DESTINI Annual Report 2018

5. Investment in Subsidiaries (Cont’d) (c) Disposal of a subsidiary In previous financial year On 29 December 2017, the Company entered into a share sale agreement ("SSA") with a third party for disposal of its entire 51.92% equity interest in its subsidiary, Green Pluslink Sdn Bhd ("GPSB"), comprising of 2,700,000 ordinary shares in GPSB for a total cash consideration of RM4,400,000. The effect of the disposal of GPSB on the financial position of the Group as at the date of disposal was as follows: (d) Acquisition of non-controlling interest On 19 March 2018, Destini Aviation Sdn. Bhd., a wholly-owned subsidiary of the Company, subscribed additional 15,333,005 new ordinary shares in Safeair Technical Sdn. Bhd. (“STSB”), increasing its ownership from 80% to 97.95% for consideration other than cash of RM15,333,005. The effect of change in the equity interest in STSB that is attributable to owners of the Company: 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. NOTES TO THE FINANCIAL STATEMENTS RM Carrying amount of non-controlling interests acquired (1,830,174) Consideration paid to non-controlling interests - Decrease in parent's equity (1,830,174) RM Property, plant and equipment 6,031,284 Inventories 149,621 Trade and other receivables 433,240 Cash and bank balances 223,240 Trade and other payables (119,167) Amount due to holding company (10,571,041) Amount due to related companies (1,749,857) Finance lease liabilities (94,736) Net liabilities (5,697,416) Add: Non-controlling interests 2,885,761 Total net liabilities disposed (2,811,655) Gain on disposal 7,211,655 Proceeds from disposal 4,400,000 Less: Cash and bank balances disposed (223,240) Net cash inflows from disposal 4,176,760 DESTINI BERHAD ANNUAL REPORT 2018 150