Notes to the Financial Statements for the Financial Year Ended 30 September 2024 MKH BERHAD ANNUAL REPORT 2024 Laying The Foundation of Excellence Where People Matter Guided by Leadership, Inspired by People Delivering Value That Matters to People PG. 232 15. INVESTMENT IN SUBSIDIARIES (CONT’D) (a) Changes in proportion of ownership interest MKH Oil Palm (East Kalimantan) Berhad (“MKHOP”) On 28 November 2023, the shareholders of the Company have approved the Proposed Listing of MKHOP on the Main Market of Bursa Malaysia Securities Berhad. MKHOP has undertaken the Pre-Initial Public Offering comprising: (i) On 29 November 2023, MKHOP has completed the share split by the subdivision of every one (1) existing MKHOP share into six (6) new MKHOP shares; (ii) On 20 December 2023, MKHOP increased its issued and fully paid-up capital by way of issuance of 67,255,894 new ordinary shares at an issue price of RM1.21 each for a total consideration otherwise than cash of RM81,379,632 as full and final settlement of the purchase consideration of 5.67% equity interest in PT Maju Kalimantan Hadapan (“PTMKH”) from Metro Kajang (Oversea) Sdn. Bhd. (“MKO”), a wholly owned subsidiary of the Company and third party, and 100% equity interest in PT Sawit Prima Sakti (“PTSPS”) from MKH Plantation Sdn. Bhd. (“MKH Plantation”), a wholly owned subsidiary of the Company and third parties; and (iii) On 11 January 2024, MKHOP increased its issued and fully paid-up capital by way of issuance of 73,526,951 new ordinary shares at an issue price of RM1.21 each for a total consideration otherwise than cash of RM88,967,612 as partial debt settlement for the amount due from MKO and MKH Plantation, both are wholly owned subsidiaries of the Company. As a result of (i), (ii) and (iii) above, the Group’s equity interest in MKHOP has diluted to 94.43%. On 15 February 2024, the Company has distributed 82,487,981 MKHOP shares, representing approximately 10.26% of equity interest in MKHOP to the entitled shareholders of the Company by way of dividend-in-specie, on the basis of one (1) MKHOP share for every seven (7) Company shares held on the entitlement date. As a result, the Group’s equity interest in MKHOP has further diluted to 84.16%. On 30 April 2024, MKHOP has completed the Initial Public Offering of 220,000,000 new ordinary shares and an offer for sale of 30,707,700 existing ordinary shares held by MKO at an issue price of RM0.62 per ordinary share. As a result, the Group’s equity interest in MKHOP has further diluted to 63.07%. During the financial year, MKO, MKH Plantation and Maha Usaha Sdn. Bhd., which are wholly owned subsidiaries of the Company have acquired 17,093,000 MKHOP shares through purchases on the Bursa Malaysia Securities Berhad. As a result, the Group’s equity interest in MKHOP has increased to 64.74%. On 10 September 2024, the shareholders of MKHOP have approved the Proposed Authority for MKHOP to purchase its own ordinary shares. Subsequently, MKHOP has acquired 1,900,000 of its own shares through purchases on the Bursa Malaysia Securities Berhad during the financial year for total consideration paid of RM1,125,681, which resulted in the Group’s equity interest in MKHOP to become 64.86%.
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