228 YINSON HOLDINGS BERHAD ACCOUNTABILITY 22. INVESTMENT IN ASSOCIATES Group 2025 RM million 2024 RM million Unquoted shares at cost - Within Malaysia 187 3 - Outside Malaysia 88 77 Share of post-acquisition reserves (28) (17) Share of foreign currency translation reserve 7 13 Accumulated impairment loss (17) (14) Share of net assets of associates 237 62 (a) In the current financial year, movement in the investment in associates includes the following: (i) On 25 November 2024, Yinson Venture Capital Pte. Ltd. (“YVCPL”) exercised its option to convert the outstanding amount, including the accrued interest totaling USD2,230,055 (approximately RM10 million) pursuant to the Convertible Promissory Note dated 25 May 2023 into 3,622,493 new ordinary shares in the share capital of MooVita Pte. Ltd. (“MooVita”) at a conversion price of SGD0.8275 per share. As a result, the equity interest in MooVita held by YVCPL has increased from 7.3% to 23.23% and MooVita remains as an associate. (ii) On 2 January 2025, YVCPL exercised its option to convert the loan amount, including the accrued interest totalling NOK2,607,764 (approximately RM1 million) into 100,183 new ordinary shares in the share capital of Zeabuz AS (“Zeabuz”), pursuant to the convertible loan agreement dated 13 May 2024. As a result, the equity interest in Zeabuz held by YVCPL has increased from 10% to 13.5% and Zeabuz remains as an associate. (iii) On 12 September 2024, YR C&I Pte. Ltd., an indirect wholly owned subsidiary of the Company, has subscribed for 2,900,000 additional ordinary shares in Plus Xnergy Assets Sdn Bhd (“Plus Xnergy”) for a total cash consideration of approximately USD0.7 million (equivalent to RM2.9 million). The equity interest in Plus Xnergy remains unchanged at 40% after the additional investment and Plus Xnergy remains as an associate. (iv) On 31 January 2025, Yinson Offshore Services Sdn Bhd (“YOSSB”), a wholly owned subsidiary of the Company, completed the disposal of its entire equity interests in Regulus Offshore Sdn Bhd (“ROSB”) and Yinson Camellia Sdn Bhd (“YCSB”) to Lianson Fleet Group Berhad (“LFG”) (formerly known as Icon Offshore Berhad). The consideration was satisfied via the issuance of 181,818,182 new ordinary shares in LFG amounting to RM181 million. As a result of this transaction, LFG became an associate of the Group. Refer Note 48(c) for the details on disposal of offshore support vessels (“OSV”) business. (b) In the previous financial year, movement in the investment in associates includes the following: (i) On 9 February 2023, YVCPL subscribed for 55,872 shares, each with a nominal value of NOK1.00 in Zeabuz AS (“Zeabuz”), representing 6.2% equity interest in Zeabuz for a total cash consideration of NOK5 million (RM2.2 million). On 11 July 2023, YVCPL has further subscribed for 55,872 new ordinary shares in Zeabuz for a total cash consideration of NOK5 million (RM2.2 million). As a result, YVCPL shareholding increased to 111,744 ordinary shares which represents 10.3% of the enlarged issued and paid-up share capital of Zeabuz. On 17 November 2023, a recent fundraise has diluted YVCPL’s equity interest in Zeabuz from 10.3% to 10%. The total number of shares held by YVCPL in Zeabuz remains unchanged at 111,744 ordinary shares. The Group has concluded that it has significant influence in Zeabuz, even though it holds less than 20% equity interest in this associate. Based on the agreement signed between the shareholders, YVCPL has board representation and the power to participate in policy-making decisions.
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