225 ANNUAL REPORT 2023 MST GOLF GROUP BERHAD Registration No: 199301009307 (264044-M) 87 32. CAPITAL MANAGEMENT (CONT’D) Group Company 2023 2022 2023 2022 RM’000 RM’000 RM’000 RM’000 Total loans and borrowings 58,671 61,191 - - Total lease liabilities 466 231 - - Net debt 59,137 61,422 - - Total equity 255,581 95,616 183,289 45,060 Debt-to-equity ratio 0.23 0.64 - - There were no changes in the Group’s and the Company’s approach to capital management during the year aside from the increase in equity through the issuance of additional new shares in an IPO exercise. 33. 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.
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