Annual Report
2015
|
DAYANG ENTERPRISE HOLDINGS BHD
(712243-U)
99
6.
Investment in subsidiaries (cont’d)
** On 2 July 2015, the Company’s shareholdings in PPB has exceeded 33% of the voting shares in PPB.
This action has triggered a mandatory general offer as threshold of 33% has been reached. Pursuant
to Section 218(2) of the Capital Markets and Services Act, 2007 (“CMSA”) and Section 9(1)(a), Part
III of the Malaysian Code on Take-Overs and Mergers, 2010 (“Code”), the Company has therefore
extended a conditional take-over offer to acquire the following:
a) All the remaining PPB shares not already owned by the Company after the Acquisition and
such number of new PPB shares that may be issued pursuant to the exercise of any outstanding
PPB warrants prior to the close of the Offer for a cash offer price of RM1.55 per offer share; and
b) All the remaining PPB warrants not already owned by the Company for cash offer price of
RM0.84 per offer warrant.
On 24 July 2015, the Company’s voting shares has reached 51.2% in PPB after receiving valid
acceptances for 126,631,820 Offer Shares, PPB consequently ceased to be an associate to the
Company and became a subsidiary of the Company.
As at 31 December 2015, the Company holds in total 763,015,248 ordinary shares of RM0.50 each in
PPB, representing 98.01% of the issued and paid up share capital of PPB.
^^ Not audited by member firms of KPMG International.
Non-controlling interest in a subsidiary
The Group’s subsidiaries that have material non-controlling interests (“NCI”) are as follows:
Perdana
Petroleum
Berhad
2015
RM
NCI percentage of ownership interest and voting interest
1.99%
Carrying amount of NCI
7,778,120
Loss allocated to NCI
1,493,258
Notes to the
Financial Statements
(cont’d)
