171 ANNUAL REPORT 2024 MST GOLF GROUP BERHAD 6. INVESTMENT IN SUBSIDIARIES (CONT’D) Material non-controlling interests (cont’d) The summary of financial information before intra-group elimination for the Group’s subsidiary that have material non-controlling interests is as below (cont’d):- 2024 2023 PT MST Golf Indonesia and its subsidiary (Cont’d) RM’000 RM’000 (iii) Summarised statements of cash flows Net cash flows used in operating activities (27,140) (11,036) Net cash flows used in investing activities (26,025) (7,496) Net cash flows from financing activities 36,747 39,590 Net cash (outflow)/inflow (16,418) 21,058 Subscription of additional shares in subsidiaries 2024 On 18 October 2024, the Company subscribed an additional 16,371 new ordinary shares of IDR1.0 million each in PT MST Golf Indonesia (”MGI”) with a cash subscription of IDR16.4 billion (equivalent to approximately RM4,998,000). The Company will maintain its controlling stake of 51% in MGI. On 11 December 2024, the Company subscribed an additional 3,700,000 new ordinary shares of SGD1 each in MST Golf (Singapore) Pte. Ltd. by capitalising the amount owed by the subsidiary company of SGD3,700,000 (equivalent to approximately RM12,211,000). 2023 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). The Company will maintain its controlling stake of 51% in MGI. 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.
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