200901023978 (867077-X) Kimlun Corporation Berhad (Incorporated in Malaysia) 16. Investment in subsidiaries (cont'd) (b) In the previous financial year (cont'd): (iii) RM Development costs (Note 19) 4,203,662 Trade and other receivables 9,500,000 Cash and bank balances 2,871,694 16,575,356 Trade and other payables (1,527,371) Total net identifiable assets 15,047,985 KABSB paid RM6,679,680 out of the Subscription Consideration and the Subscription Shares were allotted in full to KABSB on 28 October 2020. The remaining balance of the Subscription Consideration is payable upon any call or calls by BDSB at any time and from time to time for such portion of the balance Subscription Consideration. Notwithstanding the Subscription Consideration not being paid in full by KABSB, the Subscription Shares rank pari passu with all other issued ordinary shares of BDSB. Pursuant to the SSA, KABSB has the power to appoint the majority of the board of directors of BDSB and the relevant activities of BDSB shall be decided by a majority vote of the directors. Accordingly, BDSB is accounted for as a subsidiary of the Group as KABSB has the power and ability to direct the relevant activities of BDSB. The acquisition of BDSB did not meet the definition of a business combination as defined under MFRS 3 Business Combinations. Hence, the transaction was accounted for as an asset acquisition. Kii Amber Sdn. Bhd., a wholly-owned subsidiary of the Company, entered into a Tripartite Share Sale Agreement ("SSA") with Bayu Damai Sdn. Bhd. ("BDSB") and Bayu Damai Equity Sdn. Bhd. ("BDESB") to subscribe for 9,800,000 ordinary shares (“Subscription Shares”) representing 49% equity interest in BDSB for a total consideration amounting to RM39,999,680 (“Subscription Consideration”). The values assigned to identifiable assets and liabilities of BDSB as at the date of subscription were: The amount of the non-controlling interests in BDSB was determined based on the proportionate share of the net identifiable assets of BDSB as at the date of subscription. - 68 - NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2021 Annual Repor t 2021 128
RkJQdWJsaXNoZXIy NDgzMzc=