FORWARD TOGETHER 82 Notes to Condensed Consolidated Financial Information 30 June 2023 22. DISPOSAL OF SUBSIDIARIES Cosmosquare OS1 In February 2023, the Group has, through its wholly-owned subsidiary, entered into a sale and purchase agreement to dispose of the 100% interests in a subsidiary, JP DC OS 1 Pte. Ltd., to a fund managed by the Group. US$’000 Net assets disposed of: Investment properties 9,805 Cash and bank balances 7,011 Trade receivables, prepayments and other receivables 982 Other liabilities (17,998) Non-controlling interests (1) (201) Gain on disposal of subsidiaries 201 – Satisfied by: Cash –* An analysis of the net outflow of cash and cash equivalents in respect of the disposal of a subsidiary is as follows: US$’000 Cash consideration –* Cash and bank balances of a subsidiary disposed of (7,011) Net outflow of cash and cash equivalents included in cash flows related to investing activities (7,011) * Denotes less than US$1,000 23. CONTINGENT LIABILITIES As at 30 June 2023, neither the Group nor the Company had any significant contingent liabilities. 24. COMMITMENTS (a) Operating lease commitments As lessor The Group leases out its completed investment properties under operating lease arrangements on terms ranging from one to ten years and with an option for renewal after the expiry dates, at which time all terms will be renegotiated. At 30 June 2023 and 31 December 2022, the Group had total future minimum lease receivable under non-cancellable operating leases with its tenants falling due as stated in note 13.
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