253 NOTES TO THE FINANCIAL STATEMENTS (CONT’D) For the financial year ended 31 January 2023 ACCOUNTABILITY (FINANCIAL STATEMENTS) 21. Investment in associates Group 2023 RM million 2022 RM million Unquoted shares, at cost: - Within Malaysia 2 - - Outside Malaysia 134 128 Share of post-acquisition reserves (15) (2) Share of foreign currency translation reserve (2) (1) Accumulated impairment loss (8) - Share of net assets of associates 111 125 In the current financial year, an impairment loss of RM8 million was recognised for an associate as a result of its recoverable amount being estimated to be lower than its carrying amount. The Group’s equity interest, principal activities and countries of incorporation of its associates are disclosed in Note 48. Summarised financial information of the material associate, based on its MFRS/IFRS financial statements is set out below: (i) Shift Clean Solutions Ltd Summarised statement of financial position: 2023 RM million 2022 RM million Current assets * 56 67 Non-current assets 338 341 Current liabilities (39) (13) Non-current liabilities - (1) Net assets 355 394 Proportion of the Group’s ownership 20% 20% Carrying amount of the investment 71 79 * Included in current assets is cash and bank balances of not more than RM1 million (2022: RM34 million).
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