150 CSE Global Limited 5. Investment in subsidiaries and amounts due from/(to) subsidiaries (cont’d) Acquisition of businesses in 2024 (cont’d) Acquisition of business in United States (cont’d) (i) RFC Wireless, Inc (cont’d) The provisional fair values of the identifiable assets and liabilities acquired as follows: Provisional fair value recognised on acquisition $’000 Customer relationships 6,172 Property, plant and equipment 238 Inventories 454 Trade and other receivables 2,727 Cash and bank balances 714 Total assets 10,305 Contract liabilities (770) Trade and other payables (2,273) Loans and borrowings (36) Total liabilities (3,079) Total identifiable net assets at fair value 7,226 Goodwill arising from acquisition 7,119 Cash paid on acquisition 14,345 Less: cash and bank balances (714) Cash paid on acquisition, representing net cash outflow on acquisition 13,631 Transaction costs Transaction costs relating to the acquisition of USD 309,000 (approximately $410,000) were recognised in the “administrative expense” line item in the Group’s profit and loss for the year ended 31 December 2024. Impact on the acquisition on profit or loss Since the acquisition date, RFC has contributed USD 6,794,000 (approximately $8,886,000) of revenue. If the business combination had taken place at the beginning of the year, revenue contributed would have been USD 14,902,000 (approximately $19,795,000). 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 2024 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 2024 financial statements were authorised for issue. NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2024
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