BUILDING LANDMARKS, CHARTING GROWTH
215
Annual Report 2015
NOTES TO THE FINANCIAL STATEMENTS
4 ACQUISITIONS
(continued)
(B) Other acquisition
On 20 August 2015, the Group acquired a 55% stake in Skillplus Investments Ltd. (“Skillplus”). Skillplus, through its
subsidiary, holds a property under development in Ghana.
(i)
Consideration transferred
The consideration for the acquisition was $21.3 million and was settled in cash. No contingent consideration
was recognised at the acquisition date.
(ii)
Effect of cash flows of the Group
$’000
Cash and cash equivalents in subsidiaries acquired, representing net cash outflow
on acquisition
20,883
(iii)
Assets acquired and liabilities assumed
$’000
Property under development
38,957
Cash and cash equivalents
397
Trade and other payables
(663)
Non-controlling interests
(17,411)
Total identifiable net assets
21,280
(C) Acquisition of an associate
During the period, the Group acquired 31.2% of stapled securities of Perennial Shenton Investors Pte. Ltd. which
include shares and junior bonds, for a cash consideration of $113.8 million. Perennial Shenton Investors Pte. Ltd.,
through its subsidiary, holds an investment property in Singapore.
(D) Acquisition of non-controlling interests
Subsequent to the initial acquisition, the Group acquired an additional 17.5% of Perennial China Retail Trust
Management Pte. Ltd. by issuing 2.9 million ordinary shares, increasing the ownership from 82.5% to 100%.
