NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2022 (cont’d) FINANCIAL STATEMENTS 12. Other investments (CONT’D) The level 3 fair value of other investments have been determined using discounted cash flow income approach based on pre-tax cash flow projections performed by management based on the significant unobservable inputs. Investments in Entities A, B, C, H, I and K fall within level 3 fair value measurements. There were no transfers between levels during the current and previous financial years. 2022 (a) On 4 July 2022, the management had reclassified movement in Agmo to FVTPL and no changes in fair value at the date of reclassification. (b) On 18 August 2022, Agmo Holdings Berhad (“Agmo”) was listed on the ACE Market of the Bursa Malaysia Securities Berhad. (c) On 23 December 2022, the Company proposed to distribute 84,000,000 ordinary shares in Agmo, representing the entire 25.8% equity interest in Agmo held through MY E.G. Capital Sdn Bhd, a whollyowned subsidiary of the Company, to entitled shareholders of the Company in two (2) separate tranches by way of a dividend-in-specie. As a result, the investment in Agmo was reclassed to asset held for sale as at reporting date. 2021 (a) On 28 January 2021, MYEGC subscribed for a total of 38,863,600 shares representing 8.44% of equity interest in Entity J for a total cash consideration of RM8,914,485. (b) On 25 August 2021, MYEGC subscribed for a total of 353,618 shares representing 2.43% of equity interest in Entity K for a total cash consideration of RM10,578,000. (c) On 11 November 2021, MYEGC subscribed for a total of 103,687 Redeemable Convertible Preference Shares (“RCPS”) Entity H for a total cash consideration of RM 2,500,000. Upon conversion of the RCPS on a fully diluted basis, MYEGC will then hold 33.23% equity interest in Equity H. (d) On 31 December 2021, MYEGC entered into a Share Sales Agreement for the purchase of 118,000,000 shares of Entity I, representing 10% of the issued and paid-up share capital of Entity I by MYEGC for a total consideration of RM86,500,000. (e) As at the 31 December 2021, unquoted equity investments with carrying amount of approximately RM182,500,000 were transferred from level 2 to level 3 as there is a change in valuation technique from market approach to income approach. 205
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