Frontken Corporation Berhad 200401012517 (651020-T) • ANNUAL REPORT 2022 128 NOTES TO THE FINANCIAL STATEMENTS (CONT’D) 13. INVESTMENTS IN SUBSIDIARIES (CONT’D) In the previous financial year, in the month of December 2021, the Company acquired 184,370 ordinary shares of NT$10 each representing 0.54% of the issued and paid-up share capital of AGTC for a total cash consideration of NT$28,024,240 (including incidental costs) (equivalent to RM4,240,434). Following the acquisition, the Group’s interest in AGTC increased from 91.25% to 91.79%. The carrying amount of AGTC’s net assets shared by the Group on the date of the acquisition was RM320,717,688. The Group recognised a decrease in non-controlling interests of RM1,897,946 and a decrease in retained earnings of RM2,342,488. The following summarises the effect of changes in equity interest in AGTC that is attributable to owners of the Company: AGTC 2021 RM Equity interest at 1 January 2021 236,031,298 Effect of increase in Company’s ownership interest 1,897,946 Share of comprehensive income 84,686,390 Equity interest at 31 December 2021 322,615,634 14. TRADE RECEIVABLES, OTHER RECEIVABLES, DEPOSITS AND PREPAID EXPENSES Trade receivables of the Group comprise amounts outstanding for the provision of services and sale of goods. The credit periods granted to the customers range from 30 to 180 days (2021: 30 to 180 days). The Group 2022 2021 RM RM Trade receivables 125,166,757 116,952,173 Allowance for impairment losses (1,080,719) (1,352,272) 124,086,038 115,599,901 Movement in allowance for impairment losses on trade receivables is as follows: The Group 2022 2021 RM RM At 1 January 1,352,272 1,481,846 Allowance for impairment losses 759,650 64,043 Writeback of allowance for impairment losses - (204,546) Written off of allowance for impairment losses (990,999) (50,604) Exchange difference (40,204) 61,533 At 31 December 1,080,719 1,352,272
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