| Investment in associates |
| 9. |
Investment
in associates |
Schedule
of investment in associates
| | |
| | | |
| | |
| | |
2024 | | |
2023 | |
| | |
USD | | |
USD | |
| | |
| | |
| |
| Unquoted shares - at cost | |
| | | |
| | |
| As at 1 April | |
| 895 | | |
| 221 | |
| Unquoted shares - at cost beginning | |
| 895 | | |
| 221 | |
| Addition during the financial year | |
| 1,492,955 | | |
| 674 | |
| | |
| | | |
| | |
| As at 31 March | |
| 1,493,850 | | |
| 895 | |
| Unquoted shares - at cost end | |
| 1,493,850 | | |
| 895 | |
| | |
| | | |
| | |
| Less: Accumulated impairment loss | |
| | | |
| | |
| As at 1 April | |
| (257 | ) | |
| (7 | ) |
| Accumulated impairment loss beginning | |
| (257 | ) | |
| (7 | ) |
| Addition during the financial year | |
| - | | |
| (250 | ) |
| | |
| | | |
| | |
| As at 31 March | |
| (257 | ) | |
| (257 | ) |
| Accumulated impairment loss end | |
| (257 | ) | |
| (257 | ) |
| | |
| | | |
| | |
| Unquoted shares - at cost, net | |
| 1,493,593 | | |
| 638 | |
| | |
| | | |
| | |
| Share of post-acquisition reserve | |
| | |
| |
| As at 1 April | |
| 10,490 | | |
| 8,855 | |
| Share of post-acquisition reserve beginning | |
| 10,490 | | |
| 8,855 | |
| Share of profit during the financial year | |
| 3,421 | | |
| 1,635 | |
| | |
| | | |
| | |
| As at 31 March | |
| 13,911 | | |
| 10,490 | |
| Share of post-acquisition reserve beginning | |
| 13,911 | | |
| 10,490 | |
| | |
| | | |
| | |
| Share of post-acquisition reserve, net | |
| 1,507,504 | | |
| 11,128 | |
| Exchange differences | |
| (860 | ) | |
| (414 | ) |
| | |
| | | |
| | |
| Investment
in associates | |
| 1,506,644 | | |
| 10,714 | |
The
details of associates are as follows:
Schedule of details of associates
| |
|
|
|
Effective
equity |
|
|
| |
|
Place
of |
|
interest |
|
|
| Name
of Company |
|
incorporation |
|
2024 |
|
2023 |
|
Principal
activities |
| |
|
|
|
% |
|
% |
|
|
| Vax
Biotech Sdn. Bhd. (“Vax Biotech”) |
|
Malaysia |
|
30.0 |
|
30.0 |
|
Manufacture
of medicaments |
| |
|
|
|
|
|
|
|
|
| Alps
Globemedics Sdn. Bhd. (“Alps Globemedics”) |
|
Malaysia |
|
29.0 |
|
29.0 |
|
Marketing
of health and beauty product and services |
| |
|
|
|
|
|
|
|
|
| Cilo Cybin Holdings Limited (“Cilo Cybin”) |
|
South Africa |
|
40.5 |
|
- |
|
Investment in biotech, biohacking and pharmaceutical businesses |
Investment
in Vax Biotech
As
at 31 March 2023, the Group purchased 3,000 ordinary shares of USD0.2246 each in Vax Biotech Sdn. Bhd. Pursuant to share allotment exercise
for a total consideration of USD674 in cash.
| 9. |
Investment
in associates (Cont’d) |
Summarised
financial information of Vax Biotech is set out below. The summarised financial information represents the amount in the financial statements
of the associate and not the Group’s share of those amounts.
Schedule
of financial information represents the amount in the financial statements
| | |
2024 | | |
2023 | |
| | |
USD | | |
USD | |
| | |
| | |
| |
| Statement of financial position | |
| | | |
| | |
| Current assets, representing total assets | |
| 686 | | |
| 1,815 | |
| | |
| | | |
| | |
| Current liabilities, representing total liabilities | |
| (2,596 | ) | |
| (2,653 | ) |
| | |
| | | |
| | |
| Net assets of the associate | |
| (1,910 | ) | |
| (838 | ) |
| | |
| | | |
| | |
| Statement of comprehensive income | |
| | | |
| | |
| Expenses for the financial year | |
| (1,147 | ) | |
| (1,144 | ) |
| | |
| | | |
| | |
| Loss for the financial year | |
| (1,147 | ) | |
| (1,144 | ) |
| | |
| | | |
| | |
| Share of loss of the associate | |
| (344 | ) | |
| (343 | ) |
Reconciliation
of the above summarised financial information to the carrying amount of the interest in associate recognised in the consolidated financial
statements:
Schedule
of financial information to the carrying amount of interest
| | |
2024 | | |
2023 | |
| | |
USD | | |
USD | |
| | |
| | |
| |
| Proportion of net assets of the associate | |
| 155 | | |
| 82 | |
| Exchange differences | |
| (84 | ) | |
| 3 | |
| | |
| | | |
| | |
| Carrying amount of the Group’s interest in associate | |
| 71 | | |
| 85 | |
Investment
in Alps Globemedics
Summarised
financial information of Alps Globemedics is set out below. The summarised financial information represents the amount in the financial
statements of the associate and not the Group’s share of those amounts.
Schedule
of financial information represents the amount in the financial statements
| | |
2024 | | |
2023 | |
| | |
USD | | |
USD | |
| | |
| | |
| |
| Statement of financial position | |
| | | |
| | |
| Non-current assets | |
| 3,377 | | |
| 4,111 | |
| Current assets | |
| 28,413 | | |
| 34,602 | |
| | |
| | | |
| | |
| Total assets | |
| 31,790 | | |
| 38,713 | |
| | |
| | | |
| | |
| Non-current liabilities | |
| (759 | ) | |
| (813 | ) |
| Current liabilities | |
| (14,263 | ) | |
| (2,469 | ) |
| | |
| | | |
| | |
| Total liabilities | |
| (15,022 | ) | |
| (3,282 | ) |
| | |
| | | |
| | |
| Net assets of the associate | |
| 16,768 | | |
| 35,431 | |
| Statement of comprehensive income | |
| | | |
| | |
| Revenue for the financial year | |
| 120,942 | | |
| 138,416 | |
| | |
| | | |
| | |
| (Loss)/Profit for the financial year | |
| (16,590 | ) | |
| 6,593 | |
| | |
| | | |
| | |
| Share of (loss)/profit of the associate | |
| (4,977 | ) | |
| 1,978 | |
| 9. |
Investment
in associates (Cont’d) |
Reconciliation
of the above summarised financial information to the carrying amount of the interest in associate recognised in the consolidated financial
statements:
Schedule
of financial information to the carrying amount of interest
| | |
2024 | | |
2023 | |
| | |
USD | | |
USD | |
| | |
| | |
| |
| Proportion of net assets of the associate | |
| 5,652 | | |
| 11,046 | |
| Exchange differences | |
| (622 | ) | |
| (417 | ) |
| | |
| | | |
| | |
| Carrying amount of the Group’s interest in associate | |
| 5,030 | | |
| 10,629 | |
|