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Notes to the Financial Statements (cont’d)
For the financial year ended 31 December 2011
17. Intangible assets (cont’d)
120
Goodwill
The details on goodwill arising from acquisition of the following subsidiaries are as follows:
Amount Year of
Subsidiaries RM’000 acquisition
Australia Oriental Minerals NL (AOM) 1,130 2009
Asiatic Coal Private Limited (ACPL) 5,036 2009
Straits Resource Management Private Limited (SRM) 657 2010
The recoverable amount of the goodwill was determined based on higher of value in use and fair value less costs to sell.
Goodwill is tested for impairment annually and when circumstances indicate the carrying value may be impaired.
The recoverable amounts of goodwill arising from acquisition of ACPL and SRM were determined based on fair value less
costs to sell. Based on the impairment assessment by the management, the goodwill arising from the acquisition of ACPL and
SRM have been fully impaired at 31 December 2010.
Investments in AOM and ACPL were disposed on 22 June 2011 and 2 November 2011 respectively.
18. Investment in subsidiaries
2011 2010
Company RM’000 RM’000
Unquoted shares, at cost 90,072 90,072
Less: Accumulated impairment losses (1,347) (1,347)
Building on Success: Developing Resources for the Future
88,725 88,725