YINSON HOLDINGS BERHAD | INTEGRATED ANNUAL REPORT 2024 264 NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 January 2024 21. INVESTMENT IN ASSOCIATES (CONTINUED) In the current financial year, movement in the investment in associates includes the following: (continued) (v) On 30 June 2023, YVCPL has subscribed for additional 15,566 ordinary shares in Lift Ocean AS (“LOAS”) at a price of NOK212 each for a total consideration of NOK3.3 million (RM1.4 million). The total consideration was paid partially in cash of NOK1.1 million (RM0.5 million) with the remainder of NOK2.2 million (RM0.9 million) settled through the conversion of the loan together with interest thereon owing by LOAS to YVCPL in accordance with the Loan Agreement dated 29 April 2023. As a result, YVCPL’s equity interest in LOAS has increased to 24.82%. (vi) On 20 September 2023, Yinson Production Offshore Pte. Ltd. (“YPOPL”), an indirect wholly-owned subsidiary of the Company, has subscribed for 610,000 shares, each with a nominal value of NOK0.10 in Carbon Removal AS (“CRAS”), representing 38.88% equity interest in CRAS for a total cash consideration of NOK10.98 million (RM4.7 million). (vii) Pursuant to the Stock Purchase Agreement dated 6 May 2022, YR Peru Limited (“YRPeru”), an indirect wholly-owned subsidiary of the Company, has made milestone payments of USD0.3 million (RM1.2 million) and USD1.4 million (RM6.1 million) on 26 June 2023 and 22 September 2023 respectively in relation to the deferred contingent purchase consideration to Verano Energy SpA (“Verano”), previously the sole shareholder of Majes Sol. De Verano S.A.C. (“Majes”). The milestone payments did not result in any change in YRPeru’s equity interest in Majes. On 16 October 2023, YRPeru has subscribed for additional 222 ordinary shares in Majes at a price of PEN1 each for a total consideration of PEN222. This subscription has increased YRPeru's equity shareholding in Majes from 45% to 51%. The Group has concluded that it has joint control in Majes. Accordingly, the Group's investment in Majes of RM10.3 million was reclassified from associate to joint venture. (viii) On 29 November 2023, YPOPL, an indirect wholly-owned subsidiary of the Company, subscribed for 877,918 shares of Series A-3 preferred stock, each with a par value of USD1.00 in Ionada PLC (“Ionada”), representing 4.77% shareholding interest in Ionada for a total cash consideration of USD2.2 million (RM10.3 million). During the current financial year, an impairment loss of RM6 million (2023: RM8 million) was recognised for an associate as a result of its recoverable amount being estimated to be lower than its carrying amount. The Group’s equity interest, principal activities and countries of incorporation of its associates are disclosed in Note 47. The summarised financial information of investment in associates is not presented as these investments are individually immaterial to the Group.
RkJQdWJsaXNoZXIy NDgzMzc=