Notes to the Financial Statements FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023 36 DISPOSAL OF A SUBSIDIARY (CONTINUED) 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 72 Other receivables 29 Other payables (42) Non-controlling interests 446 Group’s share of net assets disposed 505 Less: Net disposal proceeds (200) Net loss on disposal 305 Net disposal proceeds received in cash 200 Less: Cash and bank balances of subsidiary disposed - Net cash inflow on disposal 200 37 ACQUISITION OF SUBSIDIARIES Acquisition of subsidiaries in the previous financial year On 29 April 2022, Wasco Engineering Group Limited (“WEGL”), an indirect wholly-owned subsidiary of the Company entered into a Share Sale Agreement (“SSA”) with MMA Offshore Asia Pte. Ltd., for the acquisition of 100% equity interests in MMA Offshore Holdings Pte. Ltd. (“MMA Offshore Holdings”) and MMA Offshore Investments Pte. Ltd. (“MMA Offshore Investments”) for a total consideration of USD15,000,000 (equivalent to approximately RM65,397,000) plus the Working Capital Amount (“Purchase price”), subject to the terms and conditions as stipulated in the SSA (“Sale Shares”). Pursuant to the SSA, upon completion of the Sale Shares, PT Jaya Asiatic Shipyard (“PT Jaya”), a subsidiary of MMA Offshore Holdings and MMA Offshore Investments shall become an indirect whollyowned subsidiary of the Company through WEGL. On 1 December 2022, the acquisition was completed with the final instalment of the Purchase Price being paid in accordance to the terms of the SSA. 261 Wasco Berhad
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