FGV HOLDINGS BERHAD | AUDITED FINANCIAL STATEMENTS 2023 139 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023 23 INVESTMENT IN SUBSIDIARIES (CONTINUED) (d) Impairment on investment in subsidiaries (continued) As at 31 December 2022 (continued) FGV Research Sdn. Bhd. (“FGV Research”) (continued) Since FGVAT is a wholly owned subsidiary of FGV Research, the Company had re-assessed the investment in FGV Research for impairment. The recoverable amount of the investment was determined based on value in use of the investments, and it was assessed to approximate the value of the net tangible asset of FGVAT as at 31 December 2022. Based on the impairment assessment performed, the recoverable amount was computed at RM9,112,000, resulting in impairment of RM14,388,000 in the carrying value of the Company’s investment in FGV Research. e) Summarised financial information on subsidiaries with material non-controlling interests Set out below are the summarised financial information for each subsidiary that has non-controlling interests that are material to the Group (other subsidiaries that have non-controlling interests are individually not significant). MSM Malaysia Holdings Berhad Group FGV Palm Industries Sdn. Bhd. 2023 2022 2023 2022 Interest held by non-controlling interest 49% 49% 28% 28% Summarised statements of financial position MSM Malaysia Holdings Berhad Group FGV Palm Industries Sdn. Bhd. 2023 RM’000 2022 RM’000 2023 RM’000 2022 RM’000 Current Assets 989,263 888,326 825,501 960,321 Liabilities (1,144,087) (941,100) (95,949) (211,714) Total current net (liabilities)/assets (154,824) (52,774) 729,552 748,607 Non-current Assets 1,901,490 1,923,775 1,076,446 1,064,119 Liabilities (281,590) (355,946) (316,415) (269,167) Total non-current net assets 1,619,900 1,567,829 760,031 794,952 Net assets 1,465,076 1,515,055 1,489,583 1,543,559
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