NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2024 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 % 2024 2023 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 ended 31 December 2024, MSA and SBN issued total new shares of 165,200 shares and 800,000 shares to the existing shareholders respectively. The Group’s total effective ownership of MSA and SBN remained unchanged post the share issuance. Group Overview Financials Other information Sustainability and Governance Operation and Financial Review Annual Report 2024 125
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