EXCEL FORCE MSC BERHAD 83 Notes to the Financial Statements (cont’d) 8. INVESTMENT IN SUBSIDIARY COMPANIES (CONT’D) (b) Changes in equity interests 31 December 2021 On 15 June 2021, Xifu entered into a Shareholders Agreement (“SA”) with the Company and Mr Yap Shon Leong (“Shareholder B”) whereby the Company and Shareholder B agreed to undertake an additional capital by way of subscription of further shares in Xifu for cash in the proportion of 70% and 30% respectively. On 28 December 2021, Xifu increased its issued and paid-up share capital from 2 to 23,500,000 ordinary shares by way of issuance of 23,499,998 new ordinary shares at an issue price of RM0.10 per share for a total consideration of RM2,349,999.80. The Company has subscribed for additional 16,449,998 ordinary shares in Xifu for total consideration of RM2,349,999.80 by way of capitalisation of amount due from Xifu. Consequently, the Company’s equity interest in Xifu decreased from 100% to 70% and Xifu became a 70% owned subsidiary company of the Company. The SA was completed on 28 December 2021. (c) Material partly-owned subsidiary company Set out below is the Group’s subsidiary company that has material non-controlling interests: Name of company Proportion of ownership interests and voting rights held by non-controlling interests Profit/(Loss) allocated to non-controlling interests Accumulated noncontrolling interests 2021 2020 2021 2020 2021 2020 % % RM RM RM RM Xifu 30 - - - 545,090 - Total non-controlling interests 545,090 - Summarised financial information for the subsidiary company that has non-controlling interests that ismaterial to the Group is set out below. The summarised financial information below represents amount before inter-company eliminations. (i) Summarised statement of financial position Xifu RM 2021 Non-current assets 576,122 Current assets 1,330,414 Current liabilities (89,568) Net assets 1,816,968
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