KENANGA INVESTMENT BANK BERHAD INTEGRATED ANNUAL REPORT 2024 WE ARE KENANGA OUR SUSTAINABILITY APPROACH LEADERSHIP STATEMENT HOW WE ARE GOVERNED SHAREHOLDERS’ INFORMATION NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2024 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2024 FINANCIAL STATEMENTS ADDITIONAL INFORMATION OUR VALUE CREATION APPROACH 229 228 14. INVESTMENT IN ASSOCIATES Group Bank 2024 RM’000 2023 RM’000 2024 RM’000 2023 RM’000 Unquoted shares at cost 71,618 71,618 68,435 68,435 Add: Transfer from investment at FVTPL 10,000 - 10,000 - Add: Subscription of new redeemable convertible preference shares 6,605 - 6,605 - Add: Fair value revaluation gain 6,804 - 6,804 - Share of post acquisition gain 39,945 23,904 - - Share of changes in other comprehensive income 9,242 3,993 - - Dividends received (5,729) (2,182) - - Foreign exchange differences 25,060 28,835 - - 163,545 126,168 91,844 68,435 Less: Accumulated impairment losses (4,549) (4,549) - - 158,996 121,619 91,844 68,435 Represented by: Share of net tangible assets 158,996 121,619 14. INVESTMENT IN ASSOCIATES (CONT’D.) (a) Details of the associates are as follows: Name Principal place of business Principal activities Effective equity interest 2024 % 2023 % 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 20.0 Tokenize Technology (M) Sdn Bhd * ^ Malaysia Market Operators for Digital Asset Exchanges 19.0 - * Audited by firms other than Messrs. Ernst & Young PLT. ^ Details of changes in composition of the Group are disclosed in Note 56 (a)(ii). 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 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.
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