|
19. |
INVESTMENTS IN ASSOCIATES |
The associates of the Company are set out below:
|
|
|
|
|
|
|
Percentage of equity interest |
|
|||||
|
|
|
|
|
|
|
As of December 31 |
|
|||||
|
Company Name |
|
Nature of business |
|
Country of incorporation |
|
2017 |
|
|
2016 |
|
||
|
Shandong Pacific Rubber Cable Co., Ltd. (“SPRC”) |
|
Manufacturing of rubber cable |
|
PRC |
|
|
25.00 |
% |
|
|
25.00 |
% |
|
Siam Pacific Holding Company Limited (“SPHC”) |
|
Investment & holding company |
|
Thailand |
|
|
49.00 |
% |
|
|
49.00 |
% |
|
Loxpac (Thailand) Company Limited (“Loxpac”) (Formerly known as “Loxley Pacific Co., Ltd.) |
|
Providing telecommunication service |
|
Thailand |
|
|
21.39 |
% |
|
|
21.39 |
% |
|
Loxpac Hong Kong Co., Limited (“Loxpac HK”) (Formerly known as “Loxley Pacific Hong Kong Co., Limited” ) |
|
Investment & holding company |
|
Hong Kong |
|
|
23.10 |
% |
|
|
23.10 |
% |
|
|
|
As of December 31, |
|
|||||
|
|
|
2017 |
|
|
2016 |
|
||
|
|
|
US$’000 |
|
|
US$’000 |
|
||
|
Balance at January 1 |
|
|
786 |
|
|
|
1,633 |
|
|
Additions |
|
|
— |
|
|
|
— |
|
|
Share of loss of associates |
|
|
(3 |
) |
|
|
(710 |
) |
|
Impairment of investment in associates - SPRC |
|
|
— |
|
|
|
(126 |
) |
|
Exchange difference |
|
|
78 |
|
|
|
(11 |
) |
|
Balance at December 31 |
|
|
861 |
|
|
|
786 |
|
The investments in SPRC, Loxpac and Loxpac HK have been fully impaired.
The Company’s investments in associates are accounted for using the equity method in the consolidated financial statements.
|
19. |
INVESTMENTS IN ASSOCIATES (continued) |
The following table summarized financial information of the Company’s investments in associates:
|
|
|
As of December 31, 2017 |
|
|||||
|
|
|
SPHC |
|
|
Total |
|
||
|
|
|
US$’000 |
|
|
US$’000 |
|
||
|
Current assets |
|
|
14 |
|
|
|
14 |
|
|
Non-current assets |
|
|
1,926 |
|
|
|
1,926 |
|
|
Current liabilities |
|
|
(3 |
) |
|
|
(3 |
) |
|
Non-current liabilities |
|
|
(180 |
) |
|
|
(180 |
) |
|
Equity |
|
|
1,757 |
|
|
|
1,757 |
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation to the Company’s investments in associates: |
|
|
|
|
|
|
|
|
|
Percentage of equity interest |
|
|
49 |
% |
|
|
|
|
|
Carrying amount of the investment |
|
|
861 |
|
|
|
861 |
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
— |
|
|
|
— |
|
|
Loss |
|
|
(5 |
) |
|
|
(5 |
) |
|
|
|
|
|
|
|
|
|
|
|
Share of the associates’ profit for the year: |
|
|
(3 |
) |
|
|
(3 |
) |
|
|
|
As of December 31, 2016 |
|
|||||||||
|
|
|
SPRC |
|
|
SPHC |
|
|
Total |
|
|||
|
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
|||
|
Current assets |
|
|
93,461 |
|
|
|
18 |
|
|
|
93,479 |
|
|
Non-current assets |
|
|
2,753 |
|
|
|
1,753 |
|
|
|
4,506 |
|
|
Current liabilities |
|
|
(95,710 |
) |
|
|
(3 |
) |
|
|
(95,713 |
) |
|
Non-current liabilities |
|
|
— |
|
|
|
(164 |
) |
|
|
(164 |
) |
|
Equity |
|
|
504 |
|
|
|
1,604 |
|
|
|
2,108 |
|
|
|
|
As of December 31, 2016 |
|
|||||||||
|
|
|
SPRC |
|
|
SPHC |
|
|
Total |
|
|||
|
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
|||
|
Reconciliation to the Company’s investments in associates: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage of equity interest |
|
|
25 |
% |
|
|
49 |
% |
|
|
|
|
|
Carrying amount of the investment |
|
|
— |
|
|
|
786 |
|
|
|
786 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue |
|
|
25,016 |
|
|
|
— |
|
|
|
25,016 |
|
|
Loss |
|
|
(2,826 |
) |
|
|
(5 |
) |
|
|
(2,831 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share of the associates’ profit for the year: |
|
|
(707 |
) |
|
|
(3 |
) |
|
|
(710 |
) |
|
19. |
INVESTMENTS IN ASSOCIATES (continued) |
|
|
|
As of December 31, 2015 |
|
|||||||||
|
|
|
SPRC |
|
|
SPHC |
|
|
Total |
|
|||
|
|
|
US$’000 |
|
|
US$’000 |
|
|
US$’000 |
|
|||
|
Revenue |
|
|
28,989 |
|
|
|
— |
|
|
|
28,989 |
|
|
Loss |
|
|
(3,194 |
) |
|
|
(6 |
) |
|
|
(3,200 |
) |
|
Share of the associates’ profit for the year: |
|
|
(798 |
) |
|
|
(3 |
) |
|
|
(801 |
) |
As of December 31, 2017 and 2016, the Company's associates had no contingent liabilities or capital commitments.