Notes to the Financial Statements for the Financial Year Ended 30 September 2024 Sustaining Lives, Empowering Communities Governance That Inspires Confidence Financial Insights Through Numbers Empowering Ownership PG. 233 15. INVESTMENT IN SUBSIDIARIES (CONT’D) (b) Acquisition of Hala Maju Sdn. Bhd. O n 29 December 2023, MKHOP, a subsidiary of the Company has acquired 1 ordinary share representing 100% of equity interest of Hala Maju Sdn. Bhd. (“HMSB”) for a cash consideration of RM1. The said acquisition did not give rise to a material impact on the financial statements of the Group. (c) Acquisition of Knowledge Builder Sdn. Bhd. On 7 December 2023, Intra Tegas (M) Sdn. Bhd. (“ITSB”), a wholly owned subsidiary of the Company has completed the acquisition of 6,000,000 ordinary shares representing 60% of equity of Knowledge Builder Sdn. Bhd. (“KBSB”) for a cash consideration of RM17,000,000. The fair value of the assets acquired and liabilities assumed at the effective date of acquisition are as follows: The Group 2024 RM Intangible assets - development right (Note 12.2) 11,015,954 Joint venture deposits for land development (Note 20(f)) 10,000,000 Cash and bank balances 3,183 Payables and accruals (29,773) Total identifiable net assets 20,989,364 Non-controlling interests (3,989,364) Equity attributable to owner of the parent 17,000,000 Goodwill on acquisition - Total purchase consideration paid in cash 17,000,000 Cash and bank balances of subsidiary acquired (3,183) Acquisition of subsidiary, net of cash acquired 16,996,817 Redeemable Convertible Preference Shares The salient features of the Redeemable Convertible Preference Shares (“RCPS”) of the subsidiaries are as follows: (a) Dividends The holder has the right to be paid, out of such profits of the subsidiary available for distribution determined by the directors at their discretion to be distributed in respect of each financial year or other accounting period of the subsidiary, a dividend at a rate as the Board of Directors shall determine from time to time.
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