7. INVESTMENTS IN SUBSIDIARIES (CONTINUED) The movements in the allowance for impairment losses of investments in subsidiaries during the financial year/period were: Company 30.6.2022 RM’000 30.6.2021 RM’000 At 1 July/1 January 101,661 45,395 Impairment loss recognised – 96,266 Disposal of a subsidiary – (25,000) Reversal of impairment loss – (15,000) At 30 June 101,661 101,661 Details of the subsidiaries are as follows: Name of subsidiary Principal place of business/ country of incorporation Principal activities Effective ownership interest 30.6.2022 % 30.6.2021 % Information Technology Dagang Net Technologies Sdn. Bhd. Malaysia Development, management and provision of business to government (B2G) e-commerce and computerised transaction in trade facilitation services. 100 100 DNeX RFID Sdn. Bhd.* Malaysia Research and development, design, manufacturing and trading of radio-frequency technology. 51 51 Global eCommerce Limited*~ Federal Territory of Labuan, Malaysia Yet to commence business. 51 51 DNeX Telco Services Sdn. Bhd.* Malaysia Providing of services for infrastructure works for telecommunication industry. 51 51 Global Market eCommerce Sdn. Bhd.* Malaysia Dealing in the business for online marketing and e-market place. 100 100 DNeX VMS Sdn. Bhd.*^ Malaysia Yet to commence business. 100 51 * The subsidiaries interest are held under Dagang Net Technologies Sdn. Bhd. ~ This subsidiary was audited by member firms of Crowe Global of which Crowe Malaysia PLT is a member. ^ During the financial year, Dagang Net Technologies Sdn. Bhd. acquired the remaining 49% equity interest of DNeX VMS Sdn. Bhd. from the other individual shareholders for total cash consideration of RM2. The financial effects arising from equity transactions were not presented in the financial statement as they were not material to the Group. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) DAGANG NeXCHANGE BERHAD 242
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