NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2022 (cont’d) FINANCIAL STATEMENTS 9. Investment in associates (CONT’D) (a) The summarised financial information of the associate that is material to the Group are as follows: (cont’d) Acquisition of an associate 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 fulfillment of all conditions. As at the end of the previous financial year, the total investments made by the Company amounted to USD3.5 million (approximately RM14.9 million), representing 19% equity interest. During the financial year 31 December 2021, MYEGIND further invested USD1 million (approximately RM4.1 million) as part of the required capitalisation subject to the fulfilment of the conditions as stated in the Share Subscription Agreement. MYEGIND will further invest the required capital subject to the fulfilment of the conditions as stated in the Share Subscription Agreement amounting to USD6.5 million (approximately RM26.1 million). Disposal of an associate On 29 December 2021, MYEGIND disposed of its 19% equity interest in PT Cartenz for a cash consideration of RM18,945,500 (USD4,500,000), which had resulted in realised loss on foreign exchange of RM128,750. The disposal was completed on 24 July 2022. As such, the Group has recognised gain on disposal of an associate amounted to RM2,846,421 during the financial year. 10. Investment in joint ventures Group Company 2022 2021 2022 2021 RM’000 RM’000 RM’000 RM’000 Unquoted shares, at cost 12,764 12,764 12,249 12,249 Share of post-acquisition losses (3,385) (3,509) - - 9,379 9,255 12,249 12,249 Details of the joint ventures are as follows: Name of Joint Venture Principal place of business Effective equity interest (%) Principal Activities 2022 2021 Joint venture of the Company MYEG Philippines, Inc. (“MYEG Philippines”) Philippines 40 40 Development and implementation of Electronic Government services project and provision of other related services including payment services in the Republic of Philippines. Joint venture of MYEGBD MYEG (BD) Ltd. Bangladesh 40 40 Investment holding. 201
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