NOTES TO THE FINANCIAL STATEMENTS
For the Financial Year Ended 31 December 2014
21 INVESTMENT SECURITIES/MARKETABLE SECURITIES (CONT’D)
(a)
Investment Securities
(cont’d)
(ii)
Unquoted shares, at fair value
The unquoted shares at fair value comprise MSC’s 18.54% interest in TMR Ltd. (“TMR”), a Bermuda incorporated
company. TMR has 99% shareholding in PT Tenaga Anugerah (“PT TA”), which holds tin mining rights in
Indonesia. TMR, together with its subsidiary, PT TA, are principally involved in integrated tin business in
Indonesia.
In 2013, the Group recognised an impairment loss of $3,543,000 being the remaining carrying value of
the investment in profit or loss as the operations had been suspended and there was no indication that it
would resume.
(iii)
In January 2013, the Group increased its stake in WBL Corporation Limited (“WBL”) from 17% to 40% through
a share swap and WBL became an associate of the Group (note 18.1(d)). Consequently, the Group accounted
for WBL results commencing February 2013 using the equity method. Accordingly, the dividend income
received from WBL in February 2013 was recorded against the carrying value of this associate and not as
dividend income (note 4) in the Group’s income statement.
In May 2013, the Group accepted the mandatory conditional cash offers for WBL made by UE Centennial
Venture Pte. Ltd.. The Group received gross proceeds of $508.8 million and recorded a gain of $91.8 million
from the disposal (note 6).
(b)
Marketable Securities
Group
2014
2013
$’000
$’000
Marketable Securities:
Held-for-trading
– quoted, at fair value
78,699
–
120
THE STRAITS TRADING COMPANY LIMITED ANNUAL REPORT 2014
