NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 December 2021 34. DISPOSAL OF SUBSIDIARIES (continued) On 17 December 2021, the Group, through its wholly-owned subsidiary, Gamma Offshore Holdings (BVI) Limited, entered into an agreement with a joint venture of the Group to dispose of the 100% interests in a subsidiary, which is Shenyang Hualong Storage Service Co. Ltd. US$’000 Net assets disposed of: Cash and bank balances 9,492 Prepayments, trade and other receivables and other assets 15 Investment properties 15,251 Deferred tax assets 151 Trade payables, accruals, and other payables# (23,027) 1,882 Satisfied by: Cash 561 Other receivables 1,321 1,882 An analysis of the net outflow of cash and cash equivalents in respect of the disposal of a subsidiary is as follows: US$’000 Cash consideration 561 Cash and bank balances of a subsidiary disposed of (9,492) Net outflow of cash and cash equivalents included in cash flows used in investing activities (8,931) # Included an amount of US$17,630,000 that was subsequently repaid by the joint venture to the Group during the year. E S R C A Y M A N L I M I T E D A N N U A L R E P O R T 2 0 2 1 217
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