Serba Dinamik Annual Report 2018

275 SERBA DINAMIK HOLDINGS BERHAD ANNUAL REPORT 2018 N O T E S T O T H E F I N A N C I A L S TAT E M E N T 30. Acquisition and disposal of subsidiaries and non-controlling interests (a) Acquisition of subsidiaries On 14 February 2018, SDGB, a wholly owned subsidiary of the Company entered into a conditional Share Sale Agreement to acquire 1,000,000 ordinary shares in KB Engineering Coatings Sdn. Bhd. which represent 100% of the issued share capital for a total cash consideration of RM2,000,000. In November 2018, SDSB, a wholly owned indirect subsidiary of the Company has acquired 100% equity interest in Supreme Vista Industries Sdn. Bhd. for a cash consideration of RM2,004,255. Recognised fair value at date of acquisition KB Supreme Engineering Vista Coatings Industries Sdn. Bhd. Sdn. Bhd. Total Note RM’000 RM’000 RM’000 Property, plant and equipment 3 1,514 2,004 3,518 Trade and other receivables 415 - 415 Deposit 31 - 31 Cash and cash equivalents 43 - 43 Current tax recoverable 2 - 2 Trade and other payables ( 1,330) - ( 1,330) Loan and borrowings ( 101) - ( 101) ________ ________ ________ Net identifiable assets and liabilities 574 2,004 2,578 Goodwill 7 1,426 - 1,426 ________ ________ ________ Purchase consideration 2,000 2,004 4,004 Less: Cash and cash equivalents acquired ( 43) - ( 43) ________ ________ ________ Net cash outflow on acquisition of subsidiary 1,957 2,004 3,961 ======= ======= =======