2009 - Malaysia Pacific Corporation Berhad

Malaysia Pacific Corporation BerhadNOTES TO THE FINANCIAL STATEMENTS (Cont’d)30 JUNE 20099. INVESTMENTS IN SUBSIDIARIES (Cont’d)(d)The Company subscribed for 99.99% equity interest in a newly incorporated subsidiary, MPC ManagementServices Sdn. Bhd. comprising 999 ordinary shares of RM1.00 each for a total cash consideration ofRM999.The above acquisitions do not have any material impact on the financial position and results of the Group.The summary of effects on acquisitions/incorporation of the subsidiaries in the previous financial year was asfollows:-acquirees’ Fair valuecarrying recognised onamounts acquisitionsRM’000 RM’000Net assets/Total cost of acquisitions 51 51The cash outflow on acquisitions is as follows:30.6.2008RM’000Purchase consideration settled in cash 51Cash and cash equivalents of subsidiaries acquired (51)Net cash outflow of the Group on acquisitions –10. LAND HELD FOR PROPERTY DEVELOPMENTGroup2009 2008RM’000 RM’000CostAt beginning of financial year 156,222 154,357Additions during the financial year 2,182 1,865Transferred to property development costs (Note 11) (64,223) –Less: Accumulated impairment losses94,181 156,222At beginning of financial year (16,902) (16,902)Recognised during the financial year – –(16,902) (16,902)At end of financial year 77,279 139,32068