Wah Seong Corporation Berhad Annual Report 2020

173 ANNUAL REPORT 2020 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2020 37 DISPOSAL OF SUBSIDIARIES (CONTINUED) Disposal of subsidiaries during the financial year (continued) (b) Details of the disposal and the net cash flow on disposal are as follows: At the date of disposal RM’000 Property, plant and equipment 3,145 Right-of-use assets 11,691 Inventories 3,506 Trade and other receivables 7,429 Time deposits 4,000 Cash and bank balances 3,446 Deferred tax liabilities (3,507) Trade and other payables (4,276) Amount owing to holding company (65) Amount owing to related company (1) Current tax liabilities (465) Dividend payable (500) 24,403 Less: Fair value of remaining stake as an associate (13,011) Group share of net assets disposed 11,392 Net disposal proceeds 30,369 Net gain on disposal before reclassification of foreign currency translation reserve 18,977 Reclassification of foreign currency translation reserve to profit or loss 226 Net gain on disposal 19,203 Gain on disposal of net assets of subsidiary disposed 13,512 Fair value gain on remaining stake as an associate 5,691 Net gain on disposal 19,203 Net disposal proceeds received 30,369 Less: Time deposits and cash and bank balances of subsidiary disposed (7,446) Net cash inflow on disposal 22,923 Net gain on disposal was recognised in the profit or loss within ‘other operating income’.