18. INVESTMENTS IN SUBSIDIARIES (CONT’D.) (a) Group restructuring (cont’d.) The following group restructuring took place in the previous financial year: (cont’d.) (xviii) On 1 November 2021, Tropicana Plaza Sdn Bhd (“TPLSB”), a wholly-owned subsidiary of the Company, acquired 200,000 ordinary shares of Mesatria Sdn Bhd (“MSSB”) representing 100% of the total paid-up capital for a total cash consideration of RM1,866,000. Following the completion of the acquisition, MSSB has become a wholly-owned subsidiary of TPLSB, which in turn is an indirect wholly-owned subsidiary of the Company. The effects of the acquisition to the financial statements are disclosed at Note 18(a)(xix). (xix) On 2 November 2021, Tropicana Paisley Sdn Bhd (“TPSLSB”) and Tropicana Saujana Sdn Bhd (“TSSB”), both wholly-owned subsidiaries of the Company, acquired 200,100 ordinary shares in Tencomurni Sdn Bhd (“TSB”) and 200,000 ordinary shares in Alam Tiasa Sdn Bhd (“ATSB”) representing 100% of the total paid-up capital for total cash considerations of RM1,866,000 and RM1,402,000 respectively. Following the completion of the acquisitions, TSB and ATSB have become wholly-owned subsidiaries of TPSLSB and TSSB respectively, which in turn are the indirect wholly-owned subsidiaries of the Company. The effects of the acquisition to the financial statements are as follow: Carrying amount MSSB TSB ATSB Fair value RM’000 RM’000 RM’000 RM’000 Biological assets 734 – 735 1,469 Other receivables 17 17 13 47 Total assets 751 17 748 1,516 Other payables (814) (80) (794) (1,688) Total liability (814) (80) (794) (1,688) Net identifiable liability (63) (63) (46) (172) 2021 RM’000 Fair value of net identifiable liability, representing Group’s interest in fair value of net identifiable liabilities (172) Goodwill on acquisition 5,306 Total purchase consideration 5,134 The effect of the acquisition on cash flow is as follows: 2021 RM’000 Cash and cash equivalents of subsidiaries acquired – Less: Consideration settled in cash (5,134) Net cash outflow on acquisition (5,134) NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022 232 ANNUAL REPORT 2022
RkJQdWJsaXNoZXIy NDgzMzc=