KIM HENG OFFSHORE & MARINE HOLDINGS LIMITED
74
Notes to the financial statements
5 Club memberships
Group
Company
2015
2014
2015
2014
$’000
$’000
$’000
$’000
Cost
108
151
–
–
Impairment losses
(62)
(62)
–
–
46
89
–
–
6 Subsidiaries
Company
2015
2014
$’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
2015
2014
%
%
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
Kim Heng Heavy Equipment Pte Ltd*
(1)
Republic of Singapore
100
–
KH Mazu Offshore & Marine Sdn Bhd
# (2)
Malaysia
50
^
–
*
Audited by KPMG LLP
#
KPMG Johor Bahru, Malaysia has been appointed as the auditors.
^ Although KHOM holds 50% of the share capital of KH Mazu, the management has determined that KHOM fully controls KH Mazu.
The remaining 50% of the share capital is held by a nominee director in trust and beneficial interest of the Group. KHOM will
receive all of the returns related to KH Mazu’s operations and its net assets and has the current ability to direct KH Mazu’s activities
that most significantly affect these returns. Accordingly, the Group has consolidated KH Mazu as a wholly owned subsidiary.
(1)
This subsidiary was incorporated on 26 March 2015, and is 100% held through KHMO.
(2)
This wholly owned subsidiary was incorporated on 21 August 2015.
