NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 December 2021 32. BUSINESS COMBINATION (continued) Acquisition of subsidiaries that are not businesses Limetree Finance Limited and its subsidiaries (“Limetree”) On 5 May 2021, the Group, through its wholly-owned subsidiary, ESR Hong Kong Brilliant Limited, completed the acquisition of an additional 50% equity interests in Limetree. The Group previously held 50% interests in Limetree and accounted as investment in joint venture. Upon acquisition of additional 50% interest, Limetree became a subsidiary of the Group. On the acquisition date, there were no other material assets and liabilities other than those disclosed in the table below. The transactions were accounted for as an asset acquisition. Net assets acquired US$’000 Net assets acquired Prepayments, other receivables and other assets 1,569 Property, plant and equipment 333 Investment properties 226,364 Trade payables, accruals and other payables (5,442) 222,824 Satisfied by Cash 115,185 Investment in joint venture 290 Loan receivable from a joint venture 107,349 222,824 An analysis of the cash flows in respect of the acquisition of subsidiaries are as follows: Cashflow on acquisition US$’000 Cash consideration (115,185) Cash and bank balances acquired – Net outflow of cash and cash equivalents included in cash flows used in investing activities (115,185) R E A C H I N G N E W H E I G H T S 212
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