KLInfra-AnnualReport2004 (1.1MB).pdf - Announcements - Bursa ...

22. Related parties
KL Infrastructure Group Berhad (Company No. 425654-M) (Incorporated in Malaysia) and its subsidiaries
Controlling related party relationships are as follows:
i) The holding and ultimate holding companies and their subsidiaries as disclosed in Note 21.
ii) Its subsidiaries as disclosed in Note 4.
iii) Its substantial shareholders.
Related companies are companies within the MTrans Holdings Sdn. Bhd. group of companies. Significant transactions
with related companies, other than those disclosed elsewhere in the financial statements, are as follows:
Group Company
2004 2003 2004 2003
RM’000 RM’000 RM’000 RM’000
Monorail Malaysia Technology Sdn. Bhd.
- System supply works payable 49,728 46,482 - -
MTrans Construction Sdn. Bhd.
- Construction works payable 365 89,748 - -
KL Monorail Project Services Sdn. Bhd.
- Project management fees payable 4,337 2,277 - -
Monorail Multimedia Sdn. Bhd.
- Advertisement rights receivable - 303 - -
The Directors are of the view that the above transactions have been entered into in the normal course of business
and have been established under negotiated terms. Significant related company balances are disclosed in Notes 7
and 8.
23. Acquisition of subsidiaries
On 30 July 2003, the Group acquired all the shares in Monorail Multimedia Sdn. Bhd. (“MM”) and Monorail City
Development Sdn. Bhd. (“MCD”) for a consideration of RM2 each, respectively.
In the previous year, on 18 March 2003, the Company completed the acquisition of KLMS and the conversion of
KLMS’ existing debts of RM5,000,000 owing to AMMB via the issuance of 307,898,996 and 9,804,000 new ordinary
shares of RM0.50 each at an issue price of RM0.51 each, respectively. For the one and a half months ended 30 April
2003, the subsidiary contributed a net profit of RM208,000 to the consolidated net profit for the year.
The fair values of assets and liabilities assumed and their cash flow effects are as follows:
2004 2003
RM’000 RM’000
Non current assets
Property, plant and equipment 23 817
Fixed deposits with a licensed bank - 37,057
Project development - 1,247,897
Current assets 2,474 2,333
Current liabilities (2,608) (201,167)
Long term and deferred liabilities - (924,116)
Net assets acquired (111) 162,821
Goodwill/(Reserve) on consolidation 311 (793)
Purchase consideration 200 162,028
Cash and cash equivalents assumed net of fixed deposits
retained in a Trust Account (Note 6) (45) 106
Net cash outflow 155 162,134
KL Infrastructure Group Bhd Annual Report 2004 49