235 INTEGRATED ANNUAL REPORT 2024 Key Messages Financial Statements Other Information NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024 Overview of Wasco Berhad Value Creation Commitment to Governance Sustainability Journey 10 INVESTMENT IN JOINT VENTURES (CONTINUED) Impairment of investment in joint ventures The movements for allowance for impairment loss on investment in joint ventures during the financial year are as follows: Group 2024 RM’000 2023 RM’000 At 1 January 22,052 21,658 Effect of exchange rate changes (253) 394 At 31 December 21,799 22,052 Details of joint ventures are as follows: Group’s effective interest Country of incorporation 2024 % 2023 % Principal activities Alam-PE Holdings (L) Inc. Federal Territory of Labuan, Malaysia 49 49 Investment holding Boustead Wah Seong Sdn. Bhd. Malaysia 50 50 Investment holding activities and businesses in property development and management; provision of general fabrication, engineering and oil and gas services; trading and marketing activities and any other businesses or projects as shall be mutually agreed from time to time in Myanmar
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