Notes to the Financial Statements For the financial year ended 31 December 2025 Notes to the Financial Statements For the financial year ended 31 December 2025 25. RELATED PARTIES Key management personnel remuneration Key management personnel compensation comprised: Group 2025 2024 $’000 $’000 Salaries, bonuses and other costs 4,593 5,278 Contributions to defined contribution plans 109 111 Reversal of long-term incentive plan – (1,061) 4,702 4,328 Other related party transactions Other than as already disclosed in the financial statements, the Group did not enter into any significant transactions with related parties during the financial year. Group 2025 2024 $’000 $’000 Associates and joint ventures Property and asset management fee income 13,336 11,194 Project management fee income 3,963 9,064 26. SUBSIDIARIES Group 2025 2024 $’000 $’000 Equity investments, at cost 2,378,688 2,378,688 Loans to subsidiaries: - Interest-bearing 163,288 569,288 - Interest-free 66,404 65,405 2,608,380 3,013,381 The loans are unsecured, bear interest rates ranging from 5.89% to 6.70% (2024: 6.35% – 9.68%) per annum and are not expected to be repaid within the next twelve months from 31 December 2025. As at 31 December 2025 and 2024, the shares in certain subsidiaries were pledged as security for loans and borrowings (see Note 12). 26. SUBSIDIARIES (continued) The Group had the following material subsidiaries: Name of subsidiaries Place of incorporation Principal activities Proportion (%) of ownership interest 2025 2024 % % Perennial China Investment Holdings Pte. Ltd. and its subsidiaries Singapore Investment holdings and property development 100.0 100.0 PerennialTongzhou Holdings Pte. Ltd. and its subsidiaries Singapore Investment holdings and property development 72.4 72.4 Perennial Tongzhou Development Pte. Ltd. and its subsidiaries(2) Singapore Investment holdings and property development 52.6 52.6 Perennial Singapore Investment Holdings Pte. Ltd. and its subsidiaries Singapore Investment holding, real estate investment and development and property management services 80.4 80.4 Capitol Investment Holdings Pte. Ltd. and its subsidiaries Singapore Investment holding, real estate investment and development. 80.4 80.4 PRE 16 Pte. Ltd.(3) (“PRE 16”) Singapore Investment holding 44.2 44.2 PRE 14 Pte. Ltd. and its subsidiaries Singapore Investment holding, real estate investment and development. 50.6 50.6 Perennial Management Investment Holdings Pte. Ltd. and its subsidiaries Singapore Investment holding, commercial and industrial real estate management and asset/portfolio management 100.0 100.0 Perennial Healthcare Real Estate Management Pte. Ltd. and its subsidiaries Singapore Commercial and industrial real estate management and asset/ portfolio management 90.0 90.0 Perennial China Retail Trust and its subsidiaries(1) Singapore Real estate investment and development 100.0 100.0 Perennial EM Holdings Pte. Ltd. and its subsidiaries Singapore Investment holdings and property development 100.0 100.0 Sanctuary City Pte. Ltd. and its subsidiaries Singapore Investment holdings and property development 66.7 66.7 Perennial Healthcare Pte. Ltd. and its subsidiaries(4) Singapore Investment holding, and healthcare services 100.0 100.0 Perennial Treasury Pte. Ltd. Singapore Finance and treasury centre 100.0 100.0 (1) Includes 2.3% interest indirectly held through Perennial China Retail Trust Management Pte. Ltd. (2) Includes 13.3% interest indirectly held through Perennial China Retail Trust. (3) Although the Group held below 50% of the ownership interest in PRE 16, it has continues to control over the entity (4) On 15 December 2025, the Group acquired an additional 60.0% equity interest in its former joint venture, Tianjin Eber Perennial Hospital Co., Ltd. (“Eber”). Consequently, Eber became a subsidiary of the Group. Please refer to Note 8 for the goodwill arising from this acquisition for more details. OVERVIEW PERFORMANCE SUSTAINABILITY FINANCIALS APPENDIX 233 232 PERENNIAL HOLDINGS PRIVATE LIMITED ANNUAL REPORT 2025
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