NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2023 222 WE ARE KENANGA LEADERSHIP MESSAGE VALUE CREATION MODEL KENANGA INVESTMENT BANK BERHAD ANNUAL REPORT 2023 15. INVESTMENT IN JOINT VENTURES Group Bank 2023 RM’000 2022 RM’000 2023 RM’000 2022 RM’000 Unquoted shares At beginning of the financial year 41,550 40,000 41,550 40,000 Add: Subscription of new shares 6,516 1,550 6,516 1,550 48,066 41,550 48,066 41,550 Cumulative share of results (16,416) (14,981) - - At the end of financial year 31,650 26,569 48,066 41,550 (a) The summarised income and expenses of the joint ventures are as follows: Group 2023 RM’000 2022 RM’000 Revenue 38,466 31,645 Loss after taxation (2,856) (13,900) (b) The summarised assets and liabilities of the joint ventures are as follows: Group 2023 RM’000 2022 RM’000 Total assets 569,634 566,646 Total liabilities 505,086 513,326 (c) Details of the joint ventures held by the Bank are as follows: Name Percentage (%) of equity held Principal activities 2023 2022 Rakuten Trade Sdn Bhd 50 50 Provision of online brokerage services Rakuten Trade Singapore Pte. Ltd. 50 50 Dealing in securities, securities financing and providing custodia services for securities
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