NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 December 2021 32. BUSINESS COMBINATION (continued) Acquisition of subsidiaries that are not businesses (continued) The Group also acquired the following subsidiaries during the year for a total consideration of US$31,776,000: Name of subsidiaries acquired Equity interest acquired Month of acquisition Nanning Xinrong Zhonglang Logistics Co., Ltd. 100% August 2021 SI-Group-Shanghai Co., Ltd 100% December 2021 On the acquisition date, there were no other material assets and liabilities other than those disclosed in the table below. The transactions were accounted for as an asset acquisition. Net assets acquired US$’000 Net assets acquired Cash and bank balances 1,399 Prepayments, other receivables and other assets 4 Investment properties 30,424 Trade payables, accruals and other payables (51) 31,776 Satisfied by Cash 30,814 Consideration payable 962 31,776 An analysis of the cash flows in respect of the acquisition of subsidiaries are as follows: Cashflow on acquisition US$’000 Cash consideration (30,814) Cash and bank balances acquired 1,399 Net outflow of cash and cash equivalents included in cash flows used in investing activities (29,415) E S R C A Y M A N L I M I T E D A N N U A L R E P O R T 2 0 2 1 213
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