115 AUDITED FINANCIAL STATEMENTS 2021 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2021 24 INVESTMENT IN SUBSIDIARIES (CONTINUED) (b) Liquidation and restructuring of subsidiaries during the financial year Note 1 On 25 May 2021, the Company Secretary of the Company has submitted Section 58 on the appointment and resignation of Company Secretary and also Section 46(3) on the change in registered address of Allied Engineering Consultancy Services Sdn Bhd (“Allied”), an indirect subsidiary of the Group, to Companies Commission of Malaysia. Consequently, the Group has no control over Allied and Allied is no longer a special purpose vehicle of the Group. Note 2 On 4 June 2021, Felda Global Ventures Indonesia Sdn Bhd (“FGVI”), a wholly-owned subsidiary of the Company was duly dissolved in relation to the voluntary winding up. The dissolution of FGVI is part of FGV Group's streamlining exercise to dissolve companies within its Group that are dormant/inactive and do not have any material effect on the earnings or net assets of the Group for the financial year ended 31 December 2021. Note 3 On 4 June 2021, FS Oils Sdn Bhd (“FS Oils”), an indirect subsidiary of the Company was duly dissolved in relation to the voluntary winding up. The dissolution of FS Oils is part of FGV Group's streamlining exercise to dissolve companies within its Group that are dormant/inactive and do not have any material effect on the earnings or net assets of the Group for the financial year ended 31 December 2021. Note 4 On 28 September 2021, FGV Myanmar (L) Pte Ltd, an indirect subsidiary of the Company, commenced a members’ voluntary winding up. Liquidators have been appointed on 23 September 2021. The company has ceased all business operations and is currently dormant and has no intention to carry on business or operations in the future. The voluntary winding up of the company is part of FGV Group's streamlining exercise to dissolve companies within its Group that are dormant or inactive and do not have any material effect on the earnings or net assets of the FGV Group for the financial year ended 31 December 2021. Note 5 On 1 November 2021, FGV Integrated Farming Holdings Sdn Bhd (“FGVIF”), a wholly-owned subsidiary of the Company, acquired 37,354,500 ordinary shares constituting 100% of the entire issued and paid up share capital in MSM Perlis Sdn Bhd (“MSM Perlis”), a subsidiary of MSM Malaysia Holdings Berhad (“MSM”) for a cash consideration of RM181.11 million. The above transaction resulted in MSM Perlis becoming a direct subsidiary of FGVIF. This exercise did not have any effect on the issued and paid-up capital of the Company or any material effect on the earnings, net assets or gearing of the Company on a consolidated basis. Note 6 On 10 November 2021, the loan between Asian Plantations Limited (“APL”) with FGV Plantations (M) Sdn Bhd (“FGVPM”) was restructured and new shares were subscribed by FGVPM. Both are indirect subsidiaries of the Group. Upon completion of the loan restructuring exercise and issuance of the new shares, the subsidiaries of APL, Asian Plantation (Sarawak) Sdn Bhd and Asian Plantation (Sarawak) II Sdn Bhd become direct subsidiaries of FGVPM with equity shareholdings of 91.22% and 96.93% respectively while Asian Plantation (Sarawak) III Sdn Bhd remains as wholly-owned subsidiary of APL. The above transaction was an internal re-organisation exercise and did not have any material effect on the earnings or net assets of the Group for the financial year ended 31 December 2021.
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