Annual Report - Bina Puri

Notes to and Forming Part of the Financial Statements (Cont’d)
36. ANALYSIS OF ACQUISITION AND DISPOSAL OF SUBSIDIARIES (Cont’d)
(A) Acquisition of subsidiaries (Cont’d)
(iii) Effect on consolidated cash flow statement
Fair value of net assets acquired
Subsidiaries
acquired in
2008 2007
RM'000 RM'000
Current assets 24 6
Current liabilities (4) –
Minority interests (9) –
Discount on acquisition (5) –
Net assets previously held and treated as investment in associate (5) –
Total purchase consideration 1 6
Less:
Cash and cash equivalents – –
Net cash flows on acquisition 1 6
(B) Disposal of subsidiary
During the financial year, the Company reduced its equity interest in KL-Kuala Selangor Expressway Bhd
("KL-KSEB") from 60% to 50% by disposing 500,000 ordinary shares of RM1 each, representing 10% of the
issued and paid-up share capital of KL-KSEB at a cash consideration of RM500,000.Arising from the disposal,
KL-KSEB ceased to be a subsidiary of the Company and became an associate of the Company.
The effects of disposal of the subsidiary on the consolidated net profit, the consolidated financial position
and consolidated cash flow statement are as follows:
(i)
Effect on consolidated net profit for the year
Subsidiaries
disposed in 2008
2008 2007
RM'000 RM'000
Gross revenue – –
Cost of sales – –
BINA PURI HOLDINGS BHD
Annual Report 2008
103