Singapore Press Holdings annual report 2011 Singapore Press ...
Singapore Press Holdings annual report 2011 Singapore Press ...
Singapore Press Holdings annual report 2011 Singapore Press ...
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Notes to the<br />
Financial StatementS<br />
August 31, <strong>2011</strong><br />
144 <strong>Singapore</strong> <strong>Press</strong> <strong>Holdings</strong> <strong>annual</strong> <strong>report</strong> <strong>2011</strong><br />
20. CASH AND CASH EQUIVALENTS (CONT’D)<br />
(c)<br />
Disposal of a subsidiary<br />
Group<br />
<strong>2011</strong><br />
S$’000<br />
Carrying values of identifiable assets and liabilities<br />
Property, plant and equipment [Note 8(a)] 10<br />
Current assets (including cash) 1,059<br />
Current liabilities (566)<br />
Deferred income tax liabilities [Note 6(a)(i)] (3)<br />
Net assets disposed 500<br />
Acquisition of an associate [Note 12] (500)<br />
-<br />
Less: Cash and cash equivalents in subsidiary disposed (633)<br />
Net cash outflow on disposal (633)<br />
Note (c)(i)<br />
On December 31, 2010, Hardware Zone Pte Ltd, a wholly-owned subsidiary of SPH Magazines<br />
Pte Ltd (“SPH Magazines”), transferred its entire shareholding in its wholly-owned subsidiary,<br />
clickTRUE Pte Ltd (“clickTRUE”), to Kyosei Ventures Pte Ltd (“Kyosei”). In exchange for the transfer,<br />
SPH Magazines subscribed for 290 new shares in Kyosei, representing 22.5% of the share capital of<br />
Kyosei which then became an associate of the Group.
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