Annual Report 2019

191 ANNUAL REPORT 2019 21. INTERESTS IN SUBSIDIARIES (a) Composition of the Group Particulars of the Company’s principal subsidiaries at 31 December 2019 are set out in note 44. (b) Disposal of interests in subsidiaries without losing control In December 2019, the Company completed the disposal of 25.05% interest in, and 25.05% of the shareholder’s loan advanced by the Company to, Xinda Resources Limited (“Xinda”, together with its subsidiaries, the “Xinda Group”), a wholly-owned subsidiary of the Company whose principal asset is its interest in 90% of the issued share capital of TCP Participacões S.A. (“TCP”, together with its subsidiaries, the “TCP Group”), to individual third parties, for a total cash consideration of HK$1,944 million. The Group’s effective interest in TCP decreased from 90% to 67.45% immediately after the disposal. An amount of HK$1,330 million, being the proportionate share of the carrying amount of the net assets of the Xinda Group, has been transferred to non-controlling interests. The difference of HK$614 million between the increase in the non-controlling interests and the consideration received has been credited to relevant reserves. (c) Non-wholly-owned subsidiaries of the Group that have material non-controlling interests The table below shows non-wholly-owned subsidiaries of the Group that have material non-controlling interests: Proportion of ownership Proportion of voting interests held by rights held by Accumulated Name of subsidiaries non-controlling interests non-controlling interests non-controlling interests 2019 2018 2019 2018 2019 2018 HK$’million HK$’million Shantou China Merchants Port Group Co., Ltd. (“SPG”) 40% 40% 40% 40% 3,974 3,817 Hambantota International Port Group (Private) Limited (“HIPG”) 15% 15% 15% 15% 3,231 3,290 Individually immaterial subsidiaries with non-controlling interests 7,146 5,576 14,351 12,683