NOTES TO THE FINANCIAL STATEMENTS Registration No. 200301030845 (633265-K) - 86 - 6. Investment in Subsidiaries (Cont’d) (b) Acquisition of subsidiaries During the financial year (i) On 8 April 2021, Destini Rail Sdn. Bhd., a wholly-owned subsidiary of the Company, incorporated a 70% owned subsidiary company, M Rail Technics Sdn. Bhd., with a cash subscription of RM70,000. (ii) On 28 December 2021, Destini Berhad increase its investment in Destini Energy Sdn. Bhd. (“DESB”) by capitalisation of amount due to the Company by DESB of RM2,250,000 to share capital of DESB. (iii) On 31 December 2021, Destini Energy Sdn. Bhd., a wholly-owned subsidiary of the Company, increase its investment in Destini Upstream Sdn. Bhd., with a cash subscription of RM99,998. In previous 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. 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 noncontrolling shareholders. 163 ANNUAL REPORT 2021 • DESTINI BERHAD
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