176 KIMLUN CORPORATION BERHAD • NOTES TO THE FINANCIAL STATEMENTS 200901023978 (867077-X) Kimlun Corporation Berhad (Incorporated in Malaysia) 15. Investment in subsidiaries (cont'd) (a) During the financial year: (cont'd) (i) Additional investments (cont'd) Sun Sakura Sdn. Bhd. ("SSSB") (cont'd) RM Assets Land held for development 94,880,222 Trade and other receivables 26,620 Cash and bank 3,695,159 98,602,001 Liabilities Loans and borrowings 78,313,684 Trade and other payables 18,288,317 Total liabilities 96,602,001 The effect of the above acquisitions on cash flows was as follows: BFDSB SSSB Total RM RM RM Purchase consideration 45,000 1,000,000 1,045,000 Less: Cash and cash equivalents of subsidiaries acquired - (3,695,159) (3,695,159) Net cash outflow/(inflow) on acquisition 45,000 (2,695,159) (2,650,159) (ii) Disposal of partial interest in a subsidiary Pinegate Development Sdn. Bhd. ("PDSB") The excess of purchase consideration over the book value of identifiable assets and liabilities has been allocated to land held for development. The identifiable assets and liabilities at the acquisition date were as follows: Posh Atlantic Sdn. Bhd. ("PASB") disposed 49% of its equity interest in a whollyowned subsidiary, PDSB for cash consideration amounting to RM13,333,125. Post the disposal of these shares, PDSB remained a subsidiary of KCB. On the date of disposal, the difference between the consideration and the carrying amount of the non-controlling interest has been recognised in retained earnings. - 56 -
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