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 233 232 15. INVESTMENT IN JOINT VENTURES Group Bank 2024 RM’000 2023 RM’000 2024 RM’000 2023 RM’000 Unquoted shares At beginning of the financial year 48,066 41,550 48,066 41,550 Add: Subscription of new shares 5,706 6,516 5,706 6,516 Less: Disposal of a joint venture company (Note 56(a)(i)) (8,066) - (8,066) - 45,706 48,066 45,706 48,066 Cumulative share of results (17,996) (16,416) - - At the end of financial year 27,710 31,650 45,706 48,066 (a) The summarised income and expenses of the joint ventures are as follows: Group 2024 RM’000 2023 RM’000 Revenue 43,623 38,466 Loss after taxation (8,668) (2,856) (b) The summarised assets and liabilities of the joint ventures are as follows: Group 2024 RM’000 2023 RM’000 Total assets 107,388 106,116 Total liabilities 52,331 58,726 (c) Details of the joint ventures held by the Bank are as follows: Name Principal place of business Percentage (%) of equity held Principal activities 2024 2023 Rakuten Trade Sdn Bhd Malaysia 50 50 Provision of online brokerage services Rakuten Trade Singapore Pte. Ltd. ^ Singapore - 50 Development of software and applications and other business support services ^ Details of changes in composition of the Group are disclosed in Note 56 (a)(i). 16. PROPERTY, PLANT AND EQUIPMENT Group Freehold land RM’000 Building RM’000 Motor vehicles RM’000 Computer hardware RM’000 Office equipment RM’000 Furniture and fittings RM’000 Renovations RM’000 Capital work-in- progress RM’000 Total RM’000 2024 Cost At 1 January 2024 81,910 46,830 5,617 38,306 28,592 27,283 38,164 550 267,252 Transfer * - - - 80 194 383 1,780 (2,475) (38) Additions - - - 2,635 162 217 604 9,096 12,714 Disposals/write-off - - (5) (3,498) (256) (2,286) (824) - (6,869) Adjustment to expenses - - - (2) - - - (10) (12) At 31 December 2024 81,910 46,830 5,612 37,521 28,692 25,597 39,724 7,161 273,047 Accumulated depreciation At 1 January 2024 - 7,246 4,373 31,312 22,102 22,259 27,184 - 114,476 Depreciation charge for the financial year (Note 34) - 937 440 3,833 2,183 1,352 2,180 - 10,925 Disposals/write-off - - (5) (3,467) (245) (2,281) (795) - (6,793) Adjustment to expenses - - - (2) - - - - (2) At 31 December 2024 - 8,183 4,808 31,676 24,040 21,330 28,569 - 118,606 Net carrying amount At 31 December 2024 81,910 38,647 804 5,845 4,652 4,267 11,155 7,161 154,441 * Transfer to computer software.
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