211 ANNUAL REPORT 2024 MST GOLF GROUP BERHAD 35. CAPITAL MANAGEMENT (CONT’D) The Group’s and the Company’s objectives when managing capital is to maintain a strong capital base and safeguard the Group’s and the Company’s ability to continue as a going concern, so as to maintain investor, creditor and market confidence and to sustain future development of the business. The Directors monitor and determine to maintain an optimal debt-to-equity ratio that complies with debt covenants and regulatory requirements. Group Company 2024 2023 2024 2023 RM ‘000 RM ‘000 RM ‘000 RM ‘000 Total loans and borrowings 44,808 58,671 - - Total lease liabilities 356 466 - - Net debt 45,164 59,137 - - Total equity 251,595 255,581 185,483 183,289 Debt-to-equity ratio 0.18 0.23 - - There were no changes in the Group’s and the Company’s approach to capital management during the year. 36. COMPARATIVE INFORMATION The following figures have been reclassified to conform with the presentation of current financial year:- As previously As reported Reclassification reclassified RM’000 RM’000 RM’000 Group 31.12.2023 Statements of Profit or Loss Administrative and other expenses 105,624 259 105,883 Selling and distribution expenses 7,757 (259) 7,498 37. SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR Subscription of additional shares in subsidiaries On 18 October 2024, the Company subscribed an additional 16,371 new ordinary shares of IDR1.0 million each in PT MST Golf Indonesia with a cash subscription of IDR16.4 billion (equivalent to approximately RM4,998,000). 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 SGD 3,700,000 (equivalent to approximately RM12,211,000).
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