Kimlun Corporation Berhad Annual Report 2019

Annual Report 2019 Kimlun Corporation Berhad NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2019 (cont’d) 126 17. Investment in joint ventures 2019 2018 RM RM Unquoted shares, at cost 4,830,000 4,830,000 Share of post-acquisition reserves 13,409,878 13,782,461 18,239,878 18,612,461 Represented by: Share of net assets 18,239,878 18,612,461 Details of the joint ventures are as follows: Proportion (%) Country of of ownership Name incorporation Principal activities interest 2019 2018 Held through Kimlun Land Sdn Bhd: Posh Atlantic Sdn. Bhd. Malaysia Property development and 51 51 property investment Held through Kimlun Sdn Bhd: Zecon Kimlun Malaysia Building and infrastructure 30 30 Consortium Sdn. Bhd. * contractor JBB Kimlun Sdn Bhd Malaysia Building and infrastructure 40 40 contractors Held through KL Building Materials Sdn Bhd: Rock Projects Sdn. Bhd. Malaysia Quarry and quarry related services 51 51 * Audited by a firm of chartered accountants other than Ernst & Young PLT, Malaysia. Group