82 EXCEL FORCE MSC BERHAD Notes to the Financial Statements (cont’d) 8. INVESTMENT IN SUBSIDIARY COMPANIES (CONT’D) (a) Acquisition of a subsidiary company 31 December 2020 On 25 August 2020, the Company acquired 1 ordinary share, representing 50% equity interest in Xifu Sdn. Bhd. (“Xifu”) for a cash consideration of RM1. On 4 December 2020, the Company acquired the remaining 50% equity interest in Xifu for a cash consideration of RM1. Consequently, Xifu became a wholly-owned subsidiary company of the Company. The following summarises the major classes of consideration transferred, and the recognised amounts of assets acquired and liabilities assumed at the acquisition date: 2020 RM Fair value of consideration transferred Cash consideration 2 Fair value of identifiable assets acquired and liabilities assumed Property, plant and equipment 9,438 Other receivables 5,716 Cash in hand 2 Other payables (138,659) (123,503) Net cash outflow arising from acquisition of a subsidiary company Purchase consideration settled in cash (2) Cash and cash equivalents acquired 2 - Goodwill arising from business combination Fair value of consideration transferred 2 Fair value of identifiable assets acquired and liabilities assumed (123,503) Goodwill 123,505 The goodwill arising from consolidation has been written off during the financial year. Impact of the acquisition on the Statements of Profit or Loss and Other Comprehensive Income From the date of acquisition, the acquired subsidiary company has not contribute to the Group’s revenue and profit for the financial year.
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