159 ANNUAL REPORT 2023 NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2023 5. INVESTMENT IN SUBSIDIARIES AND AMOUNTS DUE FROM/(TO) SUBSIDIARIES (CONT’D) Acquisition of businesses in 2023 (cont’d) Acquisition of business in New Zealand (cont’d) The provisional fair values of the identifiable assets and liabilities acquired as follows: Provisional fair value recognised on acquisition $’000 Property, plant and equipment 349 Right-to-use assets 61 Inventories 130 Trade and other receivables 706 Cash and bank balances 2 Total assets 1,248 Trade and other payables (603) Lease liabilities (59) Loans and borrowings (35) Tax payables (8) Total liabilities (705) Total identifiable net assets at fair value 543 Goodwill arising from acquisition 1,670 Cash paid on acquisition 2,213 Less: cash and bank balances (2) Less: contingent consideration (812) Cash paid on acquisition, representing net cash outflow on acquisition 1,399 Transaction costs Transaction costs relating to the acquisition is not significant.
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