SECTION 4: FINANCIAL PERFORMANCE 146 Registration No: 199301009307 (264044-M) 8 OTHER STATUTORY INFORMATION (CONT’D) In the opinion of the Directors (cont’d):- (c) there has not arisen in the interval between the end of the financial year and the date of this report any item, transaction or event of a material and unusual nature likely to affect substantially the results of the operations of the Group and of the Company for the current financial year in which this report is made. SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR (i) Listing of shares On 20 July 2023, the Company was listed on the Main Market of Bursa Malaysia Securities Berhad pursuant to the Initial Public Offering (“IPO”) of 160,000,000 new ordinary shares at IPO Price of RM0.81 per share. (ii) Shareholder agreement for golf business in Indonesia On 29 August 2023, the Company signed a shareholders’ agreement with PT Sinar Eka Selaras Tbk (“SES”), a subsidiary of PT Erajaya Swasembada Tbk to regulate the rights and obligations of the Parties in respect of establishment of a subsidiary company to undertake the golf business in Indonesia. (iii) Incorporation of subsidiaries in Indonesia On 7 September 2023, a subsidiary named PT MST Golf Indonesia (“MGI”) was incorporated under the laws of the Republic of Indonesia, to undertake the golf business in Indonesia comprising of 10,100 ordinary shares of Indonesian Rupiah (“IDR”) 1.0 million each. The Company held 51.0% equity interest in MGI with a cash subscription of IDR5.2 billion (equivalent to approximately RM1,638,000). The balance of 49.0% equity interest in MGI is held by PT Sinar Eka Selaras Tbk (“SES”). On 11 September 2023, MGI incorporated a 99.9% owned subsidiary company under the laws of the Republic of Indonesia, named PT MST Golf Distribution (“MGD”) to manage the imports of golf products from overseas suppliers for MGI and for the wholesale business in Indonesia. The balance of 0.1% equity interest in MGD is held by SES.
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