FORGING AHEAD - Tradewinds Plantation Berhad

34. ACQUISITION OF SUBSIDIARIES
2010
On 9 June 2010, the Company’s wholly-owned subsidiary, Johore Tenggara Oil Palm Berhad (‘JTOP’), acquired the
remaining 60% equity interest in Hak JTOP Sdn. Bhd. (‘Hak JTOP’) for a cash consideration of RM3,200,000. Consequently,
Hak JTOP became a wholly-owned subsidiary of JTOP.
The effect of the acquisition on the financial results of the Group during the financial year was as follows:
TRADEWINDS PLANTATION BERHAD
Annual Report 2010
2010
RM’000
Revenue -
Loss for the period (23)
There is no material effect to the Group’s revenue and profit for the year if the acquisition had occurred on 1 January 2010.
The acquisition had the following effect on the Group’s assets and liabilities on acquisition date:
FINANCIAL STATEMENTS
Acquiree’s
carrying
amount
RM’000
Property, plant and equipment -
Other payables (92)
Total net assets (92)
Fair value
recognised on
acquisition
RM’000
Property, plant and equipment 3,292
Other payables (92)
Group’s share of net assets/Purchase consideration discharged by cash 3,200
193