NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 31 December 2015
103
ANNUAL REPORT 2015
18.
SUBSIDIARIES (CONT’D)
Sale in 2014
Sale of a subsidiary classified as discontinued operation
The sale by Malaysia Smelting Corporation Berhad, the Group’s listed subsidiary, of its entire interest in PT MSC Indonesia
(“PT MSCI”) to PT Bangka Timah Utama and Mr Eddy Dayanto for a consideration of USD1 was completed on 2 June 2014.
Its results had been reclassified as discontinued operations (note 25).
The sale had the following effects on the financial position of the Group as at 31 December 2014:
Group
2014
$’000
Assets:
Property, plant and equipment (note 15)
616
Inventories
182
Trade and other receivables
1,317
Cash and cash equivalents
9
2,124
Liabilities:
Provisions (note 31)
(40)
Deferred tax liabilities
(43)
Trade and other payables
(2,120)
(2,203)
Net liabilities disposed
(79)
Realisation of translation reserve
(61)
Gain on sale recognised in profit or loss of the Group
(140)
Realisation of revaluation reserve
(41)
Gain on sale directly charged to equity of the Group
(41)
Cash and cash equivalents of the subsidiary disposed
(9)
Net cash outflow
(9)
