Financial Statements Financial Statements Press Metal Aluminium Holdings Berhad 238 239 Integrated Annual Report 2023 Notes to the Financial Statements Notes to the Financial Statements 7. INVESTMENTS IN SUBSIDIARIES (CONT’D) Details of the subsidiaries are as follows: (cont’d) Name of entity Principal place of business/ Country of incorporation Principal activities Effective ownership interest and voting interest 2023 % 2022 % Direct subsidiaries of PMB: PMB Development Sdn. Bhd. and its subsidiary, Malaysia Dormant 100.0 100.0 PMB Spectrum Sdn. Bhd. (“PMBS”) Malaysia Under Members’ Voluntary winding up 60.0 60.0 Wesama Sdn. Bhd. and its subsidiary, Malaysia Investment holding 100.0 100.0 Ace Extrusion Sdn. Bhd. Malaysia Dormant 100.0 100.0 PT Press Metal Indonesia* Indonesia Dormant 100.0 100.0 Hubei Press Metal Huasheng Aluminium & Electric Co. Ltd. (“PMH) *@ and its subsidiary, China Investment holding - 100.0 Press Metal International (Hubei) Ltd. (“PMIH”) *@ China Dormant - 100.0 * Not audited by KPMG PLT. # In December 2023, the Group, via its wholly-owned subsidiary, Press Metal (HK) Limited disposed 4.1% equity interest in a subsidiary, Press Metal International Limited (“PMI”) to third parties for a total cash consideration of RMB41,345,000 (equivalent to approximately RM27,019,000), decreasing its ownership in PMI and its direct subsidiaries (“collectively known as PMI subgroup”) from 92.4% to 88.3%. @ In July 2023, the Group, via its wholly-owned subsidiary, Press Metal Berhad, disposed 100% equity interest in a subsidiary, Hubei Press Metal Huasheng Aluminium & Electric Co. Ltd (“PMH”) to a third party for a total cash consideration of RMB23,635,176 (equivalent to approximately RM15,086,000), effectively losing ownership in PMH and its direct subsidiary (“collectively known as PMH subgroup”). ^ The subsidiary was formerly known as Press Metal Glomag Precision Technology Co. Ltd. 7. INVESTMENTS IN SUBSIDIARIES (CONT’D) 7.1 Non-controlling interests in subsidiaries The Group’s subsidiaries that have material non-controlling interests (“NCI”) are as follows: 2023 Press Metal Sarawak Sdn. Bhd. RM’000 Press Metal Bintulu Sdn. Bhd. RM’000 Press Metal International Limited RM’000 Other subsidiaries with immaterial NCI RM’000 Total RM’000 NCI percentage of ownership interest and voting interest 20.0% 20.0% 11.7% Carrying amount of NCI 252,085 1,104,543 67,655 38,956 1,463,239 Profit allocated to NCI 19,178 269,091 1,752 12,703 302,724 Summarised financial information before intra-group elimination As at 31 December Non-current assets 640,206 6,453,829 626,889 Current assets 854,023 4,302,735 461,607 Non-current liabilities (102,166) (2,184,125) (71,614) Current liabilities (131,639) (3,049,725) (440,116) Net assets 1,260,424 5,522,714 576,766 Year ended 31 December Revenue 1,353,450 10,366,544 872,059 Profit for the year 95,891 1,345,457 14,935 Total comprehensive income 59,023 1,100,173 - Cash flows from operating activities 126,713 2,861,699 95,793 Cash flows from investing activities (27,341) (493,731) (129,021) Cash flows from financing activities (73,017) (1,887,471) 43,349 Net increase in cash and cash equivalents 26,355 480,497 10,121 Dividends paid to NCI 14,200 158,900 -
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