FGV HOLDINGS BERHAD | AUDITED FINANCIAL STATEMENTS 2023 117 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023 23 INVESTMENT IN SUBSIDIARIES Company 2023 RM’000 2022 RM’000 At cost less accumulated impairment (i) Malaysian quoted shares: Ordinary shares: At 1 January/31 December 208,590 208,590 (ii) Malaysian unquoted shares: Ordinary shares: At 1 January 6,675,479 6,687,171 Impairment loss (Note 23(d)) (15,039) (14,388) Conversion of amount due from a subsidiary into investment in equity of the subsidiary (Note 27) 2,032 2,696 At 31 December 6,662,472 6,675,479 (iii) Foreign unquoted shares: At 1 January/31 December 9,232 9,232 (iv) Redeemable and Non-voting Convertible Preference Shares (“RCPS”)/Redeemable Cumulative and Non-voting Convertible Preference Shares (“RCCPS”)*: At 1 January/31 December 1,580,549 1,580,549 (v) Capital contribution to subsidiaries: At 1 January/31 December 15,482 15,482 Total 8,476,325 8,489,332 Market value of Malaysian quoted shares, based on Group’s effective interest 577,217 304,742 The disclosure of market value of Malaysia quoted shares is based on Level 1 fair value computation. * The key terms of RCPS are as follows: (i) The dividend payable is based on the performance of the investment to be declared by the Board of Directors of the investment company as they shall deem fit; (ii) The holder of the RCPS does not have the right to vote at any general meeting except for as stated in the Schedule 2 of the Subscription Agreement; (iii) The holder of the RCPS will be entitled to convert part or whole of the RCPS into ordinary shares of RM1 each on the basis of one RCPS for one new ordinary shares of RM1 each issued and fully paid-up on or before the redemption; and (iv) The issuer will have the right at any time to redeem in whole or in part thereof at the par value of RM0.01 for each RCPS issued. The key terms of RCCPS are as follows: (i) The dividend payable is based on the net proceed received by the investment company to be declared by the Board of Directors of the investment company as they shall deem fit; (ii) The holder of the RCCPS does not have the right to vote at any general meeting except for as stated in the Schedule 2 of the Subscription Agreement; (iii) The holder of the RCCPS will be entitled to convert part or whole of the RCCPS into ordinary shares of RM1 each on the basis of one RCCPS for one new ordinary shares of RM1 each issued and fully paid-up on or before the redemption; and (iv) The issuer will have the right at any time to redeem in whole or in part thereof at the par value of RM0.01 for each RCCPS issued.
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