Press Metal Aluminium Holdings Berhad SECTION 6 • FINANCIAL STATEMENTS 270 Notes to the Financial Statements 8. INVESTMENTS IN ASSOCIATES Note Group Company 2024 RM’000 2023 RM’000 2024 RM’000 2023 RM’000 Investments in: - Quoted shares 8.1 174,768 102,870 174,768 102,870 - Unquoted shares 8.2 1,342,240 1,261,837 - 1,229,397 Share of post-acquisition reserves 484,029 471,683 - - Group’s share of net assets 2,001,037 1,836,390 174,768 1,332,267 Level 1 fair value of quoted instruments: - Quoted shares 750,874 1,049,223 750,874 1,049,223 8.1 Quoted shares In September 2024, PMB Technology Berhad (“PMBT”) had proposed and issued a private placement of up to 2% of the total number of issued shares of PMBT, of which the Company had not subscribed to, bringing down the Company’s overall equity investment in PMBT to 23.2% In November 2024, the Company subscribed in full its 23.2% entitlement on the Rights Issue of ordinary shares issued by PMBT for a total cash consideration of RM71,898,000. 8.2 Unquoted shares In August 2024, the Group had entered into a share swap exercise, exchanging its 25% equity interest in PT Bintan Alumina Indonesia for a 25.59% equity interest in a Hong Kong firm, Nanshan Aluminium International Holdings Limited (“NAIHL”). As 31 December 2024, the total investment in NAIHL amounted to RM1,309,800,000. 8.3 Security At 31 December 2024, 3,856,033 shares (2023: 3,856,033 shares) of an associate with cost of investment of RM1,309,800,000 (2023: RM1,229,397,000) were pledged as security to secure bank facilities granted to the Company (see Note 16). 8.4 Material accounting policy information Investments in associates are measured in the Company’s statement of financial position at cost less any impairment losses. Details of the material associates are as follows: Name of entity Principal place of business/ Country of incorporation Nature of the relationship Effective ownership interest and voting interest 2024 % 2023 % PMB Technology Berhad (“PMBT”) Malaysia Trading of aluminium products with the Group 23 24 Shandong Sunstone & PMB Carbon Ltd., Co. (“Sunstone”) China Manufacturing of pre-baked carbon anodes for consumption of the Group 20 20 PT Bintan Alumina Indonesia (“PT BAI”) Indonesia Manufacturing of alumina for consumption of the Group - 25 Nanshan Aluminium International Holdings Limited (“NAIHL”) Hong Kong Investment holding and trading of alumina with the Group 26 -
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