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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