200901023978 (867077-X) Kimlun Corporation Berhad (Incorporated in Malaysia) 16. Investment in an associate (cont'd) 17. Investment in joint ventures 2024 2023 RM RM Unquoted shares, at cost At the beginning of the financial year 4,830,000 4,830,000 Deemed disposal (510,000) - At the end of the financial year 4,320,000 4,830,000 Share of post-acquisition reserves At the beginning of the financial year 7,663,222 10,410,291 Share of loss (55,405) (2,747,069) Deemed disposal (9,809,341) - At the end of the financial year (2,201,524) 7,663,222 Represented by: Share of net assets 2,118,476 12,493,222 Place of business/ Proportion (%) Country of of ownership Name incorporation Principal activities interest 2024 2023 Held through Kimlun Land Sdn. Bhd.: Posh Atlantic Sdn. Bhd. ^ Malaysia Property development and - 51 property investment Held through Kimlun Sdn. Bhd.: Zecon Kimlun Malaysia Building and infrastructure 30 30 Consortium Sdn. Bhd. * contractor JBB Kimlun Sdn. Bhd. Malaysia Building and infrastructure 40 40 contractor During the current financial year, Kii Amber Sdn. Bhd. ("KIASB"), a wholly-owned subsidiary of the Company, subscribed for ordinary shares in Astaka Kimlun Sdn. Bhd. ("AKSB") for a consideration of RM490,000. Following the subscription, AKSB became an associate of the Group. Group - 59 - NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024 151 ANNUAL REPORT 2024
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