FGV Audited Financial Statements 2020

31 FINANCIAL ASSETS AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME (“FVOCI”) (continued) During the financial year, the Group disposed an equity security after covering the return of the investment. The Group recorded a fair value gain of RM14.01 million through other comprehensive income and dispose off for a consideration of RM14.01 million, resulting in no gain or loss on disposal. The accumulated fair value gain relates to the investment in other comprehensive income reserve was transferred to retained earnings at the point of disposal. The FVOCI comprise the following: 2020 RM’000 2019 RM’000 Quoted equity securities: - In Malaysia 3,566 3,748 Unquoted equity securities: - In Malaysia 140,685 103,686 144,251 107,434 The Group has irrevocably elected non-trading equity securities above at initial recognition to present its fair value changes in other comprehensive income. The Group considers this classification to be more relevant as these instruments are strategic investments of the Group and not held for trading purpose. Financial assets at FVOCI are denominated in the following currencies: 2020 RM’000 2019 RM’000 - Ringgit Malaysia 57,063 45,534 - United States Dollar 87,189 61,900 144,251 107,434 The fair values of unquoted securities are based on the average of price-to-book or price earnings ratio of similar equities in the market and is a Level 3 fair value computation (Note 4(c)). 32 LOANS DUE FROM JOINT VENTURES Group 2020 RM’000 2019 RM’000 At 1 January - 70,201 Repayment - (22,510) Provision for impairment - (47,171) Currency translation differences - (520) At 31 December - - In previous financial year, loans due from joint ventures were unsecured and had credit terms of 180 days with interest rate of 6.02% per annum. 152 Notes to the Financial Statements For The Financial Year Ended 31 December 2020 FGV HOLDINGS BERHAD Audited Financial Statement 2020