023, Yinson EV Charge Pte. Ltd. (“YEVCPL”), an indirect wholly-owned subsidiary of the Company, subscribed for 249,999 additional ordinary shares in Yinson EV Charge - LHN Energy Pte. Ltd. (“YEVC-LHNPL”) for a total cash consideration of SGD0.2 million (RM0.8 million) while LHN EVCO Pte. Ltd. (“LHNEVCOPL”) subscribed for 250,000 ordinary shares in YEVC-LHNPL for a total cash consideration of SGD0.2 million (RM0.8 million). As a result, YEVC-LHNPL became a joint venture of the Group with YEVCPL and LHNEVCOPL each holding 250,000 ordinary shares, representing 50% equity interest of the share capital of YEVC-LHNPL respectively. (ii) On 9 November 2023, the Group has concluded that it has joint control in Shift Clean Solutions Ltd. (“SCSL”). Accordingly, the Group’s investment in SCSL of RM70.1 million was reclassified from associate to joint venture. Refer to Note 21(iv) for details on the changes in shareholding and classification. (iii) On 16 October 2023, the Group has concluded that it has joint control in Majes Sol. De Verano S.A.C. (“Majes”). Accordingly, the Group’s investment in Majes of RM10.3 million was reclassified from associate to joint venture. (iv) On 18 October 2023, Rosa RE Pte. Ltd. (“Rosa”) was incorporated with a share capital of SGD2. YR Malaysia Pte. Ltd. (“YRMPL”), an indirect wholly-owned subsidiary of the Company, holds 40% equity interest in Rosa. Based on the agreement signed between the shareholders, the Group has joint control. The Group’s equity interest, principal activities and countries of incorporation of its joint ventures are disclosed in Note 47.
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