39. ACQUISITION AND DISPOSAL OF SUBSIDIARIES/BUSINESS (continued) Disposal of subsidiaries in 2023 (continued) (c) On 28 June 2023, Parkway Pantai Limited (“PPL”) had disposed its entire 65% equity stake comprising 6,033,003 ordinary shares in Angsana Holdings Pte. Ltd. (“AHPL”) to a minority shareholder of AHPL. Post completion of the disposal, AHPL and its direct wholly-owned subsidiaries namely, Angsana Molecular & Diagnostics Laboratory Pte. Ltd., Angsana Molecular and Diagnostics Laboratory (HK) Limited and Angsana Molecular and Diagnostics Laboratory Sdn. Bhd. ceased to be indirect subsidiaries of IHH. 40. CHANGES IN OWNERSHIP INTEREST IN SUBSIDIARIES Changes in ownership interests in subsidiaries in 2023 (a) On 31 March 2023, PTM transferred 133,400 PLife REIT units that it owned to its eligible employees in accordance to PTM’s LTI plan. Consequential thereto, IHH Group’s effective interest in PLife REIT was diluted from 35.58% to 35.56%. (b) On 5 May 2023, PPL, an indirect wholly-owned subsidiary, acquired an additional 10% equity stake comprising 928,154 ordinary shares in AHPL for a total consideration of SGD0.4 million (equivalent to RM1.4 million), a direct subsidiary of PPL. Post completion of the acquisition, PPL’s shareholding in AHPL increased from 55% to 65%. (c) On 25 September 2023, Gleneagles Development Pte. Ltd. (“GDPL”), completed the acquisition of the entire 24.53% shareholding held by Dr. Ravindranath Kancherla and his persons connected (collectively “Dr. Ravi Group”) in GHIPL for a total consideration of approximately INR7.4 billion (equivalent to RM417.4 million). Consequential thereto, the IHH’s effective interest in GHIPL increased from 73.64%* to 98.17%. (d) On 25 September 2023, GDPL completed the acquisition of a 0.32% equity stake in Global Clinical Research Services Private Limited (“GCRS”) for a total consideration of approximately INR72,000 (equivalent to RM4,060). Consequential thereto, the IHH’s effective interest in GCRS increased from 99.68% to 100.00%. (e) On 19 December 2023, ACC BV completed the acquisition of 15.65% equity stake held by International Finance Corporation in ACC BV for a total consideration of EUR59.4 million (equivalent to RM303.5 million). Consequent thereto, IHH's effective interest in ACC BV has increased from 60.00% to 71.13%. * Based on the shareholdings, on a fully diluted basis, immediately prior to the completion for the GHIPL Shares Acquisition, in accordance with the SPAs, following the conversion of certain compulsorily convertible preference shares held by Dr. Ravi Group into equity shares Changes in ownership interests in subsidiaries in 2022 (a) On 5 April 2022, PTM transferred 123,500 PLife REIT units that it owned to its eligible employees in accordance to PTM’s LTI plan. Consequential thereto, IHH Group’s effective interest in PLife REIT was diluted from 35.60% to 35.58%. (b) On 23 September 2022, ACC BV, an indirect subsidiary, repurchased 41,533 of its own shares at a consideration of EUR12.6 million (equivalent to RM58.5 million). The shares were retained as treasury shares. Consequential thereto, ASH’s effective interest in ACC BV has increased from 57.51% to 60.00%. Annual Report 2023 229
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