ACCOUNTABILITY | NOTES TO THE FINANCIAL STATEMENTS 227 INTEGRATED ANNUAL REPORT 2026 22. INVESTMENT IN ASSOCIATES Group 2026 RM million 2025 RM million Unquoted shares at cost - Within Malaysia 187 187 - Outside Malaysia 108 88 Share of post-acquisition reserves (14) (28) Share of foreign currency translation reserve 8 7 Accumulated impairment loss (50) (17) Share of net assets of associates 239 237 (a) In the current financial year, movement in the investment in associates includes the following: (i) On 8 February 2025, the registration of 288,129 additional shares in Zeabuz AS, for which payment had already been made in the prior financial year, was completed. Following the registration, the equity interest in Zeabuz held by Yinson Venture Capital Pte. Ltd. (“YVCPL”), an indirect wholly-owned subsidiary of the Company, increased from 13.5% to 24.9%. Zeabuz remains as an associate. On 28 February 2025, the equity interest decreased from 24.9% to 24.1% due to dilution from the conversion of a convertible loan into shares by other investors. (ii) On 21 July 2025, Yinson Venture Capital Pte. Ltd. (“YVCPL”) exercised its option to convert the outstanding convertible loan amount, including accrued interest, totaling USD4.8 million (approximately RM20 million) pursuant to the Convertible Promissory Note into 2,140,502 new ordinary shares in the share capital of MooVita Pte. Ltd. (“MooVita”) at a conversion price of SGD2.17 per share. The converted amount of USD4.8 million consists of USD4.4 million (approximately RM19 million), inclusive of fair value adjustments and reclassified from current assets measured at fair value through profit or loss, and USD0.4 million (approximately RM1 million) of interest receivables. As a result, the equity interest in MooVita held by YVCPL has increased from 23.3% to 30.2% and MooVita remains as an associate. (iii) On 21 July 2025, Lianson Fleet Group Berhad (“LFG”) completed a corporate exercise involving the issuance of 206,818,182 new ordinary shares in LFG, which were subscribed by other parties. As a result, the Group’s equity interest in LFG decreased from 22.57% to 16.80%. As at 31 January 2026, the Group’s equity interest in LFG decreased from 16.80% to 15.60%. The cumulative effect of the dilution of RM11 million was recognised within the “share of results of associates” in the current financial year. (b) In the previous 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.
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