18. INVESTMENTS IN SUBSIDIARIES (CONT’D.) (b) Group restructuring in the previous financial year (cont’d.) The following group restructuring took place in the previous financial year: (cont’d.) (v) On 27 September 2023, the Company disposed of Tropicana Education Management Sdn Bhd (“TEM”), an 85% owned subsidiary and Tropicana SJII Education Management Sdn Bhd (“TSEM”), a wholly-owned subsidiary at their carrying values. The disposal considerations of RM72,580,000 were fully settled in cash. The Group and the Company recognised a gain on disposal amounting to RM101,421,000 and RM90,851,000 respectively as disclosed in Note 6. The fair values of the identifiable assets and liabilities of the disposals at the date of disposal to the Group were: TEM TSEM Total RM’000 RM’000 RM’000 Property, plant and equipment (Note 14) 6,597 3,883 10,480 Right-of-use asset (Note 35(a)) 102,630 – 102,630 Deferred tax assets (Note 31) 4,538 4,227 8,765 Trade and other receivables 6,014 6,844 12,858 Tax (payable)/recoverable (589) 199 (390) Cash and bank balances 2,516 1,850 4,366 Borrowings (141,924) – (141,924) Trade and other payables – (14,241) (14,241) Contract liability – (18,324) (18,324) Net liabilities disposed (20,218) (15,562) (35,780) Add: Non-controlling interest 6,939 – 6,939 (13,279) (15,562) (28,841) Consideration received, satisfied in cash 48,841 23,739 72,580 Gain on disposal of subsidiaries (Note 6) (62,120) (39,301) (101,421) Cash inflow arising from disposal Cash consideration 48,841 23,739 72,580 Less: Cash and cash equivalents disposed (2,516) (1,850) (4,366) Net cash inflow on disposal of subsidiaries 46,325 21,889 68,214 19. INVESTMENT IN AN ASSOCIATE Group 2024 2023 RM’000 RM’000 Unquoted shares, at costs – 151,552 Share of post-acquisition results and reserves – (85,937) Unrealised profit arising from sale of land to associate – (23,535) Reclassification to assets classified as held for sale (Note 27) – (42,080) – – FINANCIAL STATEMENTS & OTHER INFORMATION 297
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