NOTES TO
THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MAY 2015
103
GKE CORPORATION LIMITED
ANNUAL REPORT 2015
14.
INVESTMENTS IN SUBSIDIARIES (cont’d)
(b) Interest in subsidiary with material non-controlling interest (NCI) (cont’d)
Other summarised information
Van der Horst (Shanghai)
Logistics Co., Ltd
2015
2014
$’000
$’000
Net cash flows from operations
709
2,080
Acquisition of significant property, plant and equipment
–
(8,325)
Significant restrictions:
There are no significant restrictions on the Group’s ability to use or access assets and settle liabilities
of the subsidiary with material non-controlling interest.
(c) Acquisition of ownership interest in subsidiary, without change in control
On 28 April 2015, the Company acquired an additional 40% equity interest in GKE & Mohseng Pte
Ltd (“GKEMS”) from its non-controlling interests for a cash consideration of $1. As a result of this
acquisition, GKEMS became a wholly-owned subsidiary of GKE Corporation Ltd. The share of the
net assets of GKEMS on the date of acquisition was $42,000 and the gain on acquisition is $42,000.
The gain on acquisition is recognised as “Acquisition of non-controlling interests without a change in
control” within equity.
The following summarises the effect of the change in the Group’s ownership interest in GKEMS on
the equity attributable to owners of the Company:
$’000
Consideration paid for acquisition of non-controlling interests
–
Decrease in equity attributable to non-controlling interests
42
Increase in equity attributable to owners of the Company
42
