FGV Audited Financial Statements 2020

25 INTERESTS IN ASSOCIATES (CONTINUED) Set out below are details of the associates of the Group as at 31 December 2020. The associates as listed below have share capital consisting of ordinary and RCPS shares, which are held directly and indirectly by the Group, have financial years ending 31 December, unless otherwise stated, and are measured by way of equity accounting. Name of company Place of business/ country of incorporation Group’s effective interest Nature of business 2020 2019 % % Indirect associates Associates of FHB Nilai Education Sdn. Bhd. Malaysia 30.0 30.0 (i) FKW Global Commodities (PVT) Limited Malaysia 30.0 30.0 (ii) Associate of PUP Malacca Plantation Sdn. Bhd. Malaysia 34.3 34.3 (iii) (i) Management of an educational institute. (ii) Commodity trading (iii) Investment holding and cultivation of oil palm In previous financial year, the Board of Director of the Company had approved a proposed divestment of the 30% equity interest in Nilai Education Sdn. Bhd. (“NESB”), an associate of the Group. Consequently, the interest in NESB amounting to RM25,534,000 (2019: RM26,903,000) had been classified as asset held for sale in the statements of financial position as the criteria under MFRS 5 “Non-current Assets Held For Sale And Discontinued Operations” has been met (Note 38). As at 31 December 2020, the Group continues with its plan to divest NESB. In previous financial year, Paragon Yield Sdn. Bhd. was disposed for a total consideration of RM29,000,000, resulting in a loss on disposal amounting to RM1,413,000. There are no material contingent liabilities relating to the Group’s interests in the associates. The associate companies above are private companies and have no quoted market price available for their shares. 131 Notes to the Financial Statements For The Financial Year Ended 31 December 2020 Audited Financial Statements 2020