212 F INANC IAL Statements 05 Sect ion Ranhi ll Ut i l i t i es Berhad NOTES TO THE F INANC I AL STATEMENTS For the year ended 31 December 2022 21. INVESTMENT IN JOINT VENTURES Group 2022 RM’000 2021 RM’000 Unquoted investment, at cost 291 291 Less: Accumulated impairment losses (291) (291) - - The Group had joint control on its joint arrangement as unanimous consent is required for relevant activities from the parties sharing control under the contractual arrangement. The joint arrangements were structured via separate entities and provide the Group with the rights to the net assets of the entities under the arrangements. Therefore, these entities were classified as a joint venture of the Group. (a) Details of the Group’s joint venture were as follows: Name Country of incorporation / Principal place of business % of ownership interest held by the Group Accounting model applied 2022 2021 Held by RBSB: Ranhill Bersekutu Saudi Limited (“RBSL”) The Kingdom of Saudi Arabia -* 50 Equity Method Held by RWSB: Broadspectrum Worleyparsons JV (M) Sdn. Bhd. (“BWJV”) Malaysia 17.1 17.1 Equity Method * RBSL registration certificate has expired and not renewed. As per local regulation in Kingdom of Saudi Arabia, a company’s registration certificate has validity period and has to be renewed before expiry if a company intends to continue its operations. The summarised financial information of RBSL and BWJV is not presented as it is not material to the Group. 22. INVESTMENT IN ASSOCIATES Group 2022 RM’000 2021 RM’000 Unquoted shares, at cost 96,771 96,771 Add: Share of post-acquisition reserves 58,889 43,210 155,660 139,981 Less: Accumulated impairment losses (18,472) (18,472) Amount due from an associate 80,891 83,308 Exchange differences (3,660) 3,799 214,419 208,616
RkJQdWJsaXNoZXIy ODQxNzg=