117 GHL SYSTEMS BERHAD 199401007361 (293040-D) ANNUAL REPORT 2022 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2022 CONT’D 17. INVESTMENTS IN JOINT VENTURES AND AN ASSOCIATE Group 2022 2021 RM RM Joint ventures Unquoted equity shares, at cost 1,581,442 1,581,442 Share of post-acquisition reserves (1,145,648) (1,145,648) Foreign exchange reserve (46,900) (46,900) Accumulated impairment losses (388,894) (388,894) - - Associate Unquoted equity shares, at cost - 1,743,700 Share of post-acquisition reserves - (1,030,704) Accumulated impairment losses - (684,250) - 28,746 - 28,746 (a) Investments in joint ventures and an associate are measured at cost less impairment losses, if any, in the separate financial statements of the Company. (b) The details of the joint ventures are as follows: Name of company Country of incorporation/ Principal place of business Effective interest in equity Principal activities 2022 2021 % % Joint venture of e-pay (M) Sdn. Bhd. e-pay Pakistan (Private) Limited ^ Pakistan 50 50 Dormant. Electronic Payment Network (Thailand) Co. Limited ^ Thailand 16 16 Dormant. ^ The unaudited financial statements were used in the consolidation of the results of the joint ventures. All the above joint ventures are accounted for using the equity method in the consolidated financial statements. (c) The Group does not have any joint venture, which is individually material to the Group for both financial years ended 31 December 2022 and 31 December 2021.
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