Dagang NeXchange Berhad Annual Report 2018

7. INVESTMENTS IN ASSOCIATES Group 2018 2017 RM’000 RM’000 At carrying amount Unquoted shares - outside Malaysia - at cost 41,955 41,955 - share of pre-acquisition gain of excess fair value 88,954 88,954 Share of post-acquisition profits 72,638 50,631 Net of dividend received (627) - Share of post-acquisition other comprehensive income (2,013) (5,880) 200,907 175,660 Details of the associates are as follows: Principal place of business/ Effective country of ownership interest Name of associate incorporation Principal activities 2018 2017 % % Ping Petroleum Limited Bermuda Exploration, development and production of 30 30 crude oil and natural gas. The following table summarises the information of the Group’s material associate, adjusted for any differences in accounting policies and reconciles the information to the carrying amount of the Group’s interest in the associate. Ping Petroleum Limited 2018 2017 RM’000 RM’000 Group Summarised financial information As at 31 December Non-current assets 1,166,101 1,121,023 Current assets 233,258 181,088 Non-current liabilities (678,205) (667,265) Current liabilities (51,226) (49,313) Net assets 669,928 585,533 137 Annual Report 2018 Notes to the Financial Statements (CONTINUED) FINANCIAL STATEMENTS