PRG Holdings Berhad Annual Report 2020

Annual Report 2020 115 11. INVESTMENTS IN SUBSIDIARIES (continued) (c) 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 28) 7,076 Net cash inflow of the Group on disposal 7,076 (d) Deemed disposal of entire equity interest in Premier Elastic Webbing & Accessories (Vietnam) Co., Ltd. (“PEWA”) On 10 January 2020, subsidiaries of the Company, PEWA, Furniweb Vietnam Shareholdings Co., Ltd. and Webtex Trading Sdn Bhd had entered into a capital transfer agreement with Four K Investment Limited for the sale of entire equity interest of PEWA. Details of the proposed disposal are described in Note 40(iii) to the financial statements. PEWA ceased to be a subsidiary of the Group during current financial year despite pending completion of the disposal as the power over PEWA, exposure, or rights, to variable returns were passed on to purchaser upon the signing of the capital transfer agreement. The carrying amounts of the identifiable assets and liabilities of PEWA as at the date of deemed disposal are as follows: RM’000 Property, plant and equipment 5,247 Right-of-use assets 1,754 Intangible assets 6 Inventories 3,203 Trade and other receivables 1,359 Current tax assets 39 Cash and bank balances 7,231 Trade and other payables (7,999) Contract liabilities (37) Lease liabilities (2,082) Net identifiable assets 8,721 Notes to the Financial Statements 31 December 2020 cont’d