FGV Audited Financial Statements 2019

156 FGV HOLDINGS BERHAD NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2019 26 INTERESTS IN JOINT VENTURES (CONTINUED) Set out belows are details of the joint ventures of the Group as at 31 December 2019. The joint ventures as listed below have share capital consisting solely of ordinary shares and have financial years ending 31 December, unless otherwise stated, and are measured by way of equity accounting, other than Kuala Muda Joint Venture, which is based on their share of net assets. Name of company Country of incorporation Group’s effective interest Nature of business 2019 % 2018 % Indirect joint ventures Joint venture of FGVD FGV Iffco Sdn. Bhd. (formerly known as Felda Iffco Sdn. Bhd.) Malaysia 50.0 50.0 (i) Joint venture of FGVK Trurich Resources Sdn. Bhd. Malaysia 50.0 50.0 (ii) Joint ventures of FHB FPG Oleochemicals Sdn. Bhd. Malaysia 50.0 50.0 (iii) Malaysia Pakistan Venture Sdn. Bhd. # (30 June) Malaysia 37.5 37.5 (iv) Mapak Edible Oils (Pvt) Ltd. # (30 June) (Note a) Pakistan 30.0 30.0 (v) MEO Trading Sdn. Bhd. # Malaysia 30.0 30.0 (vi) FTJ Biopower Sdn. Bhd. # Malaysia 43.0 43.0 (vii) ProXcel Sdn. Bhd. # (Note b) Malaysia - 43.0 (viii) MyBiomass Sdn. Bhd. # Malaysia 23.1 23.1 (ix) FGV Pho La Min Co. Ltd. # (Note c) Myanmar - 51.0 (x) Indirect joint operation Kuala Muda Estate Joint Venture Malaysia 50.0 50.0 (xi)