NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2023 219 OUR SUSTAINABILITY APPROACH HOW WE ARE GOVERNED FINANCIAL STATEMENTS SHAREHOLDERS’ INFORMATION ADDITIONAL INFORMATION 14. INVESTMENTS IN ASSOCIATES Group Bank 2023 RM’000 2022 RM’000 2023 RM’000 2022 RM’000 Unquoted shares at cost 71,618 69,834 68,435 68,435 Share of post acquisition gain 23,904 14,926 - - Share of changes in other comprehensive income/ (loss) 3,993 (4,500) - - Dividends received (2,182) (102) - - Foreign exchange differences 28,835 24,074 - - 126,168 104,232 68,435 68,435 Less: Accumulated impairment losses (4,549) (4,549) - - 121,619 99,683 68,435 68,435 Represented by: Share of net tangible assets 121,619 99,683 (a) Details of the associates are as follows: Name Place of incorporation Principal activities Effective equity interest 2023 % 2022 % Kenanga Investment Corporation Ltd * Sri Lanka Investment banking related activities 45.0 45.0 Al Wasatah Al Maliah Company * (“Wasatah Capital”) Kingdom of Saudi Arabia Dealing as principal and provision of underwriting, arranging, managing investment funds and custodian services 29.6 29.6 Kenanga Capital Islamic Sdn Bhd * ^ Malaysia Islamic factoring and leasing 20.0 ~ * Audited by firms other than Messrs. Ernst & Young PLT. ^ Details of changes in composition of the Group are disclosed in Note 56 (a)(i). ~ Refer to Note 13.
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