AUDITED FINANCIAL STATEMENTS 2022 127 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022 24 INTERESTS IN ASSOCIATES (CONTINUED) Set out below are details of the associates of the Group as at 31 December 2022. 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 2022 % 2021 % Indirect associates Associates of FHB Nilai Education Sdn. Bhd. Malaysia 30.0 30.0 (i) FKW Global Commodities (PVT) Limited Pakistan 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 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. Summarised financial information for associates Set out below are the summarised financial information for Malacca Plantation Sdn. Bhd. and the aggregate of other associate (“insignificant in aggregate”) which are accounted for using the equity method: Summarised statements of financial position Malacca Plantation Sdn. Bhd. Insignificant in aggregate Total 2022 RM’000 2021 RM’000 2022 RM’000 2021 RM’000 2022 RM’000 2021 RM’000 Current Cash and cash equivalents 20,079 17,826 1,420 1,955 21,499 19,781 Other current assets (excluding cash) 15,062 8,485 37,372 35,051 52,434 43,536 Total current assets 35,141 26,311 38,792 37,006 73,933 63,317 Financial liabilities (excluding trade payables) (558) (212) - - (558) (212) Other current liabilities (including trade payables) (1,306) (205) (48,229) (42,768) (49,535) (42,973) Total current liabilities (1,864) (417) (48,229) (42,768) (50,093) (43,185) Non-current Assets 74,751 81,212 97,982 100,361 172,733 181,573 Financial liabilities - - (61) (254) (61) (254) Total non-current liabilities - - (61) (254) (61) (254) Net assets 108,028 107,106 88,484 94,345 196,512 201,451
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