Annual Report 2012 - IOI Group

19. SUBSIDIARIES (Continued)19.1 Investments in subsidiaries (Continued)iv.redeemed 55,000 redeemable preference shares of RM0.50 each plus a premium of RM99.50 each in Resort Villa GolfCourse Development Sdn Bhd (“RVGCDSB”). The total redemption amount of RM5,500,000 was settled by offsetting theamount due to RVGCDSB.v. subscribed for 100,000,000 redeemable preference shares of RM1.00 each in Dreammont Development Sdn Bhd at parvalue. The consideration for the subscription was settled by offsetting the amount due from Dreammont DevelopmentSdn Bhd to the Company.vi.subscribed for 593,611,489 redeemable preference shares of SGD1.00 each (equivalent to RM1,474,649,000 in total) inIOI Consolidated (Singapore) Pte Ltd at par value. The consideration for the subscription was settled by offsetting theamount due from IOI Consolidated (Singapore) Pte Ltd to the Company.2011During the previous financial year, the Company:i. received total amount of RM9,680,514 upon completion of the disposal of equity interest in a subsidiary, Projects IOI(Mauritius) Ltd. Total gain recognised from the disposal was RM4,602,000.ii.iii.iv.acquired 489,600 ordinary shares of RM0.50 each in IOI Properties Berhad (“IOIP”) (“IOIP Shares”) at an average price ofRM3.11 per IOIP Shares with cash payment of RM1,523,000. The acquisitions had no material impact to the Groupfinancial statements.subscribed an additional of 1,900,000 ordinary shares of RM1.00 each in IOI Palm Biotech Sdn Bhd at par value. Theconsideration for the subscription was settled by offsetting the amount due from IOI Palm Biotech Sdn Bhd to theCompany.received RM1,097,000 upon liquidation of a subsidiary, IOI Pelita Quarry Sdn Bhd. Total loss recognised from theliquidation was RM450,000.v. subscribed an additional of 73,999,998 ordinary shares of RM1.00 each in IOI Lipid Enzymtec Sdn Bhd at par value. Theconsideration for the subscription was settled by offsetting the amount due from IOI Lipid Enzymtec Sdn Bhd to theCompany.vi.acquired 2 ordinary shares of RM1.00 each in Speed Modulation Sdn Bhd (“SMSB”) at par value representing the entireissued and paid-up share capital of SMSB for a cash consideration of RM2. As a result, SMSB became a wholly-ownedsubsidiary of the Company. The acquisitions had no material impact to the Group financial statements.The effects on disposals and liquidation of subsidiaries are disclosed in Note 37 to the financial statements.Annual Report 2012IOI CORPORATION BERHAD 175