206 F INANC IAL Statements 05 Sect ion Ranhi ll Ut i l i t i es Berhad NOTES TO THE F INANC I AL STATEMENTS For the year ended 31 December 2022 20. INVESTMENT IN SUBSIDIARIES (Contd.) (e) In the prior year, the Group had on 16 July 2021 completed the acquisition of two new subsidiaries, i.e. Ranhill Bersekutu Sdn. Bhd. (“RBSB”) and Ranhill Worley Sdn. Bhd. (“RWSB”). An internal reorganisation was subsequently carried out with a new reporting segment, i.e. engineering services sector, being established. The engineering services sector involves in providing engineering, procurement and construction management (“EPCM”), engineering, procurement, construction and commissioning (“EPCC”), project management consultancy (“PMC”), as well as operation and maintenance services. The details of the fair value of the identifiable assets and liabilities of RBSB and RWSB were as below: As at 16 July 2021 Note RBSB RM’000 RWSB RM’000 Total RM’000 Assets Property, plant and equipment 14 321 4,436 4,757 Investment in an associate 30 - 30 Deferred tax assets 19 2,504 20,309 22,813 Intangible assets 16 78 - 78 Right-of-use assets 17 2,209 4,498 6,707 Contract related assets 11,170 31,493 42,663 Trade and other receivables 17,850 20,502 38,352 Tax recoverable 3,079 - 3,079 Deposit, cash and bank balances 15,488 27,355 42,843 52,729 108,593 161,322 Less: Liabilities Loan and borrowings (2,021) (5,167) (7,188) Trade and other payables (10,236) (40,422) (50,658) Contract related liabilities (5,239) (1,457) (6,696) Tax payable - (18) (18) 35,233 61,529 96,762 Less: Non-controlling interest - (30,150) (30,150) Net identifiable asset acquired 35,233 31,379 66,612 Add: Adjustment made in year 2022 upon completion of purchase price allocation exercise* (Note 16) 1,374 - 1,374 Adjusted fair value of net identifiable asset acquired 36,607 31,379 67,986 * Net of deferred tax of RM424,000 (Note 19). The total purchase consideration was summarised as follows: RBSB RM’000 RWSB RM’000 Total RM’000 Issue of Ranhill Shares 69,171 86,915 156,086
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