GHL System Berhad Annual Report 2020

124 G H L S y s t e m S B e r h a d 1 9 9 4 0 1 0 0 7 3 6 1 ( 2 9 3 0 4 0 - D ) NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2020 CONT’D 16. INVESTMENTS IN SUBSIDIARIES (cont’d) (e) Disposal of subsidiary during the financial year (cont’d) (i) Speed Pay Plc (“Speed Pay”) (cont’d) Loss attributable to the discontinued operation was as follows: Group 2020 2019 Results of discontinued operation RM RM Revenue 251 63,386 Expenses (2,104,050) (3,908,983) Results from operating activities (2,103,799) (3,845,597) Taxation (1) (7) Results from operating activities, net of tax (2,103,800) (3,845,604) Gain on sale of discontinued operation 480,500 - Loss for the financial year (1,623,300) (3,845,604) 51% of the loss from discontinued operation of RM1,072,938 (2019: RM1,961,258) is attributable to owners of the company. Cash flow from/(used in) discontinued operation/ disposal of a subsidiary: 2020 At date of disposal Note RM Property, plant and equipment 12 477,978 Cash and bank balances 449,163 927,141 Trade and other payables (701,542) Total identifiable net assets 225,599 Non-controlling interests 302,526 Gain on sale of discontinued operation 15 480,500 Consideration agreed but yet to be received 1,008,625 Cash and cash equivalents of the subsidiaries disposed (449,163) Net cash outflow of the Group on disposal (449,163)