NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 December 2021 34. DISPOSAL OF SUBSIDIARIES (continued) In October 2021, the Group, through its wholly-owned subsidiary, Redwood Asian Investments, Ltd., entered into an agreement with ESR Japan Income Fund SCSp (the Fund)# to dispose of the 100% interests in a subsidiary, Enhanced Inc Pte. Ltd. US$’000 Net assets disposed of: Cash and bank balances 283,288 Prepayments, trade and other receivables and other assets 12,745 Investment properties 259,895 Trade payables, accruals, other payables## and income tax payable (377,589) Bank and other borrowings (174,655) Deferred tax liabilities (489) Non-controlling interests (89) 3,106 Exchange fluctuation reserve 2 Gain on disposal of a subsidiary 1,373 4,481 Satisfied by: Cash 3,884 Other receivables 597 4,481 An analysis of the net outflow of cash and cash equivalents in respect of the disposal of a subsidiary is as follows: US$’000 Cash consideration 3,884 Advance capital call received for investment in financial assets at fair value through profit or loss## 333,410 Repayment of intercompany balance to the Group### (72,643) Cash and bank balances of a subsidiary disposed of (283,288) Net outflow of cash and cash equivalents included in cash flows used in investing activities (18,637) # The Group holds 10% interest in the Fund. The investment is classified as financial asset at fair value through profit or loss. ## Included an amount of US$333,410,000 being advance capital call received from the shareholders of the Fund, which are the external parties to the Group, before the disposal of Enhanced Inc Pte Ltd was completed. The amount is added back in deriving the net outflow of cash and cash equivalents in cash flows statement as it was not part of the sale consideration. ### Related to intercompany balance repaid by Enhanced Inc Pte. Ltd immediately before the disposal of 100% interest to ESR Japan Income Fund SCSp was completed. The amount was excluded in deriving the net outflow of cash and cash equivalents in cash flows statement as it was not part of the sale consideration. R E A C H I N G N E W H E I G H T S 216
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