152 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023 27 AMOUNTS DUE FROM/(TO) ULTIMATE HOLDING COMPANY, SUBSIDIARIES, JOINT VENTURES, AN ASSOCIATE AND OTHER RELATED COMPANIES (CONTINUED) The amounts due from/(to) subsidiaries are unsecured, free of financial charges and have credit term of 30 to 180 days (2022: 30 to 180 days), except for amount due from a subsidiary classified as non-current which is charged with interest at Nil (2022: 5.0%) per annum. All amounts due from/(to) ultimate holding company, subsidiaries, joint ventures, an associate and other related companies are denominated in Ringgit Malaysia except for amount due from an associate in previous financial year are denominated in USD. Amounts due from subsidiaries Company 2023 RM’000 2022 RM’000 At 1 January 460,148 344,352 Net movement during the financial year # (404,334) 147,602 Decrease/(increase) in loss allowance during the financial year 4,088 (29,110) Write-off (28) - Conversion into ordinary shares* (Note 23) (2,032) (2,696) At 31 December 57,842 460,148 Analysed as: Non-current 7,033 2,446 Current 50,809 457,702 57,842 460,148 # Included in the movement during the financial year is a third interim dividend year 2022 received from subsidiaries amounted to RM435,700,000 (2022: repayment of advances by subsidiaries of RM172,626,000 and advances made to subsidiaries of RM30,748,000). * Conversion into ordinary shares Financial year ended 31 December 2023 (i) On 29 March 2023, the Company subscribed for 122,210 ordinary shares of USD1.00 each from FGV Investment (L) Pte. Ltd. (“FGVI”), a wholly-owned subsidiary of the Company, satisfied via a conversion of an amount due from FGVI of USD122,210, equivalent to RM571,000. (ii) On 22 May 2023, the Company subscribed for 70,993 ordinary shares of USD1.00 each from FGVI, satisfied via a conversion of an amount due from FGVI of USD70,993, equivalent to RM332,000. (iii) On 28 July 2023, the Company subscribed for 149,985 ordinary shares of USD1.00 each from FGVI, satisfied via a conversion of an amount due from FGVI of USD149,985, equivalent to RM695,000. (iv) On 11 September 2023, the Company subscribed for 94,435 ordinary shares of USD1.00 each from FGVI, satisfied via a conversion of an amount due from FGVI of USD94,435, equivalent to RM434,000.
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