NOTES TO
THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MAY 2015
97
GKE CORPORATION LIMITED
ANNUAL REPORT 2015
13.
DISPOSAL OF SUBSIDIARY
On 30 April 2015, the Group’s subsidiary, GKE Freight Pte Ltd (“GKEF”) entered into a sale and purchase
of shares agreement to dispose its 60% equity interest in GKE Air Logistics Pte Ltd (“GKEAL”). As at the
date of disposal, GKEAL is in net liabilities position of S$91,482.
Balance sheet disclosures
The major classes of assets and liabilities of GKEAL as at 31 May are as follows:
Group
2015
$’000
Assets:
Property, plant and equipment
23
Trade and other receivables
239
Prepaid operating expenses
28
Cash and bank balances
5
Total assets
295
Liabilities:
Trade and other payables
(354)
Other liabilities
(32)
Liabilities directly associated with disposal group classified as held for sale
(386)
Net liabilities derecognised
(91)
Less: non-controlling interests
37
Net liabilities settled by cash payment
(54)
Cash and bank balances of subsidiary disposed
(5)
Net cash outflow on disposal of subsidiary
(59)
As the impact of the disposal of GKEAL on the income statement, cash flow statement and loss per share
are not material to the Group on the whole; these disclosures are thus not presented.
