NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2022 (cont’d) FINANCIAL STATEMENTS 8. Investment in subsidiaries (CONT’D) 2021 (cont’d) Increases in stake of subsidiaries (cont’d) (iii) On 12 October 2021, the Company subscribed for an additional 500,000 ordinary shares, representing 100% of equity interest in MYEGMS for a total consideration of RM500,000. (iv) On 1 October 2021, MYEGM subscribed for an additional 999,998 ordinary shares, representing 100% of equity interest in MYEGPHA for a total consideration of RM999,998. 9. Investment in associates Group Company 2022 2021 2022 2021 RM’000 RM’000 RM’000 RM’000 Unquoted shares, at cost 436 19,382 400 400 Share of post-acquisition losses (403) (3,249) - - 33 16,133 400 400 Accumulated impairment losses - - (400) (400) 33 16,133 - - Share of post-acqusition results At beginning of the financial year 3,249 2,484 - - Share of loss - 765 - - Disposal (2,846) - - - At end of the financial year 403 3,249 - - Details of the associates are as follows: Name of Associate Principal place of business Effective equity interest (%) Principal Activities 2022 2021 Associate of Company MY E.G. Integrated Networks Sdn. Bhd. (“MINT”) Malaysia 40 40 Provision of software and hardware solutions and related services. Associate of MYEGC My AdMarket Sdn. Bhd. (“MYAM”) Malaysia 40 40 Investment holding. Dinamik Koridor Sdn. Bhd. (“DKSB”) Malaysia 33 33 Investment holding. Associate of MYEGIND PT Cartenz Inti Utama (“PT Cartenz”) Indonesia - 19 Engaged in development, trading, industry and service. 199
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