22. NON-CURRENT ASSETS HELD FOR SALE On 2 September 2024, management expressed the intention to dispose off the 20% interest in Katong Holdings Pte. Ltd. (“KHPL”) to MCSK Pte Ltd (“MCSK”), the major shareholder of KHPL. The disposal includes the sale of the entire shareholding interest in KHPL and the shareholder’s loan for a consideration of $34,500,000. The sale and purchase agreement were signed and completed on 19 February 2025. The disposal of KHPL is expected to be completed within a year from the reporting date. Accordingly, investments in KHPL have been reclassified as a non-current assets held for sale as at 30 September 2024. Details of non-current assets held for sale are as follows: 2024 2023 $’000 $’000 Cost 200 – Share of reserves of associates, net of dividend received and tax 14,111 – Amount due from associate 34,601 – Impairment loss (14,795) – 34,117 – Impairment loss relating to the investments in KHPL The disposal group is held at its carrying amount on the date of transfer and no impairment loss is recognised as its fair value less costs to sell is higher than the carrying amount. Cumulative income or expense recognised in Other Comprehensive Income (“OCI”) There was no cumulative income or expenses included in OCI relating to the disposal group. Measurement of fair values Fair value hierarchy The non-recurring fair value measurement for the non-current assets held for sale of $34,500,000 has been categorised as a Level 2 fair value based on the sales and purchase agreement signed with the buyer. 23. SHARE CAPITAL Group and Company 2024 2023 No. of shares No. of shares ’000 $’000 ’000 $’000 Issued and fully paid, with no par value At beginning and end of financial year 242,565 25,048 242,565 25,048 The holders of ordinary shares (except treasury shares) are entitled to receive dividends as and when declared by the Company. All ordinary shares have no par value and carry one vote per share without restriction. 113 ANNUAL REPORT 2024 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
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