MKH Annual Report 2020

164 FINANCIAL STATEMENTS ANNUAL REPORT 2020 15. INVESTMENT IN SUBSIDIARIES (CONT’D) Country of Proportion of ownership interest and voting power held by the Group Name of subsidiary incorporation Principal activities 2020 2019 Metro Emart Sdn. Bhd. Malaysia E-commerce 100% 100% Subsidiaries of Metro  Emart Sdn. Bhd. (Note 34) Europixel Sdn. Bhd. Malaysia Dormant 100% 100% Hexapace Sdn. Bhd. Malaysia Dormant 100% 100% Mercu Jasakita Sdn. Bhd. Malaysia Dormant 100% 100% ~ In the previous financial year, the Company acquired the subsidiary for total cash consideration of RM1. € During the financial year, the Company subscribed for additional 24,000,000 (2019: Nil) new ordinary shares in Budi Bidara Sdn. Bhd., 9,750,000 (2019: Nil) new ordinary shares in Metro K.L. City Sdn. Bhd., Nil (2019: 35,968,000) new ordinary shares in Detik Merdu Sdn. Bhd., 1,900,000 (2019: Nil) new ordinary shares in MKH Development Sdn. Bhd., Nil (2019: 199,999) new ordinary shares in Nexus Starship Sdn. Bhd., 20,000,000 (2019: Nil) new ordinary shares in Petik Mekar Sdn. Bhd., Nil (2019: 2,000,000) new ordinary shares in Srijang Indah Sdn. Bhd., 14,125,000 (2019: 1,620,000) new ordinary shares in Srijang Kemajuan Sdn. Bhd., 17,000,000 (2019: Nil) new ordinary shares in Stand Allied Corporation Sdn. Bhd. and 8,455,000 (2019: 10,764,300) new ordinary shares in Suria Villa Sdn. Bhd.. # Subsidiaries audited by firms of auditors other than Deloitte PLT. @ The investment in shares have been pledged as security for credit facilities granted to subsidiaries as disclosed in Note 32. ! The company is not audited by Deloitte PLT. As the company is dormant, no statutory audit is required under the Australian Corporations Act. Redeemable Convertible Preference Shares The salient features of the Redeemable Convertible Preference Shares (“RCPS”) of the subsidiaries are as follows: (a) Dividends The holder has the right to be paid, out of such profits of the subsidiary available for distribution determined by the directors at their discretion to be distributed in respect of each financial year or other accounting period of the subsidiary, a dividend at a rate as the Board of Directors shall determine from time to time.