| Investment in associates |
| 9. |
Investment in associates |
Schedule
of investment in associates
| | |
2026 | | |
2025 |
|
| | |
USD | | |
USD |
|
| | |
| | |
|
|
| Unquoted shares - at cost | |
| | | |
| |
|
| As at April 1 | |
| 1,493,850 | | |
| 1,493,850 |
|
| Unquoted shares - at cost beginning | |
| 1,493,850 | | |
| 1,493,850 |
|
| Disposal during the financial year | |
| (677 | ) | |
| - |
|
| Reclassification to Other Investment during the financial year (Note 8) | |
| (1,492,955 | ) | |
| - |
|
| | |
| | | |
| |
|
| As at March 31 | |
| 218 | | |
| 1,493,850 |
|
| Unquoted shares- at cost end | |
| 218 | | |
| 1,493,850 |
|
| | |
| | | |
| |
|
| Less: Accumulated impairment loss | |
| | | |
| |
|
| As at April 1 | |
| (257 | ) | |
| (257 |
) |
| Accumulated impairment loss beginning | |
| (257 | ) | |
| (257 |
) |
| Reversal of impairment during the financial year | |
| 263 | | |
| - |
|
| Exchange difference | |
| (6 | ) | |
| - |
|
| | |
| | | |
| |
|
| As at March 31 | |
| - | | |
| (257 |
) |
| Accumulated impairment
loss ending | |
| - | | |
| (257 |
) |
| | |
| | | |
| |
|
| Unquoted shares- at cost,
net | |
| 218 | | |
| 1,493,593 |
|
| | |
| | | |
| |
|
| Share of post-acquisition reserve | |
| | | |
| |
|
| As at April 1 | |
| 3,151 | | |
| 13,911 |
|
| Share of post-acquisition reserve beginning | |
| 3,151 | | |
| 13,911 |
|
| Share profit((loss) during the financial year | |
| 14,449 | | |
| (10,760 |
) |
| | |
| | | |
| |
|
| As at March 31 | |
| 17,600 | | |
| 3,151 |
|
| Share of post-acquisition reserve ending | |
| 17,600 | | |
| 3,151 |
|
| | |
| | | |
| |
|
| Share of post- acquisition reserve, net | |
| 17,818 | | |
| 1,496,744 |
|
| Exchange differences | |
| 788 | | |
| 99,432 |
|
| | |
| | | |
| |
|
| Investment in associates | |
| 18,606 | | |
| 1,596,176 |
|
The
details of associates are as follows:
Schedule
of details of associates
| | |
Place of business/ Country of | |
Effective equity |
|
|
|
| Name of Company | |
incorporation | |
interest |
|
|
Principal activities |
| | |
| |
2026 | | |
2025 | |
|
|
| | |
| |
% | | |
% | |
|
|
| Vax Biotech Sdn. Bhd. (“Vax Biotech”) | |
Malaysia | |
| - | | |
| 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 | % |
|
Investment in biotech, biohacking and pharmaceutical businesses |
Investment in Vax Biotech
During
the financial year, the Group disposed of its entire equity interest in Vax Biotech for a total consideration of USD0.47. The disposal
resulted in a loss of USD677 which has been recognized in “other operating expenses” in the consolidated statements of profit
or loss and other comprehensive income (loss) of the Group.
| 9. |
Investment in associates (Cont’d) |
Investment in Cilo Cybin
During the financial year, Cilo
Cybin completed its acquisition of Cilo Cybin Pharmaceutical, which resulted in the enlargement of Cilo Cybin’s issued share
capital post-acquisition, thereby reducing the Group’s shareholding to approximately 9.98%
of the total issued share capital of the combined post-acquisition entity. Accordingly, the Group’s investment in Cilo Cybin
was reclassified from investment in associates to other investment.
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
| Alps Globemedic Sdn Bhd | |
2026 | | |
2025 | |
| | |
USD | | |
USD | |
| | |
| | |
| |
| Statement of financial position | |
| | | |
| | |
| Non-current assets | |
| 3,274 | | |
| 3,529 | |
| Current assets | |
| 190,038 | | |
| 36,502 | |
| | |
| | | |
| | |
| Total assets | |
| 193,312 | | |
| 40,031 | |
| | |
| | | |
| | |
| Current liabilities | |
| (131,329 | ) | |
| (16,483 | ) |
| | |
| | | |
| | |
| Total liabilities | |
| (131,329 | ) | |
| (16,483 | ) |
| | |
| | | |
| | |
| Net assets of the associate | |
| 61,983 | | |
| 23,548 | |
| | |
| | | |
| | |
| Statement of comprehensive income | |
| | | |
| | |
| Revenue for the financial year | |
| 268,615 | | |
| 187,465 | |
| | |
| | | |
| | |
| Profit for the financial year | |
| 34,606 | | |
| 7,375 | |
| | |
| | | |
| | |
| Share of profit of the associate | |
| 10,382 | | |
| 2,213 | |
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 | | |
2025 | |
| | |
USD | | |
USD | |
| | |
| | |
| |
| Proportion of net assets of the associate | |
| 18,595 | | |
| 7,421 | |
| Exchange differences | |
| 11 | | |
| (357 | ) |
| | |
| | | |
| | |
| Carrying amount of the Group’s interest in associate | |
| 18,606 | | |
| 7,064 | |
|