AUDITED FINANCIAL STATEMENTS 2022 129 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022 25 INTERESTS IN JOINT VENTURES Group 2022 RM’000 2021 RM’000 Share of net assets of joint ventures 567,412 454,714 The joint ventures’ revenue, Group’s share of results and capital commitments of its joint ventures are as follows: 2022 RM’000 2021 RM’000 Joint ventures’ revenue 9,539,137 7,175,404 Group’s share of results for the financial year 146,164 35,858 Share of capital commitments of joint ventures 53,022 8,490 Set out belows are details of the joint ventures of the Group as at 31 December 2022. The joint ventures as listed below have share capital consisting solely of ordinary shares and have financial years ending 31 December, unless otherwise stated, and are measured by way of equity accounting, other than Kuala Muda Estate Joint Venture, which is based on their share of net assets. Name of company Country of incorporation Group’s effective interest Nature of business 2022 % 2021 % Indirect joint ventures Joint venture of FGVD FGV Iffco Sdn. Bhd. Malaysia 50.0 50.0 (i) Joint venture of FGVK Trurich Resources Sdn. Bhd. Malaysia 50.0 50.0 (ii) Joint ventures of FHB FPG Oleochemicals Sdn. Bhd. Malaysia 50.0 50.0 (iii) Malaysia Pakistan Venture Sdn. Bhd. # (30 June) Malaysia 37.5 37.5 (iv) Mapak Edible Oils (Pvt) Ltd. # (30 June) Pakistan 30.0 30.0 (v) FTJ Biopower Sdn. Bhd. # Malaysia 43.0 43.0 (vi) Indirect joint operation Kuala Muda Estate Joint Venture Malaysia 50.0 50.0 (vii) (i) Refining, processing and packing of palm oil based products (ii) Oil palm plantation operation (iii) Processing and selling of oleochemical products (iv) Investment holding (v) Manufacturing and marketing of finished customer and industrial palm oil products (vi) Developing, constructing, operating and maintaining a power plant (vii) Cultivation of oil palms # The Group treated these entities as joint ventures as the shareholder agreements require unanimous consent over decisions about relevant activities among the partners. The joint venture companies above are private companies and have no quoted market price available for their shares. There are no material contingent liabilities relating to the Group’s interest in the joint ventures.
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