118 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 (Cont’d) (d) The details of the associate are as follows: Name of company Country of incorporation/ Principal place of business Effective interest in equity Principal activities 2022 2021 % % Associate of Mobiepay Sdn. Bhd. MRuncit Commerce Sdn. Bhd.# Malaysia - 29.17 Engaged in the business of developing and selling software and e-commerce. Associate of Pay Here Sdn. Bhd. MRuncit Commerce Sdn. Bhd.# Malaysia - 2.59 Engaged in the business of developing and selling software and e-commerce. # Associate audited by BDO PLT Malaysia. Associate is accounted for using the equity method in the consolidated financial statements. (e) During the financial year, the Group has disposed the shares in MRuncit Commerce Sdn. Bhd. (“MRuncit”) for a total cash consideration of RM1,500,000. (f) In the previous financial year, the Group acquired an additional of 317,600 ordinary shares in MRuncit Commerce Sdn. Bhd. (“MRuncit”) for a total cash consideration of RM317,600 for working capital purpose. The additional acquisition did not have any effect on the effective interest of the Group in MRuncit. (g) Set out below is the financial information of all individually immaterial associate on an aggregate basis. Group 2022 2021 RM RM Carrying amounts of interests in an associate - 28,746 Share of results for the financial year Share of gain/(loss) 2,304 (320,060) Share of other comprehensive income - - Share of total comprehensive loss 2,304 (320,060)
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