NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 31 December 2015
99
ANNUAL REPORT 2015
18.
SUBSIDIARIES
Company
2015
2014
$’000
$’000
Quoted shares, at cost
25,402
25,402
Unquoted shares, at cost
57,058
63,558
Redeemable preference shares, at cost
48,900
126,900
131,360
215,860
Impairment losses
(6,123)
(6,123)
125,237
209,737
Details of subsidiaries are included in note 46.
Incorporation of subsidiaries
During the financial year, through the Company’s 89.5% indirectly-owned subsidiary, Straits Real Estate Pte. Ltd. (“Straits
Real Estate”), the following subsidiaries were incorporated:
(i)
SRE Venture 6 Pte. Ltd. (“SRE Venture 6”) with 1 ordinary share at the price of $1 per share and subsequently enlarged
its share capital to $10,100,000. During the year, SRE Asian Asset Income Fund (“SAAIF”) was incorporated, with 1 share
of par value US$1 and subsequently enlarged its share capital to $132,788,000. At balance sheet date, SRE Venture 6
owned 98.3% in SAAIF;
(ii)
SRE Venture 7 Pte. Ltd. with 1 ordinary share at the price of $1 per share and subsequently increased its share capital
to $1,500,000;
(iii)
SRE Venture 8 Pte. Ltd. (“SRE Venture 8”) with 1 ordinary share at the price of $1 per share. During the year, SRE
Venture 8 incorporated a subsidiary, SRE Australia 1 Pte. Ltd. (“SRE Australia 1”), with 1 ordinary share at the price of
$1 per share. SRE Australia 1 incorporated a subsidiary, SRE Investment 1 (Australia) Pty Ltd (“SRE Investment 1”), with
1 ordinary share at the price of $1 and subsequently enlarged its share capital to A$57,717,000. At balance sheet date,
SRE Australia 1 owned 98.0% in SRE Investment 1; and
(iv)
SRE Venture 9 Pte. Ltd. with 1 ordinary share at the price of $1 per share.
In 2014, the Company incorporated a wholly-owned subsidiary, Straits Investments Holdings Pte. Ltd., with 1 ordinary
share at the price of $1 per share.
In 2014, 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. (“SRE Venture 1”) with an initial 1 ordinary share at the price of $1 per share and subsequently
enlarged its share capital to $10,100,000. In the same year, SRE Venture 1 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;
