Frontken Corporation Berhad 200401012517 (651020-T) • A N N U A L R E P O R T 2 0 2 1 125 NOTES TO THE FINANCIAL STATEMENTS (CONT’D) 13. INVESTMENTS IN SUBSIDIARIES (CONT’D) In the previous financial year, in the month of May 2020, the Company acquired 133,837 ordinary shares of NT$10 each representing 0.4% of the issued and paid-up share capital of AGTC for a total cash consideration of NT$5,353,480 (including incidental costs) (equivalent to RM775,870). Following the acquisition, the Group’s interest in AGTC increased from 90.85% to 91.25%. The carrying amount of AGTC’s net assets shared by the Group on the date of the acquisition was RM203,988,468. The Group recognised a decrease in non-controlling interests of RM880,653 and an increase in retained earnings of RM104,783. The following summarises the effect of changes in equity interest in AGTC that is attributable to owners of the Company:- AGTC 2020 RM Equity interest at 1 January 2020 174,545,872 Effect of increase in Company’s ownership interest 880,653 Share of comprehensive income 60,604,773 Equity interest at 31 December 2020 236,031,298 14. GOODWILL ON CONSOLIDATION The Group 2021 2020 RM RM At 1 January/31 December 33,760,856 33,760,856 Goodwill acquired in a business combination is allocated, at acquisition, to the cash-generating unit (“CGU”) that is expected to benefit from that business combination. The carrying amounts of the goodwill allocated to each CGU are as follows:- The Group 2021 2020 RM RM FEM 805,812 805,812 AGTC 24,588,453 24,588,453 TTES 8,366,591 8,366,591 33,760,856 33,760,856 The Group tests goodwill annually for impairment, or more frequently if there are indications that goodwill might be impaired.
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