ENRA Group Berhad Annual Report 2019

90 ENRA GROUP BERHAD ∞ Annual Report 2019 page Notes to the Financial Statement 31 March 2019 7. INVESTMENTS IN SUBSIDIARIES (cont’d) (c) Acquisition/Incorporation of subsidiaries and subscription of shares in subsidiaries (cont’d) The fair value and the carrying amounts of the identifiable assets and liabilities of ICE, ASLL and EIOL as at the date of acquisition were as follows: Group 2019 RM’000 Assets/(Liabilities) acquired: Property, plant and equipment 1,069 Right-of-use assets 888 Intangible assets 4,465 Inventories 4,382 Trade and other receivables 2,576 Cash and bank balances 1,138 Tax payables (63) Trade and other payables (7,655) Borrowings (93) Lease liabilities (1,000) Total identifiable assets 5,707 Goodwill on consolidation 4,429 Non-controlling interests (553) Purchase consideration 9,583 Contingent consideration (4,522) Purchase consideration satisfied by cash 5,061 The effects of the acquisition of ICE, ASLL and EIOL on cash flows of the Group are as follows: Group 2019 RM’000 Effects of the acquisition on cash flows: Purchase consideration satisfied by cash 5,061 Cash and cash equivalents acquired (1,138) Cash outflow on acquisition 3,923 (d) Disposal of interests in subsidiaries (i) On 14 May 2018, the Company had entered into a Share Sale Agreement to dispose its entire shareholding of 5,600,000 ordinary shares representing 70% equity interest in Landmark Zone Sdn. Bhd. (“LZSB”) to Mr. Law Wai Cheong, a Director of LZSB, for a cash consideration of RM5,600,000 (“Disposal”). LZSB ceased to be a subsidiary of the Company following the completion of the Disposal on 15 May 2018.