ACCOUNTABILITY 278 YINSON HOLDINGS BERHAD 49. SUMMARY OF EFFECTS OF ACQUISITION OF COMPANIES 2026 Group (a) 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. This transaction has been accounted for as an asset acquisition. The fair value of the total consideration, comprising cash paid of USD14.2 million (RM60 million) and contingent consideration of USD14.4 million (RM61 million), was recognised as intangible assets as it relates to the acquisition of a licence to operate a carbon capture and storage project. USD10 million (RM42 million) of the contingent consideration was paid during the current financial year. See Note 19(a) for more details. (b) On 1 April 2025, Yinson Macacia Limited, an indirect wholly-owned subsidiary of the Company, completed the acquisition of 100% equity interest in Yinson Production Offshore Services (Pty) Ltd (“YPOSPL”), a company incorporated in Namibia, for a cash consideration of NAD100 (approximately RM24). As a result, YPOSPL became an indirect wholly-owned subsidiary of the Company. (c) On 9 December 2025, Yinson Renewables (NZ) Limited (“YR(NZ)L”), an indirect wholly-owned subsidiary of the Company, completed the acquisition of 100% of the equity interest in Mt Cass Wind Farm Limited (“Mt Cass”) for a consideration of NZD1 million (approximately RM2.5 million). As a result, Mt Cass became an indirect wholly-owned subsidiary of the Company. On 19 December 2025, Mt Cass has entered into a 15-year Power Purchase Agreement with Genesis Energy Limited in relation to the commercial operation of a wind farm currently under construction by Mt Cass. This transaction has been accounted for as an asset acquisition. See Note 17(b) for more details. Company Refer to Note 20 for acquisitions during the financial year. 2025 Group (d) On 5 February 2024, Yinson Venture Capital Pte. Ltd. (“YVCPL”), an indirect wholly-owned subsidiary of the Company, exercised its option to convert the loan amount of USD9.1 million (equivalent to RM43 million) into 16,208,711 new ordinary shares in the share capital of Shift Clean Solutions Ltd (“SCSL”) pursuant to the convertible promissory notes and/or convertible loan agreement executed in February, May and October 2023. As a result, the equity interest in SCSL held by YVCPL has increased from 44% to 60.8% and SCSL remains as a joint venture. On 8 May 2024, all shareholders of SCSL agreed to revise the Shareholders’ Agreement (“SHA”). Pursuant to the revised SHA, the Group concluded that it had obtained control over SCSL as the revised SHA had granted YHB Group a majority representation on SCSL’s Board of Directors. This has resulted in a step-up acquisition, whereby SCSL became a subsidiary.
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