14. INVESTMENTS IN ASSOCIATES (CONTINUED) On 3 September 2024, the Group held a board of directors’ meeting for the disposal of its 20% interest in KHPL for a consideration of S$34,500,000. Consequently, due to the intended disposal plan, the Group reclassified its investment in KHPL to non-current assets classified as held for sale (Note 22). Name of company (Country of incorporation and principal place of business) Principal activities Effective equity interest held by the Group 2024 2023 % % Held by the Company Nuform System Asia Pte. Ltd. (“NSAPL”)(4) (Singapore) Trading and renting of construction and civil engineering machinery and equipment 31.1 31.1 Held by Nuform System Asia Pte. Ltd. Nuformsystem (M) Sdn. Bhd.(4)(5) (Malaysia) Trading and renting of formwork equipment 31.1 31.1 HLMG-Nuform System Pte. Ltd.(8) (Singapore) Renting, repair, servicing and storage of tower crane 15.6 – Held by Keong Hong Construction Pte Ltd Punggol Residences Pte. Ltd. (“PRPL”)(3) (Singapore) Property development 20 20 Pristine Islands Investment Pte. Ltd. (“PIIPL”)(3) (Singapore) Investment holdings 49 49 Katong Holdings Pte. Ltd. (“KHPL”)(7)(8)(9) (Singapore) Own, operate and management of hotel 30 30 Held by KH Capital Pte. Ltd. Sembawang Residences Pte. Ltd. (“SRPL”)(3) (Singapore) Property development 20 20 Held by Pristine Islands Investment Pte. Ltd. Pristine Islands Investment (Maldives) Pvt Ltd (“PIIMPL”)(2)(4)(6) (Republic of Maldives) Own, operate and management of airport, hotel and resort 49 49 (1) Audited by Forvis Mazars LLP, Singapore (formerly known as Mazars LLP) (2) Proportion of ownership interest of 0.1% (2023: 0.1%) held by KHC (3) Equity accounted based on the management financial statements (4) Equity accounted based on the management financial statements aligned to the Group’s financial year (5) Audited by Forvis Mazars PLT, Malaysia (formerly known as Mazars PLT) (6) Audited by Ernst & Young, Maldives (7) Audited by Ecovis Assurance LLP, Singapore (8) Equity accounted based on the management financial statements as at 31 December (9) Reclassed to non-current asset classified as held for sales as at 30 September 2024 The financial year-end of PRPL, SRPL and PIIPL Group are 30 September. The financial year-end of NSAPL Group and KHPL are 31 December. 98 KEONG HONG HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
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