18. INVESTMENT IN SUBSIDIARIES (CONTD.) Summarised financial information (contd.) (ii) Summarised statement of comprehensive income Rimbunan Melati 2022 RM’000 2021 RM’000 Revenue – – Profit for the year, representing total comprehensive income for the year 152 227 Attributable to: – owners of the Company 84 125 – non-controlling interests 68 102 152 227 (iii) Summarised statement of cash flows Rimbunan Melati 2022 RM’000 2021 RM’000 Net cash (used in)/generated from operating activities (77) 89 Net cash generated from investing activities 144 127 Net increase in cash and cash equivalents 67 216 Cash and cash equivalents at beginning of the year 11,739 11,523 Cash and cash equivalents at the end of year 11,806 11,739 19. INVESTMENT IN ASSOCIATES Group 2022 RM’000 2021 RM’000 Unquoted shares, at cost In Malaysia 5,730 5,730 Outside Malaysia – 6,082 5,730 11,812 Share of post-acquisition reserves 71,416 97,528 Less: Dividend received (4,800) (6,418) 72,346 102,922 19. INVESTMENT IN ASSOCIATES (CONTD.) On 9 November 2022, the Company announced that its wholly-owned subsidiary, Edgenta Facilities Sdn. Bhd. (“EFSB”), had on 8 November 2022, entered into a Share Purchase Agreement with Apollo Sindoori Holdings Limited (“ASHL”) for the disposal of EFSB’s entire 47,113 equity shares in Faber Sindoori Management Services Pte. Ltd. (“FSPL”), which represented 51% of the paidup share capital of FSPL for a sale consideration of INR700 million (equivalent to approximately RM39.1 million based on exchange rate on completion date). 2022 RM’000 Cash consideration 39,062* Less: Net carrying amount of FSPL upon disposal (39,313) Loss on disposal of FSPL (251) * Difference of cash consideration above with actual cash receipt disclosed in the Statement of Cash Flows is due to realised foreign exchange losses. Prior to disposal of ASHL, the Group’s effective shareholding in FSPL was 51%. Notwithstanding of more than 50% in FSPL, the Group did not have the substantive rights and power to direct the relevant activities of FSPL and the ability to use the power to significantly affects its returns as the key governing structure resides with the board of directors of FSPL of which majority of the board representative are from ASHL that also has the casting vote in the event of deadlock, as stipulated in the shareholders agreement. Therefore, the Group continued to have significant influence in FSPL and account for this investment as an associate under MFRS 128 Investments in Associate until FSPL ceased to be associate to EFSB on 17 November 2022. Further details of the associates are disclosed in Note 46. p.326 p.327 UEM EDGENTA BERHAD INTEGRATED ANNUAL REPORT 2022 1 2 3 4 5 6 7 8 9 FINANCIAL STATEMENTS Notes to the financial statements For the year ended 31 December 2022 Notes to the financial statements For the year ended 31 December 2022
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