210 REDISCOVER | REBUILD | SUSTAIN Notes to the financial statements - 31 December 2015 15. Investments in subsidiaries (cont’d.) a. On 7 July 2015, the Corporation acquired the entire equity interest in PETRONAS Maritime Services Sdn. Bhd. (“PMSSB”) from its immediate holding company, Petroliam Nasional Berhad (“PETRONAS”) for a cash consideration of RM54,111,244. Initial accounting for business combination has yet to be completed pending determination of the fair value of the net assets acquired. Accordingly, the net assets acquired has provisionally been recorded at the purchase consideration which approximates the carrying amount in PMSSB as at the date of acquisition. Upon finalisation of this fair value, the effect of any adjustments will be retrospectively adjusted in the financial statements for the year ending 31 December 2016. b. During the financial year, the Corporation wound up its subsidiary, Bunga Kasturi (L) Private Limited (“BKPL”) which ceased operation and became dormant on 22 March 2011. This has resulted in a capital distribution of RM57,221,000 which has been offsetted against the amount due to the subsidiary. c. An impairment review of the carrying amounts of investments in subsidiaries at the reporting date was undertaken by comparing it to the respective recoverable amounts. As a result, an impairment loss of RM375,657,000 (2014: RM36,413,000) was recognised during the financial year. Details of the subsidiaries are disclosed in Note 37. Non-controlling interests in subsidiaries The Group’s subsidiaries that have material non-controlling interests (“NCI”) are as follows: 2015 Other Malaysia Marine and individually Heavy Engineering immaterial Holdings Berhad subsidiaries Total RM’000 RM’000 RM’000 NCI percentage of ownership interest and voting interest 33.5% Carrying amount of NCI 877,090 220,600 1,097,690 Profit allocated to NCI 698 66,629 67,327
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