Integrated Annual Report 2023 2 3 4 5 6 7 8 9 1 381 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 43. SEGMENT INFORMATION (CONTD.) Information about major customers Revenue from two (2022: two) major customers amounted to RM870.8 million and RM466.0 million (2022: RM635.1 million and RM450.2 million) respectively, arising from services rendered in the Infrastructure Services and Healthcare Support segment. 44. SIGNIFICANT EVENTS (a) On 29 September 2022, EAL, a wholly-owned subsidiary of the Company, entered into a Share Purchase Agreement and Shareholders Agreement with Mohammed Ibrahim Al-Subeaei and His Sons Investment Company for the proposed investment in MEEM, through a 60% equity interest buy-in by EAL. The transaction was completed on 21 March 2023. The cash consideration, amounting to SAR 11 million (equivalent to approximately RM 12.9 million), is related to the acquisition of 2,644 ordinary shares. Each share was priced at SAR 4,160, comprising SAR 1,000 of nominal value and a premium of SAR 3,160. The fair value of identifiable assets and liabilities of MEEM at the date of acquisition were as follows: Fair value recognised on acquisition RM’000 Plant and equipment 1,191 Intangible assets - computer software 12 Rights-of-use assets 305 Trade and other receivables 5,892 Cash and bank balances 13,327 Trade and other payables (4,319) Lease liabilities (330) Defined benefit pension plan (1,901) Net asset acquired 14,177 Less: Non-controlling interests (5,670) Group’s share of net assets 8,507 Identifiable intangible assets Customer contract 1,279 Customer relationships 524 Deferred tax liabilities (205) Less: Non-controlling interests (722) Total identified assets 9,383 Purchase consideration 12,933 Goodwill on acquisition 3,550
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