Acquisitions completed during the year are set out below.
Acquisition of subsidiary – Life Cinema Limited
On 24th November 2014, the Group obtained control of Life Cinema Limited (LCL), a company involved in the entertainment industry, by acquiring 60 percent of the shares and voting interests in LCL for a consideration of $600,000.
Acquisition of LCL will provide the Group with increased access to the entertainment industry.
LCL commenced operations on 19th December 2014 and the results since that date have been consolidated in the Group results.
Acquisition of associate – Pernix (Fiji) Limited
On 17th November 2014, the Group acquired a 21 per cent interest in Pernix (Fiji) Limited (PFL), a company involved in the energy industry for a consideration of $3.76m. The Group has determined that it has significant influence over Pernix (Fiji) Limited and will therefore account for PFL’s results as an associated company.