200901023978 (867077-X) Kimlun Corporation Berhad (Incorporated in Malaysia) 16. Investment in joint ventures 2023 2022 RM RM Unquoted shares, at cost 4,830,000 4,830,000 Share of post-acquisition reserves 7,663,222 10,410,291 12,493,222 15,240,291 Represented by: Share of net assets 12,493,222 15,240,291 Details of the joint ventures are as follows: Proportion (%) Country of of ownership Name incorporation Principal activities interest 2023 2022 Held through Kimlun Land Sdn. Bhd.: Posh Atlantic Sdn. Bhd. Malaysia Property development and 51 51 property investment Held through Kimlun Sdn. Bhd.: Zecon Kimlun Malaysia Building and infrastructure 30 30 Consortium Sdn. Bhd. contractor JBB Kimlun Sdn. Bhd. Malaysia Building and infrastructure 40 40 contractors Held through KL Building Materials Sdn. Bhd.: Rock Projects Sdn. Bhd. Malaysia Quarry and quarry related 51 51 services Group - 53 - NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023 123 Annual Report 2023
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