NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023 (CONT’D) 37. ACQUISITIONS OF NON-CONTROLLING INTERESTS In the previous financial year: (a) On 11 November 2021, Matrix IBS Sdn. Bhd. increased its issued and paid-up share capital from RM2,500,000 to RM34,000,000. The Company subscribed an additional 25,200,000 new ordinary shares in Matrix IBS Sdn. Bhd. by capitalising the amount owing of RM25,200,000. (b) On 17 November 2021, the Company acquired an additional 20% equity interests in Matrix IBS Sdn. Bhd. for RM2,184,513 in cash, increasing its ownership from 80% to 100%. The carrying amount of Matrix IBS Sdn. Bhd.’s net assets in the Group’s financial statements on that date was RM11,108,285. The Group recognised an increase in non-controlling interests of RM4,069,350 and an increase in retained profits of RM46,137. The following summarises the effect of changes in the equity interests in Matrix IBS Sdn. Bhd. that is attributable to the owners of the Company:- THE GROUP 2022 RM’000 Equity interest in 1 April (11,838) Effect of increase in the Company’s ownership interest 2,230 Additional subscription of shares in a subsidiary 25,200 Share of post acquisition losses (16,242) Equity interest at 31 March (650) INTEGRATED ANNUAL REPORT 2023 MATRIX CONCEPTS HOLDINGS BERHAD 210 FINANCIAL STATEMENTS
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