MISC BERHAD - Annual Report 2014 p 226 15. Investments in subsidiaries Corporation 2014 2013 RM’000 RM’000 At 1 January 9,278,447 7,736,374 Additional investments in subsidiaries (Note a) – 729,026 Impairment of investment in unquoted subsidiaries (Note b) (36,413) (63,659) Currency translation differences (13,670) 876,706 At 31 December 9,228,364 9,278,447 Quoted shares 225,934 212,712 Unquoted shares 9,002,430 9,065,735 9,228,364 9,278,447 Included in unquoted shares are preference shares of RM6,906,459,000 (2013: RM6,549,843,000) which bear interest ranging from 5.00% to 6.00% (2013: 5.00% to 6.00%) per annum. a. In the previous financial year, a subsidiary, Gas Asia Terminal (L) Pte Ltd (“GATL”) issued 99,990 new ordinary shares of USD1 each (approximately RM306,219) as part consideration for ownership transfer of two (2) floating storage units from the Corporation. In December 2013, the Corporation acquired additional 20% equity interest in Malaysia Offshore Mobile Production (Labuan) Ltd. (“MOMPL”) consisting of 20,000 ordinary shares of USD1 per share and 7,200,066 Redeemable Convertible Preference Share of USD1 per share for a purchase consideration of RM59,220,000 (USD18,000,000). The difference between the purchase consideration and the book value of the interest acquired is reflected in equity. As part of a subsidiary’s debt capitalisation exercise in December 2013, the Corporation subscribed to an additional 669,477,000 units of preference shares of RM1 each issued by its subsidiary, MISC Tanker Holdings Sdn. Bhd. for a debt settlement value of RM669,477,000 (USD201,947,000). b. An impairment review of the carrying amounts of investments in subsidiaries at the reporting date was undertaken by comparing it to the respective recoverable amounts. An impairment loss of RM36,413,000 (2013: RM63,659,000) was recognised during the financial year. Details of the subsidiaries are disclosed in Note 37. NOTESTOTHE FINANCIAL STATEMENTS - 31 December 2014
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