Annual Report 2025

233 2025 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 2025 2024 $’000 $’000 Gross amounts of the joint venture Current assets 12,232 2,639 Non-current assets 1,500,012 1,500,013 Current liabilities 7,172 15,182 Total equity 1,505,072 1,487,470 Revenue 22,311 21,646 Profit for the year 17,602 17,104 Total comprehensive income 17,602 17,104 Reconciled to the Group’s interest in the joint venture Gross amounts of net assets of the joint venture attributable to equity shareholders 1,505,072 1,487,470 Group’s effective interest 50% 50% Group’s share of net assets of the joint venture 752,536 743,735 Amount due from a joint venture (note 2) 139 – Loan to a joint venture (note 3) – 4,057 Carrying amount in the consolidated financial statements 752,675 747,792 Note 2: Amount due from a joint venture is unsecured, interest-free and repayable on demand. Note 3: Loan to a joint venture is unsecured, interest-free and no fixed terms of repayment.