NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023 (CONT’D) 5. INVESTMENT IN SUBSIDIARIES (CONT’D) The details of the subsidiaries are as follows (Cont’d):- Name of Subsidiaries Principal Place of Business/Country of Incorporation Percentage of Issued Share Capital Held by Parent Principal Activities 2023 2022 % % Subsidiaries of Matrix Development (Australia) Pty Ltd Matrix 333 St Kilda (Australia) Pty Ltd @ Australia 100 100 Property development Matrix Greenvale (Australia) Pty Ltd @ Australia 100 100 Property development Matrix Property Management (Australia) Pty Ltd @ Australia 100 100 Management of defect works and rental guarantees for completed group property development @ These subsidiaries were audited by other firm of chartered accountant. (i) During the financial year:- (a) the Company subscribed 1 new ordinary share in Megah Sedaya Sdn. Bhd. for a total cash consideration of RM1; (b) the Company subscribed 100 new ordinary shares in Matrix Sino Development Sdn. Bhd. for a total cash consideration of RM100; (c) the Company subscribed 46,000,000 new redeemable preference shares in N9 Matrix Development Sdn. Bhd. for a total cash consideration of RM46,000,000; and (d) MCHB Development (NS) Sdn. Bhd., a wholly-owned subsidiary of the Company subscribed 850,000 new ordinary shares in N9 Matrix Development Sdn. Bhd., for a total cash consideration of RM850,000. (ii) In the previous financial year:- (a) the Company subscribed 25,200,000 new ordinary shares in Matrix IBS Sdn. Bhd. by capitalising the amount owing by Matrix IBS Sdn. Bhd. of RM25,200,000; (b) the Company acquired an additional 20% equity interests in Matrix IBS Sdn. Bhd. from its non-controlling interests. Following the completion of the acquisition, Matrix IBS Sdn. Bhd. became a wholly owned subsidiary of the Company. The details of the acquisition are disclosed in Note 37 to the financial statements; INTEGRATED ANNUAL REPORT 2023 MATRIX CONCEPTS HOLDINGS BERHAD 176 FINANCIAL STATEMENTS
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