MSTGOLF Annual Report 2024

NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2024 SECTION 4: FINANCIAL PERFORMANCE 172 6. INVESTMENT IN SUBSIDIARIES (CONT’D) Incorporation of new subsidiaries 2023 On 7 September 2023, a subsidiary named PT MST Golf Indonesia (“MGI”) was incorporated under the laws of 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% equity interest in MGI is held by PT Sinar Eka Selaras Tbk (“SES”). On 11 September 2023, MGI incorporated a 99.9% owed subsidiary company under the laws of 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. Material accounting policy information Acquisition of subsidiary with non-controlling interests The Group elects to measure the non-controlling interests in the acquiree at the proportionate share of the acquiree’s identifiable net assets at the acquisition date. 7. OTHER INVESTMENTS Group Company 2024 2023 2024 2023 RM ‘000 RM ‘000 RM ‘000 RM ‘000 Financial Asset at fair value through profit or loss (“FVTPL”) Non-current - Golf club membership 17 17 - - Current - Money market deposit (i) 27,804 26,655 26,371 26,655 (i) Investment in money market deposit represents investment in unit trusts. Material accounting policy information Financial assets at fair value through profit or loss Fair values of these Golf club membership and money market deposit are determined by reference to published price quotations in an active market.

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