NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2024 (CURRENCY – SINGAPORE DOLLARS UNLESS OTHERWISE STATED) F2 Acquisition and disposal of controlling interests in subsidiaries in 2024/2023 (continued) Acquisition of controlling interest in subsidiary in 2023 There was no acquisition of subsidiary in 2023. De-consolidation and disposal of controlling interests in subsidiaries in 2024 During the year, the Group completed the liquidation VT Hackney, S.A. de C.V., ST Kinetics International Pte. Ltd., ST Engineering Electronics (Tianjin) Co., Ltd and ST Engineering Aerospace Seats Pte. Ltd. as part of the Group’s portfolio rationalisation. The subsidiaries were dormant prior to disposal. De-consolidation and disposal of controlling interests in subsidiaries in 2023 During the year, the Group completed the liquidation of Kinetics Systems (Shanghai) Co. Ltd, SDG Kinetics Pte. Ltd., ST Engineering (Israel) Smart Cities Ltd, ST Engineering (Myanmar) Co., Ltd., STET Homeland Security Services Pte Ltd, ST Engineering Aerospace (Guangzhou) Aero-Technologies & Engineering Co Ltd and Technicae Projetos e Servicos Automotivos Ltda. as part of the Group’s portfolio rationalisation. The subsidiaries were dormant prior to disposal. With regards to the sale of the entire issued and outstanding equity interests in VT Halter Marine, Inc and ST Engineering Halter Marine and Offshore, Inc (the Sale) in 2022, following the finalisation of post-closing net working capital adjustments, an additional gain on disposal of $16,321,000 was recorded in the current year. 237 CORPORATE OVERVIEW PERFORMANCE REVIEW SUSTAINABILITY FINANCIAL REPORT
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