229 INTEGRATED ANNUAL REPORT 2025 ACCOUNTABILITY | NOTES TO THE FINANCIAL STATEMENTS 22. INVESTMENT IN ASSOCIATES (CONTINUED) (b) In the previous financial year, movement in the investment in associates includes the following: (continued) (ii) On 18 April 2023, YVCPL has further subscribed for 192,069 Series B preference shares (“Series B Shares”), representing 4.64% equity interest in the share capital of OyikaPL for a total consideration of USD2 million (RM8.9 million) which is offset by the subscription amount against all amounts owing by OyikaPL to YVCPL under the Convertible Note issued on 13 September 2022. Following the subscription of Series B Shares, YVCPL’s interest in Series A Shares of OyikaPL decreased from 20.80% to 16.90%. As a result, including both Series A and Series B shares, YVCPL now owns 21.54% equity interest in OyikaPL. On 15 November 2023, additional shares were issued to an existing shareholder of OyikaPL. The number of Series A and Series B preference shares held by YVCPL remains unchanged. As a result, YVCPL’s interest in Series A shares of OyikaPL decreased from 16.90% to 16.57% and Series B shares decreased from 4.64% to 4.55%. In total, YVCPL now owns 21.12% equity interest in OyikaPL. (iii) On 26 April 2023, YR C&I Pte. Ltd. further subscribed 990,000 new ordinary shares of Plus Xnergy Assets Sdn Bhd at RM1.00 per share. The total cash consideration is RM1 million. Shareholding remains unchanged. (iv) On 7 May 2023, SCSL has exercised its call rights with respect to 2,115,488 ordinary shares in the share capital of SCSL pledged by TTB Holdings Company Ltd (“TTB”), a shareholder of SCSL in favour of SCSL (“Pledged Shares”). Pursuant to the exercise of the call rights, SCSL repurchased the Pledged Shares under the promissory note and loan agreement dated 12 September 2019, which resulted in an overall decrease of 2,115,488 ordinary shares in the share capital of SCSL. As a result, the equity interest in SCSL held by YVCPL has increased from 20% to 22.37%. The number of shares which YVCPL owns in SCSL remains unchanged at 3,994,052 ordinary shares. On 9 November 2023, YVCPL has acquired additional equity interests in SCSL by acquiring the entire equity interest of TTB for a purchase consideration of USD1 million (RM4.7 million). As a result, the equity interest in SCSL held by YVCPL has increased from 22.37% to 44%. Arising from this increase in YVCPL’s shareholding and re-assessment of its shareholder rights based on the agreement signed between the shareholders, the Group has concluded that it has joint control in SCSL. Accordingly, the Group’s investment in SCSL of RM70.1 million was reclassified from associate to joint venture. (v) On 30 June 2023, YVCPL has subscribed for additional 15,566 ordinary shares in Lift Ocean AS (“LOAS”) at a price of NOK212 each for a total consideration of NOK3.3 million (RM1.4 million). The total consideration was paid partially in cash of NOK1.1 million (RM0.5 million) with the remainder of NOK2.2 million (RM0.9 million) settled through the conversion of the loan together with interest thereon owing by LOAS to YVCPL in accordance with the Loan Agreement dated 29 April 2023. As a result, YVCPL’s equity interest in LOAS has increased to 24.82%. (vi) On 20 September 2023, Yinson Production Offshore Pte. Ltd. (“YPOPL”), an indirect wholly-owned subsidiary of the Company, has subscribed for 610,000 shares, each with a nominal value of NOK0.10 in Carbon Removal AS (“CRAS”), representing 38.88% equity interest in CRAS for a total cash consideration of NOK10.98 million (RM4.7 million). (vii) Pursuant to the Stock Purchase Agreement dated 6 May 2022, YR Peru Limited (“YRPeru”), an indirect whollyowned subsidiary of the Company, has made milestone payments of USD0.3 million (RM1.2 million) and USD1.4 million (RM6.1 million) on 26 June 2023 and 22 September 2023 respectively in relation to the deferred contingent purchase consideration to Verano Energy SpA (“Verano”), previously the sole shareholder of Majes Sol. De Verano S.A.C. (“Majes”). The milestone payments did not result in any change in YRPeru’s equity interest in Majes. On 16 October 2023, YRPeru has subscribed for additional 222 ordinary shares in Majes at a price of PEN1 each for a total consideration of PEN222. This subscription has increased YRPeru’s equity shareholding in Majes from 45% to 51%. The Group has concluded that it has joint control in Majes. Accordingly, the Group’s investment in Majes of RM10.3 million was reclassified from associate to joint venture.
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