Acquisition of Subsidiary (Tables)

12 Months Ended

Dec. 31, 2022

Acquisition of Subsidiary [Abstract]

Summary of identifiable assets acquired and liabilities assumed

The amounts recognised in respect of the identifiable assets acquired and liabilities assumed at the date of acquisition measured based on a valuation performed by an independent valuer are as set out in the table below.

	On acquisition
	S$’000
Current assets
Cash and cash equivalents		916
Trade receivables		2,336
Contract assets		115
Other receivables		425
Non-current assets
Plant and equipment		721
Right-of-use assets		165
Other receivables		40
Customer relationships		1,867
Current liabilities
Trade and other payables		(1,301	)
Provision for reinstatement cost		(111	)
Lease liabilities		(176	)
Income tax payable		(172	)
Non-current liability
Deferred tax liability		(317	)
Fair value of identifiable assets acquired net of liabilities assumed		4,508
Total consideration transferred		5,130
Fair value of pre-existing interest in the acquiree		435
Less: Fair value of identifiable assets acquired net of liabilities assumed		(4,508	)
Goodwill arising on acquisition		1,057
Consideration paid in cash		5,130
Less: Cash and cash equivalent balances acquired		(916	)
Net cash outflow arising on acquisition		4,214