NOTES TO THE FINANCIAL STATEMENTS
For the Financial Year Ended 31 December 2014
24 NON-CURRENT ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS
a.
Three units of investment properties, at 6B Cable Road and two units at Gallop Green, have been reclassified as
held for sale of which the sale for two units were completed in January 2015.
Non-current assets held for sale
Group
2014
$’000
Assets:
Investment properties (note 15)
42,317
b.
On 24 December 2014, the Group entered into a share transfer agreement with Baijia International Group (Hong
Kong) Limited to sell all the shares in Shanghai Straits Trading Co., Ltd. for a consideration of RMB19.27 million. The
sale was completed in February 2015.
c.
As at 31 December 2013, the Group reclassified its entire interest in Bemban Corporation Limited (“BCL”) group,
which included PT Koba Tin, as disposal group classified as held for sale.
Accordingly, the assets, liabilities and appropriate reserves related to BCL Group had been reclassified as held for
sale. Its results had been reclassified as discontinued operations in 2013.
On 1 June 2014, the Group entered into a sale and purchase agreement with Berkeley Kensington Group Limited
to dispose of its entire interest in BCL group for a total consideration of USD1 million. The sale was completed on
2 June 2014.
d.
On 15 April 2013, the Group:
i.
signed agreements with Far East Hospitality Trust (“FEHT”) and Serene Land Pte Ltd, for the monetisation
of Rendezvous Grand Hotel Singapore and Rendezvous Gallery. The sale was approved by the Company’s
shareholders at an Extraordinary General Meeting held on 28 June 2013, and was completed on 1 August
2013.
ii.
signed a joint venture implementation agreement with Far East Orchard Limited to establish a 30/70 joint
venture company where the Group will contribute its three hotels in Australia, namely Rendezvous Grand
Hotel Melbourne, Rendezvous Hotel Perth and Rendezvous Studio Hotel Perth Central, thirteen hotel
management contracts under Rendezvous Hospitality International Private Limited and leases to the joint
venture company. The underlying definitive sale and purchase agreements were signed on 19 June 2013.
The sale was completed on 1 November 2013.
The results of the hospitality operations had been reclassified as discontinued operations in 2013.
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THE STRAITS TRADING COMPANY LIMITED ANNUAL REPORT 2014
