My EG Services Berhad Annual Report 2019

ANNUAL REPORT 2019 139 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL PERIOD ENDED 31 DECEMBER 2019 (CONT’D) FINANCIAL STATEMENTS 7. INVESTMENTS IN ASSOCIATES (CONT’D) (b) The summarised unaudited financial information for the associate that is material to the Group is as follows:- (cont’d) PT Cartenz 31.12.2019 RM’000 Non-current assets 6,906 Current assets 4,098 Non-current liabilities (2,898) Current liabilities (1,775) Net assets 6,331 5-month Period Ended 31 December Revenue 1,346 Loss for the financial period/Total comprehensive expenses (6,048) Group’s share of losses for the financial period/Total comprehensive expense (1,144) Reconciliation of Net Assets to Carrying Amount Group’s share of net assets 1,198 Goodwill 12,516 Carrying amount of the Group’s interest in this associate 13,714 On 22 July 2019, MYEGIND entered into a share subscription agreement with PT Cartenz. The Company will hold 40% equity interest in PT Cartenz for a total cash consideration of USD10.0 million upon fulfilment of all conditions. As at the end of the financial period, the total paid-up cash consideration amounted to USD3.5 million (approximately RM14.9 million), representing 19% equity interest. MYEGIND will further inject the required capitalisation subject to the fulfilment of the conditions as stated in the share subscription agreement. (c) The summarised financial information has not been presented for MYAM as it is not individually material to the Group. The Group has not recognised losses relating to MYAM, where its share of losses exceeds the Group’s interest in this associate. The Group’s cumulative share of unrecognised losses at the end of the reporting period was RM5,673 (2018 - RM3,687 ), of which RM4,986 (2018 - RM3,695) was the share of the current financial year’s losses. The Group has no obligation in respect of these losses.