Notes tothe financial statements For the financial year ended 31 December 2023 19. Investment in subsidiary companies (cont’d) (a) Composition of the Group (cont’d) Name of subsidiaries Country of incorporation Effective percentage of equity held Principal activities % 2023 2022 Held by PT Sumalindo Alam Lestari and PT Mentari Pertiwi Makmur PT Wana Kaltim Lestari (PT WKL) 7 Indonesia 58.64 58.64 Development of industrial timber plantations Held by Lonsum Singapore Pte. Ltd. Sumatra Bioscience Pte. Ltd. (SBPL) * Singapore 43.72 43.72 Trading, marketing and research Held by PT Lajuperdana Indah PT Madusari Lampung Indah (PT MLI) 8 Indonesia 45.16 45.16 Ownership of sugar cane plantations Held by PT Wushan Hijau Lestari PT Perusahaan Perkebunan, Perindustrian dan Perdagangan Umum Pasir Luhur (PT PL) 3 Indonesia 28.41 28.41 Trading, agricultural, industrial and agency/ representative * Not required to be audited in the country of incorporation. Audited by: 1 Ernst & Young LLP, Singapore 2 Purwantono, Sungkoro & Surja, Indonesia (member firm of Ernst & Young Global) 3 Kanaka Puradiredja, Suhartono, Indonesia 4 Paul Hadiwinata, Hidajat, Arsono, Ade Fatma & Rekan, Indonesia (member firm of Grant Thornton International) 5 Aria Kanaka, Indonesia (member firm of Parker Randall) 6 Eisner Amper PAC, Singapore 7 Anwar, Sugiharto & Rekan, Indonesia 8 Jimmy Budhi & Rekan, Indonesia ** During the year, Lonsum and PT SAS purchased 125 shares of PT TAS from a shareholder for a consideration amounting to Rp125 million. 120 GROUP OVERVIEW OPERATION AND FINANCIAL REVIEW SUSTAINABILITY & GOVERNANCE FINANCIALS OTHER INFORMATION Indofood Agri Resources Ltd
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