EXCEL FORCE MSC BERHAD 83 Notes to the Financial Statements (Cont’d) 8. Investment in Subsidiary Companies Company 30.6.2023 31.12.2021 1.1.2021 RM RM RM In Malaysia Unquoted shares, at cost 3,000,006 2,970,005 620,005 Less: Accumulated impairment losses (120,000) (120,000) (120,000) 2,880,006 2,850,005 500,005 (a) Movement in the allowance for impairment losses are as follow: Company 30.6.2023 31.12.2021 1.1.2021 RM RM RM Accumulated impairment losses At 1 January/30 June/31 December 120,000 120,000 120,000 The Group has considered the losses in subsidiary companies as impairment indicators and has carried out a review of the recoverable amounts of its investments in certain subsidiary companies that had been making losses for the past few years. Details of the subsidiary companies are as follows: Name of company Place of business/ Country of incorporation Effective interest Principal activities 30.6.2023 31.12.2021 1.1.2021 % % % Direct holding: Insage (MSC) Sdn. Bhd. Malaysia 100 100 100 Provision of software solutions E2 Trade Sdn. Bhd. Malaysia 100 100 100 Investment holding Xifu Sdn. Bhd. Malaysia 100 70 100 Provision of consultants other than architecture, engineering and management consultant and to provide investment advisory services Excel Force Solutions Sdn. Bhd. (Formerly known as CJS Infosolutions Sdn. Bhd.) Malaysia 100 - - Provision of information platform for market analytics and investment education
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