FGV HOLDINGS BERHAD | AUDITED FINANCIAL STATEMENTS 2023 141 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023 24 INTERESTS IN ASSOCIATES Group 2023 RM’000 2022 RM’000 Share of net assets of associates 58,060 63,631 Summarised financial information in respect of the associates’ revenue and Group’s share of results of its associates is set out below: Group 2023 RM’000 2022 RM’000 Associates’ revenue 86,486 95,176 Group’s share of results for the financial year (1,498) 2,658 Set out below are details of the associates of the Group as at 31 December 2023. 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 2023 % 2022 % Indirect associates Associates of Felda Holdings Bhd. Nilai Education Sdn. Bhd. Malaysia 30.0 30.0 (i) FKW Global Commodities (PVT) Limited Pakistan 30.0 30.0 (ii) Associate of Pontian United Plantation Berhad 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.
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