Financial Statements Notes to the Financial Statements 38. RELATED PARTIES (continued) Related party transactions (continued) Other than government-controlled entities and as disclosed elsewhere in the financial statements, significant related party balances related to the above transactions are as follows: Group 2023 2022 RM’000 RM’000 Trade and other receivables Substantial shareholders* 47 49 Key management personnel* 1,605 7,048 1,652 7,097 Trade and other payables Substantial shareholders* (1,171) (1,176) Key management personnel* (5,285) (8,018) (6,456) (9,194) Lease liabilities Substantial shareholders* (159,373) (153,488) * Including parties directly/jointly-controlled by substantial shareholders or key management personnel. 39. ACQUISITION AND DISPOSAL OF SUBSIDIARIES/BUSINESS Acquisitions of subsidiaries and business in 2023 (a) On 18 January 2023, Agilus Diagnostic Limited (“Agilus”) acquired the business of Dr. Ponkshe Path Lab/Care Diagnostic Centre, a proprietorship firm, for a total consideration of INR109.1 million (equivalent to RM5.7 million). (b) On 14 February 2023, Acibadem Saglik Hizmetleri ve Ticaret A.S. (“ASH”) acquired the 100% equity interest in Ozel Kent Saglik Hizmetleri ve Malzemeleri Sanayi Ticaret A.S. (“Kent”) for a total consideration of EUR55.0 million (equivalent to RM235.8 million). Kent is a private healthcare operator in Izmir, Türkiye and it currently operates a 340-bedded Kent Hospital and 2 medical centres. Post completion of the acquisition, Kent has become a direct subsidiary of ASH, whilst Alsancak Ozel Kent Tıp Merkezi A.S. and Ozel Kent Radyoloji Goruntuleme ve Ticaret A.S. have become indirect wholly-owned subsidiaries of ASH. (c) On 1 April 2023, Agilus acquired the business of Deep Clinical Laboratory, a proprietorship firm, for a total consideration of INR61.8 million (equivalent to RM3.4 million). (d) On 10 April 2023, Agilus acquired the business of Life Line Laboratory, a proprietorship firm, for a total consideration of INR350.1 million (equivalent to RM19.0 million). (e) On 3 October 2023, Agilus acquired the business of Dr. Gajendra Yadav Pathology Lab, a proprietorship firm, for a total consideration of INR167.5 million (equivalent to RM9.6 million). (f) On 1 November 2023, Agilus acquired the business of Pathocare Laboratory, a proprietorship firm, for a total consideration of INR279.7 million (equivalent to RM15.7 million). (g) On 8 November 2023, Fortis acquired 9,990 equity shares representing 99.9% of the paid-up equity share capital of Artistery Properties Private Limited (“Artistery”) for a purchase consideration of INR99,900 (equivalent to RM5,594). On 16 November 2023, Artistery has allotted 32 million equity shares of Rs. 10 each by way of rights issue for consideration of INR320 million (equivalent to RM17.9 million). Artistery’s principal activity is acquiring, maintaining, improving, developing, and managing land. Consequent thereto, Artistery has become a direct subsidiary of Fortis, and an indirect subsidiary of IHH. IHH Healthcare Berhad 226
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