PRG Holdings Berhad Annual Report 2020

PRG HOLDINGS BERHAD 132 13. INVESTMENTS IN JOINT VENTURES Group 2020 2019 RM’000 RM’000 Unquoted equity shares, at cost 570 570 Share of post-acquisition reserves, net of dividends received 844 541 1,414 1,111 Less: Impairment loss - - 1,414 1,111 The details of the joint ventures are as follows: Interest in equity held Country of by subsidiaries Name of company incorporation 2020 2019 Principal activities % % Trunet (Vietnam) Co., Ltd. (“TNV”)* Vietnam 50 50 Manufacture and marketing of meat netting * Audited by a member firm of BDO International. The joint ventures, in which the Group participates, are unlisted separate structured entities whose quoted market prices are not available. The contractual arrangement stipulates unanimous consent of all parties over relevant activities of joint ventures and provides the Group with only the rights to the net assets of the joint arrangements, with the rights to the assets and obligation for liabilities of the joint arrangements resting primarily with the joint ventures. These joint arrangements have been classified as joint ventures and have been included in the consolidated financial statements using the equity method. The summarised financial information of the joint ventures, adjusted for any differences in accounting policies, are as follows: TNV 2020 RM’000 Assets and liabilities Non-current assets 104 Current assets 3,039 Current liabilities (315) Net assets 2,828 Proportion of the ownership of the Group 50% Carrying amount of the investments in joint ventures (including goodwill) 1,414 Notes to the Financial Statements 31 December 2020 cont’d