Notes to Fina - 星島新聞集團

Notes to Fina
Notes to Financial Statements
31 December 2002
37. NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
(continued)
37.
(c)
Summary of effects of disposal of subsidiaries
(c)
and discontinued operations (continued)
* On 3 July 2002, the Group disposed of its 74.5%
*
equity interests in Sing Tao Holdings Limited to
Ming
Yuan
Ming Yuan Investments Group Limited, an
Investments Group Limited
independent third party, for a total consideration
163,800,000Sing Tao
of HK$163,800,000 (the “Disposal”). The
Holdings Limited74.5%
completion of the Disposal was conditional upon
certain conditions, one of which was the
completion of the distribution of the entire issued
Sing Tao Holdings
share capital of Sing Tao Media, one of the then
LimitedSing Tao
wholly-owned subsidiaries of Sing Tao Holdings
MediaSing Tao
Limited which was also the then holding company
Holdings Limited
of the subsidiaries engaging in the Group’s
Sing Tao Holdings
publishing and media business, by way of a
Limited
special interim dividend in specie in the
proportion of one ordinary share of Sing Tao Media
Sing Tao
for every ordinary share of Sing Tao Holdings
Media
Limited (the “Distribution”). Immediately after
the Distribution, the Group’s equity interests in
Sing Tao Media
Sing Tao Media remained at 74.5% and the assets
74.5%Sing
Tao
of Sing Tao Holdings Limited primarily comprised
Holdings Limited
non-media-related properties in Hong Kong, the
Mainland China and Canada and cash. The
Distribution was completed on 21 August 2002
and had no significant financial impact to the
Group. The Disposal was completed on 23 August
2002 and resulted in a net gain on disposal of
93,352,000
HK$93,352,000.
152
Global China Group Holdings Limited Annual Report 2002