NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2023 CONT’D 21. OTHER INVESTMENTS (Cont’d) (a) The Group’s and Company’s other investments are classified as financial assets measured at fair value through profit or loss. These are strategic investments for which the Group and the Company consider this classification to be appropriate and relevant. (b) Unquoted unit trust in Malaysia held by the Group and the Company comprises money-market fund which is highly liquid, readily convertible to cash and are subject to insignificant risk of changes in value and hence, meet the definition to be classified as cash and cash equivalents. (c) Quoted shares in Malaysia of the Group are categorised as Level 1 in the fair value hierarchy. The fair value of quoted shares is determined by reference to exchange quoted market prices at the end of the reporting period. (d) Unquoted unit trust in Malaysia of the Group and of the Company are categorised as Level 2 in the fair value hierarchy. The fair value of investment is determined by reference to the counter party quotes at the close of the business at the end of the reporting period. (e) Other investments are denominated in RM. (f) The following table shows a reconciliation of Level 1 fair value of other investment: Group Company 2023 2022 2023 2022 RM RM RM RM Balance as at 1 January 26,750 26,750 - - Fair value changes (18,500) - - - Balance as at 31 December 8,250 26,750 - - (g) The following table shows a reconciliation of Level 2 fair values of other investments: Group Company 2023 2022 2023 2022 RM RM RM RM Balance as at 1 January 14,900,727 101,578,702 9,951,410 96,733,322 Additions 16,000,000 92,023,145 16,000,000 89,000,000 Interest received 208,039 1,269,412 153,331 1,146,199 Disposals (24,844,025) (179,669,379) (19,840,000) (176,646,235) Fair value changes - (301,153) - (281,876) Balance as at 31 December 6,264,741 14,900,727 6,264,741 9,951,410 (h) Information on financial risk of investment is disclosed in Note 32. 141 ANNUAL REPORT 2023
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