Sasbadi Annual Report 2017

NOTES TO THE FINANCIAL STATEMENTS 137 ANNUAL REPORT 2017 29. Acquisition of subsidiaries and non-controlling interests (continued) 29.1 Acquisition of subsidiaries (continued) Goodwill was recognised in the current financial year for the acquisition of Distinct Motion Group as follows: Group 2017 RM’000 Total consideration transferred 850 Fair value of net identifiable assets (317) Goodwill 533 Bargain purchase gain was recognised in the previous financial year for the acquisition of the United Publishing Group as follows: Group 2016 RM’000 Total consideration transferred 4,350 Fair value of net identifiable assets (8,665) Bargain purchase gain (4,315) 29.2 Acquisition of non-controlling interests – Sanjung Unggul Sdn. Bhd. On 31 July 2017, the Company acquired the remaining 30% equity interest in Sanjung Unggul Sdn. Bhd. (“Sanjung Unggul”) for a total cash consideration of RM9,400,000. Sanjung Unggul has a wholly-owned subsidiary, i.e. The Malaya Press Sdn. Bhd., which, in turn, has three (3) wholly-owned subsidiaries, i.e. Big Tree Publications Sdn. Bhd., Jinbang Publication Sdn. Bhd. and Media Distribution Sdn. Bhd. (Note: Sanjung Unggul and its sub sidiaries are herein collectively known as “Sanjung Unggul Group”). The carrying amount of Sanjung Unggul Group ’s net assets in the Group’s financial statements on the date of the acquisition was RM18,067,000. Subsequent to this acquisition, the Company’s effective controlling interest in Sanjung Unggul Group is 100% (2016: 70%).