Financial Statements Notes to the Financial Statements 37. CHANGES IN OWNERSHIP INTEREST IN SUBSIDIARIES Changes in ownership interests in subsidiaries in 2024 (a) On 6 and 28 March 2024, Gleneagles Development Pte. Ltd. (“GDPL”), an indirect wholly-owned subsidiary of IHH, completed the acquisition of a 0.88% shareholding in Gleneagles Healthcare India Private Limited (“GHIPL”) from the minority shareholders. Consequential thereto, the Group’s effective interest in GHIPL increased from 98.17% to 99.05%. (b) On 19 April 2024 and 21 May 2024, GDPL subscribed to 10,491,488 equity shares (First Tranche) and 91,479 equity shares (Second and Final Tranche) of GHIPL under the rights issue by GHIPL, for cash of approximately INR4,000 million (equivalent to RM212 million). Consequential thereto, the Group’s effective interest in GHIPL increased from 99.05% to 99.15%. (c) On 2 May 2024, Parkway Trust Management Limited (“PTM”), an indirect wholly-owned subsidiary of IHH, transferred 130,500 Parkway Life Real Estate Investment Trust (“PLife REIT”) units that it owned to its eligible employees in accordance to PTM’s long term incentive plan. Consequential thereto, the Group’s effective interest in PLife REIT was diluted from 35.56% to 35.53%. (d) On 20 September 2024, Acibadem City Clinic B.V. (“ACC BV”), an indirect 71.13% owned subsidiary of IHH, acquired the remaining 30% equity interest in General Hospital Acibadem Bel Medic (“Acibadem Bel Medic”). Post completion of the acquisition, Acibadem Bel Medic became a direct wholly-owned subsidiary of ACC BV and IHH’s effective indirect shareholdings in Acibadem Bel Medic increased from 49.79% to 71.13%. (e) On 1 November 2024, PLife REIT, an indirect subsidiary of IHH, issued and listed 47,369,000 new PLife REIT units pursuant to its private placement exercise, raising approximately SGD180 million (equivalent to RM596 million) to fund the acquisition of 11 nursing homes properties in France. Consequential thereto, IHH Group’s effective interest in PLife REIT diluted from 35.53% to 32.95%. (f) On 20 December 2024, Fortis Healthcare Limited (“Fortis”), an indirect subsidiary of IHH, acquired an additional 7.61% equity interest in Agilus. Post completion of the acquisition, IHH’s effective indirect shareholdings in Agilus increased from 17.98% to 20.35%. 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 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 billion (equivalent to RM417 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 Gleneagles 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 million (equivalent to RM276 million). Consequential 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. IHH Healthcare Berhad | Annual Report 2024 216
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