Tropicana Corporation Berhad Annual Report 2019

20. INVESTMENTS IN JOINT VENTURES Group 2019 2018 RM’000 RM’000 Unquoted shares, at cost 112,471 109,146 Amount due from a joint venture 17,800 – Share of post-acquisition results and reserves 143,250 131,992 Unrealised profits arising from transaction with joint venture (8,536) (795) 264,985 240,343 Represented by: Share of net assets 264,985 240,343 The amount due from a joint venture represents outstanding amount arising from the Group’s proportionate share in the advances and working capital to the joint venture. The amount due from the joint venture is unsecured, non-interest bearing and is not repayable within the next twelve (12) months. The Group views these advances as part of the Group’s investment in the joint venture. Details of the joint ventures are as follows: Country of Principal Equity interest held (%) Name of joint venture incorporation activity 2019 2018 Tropicana Danga Cove Sdn Bhd (“ TDCSB ”) Malaysia Property development and 50 50 property investment Tropicana Temokin Sdn Bhd Malaysia Property development 51 51 All the joint ventures have been accounted for using the equity method of accounting. During the financial year, TDCSB issued 66,500,000 (2018: 105,000,000) of redeemable preference shares series A (“ RPS-A ”) of RM0.10 each. The Group subscribed for 50% of the RPS-A for a cash consideration of RM3,325,000 (2018: RM5,250,000). On 27 September 2018, Tropicana Harapan Sdn Bhd (“ THSB ”), a wholly-owned subsidiary of the Company, entered into a joint venture arrangement with Matrimont Development Sdn Bhd via a subscription and shareholders’ agreement to jointly develop a residential development on 2 parcels of land. The Group subscribed for 51% of the total shares issued by the joint venture entity, Tropicana Temokin Sdn Bhd (fka Vivascape Sdn Bhd) for total consideration of RM128,000. For the financial year ended 31 December 2019 Notes to the Financial Statements Tropicana Corporation Berhad Annual Report 2019 pg 198 About Tropicana Our Strategic Performance Our Leadership