218 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2022 Additional Information We Are Kenanga Message From Our Leaders Our Sustainability Approach How We Are Governed Financial Statements Shareholders’ Information 13. INVESTMENTS IN SUBSIDIARIES (CONT’D.) Details of the subsidiary companies are as follows (cont’d.): Effective equity interest Name Principal activities 2022 % 2021 % Local subsidiary companies (cont’d.) Kenanga Capital Sdn Bhd Licensed money lender 100 100 The subsidiary company of Kenanga Capital Sdn Bhd is: Kenanga Capital Islamic Sdn Bhd Islamic factoring and leasing 51 51 Overseas subsidiary company Rakuten Trade Singapore Pte. Ltd. * (Formally known as (“f.k.a.”) Kenanga Singapore Pte. Ltd.) Dealing in securities, advising in corporate finance, securities financing and providing custodial services for securities 50 100 * Audited by an affiliate of Messrs. Ernst & Young PLT Kenanga Singapore Pte. Ltd. has changed its name to Rakuten Trade Singapore Pte. Ltd. (“RTSPL”) effective from 26 January 2022 and RTSPL became a joint venture entity arising from the change of the Bank’s shareholding in RTSPL from 100% to 50% while Rakuten Securities, Inc.’s shareholding is 50% (Note 15 (c)). 14. INVESTMENTS IN ASSOCIATES Group Bank 2022 RM’000 2021 RM’000 2022 RM’000 2021 RM’000 Unquoted shares at cost 69,834 88,644 68,435 68,435 Share of post acquisition gain/(loss) 14,926 (6,919) - - Share of changes in other comprehensive (loss)/ income (4,500) 5,956 - - Dividends received (102) (102) - - Foreign exchange differences 24,074 19,202 - - 104,232 106,781 68,435 68,435 Less: Accumulated impairment losses (4,549) (19,610) - - 99,683 87,171 68,435 68,435 Represented by: Share of net tangible assets 99,683 87,171
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