KIM HENG OFFSHORE & MARINE HOLDINGS LIMITED
ANNUAL REPORT 2014
75
NOTES
TO THE FINANCIAL STATEMENTS
5
CLUB MEMBERSHIPS
Group
Company
2014
2013
2014
2013
$’000
$’000
$’000
$’000
Cost
151
106
–
–
Impairment losses
(62)
(62)
–
–
89
44
–
–
6
SUBSIDIARIES
Company
2014
2013
$’000
$’000
Equity investments, at cost
36,133
36,133
Details of the subsidiaries are as follows:
Name of subsidiary
Country of
incorporation
Effective equity
held by the
Company
2014 2013
% %
Kim Heng Offshore & Marine Pte Ltd
Republic of Singapore 100
100
Kim Heng Marine & Oilfield Pte Ltd
Republic of Singapore 100
100
Kim Heng Maritime Pte Ltd
Republic of Singapore 100
100
Kim Heng Tubulars Pte Ltd
Republic of Singapore 100
100
Kim Heng Shipbuilding & Engineering Pte Ltd
Republic of Singapore 100
100
Alpine Progress Shipping Pte Ltd
Republic of Singapore 100
100
KPMG LLP is the auditor of all the subsidiaries.
For the purpose of listing the Group on the Singapore Exchange Securities Trading Limited (“SGX-
ST”), the Group underwent a restructuring exercise (the “Restructuring Exercise”). KHOMH acquired
the entire issued and paid up capital of KHOM for a purchase consideration of $2.00 in cash on 21
May 2013.
Pursuant to a sale and purchase agreement dated 15 May 2013 as amended and restated by an
accession, amended and restated agreement dated 6 June 2013 entered into between KHOMH,
KHOM and the shareholders of KHMO, KHM, KHT, KHSE and APS (the “SPA”), KHOM acquired
the entire issued and paid-up capital of KHMO, KHM, KHT, KHSE and APS for a total purchase
consideration of $36,133,199 based on the respective net tangible asset of the companies as at 31
December 2011. The purchase consideration was satisfied by the allotment and issuance of 999,998
new shares (the “Consideration Shares”) in the capital of KHOM to the shareholders of KHMO, KHM,
KHT, KHSE and APS (the “Vendors”).
