DESTINI Annual Report 2020

6. Investment in Subsidiaries (Cont’d) (b) Acquisition of subsidiaries During the financial year (i) On 20 February 2020, Destini Armada Pte. Ltd., a wholly-owned subsidiary of the Company, incorporated a 99.99% owned subsidiary company, PT Destini Marina Perkasa, with a cash subscription of Indonesian Rupiah 99,999,000 (approximately RM29,500). (ii) On 20 May 2020, Destini Berhad incorporated a 60% owned subsidiary company, Blackstone Dagangan Pte. Ltd., with a cash subscription of Singapore Dollars 6 (approximately RM18). (iii) On 29 December 2020, Destini Berhad increase its investment in Destini Oil Services Sdn. Bhd. (“DOS”) by capitalisation of amount due to the Company by DOS of RM40,000,000 to share capital of DOS. In previous financial year On 19 April 2019, Destini Rail Sdn. Bhd., a wholly-owned subsidiary of the Company, incorporated a new wholly- owned subsidiary namely DLP Rail Sdn. Bhd. under the Companies Act, 2016 as a private company limited by shares with 100,000 ordinary shares for total consideration of RM100,000. The effect of incorporation of subsidiary company did not have any material effect on the financial results and position of the Group. There are no significant restrictions on the ability of the subsidiaries to transfer funds to the Group in the form of cash dividends or repayment of loans and advances. Generally, for all subsidiaries which are not wholly-owned by the Company, non-controlling shareholders hold protective rights restricting the Company’s ability to use the assets of the subsidiaries and settle the liabilities of the Group, unless approval is obtained from non-controlling shareholders. 7. Investment in Associates Group Company 2020 2019 2020 2019 Outside Malaysia RM RM RM RM At cost Unquoted shares 315,406 315,406 - - Share of post acquisition reserve (315,406) (315,406) - - - - - - ANNUAL REPORT 2020 DESTINI BERHAD Notes to Financial Statements 141