AUDITED FINANCIAL STATEMENTS 2022 137 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022 27 AMOUNTS DUE FROM/(TO) ULTIMATE HOLDING COMPANY, SUBSIDIARIES, JOINT VENTURES, AN ASSOCIATE AND OTHER RELATED COMPANIES (CONTINUED) The amounts due from/(to) ultimate holding company, joint ventures, an associate and other related companies are unsecured, free of financial charges and have credit terms ranging from 15 to 120 days (2021: 15 to 120 days). The amounts due from/(to) subsidiaries are unsecured, free of financial charges and have credit term of 30 to 180 days (2021: 30 to 180 days), except for amount due from a subsidiary classified as non-current which is charged with interest at 5.0% (2021: 5.3%) per annum. All amounts due from/(to) ultimate holding company, subsidiaries, joint ventures, an associate and other related companies are denominated in Ringgit Malaysia while amount due from an associate are denominated in USD. Amounts due from subsidiaries Company 2022 RM’000 2021 RM’000 At 1 January 344,352 775,893 Net movement during the financial year # 147,602 (426,440) (Increase)/decrease in loss allowance during the financial year (29,110) 96 Write-off - 20 Conversion into ordinary shares* (Note 23) (2,696) (5,217) At 31 December 460,148 344,352 Analysed as: Non-current 2,446 172,625 Current 457,702 171,727 460,148 344,352 # Included in the movement during the financial year is a repayment of advances by subsidiaries of RM172,626,000 and advances made to subsidiaries of RM30,748,000 (2021: repayment of advances by subsidiaries of RM443,330,000). The repayment for the financial year ended 31 December 2021 has been reclassified from operating activities to investing activities in the statement of cash flows to better reflect the nature of the cash flows. * Conversion into ordinary shares Financial year ended 31 December 2022 (i) On 23 March 2022, the Company subscribed for 176,594 ordinary shares of USD1.00 each from FGV Investment (L) Pte. Ltd. (“FGVI”), a wholly-owned subsidiary of the Company, satisfied via a conversion of an amount due from FGVI of USD176,594, equivalent to RM745,000. (ii) On 1 June 2022, the Company subscribed for 300,360 ordinary shares of USD1.00 each from FGVI, satisfied via a conversion of an amount due from FGVI of USD300,360, equivalent to RM1,327,000. (iii) On 24 September 2022, the Company subscribed for 70,826 ordinary shares of USD1.00 each from FGVI, satisfied via a conversion of an amount due from FGVI of USD70,826, equivalent to RM329,000. (iv) On 22 December 2022, the Company subscribed for 66,660 ordinary shares of USD1.00 each from FGVI, satisfied via a conversion of an amount due from FGVI of USD66,660, equivalent to RM295,000.
RkJQdWJsaXNoZXIy NDgzMzc=