80 MSC BERHAD Notes to the Financial Statements (cont’d) 7. Investment in Subsidiary Companies Company 2024 2023 RM RM In Malaysia Unquoted shares, at cost 39,186,819 3,000,006 Less: Accumulated impairment losses - (120,000) 39,186,819 2,880,006 (a) Movement in the allowance for impairment losses are as follow: Company 2024 2023 RM RM Accumulated impairment losses At 1 January/1 July 120,000 120,000 Disposal (120,000) - At 30 June - 120,000 In previous financial year, the Group has considered the losses in subsidiary companies as impairment indicators and has carried out a review of the recoverable amounts of its investments in certain subsidiary companies that had been making losses for the past few years. (b) Details of the subsidiary companies are as follows: Name of company Place of business/ Country of incorporation Effective interest Principal activities 2024 2023 % % Direct holding: Insage (MSC) Sdn. Bhd. (“Insage”) Malaysia - 100 Provision of software solutions Xifu Sdn. Bhd. (“Xifu”) Malaysia - 100 Provision of consultants other than architecture, engineering and management consultant and to provide investment advisory services E2 Trade Sdn. Bhd. (“E2 Trade”) Malaysia 100 100 Development, provision and maintenance of computer software application solutions for the financial services industry and investment holding Excel Force Solutions Sdn. Bhd. Malaysia 100 100 Development, provision and maintenance of computer software application solutions for the financial services industry
RkJQdWJsaXNoZXIy NDgzMzc=