NOTES TO THE FINANCIAL STATEMENTS
For the Financial Year Ended 31 December 2014
17 SUBSIDIARIES
Company
2014
2013
$’000
$’000
Quoted shares, at cost
25,402
25,402
Unquoted shares, at cost
63,558
103,558
Redeemable preference shares, at cost
126,900
126,900
215,860
255,860
Impairment losses
(6,123)
(46,123)
209,737
209,737
Details of subsidiaries are included in note 47.
Incorporation of subsidiaries
During the financial year, a wholly-owned subsidiary, Straits Investments Holdings Pte. Ltd., was incorporated with 1
ordinary share at the price of $1 per share.
During the financial year, through the Company’s 89.5% indirectly-owned subsidiary, Straits Real Estate Pte. Ltd., the
following subsidiaries were incorporated:
(i)
Straits Real Estate (Management) Pte. Ltd. with 10 ordinary shares at the price of $1 per share;
(ii)
SRE Venture 1 Pte. Ltd. with an initial 1 ordinary share at the price of $1 per share and subsequently enlarged its
share capital to $10,100,000. During the financial year, SRE Venture 1 Pte. Ltd. invested in ARA Summit Development
Fund I, L.P. (“Fund”) and is currently the sole investor of the Fund;
(iii)
SRE Venture 2 Pte. Ltd. with 1 ordinary share at the price of $1 per share;
(iv)
SRE Venture 3 Pte. Ltd. with 1 ordinary share at the price of $1 per share. SRE Venture 3 Pte. Ltd. had incorporated a
subsidiary, SRE China 1 Pte. Ltd. with 1 ordinary share at the price of $1 per share. SRE China 1 Pte. Ltd. incorporated
a subsidiary, Chongqing Xinchuang Mall Management Co., Ltd. with a registered capital of $100,200,000;
(v)
SRE Venture 4 Pte. Ltd. with 1 ordinary share at the price of $1 per share. SRE Venture 4 Pte. Ltd. had incorporated
a subsidiary, SRE Capital Pte. Ltd. with 1 ordinary share at the price of $1 per share; and
(vi)
SRE Venture 5 Pte. Ltd. with 1 ordinary share at the price of $1 per share.
In 2013, three wholly-owned subsidiaries, STC Capital Pte. Ltd., Straits Equities Holdings (One) Pte. Ltd. and Straits Equities
Holdings (Two) Pte. Ltd., were incorporated with 1 ordinary share each at the price of $1 per share.
In 2013, through the Company’s wholly-owned subsidiary, STC Capital Pte. Ltd., incorporated a subsidiary, Straits Real
Estate Pte. Ltd. (“SRE”), with an initial 10 ordinary shares each at the price of $1 per share.
Capital injection by a subsidiary
During the financial year, the Group increased its contribution in SRE to $42,500,000 (2013: $850,000) increasing SRE’s
share capital to $47,500,000 (2013: $950,000).
103
THE STRAITS TRADING COMPANY LIMITED ANNUAL REPORT 2014
