166 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 2022 (cont’d) Acquisition of business in Australia (cont’d) The fair values of the identifiable assets and liabilities acquired as follows: Fair value recognised on acquisition $’000 Customer relationships 3,010 Intangible asset 1 Property, plant and equipment 496 Right-to-use assets 369 Inventories 1,870 Trade and other receivables 1,759 Cash and bank balances 415 Total assets 7,920 Trade and other payables (2,547) Lease liabilities (344) Tax payables (119) Deferred tax liability (903) Total liabilities (3,913) Total identifiable net assets at fair value 4,007 Goodwill arising from acquisition 4,130 Cash paid on acquisition 8,137 Less: cash and bank balances (415) Cash paid on acquisition, representing net cash outflow on acquisition 7,722 Transaction costs Transaction costs relating to the acquisition were not significant. Goodwill arising from acquisition The goodwill arising from the acquisition of GenCom comprises the value of strengthening the Group’s market position in provision of telecommunications products and services in Australia.
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