NTUC Income AR 2019

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2019 8. INVESTMENT IN SUBSIDIARIES (CONTINUED) Name Principal activities % of ownership interest 2019 % 2018 % Shareholders' Fund NTUC Income Enterprises Pte Ltd Operator of retail and referral services 100 100 NTUC Income Holdings Pte. Ltd. Investment holding 100 100 Infinitum Financial Advisory Pte. Ltd. Financial Advisory 100 – On 6 June 2019 and 1 November 2019, the Group acquired 100% of the shares and voting interests in Elpis Financial Pte. Ltd. (now known as Infinitum Financial Advisory Pte. Ltd.) and Financial Dynamics Pte. Ltd. respectively. The purchase considerations of both entities were $4,754,000. Both entities were subsequently amalgamated on 23 December 2019. 9. INVESTMENT IN JOINT VENTURE Set out below is the joint venture of the Group as at 31 December 2019. The joint venture has share capital consisting solely of ordinary shares, which are held directly by the Group; the country of incorporation is also its principal place of business. The Group has no commitments relating to its joint venture. There are also no contingent liabilities relating to the Group’s interest in the joint venture. 2019 $’000 2018 $’000 Life Insurance Par Fund Equity investment at cost 82,525 82,525 Name of company Country of incorporation Principal activities % of ownership interest 2019 % 2018 % Street Square Pte. Ltd. (a) Singapore Property investment holding 50 50 (a) Financial year ends on 31 December ANNUAL REPORT 2019 103