20. INVESTMENTS IN JOINT VENTURES Group 2022 2021 RM’000 RM’000 Unquoted shares, at cost 144,243 144,243 Amount due from a joint venture 2,725 1,079 Share of post-acquisition results and reserves 175,018 164,336 Dividend received from joint ventures during the financial year (22,467) – Unrealised profits arising from transaction with a joint venture (9,032) (8,833) 290,487 300,825 Represented by: Share of net assets 290,487 300,825 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 (%) 2022 2021 Tropicana Danga Cove Sdn Bhd Malaysia Property development and property investment 50 50 (“TDCSB”) Tropicana Temokin Sdn Bhd Malaysia Property development 51 51 (“TTSB”) All the joint ventures have been accounted for using the equity method of accounting. (a) Summarised financial information of joint ventures that are material to the Group are set out below. The summarised financial information represents the amounts in the financial statements of the joint ventures and not the Group’s share of those amounts. (i) Summarised statement of financial position TTSB TDCSB 2022 2021 2022 2021 RM’000 RM’000 RM’000 RM’000 Non-current assets 37 348 482,761 504,953 Current assets 69,934 66,362 132,453 231,019 Non-current liabilities (15,977) (23,271) (21,406) (24,329) Current liabilities (29,310) (24,195) (38,011) (129,622) Net assets 24,684 19,244 555,797 582,021 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022 236 ANNUAL REPORT 2022
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