notes to the financial statements
for the financial year ended 31 December 2014 (Continued)
10 INVESTMENT IN JOINT VENTURES
Group
2014
2013
RM'000
RM'000
Unquoted shares
159,297
42,508
Share of post-acquisition results and reserves
(14,751)
(8,243)
144,546
34,265
Less: Accumulated impairment loss
(7,797)
-
136,749
34,265
Share of net assets of joint ventures
136,749
34,265
Impairment of investment in joint ventures
The movements for allowance for impairment loss on investment in joint ventures during the financial year are as follows:
Group
2014
2013
RM'000
RM'000
At 1 January
-
-
Impairment loss recognised
7,286
-
Effect of exchange rate changes
511
-
At 31 December
7,797
-
The details of joint ventures are as follows:
Country of
incorporation
Group’s effective interest
Principal activities
2014
2013
%
%
Boustead Wah Seong Sdn. Bhd.
Malaysia
50
50
^
Investment holding
Socotherm Shashi Pipe Coating Co. Ltd.
People’s Republic of
China
50
50 Provision of pipe coating services.
PetroChina Socotherm Jingzhou Coating Technology
Co. Ltd.
People’s Republic of
China
-
**
38 Provision of pipe coating services (In Members’
Voluntary Winding Up)
Socotherm PPSC Ningbo (Daxie) Pipe Coating Co.
Limited
People’s Republic of
China
50
50 Marketing and provision of pipe coating services to
the oil and gas industry
Sichuan Chuanshi Kanssen (Yadong) Coating Services
Company Limited
People’s Republic of
China
51
51 Provision of pipe coating services
109
Wah Seong Corporation Berhad • Annual Report 2014
