NOTES TO THE FINANCIAL STATEMENTS
For the Financial Year Ended 31 December 2014
17 SUBSIDIARIES (CONT’D)
Voluntary liquidation of a subsidiary
During the financial year, a wholly-owned subsidiary, Merevale Holdings Private Limited was voluntarily liquidated.
Accordingly, the impairment loss of $40,000,000 was written off.
Impairment of investment in subsidiary
In 2013, after reviewing the performance of STC Realty (Butterworth) Sendirian Berhad, management has assessed that
it is not likely that the cost of investment of the subsidiary will be recoverable. Accordingly, an additional impairment loss
of $353,000 was recognised in the financial year ended 31 December 2013.
Interest in subsidiaries with material non-controlling interest (NCI)
The Group has the following subsidiaries that have NCI that are material to the Group.
Name of subsidiary
Principal
place of business
Proportion of
ownership
interest held by
non-controlling
interest
Profit/(Loss)
allocated to
NCI during the
reporting period
Accumulated
NCI at the end of
reporting period
$’000
$’000
31 December 2014:
Malaysia Smelting Corporation
Berhad
Malaysia
45%
(1,964)
44,857
Straits Real Estate Pte. Ltd.
Singapore
11%
(428)
6,044
31 December 2013:
Malaysia Smelting Corporation
Berhad
Malaysia
45%
7,109
35,558
Straits Real Estate Pte. Ltd.
Singapore
11%
–
100
There was no dividend paid to NCI for the financial years ended 31 December 2014 and 2013.
104
THE STRAITS TRADING COMPANY LIMITED ANNUAL REPORT 2014
