Notes to the Financial Statements FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023 22 ASSETS AND LIABILITIES OF DISPOSAL GROUP CLASSIFIED AS HELD FOR SALE (CONTINUED) (b) Assets and liabilities of disposal group classified as held for sale in the previous financial year On 10 October 2022, the Company’s indirect wholly-owned subsidiary, Wasco China International Limited (“WCIL”) entered into a sale and purchase agreement for the disposal of the Company’s indirect 65% owned subsidiaries, Ashburn International Trade (Tianjin) Co. Ltd. and Ashburn Offshore Oil & Gas Equipment & Engineering (Tianjin) Co. Ltd. for a consideration of RMB8,500,000 (equivalent to approximately RM5,700,000). On 21 December 2023, WCIL completed the disposal of the said subsidiaries by fulfilling condition precedent as stipulated in the sale and purchase agreement. Accordingly, the carrying amount of the said assets and liabilities of the subsidiaries was derecognised as assets and liabilities of disposal group held for sale, no gain nor loss was recognised in the statement of profit or loss. Details of the completed disposal and the net cash flow on disposal are as follows: At the date of disposal RM’000 Total assets of disposal group classified as held for sale 24,659 Total liabilities of disposal group classified as held for sale (18,959) Group’s share of net assets disposed 5,700 Net disposal proceeds 5,700 Net loss on disposal before reclassification of foreign currency translation reserve - Reclassification of foreign currency translation reserve to profit or loss 218 Net gain on disposal 218 Net disposal proceeds 5,700 Less: Net disposal proceeds receivables (1,772) Proceeds from disposal of subsidiaries 3,928 247 Wasco Berhad
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