FRONTKEN CORPORATION BERHAD 200401012517 (651020-T) ANNUAL REPORT 2024 99 NOTES TO THE FINANCIAL STATEMENTS (CONT’D) 13. INVESTMENTS IN SUBSIDIARIES (CONT’D) In the previous nancial year, in the month of June 2023, the Company acquired 10,300 ordinary shares of NT$10 each representing 0.03% of the issued and paid-up share capital of AGTC for a total cash consideration of NT$1,854,000 (including incidental costs) (equivalent to RM279,113). Following the acquisition, the Group’s interest in AGTC increased from 92.50% to 92.53%. The carrying amount of AGTC’s net assets shared by the Group on the date of the acquisition was RM459,227,189. The Group recognised a decrease in non-controlling interests of RM148,939 and a decrease in retained earnings of RM130,174. The following summarises the effect of changes in equity interest in AGTC that is attributable to owners of the Company: AGTC 2023 RM Equity interest at 1 January 2023 402,233,531 Effect of increase in Company’s ownership interest 148,939 Share of comprehensive income 72,982,423 Equity interest at 31 December 2023 475,364,893 14. TRADE RECEIVABLES, OTHER RECEIVABLES, DEPOSITS AND PREPAID EXPENSES Trade receivables of the Group comprise amounts outstanding for the provision of services and sale of goods. The credit periods granted to the customers range from 30 to 180 days (2023: 30 to 180 days). The Group 2024 2023 RM RM Trade receivables 141,125,690 119,596,117 Allowance for impairment losses (559,084) (621,147) 140,566,606 118,974,970 Movement in allowance for impairment losses on trade receivables is as follows: The Group 2024 2023 RM RM At 1 January 621,147 1,080,719 Reversal of allowance for impairment losses - (492,662) Written offs (16,663) - Exchange difference (45,400) 33,090 At 31 December 559,084 621,147
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