223 INTEGRATED ANNUAL REPORT 2025 ACCOUNTABILITY | NOTES TO THE FINANCIAL STATEMENTS 21. INVESTMENT IN JOINT VENTURES (CONTINUED) (a) In the current financial year, movement in the investment in joint ventures includes the following: (i) On 31 January 2025, YBC was deconsolidated from a subsidiary and reclassified as an investment in a joint venture of the Group. The joint venture is initially recognised at its fair value of RM1,755 million. Refer to Note 48(a) for details on loss on control during the current financial year. (ii) On 8 May 2024, the Group concluded that it had obtained control over Shift Clean Solutions Ltd (“SCSL”) as the revised Shareholders’ Agreement (“SHA”) had granted YHB Group a majority representation on SCSL’s Board of Directors. This has resulted in a step-up acquisition, whereby SCSL, previously carried at RM106 million, became a subsidiary of the Group. Refer to Note 47(a) for details on the acquisition. (iii) On 10 July 2024, Yinson Green Technologies (M) Sdn. Bhd. (“YGTMSB”), an indirect wholly owned subsidiary of the Company, subscribed for 354,911 additional ordinary shares in eMooVit Technology Sdn. Bhd. (“eMooVit”) for a total cash consideration of RM0.5 million. As a result, the equity interest in eMooVit held by YGTMSB has increased from 66.1% to 67.2%. On 23 September 2024, YGTMSB subscribed for an additional 354,911 ordinary shares in eMooVit for a total cash consideration of RM0.5 million. As a result, the equity interest in eMooVit has increased from 67.2% to 68.3% and eMooVit remains as a joint venture. On 11 November 2024, YGTMSB subscribed for an additional 354,911 ordinary shares in eMooVit for a total cash consideration of RM0.5 million. As a result, the equity interest in eMooVit has increased from 68.31% to 69.33% and eMooVit remains as a joint venture. (iv) On 18 March 2024, YR Malaysia Pte. Ltd., an indirect wholly owned subsidiary of the Company, has subscribed for 300,000 additional ordinary shares in Rosa RE Pte. Ltd. (“Rosa RE”) for a total cash consideration of SGD300,000 (approximately RM1 million). The equity interest in Rosa RE remains unchanged at 40% after the additional investment and Rosa RE remains as a joint venture. (v) On 6 September 2024, the equity interest in Majes Sol. De Verano S.A.C (“Majes”) has increased from 51% to 100%. The Group has concluded that it had obtained control in Majes. Accordingly, the Group’s investment in Majes of RM11 million was reclassified from joint venture to wholly-owned subsidiary. See Note 47(b) for more details. (b) In the previous financial year, movement in the investment in joint ventures includes the following: (i) On 14 April 2023, Yinson EV Charge Pte. Ltd. (“YEVCPL”), an indirect wholly-owned subsidiary of the Company, subscribed for 249,999 additional ordinary shares in Yinson EV Charge - LHN Energy Pte. Ltd. (“YEVC-LHNPL”) for a total cash consideration of SGD0.2 million (RM0.8 million) while LHN EVCO Pte. Ltd. (“LHNEVCOPL”) subscribed for 250,000 ordinary shares in YEVC-LHNPL for a total cash consideration of SGD0.2 million (RM0.8 million). As a result, YEVC-LHNPL became a joint venture of the Group with YEVCPL and LHNEVCOPL each holding 250,000 ordinary shares, representing 50% equity interest of the share capital of YEVC-LHNPL respectively. (ii) On 9 November 2023, the Group concluded that it has obtained joint control in SCSL. Accordingly, the Group’s investment in SCSL of RM70.1 million was reclassified from associate to joint venture. Refer to Note 22(b)(iv) for details on the changes in shareholding and classification. (iii) On 16 October 2023, the Group concluded that it has obtained joint control in Majes. Accordingly, the Group’s investment in Majes of RM10.3 million was reclassified from associate to joint venture. (iv) On 18 October 2023, Rosa RE Pte. Ltd. (“Rose RE”) was incorporated with a share capital of SGD2. YR Malaysia Pte. Ltd. (“YRMPL”), an indirect wholly-owned subsidiary of the Company, holds 40% equity interest in Rosa RE. Based on the agreement signed between the shareholders, the Group has joint control. (c) During the current financial year, an impairment loss of RM3 million (2024: RM NIL) was recognised in respect of a joint venture, as its recoverable amount was estimated to be lower than its carrying amount. The Group’s equity interest, principal activities and countries of incorporation of its joint ventures are disclosed in Note 49.
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