2012 Annual Report - Media Prima Berhad

Media Prima Berhad
Notes to
the Financial Statements
for the financial year ended 31 December 2012
37 SIGNIFICANT ACQUISITIONS AND DISPOSAL OF SUBSIDIARIES (CONTINUED)
B. DISPOSAL
Previous financial year
(i)
TV3 Network Limited (“TV3N”)
On 6 January 2011, a wholly-owned subsidiary, Gama Media International (BVI) Ltd had entered into a Sale
and Purchase Agreement to divest its 90% equity interest in TV3N to Media General Ghana Ltd.
The disposal was completed on 5 September 2011. The effect of the disposal on the Group’s results is as
disclosed in the financial statements.
The net cash flow on disposal is determined as follows:
At date of
disposal
RM’000
Total proceeds from disposal:
Cash consideration 8,196
Expenses directly attributable to the disposal (489)
Net disposal proceeds 7,707
Cash and cash equivalents of the subsidiary disposed –
Net cash flow on disposal 7,707
(ii)
Gama Film Company Limited (“GFC”), Cableview Network Limited (“CVN”) and Gama Media Systems
Limited (“GMS”)
On 15 December 2011, a wholly-owned subsidiary, Gama Media International (BVI) Ltd divested its 70%
equity interest in GFC to the Government of Ghana whilst CVN and GMS were divested on 16 December
2011 to Winmat Limited.
The effect of the disposal on the Group’s results is as disclosed in the financial statements. The net cash
flow on disposal is determined as follows:
At date of
disposal
RM’000
Total proceeds from disposal:
Cash consideration *
Expenses directly attributable to the disposal (99)
Net expenses (99)
Cash and cash equivalents of the subsidiary disposed –
Net cash flow on disposal (99)
228
annual
report
2012
*USD1