7 FINANCIAL STATEMENTS 329 20. INVESTMENT IN JOINT VENTURES (CONTD.) During the financial year, the following transactions take place: (a) On 22 October 2024, Opus International (M) Berhad (“OIM”), a wholly-owned subsidiary of the Group, entered into a Joint Venture and Shareholders’ Agreement with HSS Engineering Sdn. Bhd. to jointly provide engineering and technical services through a jointly controlled entity, Opus HSS Sdn. Bhd. (“Opus HSS”). Upon its incorporation on 10 December 2024, Opus HSS was classified as a subsidiary to OIM. During the financial year, management reassessed the Group’s interest in Opus HSS Sdn. Bhd. following changes in circumstances and concluded that the Group no longer have control over Opus HSS but retains joint control. Accordingly, the investment has been classified as a joint venture and accounted for using the equity method. The reclassification did not have any material impact to the financial results of the Group. (b) On 12 June 2025, Kaizen Owner Association Management Services LLC (“Kaizen”), an indirect subsidiary of the Company through Edgenta International Investments L.L.C, entered into a Joint Venture and Shareholders’ Agreement with 21 Estates Group FZCO to incorporate a jointly controlled entity to provide owners’ association and property management services in Dubai and other agreed locations. The joint venture company, DuaSatu FZ L.L.C., was incorporated in Expo City Dubai, United Arab Emirates on 17 July 2025. Summarised financial information of the joint ventures are not disclosed as they are immaterial. Further details of the joint ventures are disclosed in Note 47. 21. OTHER INVESTMENTS Group and Company 2025 RM’000 2024 RM’000 Equity instruments (unquoted shares in Malaysia) 1,200 1,200 Fair value adjustments (1,200) (1,200) Unquoted shares, net - - Club memberships 232 232 232 232
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