18. INVESTMENTS IN SUBSIDIARIES (CONT’D.) (b) Group restructuring in the previous financial year The following group restructuring took place in the previous financial year: (i) The Company completed the capitalisation of debts amounting to RM1,200,467,281 owed by several subsidiaries to the Company by way of issuance of RNCPS issued by these subsidiaries at an issue price of RM1 each. (ii) On 4 March 2024, Tropicana Aurora Property Pte Ltd, a company incorporated in Singapore was 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 whollyowned 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 was 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 was 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. (vi) On 2 September 2024, Blackforest Realty Sdn Bhd was 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. (vii) On 23 September 2024, Tropicana Central Garden Mall Sdn Bhd was 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. (viii) On 14 October 2024, Sempurna Rakyat Sdn Bhd, an indirect wholly-owned subsidiary of Tropicana Danga Senibong Holding Sdn Bhd was 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. (ix) On 16 October 2024, Lido Waterfront Boulevard Sdn Bhd, an indirect 65% owned subsidiary of Tropicana Acehub Sdn Bhd, a wholly-owned subsidiary of the Company, had incorporated an indirect 60% owned subsidiary, Lido Waterfront Duty Free Sdn Bhd with 100 ordinary shares representing 100% of total paid-up capital, for total cash consideration of RM100. (x) On 13 November 2024, the Company completed a capital reduction exercise to reduce its investment in a whollyowned subsidiary, Tropicana Metro Sdn Bhd by cancelling 16,612,408 Class B Ordinary Shares, all of which are held by the Company amounting to RM16,612,408. NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2025 AR 2025 | FINANCIAL STATEMENT & OTHER INFORMATION 320
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