14. INVESTMENTS IN ASSOCIATES Group Company 2024 2023 2022 2024 2023 $’000 $’000 $’000 $’000 $’000 (Restated) (Restated) Unquoted equity shares, at cost 13,655 13,855 13,855 7,123 7,123 Share of reserves of associates, net of dividend received and tax (66,081) (41,328) (31,957) – – Amounts due from associates – interest bearing 84,924 86,895 90,725 – – – interest free 1,199 35,800 35,800 – – – loss allowance on amount due from associates (4,000) (14,795) (14,795) – – 82,123 107,900 111,730 – – Less: allowance for impairment loss – (27,285) (18,753) – – Less: elimination of unrealised profit (7,235) (7,654) (8,104) – – Currency realignment 4,018 617 (1,421) – – Carrying amount 26,480 46,105 65,350 7,123 7,123 The amounts due from associates form part of the Group’s net investment in associates. These loans are unsecured and settlement is neither planned nor likely to occur in the foreseeable future. Pursuant to agreement dated 15 July 2020, the Group and the Company increased the investment in an associate by $1,513,000 by capitalising the non-trade amount due from the associate as additional ordinary shares. The Group and the Company have increased their shareholdings in associate from 30.6% to 31.1% following the capitalisation of the non-trade amount due from the associate. The amounts due from associates are non-trade in nature, unsecured and non-interest bearing except for an amount of $84,924,000 (2023: $86,895,000) which bears effective interest rate of 9% (2023: 6% to 9%) per annum. The amounts due from associates are denominated in the following currencies: Group 2024 2023 2022 $’000 $’000 $’000 (Restated) (Restated) Singapore dollar – 34,601 34,601 United States dollar 86,123 88,094 91,924 86,123 122,695 126,525 96 KEONG HONG HOLDINGS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
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