KENANGA ANNUAL REPORT 2017

14. INVESTMENT IN SUBSIDIARIES (CONT’D.) (a) Summarised financial statements (cont’d.) (iii) Summarised statements of cash flows KF 2017 RM’000 2016 RM’000 Operating activities 9,999 5,321 Investing activities (577) (1,064) Financing activities (15,599) (3,970) Net (decrease)/increase in cash and cash equivalents (6,177) 287 15. INVESTMENT IN ASSOCIATES Group Bank 2017 RM’000 2016 RM’000 2017 RM’000 2016 RM’000 Unquoted shares at cost 88,644 88,644 68,435 68,435 Share of post acquisition losses (24,104) (16,990) – – Share of changes in other comprehensive income (2,159) (4,031) – – Dividends received (102) (102) – – Foreign exchange differences 17,769 24,760 – – 80,048 92,281 68,435 68,435 Less: Accumulated impairment losses (19,610) (19,610) (12,200) (12,200) 60,438 72,671 56,235 56,235 Represented by: Share of net tangible assets 60,438 72,671 (a) Details of the associates are as follows: Effective equity interest Name Place of incorporation Principal activities 2017 2016 % % Kenanga Investment Corporation Ltd* Sri Lanka Investment banking related activities 45.0 45.0 AL Wasatah Al Maliah Company* (“Wasatah Capital”) Kingdom of Saudi Arabia Dealing as principal and to provide underwriting, arranging, managing investment funds and custodian services 29.6 29.6 Kenanga Vietnam Securities Joint Stock Corporation*^ Vietnam Securities, brokerage depository and advisory business 49.0 49.0 * Audited by firms other than Ernst & Young ^ Equity accounted for using unaudited management accounts Annual Report 2017 31 December 2017 133 notes to the financial statements