44
29.5 AMOUNTS OWING BY SUBSIDIARY COMPANIES
These amounts mainly comprise secured loans and advances to subsidiary companies.
30 ASSOCIATED AND JOINT VENTURE COMPANIES
30.1 The investments in associated and joint venture companies at December 31 are as
follows:
In S’million 2002
2001
Quoted equity securities at cost 1,194
1,192 Unquoted equity securities at cost
21 9
1,215 1,201
Less : Provision for diminution in value Note 26 341
- 874
1,201 Market value of quoted equity securities
423 656
30.2 The associated companies held by DBS Bank and its subsidiary companies at December 31 are as follows:
Interest Held by DBS Group
Associated Companies Country of
Incorporation Business
Principal Activities 2002
2001 Quoted
Held by DBS Bank Bank of the Philippine Islands
The Philippines Commercial banking and financial services
20.8 20.8
Held By Subsidiary Companies Hwang – DBS Malaysia Bhd
Malaysia Investment holding
23.1 23.3
Unquoted
Held by DBS Bank Clearing and Payment Services Pte Ltd
Singapore Provides service infrastructure for clearing
payment and settlement of financial transactions
33.3 33.3
Fujitec Singapore Corporation Ltd Singapore
Manufactures elevators, escalators and related components
26.3 26.0
Network for Electronic Transfers Singapore Pte Ltd Singapore
Electronic funds transfer 33.3
20.0 Orix Leasing Singapore Ltd
Singapore Lease and hire-purchase financing of
equipment 30.0
30.0 Spray’s Shipping Pte Ltd
Singapore Dormant
- 26.0
Venture Investment Management S Pte Ltd Singapore
Investment management services 24.5
24.5 Yamaha Music Asia Pte Ltd
Singapore Distributor and retailer of all kinds of musical
instruments, operator and franchise of music schools
- 20.0
Investment and Capital Corporation of the Philippines
The Philippines Financial services
20.0 20.0
Nextmall Holdings Corporation Cayman
Islands Supermarket Venture capital investment
27.3 -
45
Interest Held by DBS Group
Associated Companies Country of
Incorporation Business
Principal Activities 2002
2001
Held By Subsidiary Companies Asia Converge Pte Ltd
Singapore Securities transaction processing
39.0 39.0
Singapore Africa Investment Management Pte Ltd Singapore
Investment management 30.0
30.0 Southern Africa Investment Pte Ltd
Singapore Venture capital investment
25.0 25.0
Singapore Consortium Investment Management Ltd Singapore
Investment management services 33.3
20.0 Transtech Capital Investment I Ltd
Singapore Venture capital investment
- 41.5
Venture Investment Management II Ltd Singapore
Investment manager for venture capital 30.0
30.0 Transtech Venture Management Pte Ltd
Singapore Investment manager for venture capital
40.0 40.0
Hwang-DBS Unit Trust Berhad Malaysia
Investment management services 30.0
30.0 Olympia Thailand
b
Thailand Wholesale and retail
26.9 -
Thailand Carpet Manufacturing Public Company Limited
b
Thailand Carpet manufacturer
40.5 46.0
a The associated company is under a court-approved scheme of arrangement. Consequently, equity accounting was not applied for this associated company.
b The investment in this associated company was acquired as a result of debt restructuring, and is not intended to be a long-term investment. Consequently, equity
accounting was not applied for this associated company.
30.3 The joint venture companies indirectly held by DBS Bank at December 31 are as follows: