Annual Report 2012 - ecoWise Holdings Limited

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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 $20,000.
ecoWise Holdings Limitedannual report 201210931 OCTOBER 2012NOTES TO THE FINANCIAL STATEMENTS18. INVESTMENTS IN ASSOCIATESGroup2012 2011$’000 $’000Unquoted equity shares, at cost 5,187 1,193Share of profits or loss:At beginning of the reporting year 159 446Share of loss for the reporting year (345) (287)At end of the reporting year (186) 159Share of carrying amount of associates 5,001 1,352The associates held by the Group are listed below:Name of AssociateCountry ofIncorporation/Place of OperationsPrincipal ActivitiesHeld by subsidiariesGeocycle Singapore Pte. Ltd. Singapore Management and recycling ofindustrial waste materialsEffectivePercentage ofEquityHeld by Group2012 2011% %50 50China-UK Low CarbonEnterprise Co., LtdPRC Investment holding 20 –For the purpose of equity accounting for the associates, the unaudited management financial statements at31 October 2012 have been used. The impact arising from the use of the associates’ unaudited managementfinancial statements is not expected to be significant to the financial statements of the Group.
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