NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2022 11. Investment in subsidiaries Fund 2022 2021 RM RM Unquoted shares, at cost 42,492,186 42,492,186 Less: Accumulated impairment losses (39,952,545) (39,058,753) Net carrying amount 2,539,641 3,433,433 The movement in the accumulated impairment losses is as follows: 2022 2021 RM RM At 1 January 39,058,753 15,000,000 Allowance for impairment losses 893,792 24,058,753 At 31 December 39,952,545 39,058,753 Details of the subsidiaries are as follows: Proportion of ownership interest and voting power held by the Group Name of subsidiaries Country of incorporation Principal activities 2022 % 2021 % Al-`Aqar Capital Sdn Bhd (i) Malaysia Special purpose company for the purpose of raising Islamic Financing for the Fund 100 100 Al-`Aqar Australia Pty Ltd (ii) Australia Special purpose company for the purpose of acquisition of Australian property for the Fund 100 100 (i) Audited by Ernst & Young PLT (ii) Audited by a firm other than Ernst & Young PLT AL-`AQAR HEALTHCARE REIT ANNUAL REPORT 2022 174
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