EXCEL FORCE MSC BERHAD Annual Report 2020

EXCEL FORCE MSC BERHAD - ANNUAL REPORT 2020 86 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2020 (CONT’D) 8. INTANGIBLE ASSETS Group and Company 2020 2019 RM RM Cost At 1 January/31 December 1,010,000 1,010,000 Accumulated amortisation At 1 January/31 December (1,010,000) (1,010,000) Carrying amount At 31 December - - Intangible assets consist of trademarks and copyrights which had been fully amortised in the financial year ended 31 December 2013. 9. INVESTMENT IN SUBSIDIARY COMPANIES Company 2020 2019 RM RM Unquoted shares, at cost In Malaysia 620,005 620,003 Less: Accumulated impairment losses (120,000) (120,000) 500,005 500,003 Details of the subsidiary companies are as follows: Name of company Place of business/ Country of incorporation Effective interest Principal activities 2020 2019 % % Direct holding: Insage (MSC) Sdn. Bhd. Malaysia 100 100 Provision of software solutions E2 Trade Sdn. Bhd. Malaysia 100 100 Investment holding Xifu Sdn. Bhd. Malaysia 100 - Provision of information platform for investment Acquisition of a subsidiary company On 25 August 2020, the Company acquired 1 ordinary share, representing 50% equity interest in Xifu Sdn. Bhd. (“Xifu”) for a cash consideration of RM1. On 4 December 2020, the Company acquired the remaining 50% equity interest in Xifu for a cash consideration of RM1. Consequently, Xifu became a wholly-owned subsidiary company of the Company.