Annual Report 2024

237 2024 Annual Report Transport International Holdings Limited NOTES TO THE FINANCIAL STATEMENTS (Expressed in Hong Kong dollars unless otherwise indicated) 19 Interest in joint venture The following list contains the particulars of the joint venture, which is an unlisted corporate entity whose quoted market price is not available: Percentage of ownership interest Name of joint venture Form of business structure Place of incorporation and business Particulars of registered and paid-up capital Group’s effective interest Held by subsidiaries Principal activity TM Properties Investment Limited Incorporated Incorporated in the British Virgin Islands and operates in Hong Kong 2 share of US$2 50 50 Property investment (note 1) Note 1: TM Properties Investment Limited operates in Hong Kong and generates rental income from the leasing of an industrial building in Hong Kong. Summarised financial information of the joint venture, adjusted for any differences in accounting policies, and reconciled to the carrying amounts in the consolidated financial statements, are disclosed below: TM Properties Investment Limited 2024 2023 $’000 $’000 Gross amounts of the joint venture Current assets 2,639 2,307 Non-current assets 1,500,013 1,500,015 Current liabilities 15,182 31,956 Total equity 1,487,470 1,470,366 Revenue 21,646 20,536 Profit for the year 17,104 16,220 Total comprehensive income 17,104 16,220 Reconciled to the Group’s interest in the joint venture Gross amounts of net assets of the joint venture attributable to equity shareholders 1,487,470 1,470,366 Group’s effective interest 50% 50% Group’s share of net assets of the joint venture 743,735 735,183 Loan to a joint venture (note 2) 4,057 13,377 Carrying amount in the consolidated financial statements 747,792 748,560 Note 2: Loan to a joint venture is unsecured, interest-free and has no fixed terms of repayment.