TANJUNG OFFSHORE BERHAD

NOTES TO THE FINANCIAL STATEMENTS
31 DECEMBER 2009
35. SIGNIFICANT EVENTS (continued)
105
TANJUNG OFFSHORE BERHAD (662315-U)
ANNUAL REPORT 2009
iii) On 11 January 2010, TOS a wholly owned subsidiary of the Company has been received a purchase order dated 11
November 2009 from Petronas Carigali Sdn. Bhd. (“Petronas”) for the provision of glycol dehydration packages for
Kinabalu fi eld for contract value approximately RM25,000,000.
iv) On 13 January 2010, Tanjung NewEnergy Services Sdn Bhd (“TNE”) a wholly owned subsidiary of the Company has
received a Letter of Award dated 11 January 2010 from Murphy Sarawak Oil Co Ltd for the supply of operation spare parts
for gas engine generator package for SK309/311 production operations. The spare parts for the gas engine generator
package are valued at approximately RM4,000,000.
37. ACQUISITION OF A SUBSIDIARY COMPANY
On 06 January 2009, the Company has entered into a share sale agreement to acquire a 51% equity interest in Gas Generators
(Malaysia) Sdn Bhd (“Gastec”) comprising 2,443,633 ordinary shares of RM1 for a total cash consideration of RM5,100,000.
On 04 May 2009, the Company has completed the acquisition and all terms as stipulated in the sale agreement entered into
on 06 January 2009 has been satisfi ed and fulfi lled.
Details of net assets acquired are as follows:
Acquiree’s
carrying amounts Fair value
RM RM
Property, plant and equipments 7,457,621 7,457,621
Intangible assets 3,149,314 3,149,314
Other assets 1,935,456 1,935,456
Cash and bank balances 1,724,477 1,724,477
Current liabilities (1,202,393) (1,202,393)
Non-current liabities (3,752,098) (3,752,098)
Identifi able net assets acquired 9,312,377 9,312,377
Minoritiy interest (4,563,065)
Goodwill (Note 6) 350,688
Purchase consideration 5,100,000
Details of the cash fl ows arising from the acquisition are as follows:
Total purchase consideration 5,100,000
Less : Cash and bank balances acquired (1,724,477)
Net cash outfl ow to the Group 3,375,523
The subsidiary company acquired during the current fi nancial year contributed profi t after tax of RM782,862 to the Group for
the period from 4 May 2009 to 31 December 2009.
Had the subsidiary company which was acquired during the current fi nancial year occurred on 01 January 2009, the profi t after
tax attributable to the Group would have been RM2,015,534.
38. KEY MANAGEMENT PERSONNEL
Key management personnel are defi ned as those persons having authority and responsibility for planning, directing and
controlling the activities of the Company directly or indirectly, including any director of the Company. There are no other key
management personnel except for the directors of the Company whose remuneration is disclosed in Note 32 to the fi nancial
statements.
RM