281 INTEGRATED ANNUAL REPORT 2025 ACCOUNTABILITY | NOTES TO THE FINANCIAL STATEMENTS 48. SUMMARY OF EFFECTS OF DILUTION AND DISPOSAL OF COMPANIES 2025 Group (a) On 5 February 2024, YBC increased its share capital via conversion of two quasi-equity loans totalling USD204 million (approximately RM968.9 million), from both YAL and JOFI, based on the current price per share of USD 1.00. The loans were converted into ordinary shares of YBC by the YAL and JOFI on a proportionate basis and did not impact the current shareholding. As a result of these conversions, the Group recognised an increase of RM223 million in noncontrolling interests in the Statement of Changes in Equity. See details in Note 36(d). On 18 June 2024, YAL disposed of 955,831 ordinary shares in YBC, representing 0.24% equity interest of the share capital of YBC, to JOFI, for a total consideration of USD1 million (approximately RM5 million). On 13 August 2024, YBC reduced its paid-up capital by USD120 million (approximately RM525 million) via reduction of par value on its shares from USD392 million (approximately RM1,716 million) to USD272 million (approximately RM1,186 million) for a cash consideration of USD120 million (approximately RM525 million). The Group still controls YBC, retaining an effective equity interest in YBC of 74.76% and this has resulted in a decrease in NCI of USD30 million (approximately RM133 million). On 22 October 2024, YAL further disposed of 45,250,298 ordinary shares in YBC, representing 11.56% equity interest of the share capital of YBC, to JOFI, for a total consideration of USD48 million (approximately RM220 million). As a result, YAL’s equity interest in YBC decreased from 75% to 63.20%. The total consideration for the disposals was USD49 million (approximately RM225 million), of which USD44 million (approximately RM202 million) was paid in cash on the respective dates of disposals, with the remainder offset against a deposit received in prior year of USD5 million (approximately RM23 million). The carrying amount of the non-controlling interest acquired at Group amounted to RM190 million, resulting in an increase in equity attributable to the owners of the Company of RM37 million. On 31 January 2025, Yinson Acacia Limited issued a shareholder’s notice to waive YAL’s right to have a casting vote at the board meetings of YBC in the event of an equality of votes between the directors, to the acceded Shareholders’ Agreement dated 18 June 2024, between Yinson Holdings Berhad, the ultimate holding company, YBC, YAL, both of which were wholly owned subsidiaries of the Company, Japan Offshore Facility Investment 1 Pte. Ltd., Sumitomo Corporation, and Kawasaki Kisen Kaisha Ltd (“the Parties”). The amendment was completed on 31 January 2025. As a result, the Group no longer has control over YBC, and the Group’s investment in YBC was reclassified to a joint venture of the Group. The financial effects at the date of loss in control were as follows: RM million Assets and liabilities disposed Property, plant and equipment (Note 17) 13 Trade and other receivables 144 Finance lease receivables 5,964 Inventories 50 Cash and bank balances 206 Deferred tax assets (Note 35) 36 Trade and other payables (72) Tax recoverable 191 Other liabilities (71) Loans and borrowings (4,410) Net carrying amount of YBC Group 2,051 Less: Non-controlling interests (739) Net assets disposed of 1,312
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