Notes to the Financial Statements - Cahaya Mata Sarawak Bhd

19. Investments in subsidiaries (contd.)
(b) Acquisition of subsidiaries (contd.)
Notes to the Financial Statements
For the fi nancial year ended 31 December 2011
(ii) Samalaju Property Development Sdn. Bhd.
During the year, the Group acquired 51% equity interest in Samalaju Property Development Sdn.
Bhd. (“SPD”) for cash consideration of RM2. Upon the acquisition, SPD became a subsidiary of
the Group.
The fair values of the identifi able assets and liabilities as at the date of acquisition were:
Recognised
acquisition
values
RM’000
Trade and other receivables 179
Cash and cash equivalents -
179
Trade and other payables (179 )
-
The acquired subsidiary has contributed the following results to the Group:
2011
RM’000
Revenue 26,314
Profi t net of tax 10,502
There were no acquisitions subsequent to 31 December 2011.
(c) Acquisition of non-controlling interests
(i) CMS Premix Sdn. Bhd. (“CMS Premix”) and CMS Premix (Miri) Sdn. Bhd. (“CMS Premix
(Miri)”)
On 13 September 2010, the Company acquired additional 40% and 20% equity interest in
CMS Premix and CMS Premix (Miri) from its non-controlling interests for cash consideration of
RM10,500,000 and RM1,500,000, respectively. At the date of acquisition, the carrying values of
the additional interests acquired were RM12,752,205 and RM2,172,308, respectively for CMS
Premix and CMS Premix (Miri). The difference between the consideration and the carrying value
of the respective interests acquired of RM2,252,205 and RM672,308 were refl ected in equity as
gain on acquisition of non-controlling interests.
(ii) Projek Bandar Samariang Sdn. Bhd. (“PBS”)
On 30 November 2010, the Company acquired an additional 40% equity interest in PBS from its
non-controlling interests for a cash consideration of RM38,000,000. As a result of this acquisition,
PBS became a wholly-owned subsidiary of the Company. On the date of acquisition, the
carrying value of the additional interest acquired was RM12,278,279. The difference between
the consideration and the carrying value of the interest acquired of RM25,721,721 was refl ected
in equity was premium paid on acquisition of non-controlling interests.
Annual Report 2011 127