YINSON HOLDINGS BERHAD | INTEGRATED ANNUAL REPORT 2024 338 NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 January 2024 47. LIST OF SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES (CONTINUED) Details of subsidiaries, joint ventures and associates are as follows: (continued) Notes: (continued) (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, the Company only has joint control based on the agreement signed between the shareholders. (xiv) Although the Group holds less than 20% equity interest in Ionada, based on the agreement signed between the shareholders, the Group has significant influence over Ionada. 48. SUBSEQUENT EVENTS (a) On 5 February 2024, YVCPL has exercised its option to convert the loan amount of USD9.1 million (equivalent to RM43 million) into 16,208,711 new ordinary shares in the share capital of SCSL pursuant to the convertible promissory notes and/or convertible loan agreement executed in February, May and October 2023. As a result, the equity interest in SCSL held by YVCPL has increased from 44% to 60.8% and SCSL remains as a joint venture as at date of this report. (b) On 8 March 2024, the Company issued the remaining Perpetual Non-Callable 5-year Sukuk Wakalah of RM640 million pursuant to its Subordinated Perpetual Islamic Notes Programme of up to RM1.0 billion in nominal value (‘Perpetual Sukuk Wakalah’). The Perpetual Sukuk Wakalah is subordinated, bearing no fixed maturity date but is callable 5 years from the date of issuance falling due on 8 March 2029. The profit rate of the issuance is 7.5% per annum. (c) On 19 March 2024, GR Cortarrama S.A.C., an indirect wholly-owned subsidiary of the Company, has secured a USD48.8 million (approximately RM231 million) green bridge loan facility in relation to Project Matarani in Peru from Natixis, New York Branch. This facility is secured, bears floating interest rate which varies based on SOFR and has a maturity period of 9 months with an option to extend for another 3 months. (d) On 29 March 2024, the Company completed the Private Placement which entails the issuance of 120,000,000 new Shares (“Placement Shares”), representing 4.1% of the total number of ordinary shares of the Company of 2,907,068,631 Shares (excluding 157,332,500 treasury shares) as at 29 March 2024. The Board has fixed the issue price of the Placement Shares at RM2.36 per YHB Share. The issue price of the Placement Shares represents a discount of approximately 4.9% to the 5-day volume weighted average market price of the Shares up to and including 19 March 2024 (being the last market day immediately before the price fixing date) of RM2.4809. The Placement Shares has raised gross proceeds of RM283.2 million, from which up to 99.3% (RM281.4 million) will be utilised for the expansion of renewable energy and green technology business and 0.7% (RM1.8 million) will be used for expenses related to the Private Placement. (e) On 19 April 2024, Yinson Production Financial Services Pte. Ltd., an indirect wholly-owned subsidiary of the Company, has successfully secured a USD500 million (equivalent to RM2,363.7 million) five-year senior secured bond, with a fixed coupon of 9.625% per annum in the Nordic bond market. The proceeds were partially utilised to repay corporate loans amounting to USD431.8 million (equivalent to RM2,041.2 million) and transaction fees. (f) On 30 April 2024, Yinson Azalea Production Pte. Ltd., an indirect wholly owned subsidiary of the Company, has successfully secured a USD1.3 billion (equivalent to RM6.1 billion) multi-tranche financing term loan. The loan’s maturity extends up to 10 years post-delivery of the FPSO Agogo. The financing agreement encompasses three tranches, each with varying interest margin terms, ranging from 3% to 5% plus SOFR. As of the date of this report, USD152.7 million (equivalent to RM721.9 million) was drawn down and the net proceeds received amounted to USD123.8 million (equivalent to RM585.3 million) after deducting transaction fees of USD28.9 million (equivalent to RM136.6 million).
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