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4. Investments in subsidiaries

The company holds the following direct and indirect investments:

            31 December 2019           31 December 2018
Company   Currency
  Nominal
share capital
  Voting rights
and Participation
  Currency
  Nominal
share capital
  Voting rights
and Participation
Precious Woods Management Ltd.   USD   20 000   100.00%   USD   20 000   100.00%
British Virgin Islands (dormant company)                        
MIL Madeiras Preciosas Ltda.   BRL   72 474 251   100.00%   BRL   68 074 251   97.30%
Brazil (land and forest operations, 40% owner of BK Energia)                        
 Madeiras Preciosas de Amazonia  Manejo Ltda. (merged into  MIL Madeiras Preciousas Ltda.)   BRL       BRL   4 400 000   99.98%
 Brazil (dormant company)                        
Monte Verde Manejo Florestal Ltda. 1   BRL   36 121 294   100.00%   BRL    
Brazil (land owner, former subsidiary of Precious Woods do Para)                        
 Precious Woods do Pará S.A. (merged  into Monte Verde Manejo Florestal Ltda.) 1   BRL       BRL   1 003   100.00%
 Brazil (former sub-holding company)                        
Precious Woods Manejo Florestal Ltda.   BRL   24 429 917   100.00%   BRL   24 429 917   100.00%
Brazil (dormant company)                        
Precious Woods Europe B.V.   EUR   18 000   100.00%   EUR   18 000   100.00%
Netherlands (timber trade)                        
Unio S.A.   EUR   1 000 000   100.00%   EUR   1 000 000   100.00%
Luxembourg (sub-holding for Precious Woods Tropical Gabon Insutries S.A. (TGI))                        
Lastour & Co. S.A.   EUR   372 575   100.00%   EUR   372 575   100.00%
Luxembourg (sub-holding for Precious Woods Compagnie Equatoriale des Bois S.A. (CEB))                        
1 Merger of Brazilian entities: Precious Woods do Pará S.A., Carolina Industria Ltda. as well as Monte Verde Madeiras Ltda. were merged and form together the legal entity Monte Verde Manejo Florestal Ltda.

For further information on investments, we refer to note 32 to the consolidated group financial statements.