12.
INVESTMENT IN SUBSIDIARIES (CONTINUED)
(d)
Acquisition of ownership interest in subsidiary (continued)
In the consolidated cash flow statement, the acquisition of non-controlling interests was
determined as follows:
$’000
Consideration paid
626
Set off against amount receivable from shareholders (Note 17)
(236)
390
13.
INVESTMENT IN ASSOCIATES
The investments in associates are summarised below:
Group
Company
2015
2014
2015
2014
$’000
$’000
$’000
$’000
POS-SEA Pte Ltd
475
60
505
68
BRC Asia Limited (“BRC”)
49,028
49,428
–
–
49,503
49,488
505
68
Fair value of investment in an
associate for which there is
published price quotation (BRC)
29,923
36,667
–
–
Name of associates
Principal activities
Country of
incorporation/
business
Proportion of
ownership interest
2015
2014
% %
Held by the Company
POS-SEA Pte Ltd
(1)
Commission agent for
procurement of steel products
and materials
Singapore
32.45
32.45
Held by HG Metal
Pte Ltd
BRC Asia Limited
(2)
Prefabrication and trading of
steel reinforcement products
and manufacture and sale of
wire mesh fences
Singapore
22.42
#
22.43
#
(1) Audited by Lee Seng Chan & Co, Singapore.
(2) Audited by Ernst & Young LLP, Singapore.
#
The Group has 22.58% (2014: 22.46%) of voting rights in BRC Asia Limited.
90
NOTES TO THE
FINANCIAL STATEMENTS
For the financial year ended 31 December 2015
HG METAL MANUFACTURING LIMITED
ANNUAL REPORT 2015
