NOTES TO THE FINANCIAL STATEMENTS For the Financial Year Ended 31 December 2023 (cont’d) 7. INVESTMENT IN SUBSIDIARIES (CONT’D) (a) Incorporation of subsidiaries (cont’d) In the previous financial year (i) On 17 March 2022, MYEGI incorporated a wholly-owned subsidiary with 50,000 ordinary shares; representing 100% of equity interest in ZLTD for a total consideration of USD50,000 (equivalent to RM211,150). (ii) On 5 August 2022, MYEGI incorporated a wholly-owned subsidiary with 1 ordinary shares; representing 100% of equity interest in Zetrix Foundation for a total consideration of USD1 (equivalent to RM5). (iii) On 22 September 2022, MYEGI entered into a share sales agreement to incorporate a wholly-owned subsidiary in China, namely Zetrix China. The total register capital of this subsidiary is RMB1,000,000 and shall be contributed by the Company according to the business needs of the subsidiary and shall be fully contributed within ten (10) years after the issuance of the subsidiary’s business license. MYEGI has contributed RMB28,000 (RM19,098) during the financial year. (b) Acquisition of shares from NCI On 8 August 2023, EGSB, a wholly-owned subsidiary of the Company, acquired 10% equity interest in MLSB for a total cash consideration of RM50,000, which increased the equity ownership from 55% to 65%. The effect of changes in the equity interest in MLSB that is attributable to owners of the Company: RM’000 Carrying amount of NCI acquired (881) Consideration paid to NCI (50) Decrease in parent’s equity (931) (c) Additional investments in subsidiaries On 1 September 2023, MYEGC had subscribed for additional of 2,999,900 new ordinary shares in Beli Mart for a total cash consideration of RM2,999,900, which did not result in changes in the equity interest. On 6 November 2023, NFT Capital had subscribed for additional of 9,900,000 new ordinary shares in NFT Creative for a total cash consideration of RM9,900,000, which did not result in changes in the equity interest. On 4 December 2023, the Company had subscribed for additional of 60,750,000 new ordinary shares in EGSB for a total cash consideration of RM60,750,000, which did not result in changes in the equity interest. (d) Non-controlling interest The Group’s subsidiaries which have non-controlling interests are not individually or in aggregate material to the financial position, financial performance and cash flows of the Group. (e) Material accounting policy information Investment in subsidiaries are measured in the Company’s statement of financial position at cost less accumulated impairment losses. 208 MY E.G. SERVICES BERHAD Registration No. 200001003034 (505639-K) NVESTMENT SUBSIDIARIES
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