221 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2022 KENANGA INVESTMENT BANK BERHAD Annual Report 2022 14. INVESTMENTS IN ASSOCIATES (CONT’D.) (b) Summarised financial information of the material associate is as follows (cont’d.): (iii) Reconciliation of the summarised financial information presented above to the carrying amount of the Group’s interest in the material associate Wasatah Capital 2022 RM’000 2021 RM’000 Net assets at 1 January 312,124 261,598 Profit before taxation 38,416 20,811 Other comprehensive income 189 20,617 Movement of foreign exchange reserve 16,828 9,098 Net assets at 31 December 367,557 312,124 Interest in Wasatah Capital 29.60% 29.60% Share of net assets at 31 December 108,797 92,389 Accumulated Group’s share of tax expense (5,031) (1,454) Accumulated impairment losses (4,549) (4,549) Carrying value of the Group’s interest in Wasatah 99,217 86,386 Carrying value of other associates 466 785 Total carrying value of Group’s interest in associates 99,683 87,171 (c) Aggregate information of associates that are not individually material 2022 RM’000 2021 RM’000 The Group’s share of results in associates, representing share of total comprehensive loss 8 5
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