83 www.excelforce.com.my Notes to the Financial Statements (cont’d) 7. Investment in Subsidiary Companies (cont’d) (d) Acquisition of subsidiary companies (cont’d) (i) Universal Capital Co Ltd (“UCCL”) (Formerly known as Orca Capital Holdings Ltd) (Cont’d) Acquisition-related costs The Group incurred acquisition-related costs of RM191,685 related to external processing, listing and advisory fees. The expenses have been included in administrative expenses in the profit or loss. Impact of the acquisition on the Statements of Profit or Loss and Other Comprehensive Income From the date of acquisition, the acquired subsidiary company has not contribute to the Group’s revenue and profit for the financial year. (ii) Excel Force Solutions Sdn. Bhd. (“EFS”) In previous financial year, the Company has completed its acquisition of 100% issued and paid up capital in EFS for a cash consideration of RM30,000. The principal activities of EFS consist of provision of information platform for market analytics and investment education. The acquisition of EFS would enable the group to improve its application services business. The following summarises the major classes of consideration transferred, and the recognised amount of assets acquired and liabilities assumed at the acquisition date: EFS RM Fair value of consideration transferred Cash consideration/Total consideration transferred 30,000 Fair value of identifiable assets acquired and liabilities assumed Cash and cash equivalents 14,475 Other payables (13,929) Net identifiable assets 546 Net cash outflow arising from acquisition of a subsidiary company Purchase consideration 30,000 Cash and cash equivalents acquired (14,475) 15,525 Goodwill arising from business combination Fair value of consideration transferred 30,000 Fair value of identifiable net assets acquired 546 Goodwill 29,454 The goodwill recognised on the acquisition is attributable mainly to the skills and technical talent of the acquired business’s work force and the synergies expected to be achieved from integrating the subsidiary company into the Group’s existing business. Impact of the acquisition on the Statements of Profit or Loss and Other Comprehensive Income From the date of acquisition, the acquired subsidiary company has not contribute to the Group’s revenue and profit for the financial period.
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