NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 11. Investments in subsidiaries Fund 2021 2020 RM RM Unquoted shares, at cost 42,492,186 42,492,186 Less: Accumulated impairment losses (39,058,753) (15,000,000) Net carrying amount 3,433,433 27,492,186 The movement in the accumulated impairment losses is as follows: 2021 2020 RM RM At 1 January 15,000,000 11,000,000 Allowance for impairment losses 24,058,753 4,000,000 At 31 December 39,058,753 15,000,000 Details of the subsidiaries are as follows: Name of subsidiaries Country of incorporation Principal activities Proportion of ownership interest and voting power held by the Group 2021 % 2020 % Al-`Aqar Capital Sdn Bhd (i) Malaysia Special purpose company for the purpose of raising Islamic Financing for the Fund 100 100 Al-Aqar Australia Pty Ltd (ii) Australia Special purpose company for the purpose of acquisition of Australian property for the Fund 100 100 (i) Audited by Ernst & Young PLT (ii) Audited by a firm other than Ernst & Young PLT AL-`AQAR HEALTHCARE REIT ANNUAL REPORT 20201 176
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