Financial Statements Notes to the Financial Statements 36. ACQUISITION AND DISPOSAL OF SUBSIDIARIES/BUSINESS (continued) Acquisitions of subsidiaries and business in 2023 (continued) Identifiable assets acquired and liabilities assumed The following summarises the recognised fair value of assets acquired and liabilities assumed at the date of acquisition: Kent RM’mil Property, plant and equipment 196 Right-of-use assets 6 Other intangible assets 82 Tax recoverables 1 Inventories 8 Trade and other receivables 30 Cash and cash equivalents 6 Loans and borrowings (51) Employee benefits (8) Trade and other payables (54) Deferred tax liabilities (39) Fair value of net identifiable assets acquired 177 Net cash outflow arising from acquisition of subsidiary Kent RM’mil Purchase consideration settled in cash and cash equivalents 236 Less: Cash and cash equivalents acquired (6) 230 Goodwill Kent RM’mil Total purchase consideration 236 Fair value of net identifiable assets acquired (177) Goodwill 59 As at 31 December 2023, the Group had completed the PPA for the acquisition of Kent. Goodwill on Kent was attributable mainly to the synergies expected to be achieved by integrating the entity into the Group’s existing business. None of the goodwill recognised is expected to be deductible for tax purposes. Acquisition-related costs The Group incurred acquisition-related costs of RM0.5 million during the year for Kent. The acquisition-related cost pertains to external legal fees, due diligence costs, valuation cost, stamp duty costs and other professional and accounting fees. The acquisition-related costs were included in ‘other operating expenses’ in profit or loss. IHH Healthcare Berhad | Annual Report 2024 214
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