7 221 220 Notes to the Financial Statements Notes to the Financial Statements 34. SUBSIDIARIES (CONTINUED) 34.1 The Company’s shareholdings in non wholly-owned subsidiaries are as follows: (continued) Number of ordinary shares At 1.4.2022 Bought Sold At 31.3.2023 Interest in non wholly-owned subsidiaries via QL Foods Sdn. Bhd. Citra Jernih Sdn. Bhd. 70,000 - - 70,000 Mesra Prima Sdn. Bhd. 70,000 - - 70,000 QL Prima Sdn. Bhd. 70,000 - - 70,000 Interest in non wholly-owned subsidiary via QL Green Resources Sdn. Bhd. Leisure Pyramid Sdn. Bhd. 1,300,000 - - 1,300,000 Boilermech Holdings Berhad and its subsidiaries 268,271,106 2,992,000 - 271,263,106 Boilermech Sdn. Bhd. 500,000 - - 500,000 Boilermech Cleantech Sdn. Bhd. 1,000,000 - - 1,000,000 Zenith Index Sdn. Bhd. 2 - - 2 PT Boilermech and its subsidiary 30,000 - - 30,000 PT Boilermech Manufacturing Indonesia 30,000 - - 30,000 Boilermech Oretech Sdn. Bhd. 1,000,000 - - 1,000,000 Tera VA Sdn. Bhd. 420,000 280,000 - 700,000 Teknologi Enviro-Kimia (M) Sdn. Bhd. and its subsidiaries 698,287 - - 698,287 T.E.K. Greencare Sdn. Bhd. 50,000 - - 50,000 T.E.K. Water Sdn. Bhd. 230,000 - - 230,000 TEK Biotechnology Sdn. Bhd. 320,000 - - 320,000 Interest in non wholly-owned subsidiary via QL IPC Sdn. Bhd. Axrail Pte. Ltd. and its subsidiary 1,002,000 - - 1,002,000 Axrail Sdn. Bhd. 610,000 300,000 - 910,000 35. ACQUISITION/DISPOSAL OF SUBSIDIARIES AND NON-CONTROLLING INTEREST 35.1 Acquisition and disposal of non-controlling interest in 2023 Boilermech Holdings Berhad During the financial year, the Group, via its wholly-owned subsidiary, QL Green Resources Sdn. Bhd. (“QLGR”) acquired an additional 0.58% equity interest in Boilermech Holdings Berhad (“Boilermech”) for a total consideration of RM2,558,000. As a result, the Company’s ownership interest in Boilermech increased from 51.99% to 52.57%. In August 2022 and January 2023, the Group acquired an additional 5% and 35% equity interest for total cash consideration of RM630,000 and RM8,200,000 respectively in Tera VA Sdn. Bhd., increasing its ownership from 60% to 100%. Upon completion of the acquisition, Tera VA Sdn. Bhd. became a wholly-owned subsidiary. 35. ACQUISITION/DISPOSAL OF SUBSIDIARIES AND NON-CONTROLLING INTEREST (CONTINUED) 35.1 Acquisition and disposal of non-controlling interest in 2023 (continued) QL Feedingstuffs Sdn. Bhd. In November 2022, the Group, via QL Feedingstuffs Sdn. Bhd. (“QLF”) entered into a Share Purchase Agreement with Cheah Soon Hai to acquire 304,000 ordinary shares in Pacific Vet Group (M) Sdn. Bhd. (“PVG”) for a total consideration of RM3,421,000. Following the acquisition, PVG became a wholly-owned subsidiary of the Group, via QLF. In February 2023, the Group, via QLF entered into a Share Purchase Agreement with Dr Kok Hang Seng to dispose its 152,000 ordinary shares in PVG for a total consideration of RM1,710,395 only. Following the disposal, QLF’s shareholding in PVG decreased from 100% to 95% of the issued and paid-up capital of PVG. 35.2 Disposal of subsidiaries in 2022 In October 2021, the Group, via its subsidiary, QL Lian Hoe (S) Pte. Ltd. has entered into a Share Transfer Agreement with Yao Weiwei (“Buyer”) to dispose its entire shareholding in its wholly-owned subsidiary, Zhongshan True Taste Food Industrial Co. Ltd. (“ZS”) for a total consideration of RM16,472,000 (equivalent to CNY25,200,000). Upon completion of the disposal, ZS ceased to be subsidiary of the Group. The net cash inflow arising from the disposal is RM14,438,000 with gain of disposal of RM3,725,000. Effect of disposal on the financial position of the Group Note 2022 RM’000 Property, plant and equipment 3 4,376 Right-of-use assets 4 1,609 Inventories 2,714 Trade and other receivables 1,704 Prepayments 790 Cash and cash equivalents 1,811 Trade and other payables (363) Current tax liabilities (117) Net assets 12,524 Gain on disposal 3,725 16,249 Net cash inflows arising from disposal of subsidiaries are as follows: Cash consideration received 16,249 Less: Cash and cash equivalents disposed of (1,811) Net cash inflow 14,438 35.3 Acquisition of non-controlling interest in 2022 Boilermech Holdings Berhad During the year, the Group, via its wholly-owned subsidiary, QL Green Resources Sdn. Bhd. (“QLGR”) acquired an additional of 1.46% equity interest in Boilermech Holdings Berhad with a cash consideration of RM7,086,000. As a result, the Company’s ownership interest in Boilermech Holdings Berhad increased from 50.53% to 51.99%.
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