141 ENRA GROUP BERHAD ANNUAL REPORT 2025 Notes To The Financial Statements (Cont’d) 31 March 2025 Registration No: 45 199201005296 (236800 - T) 6. INVESTMENTS IN SUBSIDIARIES (continued) (a) (continued) When control of a subsidiary is lost as a result of a transaction, event or other circumstance, the Group would derecognise all assets, liabilities and non-controlling interests at their carrying amount and to recognise the fair value of the consideration received. Any retained interest in the former subsidiary is recognised at its fair value at the date control is lost. The resulting difference is recognised as a gain or loss in profit or loss. (b) Equity contributions to subsidiaries are unsecured, interest-free and settlement is neither planned nor likely to occur in the foreseeable future for the purposes of providing the subsidiaries with a long term source of additional capital. During the financial year, the Company reclassified RM70,790,000 (2024: RM Nil) amount owing to subsidiaries as equity contribution to subsidiaries. (c) Changes in investment in subsidiaries during the financial year (i) On 5 April 2024, Hexagon SPM Solutions Sdn. Bhd. (“HSPM”), an indirect whollyowned subsidiary of the Company, acquired 70 ordinary shares in Hexagon SBM (Sarawak) Sdn. Bhd. ("HSBMS") for RM70.00 from Encik Ikhwan bin Zaidel, a director of a subsidiary of the Group. The acquisition represents 70% of the total issued capital of HSBMS. The acquisition has no material financial impact on the Group’s financial statements for the financial year ended 31 March 2025. (ii) On 23 May 2024, Hexagon Energy Logistics Sdn. Bhd. ("HELSB"), a wholly-owned subsidiary of the Company, incorporated a new subsidiary in Singapore known as Hexagon Marine Services (S) Pte. Ltd. (“HMSS”), with a paid-up share capital of RM42 comprising of 9 ordinary shares for the purpose of providing shipping services, including chartering of ships and boats with crew (freight). (iii) On 25 March 2025, the liquidator of MSMENRA Sdn Bhd. (in liquidation) (“MSMENRA”), a 70% owned subsidiary of ENRA Engineering & Construction Sdn. Bhd. (“EEC”), which in turn is a wholly owned subsidiary of the Company, had convened the final meeting to conclude the member's voluntary winding-up of MSMENRA. The Returns by Liquidator Relating to Final Meeting of MSMENRA were lodged with the Companies Commission of Malaysia and the Official Receiver on 25 March 2025 ("Lodgement Date"), and on the expiration of 3 months after the Lodgement Date, MSMENRA will be dissolved. (d) Changes in investment in subsidiaries subsequent to end of reporting period (i) Disposal of Makmur Homes Sdn. Bhd. (“MHSB”) and BRP Homes Sdn. Bhd. (“BRPSB”) On 28 May 2025, Q Homes Sdn. Bhd., an indirect 51% owned subsidiary of the Company, had entered into Share Sale and Purchase Agreements with PNN Resources Sdn. Bhd. (“Purchaser”) to dispose of the entire share capital (“Sale Shares”) of its wholly-owned subsidiaries, MHSB and BRPSB, for a total consideration of RM4,700,000 and RM1,900,000 respectively. The Sale Shares shall be transferred to the Purchaser within three months upon fulfillment of the conditions precedent. The disposal has yet to be completed as at the date of this Report.
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