ANNUAL REPORT

56Middle East Development Singapore ltdannual report 2007NOTES TO FINANCIALSTATEMENTS30 June 20077. INVESTMENTS IN ASSOCIATESGroupCompany2007 2006 2007 2006$ $ $ $Unlisted equity shares at cost 239,253 239,253 239,253 239,253Share of post-acquisition losses (239,253) (239,253) – –Less provision for impairment – – (239,253) (239,253)The investment is carried at cost less provision for impairment.– – – –Percentage ofequity heldName of associates, country of incorporation, 2007 2006place of operations and principal activities $ $Held by the CompanyAeroroof Industries Sdn Bhd (a) 43 43MalaysiaManufacture of concrete roof tiles(a)Not audited. This associate does not contribute significantly to the Group’s results as it is dormant.Share of losses of associate exceeding the amount of the investment are not recognised as losses in the income statement. TheGroup has not provided any guarantee or undertaking in favour of the associate.8. INVESTMENTS IN SUBSIDIARIESCompany2007 2006$ $Quasi-equity loan (a) 1,256,247 1,256,247Unquoted shares, at cost 3,362,688 3,362,688Less provision for impairment (1,597,114) (1,597,114)Total at cost 3,021,821 3,021,821Analysis of above amount denominated in foreign currencies:Chinese Renminbi 1,542,247 1,542,247Malaysian Ringgit 97,737 97,737