115 GHL SYSTEMS BERHAD 199401007361 (293040-D) ANNUAL REPORT 2022 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2022 CONT’D 16. INVESTMENTS IN SUBSIDIARIES (Cont’d) (d) The details of the subsidiaries are as follows: (Cont’d) Name of company Country of incorporation/ Principal place of business Effective interest in equity Principal activities 2022 2021 % % Subsidiary of S Capital Sdn. Bhd. Paysys (M) Sdn. Bhd. # Malaysia 100.00 100.00 Engaged in business as dealers in credit card transactions, terminals and solutions. Subsidiaries of Paysys (M) Sdn. Bhd Paysys Communications Sdn. Bhd. # Malaysia 100.00 100.00 Engaged in developing payment solution together with relevant hardware require for a complete solution. Paysys Technology Sdn. Bhd. # Malaysia 100.00 100.00 Dormant. # Subsidiaries audited by BDO PLT Malaysia or BDO PLT member firms. ^ Subsidiaries not audited by BDO PLT Malaysia or BDO PLT member firms. (e) Additional investment during the financial year ended 31 December 2022 During the financial year, GHL Asia Pacific Limited (“GHLAP”) had subscribed for additional 30,000 ordinary shares of PHP100 per share in GHL Philippines Financing Services for a consideration of RM239,250. There is no change to the equity interest of the GHLAP in GHL Systems Philippines, Inc. pursuant to the new issuance. (f) De-registration of a subsidiary during the financial year ended 31 December 2022 A wholly-owned subsidiary of the Company, EPY Capital Holdings Limited, had been de-registered from the British Virgin Islands Companies Registry. Effects of the de-registration of EPY Capital Holdings Limited. are as follows: 2022 RM Carrying amount of shares at the date of disposal - Less: Realisation of post-acquisition reserves - Accumulated losses 248,826 - Exchange translation reserve reclassified to profit or loss (248,826) Loss on de-registration of a subsidiary -
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