NOTES TO THE FINANCIAL STATEMENTS For the Financial Year Ended 31 December 2023 (cont’d) 8. INVESTMENT IN ASSOCIATES (CONT’D) (e) Disposal of an associate In the previous financial year 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 in the previous financial year. (f) Material accounting policy information Investments in associates are measured in the Group’s and the Company’s statement of financial position at cost less any impairment losses. 9. INVESTMENT IN JOINT VENTURES Group Company 2023 2022 2023 2022 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 (2,950) (3,385) - - 9,814 9,379 12,249 12,249 Details of the joint ventures are as follows: Name of joint venture Place of business/Country of incorporation Effective interest (%) Principal activities 2023 2022 Joint venture of the Company MYEG Philippines, Inc. (“MYEG Philippines”) Philippines 49 49 Development and implementation of Electronic Government services project and provision of other related services including payment services in the Republic of the Philippines. Joint venture of MYEGBD MYEG (BD) Ltd. Bangladesh 40 40 Engaging in the business of technology services and e-Government services in Bangladesh. (a) The Group’s involvement in joint arrangements are structured through separate vehicles which provide the Group rights to the net assets of the entities. Accordingly, the Group has classified these investments as joint ventures. ANNUAL REPORT 2023 211 (e) Disposal of an associate p y (“MYEG Phili i ”) El t i G t i FINANCIAL STATEMENTS
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