43. Notes to the Consolidated Statement of Cash Flows (continued) (c) Disposal of subsidiary companies 2022 HK$M Net assets disposed of: Investment properties 556 Trade and other receivables 1 Trade and other payables (8) Taxation payable (2) Deferred tax liabilities (7) 540 Gains on disposal 520 1,060 Satisfied by: Cash received (net of transaction costs) 1,060 Analysis of net inflow of cash and cash equivalents from disposal: Net cash proceeds 1,060 The disposal of subsidiary companies consists of the sale of the Group’s interests in certain properties in Hong Kong. Refer to the tables with the headings “Audited Financial Information” on page 82 for details of the changes in financing during the year. 44. Immediate and Ultimate Holding Company The immediate holding company is Swire Pacific Limited, a company incorporated and listed in Hong Kong. The ultimate holding company is John Swire & Sons Limited, a company incorporated in the United Kingdom. SWIRE PROPERTIES ANNUAL REPORT 2022 197