219 FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS ʹˢ˥ ˧˛˘ Ѓˡ˔ˡ˖˜˔˟ ˬ˘˔˥ ˘ˡ˗˘˗ ʦʤ ʷ˘˖˘ˠ˕˘˥ ʥʣʥʧ (cont’d) 8. INVESTMENT IN ASSOCIATES (CONT’D) (a) The summarised financial information of the associate that is material to the Group are as follows: MINT 2024 2023 RM’000 RM’000 Financial position Current assets 907 801 Current liabilities (142,197) (142,055) Net liabilities (141,290) (141,254) Financial performance Revenue - - Loss during the financial year/Total comprehensive loss (36) (32) Group’s share of (loss)/profit/Total comprehensive loss for the financial year - - Reconciliation of net liabilities to carrying amount Group’s share of net liabilities (56,516) (56,502) Share of losses recognised 400 400 Share of losses in excess of the interest in the associate not recognised 56,116 56,102 Carrying amount of the Group’s interest in this associate - - The Group has not recognised losses relating to MINT, where its share of losses exceeded the Group’s interest in this associate. The Group’s cumulative share of unrecognised losses at the end of the reporting period was RM56.1 million (2023: RM56.1 million), of which approximately RM14,000 (2023: RM13,000) relates to the share of the current financial year’s losses. The Group has no obligations in respect of these losses. (b) The summarised financial information has not been presented for ZFSB, MYAM, DKSB and MTCL as they are not individually material to the Group. (c) Incorporation of associates On 25 October 2023, the Company incorporated ZFSB with 1 ordinary share; representing 100% of equity interest in ZFSB for a total consideration of RM1. On 26 October 2023, ZFSB had increased its share capital from 1 to 100 ordinary shares, the Company had subscribed an additional of 50 ordinary shares for a total consideration of RM50. Subsequently, on 8 November 2023, ZFSB had increased its share capital from 100 to 200 ordinary shares, the Company had subscribed an additional of 29 ordinary shares for a total consideration of RM29. As a result, the Company’s effective equity interest in ZFSB decreased from 100% to 40%. (d) Acquisition of associates On 9 June 2023, MYEGT entered into a shareholder agreement to acquire 245,000 preference shares of MTCL at THB 10 each, for a total cash consideration of THB 2,450,000 (RM319,725), which represent 49% of equity interest in MTCL. (e) 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.
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