184 KIMLUN CORPORATION BERHAD • NOTES TO THE FINANCIAL STATEMENTS 200901023978 (867077-X) Kimlun Corporation Berhad (Incorporated in Malaysia) 17. Investment in joint ventures (cont'd) (d) (e) Group RM Group's share of net assets of PASB 11,249,021 Unrealised profit adjustments (929,680) Carrying amount of Group's interest in PASB 10,319,341 Fair value of Group's interest in PASB 12,156,729 Gain on deemed disposal of investment in joint venture (1,837,388) 18. Land held for development and development properties (a) Land held for development Freehold and Development leasehold land costs Total Group RM RM RM At 1 January 2025 320,962,856 39,425,664 360,388,520 Additions 59,401 14,386,217 14,445,618 Acquisition of subsidiary 88,318,722 6,561,500 94,880,222 Transfer to property development cost (Note 18(b)) (41,867,178) (8,954,925) (50,822,103) At 31 December 2025 367,473,801 51,418,456 418,892,257 At 1 January 2024 275,700,137 33,070,264 308,770,401 Additions 45,262,719 4,855,400 50,118,119 Write back - 1,500,000 1,500,000 At 31 December 2024 320,962,856 39,425,664 360,388,520 During the financial year, SPC Industries Sdn Bhd, a wholly owned subsidiary of the Company, acquired 51 out of the total 100 ordinary shares in Zenwatt FPV Sdn. Bhd. ("FPV") for a cash consideration of RM51. Post the share acquisition, the Group obtained joint control over FPV pursuant to a shareholders' agreement. In the previous financial year, KLLSB acquired the remaining 49% interest in PASB from the other joint venture partner for a total consideration of RM11,707,000. Following the acquisition, PASB became a subsidiary of the Group. Further details are disclosed in Note 15. The effects of the deemed disposal of PASB on the comprehensive income of the Group are as follows: - 64 -
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