Notes to Condensed Consolidated Financial Information 30 June 2024 89 ESR Group Limited Interim Report 2024 23. DISPOSAL OF SUBSIDIARIES (continued) The Group also disposed the following subsidiaries during the period: Name of subsidiaries disposed Equity interest disposed Month of disposal ECN X Offshore Holdings (HK) Limited 100% January 2024 ECN X Offshore Holdings (BVI) Limited 100% January 2024 Arran TMK 46% March 2024 US$’000 Net assets disposed of: Cash 43 Other assets 12,359 Other liabilities (177) 12,225 Gain on disposal of subsidiaries 47 12,272 Satisfied by: Cash 5,709 Investments in joint ventures 6,563 12,272 An analysis of the net cash and cash equivalents in respect of the disposal of a subsidiary is as follows: US$’000 Cash consideration 5,709 Cash and bank balances of a subsidiary disposed of (43) Net inflow of cash and cash equivalents included in cash flows related to investing activities 5,666 24. CONTINGENT LIABILITIES As at 30 June 2024, neither the Group nor the Company had any significant contingent liabilities. 25. COMMITMENTS (a) Operating lease commitments As lessor The Group leases out its completed investment properties under operating lease arrangements on terms ranging from one to ten years and with an option for renewal after the expiry dates, at which time all terms will be renegotiated. At 30 June 2024 and 31 December 2023, the Group had total future minimum leases receivable under non-cancellable operating leases with its tenants falling due as stated in note 13.
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