TANJUNG OFFSHORE BERHAD

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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
TANJUNG OFFSHORE BERHAD (662315-U) ANNUAL REPORT 2009 LIST OF PROPERTIES OWNED BY THE GROUP As at 31 December 2009, a summary of the land and buildings owned by Tanjung Offshore Services Sdn Bhd (“TOS”), Tanjung Maintenance Services Sdn Bhd (“TMS”) and Tanjung Kapal Services Sdn Bhd (“TKS”) is set out below:- No 1. 2. Title Identifi cation / Postal Address GRN 38601 Lot No. 25929 Mukim of Setapak, District and State of Wilayah Persekutuan / No. 8-3, Jalan Puncak Setiawangsa 4, 54200 Kuala Lumpur; and GRN 38600 Lot No. 25930 Mukim of Setapak, District and State of Wilayah Persekutuan / No. 10, Jalan Puncak Setiawangsa 4, Taman Setiawangsa, 54200 Kuala Lumpur GRN 38599 Lot No. 25931 Mukim of Setapak, District and State of Wilayah Persekutuan / No. 12, Jalan Puncak Setiawangsa 4, 54200 Kuala Lumpur; and GRN 38598 Lot No. 25932 Mukim of Setapak, District and State of Wilayah Persekutuan / No. 14, Jalan Puncak Setiawangsa 4, Taman Setiawangsa, 54200 Kuala Lumpur GRN 38602 Lot No. 25928 Mukim of Setapak, District and State of Wilayah Persekutuan / No. 6, Jalan Puncak Setiawangsa 4, Taman Setiawangsa, 54200 Kuala Lumpur PN 4114, Lot No. 3790 (formerly known as HS(D) 2670, PT 4199), Mukim of Teluk Kalung, District of Kemaman, State of Terengganu / Lot D1 Kawasan MIEL Teluk Kalung 24007 Kemaman Terengganu Darul Iman Description And Existing Use / Ownership 3-storey shopoffi ces used as the head offi ce for Tanjung Group / Owned by TOS A factory lot used as the Group’s Kemaman Operation Centre providing complete maintenance services / Owned by TOS 106 Approximate Age of Building / Tenure / Date of Expiry of Lease Age of building : approximately 10 years / Tenure : Freehold Age of building : approximately 10 years / Tenure : Freehold Age of building : approximately 10 years / Tenure : Freehold Age of building : approximately 10 years / Tenure : Freehold Age of building : approximately 10 years / Tenure : Freehold Age of building : approximately 2 years / Tenure :60-year leasehold expiring 22.8.2057 Land Area / (Built-Up Area) (sq. ft.) 1,760 / (4,634) 1,760 / (4,634) 1,760 / (4,634) 1,760 / (4,634) 1,760 / (4,634) 21,427 / (8,626) Net Book Value As At 31.12.2009 455,814.85 672,000 1,158,204.38 1,140,000 998,619.99 804,685.89
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