My EG Services Berhad Annual Report 2020

ANNUAL REPORT 2020 165 FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS For The Financial Year Ended 31 December 2020 (CONT’D) 5. INVESTMENTS IN SUBSIDIARIES (CONT’D) (b) In the previous financial period:- (cont’d) (vii) On 21 November 2019, MYEGI incorporated and subscribed for a wholly-owned subsidiary with 10 ordinary shares, representing 100% of equity interest in MYEGP for a total consideration of RM10. (c) On 18 March 2021, EGSB incorporated a wholly-owned subsidiary with 2 ordinary shares, representing 100% of equity interest in MYEG TwoCar Sdn Bhd for a total consideration of RM2.00. (d) On 20 April 2021, EGSB subscribed for an additional 79,998 ordinary shares, representing 80% of the equity interest in MYEG TwoCar Sdn Bhd for a total consideration of RM79,998. (e) Summarised financial information of non-controlling interests has not been presented as both the current non-controlling interests and future non-controlling interests of the subsidiaries are not individually material to the Group. 6. INVESTMENTS IN ASSOCIATES The Group The Company 2020 2019 2020 2019 RM’000 RM’000 RM’000 RM’000 Unquoted shares, at cost 15,294 15,261 400 400 Share of post-acquisition losses (2,484) (1,547) - - 12,810 13,714 400 400 Accumulated impairment losses - - (400) (400) 12,810 13,714 - - The details of the associates are as follows:- Name of Associate Principal Place of Business Effective Equity Interest Principal Activities 2020 2019 Associate of the Company MY E.G. Integrated Networks Sdn. Bhd. (“MINT”)* Malaysia 40% 40% Provision of software and hardware solutions and related services. Associate of MYEGC My AdMarket Sdn. Bhd. (“MYAM”) Malaysia 40% 40% Investment holding. Dinamik Koridor Sdn. Bhd. (“DKSB”)* Malaysia 33% - Investment holding. Associate of MYEGIND PT Cartenz Inti Utama (“PT Cartenz”)* Indonesia 19% 19% Engaged in development, trading, industry and service. * These associates were audited by other firms of chartered accountants.