Hylo Bhd has investments in several subsidiaries. Hylo Bhd owned 85% of the issued equity shares in Odele Bhd, which was acquired for RM200 million. Odele Bhd had 500 million issued equity shares. On 1 October 2021, Pippa Bhd made a private offer to buy 80% of Hylo Bhd's interest in Odele Bhd for RM455 million. Hylo accepted the offer on 1 October 2021. The financial year-end of the Hylo Bhd group is 31 December.

Required:

i. Identify the relationship between Hylo Bhd and Odele Bhd after the private offer. (Show relevant workings to justify your answer).

ii. With reference to MFRS 10 Consolidated Financial Statements, explain briefly the effect of the private offer in the consolidated financial statements for the year ended 31 December 2021.