113 / 152
Notes to the
financial statements
For the financial year ended 31 December 2018
111
A N N U A L R E P O R T
2 0 1 8
12.
Investment in subsidiaries (cont’d)
(a)
Composition of the Group (cont’d)
Subsidiaries
(Country of incorporation)
Principal activities
(Place of business)
Percentage of equity
held by the Group
31.12.2018
31.12.2017 1.1.2017
%
% %
Held through CHO Ship Management Pte Ltd:
(4)
High Majestic Sdn Bhd
Ship owning and
chartering
(Malaysia)
54.98
–
–
Held through Delaware Marine Pte Ltd:
(4)
Pearl Marine Pte Ltd
Ship owning and
chartering
(Malaysia)
38.49
–
–
(1)
Audited by Ernst & Young LLP, Singapore
(2)
Not due for audit in the year of incorporation
(3)
Audited by Ernst & Young LLP, Malaysia
(4)
Audited by other CPA firm in Malaysia
(b)
Interest in subsidiaries with material non-controlling interest (NCI)
Name of subsidiary
Principal
place of
business
Proportion
ownership
interest
held by non-
controlling
interest
Loss
allocated to
NCI during
the reporting
period
Accumulated
NCI at the
end of
reporting
period
Dividends
paid to NCI
$’000
$’000 $’000
31 December 2018:
CH Offshore Ltd
Singapore
45.02%
(3,309)
55,280
–
There are no significant restrictions on the Group’s ability to use or access assets and settle
liabilities of subsidiaries with material non-controlling interests.