126 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) (d) The details of the associate are as follows: Name of company Country of incorporation/ Principal place of business Effective interest in equity Principal activities 2021 2020 % % Associate of Mobiepay Sdn. Bhd. MRuncit Commerce Sdn. Bhd. # Malaysia 29.17 29.17 Engaged in the business of developing and sel l ing software and e-commerce. Associate of Pay Here Sdn. Bhd. MRuncit Commerce Sdn. Bhd. # Malaysia 2.59 2.59 Engaged in the business of developing and sel l ing software and e-commerce. # Associate audited by BDO PLT Malaysia. Associate is accounted for using the equity method in the consolidated financial statements. (e) During current financial year, the Group acquired an additional of 317,600 (2020: 158,800) ordinary shares in MRuncit Commerce Sdn. Bhd. (“MRuncit”) for a total cash consideration of RM317,600 (2020: RM158,800) for working capital purpose. The additional acquisition does not have any effect on the effective interest of the Group in MRuncit. (f) The Group does not have any associate, which is individually material to the Group for the financial year ended 31 December 2020. (g) Set out below is the financial information of all individually immaterial associate on an aggregate basis. Group 2021 2020 RM RM Carrying amounts of interests in an associate 28,746 - Share of results for the financial year Share of loss (320,060) (147,601) Share of other comprehensive income - - Share of total comprehensive loss (320,060) (147,601)
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