156 CSE Global Limited 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) Impact on the acquisition on profit or loss Since the acquisition date, Grid had contributed $12,100,000 of revenue. If the business combination had taken place at the beginning of the year, revenue contributed would have been $14,693,000. 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 NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2024
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