Notes to the Financial Statements FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023 11 INVESTMENT IN JOINT VENTURES (CONTINUED) The following table summarises the information of the Group’s material joint ventures and reconciles the information to the carrying amount of the Group’s interest in the joint ventures. The information has been adjusted to reflect the equity method of accounting, including fair value adjustments (continued): Group Alam-PE Holdings (L) Inc. Bayou Wasco Insulation, LLC Boustead Wah Seong Sdn. Bhd. Other individually immaterial joint ventures Total RM’000 RM’000 RM’000 RM’000 RM’000 2022 Reconciliation of net assets to carrying amount As at 31 December Group’s share of net assets/ (liabilities) 23,297 (3,422) 1,966 10,632 32,473 Goodwill 11,989 - - 1,782 13,771 Less: Accumulated impairment loss (11,989) - - (9,669) (21,658) Less: Elimination of unrealised profits - (1,264) - - (1,264) Reclass to other payables* - 4,686 - 4,692 9,378 Carrying amount in statement of financial position 23,297 - 1,966 7,437 32,700 Group’s share of results Financial year ended 31 December Group’s share of loss (613) (4,611) (5,146) (966) (11,336) Group’s share of other comprehensive income - - 505 427 932 Dividend receivable/received - - - 4,406 4,406 * The Group is committed to make good its share of losses of the investment in joint ventures. Accordingly, other payables related to the losses are recognised. 231 Wasco Berhad
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