288 REDISCOVER | REBUILD | SUSTAIN Notes to the financial statements - 31 December 2015 39. Joint arrangements and activities (cont’d.) (b) Joint operation and activities Details of the Group’s joint operations are as follows: Name % of ownership interest held by the Group 2015 2014 Technip MMHE (Malikai) Joint Venture 50% 50% Technip MMHE (SK316) Joint Venture 50% 50% Technip MMHE (Malikai) Joint Venture and Technip MMHE (SK316) Joint Venture are unincorporated joint venture between the subsidiary, MMHE and Technip Geoproduction (M) Sdn. Bhd. to undertake specific engineering, procurement and construction, installation and commissioning projects. 40. Significant events (a) On 15 June 2015, the Corporation entered into an Agreement for Sale and Purchase of Shares with Petroliam Nasional Berhad (“PETRONAS”) for the acquisition of PETRONAS’ entire equity interest in PETRONAS Maritime Services Sdn. Bhd. (“PMSSB”) for a cash consideration of RM54,111,244. PMSSB has a wholly-owned subsidiary, Sungai Udang Port Sdn Bhd (“SUPSB”). Upon completion of the acquisition on 7 July 2015, PMSSB became a wholly-owned subsidiary of the Corporation. (b) On 21 August 2015, the Corporation and its Subsidiary, MTTI Sdn. Bhd. (“MTTI”) entered into an Agreement for Sale and Purchase of 50% of the issued share capital of VTTI B.V. with VIP Terminals Finance B.V., ultimately a wholly-owned subsidiary of Vitol Investment Partnership Limited, for the disposal of 50% of the issued share capital of VTTI B.V. for a cash consideration of USD830.0 million (RM 3,246,279,000). The disposal was completed on 7 November 2015 and VTTI ceased to be a joint venture company of MTTI. The Group recognised a gain on disposal of investment in joint venture amounting to RM65,317,000 as disclosed in Note 4 and 17.
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