124 FGV HOLDINGS BERHAD NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2021 26 INTERESTS IN JOINT VENTURES Group 2021 2020 RM’000 RM’000 Share of net assets of joint ventures 466,064 452,896 Accumulated impairment losses (11,350) (11,350) 454,714 441,546 The joint ventures’ revenue, Group’s share of results and capital commitments of its joint ventures are as follows: 2021 2020 RM’000 RM’000 Joint ventures’ revenue 7,175,404 4,791,004 Group’s share of results for the financial year 35,858 23,441 Share of capital commitments of joint ventures 13,399 20,833 Set out belows are details of the joint ventures of the Group as at 31 December 2021. 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 Estate Joint Venture, which is based on their share of net assets. Country of Nature of Name of company incorporation Group’s effective interest business 2021 2020 % % Indirect joint ventures Joint venture of FGVD FGV 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) Pakistan 30.0 30.0 (v) MEO Trading Sdn Bhd # Malaysia – 30.0 (vi) FTJ Biopower Sdn Bhd # Malaysia 43.0 43.0 (vii) MyBiomass Sdn Bhd # Malaysia 23.1 23.1 (viii) Indirect joint operation Kuala Muda Estate Joint Venture Malaysia 50.0 50.0 (ix)
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