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Notes to the
financial statements
For the financial year ended 31 December 2018
115
A N N U A L R E P O R T
2 0 1 8
13.
Investment in associates
The Group’s material investments in associates are summarised below:
Group
31.12.2018
$’000
PT Bahtera Nusantara Indonesia
4,979
Other associates
–
4,979
Details of the Group’s associates at the end of the financial year are as follows:
Name
Country of
incorporation
Principal
activities
Proportion (%)
of ownership interest
31.12.2018
Held by CH Offshore Ltd
PT Bahtera Nusantara
Indonesia
(b) (c)
Indonesia
Ship owning and
chartering
26.94%
Marine Co Limited
(a) (b)
Malaysia
Ship owning and
chartering
26.94%
Gemini Sprint Sdn. Bhd.
(a) (b)
Malaysia
Ship chartering
26.94%
(a)
The audited financial statements of the associated companies held by the Group are for the financial year ended
31 March 2018. Accordingly, unaudited management accounts for the financial period from 27 August 2018 to
31 December 2018 were used for determining the post-acquisition financial period’s result for the purpose of equity
accounting for MarineCo Limited and Gemini Sprint Sdn. Bhd.
(b)
Audited by other local CPA firms.
(c)
Audited by Ernst & Young LLP, Singapore for consolidation purpose.
In accordance with the requirements of Rules 715 and 716 of the SGX–ST Listing Manual, the directors of the audit
committee of CH Offshore Ltd, having reviewed the appointment of different auditors for the Group’s associates, are
satisfied that these appointments would not compromise the standard and effectiveness of the audit of CH Offshore Ltd.