NOTES TO CONDENSED CONSOLIDATED FINANCIAL INFORMATION For the six months ended 30 June 2022 20. DISPOSAL OF SUBSIDIARIES In April 2022, the Group has, through its wholly-owned subsidiary, entered into a sale and purchase agreement to dispose of the 47.38% interests in a subsidiary, which is Brendale Asset Trust. US$’000 Net assets disposed of: Investment properties 114,312 Cash and bank balances 1,855 Trade receivables, prepayments, trade and other receivables 472 Bank and other borrowings (68,528) Trade payables (2,337) 45,774 Exchange fluctuation reserve 1 Gain on disposal of subsidiaries 531 46,306 Satisfied by: Cash 22,219 Investment in a joint venture 24,087 46,306 An analysis of the net inflow of cash and cash equivalents in respect of the disposal of a subsidiary is as follows: US$’000 Cash consideration 22,219 Cash and bank balances of a subsidiary disposed of (1,855) Net inflow of cash and cash equivalents included in cash flows related to investing activities 20,364 R E A C H I N G N E W H E I G H T S 76
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