8. INVESTMENTS IN ASSOCIATES AND JOINT OPERATION (a) Investment in an associate Group 30.6.2022 RM’000 30.6.2021 RM’000 At carrying amount Unquoted shares – outside Malaysia – at cost 83 83 Share of post-acquisition profits 17 17 Share of post-acquisition other comprehensive loss (4) (4) Less: Impairment loss (96) – – 96 Details of the associates are as follows: Name of associate Principal place of business/ country of incorporation Principal activities Effective ownership interest 30.6.2022 % 30.6.2021 % Ping Petroleum Limited^^ Bermuda Exploration, development and production of crude oil and natural gas and investment holding. – – 1Trade (Thailand) Co., Ltd.^^^ Thailand Providing technical consultancy, implementation, training, maintenance and technical support services related to eBusiness and the operation of business to business (B2B) eCommerce portal. 39 39 ^^ In the previous financial period, the Company acquired an additional 60% equity interest in Ping Petroleum Limited (“Ping”) for a total consideration of approximately RM309,430,000. Consequently, the equity interest of the Company in Ping increased from 30% to 90%. Ping was regarded as a subsidiary of the Company and ceased to be an associate of the Company. ^^^ This associate’s interest is held under SealNet Sdn. Bhd. NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) DAGANG NeXCHANGE BERHAD 252
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