SEO Version
170
TRANS
FORM
ATION
NOTES TO THE FINANCIAL STATEMENTS
For the Financial Year Ended 31 December 2011
45
SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES
(cont’d)
Effective
Cost of
shareholding % investment
Country of
2011
2010
2011
2010
Incorporation Business
%
%
$’000
$’000
Associates
Held by the Company:
Johan Kekal Sendirian Berhad**
Malaysia Property
development
45
45
1,123
1,123
Taiko-Straits Developments Sdn. Bhd.*
Malaysia Property
development
30
30
2,462
2,462
3,585
3,585
Held through subsidiaries:
Asian Mineral Resources Limited**
ß
New Zealand
(i)
Exploration and
development of
mineral property
interests (ii)
18(e)
19(e)
Guilin Hinwei Tin Co Ltd**
ß
China Smelting, refining
and sales of tin
and tin products
19
25
Redring Solder (M) Sdn. Bhd.*
ß
Malaysia Manufacture and
sale of solder
products
22
29
Joint Ventures
Held through subsidiaries:
Coastal Coffees Pty Ltd**
Australia Restaurant
50
50
KM Resources, Inc.*
ß
Labuan,
Malaysia
Investment
holding
16
22
The subsidiaries and associates are audited by Ernst & Young LLP, Singapore unless stated otherwise.
* Audited by member firms of Ernst & Young Global in the respective countries.
** These subsidiaries, associates and joint ventures are audited by other firms of auditors.
ˆ Companies listed on the Stock Exchange Ltd in the respective countries where it was incorporated.
ß
Subsidiaries/Associates of listed subsidiaries.
Ø
This subsidiary was voluntarily liquidated in 2011.
ØØ
Voluntary liquidation in progress.
± These subsidiaries were re-designated to disposal group classified as held for sale in 2010, the sales were completed during financial year 2011.
(i) Asian Mineral Resources Limited (“AMR”) was originally incorporated in New Zealand in year 1988 and was subsequently incorporated under the
laws of the Province of British Columbia, Canada by a certificate of continuance as of December 2004.
(ii) AMR principal mineral property interest, held through a joint venture is in Ban Bhuc Project area located in Son La Province, in northwestern
Vietnam.
(a) Direct interest held jointly with other subsidiaries is nil (2010: 82%)
(b) Combined interest held jointly with other subsidiaries and an associate is 55% (2010: 73%).
(c) The entire shareholding of the subsidiary group was transferred from the Company to Malaysia Smelting Corporation Berhad in August 2010. The
Group’s effective ownership interest was reduced from 100% to 73%.
(d) In 2010, this was considered as a subsidiary because direct interest held by MSC and AOM was 30% each.
(e) This is considered as an associate although direct interest held by MSC is 15% (2010: 18%), MSC exercises significant influence by virtue of its
representative on the Board of this associate.
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