20. INVESTMENTS IN JOINT VENTURES Group 2021 2020 RM’000 RM’000 Unquoted shares, at cost 144,243 144,243 Amount due from a joint venture 1,079 637 Share of post-acquisition results and reserves 164,336 142,082 Unrealised profits arising from transaction with a joint venture (8,833) (8,634) 300,825 278,328 Represented by: Share of net assets 300,825 278,328 The amount due from a joint venture represents outstanding amount arising from the Group’s proportionate share in the advances and working capital to the joint venture. The amount due from the joint venture is unsecured, non-interest bearing and is not repayable within the next twelve (12) months. The Group views these advances as part of the Group’s investment in the joint venture. Details of the joint ventures are as follows: Equity Country of interest Name of joint ventures incorporation Principal activities held (%) 2021 2020 Tropicana Danga Cove Sdn Bhd Malaysia Property development and property investment 50 50 (“TDCSB”) Tropicana Temokin Sdn Bhd (“TTSB”) Malaysia Property development 51 51 All the joint ventures have been accounted for using the equity method of accounting. In the previous financial year, TDCSB issued 340,000,000 of redeemable preference shares series A (“RPS-A”) of RM0.10 each. The Group subscribed for 50% of the RPS-A for a cash consideration of RM17,000,000. In the previous financial year, TTSB issued 28,965,000 of redeemable non-cumulative preference shares (“RNCPS”) of RM1 each. The Group subscribed for 51% of the RNCPS for RM14,772,150 by way of capitalisation of amount owing by TTSB. 20. INVESTMENTS IN JOINT VENTURES (CONT’D.) (a) Summarised financial information of joint venture that is material to the Group is set out below. The summarised financial information represents the amounts in the financial statements of the joint venture and not the Group’s share of those amounts. The other joint venture is not material to the Group. (i) Summarised statement of financial position TDCSB 2021 2020 RM’000 RM’000 Non-current assets 504,953 497,341 Current assets 231,019 239,319 Non-current liabilities (24,329) (33,562) Current liabilities (129,622) (162,617) Net assets 582,021 540,481 (ii) Summarised statement of comprehensive income TDCSB 2021 2020 RM’000 RM’000 Revenue 133,572 121,845 Profit before tax 50,566 14,645 Profit/(loss) after tax, representing total comprehensive income/(loss) 41,540 (3,683) (iii) Reconciliation of the summarised financial information presented above to the carrying amount of the Group’s interest in joint venture: TDCSB 2021 2020 RM’000 RM’000 Net assets as at 1 January 540,481 510,164 Profit/(loss) for the financial year 41,540 (3,683) 582,021 506,481 Issuance of redeemable preference shares – 34,000 Net assets as at 31 December 582,021 540,481 Interests in joint venture 50% 50% Carrying amount of Group’s interests in joint venture 291,011 270,241 FINANCIAL STATEMENTS NOTES TO THE For the financial year ended 31 December 2021 Annual Report 2021 TROPICANA CORPORATION BERHAD FINANCIAL STATEMENTS AND OTHER INFORMATION 298 299
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