!," INVESTMENTS#IN#SUBSIDIARIES#(CONT’D") (a) Group!restructuring!(cont’d*) During!the!financial!year&!the!Group!and!the!Company!executed!and!completed!an!internal!Group!restructuring!scheme!involving! the!following)!(cont’d') (v) On!"0!September!"#"+&!the! Company! disposed! of! Tropicana! Education! Management! Sdn! Bhd! (“TEM”)&! an!,/3!owned! subsidiary!and!Tropicana!SJII!Education!Management!Sdn!Bhd!(“TSEM”)&!a!wholly-owned!subsidiary!at!their!carrying!values'! The!disposal!considerations!of!RM0"&/,#&###!were!fully!settled!in!cash' The!fair!values!of!the!identifiable!assets!and!liabilities!of!the!disposals!at!the!date!of!disposal!to!the!Group!were) !TEM! !TSEM! !Total! RM’""" RM’""" RM’"""! Property&!plant!and!equipment!(Note!$/) !%&/-0! !+&,,+! !$#&1,#! Right-of-use!asset!(Note!+/(a)) !$#"&%+#! !–! !$#"&%+#! Deferred!tax!assets!(Note!+$) !1&/+,! !1&""0! !,&0%/! Trade!and!other!receivables !%&#$1! !%&,11! !$"&,/,! Tax!(payable).recoverable !(/,-) !$--! !(+-#) Cash!and!bank!balances !"&/$%! !$&,/#! !1&+%%! Borrowings !($1$&-"1) !–! !($1$&-"1) Trade!and!other!payables !–! !($1&"1$) !($1&"1$) Contract!liability !–! !($,&+"1) !($,&+"1) Net!liabilities!disposed !("#&"$,) !($/&/%") !(+/&0,#) Add)!Non-controlling!interest !%&-+-! !–! !%&-+-! ! ($+&"0-) !($/&/%") !(",&,1$) Consideration!received%!satisfied!in!cash !1,&,1$! !"+&0+-! !0"&/,#! Gain!on!disposal!of!subsidiaries!(Note!&) !(%"&$"#) !(+-&+#$) !($#$&1"$) Cash!inflow!arising!from!disposal Cash!consideration !1,&,1$! !"+&0+-! !0"&/,#! Less/!Cash!and!cash!equivalents!disposed !("&/$%) !($&,/#) !(1&+%%) Net!cash!inflow!on!disposal!of!subsidiaries !1%&+"/! !"$&,,-! !%,&"$1! The!following!group!restructuring!took!place!in!the!previous!financial!year) (i) On!1!January!"#""&!the!Company!acquired!the!balance!of!1&-##&###!ordinary!shares!in!TSEM!for!a!total!cash!consideration! of!RM1&-##&###'!Following!the!completion!of!the!acquisition&!TSEM!has!become!a!wholly-owned!subsidiary!of!the!Company'! The!additional!interest!acquired!in!TSEM!is!as!follows) !RM’"""! Cash!consideration!paid!to!non-controlling!shareholders !1&-##! Carrying!value!of!the!additional!interest!in!TSEM $0&,+1! Di(erence!recognised!in!retained!earnings !""&0+1! NOTES TO THE FINANCIAL STATEMENTS FOR!THE!FINANCIAL!YEAR!ENDED!'$!DECEMBER!"%"' 246 ANNUAL REPORT 2023
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