PRG Holdings Berhad Annual Report 2020

PRG HOLDINGS BERHAD 118 11. INVESTMENTS IN SUBSIDIARIES (continued) (e) In the previous financial year: (continued) (iv) (continued) The fair value of the assets acquired and the liabilities assumed from the acquisition of PRGA are as follows: Fair value Acquiree’s recognised carrying on amount acquisition RM’000 RM’000 Property, plant and equipment 36 36 Trade receivables 80 80 Other receivables, deposits and prepayments * * Current tax assets 190 190 Cash and bank balances 5 5 Other payables, deposits and accruals (377) (377) Net identifiable liabilities assumed (66) Add: Goodwill 66 Cash consideration * Less: Cash and cash equivalent of subsidiary acquired (5) Net cash inflow of the Group on acquisition 5 * Amount is less than RM1,000. (v) On 28 October 2019, a subsidiary of the Company, DGHL incorporated and subscribed for 10,000 ordinary shares representing 100% equity interest in Rich Day Global Limited, a limited liability company incorporated in British Virgin Islands for a total consideration of USD10,000. (vi) The Group undertook an internal reorganisation for the following subsidiaries: (a) On 7 November 2019, PRG Asset Sdn. Bhd. (“PRG Asset”) acquired 250,000 ordinary shares representing 100% equity interest in PRG Agro Sdn. Bhd. (“PRG Agro”) from the Company for a consideration of RM250,000. (b) On 12 November 2019, PRG Asset acquired 250,000 ordinary shares representing 100% equity interest in Premier International Marketing Sdn. Bhd. from PRG Agro for a consideration of RM250,000. (c) On 12 November 2019, PRG Asset acquired one (1) ordinary share representing 100% equity interest in Premier Food Processing Sdn. Bhd. from PRG Agro for a consideration of RM1.00. (d) On 12 November 2019, the Company acquired two (2) ordinary shares representing 100% equity interest in Premier Electrify Sdn. Bhd. from PRG Agro for a consideration of RM2.00. Notes to the Financial Statements 31 December 2020 cont’d