10. INVESTMENTS IN SUBSIDIARIES (continued) (c) Disposal of subsidiaries In the previous financial year, the Group disposed the following subsidiaries: (i) Deemed disposal of entire equity interest in Premier Elastic Webbing & Accessories (Vietnam) Co., Ltd. (“PEWA”) On 10 January 2020, subsidiaries of the Company, PEWA, Furniweb Vietnam Shareholdings Co., Ltd. and Webtex Trading Sdn Bhd had entered into a capital transfer agreement with Four K Investment Limited for the sale of entire equity interest of PEWA. PEWA ceased to be a subsidiary of the Group in the previous financial year despite pending completion of the disposal as the power over PEWA, exposure, or rights, to variable returns were passed on to purchaser upon the signing of the capital transfer agreement. The carrying amounts of the identifiable assets and liabilities of PEWA as at the date of deemed disposal are as follows: RM’000 Property, plant and equipment 5,247 Right-of-use assets 1,754 Intangible assets 6 Inventories 3,203 Trade and other receivables 1,359 Current tax assets 39 Cash and bank balances 7,231 Trade and other payables (7,999) Contract liabilities (37) Lease liabilities (2,082) Net identifiable assets 8,721 The gain on disposal of PEWA in the previous financial year was as follows: RM’000 Net identifiable assets 8,721 Realisation of exchange translation reserve 1,393 Less: Disposal consideration (12,016) Gain on disposal (1,902) The analysis of the net cash flow in respect of the disposal of PEWA is as follows: RM’000 Total disposal consideration received 12,016 Less: Consideration by cash on payment schedule (2,403) Less: Cash and cash equivalents disposed of (Note 27) (7,231) Net cash inflow of the Group on disposal 2,382 NOTES TO THE FINANCIAL STATEMENTS P R G H O L D I N G S B E R H A D A N N U A L R E P O R T 2 0 2 1 122 31 December 2021 (cont’d)
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