or constructive obligations or made payments on behalf of the associate. If the associate subsequently reports profits, the Group resumes recognising its share of those profits only after its share of the profits equals the share of losses not recognised. The Group’s investments in associates include goodwill identified on acquisition, net of any accumulated impairment losses (Note 3(c)). Profits and losses resulting from upstream and downstream transactions between the Group and its associates are recognised in the Group’s financial statements only for the unrelated investor’s interests in the associates. The accounting policies of associates are adjusted where necessary to ensure consistency with the policies adopted by the Group. Dilution of gains and losses in associates are recognised in the consolidated statement of profit or loss. If the ownership interestin an associate is reduced but significant influence is retained, only a proportionate share of the amounts previously recognised in OCI is reclassified to statement of profit or loss where appropriate. NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 FINANCIAL STATEMENTS Sec 5 233 9 ASSOCIATES (CONTINUED) (a) Divestment in GEL (continued) 2023 (continued) The initial value of the investment in GEL of RM1,259.7 million has been fully written down in previous financial years. Consequently, the Group has recognised a gain of RM21.3 million from this disposal: Group 2023 RM’million Disposal proceeds 133.0 Less: Carrying amount of investment in associate 0 Less: Accumulated reserves reclassified to profit or loss (111.7) Gain on disposal of associate 21.3 (b) (i) Impairment assessment for Blyth Offshore Demonstrator Limited (‘BODL’) 2023 Due to adverse external market conditions, the Group had undertaken an impairment assessment of its investment in BODL in the current year. An impairment charge of RM31.2 million (GBP5.5 million) was recognised as its recoverable amount was lower than the carrying amount. The recoverable amount of BODL was determined based