United Energy Group Limited - HKExnews

UNITED ENERGY GROUP LIMITED
Notes to the Financial Statements
For the nine months ended 31 December 2009
16. INTANGIBLE ASSETS (Continued)
During the period, the Group carried out reviews of the recoverable amount of its participating interest in oil
exploitation project based on fair value less costs to sell. This asset is included in the Group’s oil exploitation
segment. The recoverable amount of the participating interest in oil exploitation project was arrived at by reference
to the recent sales and purchase transactions of gas and oil fields over the world from year 2008 to year 2010.
The review led to the recognition of an impairment loss of approximately HK$8,895,000 which is included in
administrative expenses.
17. INVESTMENTS IN ASSOCIATES
At 31 At 31
December 2009 March 2009
HK$’000
HK$’000
Unlisted investments
Share of net assets – 119,056
Details of the Group’s interests in the associates are set out below:
Percentage of
Place of Issued and ownership interest/
registration paid up voting power/ Principal
Name of entity and operation capital profit sharing activities
Glimmer Stone
Investments Limited British Virgin
(“Glimmer Stone”) Islands US$20,000 26.3% Investment holding
During the period ended, the Group disposed of its 26.3% equity interest in Glimmer Stone for an aggregate cash
consideration of approximately HK$116,278,000. The disposal was completed on 27 August 2009.
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