41. Joint arrangements and activities (cont’d.) (b) Joint operations Details of the Group’s joint operations are as follows: Name % of ownership interest held by the Group 2016 2015 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. 42. Significant events (a) The Corporation had on 24 February 2016 entered into a conditional share purchase agreement with E&P Venture Solutions Co Sdn. Bhd., a wholly-owned subsidiary of PETRONAS Carigali Sdn. Bhd., for the equity buyback of the remaining 50% interest in Gumusut-Kakap Semi-Floating Production System (L) Limited (“GKL”). The equity buyback was approved by the shareholders of the Corporation at the Extraordinary General Meeting held on 19 April 2016. Upon completion of the equity buyback on 13 May 2016, GKL became a wholly-owned subsidiary of the Corporation. (b) AET Inc. Limited, a wholly-owned subsidiary of the Group, had on 21 April 2016 entered into a share sale and purchase agreement with Golden Energy Tankers Holdings Corp. for the acquisition of the remaining 50% equity interest in Paramount Tankers Corp. Upon acquiring full control on 12 May 2016, Paramount Tankers Corp. became a wholly-owned subsidiary of AET Inc. Limited. On 29 August 2016, the final price adjustment was agreed and the acquisition was fully completed. (c) The Corporation had on 24 October 2016 completed the disposal of its entire equity interest in MISC Integrated Logistics Sdn. Bhd. (“MILS”), a wholly-owned subsidiary of the Group, to Swift Haulage Sdn. Bhd. (“SWIFT”). The disposal was completed on 24 October 2016 and MILS ceased to be a subsidiary of the Corporation. MISC BERHAD • Annual Report 2016 332 notes to the financial statements - 31 december 2016
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