94
FRONTKEN CORPORATION BERHAD
(651020-T)
ANNUAL REPORT 2014
NOTES TO THE
FINANCIAL STATEMENTS
(cont’d)
12. INVESTMENTS IN SUBSIDIARIES (CONT’D)
(iii)
In August 2013, the Company acquired 18,000 ordinary shares of NT$10 each representing 0.05% of
the issued and paid-up share capital of Ares Green Technology Corporation (“AGTC”) for a total cash
consideration of NT$217,110 (including incidental costs) (equivalent to RM23,509). In December 2013,
the Company acquired a total of 2,109,000 ordinary shares of NT$10 each representing 6.38% of the
issued and paid-up share capital of AGTC for a total cash consideration of NT$33,858,505 (including
incidental costs) (equivalent to RM3,718,772), of which 2,031,000 shares representing 6.14% were
acquired from Mr Jorg Helmut Hohnloser for a total cash consideration of NT$32,689,304 (including
incidental costs). Mr Jorg Helmut Hohnloser is a director and shareholder of the Company and AGTC.
Following the acquisition, the Group’s interest in AGTC increased from 51.49% to 57.92%. Further
to that acquisition the Company’s effective equity interest in Frontken MIC Co. Limited (“FMIC”), held
directly by the Company and through AGTC, increased from 38.80% to 41.61%.
13. INVESTMENTS IN ASSOCIATES
The Group
2014
2013
RM
RM
Unquoted shares
- at cost
1,193,279
4,577,697
Share of post-
acquisition results
365,641
(1,665,499)
Foreign currency translation differences
173,791
124,539
1,732,711
3,036,737
Carrying value reclassified to asset held for sale
(Note 11)
–
(1,371,418)
1,732,711
1,665,319
The summarised financial information for associate that is material to the Group is as follows:-
The Group
2014
2013
RM
RM
Current assets
1,374,866
1,151,935
Non-current assets
4,032,407
3,870,208
Current liabilities
(1,694,650)
(1,921,433)
Non-current liabilities
(372,617)
(16,820)
Net assets
3,340,006
3,083,890
Revenue
2,030,737
15,879,262
Profit/(Loss) for the year
51,696
(6,594,672)
Group’s share of results for the year
25,331
(1,302,740)
