NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2024 39 ACQUISITION OF AND LOSS OF CONTROL IN SUBSIDIARIES, AND CHANGES IN INTERESTS IN SUBSIDIARIES WITHOUT LOSS OF CONTROL (CONT’D) (II) Loss of control in subsidiary 2024 On 14 October 2024, the Group disposed of its 100% equity interest in Cideco Pte. Ltd. for a sale consideration (net of transaction costs) of $99.1 million. Effects of disposal The cash flow and net assets of subsidiary disposed of are provided below: Total $’000 Investment properties 6,627 Trade and other receivables 160 Cash and cash equivalents 1,949 Trade and other payables (1,240) Provision for taxation (274) Carrying amount of net assets disposed 7,222 Sale consideration, net of disposed costs 99,116 Carrying amount of net assets disposed (7,222) Gain on disposal of subsidiary 91,894 Sale consideration, net of disposal costs 99,116 Less: Cash and cash equivalents of subsidiary disposed (1,949) Net cash inflow on disposal of subsidiary 97,167 (III) Changes in interests in subsidiaries without loss of control There were the following changes in interests in subsidiaries without loss of control during the year: 2024 (a) On 12 June 2024, Shenzhen Hong Leong Technology Park Development Co., Ltd, an indirect wholly-owned subsidiary, acquired the remaining 35% equity in Shenzhen Longgang District Tusincere Science and Technology Development Park Co., Ltd. (Shenzhen Longgang) from the non-controlling interest for a consideration of $62.6 million (RMB336.6 million). Following the acquisition, Shenzhen Longgang became an indirect wholly-owned subsidiary of the Group. (b) On 29 October 2024, CDL Hotels Holdings New Zealand Limited, an indirect wholly-owned subsidiary, acquired 5,273,937 ordinary shares and 2,945,671 redeemable preference shares in Millennium & Copthorne Hotels New Zealand Limited (MCHNZ) from an unrelated third party for a consideration of $11.3 million (NZD 14.0 million). Following the acquisition, the Group’s effective interest in MCHNZ increased from 70.9% to 75.9%. (c) CDL Investments New Zealand Limited (CINZ), an indirect subsidiary of Millennium & Copthorne Hotels Limited (M&C), declared dividend in specie to its minority shareholders. There was no significant change to the Group’s effective interest. ANNUAL REPORT 2024 FINANCIALS 171
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