2019 UEM Edgenta Annual Report

219 UEM EDGENTA AT A GLANCE MESSAGE FROM OUR LEADERSHIP STRATEGIC FOCUS OPERATIONAL REVIEW SUSTAINABILITY EFFORTS CORPORATE GOVERNANCE INTRODUCTION FINANCIAL REVIEW ADDITIONAL INFORMATION Notes to the Financial Statements For the year ended 31 December 2019 UEM Edgenta Berhad Annual Report 2019 25. ASSET HELD FOR SALE In prior year, the Company has entered into a sale and purchase agreement for the disposal of one unit of its property which consists of leasehold land and building at a total consideration approximating its carrying amount. Accordingly, the property has been classified as non-current asset held for sale. The disposal has been completed in the current financial year. Details of the disposal is shown below: Group RM’000 Company RM’000 Carrying amount: - Leasehold land 1,707 2,343 - Building 1,366 1,509 3,073 3,852 Consideration receivable in cash 3,800 3,800 Less: transaction costs (80) (80) Gain/(loss) on disposal (Note 7) 647 (132) 26. RETIREMENT BENEFIT OBLIGATIONS The Group operates an unfunded, defined benefit Retirement Benefit Scheme (“the Scheme”) for its eligible employees. The Scheme is closed to new employees. Under the Scheme, eligible employees are entitled to retirement benefits on attainment of the retirement age of 60 (2018: 60), on medical incapacity or on death. The present value of defined benefit obligation was based on the actuarial valuation report by independent actuarist dated 20 January 2019. The details of the net employee benefits liability are as follows: Group 2019 RM’000 2018 RM’000 Present value of the defined benefit obligations (“PVDBO”) At 1 January 4,456 4,130 Defined retirement benefit obligations (Note 8) 231 273 Actuarial loss - 253 Contributions paid (940) (200) At 31 December 3,747 4,456