15. Investments in subsidiaries (cont’d.) a. (iv) AET Inc. Limited, a wholly-owned subsidiary of the Group, had on 21 April 2016 entered into a share sale and purchase agreement with Golden Energy Tankers Holdings Corp. for the acquisition of the remaining 50% equity interest in a joint venture, Paramount Tankers Corp., for a cash consideration of USD59,293,000 (RM238,565,000). Upon acquiring full control on 12 May 2016, Paramount Tankers Corp. became a wholly-owned subsidiary of the Group. On 29 August 2016, the final price adjustment was agreed and the acquisition was fully completed. The Group recognised a loss from remeasurement of previously held interest in the joint venture amounting to RM24,300,000 and a gain on acquisition of a subsidiary of RM32,687,000 for this acquisition in the current financial year. The carrying amount and the fair values of the identifiable assets and liabilities of Paramount Tankers Corp. as at the date of acquisition were as follows: At carrying At fair amount value RM’000 RM’000 Ships 1,196,304 1,147,703 Current assets 92,194 92,194 Current liabilities (84,346) (84,346) Non-current liabilities (657,150) (657,150) Net identifiable assets and liabilities 547,002 498,401 Total cost of acquisition The cost of acquisition comprised cash consideration of RM238,565,000. The effect of the acquisition on cash flows is as follows: RM’000 Purchase consideration satisfied in cash 238,565 Less: Cash and cash equivalents of subsidiary acquired (37,779) Net cash outflow on acquisition 200,786 MISC BERHAD • Annual Report 2016 240 notes to the financial statements - 31 december 2016
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