ACCOUNTABILITY 228 YINSON HOLDINGS BERHAD 22. INVESTMENT IN ASSOCIATES (CONTINUED) (b) In the previous financial year, movement in the investment in associates includes the following: (continued) (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 50(i) for the details on disposal of offshore support vessels (“OSV”) business. (c) During the current financial year, a net impairment loss of RM33 million (2025: RM3 million) was recognised in respect of certain associates, as their recoverable amounts were estimated to be lower than their respective carrying amounts. The Group’s equity interest, principal activities and countries of incorporation of its associates are disclosed in Note 51. (d) The summarised financial information of the material associates, based on its MFRS/IFRS financial statements is set out below: (i) Lianson Fleet Group Berhad (“LFG”) 2026 RM million 2025 RM million Summarised statement of financial position: Current assets* 550 170 Non-current assets 1,262 905 Current liabilities (203) (106) Non-current liabilities (322) (167) Net assets 1,287 802 Proportion of the Group’s ownership 15.60% 22.57% Carrying amount of the investment 201 181 * Included in current assets are cash and bank balances of RM193 million (2025: RM74 million).
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