FGV Annual Report 2018

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2018 256 FGV HOLDINGS BERHAD EXAMINED OUR NUMBERS 23 INTERESTS IN ASSOCIATES (CONTINUED) Summarised financial information in respect of the associates’ revenue, Group’s share of results and capital commitments of its associates is set out below: Group 2018 RM’000 2017 RM’000 Revenue 459,704 643,652 Group’s share of results for the financial year (11,721) 21,336 Share of capital commitments of associates - 13,545 Set out below are details of the associates of the Group as at 31 December 2018. The associates as listed below have share capital consisting of ordinary and RCPS shares, which are held directly and indirectly by the Group, have financial years ending 31 December, unless otherwise stated, and are measured by way of equity accounting. Name of company Place of business/ country of incorporation Group’s effective interest Nature of business 31.12.2018 % 31.12.2017 % 1.1.2017 % Indirect associates Associates of FHB Taiko Clay Chemicals Sdn. Bhd.* Malaysia - 21.6 21.6 (i) Paragon Yield Sdn. Bhd. # Malaysia 30.0 30.0 30.0 (ii) Nilai Education Sdn. Bhd. Malaysia 30.0 30.0 30.0 (iii) FKW Global Commodities (PVT) Limited Malaysia 30.0 30.0 30.0 (iv) Associate of PUP Malacca Plantation Sdn. Bhd. Malaysia 34.33 34.33 34.33 (v) (i) Manufacturing and sale of activated bleaching earth (ii) Investment holding (iii) Management of an educational institute (iv) Commodity trading (v) Investment holding and cultivation of oil palm * During the financial year, Taiko Clay Chemicals Sdn. Bhd. was disposed for a total consideration of RM145,000,000, resulting in a loss on disposal amounting to RM18,494,000. # In the previous financial year, Paragon Yield Sdn. Bhd. redeemed its RCPS held by the Group for a total consideration of RM5,400,000, resulting in a gain on redemption of RM2,700,000. The redemption of RCPS did not affect the Group’s effective interest in the associate. There are no material contingent liabilities relating to the Group’s interests in the associates. The associate companies above are private companies and have no quoted market price available for their shares.