AUDITED FINANCIAL STATEMENTS 2022 107 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022 23 INVESTMENT IN SUBSIDIARIES (CONTINUED) (a) Details of subsidiaries are as follows: (continued) Name of subsidiary Place of business/ country of incorporation Nature of business Proportion of ordinary shares directly held by FGVH Proportion of ordinary shares held by the Group Proportion of ordinary shares held by non-controlling interests Proportion of RCPS/ RCCPS held by the Group 2022 % 2021 % 2022 % 2021 % 2022 % 2021 % 2022 % 2021 % Indirect subsidiaries Subsidiaries of MSM Malaysia Holdings Berhad MSM Prai Berhad Malaysia Sugar refining, sales and marketing of sugar products and investment holding - - 51.0 51.0 49.0 49.0 - - MSM Trading & Distribution Sdn. Bhd. Malaysia Buy and sell commodity products - - 51.0 51.0 49.0 49.0 - - MSM Sugar Refinery (Johor) Sdn. Bhd. Malaysia Carry on business in sugar product and by-product and to import raw sugar and others for milling and refining of sugar - - 51.0 51.0 49.0 49.0 - - MSM Trading International DMCC# (Note 3) United Arab Emirates Liquidated - - - 51.0 - 49.0 - -
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