Annual Report 2012 - ecoWise Holdings Limited

108ecoWise Holdings Limitedannual report 201231 OCTOBER 2012NOTES TO THE FINANCIAL STATEMENTS17. INVESTMENTS IN SUBSIDIARIES (CONTINUED)17B. Acquisition of Non-Controlling Interests without Change in ControlIn March 2012, the Company acquired an additional 30% equity interests in Sunrich Integrated Sdn. Bhd.for consideration of $3,675,000 by way of issuance of 35,000,000 new ordinary shares in the capital ofthe Company at $0.105 per ordinary share. After the acquisition, Sunrich Integrated Sdn. Bhd. became awholly-owned subsidiary of the Group. The carrying amount of Sunrich Integrated Sdn. Bhd.’s net assetson the date of acquisition was $22,489,000. The Group recognised a decrease in non-controlling interestsof $6,419,000 and an increase in other reserves of $2,744,000.In April 2011, the Company acquired an additional 27% equity interests in ecoWise Resources Pte. Ltd. for$100,000 in cash. After the acquisition, ecoWise Resources Pte. Ltd. became a wholly-owned subsidiaryof the Group. The carrying amount of ecoWise Resources Pte. Ltd.’s net liabilities in the Group’s financialstatements on the date of acquisition was $1,689,000.The Group recognised an increase in non-controlling interests of $8,000 and a decrease in other reservesof $108,000.In July 2011, the Group acquired an additional 30% equity interests in Eco Environmental (S) Pte. Ltd. for$60,000 in cash. After the acquisition, Eco Environmental (S) Pte. Ltd. became a wholly-owned subsidiaryof the Group. The carrying amount of Eco Environmental (S) Pte. Ltd.’s net assets in the Group’s financialstatements on the date of acquisition was $168,000. The Group recognised a decrease in non-controllinginterests of $44,000 and a decrease in other reserves of $16,000.17C. Disposal of Non-Controlling Interests without Change in ControlIn February 2011, the Group disposed off 20% equity interests in ecoWise Technologists and Engineers Pte.Ltd. for a cash consideration of $20,000.