144 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023 25 INTERESTS IN JOINT VENTURES (CONTINUED) Set out belows are details of the joint ventures of the Group as at 31 December 2023. The joint ventures as listed below have share capital consisting solely of ordinary shares and have financial years ended 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 2023 % 2022 % Indirect joint ventures Joint venture of FGV Downstream Sdn. Bhd. FGV Iffco Sdn. Bhd. Malaysia 50.0 50.0 (i) Joint venture of FGV Kalimantan Sdn. Bhd. Trurich Resources Sdn. Bhd. Malaysia 50.0 50.0 (ii) Joint ventures of Felda Holdings Bhd. 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) Dormant (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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