FGV Annual Report 2015

277 WHO WE ARE & WHAT WE DO OUR STRATEGIC INTENT & PERFORMANCE HOWWE ARE GOVERNED CREATING SUSTAINABLE VALUE OUR NUMBERS ADDITIONAL INFORMATION DETAILS OF THE ANNUAL GENERAL MEETING Notes to the Financial Statements For The Financial Year Ended 31 December 2015 ADDRESSING OUR RISKS & OPPORTUNITIES Felda Global Ventures Holdings Berhad Annual Integrated Report 2015 22 INVESTMENT IN SUBSIDIARIES (CONTINUED) (b) Incorporation, acquisitions and disposal of subsidiaries during the financial year (continued) (iii) The effects of the disposal of TRT ETGO on the financial position of the Group as at financial year end is as follows: RM’000 Property, plant and equipment 561,584 Intangible assets 497 Inventories 195,735 Trade and other receivables 87,598 Deferred tax assets 18,721 Cash and cash equivalents 18,874 Payables (115,851) Derivatives financial liabilities (6,670) Borrowings (244,336) Net assets disposed 516,152 Realisation of foreign exchange 37,945 Gain on disposal 13,016 Proceeds from disposal, net of transaction costs 567,113 The cash inflow on disposal is as follows: Proceeds from disposal, net of transaction costs 567,113 Less: Cash and cash equivalents (18,874) Net cash inflow from disposal 548,239 (c) Incorporation and acquisitions of subsidiaries in previous financial year Note 8 On 14 January 2014, a subsidiary of Felda Global Ventures Downstream Sdn. Bhd. (“FGVD”), FGV Cambridge Nanosys tems Ltd. (“FGV CNS”) (previously known as Cambridge Nanosystems Ltd.), signed a Share Purchase Agreement for acquisition of 70% equity interest in GasPlas AS (“GP”), for a purchase price of GBP5.9 million (RM31.9 million). The acquisition of GP was completed on 16 January 2014. Refer b (i) for the effects of the acquisition of GP. Following the decision made by the Board of FGV CNS, the directors of GP, had executed a merger document on 27 February 2015, between GasPlas AS and its wholly-owned subsidiary, MetalPlas AS which remained dormant previously. Note 9 On 16 May 2014, FGV Investment (L) Pte. Ltd. (“FGV Investment”), a subsidiary of the Company, incorporated a wholly- owned subsidiary known as FGV Cambodia (L) Pte. Ltd. (“FGV Cambodia”) in Labuan Federal Territory, Malaysia with an issued capital of USD1.00. Note 10 On 21 May 2014, FGV Kalimantan Sdn. Bhd. (“FGVK”), a subsidiary of the Company, completed the acquisition of 95% of the total issued and paid-up share capital of PT Temila Agro Abadi (“PT TAA”) for a total purchase consideration of RM24,407,000. Refer b(ii) for the effects of the acquisition of PT TAA.