AUDITED FINANCIAL STATEMENTS 2022 123 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) The proportion of voting rights in the subsidiary undertakings held directly by the parent company do not differ from the proportion of ordinary shares held. * Audited by firms other than member firms of PricewaterhouseCoopers International Limited # Audited by member firms of PricewaterhouseCoopers International Limited, which are separate and independent legal entities from PricewaterhouseCoopers, Malaysia @ 30% equity stake in Sabahanya Plantations Sdn. Bhd. is held in trust for the beneficial interest of the Group. (b) Liquidation of subsidiaries during the financial year Note 1 On 13 June 2022, Plantation Resorts Sdn. Bhd. (“PRSB”), an indirect subsidiary of the Company was duly dissolved in relation to the voluntary winding up. The dissolution of PRSB is part of FGV Group’s streamlining exercise to dissolve companies within its group that are dormant/inactive. As a result, the Group derecognised its interest in PRSB and has reclassified the non-controlling interest of RM64,210,000 to retained earnings for the financial year ended 31 December 2022. Note 2 On 9 August 2022, P.T. Patisindo Sawit (“PTPS”), an indirect subsidiary of the Company was dissolved in relation to the voluntary winding up. The dissolution of PTPS is part of the 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 2022. Note 3 On 16 September 2022, MSM Trading International DMCC (“MTI Dubai”), an indirect subsidiary of the Company, which had previously ceased its operations in 2019, was duly dissolved in relation to the winding-up exercise. As a result, the Group derecognised its interest in MTI Dubai and has recorded a loss on liquidation of RM290,000 and recognised a gain of RM1,881,000 arising from realisation of foreign exchange reserve to profit or loss for the financial year ended 31 December 2022. (c) Liquidation and restructuring of subsidiaries in the previous financial year (i) On 25 May 2021, the Company Secretary of the Company had 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 had no control over Allied and Allied is no longer a special purpose vehicle of the Group. (ii) 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 did not have any material effect on the earnings or net assets of the Group for the financial year ended 31 December 2021. (iii) 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 did not have any material effect on the earnings or net assets of the Group for the financial year ended 31 December 2021. (iv) On 28 September 2021, FGV Myanmar (L) Pte. Ltd., an indirect subsidiary of the Company, commenced a members’ voluntary winding up. Liquidators had been appointed on 23 September 2021. The company has ceased all business operations and was dormant and had 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 did not have any material effect on the earnings or net assets of the FGV Group for the financial year ended 31 December 2021.
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