Serba Dinamik Annual Report 2019

313 32. ACQUISITION OF SUBSIDIARIES AND NON-CONTROLLING INTERESTS (a) Acquisition of subsidiaries On 15 March 2019, the Group via SDSB, a wholly owned indirect subsidiary of the Company has subscribed 1,000,000 ordinary shares representing 100% shareholding in Sungai Rek Sdn. Bhd. (“SGR”) for a total cash consideration of approximately RM8,000,000. On 16 October 2019, the Group via SDGB, a wholly owned subsidiary of the Company entered into a Share Sale Agreement to acquire 6,500 ordinary shares representing 65% equity interest in Get Development Sdn. Bhd. for a consideration of RM50 million and is recognised as a subsidiary. The following acquisitions had been completed and transferred from deposits: (i) On 7 September 2018, the Group via SDIL, a wholly owned indirect subsidiary of the Company entered into a Share Purchase Agreement to acquire 6,000 ordinary shares representing 100% equity interest in Psicon AVV for a total cash consideration of approximately RM4.5 million. The consideration has been paid as deposit in prior year. On 25 August 2019 the acquisition has been completed and recognised as subsidiary. (ii) On 23 November 2018, TASB, a wholly owned indirect subsidiary of the Company entered into a Share Sale Agreement to subscribe 175,000 ordinary shares representing approximately 70% equity interest in Materials Technology Education Sdn. Bhd. for a consideration of RM480,000. The consideration has been paid as deposit in prior year. On 23 January 2019 the acquisition has been completed and recognised as subsidiary. 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 S