Kimlun Corporation Berhad Annual Report 2020

200901023978 (867077-X) Kimlun Corporation Berhad (Incorporated in Malaysia) 16. Investment in subsidiaries (cont'd) (f) Financial information of subsidiary with material non-controlling interests (cont'd) Summarised statements of cash flows RM For the period from 28 October 2020 to 31 December 2020 Net cash flows used in operating activities (5,786,240) Net cash flows generated from financing activities 6,679,680 Net increase in cash and cash equivalents 893,440 Cash and cash equivalents on 28 October 2020, before KABSB subscribed for Subscription Shares 192,014 Cash and cash equivalents at end of the year 1,085,454 17. Investment in joint ventures 2020 2019 RM RM Unquoted shares, at cost 4,830,000 4,830,000 Share of post-acquisition reserves 12,783,316 13,409,878 17,613,316 18,239,878 Represented by: Share of net assets 17,613,316 18,239,878 Details of the joint ventures are as follows: Proportion (%) Country of of ownership Name incorporation Principal activities interest 2020 2019 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 contractor Group (iii) - 72 - 129 Kimlun Corporation Berhad Registration No. 200901023978 (867077-X) NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2020