5. INVESTMENTS IN SUBSIDIARIES (CONT’D) (a) 2025 (Cont’d) (ii) On 21 March 2025, the Company incorporated a wholly-owned subsidiary, Keyfield Ventures Labuan, with an issued and paid-up share capital USD20,000 (equivalent to RM88,400), comprising 20,000 ordinary shares of USD1 each. On 13 May 2025, the Company subscribed for an additional 17,980,000 ordinary shares of USD1 each in Keyfield Ventures Labuan by capitalising the amount owing to the Company, amounting to USD17,980,000 (equivalent to RM77,808,000). This resulted in the total issued and paid-up share capital of Keyfield Ventures Labuan increasing to USD18,000,000 (equivalent to RM77,897,000). The equity interest held in Keyfield Ventures Labuan remained unchanged. (iii) On 18 December 2025, the Company acquired 130 ordinary shares, representing a 65% equity interest in Keyfield Biham FZCO, for a total consideration of AED130,000 (equivalent to RM147,000). In consequent thereof, Keyfield Biham FZCO and its wholly-owned subsidiary, Keyfield Biham LLC, became 65%-owned subsidiary of the Company. The acquisition is part of the Group’s strategic expansion into the Middle East region. The following summarises the major classes of consideration transferred, and the recognised amounts of assets acquired, and liabilities assumed at the date of acquisition:- The Group 2025 RM’000 Property, plant and equipment (Note 7) 20 Other receivables 390 Cash and bank balances 252 Other payables (506) Fair value of net identifiable assets acquired 156 Less: Non-controlling interests (9) Total purchase consideration 147 Less: cash and cash equivalents of subsidiaries acquired (252) Net cash inflow from acquisition of subsidiaries (105) The non-controlling interests are measured at the non-controlling interests’ proportionate share of the fair value of the acquiree’s identifiable net assets at the date of acquisition. 179 Annual Report 2025
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