85
10.Subsidiaries (cont’d)
The above subsidiaries are audited by Deloitte & Touche LLP, Singapore.
* Alphaplus Investment Pte Ltd is a member of NTUC Fairprice Foundation Ltd. The result and net assets of NTUC
Fairprice Foundation Ltd (“Foundation”) have not been consolidated as the Memorandum of Association of the
Foundation provides that it cannot pay, or transfer directly or indirectly from its income and property to the member
in the form of dividend, bonus, or by way of profit, except for payments made in good faith for the return of
goods and services. Furthermore, the Memorandum provides that in the event of winding up of the Foundation, the
remains after the satisfaction of all its debts and liabilities shall not be paid to or distributed to the member of the
Foundation. Approval from the Commissioner of Charities is required if the member were to amend the clauses in
the Memorandum of Association. Consequently, the Group does not have control over the assets and reserve of the
Foundation and hence the Foundation is not accounted for as a subsidiary of the Group.
Information about the composition of the Group at the end of the financial year is as follows:
Name of subsidiary
Country of
incorporation and
operation
Proportion of ownership
interest and voting
power held
Principal
activities
December 31, 2014 December 31, 2013
%
%
Subsidiaries of AlphaPlus
Investments Pte Ltd*
Thomson Plaza
Investments Pte Ltd
Singapore
100
100 Property owner
Principal activity
Place of incorporation
and operation
Number of
wholly-owned subsidiaries
December 31,
2014
December 31,
2013
Warehousing and distribution
Singapore
1
1
Investment holding
Singapore
4
4
Convenience store operator
Singapore
1
1
Dormant
Singapore
3
3
Trading
Singapore
1
1
Property owner
Singapore
1
1
11
11
Notes to Financial Statements
December 31, 2014
