Annual Report
2015
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DAYANG ENTERPRISE HOLDINGS BHD
(712243-U)
139
36. Acquisitions of subsidiary and non-controlling interests
During the year, the Group has in stages acquired the shares in Perdana Petroleum Berhad. The said
subsidiary is involved in vessel chartering activities.
The following summarises the major classes of consideration transferred, and the recognised amounts of
assets acquired and liabilities assumed at the acquisition date:
Group
2015
Note
RM
Fair value of consideration transferred
Cash and cash equivalents
848,757,212
Realisation of share of post
acquisition reserve of former
associate
250,888,064
1,099,645,276
Identifiable assets acquired and liabilities assumed
Property, plant and equipment
3 1,249,573,910
Intangible assets
5 50,105,404
Deferred tax assets
11
45,723
Inventories
2,244,788
Deposits
67,455,951
Trade and other receivables
95,508,686
Tax recoverable
3,221,521
Cash and cash equivalents
61,664,051
Loans and borrowings
(918,755,645)
Deferred tax liabilities
11 (16,611,752)
Provision for retirement benefits
(99,026)
Trade and other payables
(44,863,152)
Derivative liabilities
(179,284)
Current tax liabilities
(112,057,127)
Total identifiable net assets
437,254,048
The following fair values have been determined on a provisional basis:
• the fair value of intangible assets has been determined provisionally pending completion of an
independent valuation.
Group
2015
RM
Net cash outflow arising from acquisition of subsidiary
Purchase consideration settled in cash and cash equivalents
(848,757,212)
Realisation of share of post acquisition reserve of former associate
(250,888,064)
Total purchase consideration
(1,099,645,276)
Cash and cash equivalents acquired
61,664,051
Less: Deposit pledged as security
(17,717,333)
43,946,718
Net cash and cash equivalents acquired
(1,055,698,558)
Notes to the
Financial Statements
(cont’d)
