NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2023 360 WE ARE KENANGA LEADERSHIP MESSAGE VALUE CREATION MODEL KENANGA INVESTMENT BANK BERHAD ANNUAL REPORT 2023 56. SIGNIFICANT AND SUBSEQUENT EVENTS (a) There was no significant event during the financial year ended 31 December 2023 other than the following: Changes in composition of the Group (i) On 1 March 2023, Kenanga Capital Sdn Bhd (“KCSB”), a wholly-owned subsidiary of the Bank, had disposed of an additional 31% of its interest in Kenanga Capital Islamic Sdn Bhd (“KCISB”) for a cash consideration of RM5,815,145 (inclusive of RM2.0 million dividend) following the call option exercised by Bay Amarantite Sdn Bhd. Upon completion of the exercise, the shareholding in KCISB held by KCSB has decreased from 51% to 20% and KCISB had become an associate company of KCSB. The detail of the disposal of KCISB is as follow: RM’000 RM’000 Sales proceeds 5,815 Fair value of interest retained (Note 14) 1,784 7,599 (-) Net assets of subsidiary recognised before disposal: Net assets 11,744 Non-controlling interest at disposal (5,654) (6,090) Net gain on disposal (Note 33(c)) 1,509 (ii) On 3 April 2023, Kenanga Investors Bhd (“KIB”), a wholly-owned subsidiary of the Bank, had transferred a total of 80% equity stake in its wholly-owned subsidiary, Kenanga Funds Berhad (“KFB”), to other four wholly-owned subsidiaries, Kenanga Islamic Investors Berhad, KUT Nominees (Asing) Sdn Bhd, KUT Nominees (Tempatan) Sdn Bhd and i-VCAP in equal proportion. Thereafter, KFB changed its name to Kenanga Trustees Berhad and converted to a trust company under the Trust Companies Act 1949. (b) There was no significant event subsequent to the financial year ended 31 December 2023.
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