Registration No. 200301030845 (633265-K) - 84 - 6. Investment in Subsidiaries (Cont’d) (b) Acquisition of subsidiaries During the financial period (i) On 19 December 2023, Hijau Baiduri Sdn. Bhd. (“HBSB”), a wholly-owned subsidiary of Destini Energy Sdn. Bhd. (“DESB”), a wholly owned subsidiary, has increased its issued and paid-up share capital from 1 ordinary share to 2,000,000 ordinary shares at an issue price of RM1.00 each for a total consideration of RM1,999,999. DESB has subscribed additional 1,999,999 shares in HBSB. (ii) On 28 June 2024, Destini Oil Services Sdn. Bhd. (“DOSSB”), a wholly-owned subsidiary of the Company has increased its issued and paid-up share capital from 45,000,000 ordinary shares to 75,000,000 ordinary shares at an issue price of RM1.00 each for a total consideration of RM30,000,000. The Company has subscribed additional 30,000,000 shares in DOSSB. In previous financial year (i) On 28 July 2022, Destini Energy Sdn. Bhd. (“DESB”), a wholly-owned subsidiary of the Company, incorporated a 100% owned subsidiary company, Destini Alpha ESS Sdn. Bhd., with a cash subscription of RM10,000. (ii) On 13 September 2022, Destini Energy Sdn. Bhd. (“DESB”), a wholly-owned subsidiary of the Company, incorporated a 100% owned subsidiary company, Destini ESS Sdn. Bhd.(“DESSSB”), with a cash subscription of RM10,000. On 30 September 2022, DESSSB has increased its issued and paid-up share capital from 100 ordinary shares to 1,000 ordinary shares at an issue price of RM1.00 each for a total consideration of RM900. DESB has subscribed additional 600 shares in DESSSB, reducing its ownership from 100% to 70%. 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. 161 DESTINI BERHAD ANNUAL REPORT 2024
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