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annual report | 2012 Gunung Capital Berhad (330171-P) 68 NOTES TO THE FINANCIAL STATEMENTS (cont’d) 31 DECEMBER 2012 6 INVESTMENT IN SUBSIDIARIES Company 2012 RM Unquoted shares, at cost 48,978,899 47,218,901 The details of the subsidiaries, all of which are incorporated in Malaysia, are as follows:- Company’s Name Country of Incorporation Effective Interest Principal Activities 2012 2011 % % Held by the Company Gunung Resources Sdn. Bhd. Malaysia 100 100 Chartering of speciality vehicles Gunung Land Sdn. Bhd. Malaysia 100 100 Property investment Gunung Biofuel Sdn. Bhd. # Malaysia - 100 Property investment Gunung Hydropower Sdn. Bhd. Malaysia 70 100 Dealing in hydropower and hydroelectric activities EV Bus Sdn Bhd. (formerly known as Impresif Jitu Sdn. Bhd.) Malaysia 100 100 Property investment GPB Corporation Sdn. Bhd. * Malaysia 100 100 Chartering of land- based passenger transportation assets and specialty vehicles Held by GPB Corporation Sdn. Bhd. Bas Rakyat Sdn. Bhd. * 75 75 Public transportation services * Not audited by STYL Associates # Disposal group classified as held for sale as disclosed in Note 14 Change of Principal Activities During the financial year, Gunung Hydropower Sdn. Bhd. changed the nature of its principal activities from that of commercial trading activities to dealing in hydropower and hydroelectric activities. 2011 RM
NOTES TO THE FINANCIAL STATEMENTS (cont’d) 31 DECEMBER 2012 6 INVESTMENT IN SUBSIDIARIES (cont’d) Acquisition of Additional Interests in Subsidiaries On 30 March 2012, GPB Corporation Sdn. Bhd., a wholly-owned subsidiary of the Company, subscribed for an additional 150,000 ordinary shares of RM1 each in its subsidiary, Bas Raykat Sdn. Bhd. for a consideration of RM150,000. The subscription has no impact on its equity interest, which remains at 75%. On 22 May 2012, the Company subscribed for an additional 727,265 ordinary shares of RM1 each in EV Bus Sdn. Bhd. (formerly known as Impresif Jitu Sdn. Bhd.) (“EVBSB”) for a consideration of RM727,265. The subscription has no impact on its equity interest, which remains at 100%. On 23 May 2012, the Company further subscribed for an additional 432,733 ordinary shares of RM1 each in EVBSB for a consideration of RM423,733 by way of capitalisation of amount owing by the subsidiary. The subscription has no impact on its equity interest, which remains at 100%. Dilution of Interests in Subsidiary On 14 August 2012, the Company subscribed for an additional 600,000 ordinary shares of RM1 each in Gunung Hydropower Sdn. Bhd. (“GHSB”) for a consideration of RM600,000. Following the issuance of 900,000 ordinary shares of RM1 each by GHSB on the same day, the Group’s equity interest in GHSB has been diluted from 100% to 70%. The effects of the dilution are disclosed in the Group’s Statement of Changes in Equity. Disposal of Interests in Subsidiary On 6 April 2012, the Company disposed 3,000,000 ordinary shares of RM1 each in Gunung Biofuel Sdn. Bhd. (“GBSB”), representing its entire equity interest, for a consideration of RM2,310,000. As such, GBSB ceased to be a subsidiary of the Company. GBSB was previously reported as part of the investment holding and others segment. The disposal had the following effects on the financial position of the Group as at the end of the year: Investment properties 3,903,332 3,903,332 Trade and other receivables 9,215 3,865 Cash and bank balances 27,578 31,415 Trade and other payables (4,033) (4,596) Net assets disposed 3,936,092 3,934,016 2012 RM Repayment of advances from former subsidiary (1,626,631) Disposal proceeds (2,310,000) Gain on disposal to the Group (539) Cash inflow arising on disposals: Cash consideration 2,310,000 Cash and cash equivalents of subsidiary disposed (27,578) Net cash inflow on disposal 2,282,422 2011 RM Gunung Capital Berhad (330171-P) 69 annual report | 2012
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