NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2023 220 WE ARE KENANGA LEADERSHIP MESSAGE VALUE CREATION MODEL KENANGA INVESTMENT BANK BERHAD ANNUAL REPORT 2023 14. INVESTMENTS IN ASSOCIATES (CONT’D.) (a) Details of the associates are as follows (cont’d.): The Group and the Bank carried out an impairment assessment on the associates in accordance with the accounting policy stated in Note 3.4(l). The recoverable amount is based on the Group’s share of net tangible assets of the associates. Based on management’s assessment, the Group and the Bank have made adequate provision for impairment loss on the investments as at the financial year end. (b) Summarised financial information of the material associate is as follows: The summarised financial information represents the amounts in the MFRS financial statements of the material associate and not the Group’s share of those amounts. (i) Summarised statement of financial position Wasatah Capital 2023 RM’000 2022 RM’000 Current assets 216,684 218,134 Non-current assets 192,118 128,266 Total assets 408,802 346,400 Current liabilities 24,407 25,923 Non-current liabilities 5,549 4,809 Total liabilities 29,956 30,732 Net assets * 378,846 315,668 * The net assets are net of zakat expenses which are not shared by non-Saudi shareholders in accordance with the regulations of Zakat department of Zakat & Income Tax as applicable in the Kingdom of Saudi Arabia. Therefore, the net assets will not represent the Group’s and the Bank’s share of net assets in Wasatah Capital as disclosed in Note 14(b)(iii) below. The difference will be the total zakat expenses that were fully borne by the Saudi shareholders.
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