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NOTES TO THE FINANCIAL STATEMENTS (cont’d)<br />
31 DECEMBER 2012<br />
6 INVESTMENT IN SUBSIDIARIES (cont’d)<br />
Acquisition of Additional Interests in Subsidiaries<br />
On 30 March 2012, GPB Corporation Sdn. Bhd., a wholly-owned subsidiary of the Company, subscribed for an additional<br />
150,000 ordinary shares of RM1 each in its subsidiary, Bas Raykat Sdn. Bhd. for a consideration of RM150,000. The<br />
subscription has no impact on its equity interest, which remains at 75%.<br />
On 22 May 2012, the Company subscribed for an additional 727,265 ordinary shares of RM1 each in EV Bus Sdn. Bhd.<br />
(formerly known as Impresif Jitu Sdn. Bhd.) (“EVBSB”) for a consideration of RM727,265. The subscription has no impact<br />
on its equity interest, which remains at 100%.<br />
On 23 May 2012, the Company further subscribed for an additional 432,733 ordinary shares of RM1 each in EVBSB for<br />
a consideration of RM423,733 by way of capitalisation of amount owing by the subsidiary. The subscription has no<br />
impact on its equity interest, which remains at 100%.<br />
Dilution of Interests in Subsidiary<br />
On 14 August 2012, the Company subscribed for an additional 600,000 ordinary shares of RM1 each in Gunung<br />
Hydropower Sdn. Bhd. (“GHSB”) for a consideration of RM600,000. Following the issuance of 900,000 ordinary shares<br />
of RM1 each by GHSB on the same day, the Group’s equity interest in GHSB has been diluted from 100% to 70%. The<br />
effects of the dilution are disclosed in the Group’s Statement of Changes in Equity.<br />
Disposal of Interests in Subsidiary<br />
On 6 April 2012, the Company disposed 3,000,000 ordinary shares of RM1 each in Gunung Biofuel Sdn. Bhd. (“GBSB”),<br />
representing its entire equity interest, for a consideration of RM2,310,000. As such, GBSB ceased to be a subsidiary of<br />
the Company. GBSB was previously reported as part of the investment holding and others segment.<br />
The disposal had the following effects on the financial position of the Group as at the end of the year:<br />
Investment properties 3,903,332 3,903,332<br />
Trade and other receivables 9,215 3,865<br />
Cash and bank balances 27,578 31,415<br />
Trade and other payables (4,033) (4,596)<br />
Net assets disposed 3,936,092 3,934,016<br />
2012<br />
RM<br />
Repayment of advances from former subsidiary (1,626,631)<br />
Disposal proceeds (2,310,000)<br />
Gain on disposal to the Group (539)<br />
Cash inflow arising on disposals:<br />
Cash consideration 2,310,000<br />
Cash and cash equivalents of subsidiary disposed (27,578)<br />
Net cash inflow on disposal 2,282,422<br />
2011<br />
RM<br />
Gunung Capital Berhad (330171-P)<br />
69<br />
annual report | 2012