NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2025 39 ACQUISITION OF AND LOSS OF CONTROL IN SUBSIDIARIES, AND CHANGES IN INTERESTS IN SUBSIDIARIES WITHOUT LOSS OF CONTROL (I) Acquisition of subsidiaries 2025 On 1 December 2025, the Group, through its indirect wholly-owned subsidiary, Copthorne Hotel Holdings Limited, (i) acquired 100% of the shares and voting interests in Kensington Close Hotel Ltd (subsequently renamed as Kensington Unity Hotel Limited) which holds the Holiday Inn London – Kensington High Street in the UK; and (ii) settled existing indebtedness amounts, for a total consideration of approximately $478.5 million (£279.8 million). The acquisition was accounted for as an acquisition of assets. Identifiable assets acquired and liabilities assumed The following table summarises the recognised amounts of assets acquired and liabilities assumed at the acquisition date: Recognised amounts $’000 Property, plant and equipment 493,622 Consumable stocks 68 Trade and other receivables 9,342 Cash and cash equivalents 43 Trade and other payables (21,696) Provision for taxation (89) Interest-bearing borrowings (274,563) Deferred tax liabilities (4,154) Net identifiable assets acquired 202,573 Cash flows relating to the acquisition Consideration for equity interest 202,573 Repayment of bank loans and interests on behalf of acquired entity 275,950 Total consideration 478,523 Add: Acquisition-related costs 1,936 Add: Bank overdrafts (net of cash and cash equivalents) assumed 920 Total net cash outflow 481,379 190 | CITY DEVELOPMENTS LIMITED
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