131 ANNUAL REPORT 2024 Notes to The Financial Statements 31 December 2024 14. Investments in subsidiaries (cont’d) Name of subsidiary, principal activities, country of incorporation and place of operations Effective percentage of equity held by Group 2024 2023 % % Held by Megachem (Shanghai) Pte Ltd Megachem International Trading (Shanghai) Co., Ltd (f) Trading in chemicals and chemical-related products People’s Republic of China (SBA Stone Forest CPA Co Ltd) 85 85 Held by Megachem Raya Pte Ltd P.T. Mega Kemiraya (b) Trading in chemicals and chemical-related products Indonesia 83 74 (a) Audited by RSM SG Assurance LLP. (b) Audited by member firms of RSM International of which RSM SG Assurance LLP in Singapore is a member. (c) Other independent auditor. Audited by firm of accountants other than member firms of RSM International of which RSM SG Assurance LLP in Singapore is a member. Their names are indicated above. (d) Not audited as relieved from the requirement to prepare and lodge an audited financial report with the local authorities. The subsidiary is not material to the Group. (e) 1% of the equity interest is held through a subsidiary, Megachem Manufacturing Pte Ltd. (f) Audited by an affiliate firm of RSM SG Assurance LLP. There are no subsidiaries that have non-controlling interests that are considered material to the Group. As is required by Rule 716 of the Listing Manual of The Singapore Exchange Securities Trading Limited, the Audit Committee and the board of directors of the Company have satisfied themselves that the appointment of different auditors for certain of its overseas subsidiaries would not compromise the standard and effectiveness of the audit of the Group. 15. Investments in associates Group 2024 2023 $ $ Movements in carrying value during the year: Balance at beginning of year 8,385,733 7,901,273 Currency translation differences 282,308 (66,687) Share of profit for the year 1,222,096 1,171,091 Dividends received, net of tax (537,913) (619,944) Balance at end of year 9,352,224 8,385,733 Share of net book value of associates 9,352,224 8,385,733
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