FGV HOLDINGS BERHAD | AUDITED FINANCIAL STATEMENTS 2023 153 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) Financial year ended 31 December 2022 (v) On 23 March 2022, the Company subscribed for 176,594 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 USD176,594, equivalent to RM745,000. (vi) On 1 June 2022, the Company subscribed for 300,360 ordinary shares of USD1.00 each from FGVI, satisfied via a conversion of an amount due from FGVI of USD300,360, equivalent to RM1,327,000. (vii) On 24 September 2022, the Company subscribed for 70,826 ordinary shares of USD1.00 each from FGVI, satisfied via a conversion of an amount due from FGVI of USD70,826, equivalent to RM329,000. (viii) On 22 December 2022, the Company subscribed for 66,660 ordinary shares of USD1.00 each from FGVI, satisfied via a conversion of an amount due from FGVI of USD66,660, equivalent to RM295,000. (a) Reconciliation of loss allowance Amounts due from subsidiaries using general 3 stage approach The loss allowance for amounts due from subsidiaries as at 31 December 2023 reconciles to the opening loss allowance balance as follows: Company Performing RM’000 Underperforming RM’000 Nonperforming RM’000 Total RM’000 Opening loss allowance as at 1 January 2022 - - 11,505 11,505 Increase in loss allowance (net) - - 29,110 29,110 Loss allowance as at 31 December 2022/1 January 2023 - - 40,615 40,615 Decrease in loss allowance (net) - - (4,088) (4,088) Closing loss allowance as at 31 December 2023 - - 36,527 36,527
RkJQdWJsaXNoZXIy NDgzMzc=