FGV HOLDINGS BERHAD | AUDITED FINANCIAL STATEMENTS 2023 137 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023 23 INVESTMENT IN SUBSIDIARIES (CONTINUED) (b) Disposal and share subscription of subsidiaries during the financial year Note 1 On 20 November 2023, FGV Kalimantan Sdn. Bhd., a wholly-owned subsidiary of the Company, disposed its 95% equity interest in PT. Citra Niaga Perkasa (“PTCNP”) and PT. Temila Agro Abadi (“PTTAA”), for a total consideration of RM103,929,000, resulting in a loss on disposal of RM2,234,000 to the Group. The effects of the disposal of PTCNP and PT TAA on the financial position of the Group as at the financial year end is as follows: Net assets disposed RM’000 Property, plant and equipment 84,083 Rights-of-use assets 9,807 Intangible assets 5,387 Inventories 354 Receivables 3,222 Biological assets 799 Cash and cash equivalents 293 Payables (40) Non-controlling interests 2,258 Net assets disposed 106,163 Loss on disposal of a subsidiaries (2,234) Proceeds from disposal 103,929 Less: Cash and cash equivalents (293) Net cash inflow from disposal of subsidiaries 103,636 On the disposal of PTCNP and PTTAA, the Group also recognised a loss of RM6.36 million arising from realisation of accumulated foreign exchange differences in foreign exchange reserve to profit or loss. This resulted in a cumulative loss on disposal of subsidiaries of RM8,594,000. Note 2 During the financial year, Felda Holdings Bhd. (“FHB”), a wholly owned subsidiary of the Company, has subscribed 3,600,000 ordinary shares in its 72% interest in FGV Palm Industries Sdn. Bhd. (“FGVPI”), for a total consideration of RM3,600,000 and 1,400,000 ordinary shares, which is equivalent to RM1,400,000 has been subscribed by FGVPI’s non-controlling interest.
RkJQdWJsaXNoZXIy NDgzMzc=