132 MEGACHEM LIMITED Notes to The Financial Statements 31 December 2024 15. Investments in associates (cont’d) Company 2024 2023 $ $ Carrying value: Unquoted equity shares at cost 2,798,756 2,798,756 Details of the associates are as follows: Name of associates, principal activities, country of incorporation and place of operations Effective percentage of equity held by Group 2024 2023 % % Megachem (Thailand) Public Company Limited (“Megachem Thailand) (a) Trading in chemicals and chemical-related products Thailand (EY Office Limited Bangkok) 36 36 Held by Megachem Thailand Subsidiaries of Megachem Thailand: Green Leaf Chemical Co., Limited (b) Import and distribution of chemicals for manufacturing of personal care products Thailand 20 20 Megachem Plus Limited (c) Import and distribution of ethanol chemicals Thailand 29 29 Megachem (Myanmar) Limited (d) Trading in construction material, hospital equipment, seeds and fertilizers Myanmar 18 18 Joint venture of Megachem Thailand: Mega Fuji Graphite Limited (e) Production and sales of expandable graphite Thailand 18 18 (a) 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. The name is indicated above. (b) Green Leaf Chemical Co., Limited is 55% owned by Megachem Thailand. (c) Megachem Plus Limited is 80% owned by Megachem Thailand. (d) Megachem (Myanmar) Limited is 51% owned by Megachem Thailand. (e) Mega Fuji Graphite Limited is 49% owned by Megachem Thailand. 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 its overseas associates would not compromise the standard and effectiveness of the audit of the Group.
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