122 GHL SYSTEMS BERHAD 199401007361 (293040-D) ANNUAL REPORT 2021 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2021 CONT’D 16. INVESTMENTS IN SUBSIDIARIES (Cont’d) (e) Disposal of a subsidiary during the financial year ended 31 December 2020 (Cont’d) Speed Pay Plc (“Speed Pay”) (Cont’d) Cash flow from/(used in) discontinued operation/disposal of a subsidiary: 2020 At date of disposal Note RM Assets Property, plant and equipment 12 477,978 Cash and bank balances 449,163 927,141 Liability Trade and other payables (701,542) Total identifiable net assets 225,599 Non-controlling interests 302,526 Gain on sale of discontinued operation 480,500 Consideration agreed but yet to be received 1,008,625 Cash and cash equivalents of the subsidiaries disposed (449,163) Net cash outflow of the Group on disposal (449,163) The effect of the disposal is as follows: 2020 At date of disposal RM Consideration agreed 1,008,625 Less: Value of net assets disposed - Share capital 10,116,972 - Equity loan 843,000 - Accumulated losses (10,734,373) 225,599 Less: Non-controlling interests 302,526 Gain on disposal of subsidiary 480,500
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