| ANNUAL REPORT 2015
142
NOTES TO THE FINANCIAL STATEMENTS
30 June 2015 (cont’d)
10. INVESTMENTS IN SUBSIDIARIES (cont’d)
(c) During the financial year:
(i) CRG, a wholly owned subsidiary of the Company, had received the Enterprise Registration Certificate of Limited
Liability Company With More Than One Member (“Certificate”) from the Department of Planning and Investment
of Ho Chi Minh City, Vietnam certifying its acquisition of a total of 99% of the contributed capital of CRGV from FHG
Company Limited and Le Quang Dung Hanh (“Acquisition”) as follows:
(i) VND5,880,000,000 representing 98% of the contributed capital in CRGV for a purchase consideration of
VND5,880,000,000 from FHG Company Limited; and
(ii) VND60,000,000 representing 1% of the contributed capital in CRGV for a purchase consideration of
VND60,000,000 from Le Quang Fung Hanh.
With the Acquisition, CRGV became a 99% owned subsidiary of CRG. The remaining 1% equity interest is held by FHG
Company Limited, a local Vietnamese company distributing goods under the brand name of “Carlo Rino” in Vietnam.
CRGV was incorporated in Vietnam with a charter capital of VND6,000,000,000 The intended business activity of
CRGV is to carry on real estate activities with own or leased property. There was no material effect to the Group
arising from the acquisition of CRGV.
(ii) DFSB, a wholly owned subsidiary of the Company, had received the electronic archives of the Italian Register of
Companies confirming its acquisition of 100% of the quota capital of Bonia Italia Srl (“BIS”) amounting to EUR2,500
from Mr. De Franceschi Gaetano and Mr. Matons Augusto Francisco, for an aggregate consideration of EUR1.00
(“Acquisition”).
Consequent to the Acquisition, BIS became a wholly-owned subsidiary of DFSB. BIS was incorporated in Italy with a
nominal quota capital of EUR10,000 and is intended to engage in product development, marketing, promotion and
design.
In April 2015, BIS had resolved on its voluntary liquidation pursuant to the Italian Civil Code. The voluntary liquidation
is still in process and is not expected to have any material effect on the earnings or net assets of the Group for the
financial year ended 30 June 2015.
(iii) The dissolution of an indirect wholly owned subsidiary of the Company, namely GBF was completed. Prior to the
dissolution, GBF was a wholly-owned subsidiary company of Kin Sheng Group Limited, which in turn was a direct
wholly owned subsidiary of the Company. There was no material financial effect to the Group arising from the
dissolution of GBF.
(d) In the previous financial year:
(i) the Company had acquired two (2) ordinary shares of RM1.00 each, representing 100% of the total issued and paid-
up share capital of MAC at a total cash consideration of RM2. MAC was incorporated on 7 October 2013 and has an
authorised share capital of RM400,000 comprising 400,000 ordinary shares of RM1.00 each, of which two (2) ordinary
shares have been issued and fully paid-up.
(ii) the Company had incorporated a wholly owned subsidiary, PRSB in Malaysia, with an authorised share capital of
RM400,000 comprising 400,000 ordinary shares of RM1.00 each, of which four (4) ordinary shares have been issued
and fully paid-up.
