12. INVESTMENT PROPERTIES (CONTINUED) The following amounts are recognised in profit or loss: Group 2024 2023 $’000 $’000 Rental income from investment properties – 541 Direct operating expenses (including repairs and maintenance arising from rental generating investment properties) – 142 The Group has completed the disposal of its investment properties on 28 February 2023 with the difference between the net disposal proceeds and the carrying amount of the investment properties recognised in profit or loss. 13. INVESTMENTS IN SUBSIDIARIES Company 2024 2023 $’000 $’000 Unquoted equity share, at cost 24,573 28,817 Amount due from subsidiaries – Interest free 274 274 Allowance for impairment loss (3,708) (3,708) Liquidation of a subsidiary – (4,244) 21,139 21,139 Movements in the allowance for impairment loss are as follows: Company 2024 2023 $’000 $’000 At beginning of financial year 3,708 9,738 Impairment loss – 1,966 Reversal of impairment loss – (3,752) Liquidation of a subsidiary – (4,244) At end of the financial year 3,708 3,708 The amounts due from subsidiaries form part of the Company’s net investment in subsidiaries. These loans are unsecured, has no fixed repayment terms and is repayable only when the cashflows of the subsidiary permit. During the financial year, the Company carried out a review of the recoverable amount of its investments in subsidiaries. The review led to the recognition of an impairment loss of $Nil (2023: $1,966,000) that has been recognised in profit or loss, representing the write down of the investments in subsidiaries to their recoverable amount based on the subsidiaries’ fair value less cost of disposal, which the management is of the opinion that it approximates to the net tangible assets of the subsidiaries. 94 KEONG HONG HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
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