18. INVESTMENTS IN SUBSIDIARIES (CONT’D.) Financial information of subsidiaries that have material non-controlling interests are provided below. The financial information presented below are amounts before inter-company elimination: (cont’d.) (iii) Summarised statements of cash flows TISB TISB TDBSB TDBSB TSDSB TSDSB LWBSB LWBSB 2024 2023 2024 2023 2024 2023 2024 2023 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 Net cash (used in)/generated from operating activities (220,085) 19,001 6,012 5,290 43 71 21,076 199 Net cash generated from/ (used in) investing activities 648,528 (535) – 25 – – (20,877) – Net cash used in financing activities (388,704) (45,107) (13,000) – – – – – Net increase/(decrease) in cash and cash equivalents 39,739 (26,641) (6,988) 5,315 43 71 199 199 Cash and cash equivalents at beginning of financial year 56,064 82,705 16,003 10,688 109 38 488 289 Cash and cash equivalents at end of financial year 95,803 56,064 9,015 16,003 152 109 687 488 (a) Group restructuring during the financial year During the financial year, the Group and the Company executed and completed an internal Group restructuring scheme involving the following: (i) The Company had completed the capitalisation of debts amounting to RM1,200,467,281 owed by several subsidiaries to the Company by way of issuance of Redeemable Non-Cumulative Preference Shares (“RNCPS”) issued by these subsidiaries at an issuance price of RM1 each. (ii) On 29 February 2024, Tropicana Aurora Property Pte Ltd, a company incorporated in Singapore had been struck off from the Register of Companies pursuant to Section 344A of the Companies Act, Chapter 50 of Singapore. (iii) On 2 April 2024, the Company completed a capital reduction exercise to reduce its investment in a subsidiary, Tropicana Danga Cove Holding Sdn Bhd by cancelling 23,400,000 RNCPS, all of which are held by the Company amounting to RM23,400,000. (iv) On 30 July 2024, Tropicana Solar Sdn Bhd had been struck off from the Register of the Companies Commission of Malaysia and dissolved following the publication of the notice of striking off pursuant to Section 551(3) of the Companies Act 2016 in the Gazette. (v) On 30 July 2024, Raintree Realty Sdn Bhd had been struck off from the Register of the Companies Commission of Malaysia and dissolved following the publication of the notice of striking off pursuant to Section 551(3) of the Companies Act 2016 in the Gazette. FINANCIAL STATEMENTS & OTHER INFORMATION 295
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