155 Annual Report 2024 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) The fair values of the identifiable assets and liabilities acquired as follows: Fair value recognised on acquisition $’000 Intangible asset 10 Customer relationship 1,666 Property, plant and equipment 3,233 Right-to-use assets 279 Contract assets 1,802 Trade and other receivables 2,359 Cash and bank balances 3,878 Total assets 13,227 Trade and other payables (9,816) Tax payable (386) Deferred tax liabilities (283) Lease liabilities (279) Total liabilities (10,764) Total identifiable net assets at fair value 2,463 Goodwill arising from acquisition 397 Cash paid on acquisition 2,860 Less: cash and bank balances (3,878) Cash received on acquisition, representing net cash inflow on acquisition (1,018) Transaction costs Transaction costs relating to the acquisition were not significant. Goodwill arising from acquisition The goodwill arising from the acquisition of Grid comprises the value of strengthening the Group’s market position in provision of communication business solutions in Singapore. NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2024
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