295 INTEGRATED ANNUAL REPORT 2025 ACCOUNTABILITY | NOTES TO THE FINANCIAL STATEMENTS 49. LIST OF SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES (CONTINUED) Details of subsidiaries, joint ventures and associates are as follows: (continued) Notes: (continued) xiii. The Group has concluded that it does not control eMoovit Technology Sdn. Bhd.. Although it holds 66.1% equity interest in this joint venture, the Company only has joint control based on the agreement signed between the shareholders. xiv. Although the Group holds less than 20% equity interest in Ionada, based on the agreement signed between the shareholders, the Group has significant influence over Ionada. xv. During the current financial year, the Group obtained control over SCSL (refer to Note 47(a)) and Majes (refer to Note 47(b)), resulting in their reclassification from a joint venture to a wholly-owned subsidiary. 50. SUBSEQUENT EVENTS Acquisition of equity interest in Stella Maris CCS AS On 19 February 2025, Yinson Production Fortuna Holdings B.V., an indirect wholly owned subsidiary of the Company, completed the acquisition of 100% equity interest in Stella Maris CCS AS from Altera Infrastructure. As a result, Stella Maris CCS AS became an indirect wholly owned subsidiary of the Company. USD1 billion Redeemable Convertible Preferred Shares (“RCPS”) and Warrants Issue (option to upsize to USD1.5 billion) After announcing a USD1 billion investment from a consortium of international firms, YHB held an Extraordinary General Meeting (“EGM”) on 27 March 2025, marking a key milestone in our strategic growth. The EGM was to seek shareholder approval for the proposed issuance of 1,000,000 RCPS and 1,000,000 Warrants by Yinson Production to the investors. This investment provides the essential capital to drive the growth of our FPSO business while also accelerating the expansion of our energy transition businesses. The resolution outlined in the Notice of EGM dated 12 March 2025 was duly approved by 99.9843% of shareholders in attendance who voted for the resolution. The EGM reaffirmed YHB’s commitment to driving long-term value creation as we continue to expand and strengthen our position in the industry. USD100 million Guarantee Facility Arrangement On 24 April 2025, Yinson Production Financial Services Pte.Ltd., an indirect wholly owned subsidiary of the Company, has successfully structured and arranged a stand-by letter of credit and three-year guarantee facility of USD100 million (approximately RM439 million). The facility will be used to increase the financial flexibility and streamline the cash management. 51. AUTHORISATION OF FINANCIAL STATEMENTS FOR ISSUE The financial statements for the financial year ended 31 January 2025 were authorised for issue in accordance with a resolution of the Board of Directors on 29 May 2025.
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