112
CORDLIFE GROUP LIMITED
| ANNUAL REPORT 2015
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2015
Name of company
Country of
incorporation
Principal activities
Percentage of
equity held
2015
2014
% %
Cordlife Stem Cell
Technology Limited
1
Hong Kong
Cord lining banking services
100
100
Held by CS Cell Technologies Pte Ltd
Cordlife Sciences (India)
Pvt. Ltd.
4
India
Cord blood and cord lining
banking services
85
85
Cordlife Medical Phils., Inc
5
Philippines
Cord blood and cord lining
banking services
99.99
99.99
PT. Cordlife Persada
Indonesia
Cord blood and cord lining
banking services
67
67
Held by Cordlife Stem Cell Technology Limited
Hong Kong Screening
Centre Limited
1, 6
Hong Kong
Newborn screening for
metabolic disorders
67
100
1
Audited by Ernst & Young, Hong Kong
2
Audited by Ernst & Young LLP, Singapore
3
Audited by Shanghai Xinyi Certified Public Accountants Co. Ltd
4
Audited by D.N Mukherjee & Co.
5
Audited by Datiles Casedo and Associates, CPAs
6
On 17 July 2014, Hong Kong Screening Centre Limited allotted and issued 1,339,999 and 660,000 ordinary shares to Cordlife
Stem Cell Technology Limited and a third party respectively.
Acquisition of subsidiaries
On 28 June 2013, the Group completed the acquisition of Life Corporation Limited’s cord blood and
cord lining banking businesses in India, the Philippines and Hong Kong, and assets and liabilities of Life
Corporation Limited’s subsidiary, P.T. Cordlife Indonesia (the “Acquisition”). The aggregate consideration for
the acquisition is A$5.5 million (equivalent to S$6.4 million).
The Acquisition comprises of 100% of the issued and paid-up capital of CS Cell Technologies Pte. Ltd. (“CSCT
Singapore”) and Cordlife Stem Cell Technology Limited. CSCT Singapore is an investment holding company
which holds 85% of the issued and paid-up capital of Cordlife Sciences (India) Pvt. Ltd. and approximately
99.99% of the issued share capital of Cordlife Medical Phils., Inc..
The Acquisition will enable the Group to enlarge its geographical footprint in Asia, and is in line with the
Group’s intentions, as stated in its listing prospectus, to expand its business operations overseas.
During the year ended 30 June 2014, the Company paid S$3,158,000 (2013: $1,556,000) to settle the
amount for the acquisition of the subsidiaries.
32.
INVESTMENT IN SUBSIDIARIES
(CONTINUED)
