ANNUAL REPORT 2015 |
143
NOTES TO THE FINANCIAL STATEMENTS
30 June 2015 (cont’d)
10. INVESTMENTS IN SUBSIDIARIES (cont’d)
(d) In the previous financial year (cont’d):
(iii) DDSB, a wholly owned subsidiary of the Company, further acquired 75,000 ordinary shares of RM1.00 each
representing 15%equity interest inNSSB fromMr. Boonnamsap, for a total consideration of RM334,000 (“Acquisition”).
The Acquisition has resulted an increase of DDSB’s equity interest in NSSB from 75% to 90%. Consequently, the
difference between cost of acquisition of the additional equity interest and its proportionate share of the book value
of net assets at the transaction date of RM68,000 had been adjusted directly to equity as transaction with owners.
The following summarised the effect of changes in the Group’s ownership interest in NSSB on the equity attributable
to owners of the Company:
RM’000
Consideration for acquisition of non-controlling interest
334
Decrease in equity attributable to non-controlling interest
(266)
Decrease in equity attributable to owners of the Company
68
(iv) the Company further subscribed 500,000 new ordinary shares of RM1.00 each at par in Scarpa Marketing Sdn. Bhd..
(v) the Company further subscribed 500,000 new ordinary shares of RM1.00 each at par in Alpha Footwear Sdn. Bhd..
(vi) the Company further subscribed 2,000,010 new ordinary shares of RM1.00 each at par in LBJR Marketing Sdn. Bhd..
(vii) the Company took up 499,998 new ordinary shares of RM1.00 each at par in MAC by way of capitalising part of the
outstanding owing by MAC to the Company.
(viii) CRG, a wholly owned subsidiary of the Company, further subscribed 2,000,002 new ordinary shares of RM1.00 each
at par in CRI Sdn. Bhd..
(ix) On 5 June 2014, the new investors of Paris RCG Sdn. Bhd. (“PRCG”), a 58% owned subsidiary of the Company, had
injected a total additional capital of RM1,499,998 in cash to PRCG via a subscription of shares exercise to enlarge the
issued and paid-up capital of PRCG to RM4,000,000 with the objective to re-position PRCG on a stronger financial
footing (“Subscription of shares”).
On 6 June 2014, the Company had disposed of partial of its shareholdings in PRCG equivalent to 250,002 ordinary
shares to the new investors for a cash consideration of RM3 (“Disposal of shares”).
Following the Subscription of shares and Disposal of shares above, the equity interest held by the Company in PRCG
had diluted from 58% to 30%. Accordingly, PRCG ceased to be a subsidiary and became a 30% owned associate of
the Company as at the end of the previous reporting period.
Further details are disclosed in Note 34 to the financial statements.
There were no material financial effects to the Group and the Company arising from the incorporation and acquisitions of
these subsidiaries.
