NOTES TO CONDENSED CONSOLIDATED FINANCIAL INFORMATION For the six months ended 30 June 2022 20. 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 IV Offshore Holdings (BVI) Limited 100% January 2022 Nanning Xinrong Zhongrong Logistics Co., Ltd 100% February 2022 LV Project 6 Pte Ltd 100% February 2022 ARA Real Estate Investors X Pte. Ltd. 100% April 2022 Islay Eleven Singapore Holding Pte. Ltd. 100% May 2022 ARA Real Estate Investors 25 Limited 100% May 2022 Harmony V/FM (ADIII)/Mgrs (MIP) 100% June 2022 Langfang Baiyi Supply Chain Co., Ltd 100% June 2022 US$’000 Net assets disposed of: Investment in joint ventures 14,812 Investment properties 47,305 Cash and bank balances 11,025 Prepayments, trade and other receivables and other assets 10,840 Deferred tax assets 88 Trade payables, accruals and other payables# (83,964) 106 Exchange fluctuation reserve 2,180 Gain on disposal of subsidiaries 52 2,338 Satisfied by: Cash 766 Other receivables 1,572 2,338 An analysis of the net outflow of cash and cash equivalents in respect of the disposal of subsidiaries is as follows: US$’000 Cash consideration 766 Cash and bank balances of a subsidiary disposed of (11,025) Net outflow of cash and cash equivalents included in cash flows related to investing activities (10,259) # Included an amount of US$63,120,000 that was subsequently repaid by the disposed subsidiaries to the Group during the six months ended 30 June 2022. E S R G R O U P L I M I T E D I N T E R I M R E P O R T 2 0 2 2 77
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