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Investments at equity
 12 Months Ended
Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract]  
Investments at equity

  7 Investments at equity

 

Biotherapeutic Solutions Sdn. Bhd. (“BSSB”) – Malaysia

 

The Company owned a 50% interest in Cuprina GHHS LLP, a joint arrangement which was established on July 7, 2022 with GHHS Healthcare Management Sdn, Bhd (“GHHS”). This joint arrangement was principally engaged in wound management services.

 

Subsequently, on February 1, 2023, the joint arrangement has ceased operations following the incorporation and replacement from the new joint venture entity, namely Biotherapeutic Solutions Sdn. Bhd. of which the Company owned a 40% equity interest under the new agreement.

 

On July 11, 2023, the joint venture agreement has been terminated with an immediate effect following the mutual agreement from both parties and the joint venture entity has been closed down accordingly. The parties have agreed that any residual net assets or liabilities from the joint venture entity belong to GHHS.

 

Cuprina MENA Co., Ltd. (“Cuprina MENA”)– Saudi Arabia

 

As of December 31, 2024, the Company owned a 49% equity interest in Cuprina MENA Co., Ltd., an associate which was incorporated on May 21, 2023 with New Future Medical Services Company. This associate is principally engaged in the supply of medical devices and the operation of medical laboratories and supporting medical services.

 

Summarized financial information of the joint venture and associate are set out below:

   BSSB   Cuprina MENA   Total 
   S$   S$   S$ 
             
As of December 31, 2022               
Current assets   22,743    -    22,743 
Current liabilities   6,670    -    6,670 
                
For the year ended December 31, 2023               
Net sales or gross revenue   3,370    -    3,370 
Gross profit   2,532    -    2,532 
Net loss   (14,690)   -    (14,690)
Net loss attributable to the Company   (7,345)   -    (7,345)

 

   BSSB   Cuprina MENA   Total 
   S$   S$   S$ 
             
As of December 31, 2023               
Current assets   -    17,580    17,580 
Current liabilities   -    35,274    35,274 
                
For the year ended December 31, 2023               
Net loss   (15,780)   (52,854)   (68,364)
Net loss attributable to the Company   (7,890)   (25,898)   (33,788)

 

   S$   S$   S$   US$ 
   BSSB   Cuprina MENA   Total 
   S$   S$   S$   US$ 
                 
As of December 31, 2024                    
Current assets   -    9,447    9,447    6,945 
Current liabilities   -    164,840    164,840    121,179 
                     
For the year ended December 31, 2024                    
Net loss   -    (105,981)   (105,981)   (77,910)
Net loss attributable to the Company   -    (51,931)   (51,931)   (38,176)

 

 

CUPRINA HOLDINGS (CAYMAN) LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS