ENRA Group Berhad Annual Report 2021

FINANCIAL STATEMENTS & OTHERS ENRA Group Berhad | Annual Report 2021 122 NOTES TO THE FINANCIAL STATEMENTS 31 MARCH 2021 7. INVESTMENTS IN SUBSIDIARIES (cont’d) (d) Changes in investment in subsidiaries in the previous financial year (Cont’d) (ii) Acquisition of Q Homes Sdn. Bhd. In the previous financial year, ENRA Land, a wholly-owned direct subsidiary of the Company entered into a Shareholders’ Agreement with IBGH Capital Sdn. Bhd. (“IBGHC”) to collaborate in the business of property development in Malaysia via Q Homes. Q Homes was incorporated in Malaysia on 28 February 2019 as a private limited liabilities company. The principal activities of Q Homes and its subsidiaries (“Q Homes Group”) included construction of residential properties and real estate activities. Q Homes owns a 100% equity stake in Merpati TPG Sdn. Bhd. ENRA Land subscribed for a 51% equity stake in Q Homes for a total cash consideration of RM127,500. The fair value and the carrying amounts of the identifiable assets and liabilities of Q Homes as at the date of acquisition were as follows: Group 2020 RM’000 Assets/(Liabilities) acquired: Property, plant and equipment 6 Property development cost 231 Trade and other receivables 124 Cash and bank balances 50 Trade and other payables (174) Total identifiable net assets 237 Goodwill on consolidation 6 Non-controlling interests (116) Purchase consideration satisfied by cash 127 Cash and cash equivalents acquired (50) Cash outflow on acquisition of subsidiaries 77 The acquisition of Q Homes did not materially affect the revenue and profit after tax of the Group for the financial year ended 31 March 2020.