SECTION 4: FINANCIAL PERFORMANCE 184 Registration No: 199301009307 (264044-M) 46 6. INVESTMENT IN SUBSIDIARIES (CONT’D) Material non-controlling interests (cont’d) Summarised financial information of their subsidiaries which have non-controlling interests that are material to the Group is set out below. The summarised financial information presented below is the amount before inter-company elimination (cont’d). (iii) Summarised statement of profit or loss and other comprehensive income before acquisition of the remaining equity interest MST Golf Management Sdn. Bhd.* MST Golf (Singapore) Pte. Ltd.* Total RM’000 RM’000 RM’000 2022 Included in statements of comprehensive income Revenue 5,300 103,990 109,290 Profit for the financial year 570 9,551 10,121 Other comprehensive income - 1,875 1,875 Total comprehensive income 570 11,426 11,996 * On 4 November 2022, the Company acquired the remaining 30% and 24% equity interest in MST Golf Management Sdn. Bhd. and MST Golf (Singapore) Pte. Ltd. respectively. Incorporation of new subsidiaries 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 Indonesia 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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