162 CSE GLOBAL LIMITED 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 Singapore (cont’d) Provisional accounting of the acquisition of asset and business The purchase price allocation of the acquisition of asset and business in the financial year ended 31 December 2023 was provisional as the Group had sought a valuation for the acquisitions. The results of this valuation had not been finalised at the date the 2023 financial statements were authorised for issue. Acquisition of business in United States In January 2023, a wholly-owned subsidiary of the Group, CSE Crosscom USA, Inc acquired 100% of the issued share capital in Radio One, Inc and Communication Service Co. (collectively referred as “Radio One”) for a consideration of USD10.3 million (approximately $13.9 million). The acquisition allowed the Group to expand and extend its existing radio communication business and solutions to its customers in the United States. The fair values of the identifiable assets and liabilities acquired as follows: Fair value recognised on acquisition $’000 Customer relationships 2,847 Property, plant and equipment 3,480 Inventories 3,254 Trade and other receivables 2,330 Cash and bank balances 81 Total assets 11,992 Trade and other payables (7,400) Loans and borrowings (1,486) Total liabilities (8,886) Total identifiable net assets at fair value 3,106 Goodwill arising from acquisition 10,757 Cash paid on acquisition 13,863 Less: cash and bank balances (81) Cash paid on acquisition, representing net cash outflow on acquisition 13,782
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