MKH Berhad 163 15. INVESTMENT IN SUBSIDIARIES (CONT’D) Details of the subsidiaries are as follows: (Cont’d) Proportion of ownership interest and voting power held by the Group Country of Name of subsidiary incorporation Principal activities 2021 2020 Subsidiaries of Metro Emart Sdn. Bhd. (Cont’d) Mercu Jasakita Sdn. Bhd. Malaysia Dormant 100% 100% € During the financial year, the Company subscribed for additional 1,221,000 (2020: 14,125,000) new ordinary shares in Srijang Kemajuan Sdn. Bhd., 499,998 (2020: Nil) new ordinary shares in Metro Readymix Sdn. Bhd., Nil (2020: 24,000,000) new ordinary shares in Budi Bidara Sdn. Bhd., Nil (2020: 9,750,000) new ordinary shares in Metro K.L. City Sdn. Bhd., Nil (2020: 1,900,000) new ordinary shares in MKH Development Sdn. Bhd., Nil (2020: 20,000,000) new ordinary shares in Petik Mekar Sdn. Bhd., Nil (2020: 17,000,000) new ordinary shares in Stand Allied Corporation Sdn. Bhd. and Nil (2020: 8,455,000) new ordinary shares in Suria Villa Sdn. Bhd.. # Subsidiaries audited by firms of auditors other than Deloitte PLT. & Subsidiaries audited by a member firm of Deloitte. @ The investment in shares have been pledged as security for credit facilities granted to subsidiaries as disclosed in Note 32. ! The subsidiary 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 T he 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. Notes to the Financial Statements FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2021
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