Frontken Corporation Berhad 200401012517 (651020-T) • A N N U A L R E P O R T 2 0 2 1 124 NOTES TO THE FINANCIAL STATEMENTS (CONT’D) 13. INVESTMENTS IN SUBSIDIARIES (CONT’D) The summarised financial information (before intra-group elimination) for each subsidiary that has non-controlling interests that are material to the Group is as follows:- (Cont’d) TTES 2021 2020 RM RM At 31 December Non-current assets 3,950,428 1,646,385 Current assets 14,383,772 12,418,833 Non-current liabilities (278,277) (182,132) Current liabilities (7,612,111) (4,782,980) Net assets 10,443,812 9,100,106 Financial Year Ended 31 December Revenue 33,745,892 22,739,545 Profit for the financial year 2,843,706 1,047,145 Total comprehensive income 2,843,706 1,047,145 Total comprehensive income attributable to non-controlling interests 1,564,038 575,930 Dividends paid to non-controlling interests (825,000) (341,000) Net cash from/(for) operating activities 2,655,627 (502,296) Net cash (for)/from investing activities (2,613,409) 1,158,929 Net cash for financing activities (1,038,983) (733,962) On 22 February 2021, Ares Green International Corporation, a dormant indirect wholly-owned subsidiary of the Company has been struck off. On 31 December 2021, a resolution was passed to strike off Frontken Projects Pte. Ltd., a dormant indirect whollyowned subsidiary of the Company from the Registrar. During the financial year, in the month of December 2021, the Company acquired 184,370 ordinary shares of NT$10 each representing 0.54% of the issued and paid-up share capital of AGTC for a total cash consideration of NT$28,024,240 (including incidental costs) (equivalent to RM4,240,434). Following the acquisition, the Group’s interest in AGTC increased from 91.25% to 91.79%. The carrying amount of AGTC’s net assets shared by the Group on the date of the acquisition was RM320,717,688. The Group recognised a decrease in non-controlling interests of RM1,897,946 and a decrease in retained earnings of RM2,342,488. The following summarises the effect of changes in equity interest in AGTC that is attributable to owners of the Company:- AGTC 2021 RM Equity interest at 1 January 2021 236,031,298 Effect of increase in Company’s ownership interest 1,897,946 Share of comprehensive income 84,686,390 Equity interest at 31 December 2021 322,615,634
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