158
CapitaLand Mall Trust
Annual Report 2015
6 Subsidiaries
(continued)
The movement in the allowance for impairment loss in respect of the year was as follows:
Trust
2015
$’000
At the beginning of the year
–
Impairment loss
5,904
At the end of the year
5,904
Details of the subsidiaries are as follows:
Name of subsidiaries
Place of
incorporation/
business
Effective equity
interest held by
the Trust
2015
%
2014
%
CMT MTN Pte. Ltd.
1
Singapore
100
100
Brilliance Mall Trust
1
Singapore
100
–
1 Audited by KPMG LLP Singapore
CMT MTN Pte. Ltd.
CMT MTN Pte. Ltd. (“CMT MTN”) was incorporated on 23 January 2007. The principal activity of this subsidiary
is to issue notes under unsecured multi-currency medium term note programmes. The proceeds from such
issuances are used by CMT MTN and the Group to refinance the existing borrowings of the Group, to finance
the investments comprised in the Trust, to on-lend to any trust, fund or entity in which the Trust has an interest,
to finance any asset enhancement works initiated in respect of the Trust or such trust, fund or entity, and to
finance the general corporate and working capital purposes in respect of the Group.
The Trust has provided a loan to CMT MTN amounting to $80,000 (2014: $80,000) which is non-trade in
nature, unsecured and interest-free. The settlement of the amount is neither planned nor likely to occur in
the foreseeable future. As this amount is, in substance, part of the Trust’s net investment in CMT MTN, it is
stated at cost.
Notes to the Financial Statements
Year ended 31 December 2015
