KENANGA ANNUAL REPORT 2019

199 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2019 15. INVESTMENT IN A JOINT VENTURE COMPANY Group Bank 2019 RM’000 2018 RM’000 2019 RM’000 2018 RM’000 Unquoted shares At beginning of the financial year 30,000 20,000 30,000 20,000 Add: Subscription of new shares in a joint venture company 10,000 10,000 10,000 10,000 40,000 30,000 40,000 30,000 Cumulative share of results (24,199) (15,923) - - At the end of financial year 15,801 14,077 40,000 30,000 (a) The summarised income and expenses of the joint venture company are as follows: Group 2019 RM’000 2018 RM’000 Revenue 6,292 5,841 Loss after taxation (16,478) (18,286) (b) The summarised assets and liabilities of the joint venture company are as follows: Group 2019 RM’000 2018 RM’000 Total assets 182,247 345,287 Total liabilities 150,645 317,135 The net asset included the transaction between the Bank and the joint venture company which have been eliminated at group level. Therefore, the net assets will not representing the Group’s and the Bank’s share of net assets in joint venture. The difference will be the net adjustment of the inter-company transactions that was 50% shared by the Bank. (c) Details of the joint venture company held by the Bank are as follows: Name Percentage (%) of equity held Principal activities 2019 2018 Rakuten Trade Sdn Bhd 50 50 Dealing in securities restricted to listed securities and investment advice