FORGING AHEAD - Tradewinds Plantation Berhad

11. INVESTMENT IN A JOINTLY CONTROLLED ENTITY (continued)
(a) On 19 October 2009, the Company entered into a supplemental agreement to the Shareholders Agreement dated 1
August 2008 with CB Industrial Product Holding Berhad (‘CBIP’) to subscribe equally for 20,000,000 RCPS of RM1
each at an issue price of RM1 each in the jointly controlled entity, Pride Palm Oil Mill Sdn. Bhd. (‘PPOM’). There was
no effect on the equity interest held by the Company subsequent to the subscription.
On 29 October 2009, PPOM issued 10,000,000 RCPS of RM1 each which were subscribed equally by the Company
and CBIP. The remaining 10,000,000 RCPS of RM1 each to be issued by PPOM and subscribed equally by the
Company and CBIP is disclosed as capital commitments in Note 39 to the financial statements.
(b) Details of the jointly controlled entity are as follows:
Country of Interest in equity
Name of company incorporation held by the Company Principal activity
2010 2009
% %
Pride Palm Oil Mill Sdn. Bhd. Malaysia 50 50 Investment holding
(c) The summarised financial information of the jointly controlled entity is as follows:
Assets and liabilities
Group
2010 2009
RM’000 RM’000
Current assets 19,788 14,186
Non-current assets 91,583 98,121
Total assets 111,371 112,307
Current liabilities 34,393 22,860
Non-current liabilities 50,000 65,000
Total liabilities 84,393 87,860
Results
FINANCIAL STATEMENTS
Income 58,083 19,653
Expenses, including finance costs and tax expense (55,552) (31,410)
TRADEWINDS PLANTATION BERHAD
Annual Report 2010
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