SECTION 4: FINANCIAL PERFORMANCE 226Registration No: 199301009307 (264044-M) 88 33. SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR (CONT’D) (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. (iv) Subscription of additional shares in subsidiaries On 22 December 2023, the Company subscribed an additional 117,900 new ordinary shares of IDR1.0 million each in MGI with a cash subscription of IDR117.9 billion (equivalent to approximately RM18,587,000). On 29 December 2023, the Company subscribed an additional 5,000,000 new ordinary shares of RM1 each in MST Golf Arena Sdn. Bhd. by capitalising the amount owed by the subsidiary company of RM5,000,000. 34. SUBSEQUENT EVENT AFTER THE FINANCIAL YEAR On 26 February 2024, the Board of Directors declared the second interim single tier dividend of RM 0.005 per ordinary share amounting to RM4,104,000 in respect of financial year ended 31 December 2023 with entitlement date on 20 March 2024 and paid on 8 April 2024 to the shareholders of the Company. Other than the above, there were no other material event subsequent to the end of the financial year.
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