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Fair Value and Fair Value Hierarchy of Financial Instruments | 6 Months Ended
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Jun. 30, 2024
Fair Value and Fair Value Hierarchy of Financial Instruments [Abstract] |
FAIR VALUE AND FAIR VALUE HIERARCHY OF FINANCIAL INSTRUMENTS |
| 34 | FAIR VALUE AND FAIR VALUE HIERARCHY OF FINANCIAL INSTRUMENTS
The carrying amounts and fair values of the Group's financial instruments, other than those with carrying amounts that reasonably approximate to fair values, are as follows:
|  | Carrying amount |  |  | Fair value |
|  | December 31, 2023 |  |  | June 30, 2024 |  |  | December 31, 2023 |  |  | June 30, 2024 |
|  | RM |  |  | RM |  |  | USD |  |  | RM |  |  | RM |  |  | USD |
Financial assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets at fair value through profit or loss |  |  | 72,793 |  |  |  | 74,599 |  |  |  | 15,814 |  |  |  | 72,793 |  |  |  | 74,599 |  |  |  | 15,814 |
Financial assets at fair value through other comprehensive income |  |  | 38,368,829 |  |  |  | 44,375,928 |  |  |  | 9,407,260 |  |  |  | 38,368,829 |  |  |  | 44,375,928 |  |  |  | 9,407,260 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Warrant liabilities |  |  | 1,964,335 |  |  |  | 7,614,909 |  |  |  | 1,614,286 |  |  |  | 1,964,335 |  |  |  | 7,614,909 |  |  |  | 1,614,286 |
Management has assessed that the fair value of financial assets measured at fair value through other comprehensive income approximate to their carrying amounts largely due to the independent valuation performed and valuation technique that take into account key inputs such as P/E multiples, long-term growth rate and discount rate etc. At each reporting date, management analyses the movements in the values of financial instruments and determines the major inputs applied in the valuation. The valuation procedures applied include consideration of recent transactions in the same security or financial instrument, recent financing of the investee companies, economic and market conditions, current and projected financial performance of the investee companies, and the investee companies’ management team as well as potential future strategies to realize the investments. Management believes that the estimated fair values resulting from the valuation technique, which are recorded in the consolidated statements of financial position, and the related changes in fair values, which are recorded in profit or loss and other comprehensive income, are reasonable, and that they were the most appropriate values at the end of the reporting periods. Fair value hierarchy The following tables illustrate the fair value measurement hierarchy of the Group’s financial instruments: Assets measured at fair value:
|  | Fair value measurement using |
|  | Quoted prices in active markets (Level 1) |  |  | Significant observable inputs (Level 2) |  |  | Significant unobservable inputs (Level 3) |  |  | Total |
|  | RM |  |  | RM |  |  | RM |  |  | RM |
As at December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Financial assets at fair value through profit or loss |  |  | - |  |  |  | - |  |  |  | 72,793 |  |  |  | 72,793 |
Financial assets at fair value through other comprehensive income |  |  | 36 |  |  |  | - |  |  |  | 38,368,793 |  |  |  | 38,368,829 |
Financial liabilities, at fair value through profit or loss |  |  | - |  |  |  | 1,964,335 |  |  |  | - |  |  |  | 1,964,335 |
As at June 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Financial assets at fair value through profit or loss |  |  | - |  |  |  | - |  |  |  | 74,599 |  |  |  | 74,599 |
Financial assets at fair value through other comprehensive income |  |  | 2,449,454 |  |  |  | - |  |  |  | 41,926,474 |  |  |  | 44,375,928 |
Financial liabilities, at fair value through profit or loss |  |  | - |  |  |  | 7,614,909 |  |  |  | - |  |  |  | 7,614,909 |
As of June 30, 2024, the entire investment of shares in YY Group Holding Limited at RM2,499,441 (USD519,257) has been transferred from Level 2 to Level 1 as the financial asset is quoted on Nasdaq Stock Market. The movements in fair value measurements within Level 1 during the years are as follow:
|  | December 31, 2023 |  |  | June 30, 2024 |
|  | RM |  |  | RM |  |  | USD |
Quoted/Unquoted equity shares at fair value through other comprehensive income |  |  |  |  |  |  |  |  |
At beginning of year |  |  | 12,819,747 |  |  |  | 36 |  |  |  | 8 |
Addition |  |  | 369,967 |  |  |  | 23,738,105 |  |  |  | 5,032,244 |
Disposal |  |  | (13,891,379 | ) |  |  | (14,548,082 | ) |  |  | (3,084,050 | )
Currency realignment |  |  | - |  |  |  | 66,390 |  |  |  | 14,074 |
Total unrealized gain recognized in other comprehensive income/(loss) |  |  | 701,701 |  |  |  | (6,806,995 | ) |  |  | (1,443,016 | )
At end of year |  |  | 36 |  |  |  | 2,449,454 |  |  |  | 519,260 |

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