Notes to Fina - 星島新聞集團

Notes to Fina
Notes to Financial Statements
31 December 2002
18. INTERESTS IN SUBSIDIARIES (continued)
18.
Particulars of the principal subsidiaries as at 31
December 2002 are set out in note 44 to the financial
statements.
44
19. INVESTMENT IN AN UNCONSOLIDATED SUBSIDIARY
Group and Company
19.
2002 2001
HK$’000
HK$’000
Unlisted shares, at cost 36,000 36,000
Less: Provision for impairment (36,000) (36,000)
— —
The investment represents the cost incurred by the
Company under an agreement completed in January
2000 (the “Agreement”) to acquire a 70% equity interest
in Artland International Limited (“Artland”), an
investment holding company incorporated in Hong Kong,
the sole asset of which is a 50% equity interest in
Sichuan Allday TV Development Co., Ltd. (“Sichuan
Allday”), a Sino-foreign equity joint venture established
in the PRC. At the balance sheet date, of the total
consideration of HK$36,000,000, the Company had paid
HK$18,000,000; the remaining HK$18,000,000 of the
original purchase consideration has been included as a
liability in other payables and accruals.
70%
50%
36,000,000
18,000,000
18,000,000
108
Global China Group Holdings Limited Annual Report 2002