FGV Annual Report 2015

342 Notes to the Financial Statements For The Financial Year Ended 31 December 2015 Felda Global Ventures Holdings Berhad Annual Integrated Report 2015 56 SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR (a) On 28 January 2015, 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 FGVD. (b) On 24 February 2015, the Board has approved on the proposed disposal of the entire issued and paid-up share capital of Twin Rivers Technologies Enterprises De Transformation De Graines Oleagineuses Du Quebec Inc. (“TRT ETGO”), an indirect wholly-owned subsidiary of the Company. On 27 August 2015, Twin Rivers Technologies Holdings Enterprises De Transformation De Graines Oleagineuses Du Quebec Inc. (“TRT Holdings ETGO”), an indirect wholly-owned subsidiary of the Company entered into a conditional share purchase agreement (“SPA”) with Viterra Inc. (“Viterra”) in relation to the disposal. On 3 November 2015, the disposal has been completed following the fulfilment of all the deliveries and conditions to the disposal as set out in the SPA. Viterra has settled the cash purchase price of CAD172.7 million (amounting RM567.1 million) to TRT Holdings ETGO in accordance with the terms of the SPA. On 4 February 2016, the final purchase price in respect of the disposal has been determined at CAD172.2 (RM565.2 million). The difference between the final purchase price and the estimated purchase price of CAD0.57 million (RM1.87 million) has been settled by TRT Holdings ETGO plus interest thereon from 2 November 2015 until the payment date to Viterra in accordance to the terms of the SPA and the MOA. Following the completion of the disposal, TRT ETGO is no longer a subsidiary of FGVH. (c) On 24 February 2015, the Board of the Company approved to increase the paid up capital of FGV Green Energy Sdn. Bhd. (“FGVGE”), a subsidiary of Felda Global Ventures Downstream Sdn. Bhd. (“FGVD”) to RM51,606,275. On 3 June 2015, FGVD paid RM30,963,765 and RM10,321,255 each has been paid by its other shareholders, Benefuel International Holdings and M2 Capital Sdn. Bhd.