121 GHL SYSTEMS BERHAD 199401007361 (293040-D) ANNUAL REPORT 2021 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2021 CONT’D 16. INVESTMENTS IN SUBSIDIARIES (Cont’d) (e) Disposal of a subsidiary during the financial year ended 31 December 2020 Speed Pay Plc (“Speed Pay”) In the previous financial year, GHL Asia Pacific Limited (“GAPL”), a wholly-owned subsidiary of the Company, disposed its entire holding of 51.0% equity interest in Speed Pay, to Mr Lim Sambat, the minority shareholder of Speed Pay for cash consideration of USD250,000 (equivalent to RM1,008,625). As at 31 December 2020, the shares of Speed Pay held by GHL Asia Pacific Limited, has yet to be transferred to Mr Lim Sambat. The Directors have determined that the Group has lost control over Speed Pay on 17 December 2020 by virtue of an agreement with Mr Lim Sambat that Speed Pay’s shares currently held by GAPL are held on trust of Mr Lim Sambat, pending transfers. Based on the term of the agreement, the Group neither receive any significant returns related to the operation and net asset of Speed Pay nor the ability to direct Speed Pay’s activities that significantly affect its returns. As at 31 December 2021, the shares of Speed Pay held by GHL Asia Pacific Limited, has yet to be transferred to Mr Lim Sambat. Loss attributable to the discontinued operation was as follows: Group Note 2020 RM Results of discontinued operation Revenue 5 251 Expenses (2,104,050) Results from operating activities (2,103,799) Taxation 9 (1) Results from operating activities, net of tax (2,103,800) Gain on sale of discontinued operation 480,500 Loss for the financial year (1,623,300) In the previous financial year, 51% of the loss from discontinued operation of RM1,072,938 was attributable to owners of the company.
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