PRG Holdings Berhad Annual Report 2017

• PRG HOLDINGS BERHAD 116 10. INVESTMENTS IN ASSOCIATES (CONT’D) The details of the associates are as follows: Interest in equity held Country of by subsidiaries Name of company incorporation 2017 2016 Principal activities % % Furnitech Components (Vietnam) Vietnam 45.06 - Manufacture and sale of Co., Ltd. (“Furnitech”) *# metal components for furniture Premier Mirach Sdn. Bhd. ** Malaysia 25 - Construction related activities Premier Aspirasi Development Malaysia 49 - Property development and Sdn. Bhd. ** related activities * Audited by a member firm of BDO International. ** Associates are equity accounted based on management accounts for the financial period ended 31 December 2017. # On 14 September 2017, the charter capital of Furnitech was increased from USD2,600,000 to USD3,910,000. As a result, the Group’s effective interest in Furnitech was reduced to 45.06% and Furnitech became an associate since then. The summarised financial information of the associates are as follows: Other individual immaterial Furnitech associates Total 2017 RM’000 RM’000 RM’000 Assets and liabilities Non-current assets 5,696 - 5,696 Current assets 7,146 2,536 9,682 Current liabilities (8,433) (1,677) (10,110) Net assets 4,409 859 5,268 Carrying amount of the investments in associates (including goodwill) 5,231 216 5,447 Results Revenue 1,550 - 1,550 Loss for the financial year (643) (141) (784) Other comprehensive loss (95) - (95) Total comprehensive loss (738) (141) (879) Share of results by the Group for the financial year Share of losses by the Group for the financial year (290) (33) (323) Share of other comprehensive loss by the Group for the financial year (45) - (45) N O T E S T O T H E F I N A N C I A L S T A T E M E N T S 3 1 D E C E M B E R 2 0 1 7 ( c o n t ’ d )