102
GROUP
CO-OPERATIVE
12. JOINTLY CONTROLLED ENTITY (cont’d)
NOTES TO FINANCIAL STATEMENTS
March 31, 2013
(b) Jointly controlled assets
The Group and the Co-operative has a 30% interest in a jointly controlled asset, AMK Hub, which is constituted
by a joint venture agreement dated August 24, 2004 between NTUC Income Insurance Co-operative Limited
(“NTUC Income”), the Co-operative and SLF AMK Pte Ltd (SLF AMK). AMK Hub is not a separately incorporated
legal entity.
Under the above joint venture agreement, NTUC Income, the Co-operative and SLF AMK acquired a leasehold
interest of 99 years less one day (the “Leasehold Interest”) on August 24, 2004 on a site in Ang Mo Kio and hold
as tenants in common with 35%, 30% and 35% share in the Leasehold Interest respectively.
On November 16, 2011, the joint venture parties sold AMK Hub and certain fixed assets to Mercatus Co-operative
Limited (Mercatus) for a consideration of $610 million. In the same agreement, the Co-operative, SLF AMK and
NTUC Income entered into an arrangement to invest in Mercatus along with National Trades Union Congress
(“NTUC”), the Founder Member of Mercatus. This resulted in the Co-operative, SLF AMK, NTUC Income and NTUC
holding 36.7%, 42.9%, 20% and 0.4% respectively of equity interest in Mercatus.
13. INVESTMENTS
2013
2012
2013
2012
$’000
$’000
$’000
$’000
Current portion:
Quoted unit trust available-for-sale
182,801 98,921
182,801 98,921
Quoted equity available-for-sale
96,629 74,749
96,629 74,749
Quoted bonds available-for-sale
248,584 177,437
248,584 177,437
Total current portion
528,014 351,107
528,014 351,107
Non-current portion:
Quoted unit trust available-for-sale
360,012 319,243
259,425 232,373
Unquoted equity available-for-sale
30,501 29,845
12,303 12,303
Other investments
750
750
750
750
Total non-current portion
391,263 349,838
272,478 245,426
Total investments
919,277 700,945
800,492 596,533
