MISC Annual Report 2017

NOTES TO THE FINANCIAL STATEMENTS 235 Financial Statements 16. INVESTMENTS IN ASSOCIATES (CONT'D.) (a) The Group, together with Keppel Logistics Pte. Ltd. had on 31 October 2017 entered into a Share Purchase Agreement ("SPA") with John Keells Holdings PLC ("JKH") for the joint disposal of the 25% equity interest each held in Trans-ware Logistics (Private) Limited ("TWL") for a cash consideration of approximately RM4,042,000. The disposal was completed on 30 November 2017 and TWL ceased to be an associate of the Group. The Group recognised a gain on disposal of investment in an associate amounting to RM1,593,000 in the financial year as disclosed in Note 4. Reconciliation of net assets to carrying amount as at 31 December: 2017 RM'000 2016 RM'000 Group's share of net assets 528 3,680 Impairment loss - (1,214) Carrying amount in the statement of financial position 528 2,466 Details of the associates are disclosed in Note 40. 17. INVESTMENTS IN JOINT VENTURES Group Corporation 2017 RM'000 2016 RM'000 2017 RM'000 2016 RM'000 Unquoted shares in Malaysia, at cost 171,476 212,562 169,057 207,142 Unquoted shares outside Malaysia, at cost 223,145 246,507 89,333 98,686 394,621 459,069 258,390 305,828 Share of post-acquisition profits 616,531 936,282 - - Share of other post-acquisition reserves 194,907 289,748 - - 1,206,059 1,685,099 258,390 305,828 Less: Accumulated impairment loss (78,262) (82,924) - - Carrying amount of the investment 1,127,797 1,602,175 258,390 305,828 (a) The Group had on 25 September 2017 entered into a Share Purchase Agreement ("SPA") with Dialog Group Berhad for the disposal of the 45% equity interest held by the Group in Centralised Terminal Sdn. Bhd. ("CTSB") for a cash consideration of RM193,000,000. The disposal was completed on 29 September 2017 and CTSB ceased to be a joint venture of the Group. The Group and the Corporation recognised a gain on disposal of investment in a joint venture amounting to RM43,527,000 and RM118,085,000 respectively in the financial year as disclosed in Note 4.