NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2025 FINANCIAL PERFORMANCE 206 6. INVESTMENT IN SUBSIDIARIES (CONT’D) Subscription of additional shares in subsidiaries 2025 On 15 April 2025, the Company subscribed an additional 30,600 new ordinary shares of IDR1.0 million each in MGI with a cash subscription of IDR30.6 billion (equivalent to approximately RM8,996,000). The Company maintains its controlling stake of 51% in MGI. 2024 On 18 October 2024, the Company subscribed an additional 16,371 new ordinary shares of IDR1.0 million each in MGI with a cash subscription of IDR16.4 billion (equivalent to approximately RM4,998,000). The Company maintains 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 MGS by capitalising the amount owed by the subsidiary of SGD3,700,000 (equivalent to approximately RM12,211,000). Incorporation of a subsidiary Shareholder agreement for golf business in Thailand The Company, had on 23 October 2025, entered into a Shareholders Agreement with Mr. Ng Yap Sio and Mr. Low Kok Poh in relation to the incorporation of a subsidiary company namely MST Thailand. The Company had subscribed 999,998 ordinary shares of THB100 each in MST Thailand representing 99.99% of equity interest in MST Thailand for a cash consideration of THB99,999,800 (equivalent to approximately RM12.91 million). 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.
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