cover rationale - ChartNexus

(A) SUMMARY OF EFFECTS ON DISPOSAL OF A SUBSIDIARY
Net assets disposed:
2002 2001
RM'000 RM'000
Property, plant and equipment 127,597 -
Project development expenditure 13,810 -
Trade and other receivables 67,967 -
Trade and other payables (76,103) -
Cash and bank balances 9 -
Short term loan (171,683) -
Net liabilities disposed (38,403) -
Exceptional gain on disposal 153,403 -
Total consideration received from disposal 115,000 -
Less: Cash and bank balances (9) -
Net cash from disposal of interest in a subsidiary 114,991 -
On 20 May 2002, the Company completed the disposal of its entire 70% equity interest in
Sepang Power Sdn. Bhd. (‘SPSB’) to Tenaga Nasional Berhad for a total cash consideration
of RM115.0 million. The effects of the disposal of SPSB on the results of the Group for the
financial year to the date of disposal was as follows:
Period from
1.9.2001 to 12 months
20.5.2002 31.8.2001
RM'000 RM'000
Revenue - -
Operating cost (564) -
Loss from operation (564) -
Finance cost - -
Loss before taxation (564) -
Taxation - -
Net loss attributable to shareholders (564) -
Laporan Tahunan 2002 Annual Report
CASH FLOW STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 AUGUST 2002 (CONTINUED)
97