BERJAYA GROUP BERHAD - Berjaya Corporation Berhad

101
N O T E S T O T H E A C C O U N T S
30 APRIL 1998
31 SIGNIFICANT RELATED PARTY TRANSACTIONS (CONTINUED)
The purchase consideration for the properties is based on valuation determined by an independent firm of
professional valuers.
Details of significant intercompany acquisitions and disposals of assets completed during the financial year
are included in Note 34(A).
32 CAPITAL COMMITMENTS
Group
Company
1998 1997 1998 1997
RM’000 RM’000 RM’000 RM’000
Capital expenditure for fixed assets
- approved and contracted for 12,778 91,794 - -
- approved but not contracted for 31,439 54,043 - -
44,217 145,837 - -
Commitments for investments in
other corporations 53,650 339,963 - 128,149
Balance of purchase consideration
for the acquisition of properties 247,578 46,953 - -
Obligations under ongoing
underwriting agreements - 66,202 - -
Undrawn portion of loans committed
to third parties by an insurance
subsidiary 951 7,418 - -
346,396 606,373 - 128,149
Balance of purchase consideration for the acquisition of properties is in relation to the acquisition from a
director related company. The purchase consideration for the properties are based on valuation determined
by an independent firm of professional valuers.
Details of significant commitments for acquisition of properties and investments are included in Notes
34(B), 35(A) and 35(B) to the accounts.
33 CONTINGENT LIABILITIES
Secured
Group
Company
1998 1997 1998 1997
RM’000 RM’000 RM’000 RM’000
Performance and tender bonds guaranteed
by general insurance subsidiary company 9,916 13,192 - -
Unsecured
Guarantees given to financial institutions
for facilities granted to related companies - - 943,436 649,496
9,916 13,192 943,436 649,496
34 SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR
(A)
COMPLETED EVENTS
(1) On 8 May 1997, Berjaya Group (Cayman) Limited (“BGCL”), a wholly-owned subsidiary company
of the Company, completed its acquisition of an additional 14,583,333 ordinary shares in Carlovers
Carwash Limited (“CCL”) for a total consideration of approximately AUD7 million or RM13.7
million. BGCL’s equity interest in CCL increased from 32.2% to 55% and consequently, CCL
became a subsidiary company of BGCL.
CCL is a limited company that is listed on the Australian Stock Exchange.