220 YINSON HOLDINGS BERHAD ACCOUNTABILITY 20. INVESTMENT IN SUBSIDIARIES (CONTINUED) (b) In the previous financial year, movements in the cost of investment in subsidiaries were as follows: (i) The Company reduced its investment in Yinson Production Ltd. (“YPL”) through share capital reduction exercise for a total consideration of RM21 million settled via offset of amount owing to YPL. (ii) The Company increased its investment in YGCSPL with a total issuance of 36,000,000 new ordinary shares for a total cash consideration of RM157 million. (iii) The Company completed the acquisition of remaining 40% equity interest in Yinson Offshore Services Sdn Bhd (“YOSSB”) comprising 2,662,620 ordinary shares from Yinson Global Corporation (HK) Limited (“YGCHKL”), an indirect wholly owned subsidiary of the Company for a consideration of RM3 million. As a result, the Company owns 100% equity interest in YOSSB. (iv) Knock Allan Ptd. Ltd., a wholly-owned subsidiary of the Company, has been struck off from the Register of Companies in Singapore, resulting in cost of investment and accumulated impairment of RM28 million being written off respectively. (c) Movement in the allowance of impairment is as follows: Company 2025 RM million 2024 RM million At 1 February 60 85 Impairment (Note 9 & Note 12) (7) 3 Liquidation of a subsidiary - (28) At 31 January 53 60 In the current financial year, the Company reversed an impairment loss for a subsidiary following an increase in their recoverable amounts. In the previous financial year, an impairment loss was recognised for certain subsidiaries of the Group as a result of their recoverable amounts being estimated to be lower than their carrying amounts. The equity interest, principal activities and countries of incorporation of subsidiaries that are included in the consolidated financial statements are disclosed in Note 49. (d) Non-controlling interests in subsidiaries The Group’s subsidiaries that have material non-controlling interests (“NCI”), based on effective equity interest are as follows: (i) Yinson Production (West Africa) Pte. Ltd. 2025 RM million 2024 RM million Effective equity interest held by NCI 26% 26% Carrying value of NCI 205 226 Profit for the financial year attributable to NCI 66 65 Dividends paid to NCI 65 45
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