160 CSE GLOBAL LIMITED NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2023 5. INVESTMENT IN SUBSIDIARIES AND AMOUNTS DUE FROM/(TO) SUBSIDIARIES (CONT’D) Acquisition of businesses in 2023 (cont’d) Acquisition of business in New Zealand (cont’d) Goodwill arising from acquisition The goodwill arising from the acquisition of TL Parker comprises the value of strengthening the Group’s market position in radio communication businesses in New Zealand. Impact on the acquisition on profit or loss Since the acquisition date, TL Parker has contributed NZD 3,431,000 (approximately $2,794,000) of revenue. If the business combination had taken place at the beginning of the year, revenue contributed would have been NZD 4,646,000 (approximately $3,820,000). Contingent consideration arrangement As part of the purchase agreement with the previous owner of TL Parker, Earnout payment will be payable after 36 months from the acquisition date if TL Parker attains the Earnout Target. Provisional accounting of the acquisition of asset and business The purchase price allocation of the acquisition of asset and business in the financial year ended 31 December 2023 was provisional as the Group had sought a valuation for the acquisitions. The results of this valuation had not been finalised at the date the 2023 financial statements were authorised for issue. Acquisition of business in Singapore In March 2023, the Group acquired 100% of the issued share capital in Grid Communications Pte Ltd (“Grid”) for a consideration of $2.9 million. The acquisition allowed the Group to continue to expand and extend its existing communication business solutions to its customers in Singapore.
RkJQdWJsaXNoZXIy NTM2MDQ5