Fraser & Neave Holdings Bhd Annual Report 2020

184 FRASER & NEAVE HOLDINGS BHD 196101000155 (4205-V) Notes to The Financial Statements (Cont’d.) 8. INVESTMENTS IN SUBSIDIARIES (CONTINUED) In the previous financial year, (a) A wholly owned subsidiary of the Company, F&N Dairies (Malaysia) Sdn Bhd reduced its issued and paid up capital of RM20,000,000 to RM2 by cancelling 19,999,998 ordinary shares, and that the credit of RM19,999,998 arising therefrom was distributed to the Company as capital repayment. (b) A wholly owned subsidiary of the Company, Wimanis Sdn Bhd held a final meeting on 8 July 2019 pursuant to its members’ voluntary winding up. It was dissolved in accordance with Section 459(5) of the Companies Act 2016 on 7 October 2019. (c) The Company incorporated F&N AgriValley Sdn Bhd under the Companies Act 2016 for a total cash consideration of RM100 comprising 100 ordinary shares. It had not commenced operations since its incorporation. The Company subscribed to the entire RNCCPS in the following subsidiaries: Issue price RM Number of shares 2020 RM’000 2019 RM’000 Lion Share Management Limited 3,505 21,000 73,604 73,604 Utas Mutiara Sdn Bhd 1,000 17,700 17,700 17,700 Greenclipper Corporation Sdn Bhd 1,000 7,000 7,000 7,000 F&N Properties Sdn Bhd 1,000 57,000 57,000 57,000 Nuvak Company Sdn Bhd 1,000 28,100 28,100 28,100 F&N Dairies Manufacturing Sdn Bhd 1,000 382,000 382,000 382,000 512,800 565,404 565,404 Details of subsidiaries are as follows: Name of company Country of incorporation and place of business Principal activity/Nature of relationship Effective ownership and voting interest (%) 2020 2019 Subsidiaries of Fraser & Neave Holdings Bhd F&N Beverages Marketing Sdn Bhd Malaysia Distribution and sale of soft drinks and dairy products 100 100 F&N Beverages Manufacturing Sdn Bhd Malaysia Manufacturing and sale of soft drinks 100 100 F&N Dairies Manufacturing Sdn Bhd Malaysia Manufacturing and sale of dairy products 100 100 F&N Dairies (Thailand) Limited (i) Thailand Manufacturing, distribution and sale of dairy products 100 100 F&N Dairies Distribution (Singapore) Pte Ltd (i) Republic of Singapore Distribution of dairy products 100 100 F&N Marketing (B) Sdn Bhd (i) Brunei Darussalam Sale of soft drinks and dairy products 100 100 Fraser & Neave (Malaya) Sdn Bhd Malaysia Sale of soft drinks and dairy products, provision of management service and property investment holdings 100 100 F&N Capital Sdn Bhd Malaysia Provision of financial and treasury services 100 100 F&N Properties Sdn Bhd Malaysia Provision of property management services 100 100 Greenclipper Corporation Sdn Bhd Malaysia Property development 100 100 Lettricia Corporation Sdn Bhd Malaysia Property development 70 70