127
ANNUAL REPORT 2016
NOTES TOTHE FINANCIAL STATEMENTS
30 JUNE 2016
(Continued)
10. INVESTMENTS IN SUBSIDIARIES (continued)
(b)
During the financial year ended 30 June 2016:
(i)
On 16 July 2015, BBGH became an indirect subsidiary of the Company via Jeco’s subscription of 51% equity interest in BBGH
for SGD51.
(ii)
On 29 January 2016, IBB emerged as an indirect subsidiary of the Company following Jeco’s acquisition of 100% equity interest
(representing 100 ordinary shares of SGD1 each) in IBB, from Helgo Neugebauer (“HNB”) at a total cash consideration of
SGD6,000,000 on deferred basis.
Further details are disclosed in Note 35(a) to the financial statements.
(iii) On 4 February 2016, Jeco and LJPL had incorporated PTJII with its intended business activity to engage in the investment of real
estate. Jeco is holding 99% of the issued and paid-up capital of PTJII of IDR2,475,000,000 and the remaining 1% equity interest
in PTJII of IDR25,000,000 is held by LPJL.
(iv) On 31 March 2016, MCD ceased as a wholly-owned direct subsidiary of the Company following the disposal of the Company’s
100% equity interest (representing 100,000 ordinary shares of RM1.00 each) inMCD, to unrelated parties for a total consideration
of RM60,000.
Further details are disclosed in Note 35(b) to the financial statements.
(v)
On 12 April 2016, CRG and CRV had incorporated PTCMS with its intended business activities to engage in the field of
wholesale of textile goods, clothing, complementary accessories, footwear, cosmetics, watches, bags and wallets. CRG holds
99.50% of the issued and paid-up capital of PTCMS of IDR2,596,552,000 and the remaining 0.50% equity interest in PTCMS
of IDR13,048,000 is held by CRV.
(vi) The dissolution of KSGL’s then wholly-owned subsidiary, namely GJLB was completed.
(vii) LBJR increased its issued and paid-up capital through a capitalisation of part of the outstanding amount of RM1,999,990 owing
to the Company as at 30 September 2015 and the same be applied for an allotment and issuance of 1,999,990 ordinary shares
of RM1.00 each credited as fully paid in the share capital of LBJR to the Company.
(viii) Impairment losses on investments in subsidiaries amounting to RM665,000 and RM4,500,000 relating to investments in Scarpa
and LBJR respectively, have been recognised due to their recoverable amounts being lower than their carrying amounts as a
result of declining business operations.
(c)
In the previous 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.
(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 BIS amounting to EUR2,500 from De Franceschi Gaetano and 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, and the liquidation process was
completed on 21 July 2016.
