15. INTERESTS IN JOINT ARRANGEMENTS (CONTINUED) Investments in joint ventures (Continued) Movements in the allowance for impairment loss are as follows: Group 2024 2023 2022 $’000 $’000 $’000 (Restated) (Restated) At beginning and end of financial year 823 823 823 At the end of each financial year, the Group assessed the latest performance and financial position of the joint venture and accordingly, the Group measured the loss allowance using 12-month ECL and concluded a recognition of an impairment loss of $Nil (2023: $Nil). The details of the joint ventures are as follows: Name of company (Country of incorporation and principal place of business) Principal activities Effective equity interest held by the Group 2024 2023 % % Held by Keong Hong Construction Pte Ltd K&H Innovative Systems Pte. Ltd. (“K&H”)(1) (Singapore) Manufacturing of prefabricated bathroom unit 50 50 Held by K&H Innovative Systems Pte. Ltd. KHL Capital Holdings Pte. Ltd. (“KHLPL”)(1) (Singapore) Investment holding company and production of pre-cast concrete components 60 60 Held by KHL Capital Holdings Pte. Ltd. KHL Capital Holdings Sdn. Bhd. (“KHLSB”)(4) (Malaysia) Manufacturing, export and import of precast concrete, cement or artificial stone activities used in construction 60 60 Held by K.H. Land Pte Ltd Keong Hong-MK Development Co., Ltd (“KH-MK”)(2) (Vietnam) Development of real estate 49 49 Held by KH Capital Pte. Ltd. East Vue Pte. Ltd. (“EVPL”)(5) (Singapore) Property developer of a parcel of land at Siglap Road 20 20 FSKH Development Pte. Ltd. (“FSKH”)(6) (Singapore) Property developer of a parcel of land at Mattar Road 35 35 (1) Audited by Forvis Mazars LLP, Singapore (formerly known as Mazars LLP) (2) Equity accounted based on the management financial statements (3) Equity accounted based on the management financial statements aligned to the Group’s financial year (4) Audited by Forvis Mazars PLT, Malaysia (formerly known as Mazars PLT) (5) Audited by KPMG, Singapore (6) Audited by Ernst & Young, Singapore 102 KEONG HONG HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
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