10. INVESTMENTS IN SUBSIDIARIES (continued) (c) Disposal of subsidiaries (continued) In the previous financial year, the Group disposed the following subsidiaries (continued): (ii) Disposal of 60% equity interest in Premier De Muara Sdn. Bhd. (“PDMSB”) (continued) The analysis of the net cash flow in respect of the disposal of PDMSB is as follows: RM’000 Total disposal consideration 7,200 Less: Deposit collected in previous financial year (1,000) Less: Fair value adjustments (289) Less: Consideration by cash on payment schedule (5,911) Total disposal consideration received - Less: Cash and cash equivalents disposed of (Note 27) 7,076 Net cash inflow of the Group on disposal 7,076 During the financial year, the Group disposed the following subsidiaries: (i) Disposal of Rich Day Global Limited and its subsidiaries On 23 March 2021, the Board of Directors of a subsidiary, Furniweb Holding Limited has approved the disposal of Rich Day Global Limited and its subsidiaries (“Rich Day”) through its subsidiary, Delightful Grace Holdings Limited to two independent third party purchasers for a total consideration of HKD8,500,000 (approximately RM4,500,000). The disposal of Rich Day was completed on 31 March 2021. RM’000 Property, plant and equipment 38 Right-of-use assets 370 Trade and other receivables 11,365 Bank balance held on behalf of clients 12,778 Cash and bank balances 12,317 Trade and other payables (15,829) Current tax liabilities (1,887) Lease liabilities (373) Net identifiable assets 18,779 Realisation of foreign currency (82) Goodwill and license 2,359 Non-controlling interest (11,077) Translation adjustment (191) Loss on disposal of subsidiaries (5,241) Total consideration 4,547 Cash consideration received 4,547 Cash and cash equivalents disposed of (12,317) Net cash flows outflow arising on disposal (7,770) 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 1 124 31 December 2021 (cont’d)
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