NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2025 39 ACQUISITION OF AND LOSS OF CONTROL IN SUBSIDIARIES, AND CHANGES IN INTERESTS IN SUBSIDIARIES WITHOUT LOSS OF CONTROL (CONT’D) (III) Changes in interests in subsidiaries without loss of control There were the following changes in interests in subsidiaries without loss of control during the year: 2025 (a) On 9 May 2025, CDL Hotels Holdings New Zealand Limited, an indirect wholly-owned subsidiary, acquired 8,503,960 ordinary shares in Millennium & Copthorne Hotels New Zealand Limited (MCHNZ) via a privatisation exercise for a consideration of $18.3 million (NZD 23.8 million). Following the acquisition, the Group’s effective interest in MCHNZ increased from 75.9% to 83.9%. (b) On 10 September 2025, Verwood Holdings Pte. Ltd., an indirect wholly-owned subsidiary, acquired the remaining 30% equity interest in Island Glades Developments Pte. Ltd. (Island Glades) for a consideration of $0.3 million from TID Residential Pte. Ltd. Following the acquisition, Island Glades became an indirect wholly-owned subsidiary of the Group. (c) CDL Investments New Zealand Limited (CINZ), an indirect subsidiary of Millennium & Copthorne Hotels Limited (M&C), declared dividend in specie to its minority shareholders. There was no significant change to the Group’s effective interest. 2024 (a) On 12 June 2024, Shenzhen Hong Leong Technology Park Development Co., Ltd, an indirect whollyowned subsidiary, acquired the remaining 35% equity in Shenzhen Longgang District Tusincere Science and Technology Development Park Co., Ltd. (Shenzhen Longgang) from the non-controlling interest for a consideration of $62.6 million (RMB336.6 million). Following the acquisition, Shenzhen Longgang became an indirect wholly-owned subsidiary of the Group. (b) On 29 October 2024, CDL Hotels Holdings New Zealand Limited, an indirect wholly-owned subsidiary, acquired 5,273,937 ordinary shares and 2,945,671 redeemable preference shares in Millennium & Copthorne Hotels New Zealand Limited (MCHNZ) from an unrelated third party for a consideration of $11.3 million (NZD 14.0 million). Following the acquisition, the Group’s effective interest in MCHNZ increased from 70.9% to 75.9%. (c) CDL Investments New Zealand Limited (CINZ), an indirect subsidiary of Millennium & Copthorne Hotels Limited (M&C), declared dividend in specie to its minority shareholders. There was no significant change to the Group’s effective interest. The following summarises the effect of changes in the Group’s ownership interests in the above subsidiaries: 2025 2024 $’000 $’000 Consideration paid for acquisition of non-controlling interests (18,601) (73,913) Net decrease in equity attributable to non-controlling interests 21,344 106,926 Net increase in equity interests attributable to owners of the Company 2,743 33,013 Represented by: Increase in capital reserve 2,743 33,013 ANNUAL REPORT 2025 | 193
RkJQdWJsaXNoZXIy ODIwNTc=