FGV Annual Report 2015

274 Notes to the Financial Statements For The Financial Year Ended 31 December 2015 Felda Global Ventures Holdings Berhad Annual Integrated Report 2015 22 INVESTMENT IN SUBSIDIARIES (CONTINUED) (a) Details of subsidiaries are as follows: (continued) * Not audited by PricewaterhouseCoopers, Malaysia or its affiliates. # Audited by an affiliate of PricewaterhouseCoopers, Malaysia. @ 30% equity stake in Sabahanya Plantations Sdn. Bhd. is held in trust for the beneficial interest of the Group. (b) Incorporation, acquisitions and disposal of subsidiaries during the financial year Note 1 On 28 January 2015, Felda Global Ventures Kalimantan Sdn. Bhd. (“FGVK”), a subsidiary of Felda Global Ventures Plantations Sdn. Bhd. (“FGVP”), incorporated PT Bumi Agro Nusantara (“PT BAN”) in Indonesia with issued and paid-up share capital of Rp3,010,500,000 (RM0.90 million) and are held by FGVK of 99.6% and FGVP of 0.4% respectively. Note 2 On 28 January 2015, Felda Global Ventures Downstream Sdn. Bhd. (“FGVD”), a wholly owned subsidiary of the Company has exercised its option to purchase 20% of the issued and paid-up share capital of FGV Lipid Venture Sdn. Bhd. (“FGV Lipid”) from Lipid Venture Sdn. Bhd. (“LVSB”) by way of a Supplemental Agreement dated 28 January 2015 to the Joint Venture and Shareholders’ Agreement between FGVD and LVSB dated 13 November 2013. Pursuant thereto, FGVD has raised its shareholdings in FGV Lipid from current 40% to 60% which resulted in FGV Lipid becoming a subsidiary of the Group. Note 3 On 31 March 2015, the Company acquired a 100% equity interest in Felda Iffco South China Ltd (“FISC”) from Felda Iffco Sdn. Bhd., a joint venture of FGVD, a company incorporated in China for a purchase consideration of RMB320 million (RM181.34 million). FISC has changed its business name to FGV China Oils Ltd (“FGVCO”) with effect from 22 August 2015. Refer b(i) for the effects of the acquisition of FGVCO. Note 4 On 10 April 2015, MSM Malaysia Holdings Berhad (“MSM”), a subsidiary of the Company acquired a 100% equity interest in MSM Sugar Refinery (Johor) Sdn. Bhd. (“MSM Sugar Refinery”), a company incorporated in Malaysia for a cash consideration of RM2. Note 5 On 1 October 2015, MSM incorporated a wholly-owned subsidiary, MSM Trading International DMCC in United Arab Emirates with issued and paid-up share capital of AED4,000,000. Note 6 On 3 November 2015, FGVD disposed Twin Rivers Technologies Enterprises De Transformation De Graines Oleagineuses Du Quebec Inc. (“TRT ETGO”), its wholly-owned subsidiary, for a total consideration of CAD172.15 million (RM567.11 million), which resulted in a gain on disposal of RM13.02 million. Refer b(ii) for the effects of the disposal of TRT ETGO. Note 7 On 7 December 2015, Felda Holdings Bhd., a wholly-owned subsidiary, acquired the entire issued and paid-up share capital of FGV Logistics Sdn. Bhd. (“FGV Logistics”), a company incorporated in Malaysia for a cash consideration of RM2.