GHL System Berhad Annual Report 2020

131 a n n u a l r e p o r t 2 0 2 0 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2020 CONT’D 17. INVESTMENTS IN JOINT VENTURES AND AN ASSOCIATE (cont’d) (d) The details of the associate as follows: Name of company Country of incorporation/ Principal place of business Effective interest in equity 2020 2019 % % Principal activities Associate of Mobiepay Sdn. Bhd. MRuncit Commerce Sdn. Bhd. # Malaysia 29.17 29.17 Engaged in the business of developing and selling software and e-commerce. Associate of Pay Here Sdn. Bhd. MRuncit Commerce Sdn. Bhd. # Malaysia 2.59 2.59 Engaged in the business of developing and selling software and e-commerce. # Associate audited by BDO PLT Malaysia. Associate is accounted for using the equity method in the consolidated financial statements. (e) During current financial year, the Group acquired an additional of 158,800 (2019: 349,360) ordinary shares in MRuncit Commerce Sdn. Bhd. (“MRuncit”) for total cash consideration of RM158,800 (2019: RM635,200) for working capital purpose. The additional acquisition does not have any effect on the effective interest of the Group in MRuncit. (f) The Group does not have any associate, which is individually material to the Group for the financial year ended 31 December 2020. (g) Set out below is the financial information of all individually immaterial associate on an aggregate basis. Group 2020 2019 RM RM Carrying amounts of interests in an associate - 306,557 Share of results for the financial year Share of loss (147,601) (554,516) Share of other comprehensive income - - Share of total comprehensive loss (147,601) (554,516)