222 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 15. INVESTMENT IN JOINT VENTURES Group Bank 2022 RM’000 2021 RM’000 2022 RM’000 2021 RM’000 Unquoted shares At beginning of the financial year 40,000 40,000 40,000 40,000 Add: Subscription of new shares in a joint venture company 1,550 - 1,550 - 41,550 40,000 41,550 40,000 Cumulative share of results (14,981) (8,031) - - At the end of financial year 26,569 31,969 41,550 40,000 (a) The summarised income and expenses of the joint ventures are as follows: Group 2022 RM’000 2021 RM’000 Revenue 31,645 59,194 (Loss)/profit after taxation (13,900) 14,500 (b) The summarised assets and liabilities of the joint ventures are as follows: Group 2022 RM’000 2021 RM’000 Total assets 566,646 539,226 Total liabilities 513,326 475,288 (c) Details of the joint ventures held by the Bank are as follows: Percentage (%) of equity held Name 2022 % 2021 % Principal activities Rakuten Trade Sdn Bhd 50 50 Dealing in securities restricted to listed securities and investment advice Rakuten Trade Singapore Pte. Ltd. (Formally known as (“fka”) Kenanga Singapore Pte. Ltd.) (Note 13) 50 100 Dealing in securities, advising in corporate finance, securities financing and providing custodial services for securities
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