205 F INANC IAL Statements Sect ion 05 Annual Report 2022 NOTES TO THE F INANC I AL STATEMENTS For the year ended 31 December 2022 20. INVESTMENT IN SUBSIDIARIES (Contd.) (d) On 27 July 2022, RWSB, a subsidiary of the Company, acquired 2,498,998 ordinary shares of Perunding Ranhill Worley Sdn. Bhd. (“PRW”) from Tan Sri Hamdan Mohamad (a major shareholder and director of the Company) and 2 ordinary shares of PRW from two other individual shareholders (namely, Mohd Ishak Bin Salikin and Bekti Lelana bin Jitno Widodo), for a total consideration of RM3 which was satisfied in cash. The acquisition was completed on 19 August 2022 (“date of acquisition”). Considering that remaining shares are held by a major shareholder and director of the Company who is also a director of PRW and RWSB, management has concluded that RWSB has a control over PRW in accordance with MFRS10 Consolidated Financial Statements and accordingly PRW becomes a 49% owned subsidiary of RWSB. The details of fair value of the identifiable assets and liabilities of PRW is as below: As at 19 August 2022 PRW RM’000 Assets Property, plant & equipment 136 Deferred tax assets (Note 19) 34 Trade and other receivables 21,008 Deposits and prepayments 154 Current tax asset 100 Cash and bank balance 7,467 Amount due from contract customer 1,082 29,981 Less: Liabilities Trade and other payables 7,277 Amount due to a related party 15,867 23,144 Net identifiable asset 6,837 Less: Non-controlling interest (3,487) Net identifiable asset acquired 3,350 Bargain purchase on consolidation arising on acquisition: PRW RM’000 Total purchase considerations (Amount is Nil due to rounding off) - Less: Net identifiable asset acquired (3,350) Bargain purchase on business acquisition (Note 8) (3,350)
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