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13. INVESTMENT IN SUBSIDIARIES AND JOINTLY CONTROLLED ENTITY (CONT’D)
(a) Investment in subsidiaries (cont’d)
Morning Glory, a wholly owned subsidiary of the Bank was set up to facilitate the takeover and administer a hotel in
Laos in which was previously assigned as a collateral for a financing given by the Bank to a borrower. The Company is
currently dormant.
(b) Investment in jointly controlled entity
Morning Glory owns 51% of Masceana Co Ltd, a joint venture company that was set up to facilitate takeover of the hotel
mentioned in Note 13(a). The share capital of the Company is USD2.00 and it is currently dormant.
14. INVESTMENT PROPERTIES
Group and Bank
2013
2012
RM’000
RM’000
Cost
At 1 January
1,390
1,390
Disposal
–
–
At 31 December
1,390
1,390
Accumulated depreciation and impairment losses
At 1 January
Accumulated depreciation
351
333
Accumulated impairment losses
530
530
881
863
Charged for the year (Note 28)
18
18
At 31 December
899
881
Carrying amount
491
509
Included in the investment properties carrying amount are:
Freehold land
400
400
Buildings
33
50
Long term leasehold building with unexpired lease period of more than 50 years
58
59
491
509
Fair value of investment properties
780
780
The investment properties were valued by Raine &Horne International Zaki & Partners Sdn. Bhd., an independent professional
valuer on 25 January 2012. The fair value is determined by reference to open market values based on an existing use basis.
NOTESTOTHEFINANCIALSTATEMENTS
31 DECEMBER 2013
136
EXIM Bank Annual Report 2013