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150
SapuraCrest Petroleum Berhad
Annual Report 2010
noteS to the FinAnCiAl StAtementS
31 January 2010
37. SuBSiDiARieS AnD ACtivitieS (Cont’D)
(d) held through tl geoSciences Sdn. Bhd. (cont’d)
(ii) On 24 August 2009, TL Geotechnics Sdn Bhd (“TLGSB”), a wholly owned subsidiary of TLGS, had completed the acquisition of 60%
shareholding in TL Oilserve Sdn Bhd (“TLOSB”) from Scomi Group Berhad for a cash consideration of RM8.2 million.
Subsequently on 30 September 2009, the Company transferred its 40% direct shareholding in TLOSB to TLGSB, thus making TLOSB
a wholly owned subsidiary of TLGSB.
The acquired subsidiary has contributed the following results to the Group:
2010
RM’000
Revenue 22,425
Profit for the year 3,400
If the acquisition had occurred on 1 February 2009, TLOSB’s contribution to the Group’s revenue and profit for the year would
have been RM62,874,583 and RM5,709,929 respectively.
The assets and liabilities arising from the acquisition are as follows:
Fair value Acquiree’s
recognised carrying
on acquisition amount
Rm’000 Rm’000
Property, plant and equipment (Note 13) 31,865 23,308
Trade and other receivables 19,078 19,078
Cash and bank balances 11,221 11,221
62,164 53,607
Trade and other payables (31,168) (31,168)
Borrowings (7,035) (7,035)
Deferred tax liabilities (Note 18) (30) (30)
(38,233) (38,233)