219 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2022 KENANGA INVESTMENT BANK BERHAD Annual Report 2022 14. INVESTMENTS IN ASSOCIATES (CONT’D.) (a) Details of the associates are as follows: Effective equity interest Name Place of incorporation Principal activities 2022 % 2021 % 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 * Audited by firms other than Messrs. Ernst & Young PLT ^ On 12 May 2022, K & N Kenanga Holdings Berhad (“KNKH”), a wholly-owned subsidiary of the Bank, entered into a Share Purchase Agreement with Hung An Dien Co. Ltd. (“HADCL”), a company organised and existing under the laws of Vietnam, to dispose 6,615,000 shares in Kenanga Vietnam Securities Joint Stock Corporation (“KVS”), representing 49% of the entire issued and outstanding capital of KVS to HADCL. Consequential to the disposal, KVS ceased to be an associate company of KNKH. The Group recorded a net gain on disposal of associate of RM9.1 million as disclosed in Note 32 (c). The detail of the disposal of associate is as follows: RM’000 Unquoted shares at cost 18,810 Share of post acquisition losses (3,532) Foreign exchange differences (217) Less: Accumulated impairment losses (15,061) Net assets disposed - Sales proceeds from disposal 9,588 Less: Expenses incurred in relation to the disposal (471) Net gain on disposal 9,117
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