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12. Investment in subsidiaries (cont’d.)
Reverse acquisition of AAID by IAA (cont’d.)
The identifiable assets of AAID were as follow:
Fair value
recognisedon
acquisition
RM’000
Carrying
amount
RM’000
Assets
Non-current assets
Deferred tax assets (Note 17)
52
52
Current assets
Cash and bank balances
4,931
4,931
Trade and other receivables
4,371
4,371
9,302
9,302
Total assets
9,354
9,354
Liabilities
Non-current liabilities
Employee benefits liability (Note 32)
207
207
Current liabilities
Trade and other payables
2,919
2,919
Total liabilities
3,126
3,126
Fair value of net identifiable assets
6,228
Acquisition cost (listing expenses)
9,235
Deemed purchase consideration (issued equity)
15,463
Group
RM’000
Cost of acquisition
–*
Less: Cash and cash equivalents arising from the reverse acquisition
(4,931)
Net cash inflow on reverse acquisition
(4,931)
* The cost of acquisition is nil as this is a reverse acquisition.
As a result of the reverse acquisition, the Group’s effective interest in IAA was diluted by 0.7% from 49% to 48.3% and the financial
effects of the reverse acquisition amounting to RM441.5 million has been credited to non-controlling interests as disclosed in the
statement of changes in equity.
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293
AirAsia Berhad
REPORTS AND FINANCIAL STATEMENTS