Financial Statements Notes to the Financial Statements 39. ACQUISITION AND DISPOSAL OF SUBSIDIARIES/BUSINESS (continued) Acquisitions of subsidiaries and business in 2022 (a) On 25 May 2022, a sole proprietorship named Marija Mirkovic Sindjelic PR Laboratorija Za Mikrobiologiju SA Virusologijom Acibadem Bel Medic Beograd (“Marija Mirkovic”) has been established pursuant to the Consultancy Agreement entered into by General Hospital Acibadem Bel Medic (formerly known as Opsta Bolnica Bel Medic (Bel Medic General Hospital)) (“ABM”) with the sole proprietor. ABM has control power over Marija Mirkovic and has consolidated the financial statements of Marija Mirkovic into ABM’s financial statements under MFRS 10, Consolidated Financial Statements. Accordingly, Marija Mirkovic is a direct subsidiary of ABM pursuant to MFRS 10, Consolidated Financial Statements. (b) On 1 July 2022, Agilus acquired the business of RK Diagnostic Lab (“RK Diagnostic”), a proprietorship firm, for a total consideration of INR112.5 million (equivalent to RM6.1 million). (c) On 9 August 2022, Acibadem Saglik Hizmetleri ve Ticaret A.S. (“ASH”), acquired 100% equity interest in Ortopedia Ozel Saglik Hizmetleri Anonim Sirketi (“Ortopedia”) for a total consideration of TL200.0 million (equivalent to RM46.5 million). Post completion of the acquisition, Ortopedia has become a direct subsidiary of ASH. Disposal of subsidiaries in 2023 (a) On 27 February 2023, M&P Investments Pte. Ltd., an indirect wholly-owned subsidiary, completed the disposal of its 70% equity interest in Gleneagles Chengdu Hospital Company Limited to Perennial Healthcare Pte. Ltd.. (b) On 31 March 2023, IHH completed the disposal of the entire issued ordinary share capital of IMU Health Sdn. Bhd. (“IMUH”) to Inbound Education Holdings Sdn. Bhd.. Post completion of the disposal, IMUH and its subsidiaries, namely IMU Education Sdn. Bhd., IMU Healthcare Sdn. Bhd., IMC Education Sdn. Bhd., IMU Dialysis Sdn. Bhd. and IMU Omega Sdn. Bhd. ceased to be subsidiaries of IHH on 31 March 2023. For the financial year ended 31 December 2023, the Group recognised a gain on disposal amounting to RM872.5 million. The effects of the disposal are as follows: RM’000 Property, plant and equipment 286,219 ROU assets 11,283 Goodwill 224,976 Other intangible assets 1,392 Other financial assets 47,565 Tax recoverables 3,517 Deferred tax assets 45 Inventories 602 Trade and other receivables 35,908 Cash and cash equivalents 20,838 Loans and borrowings (123,000) Lease liabilities (10,062) Employee benefits (3,405) Trade and other payables (161,178) Deferred tax liabilities (16,573) Tax payable (7) Non-controlling interests (577) Net identifiable assets disposed 317,543 Transaction costs 16,294 Gain on disposal of subsidiaries 872,514 Cash consideration 1,206,351 Less: cash and cash equivalents disposed (20,838) Net proceeds from disposal of subsidiaries 1,185,513 IHH Healthcare Berhad 228
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