156 / 204
Notes To The
Financial Statements
As at 31 March 2019
15. Investments in subsidiaries (cont’d.)
(h) Acquisition of subsidiary in previous financial year
On 6 October 2017, FCB Plantation Holdings Sdn. Bhd. has entered into a conditional Sale and Purchase
Agreement with Java Berhad to acquire 1,000,000 ordinary shares representing the entire total issued and
paid-up capital of Java Plantations Sdn. Bhd. (“JPSB”) for a purchase consideration of RM4,613,941. JPSB
holds an 80% interest in Ladang Bunga Tanjong Sdn. Bhd., which operates an oil palm plantation held
under the Individual Title Geran 36415, Lot 2429, Mukim Lubok Bongor, Jajahan Jeli, Kelantan measuring
approximately 3,289.9 acres or 1,331.0 hectares. The lease period for the land is for 66 years and expiring
on 28 September 2069. The acquisition was completed on 20 February 2018. On 6 April 2018, JPSB has
changed its name to FCB Eastern Plantations Sdn. Bhd..
The details of the net assets acquired and cash flows arising from the acquisition of JPSB’s Group are as
follows:
Carrying
Fair
amount
value
RM’000
RM’000
Property, plant and equipment
13,038
26,400
Biological assets
11,198
8,600
Trade and other receivables
38
38
Cash and bank balances
50
50
Inventories
6
6
Trade and other payables
(149)
(149)
Borrowings
(29,026)
(29,026)
(4,845)
5,919
Less: Non-controlling interest shares on fair value of Ladang Bunga
Tanjong Sdn. Bhd.
(1,030)
4,889
Negative goodwill on acquisition
(275)
Purchase consideration settled in cash
4,614
Less: Cash and bank balances
(50)
Cash outflow of the JPSB Group acquisition
4,564
152
Fima Corporation Berhad
(21185-P)
Annual Report 2019