ACCOUNTABILITY | FINANCIAL STATEMENTS 321 NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 January 2024 44. PERPETUAL SECURITIES (CONTINUED) (iii) By the Company RM360 million Perpetual Sukuk Wakalah The Company issued Perpetual Sukuk Wakalah of RM250 million and RM110 million pursuant to its Subordinated Perpetual Islamic Notes Programme of up to RM1.0 billion in nominal value on 2 November 2022 and 5 December 2022 respectively. The perpetual securities are: • direct, unsecured, unconditional and subordinated obligations of the Company; and • rank at least pari passu with all other present and future unconditional, subordinated and unsecured obligations of the Company at all times, save for such obligations as may be preferred by provisions of law that are both mandatory and of general application. The perpetual securities are unrated and are not listed on Bursa Malaysia Securities Berhad or on any other stock exchange, bearing no fixed maturity date but are callable 5 years from the date of issuance (“First Call Date”) falling due on 2 November 2027 and 6 December 2027 respectively. The issued instrument carries a periodic distribution rate of 7.5% per annum, distributable semi-annually calculated at the nominal value of securities issued. The distribution rate will be subject to an agreed one time step-up margin of 1% per annum after First Call Date. Pursuant to the terms and conditions of the program, the Company has no obligation to pay any distribution and has the option to elect for distribution deferment at its sole discretion, which does not constitute a breach of covenant. The perpetual securities may also be redeemed at the option of the Company upon the occurrence of certain events by the Company in accordance with the terms and conditions of the perpetual securities. From both the Company’s and Group’s perspective under MFRS 132 “Financial Instruments: Presentation”, the perpetual securities is classified as equity because the payment of any distribution or redemption is at the discretion of the Group. Refer to Note 48(e) for details on additional issuance after the balance sheet date. 45. SUMMARY OF EFFECTS OF ACQUISITION OF COMPANIES 2024 Group During the financial year, the Group had completed the acquisitions for the following companies: (i) On 7 February 2023, Yinson Production Offshore Pte. Ltd. (“YPOPL”), an indirect wholly owned subsidiary of the Company, completed the acquisition of 100% equity interest in London Marine Group Limited, London Marine Consultants Limited and LMC Asia Pacific Pte. Ltd. (collectively “LMG Group”) for a total cash consideration of GBP0.5 million (approximately RM3.3 million). Net cash inflow arising from the acquisition was GBP1.3 million (approximately RM8.1 million), after deducting cash and cash equivalents held by LMG Group of GBP1.8 million (approximately RM11.4 million). London Marine Group Limited is the holding company of London Marine Consultants Limited and LMC Asia Pacific Pte. Ltd.
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