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Notes to the Financial Statements (cont’d) For the financial year ended 31 December 2011 18. Investment in subsidiaries (cont’d) Details of subsidiaries of the Company and the Group are as follows: Name of subsidiaries Country of incorporation Principal activities Proportion of ownership interest 2011 2010 Held by the Company: % % Malaysia Smelting Corporation (Warehousing) Sdn. Bhd.* Malaysia Tin warehousing 100 100 Rahman Hydraulic Tin Sdn. Bhd. * Malaysia Tin mining 100 100 MSC Properties Sdn. Bhd.* Malaysia Property holding and rental 100 100 Bemban Corporation Ltd.* British Virgin Islands Investment holding 100 100 PT MSC Indonesia** Indonesia Tin exploration and mining 100 100 Australia Oriental Minerals NL (“AOM”)**+ (Note 18(a)) Straits Resource Management Private Limited (“SRM”) * Held through subsidiaries: Australia Tin and base metals exploration – 77 Singapore Investment holding 100 100 Kajuara Mining Corporation Pty. Ltd. ** Australia Investment holding 100# 100# PT Koba Tin ** Indonesia Tin mining and smelting 75# 75# PT Bangka Resources*** Indonesia Dormant 100# 100# PT Asiatic Coal Nusantara Indonesia Coal mining – 53# (“PT ACN”) **+ (Note 18(a)) PT SRM Indonesia (“PT SRM”)*** Indonesia Providing tin exploration, management and consulting services Held through the Company and a subsidiary: Asiatic Coal Private Limited (“ACPL”)** + (Note 18(a)) 99# 99# Singapore Investment holding – 53# * Audited by Ernst & Young, Malaysia ** Audited by member firm of Ernst & Young Global in the respective countries *** Audited by firms of auditors other than Ernst & Young # Indirect interest + Classified as non-current assets classified as held for sale (Note 22) MALAYSIA SMELTING CORPORATION (43072-A) • ANNUAL REPORT 2011 121
Notes to the Financial Statements (cont’d) For the financial year ended 31 December 2011 18. Investment in subsidiaries (cont’d) 122 Disposal of subsidiaries (a) On 22 June 2011, the Company disposed of its entire 76.91% interest in AOM, a company listed on Australian Securities Exchange, comprising a total of 1,677,545,461 ordinary shares at A$0.0016 per share. Following the disposal, AOM ceased to be a subsidiary of the Company and ACPL, an indirect subsidiary of the Company, also ceased to be a subsidiary of the Company following the dilution of its effective interest from 53.07% to 30.0%. On 2 November 2011, the Company disposed of its entire 30% interest in ACPL together with its indirect subsidiary, PT ACN. The investments in AOM, ACPL and PT ACN were previously classified as held for sale (Note 22). 19. Investment in associates and jointly controlled entity Investment in associates Building on Success: Developing Resources for the Future Group Company 2011 2010 2011 2010 RM’000 RM’000 RM’000 RM’000 In Malaysia: Unquoted shares, at cost 10,473 10,473 10,473 10,473 Share of post-acquisition reserves 10,676 9,834 – – 21,149 20,307 10,473 10,473 Outside Malaysia: Quoted shares, at cost 116,610 116,610 116,610 116,610 Unquoted shares, at cost 18,431 18,431 18,431 18,431 135,041 135,041 135,041 135,041 Share of post-acquisition reserves (17,327) (15,154) – – 117,714 119,887 135,041 135,041 Accumulated impairment losses Quoted shares (99,572) (93,130) (111,743) (103,064) Unquoted shares (10,800) (8,800) (15,956) (13,981) Investment in jointly controlled entity 7,342 17,957 7,342 17,996 28,491 38,264 17,815 28,469 In Malaysia: Unquoted shares, at cost 44,421 44,421 44,421 44,421 Share of post-acquisition reserves 101,269 65,854 – – 145,690 110,275 44,421 44,421 Total investment in associates and jointly controlled entity 174,181 148,539 62,236 72,890 Market value of quoted shares – outside Malaysia 4,867 13,546 4,867 13,546
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ANNUAL REPORT 2011 Building on Succ
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viSion To be a successful world-cla
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Corporate Profile Malaysia Smelting
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Corporate Profile (cont’d) For of
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Notice of Annual General Meeting NO
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Group Financial Highlights 10 Build
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Board of Directors From left to rig
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Tin Statistics (cont’d) 178 Produ
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Shareholding Statistics as at 21 Ma
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Shareholding Statistics (cont’d)
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184 To: The Company Secretary MALAY
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