125 GHL SYSTEMS BERHAD 199401007361 (293040-D) ANNUAL REPORT 2021 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2021 CONT’D 17. INVESTMENTS IN JOINT VENTURES AND AN ASSOCIATE (Cont’d) Group 2021 2020 RM RM Associate Unquoted equity shares, at cost 1,743,700 1,426,100 Share of post-acquisition reserves (1,030,704) (710,644) Accumulated impairment losses (684,250) (715,456) 28,746 - 28,746 - (a) Investments in joint ventures and an associate are measured at cost less impairment losses, if any, in the separate financial statements of the Company. (b) The details of the joint ventures are as follows: Name of company Country of incorporation/ Principal place of business Effective interest in equity Principal activities 2021 2020 % % Joint venture of e-pay (M) Sdn. Bhd. e-pay Pakistan (Private) Limited ^ Pakistan 50 50 Dormant. Electronic Payment Network (Thailand) Co. Limited ^ Thailand 16 16 Dormant. ^ The unaudited financial statements were used in the consolidation of the results of the joint ventures. All the above joint ventures are accounted for using the equity method in the consolidated financial statements. (c) The Group does not have any joint venture, which is individually material to the Group for both financial years ended 31 December 2021 and 31 December 2020.
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