15. INVESTMENTS IN ASSOCIATES (CONTINUED) Company 2025 2024 $ $ 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 2025 2024 % % 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 29 29 Thailand 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 MEGACHEM LIMITED ANNUAL REPORT 2025 148 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2025
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