FORWARD TOGETHER 80 Notes to Condensed Consolidated Financial Information 30 June 2023 20. DISPOSAL GROUP HELD FOR SALE (continued) Higashi Ogishima (continued) Lease receivables under non-cancellable operating leases generated from completed investment properties under the disposal group held for sale are as follows: As at 30 June 2023 (Unaudited) US$’000 Within one year 5,739 After one year but within two years 10,151 After two years but within three years 7,029 After three years but within four years 6,330 29,249 Indonesia warehousing facilities On 26 May 2023, certain wholly-owned subsidiaries (the “Target Entities”) of the Company entered into subscription agreement with Indonesia Investment Authority (“INA”) and MC Urban Development Indonesia (“MCUDI”) to develop modern warehousing facilities in Indonesia. Pursuant to the subscription agreement, INA, MCUDI and the Company shall own 40%, 40% and 20% interest, respectively in the Target Entities. Consequently, the Target Entities shall be deconsolidated from the Company and accounted as investment in joint ventures. The subscription agreement was completed on 3 July 2023. As a result of the subscription agreement, all assets and liabilities of the Target Entity (including the investment property) were reclassified as disposal group held for sale as at 30 June 2023. Details of assets and liabilities classified as held for sale as at 30 June 2023 are as follows: As at 30 June 2023 US$’000 Assets Investment properties 85,230 Cash and bank balances 13,493 Other assets 3,768 Assets of a disposal group classified as held for sale 102,491 Liabilities Bank and other borrowings (24,288) Other liabilities (5,108) Liabilities directly associated with assets classified as held for sale (29,396) Net assets directly associated with the disposal group 73,095 As at 30 June 2023, the bank and other borrowings of US$24,288,000 bears floating interest rate from 10.65% to 11.63% per annum with maturity from 2024 to 2026. The investment property with a fair value of US$66,428,000 was pledged to secure bank and other borrowings. The fair value of the investment properties under the disposal group held for sale as at 30 June 2023 was measured based on the agreed transaction price (Level 2).
RkJQdWJsaXNoZXIy MTIwODcxMw==