BUILDING LANDMARKS, CHARTING GROWTH
255
Annual Report 2015
NOTES TO THE FINANCIAL STATEMENTS
31 SUBSIDIARIES
(continued)
Country of
incorporation
Ownership interests
%
%
31/12/2015
30/6/2014
Directly or indirectly held by Perennial EM Holdings
Pte. Ltd.
Skillplus Investments Ltd.
(3)
British Virgin Islands
55.0
–
– Perennial Ghana Development Ltd.
(formerly known as Shangri-La Hotel (Ghana) Ltd.)
(4)
Ghana
100.0
–
Perennial Penang Pte. Ltd.
(1)
Singapore
100.0
–
(1)
KPMG LLP is the auditor of all significant Singapore-incorporated subsidiaries. Other member firms of KPMG International are auditors of significant
foreign-incorporated subsidiaries. For this purpose, a subsidiary is considered significant as defined under the SGX Listing Manual if its net tangible
assets represent 20% or more of the Group’s consolidated net assets, or if its pre-tax profits account for 20% of more of the Group’s consolidated
pre-tax profits.
(2)
Although the Group owns less than 51% equity interest in the investee and consequently, less than half of the voting power of this entity, management has
determined that the Group controls the entity. The Group controls Perennial Real Estate Pte. Ltd. by virtue of an agreement with its other investor.
(3)
Not subject to audit by law of country of incorporation.
(4)
Audited by other auditor.
(5)
Includes 2.3% interest indirectly held through Perennial China Retail Trust Management Pte. Ltd. as at 31 December 2015.
(6)
Includes 13.1% interest indirectly held through Perennial China Retail Trust as at 31 December 2015.
The following subsidiaries have been disposed during the period.
Country of
incorporation
Ownership interests
%
%
31/12/2015
30/6/2014
Held by the Company
The St. James Pte. Ltd.
#
Singapore
–
100.0
Shanghai Dolly Pte. Ltd.
#
Singapore
–
100.0
Butterfly Entertainment Pte. Ltd.
#
Singapore
–
100.0
Bar Street Pte. Ltd.
#
Singapore
–
100.0
Held through The St. James Pte. Ltd.
Firefly @ Bar None (S) Pte. Ltd.
#
Singapore
–
70.0
#
Audited by Ernst & Young LLP, Singapore.
