Asia Media Annual Report 2017

ASIA MEDIA GROUP BERHAD Annual Report 2017 108 7. Investment in Subsidiary Companies (cont’d) (a) Material partly-owned subsidiary companies (cont’d) (ii) Summarised statement of profit or loss and other comprehensive income Asia Media Broadcasting Sdn. Bhd. 2017 2016 RM RM Loss for the financial year, representing total comprehensive loss for the financial year (181,829) (180,127) (iii) Summarised statement of cash flows Net cash generated from operating activities, representing net increase in cash and cash equivalents 152 155 (b) Changes in group structure (i) On 2 February 2016, DPO Plantations Sdn. Bhd. (“DPO”), a wholly owned subsidiary company of the Company, entered into a joint venture agreement (“JVA”) with Pelita Holdings Sdn. Bhd. (“PHSB”) to develop parcel of native customary rights (“NCR”) land situated at Loba Bunut, Bintangor, Sarikei Division, Sarawak, into an oil palm plantation via a joint venture company (“JVC”) which to be formed by DPO and PHSB. The JVC shall be incorporated with an initial authorised share capital of RM100,000 and issued and paid-up share capital of RM100, comprising ordinary shares of RM1.00 each. The ordinary shares will be subscribed by DPO and PHSB in the agreed proportions of 60% and 40% respectively. Out of the 40% proportion which will be held by PHSB, 30% will be held in trust for the NCR owners. On 4 March 2016, the JVC was incorporated under the name of DPO Pelita Bintangor Sdn. Bhd. (“DPB”). The authorised share capital of DPB as at this date was RM400,000 divided into 400,000 ordinary shares of RM1.00 each, and the total issued and paid-up shares allotted was 2 shares of RM1.00 each. NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2017 (cont’d)