Page 162 - ar2012

Notes to the Financial Statements
For the Financial Year Ended 31 December 2012
T R A N S F O R M AT I ON / 160
46 SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES (CONT’D)
Effective Cost of
shareholding % investment
Country of 2012 2011 2012 2011
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(b)
Guilin Hinwei Tin Co Ltd ** ß China Smelting, refining and
sales of tin and tin
products
19 19
Redring Solder (M) Sdn. Bhd. * ß Malaysia Manufacture and sale of
solder products
22 22
Joint Ventures
Held through subsidiaries:
Coastal Coffees Pty Ltd ** Australia Restaurant 50 50
KM Resources, Inc. * ß Labuan,
Malaysia
Investment holding 16 16
Africa Smelting Corporation Sprl ** ß Democratic
Republic of
Congo
Tin smelting 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/Joint Ventures of listed subsidiaries.
Ø This subsidiary was voluntarily liquidated in 2012.
ØØ Voluntary liquidation in progress.
+ The company was incorporated in November 2012 and hence the accounts are not audited.
(i) Asian Mineral Resources Limited (“AMR”) was originally incorporated in New Zealand in 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) Combined interest held jointly with other subsidiaries and an associate is 55% (2011:55%).
(b) In 2011, this was considered as an associate although direct interest held by MSC was 15%, MSC exercised significant influence
by virtue of its representatives on the Board of this associate.
For the financial year ended 31 December 2012, AMR ceased to be an associate following the cessation of significant influence
after dilution of interest in AMR in March 2012. The investment in AMR has been classified as investment securities (note 21).
As at 31 December 2012, the effective interest of the Group in AMR has been diluted to 3%.