Notes to the Financial Statements Registration No. 200301030845 (633265-K) - 86 - 6. Investment in Subsidiaries (Cont’d) (c) Disposal of subsidiaries In previous financial year (iii) On 31 December 2021, Destini Aviation Sdn. Bhd., a subsidiary company of the Company has disposed of 16,733,005 ordinary shares in Safeair Technical Sdn. Bhd. ("STSB"), an indirect subsidiary of the Company, representing 97.95% equity interest in STSB to APS Biz Sdn. Bhd. for a cash consideration of RM1. The effect of the disposal of STSB on the financial position of the Group as at the date of disposal was as follows: Group 2021 RM Property, plant and equipment 17,459 Right-of-use assets 56,032 Trade receivables 81,325 Other receivables 359,772 Cash and bank balances 45,702 Trade payables (112,521) Other payables (1,640,032) Amount due to ultimate holding company (12,246,441) Amount due to related companies (1,269,930) Lease liabilities (45,454) Net liabilities (14,754,088) Add: Non-controlling interest 1,954,069 Total net liabilities disposed (12,800,019) Gain on disposal 12,800,020 Proceeds from disposal 1 Less: Cash and bank balances disposed (45,702) Net cash outflow from disposal (45,701) 164 DESTINI BERHAD ANNUAL REPORT 2022
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