269 SECTION 6 FINANCIAL STATEMENTS INTEGRATED ANNUAL REPORT 2025 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2025 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 2025 RM’000 2024 RM’000 At 1 January 21,799 22,052 Impairment loss recognised 709 - Effect of exchange rate changes (910) (253) At 31 December 21,598 21,799 Details of joint ventures are as follows: Group’s effective interest Country of incorporation 2025 % 2024 % 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 Socotherm Shashi Pipe Coating Co. Ltd. People’s Republic of China 50 50 Dormant Socotherm PPSC Ningbo (Daxie) Pipe Coating Co. Limited People’s Republic of China 50 50 Dormant Sichuan Chuanshi Kanssen (Yadong) Coating Services Company Limited People’s Republic of China 51 51 Provision of pipe coating services
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