DEFINING DESIGN
QUALITY
74
15.
Investments in subsidiaries (cont’d)
Disposal of interest in a subsidiary
In August 2014, Kingsmen Sdn Bhd, a 71% owned subsidiary of the Group, disposed a 40% equity interest in Kingsmen
KEG Sdn Bhd. With this disposal, the effective equity interest held by the Group in Kingsmen KEG Sdn Bhd decreased
from 56.80% to 28.40% and accordingly, Kingsmen KEG Sdn Bhd became an associate of the Group.
The fair value of the identifiable assets and liabilities of Kingsmen KEG Sdn Bhd disposed and the cash flow effect of
the disposal are as follows:
$'000
Property, plant and equipment
84
Gross amount due from customers for contract work-in-progress
206
Trade and other receivables
699
Cash and cash equivalents
39
Gross amount due to customers for contract work-in-progress
(75)
Trade and other payables
(851)
Other liabilities
(8)
Carrying amount of net assets
94
Share of net identifiable assets disposed
(37)
Consideration received in cash
20
Loss on disposal of interest in a subsidiary
(17)
Consideration received in cash
20
Cash and cash equivalents of Kingsmen KEG Sdn Bhd
(39)
Net cash outflow on disposal of interest in a subsidiary
(19)
Notes to the Financial Statements
31 December 2014
