215 36. ACQUISITION AND DISPOSAL OF SUBSIDIARIES/BUSINESS (continued) Acquisitions of subsidiaries and business in 2023 (continued) Post-acquisition contributions to the Group For the ten and half months ended 31 December 2023, Kent contributed revenue of RM144 million and profit of RM11 million. If the acquisition had occurred on 1 January 2023, management estimates that consolidated revenue would have been RM20,951 million and consolidated profit for the year would have been RM4,049 million. 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 million. The effects of the disposal are as follows: RM’mil Property, plant and equipment 286 ROU assets 11 Goodwill 225 Other intangible assets 1 Other financial assets 48 Tax recoverables 3 Inventories 1 Trade and other receivables 36 Cash and cash equivalents 21 Loans and borrowings (123) Lease liabilities (10) Employee benefits (3) Trade and other payables (161) Deferred tax liabilities (17) Net identifiable assets disposed 318 Transaction costs 16 Gain on disposal of subsidiaries 872 Cash consideration 1,206 Less: cash and cash equivalents disposed (21) Net proceeds from disposal of subsidiaries 1,185 (c) On 28 June 2023, PPL had disposed its entire 65% equity stake comprising 6,033,003 ordinary shares in Angsana Holdings Pte. Ltd. (“AHPL”) to a minority shareholder of AHPL. Post completion of the disposal, AHPL and its direct wholly-owned subsidiaries namely, Angsana Molecular & Diagnostics Laboratory Pte. Ltd., Angsana Molecular and Diagnostics Laboratory (HK) Limited and Angsana Molecular and Diagnostics Laboratory Sdn. Bhd. ceased to be indirect subsidiaries of IHH.
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