Notes to the Financial Statements Registration No. 200301030845 (633265-K) - 84 - 6. Investment in Subsidiaries (Cont’d) (c) Disposal of subsidiaries During the financial year On 24 June 2022, the Company has disposed of 300,000 ordinary shares in DB Communication Sdn. Bhd. (“DBCSB”), a direct subsidiary of the Company, representing 100% of equity interest in DBCSB to Destini Prima Sdn. Bhd., a wholly owned subsidiary of the Company for a cash consideration of RM1. In previous financial year (i) On 21 April 2021, Destini Shipbuilding and Engineering Sdn. Bhd., a subsidiary company of the Company has disposed of 382,500 ordinary shares in THHE Destini Sdn. Bhd. ("TDSB"), an indirect subsidiary of the Company, representing 51% equity interest in TDSB to THHE Fabricators Sdn. Bhd. for a cash consideration of RM121,131. The effect of the disposal of TDSB on the financial position of the Group as at the date of disposal was as follows: Group 2021 RM Property, plant and equipment 34,239 Contract assets 9,249,085 Other receivables 847 Amount due from ultimate holding company 348,573 Cash and bank balances 11,562 Other payables (45,221) Amount due to intermediate holding company (17,974) Amount due to related companies (9,003,844) Net assets 577,267 Add: Non-controlling interest 75,393 Total net assets disposed 652,660 Loss on disposal (531,529) Proceeds from disposal 121,131 Less: Cash and bank balances disposed (11,562) Net cash inflow from disposal 109,569 162 DESTINI BERHAD ANNUAL REPORT 2022
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