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Notes to the financial statements
31 December 2012
(continued)
Annual Report 2012 KPJ Healthcare Berhad
35. Contingent liabilities
Upon the adoption of MFRS 139, the financial guarantees provided to financiers for subsidiaries are no longer disclosed as contingent liabilities, but would
instead be recorded as financial liabilities if considered likely to crystallise. The Company has assessed the financial guarantee contracts and concluded that
the financial impact of the guarantees is not material.
36. Significant events
(a) Proposed Disposal by KPJSB
On 30 April 2010, KPJSB proposed to dispose its entire interest in Kluang Utama Specialist Hospital Building and Bandar Baru Klang Specialist Hospital
Building to Al-‘Aqar Healthcare REIT (“Al-’Aqar”) for a proposed total sale consideration of RM96.50 million to be satisfied partly by cash consideration
of RM40.99 million and RM55.51million by the issuance of 56.64 million new units in Al-‘Aqar at an issue price of RM0.98 per unit to be credited as
fully paid-up. The proposed disposal was approved by shareholders on 17 December 2010.
The proposed disposal of Kluang Utama Specialist Hospital Building was completed on 6 January 2012.
The proposed disposal of Bandar Baru Klang Specialist Hospital Building was completed on 26 June 2012.
(b) Proposed Acquisition by Pahang Specialist Hospital Sdn Bhd (“PSHSB”) of leasehold land
On 22nd June 2011, PSHSB, a wholly-owned subsidiary of KPJSB, proposed to acquire a 3.12 acre leasehold land for a total consideration of
RM3,756,750 to be satisfied via issuance of 3,756,750 ordinary shares of RM1.00 each in PSHSB.
The proposed acquisition is expected to be completed in the second (2nd) quarter of 2013.
(c) Proposed Acquisition of Land at Mukim of Klang District of Klang State of Selangor
On 11th November 2011, KPJSB entered into a Sale and Purchase agreement (“SPA”) with Sazean Development Sdn Bhd to acquire four (4) plots of
land with an aggregate area of approximately 1.8397 hectares for a total cash consideration of RM23,762,400 located at Mukim of Klang District of
Klang State of Selangor.
The Proposed Acquisition was completed on 12 June 2012.
(d) Disposal of Redeemable Preference Shares in Intrapreneur Development Sdn Bhd
References are made in relation to the Subscription Agreement entered into with Intrapreneur Development Sdn Bhd (“IDSB”) for the proposed
subscription of 100,000 Redeemable Preference Shares (“RPS”) of RM0.01 each in IDSB at issue price of RM100 each.
As at to date, the Company has only subscribed and is the registered owner of 15,369 RPS with the total cost of the investment being RM1,536,900.
The Company had on 30th January 2012 entered into a Sale of Shares Agreement with Johor Corporation to dispose 15,369 RPS at the total sale
consideration of RM1,536,900.
The proposed disposal has been completed on 7th March 2012.
(e) Proposed Acquisition of 8 units of service apartments for a total purchase consideration of RM1,934,880
On 8th February 2012, KPJSB entered into separate Sale and Purchase Agreements (“SPAs”) with JCorp Hotels and Resorts Sdn Bhd to acquire eight
(8) units of Service Apartments for a total purchase consideration of RM1,934,880. The purchase consideration for each one (1) unit of the Service
Apartment is RM241,860.
The Service Apartments are part of the Berjaya Tioman Suites developed by Tioman Island Resort Bhd. The Berjaya Tioman Suites is located on a parcel
of land at PN14711 Lot 5006, Bandar Tioman, Daerah Rompin, Pahang.
The proposed acquisition was completed on 8th February 2012.