NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2023 CONT’D 16. INVESTMENTS IN SUBSIDIARIES (Cont’d) (i) The reconciliation of movement in the impairment loss are as follows: Company 2023 2022 RM RM Balance as at 1 January 25,145,614 27,567,178 Reversal of impairment during the financial year - (1,627,185) De-recognition of a subsidiary - (1,080,012) Reclassification from amount owing by subsidiary - 285,633 Balance as at 31 December 25,145,614 25,145,614 (j) The Group does not have any subsidiary that has non-controlling interests, which is individually material to the Group for both financial years ended 31 December 2023 and 31 December 2022. 17. INVESTMENTS IN JOINT VENTURES AND AN ASSOCIATE Group 2023 2022 RM RM Joint ventures Unquoted equity shares, at cost 1,581,442 1,581,442 Share of post-acquisition reserves (1,145,648) (1,145,648) Foreign exchange reserve (46,900) (46,900) Accumulated impairment losses (388,894) (388,894) - - (a) Investments in joint ventures are measured at cost less impairment losses, if any, in the separate financial statements of the Company. (b) The details of the joint ventures are as follows: Name of company Country of incorporation/ Principal place of business Effective interest in equity 2023 2022 % % Principal activities Joint venture of e-pay (M) Sdn. Bhd. e-pay Pakistan (Private) Limited^ Pakistan 50 50 Dormant. Electronic Payment Network (Thailand) Co. Limited ^ Thailand 16 16 Dormant. ^ The unaudited financial statements were used in the consolidation of the results of the joint ventures. All the above joint ventures are accounted for using the equity method in the consolidated financial statements. 126 GHL SYSTEMS BERHAD 199401007361 (293040-D)
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