| Investment in associates |
| 9. |
Investment in associates |
Schedule
of investment in associates
| | |
2025 | | |
2024 | |
| | |
USD | | |
USD | |
| | |
| | |
| |
| Unquoted
shares - at cost | |
| | | |
| | |
| As at 1 April | |
| 1,493,850 | | |
| 895 | |
| Unquoted shares - at cost beginning | |
| 1,493,850 | | |
| 895 | |
| Addition
during the financial year | |
| - | | |
| 1,492,955 | |
| | |
| | | |
| | |
| As at 31 March | |
| 1,493,850 | | |
| 1,493,850 | |
| Unquoted shares - at cost end | |
| 1,493,850 | | |
| 1,493,850 | |
| | |
| | | |
| | |
| Less: Accumulated impairment
loss | |
| | | |
| | |
| As at 1 April | |
| (257 | ) | |
| (257 | ) |
| Accumulated impairment loss beginning | |
| (257 | ) | |
| (257 | ) |
| Addition
during the financial year | |
| - | | |
| - | |
| | |
| | | |
| | |
| As at 31 March | |
| (257 | ) | |
| (257 | ) |
| Accumulated impairment
loss ending | |
| (257 | ) | |
| (257 | ) |
| | |
| | | |
| | |
| Unquoted
shares- at cost, net | |
| 1,493,593 | | |
| 1,493,593 | |
| | |
| | | |
| | |
| Share of post-acquisition
reserve | |
| | | |
| | |
| As at 1 April | |
| 13,911 | | |
| 10,490 | |
| Share of post acquisition reserve beginning | |
| 13,911 | | |
| 10,490 | |
| Share
of (loss)/profit during the financial year | |
| (10,760 | ) | |
| 3,421 | |
| | |
| | | |
| | |
| As at 31 March | |
| 3,151 | | |
| 13,911 | |
| Share of post acquisition
reserve ending | |
| 3,151 | | |
| 13,911 | |
| | |
| | | |
| | |
| Share of post- acquisition reserve,
net | |
| 1,496,744 | | |
| 1,507,504 | |
| Exchange differences | |
| 99,432 | | |
| (860 | ) |
| | |
| | | |
| | |
| Investment
in associates | |
| 1,596,176 | | |
| 1,506,644 | |
The
details of associates are as follows:
Schedule
of details of associates
| |
|
Place of |
|
Effective
equity |
|
|
| Name
of Company |
|
incorporation |
|
interest |
|
Principal
activities |
|
|
|
|
2025 |
|
2024 |
|
|
| |
|
|
|
% |
|
% |
|
|
| Vax
Biotech Sdn. Bhd. (“Vax Biotech”) |
|
Malaysia |
|
30% |
|
30% |
|
Manufacture
of medicaments |
| |
|
|
|
|
|
|
|
|
| Alps
Globemedics Sdn. Bhd. (“Alps Globemedics”) |
|
Malaysia |
|
30% |
|
30% |
|
Marketing
of health and beauty product and services |
| |
|
|
|
|
|
|
|
|
| Cilo
Cybin Holdings Limited (“Cilo Cybin”) |
|
South
Africa |
|
40.5% |
|
40.5% |
|
Investment
in biotech, biohacking and pharmaceutical businesses |
| 9. |
Investment in associates
(Cont’d) |
Investment
in Vax Biotech (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
| | |
2025 | | |
2024 | |
| | |
USD | | |
USD | |
| | |
| | |
| |
| Statement of financial position | |
| | | |
| | |
| Current assets, representing total
assets | |
| 732 | | |
| 686 | |
| | |
| | | |
| | |
| Current liabilities, representing
total liabilities | |
| (2,725 | ) | |
| (2,596 | ) |
| | |
| | | |
| | |
| Net liabilities of the
associate | |
| (1,993 | ) | |
| (1,910 | ) |
| | |
| | | |
| | |
| Statement of comprehensive
income | |
| | | |
| | |
| Expenses for the financial
year | |
| (1,183 | ) | |
| (1,147 | ) |
| | |
| | | |
| | |
| Loss for the financial
year | |
| (1,183 | ) | |
| (1,147 | ) |
| | |
| | | |
| | |
| Share of loss of the associate | |
| (355 | ) | |
| (344 | ) |
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
| | |
2025 | | |
2024 | |
| | |
USD | | |
USD | |
| | |
| | |
| |
| Proportion of net liabilities
of the associate | |
| (671 | ) | |
| (657 | ) |
| Exchange differences | |
| 73 | | |
| 84 | |
| | |
| | | |
| | |
| Carrying amount of the
Group’s interest in associate | |
| (598 | ) | |
| (573 | ) |
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
| | |
2025 | | |
2024 | |
| | |
USD | | |
USD | |
| | |
| | |
| |
| Statement of financial position | |
| | | |
| | |
| Non-current assets | |
| 3,529 | | |
| 3,377 | |
| Current assets | |
| 36,502 | | |
| 28,413 | |
| | |
| | | |
| | |
| Total assets | |
| 40,031 | | |
| 31,790 | |
| | |
| | | |
| | |
| Non-current liabilities | |
| - | | |
| (759 | ) |
| Current liabilities | |
| (16,483 | ) | |
| (14,263 | ) |
| | |
| | | |
| | |
| Total liabilities | |
| (16,483 | ) | |
| (15,022 | ) |
| | |
| | | |
| | |
| Net assets of the associate | |
| 23,548 | | |
| 16,768 | |
| 9. |
Investment in associates
(Cont’d) |
Investment
in Alps Globemedics (Cont’d)
| | |
2025 | | |
2024 | |
| | |
USD | | |
USD | |
| Statement of comprehensive
income | |
| | | |
| | |
| Revenue
for the financial year | |
| 187,465 | | |
| 120,942 | |
| | |
| | | |
| | |
| Profit/(Loss) for the
financial year | |
| 7,375 | | |
| (16,893 | ) |
| | |
| | | |
| | |
| Share of profit/(loss) of the associate | |
| 2,213 | | |
| (5,068 | ) |
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
| | |
2025 | | |
2024 | |
| | |
USD | | |
USD | |
| | |
| | |
| |
| Proportion of net assets of the
associate | |
| 7,421 | | |
| 5,652 | |
| Exchange differences | |
| (357 | ) | |
| (622 | ) |
| | |
| | | |
| | |
| Carrying amount of the
Group’s interest in associate | |
| 7,064 | | |
| 5,030 | |
Investment
in Cilo Cybin
On
6 February 2024, the Group had subscribed for 28,762,252 of ordinary shares in Cilo Cybin Holdings Limited (the “Cilo Cybin”)
(for an aggregate of 57,524,504 ordinary shares) at a price of ZAR 0.90 per share. As a result, the Group hold a 40.5% stake in the Cilo
Cybin.
Summarised
financial information of Cilo Cybin 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
| | |
2025 | | |
2024 | |
| | |
USD | | |
USD | |
| Statement of financial position | |
| | | |
| | |
| Non-current assets | |
| 198,858 | | |
| - | |
| Current assets | |
| 3,139,920 | | |
| 3,354,690 | |
| | |
| | | |
| | |
| Total assets | |
| 3,338,778 | | |
| 3,354,690 | |
| | |
| | | |
| | |
| Non-current liabilities | |
| (173,968 | ) | |
| - | |
| Current liabilities | |
| (114,958 | ) | |
| (593,538 | ) |
| | |
| | | |
| | |
| Total liabilities | |
| (288,926 | ) | |
| (593,538 | ) |
| | |
| | | |
| | |
| Net assets of the associate | |
| 3,049,852 | | |
| 2,761,152 | |
| | |
| | | |
| | |
| Statement of comprehensive
income | |
| | | |
| | |
| Revenue for the financial
year | |
| 256,858 | | |
| 229,058 | |
| | |
| | | |
| | |
| (Loss)/Profit for the
financial year | |
| (31,156 | ) | |
| 21,809 | |
| | |
| | | |
| | |
| Share of (loss)/profit of the associate | |
| (12,618 | ) | |
| 8,833 | |
| 9. |
Investment in associates
(Cont’d) |
Investment
in Cilo Cybin (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 represents the amount in the financial statements
| | |
2025 | | |
2024 | |
| | |
USD | | |
USD | |
| | |
| | |
| |
| Proportion of net assets of the
associate | |
| 1,135,474 | | |
| 1,118,421 | |
| Exchange differences | |
| 99,716 | | |
| (154 | ) |
| | |
| | | |
| | |
| Carrying amount of the
Group’s interest in associate | |
| 1,235,190 | | |
| 1,118,267 | |
|