ANNUAL REPORT 2021 189 FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS ʹˢ˥ ˧˛˘ Ѓˡ˔ˡ˖˜˔˟ ˬ˘˔˥ ˘ˡ˗˘˗ ʦʤ ʷ˘˖˘ˠ˕˘˥ ʥʣʥʤ (CONT’D) 7. INVESTMENTS IN JOINT VENTURES The Group The Company 2021 2020 2021 2020 RM’000 RM’000 RM’000 RM’000 Unquoted shares, at cost 12,764 8,938 12,249 8,423 Share of post acquisition losses (3,509) (2,817) - - 9,255 6,121 12,249 8,423 The details of the joint ventures are as follows:- Name of Joint Venture Principal Place of Business Effective Equity Interest Principal Activities 2021 2020 Joint Venture of the Company I-Pay MYEG Philippines Inc. (“MYEG Philippines”) Philippines 40% 40% Development and implementation of Electronic Government Services projects and provision of other related services including payment services in the Republic of the Philippines. Joint Venture of MYEGBD MYEG (BD) Ltd. Bangladesh 40% 40% Investment holding. (a) The Group’s involvement in joint arrangements are structured through separate vehicles which provide the Group rights to the net assets of the entities. Accordingly, the Group has classified these investments as joint ventures. (b) On 11 August 2017, the Company entered into a Joint Venture Agreement with I-Pay Commerce Ventures Inc. to incorporate MYEG Philippines. The Company will hold 40% equity interest in MYEG Philippines for a total cash consideration of USD2 million. The Company has fully paid up its cash consideration in the previous financial year. During the current financial year, the Company entered into a subscription agreement with MYEG Philippines to further subscribe for an additional 5,923,415 issued share capital for total cash consideration of USD0.9 million (approximately RM3,826,000) as part of the required capitalisation subject to the fulfilment of the conditions as stated in the subscription agreement. Upon fulfilment of the condition stated in the subscription agreement, the Company will then hold 49% equity interest in MYEG Philippines.
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