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4. Investments in subsidiaries

The company holds the following direct and indirect investments:

            31 December 2020           31 December 2019
Company   Currency
  Nominal
share capital
  Voting rights
and Participation
  Currency
  Nominal
share capital
  Voting rights
and Participation
MIL Madeiras Preciosas Ltda. 2   BRL   168 143 929   100.00%   BRL   72 474 251   100.00%
Brazil (land and forest operations, 40% owner of BK Energia Itacoatiara Ltda.)                        
Monte Verde Manejo Florestal Ltda. 1   BRL   37 585 742   100.00%   BRL   36 121 294   100.00%
Brazil (land owner, former subsidiary of Precious Woods do Para)                        
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 Industrie 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))                        
Precious Woods Management Ltd.   USD   20 000   100.00%   USD   20 000   100.00%
British Virgin Islands (dormant company)                        
1 Capital increase from capital reserves, contributed by Carolina Industria Ltda. (CIL)
2 Capital increase from a loan, contributed by Madeiras Preciosas de Amazonia Manejo Ltda. (PWAM)

For further information on investments, we refer to note 31 to the consolidated group financial statements. * Precious Woods Tropical Gabon Industrie S.A. (TGI) holds a 49 % stake of the company Compagnie de Placages de la Lowé S.A. (CPL). For further information on investments associates, we refer to note 13 to the consolidated group financial statements.