223 How We Are Governed Financial Statements Shareholders’ Information Additional Information 14. INVESTMENTS IN ASSOCIATES Group Bank 2021 RM'000 2020 RM'000 2021 RM'000 2020 RM'000 Unquoted shares at cost 88,644 88,644 68,435 68,435 Share of post acquisition losses (6,919) (14,068) - - Share of changes in other comprehensive income 5,956 660 - - Dividends received (102) (102) - - Foreign exchange differences 19,202 16,554 - - 106,781 91,688 68,435 68,435 Less: Accumulated impairment losses (19,610) (19,610) - (12,200) 87,171 72,078 68,435 56,235 Represented by: Share of net tangible assets 87,171 72,078 (a) Details of the associates are as follows: Name Place of incorporation Principal activities Effective equity interest 2021 % 2020 % 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 provision of 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 Messrs. Ernst & Young PLT ^ Equity accounted for using unaudited management accounts The Group and the Bank carried out an impairment assessment on the associates in accordance with the accounting policy stated in Note 3.4(l). The recoverable amount is based on the Group's share of net tangible assets of the associates. Based on management's assessment, the Group and the Bank have made adequate provision for impairment loss on the investments as at the financial year end.
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