Kimlun Corporation Berhad Annual Report 2018

16. Investment in joint ventures Group 31.12.2018 31.12.2017 1.1.2017 RM RM RM Unquoted shares, at cost 4,830,000 4,830,000 4,530,000 Share of post-acquisition reserves 13,782,461 13,155,089 12,761,337 18,612,461 17,985,089 17,291,337 Represented by: Share of net assets 18,612,461 17,985,089 17,291,337 Details of the joint ventures are as follows: Proportion (%) of ownership Country of interest Name incorporation Principal activities 2018 2017 Held through Kimlun Land Sdn Bhd: Posh Atlantic Sdn. Bhd. Malaysia Property development and property 51 51 investment Held through Kimlun Sdn Bhd: Zecon Kimlun Consortium Malaysia Building and infrastructure contractor 30 30 Sdn. Bhd. * JBB Kimlun Sdn Bhd Malaysia Building and infrastructure contractors 40 40 Held through KL Building Materials Sdn Bhd: Rock Projects Sdn. Bhd. Malaysia Quarry owner and provision of quarry related services 51 51 * Audited by a firm of chartered accountants other than Ernst & Young Summarised financial information on the significant joint venture is as follows: (i) Summarised statements of financial position of material joint venture 31.12.2018 31.12.2017 1.1.2017 Posh Atlantic Sdn Bhd RM RM RM Non-current assets 40,583 213,395 201,878 Cash and cash equivalents 418,543 13,547,355 2,359,444 Other current assets 31,051,655 26,548,660 38,100,648 Total current assets 31,470,198 40,096,015 40,460,092 Total assets 31,510,781 40,309,410 40,661,970 Trade and other payables and provisions 2,675,549 12,330,359 13,166,721 Total current liabilities 2,675,549 12,330,359 13,166,721 Net assets 28,835,232 27,979,051 27,495,249 Annual Report 2018 98 For the financial year ended 31 December 2018 (cont’d) NOTES TO THE FINANCIAL STATEMENTS