Kimlun Corporation Berhad Annual Report 2020

200901023978 (867077-X) Kimlun Corporation Berhad (Incorporated in Malaysia) 16. Investment in subsidiaries (cont'd) (d) Subscription of ordinary shares in Bayu Damai Sdn. Bhd. (cont'd) RM Development costs (Note 19) 4,203,662 Trade and other receivables 9,500,000 Cash and bank balances 2,871,694 16,575,356 Trade and other payables (1,527,371) Total net identifiable assets 15,047,985 The effect of the subscription on cash flows is as follows: RM Fair value of net identifiable assets acquired 15,047,985 Less: Non-controlling interests (8,368,305) Consideration settled in cash 6,679,680 Less: Cash and cash equivalent of subsidiary acquired (2,871,694) Net cash outflow on acquisition 3,807,986 Impact of subscription on statement of comprehensive income RM Contribution to loss for the year, representing total comprehensive loss to the Group 1,090 There would have been no significant impact on the Group's profit net of tax if the subscription had taken place at the beginning of the financial year ended 31 December 2020. Contribution of loss net of tax by BDSB since the date of subscription was as follows: The values assigned to identifiable assets and liabilities of BDSB as at the date of subscription were: The amount of the non-controlling interests in BDSB was determined based on the proportionate share of the net identifiable assets of BDSB as at the date of subscription. - 70 - 127 Kimlun Corporation Berhad Registration No. 200901023978 (867077-X) NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2020