2012 Annual Report - Media Prima Berhad

25 INVESTMENT PROPERTIES (CONTINUED)
The fair value of the properties was estimated at RM66.3 million (2011: RM67.1 million, 1.1.2011: RM66.9 million)
based on valuations by independent professional valuers in 2011. Valuations were based on current prices in an
active market.
Direct operating expenses from investment properties that generated rental income of the Group during the financial
year amounted to RM357,043 (2011: RM444,891).
Direct operating expenses from investment properties that did not generate rental income of the Group during the
financial year amounted to RM562,301 (2011: RM682,441).
The titles to freehold and leasehold properties included in the investment properties for the Group at net book value
of RM20.4 million (2011: RM20.7 million, 1.1.2011: RM21.0 million) are in the process of being transferred to the
Group. Risks, rewards and effective titles to those properties have been passed to the Group upon unconditional
completion of the acquisition of the properties. The Group has submitted the relevant documents to the authorities
for transfer of legal titles to the Group and is awaiting the process and formalities of this transfer to be completed.
26 SUBSIDIARIES
Company
RADIO OUTDOOR
NETWORKS
2012 2011 1.1.2011
RM’000 RM’000 RM’000
Unquoted shares, at cost 1,086,660 1,139,385 1,324,403
Redeemable preference shares (“RPS”) (Note 33) 628,984 218,500 –
1,715,644 1,357,885 1,324,403
During the financial year, the Group continues its group-wide internal corporate restructuring exercise (“Group
Internal Restructuring”) to realign the Group’s businesses into distinct business units. The Group Internal Restructuring
will involve the reorganisation of various entities within the Group’s existing business segments into six (6) principal
business units.
On 31 December 2012, the Group completed phase 2 of the restructuring exercise which resulted in the following
transfers:
– the disposal of the Company’s entire equity and non-equity interests in UPD Sdn Bhd (“UPD”), The Right
Channel Sdn Bhd (“TRC”) and Kurnia Outdoor Sdn Bhd (“Kurnia”) and Jupiter Outdoor Network Sdn Bhd
(“Jupiter”) and its subsidiaries, to Big Tree Outdoor Sdn Bhd (“BTO”) (a subsidiary of the Company) for a total
consideration of RM43.2 million; and
– the disposal of the Company’s entire equity and non-equity interest in One FM Radio Sdn Bhd to Synchrosound
Studio Sdn Bhd for a total consideration of RM11.8 million.
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2012
From Our Perspective Who We Are Our Strategy & Achievements Our Performance Our Responsibility Our Leadership Corporate Governance The Financials Additional Information