EXCEL FORCE MSC BERHAD 87 Notes to the Financial Statements (Cont’d) 9. Investment in Associate Group Company 30.6.2023 31.12.2021 1.1.2021 30.6.2023 31.12.2021 1.1.2021 RM RM RM RM RM RM At cost Unquoted shares in Malaysia 300,000 - - 300,000 - - Share of post-acquisition reserve 18,048 - - - - - Balance at the end of the financial period 318,048 - - 300,000 - - Details of the associates 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: Millapp Sdn. Bhd.*# Malaysia 28.57% - - Development and maintenance of stock trading application * Associates not audited by TGS TW PLT # Financial year end 31 March For the purpose of applying the equity method for associate with financial year end of 31 March, the last management financial statements up to 30 June of the associate has been used. Summarised financial information of the Group’s associate are set out below. The summarised financial information represents the amounts in the MFRS financial statements of the associate and not the Group’s share of those amounts. (a) Summarised statement of financial position Millapp Sdn. Bhd. RM 30.6.2023 Non-current assets 1,750,223 Current assets 620,935 Current liabilities (75,084) Net assets 2,296,074 Interest in associates 28.57% Group’s shares of net assets 656,021 Goodwill (337,973) Carrying value of Group’s interest in associate 318,048
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