Serba Dinamik Annual Report 2019

314 2019 ANNUAL REPORT FINANCIAL STATEMENTS SERBA DINAMIK HOLDINGS BERHAD 32. ACQUISITION OF SUBSIDIARIES AND NON-CONTROLLING INTERESTS (CONTINUED) (a) Acquisition of subsidiaries (continued) Recognised fair value at date of acquisition Materials Sungai Technology Get Rek Psicon Education Development Sdn. Bhd. AVV Sdn. Bhd. Sdn. Bhd. Total Note RM’000 RM’000 RM’000 RM’000 RM’000 Property, plant and equipment 3 - - 66 - 66 Right-of-use assets 4 8,000 - - - 8,000 Trade and other receivables - - 332 - 332 Deposits and prepayments - - 23 - 23 Cash and cash equivalents - 24 520 1 545 Current tax payables - - ( 43) - ( 43) Trade and other payables ( 1,480) - ( 143) ( 10) ( 1,633) Net identifiable assets and liabilities 6,520 24 755 ( 9) 7,290 Goodwill 8 1,480 4,495 - - 5,975 Bargain purchase - - ( 275) - ( 275) Development land rights - - - 107,757 107,757 Other payables - - - ( 57,748) ( 57,748) Purchase consideration 8,000 4,519 480 50,000 62,999 Less: Cash and cash equivalents acquired - ( 24) ( 520) ( 1) ( 545) Outstanding settlement - - - ( 10,000) ( 10,000) Net cash outflow on acquisition of subsidiaries 8,000 4,495 ( 40) 39,999 52,454 ======== ======== ======== ======== ========= (b) Incorporation of subsidiaries On 5 April 2019, the Group via SDIT, a wholly owned indirect subsidiary of the Company has subscribed 250,000 ordinary shares representing 100% shareholdings in SDIT International Limited (“SDITIL”) for a cash consideration of USD250,000. On 8 July 2019, the Group via SDGB, a wholly owned subsidiary of the Company, has subscribed one ordinary share representing 100% shareholdings in Bintulu Oil and Gas City Sdn. Bhd. for a cash consideration of RM1. On 29 September 2019, the Group via SDIL, a wholly owned indirect subsidiary of the Company has subscribed 1,000 ordinary shares representing 100% shareholdings in SD International Sukuk II Limited for a cash consideration of RM4,188. The incorporation of the above subsidiaries, at their respective dates of incorporation, has no material impact on the results of the Group for the current financial year. 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