Serba Dinamik Annual Report 2018

276 ANNUAL REPORT 2018 SERBA DINAMIK HOLDINGS BERHAD N O T E S T O T H E F I N A N C I A L S TAT E M E N T 30. Acquisition and disposal of subsidiaries and non-controlling interests (continued) (b) Incorporation of subsidiaries On 14 March 2018, a wholly owned indirect subsidiary of the Group, SDSB, has subscribed to 1 ordinary shares representing 100% of Serba Dinamik Power Sdn. Bhd. for a total cash consideration of RM1. On 10 August 2018, a wholly owned indirect subsidiary of the Group, SDIL, has subscribed to 100 ordinary shares representing 100% of EMCO Holdings SA (“EH”) for a total cash consideration of approximately RM401,349. On 6 September 2018, a wholly owned indirect subsidiary of the Group, SDIL, has subscribed 1,000 ordinary shares representing 100% of SD International Sukuk Limited for a total cash consideration of RM4,146. On 9 November 2018, , a wholly owned subsidiary of the Group, SDGB, has subscribed 1 ordinary share representing 100% of Serba Dinamik Development Sdn. Bhd. for a total cash consideration of RM1. The incorporation of the above subsidiaries, at their respective dates of incorporation, has no material impact on the results of the Group for the current financial year. (c) Disposals of subsidiaries and non-controlling interests On 24 August 2018, PT Kubic Gasco, subsidiary of SDIL has disposed 82% equity interest in PT Muaro Jambi Energi representing 8,200 shares to Nugroho Widiyantoro for consideration of IDR8,200,000,000. The disposal of PT Muaro Jambi Energi had no material impact to the Group’s assets and liabilities on disposal date. The Group recognised a decrease in non-controlling interest of RM963,000. 31. Significant events (i) On 30 January 2018, the Company has completed a private placement exercise which the Company has issued 133.5 million new shares with an issue price of RM3.20 per placement shares. (ii) As at 2 October 2018, the Group and the Company has issued and finalized a Sukuk Wakalah programme, and raised approximately RM810 million for the purpose of general working capital and refinancing of existing debts with tenure of 5 and 10 years, payable semi-annually, and with maturity on 2023 and 2028 respectively.