Registration No. 200301030845 (633265-K) - 85 - 6. Investment in Subsidiaries (Cont’d) (c) Disposal of subsidiaries In previous financial year (ii) On 23 September 2021, Destini Armada Pte. Ltd., a subsidiary company of the Company has disposed of 2,240,000 ordinary shares in AMS Marine Pte. Ltd. ("AMS"), an indirect subsidiary of the Company, representing 70% equity interest in AMS to Welman Pte. Ltd. for a cash consideration of SGD1,400,000. The effect of the disposal of AMS on the financial position of the Group as at the date of disposal was as follows: Group 2021 RM Property, plant and equipment 1,403,703 Right-of-use assets 4,206,794 Contract assets 9,689,668 Inventories 1,456,582 Trade receivables 12,835,231 Other receivables 2,741,416 Amount due from related companies 1,102,183 Cash and bank balances (10,934) Trade payables (8,031,403) Other payables (5,445,534) Amount due to related companies (5,076,956) Lease liabilities (4,751,615) Bank borrowings (5,791,812) Taxation (439,183) Net assets 3,888,140 Less: Non-controlling interest (2,106,679) Less: Foreign currency translation reserve (124,527) Total net assets disposed 1,656,934 Gain on disposal 2,518,143 Proceeds from disposal 4,175,077 Less: Cash and bank balances disposed 10,934 Net cash inflow from disposal 4,186,011 163 ANNUAL REPORT 2022 DESTINI BERHAD
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