GHL System Berhad Annual Report 2018

G H L S y s t e m S B e r h a d ( 2 9 3 0 4 0 - D ) 110 NOT ES TO THE F I NANC I A L STAT EMENTS 3 1 D e c e m b e r 2 0 1 8 C O N T ’ D 16. INVESTMENTS IN JOINT VENTURES AND AN ASSOCIATE (cont’d) (f) The details of the associate as follows: Name of company Country of incorporation Effective interest in equity Principal activities 2018 2017 % % MRuncit Commerce Sdn. Bhd.# Malaysia 32 - Engaged in the business of developing and selling software and e-commerce. # Associate audited by BDO PLT Malaysia. Associate is accounted for using the equity method in the consolidated financial statements. (g) The Group does not have any associate, which is individually material to the Group for the financial year ended 31 December 2018. (h) Set out below is the financial information of all individually immaterial associate on an aggregate basis. Group 2018 RM Carrying amounts of interests in an associate 181,449 Share of results for the financial year Share of loss (796,615) Share of other comprehensive income - Share of total comprehensive loss (796,615) 17. AVAILABLE-FOR-SALE INVESTMENTS Group 2018 2017 RM RM Structured Investment - 8,000,000 The fair value of the available-for-sale investments are determined by reference to the exchange quoted market bid price at the close of the business at the end of the reporting period. The fair values of available-for-sale investments are categorised into Level 2 of the fair value hierarchy. There were no transfers between Level 1 and Level 2 fair value measurement during the financial year. In the previous financial year, available-for-sale investments of the Group of RM8,000,000 were pledged to licensed banks as security for banking facilities to the Group as disclosed in Note 25 to the financial statements.