Details of subsidiary companies are as follows:
Place of Incorporation
Description of shares held
Percentage
held directly
Hyfco Development Company, Limited
Hong Kong
Ordinary
100
The Hong Kong Shipyard Limited
Hong Kong
Ordinary
100
Hyfco Trading Services Company Limited
Hong Kong
Ordinary
100
Hyfco Ferries, Limited
Hong Kong
Ordinary
100
Crestbridge Estates Limited
Hong Kong
Ordinary
100
11. Interest in Associated Company
Company
Group
1982
1981
1982
1981
$'000
$'000
$'000
$'000
Unquoted shares, at cost
5
5
Amount due from associated company
6,685
5,780
6,685
5,780
6,685
5,780
6,690
5,785
Place of
Description of
Percentage
Name of Associate
Authian Estates Limited
12. Other Investments
Incorporation
shares held
held indirectly
Hong Kong
"A" Ordinary
50
Company
Group
1982
1981
1982
1981
$'000
$'000
$'000
$'000
Unquoted shares, at cost
170
170
1,943
1,193
Less: Provision for diminution in value
125
125
148
148
45
45
1,795
1,045
Investment in hotel project in
Guangzhou, China
5,447
5,374
5,447
5,374
Add: Subordinated loan to an
affiliated company
3,500
2,000
5,492
5,419
10,742
8,419
Included in the Group's unquoted shares is a holding by Hyfco Ferries, Limited of 25,000 Ordinary Shares of $100 each purchased at par value in Sealink Ferries Limited, a company incorporated in Hong Kong, of which 70% was paid up at 31st December, 1982 and the balance will be payable in 1983. In addition, an interest free Subordinated Loan of $5,000,000 with payment terms similar to that of the shares offered was granted to Sealink Ferries Limited of which $3,500,000 has been drawn at 31st December, 1982.
Hyfco Ferries, Limited has charged, as a beneficial owner, all its shares in Sealink Ferries Limited by way of a first fixed charge as a continuing security for credit facilities made available to Sealink Ferries Limited.
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