Frontken Berhad Annual Report 2020

Annual Report 2020 107 FRONTKEN CORPORATION BERHAD 200401012517 (651020-T) Notes to the Financial Statements (cont’d) 13. INVESTMENTS IN SUBSIDIARIES (CONT’D) The following summarises the effect of changes in equity interest in AGTC that is attributable to owners of the Company:- AGTC 2020 RM Equity interest at 1 January 2020 174,545,872 Effect of increase in Company’s ownership interest 880,653 Share of comprehensive income 60,604,773 Equity interest at 31 December 2020 236,031,298 In the previous financial year, in the month of September 2019, the Company acquired 431,534 ordinary shares of NT$10 each representing 1.26% of the issued and paid-up share capital of AGTC for a total cash consideration of NT$19,355,830 (including incidental costs) (equivalent to RM2,636,981). Following the acquisition, the Group’s interest in AGTC increased from 89.59% to 90.85%. The carrying amount of AGTC’s net assets shared by the Group on the date of the acquisition was RM159,622,107. The Group recognised a decrease in non-controlling interests of RM2,193,924 and a decrease in retained earnings of RM443,057. The following summarises the effect of changes in equity interest in AGTC that is attributable to owners of the Company:- AGTC 2019 RM Equity interest at 1 January 2019 135,052,335 Effect of increase in Company’s ownership interest 2,193,924 Share of comprehensive income 37,299,613 Equity interest at 31 December 2019 174,545,872 14. GOODWILL ON CONSOLIDATION The Group 2020 2019 RM RM At 1 January/31 December 33,760,856 33,760,856 Goodwill acquired in a business combination is allocated, at acquisition, to the cash-generating unit (“CGU”) that is expected to benefit from that business combination.