144 FGV HOLDINGS BERHAD NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2021 36 DEPOSITS, CASH AND BANK BALANCES (CONTINUED) The weighted average finance rates (per annum) of fixed deposits and bank balances that were effective at the financial year end were as follows: Group Company 2021 2020 2021 2020 % % % % – Licensed banks 1.95 2.88 1.80 2.01 – Licensed financial institutions 2.03 2.73 2.06 2.47 Fixed deposits as at 31 December 2021 for the Group and for the Company have average maturity periods of 88 days (2020: 87 days) and 80 days (2020: 80 days) respectively. Cash and bank balances are deposits held at call with banks. 37 ASSETS HELD FOR SALE The details of assets held for sale are as follows: Group 2021 2020 RM’000 RM’000 Assets Property, plant and equipment 24,241 6,332 Interests in an associate – 25,534 Assets held for sale 24,241 31,866 (i) During the financial year, MSMH, a subsidiary of the Group had received an offer in respect of certain plant and machinery from a scrap metal purchaser. These plant and machinery were part of assets impaired in financial year ended 31 December 2019 following cessation of refinery operations in its previous subsidiary, MSM Perlis Sdn Bhd. Following this offer, the Group has reversed the impairment recognised of RM11,300,000 based on the recoverable amount of the assets which is equivalent to the offer price. As the assets were planned for disposal, the assets have been reclassified to assets held for sale from property, plant and equipment. Sale of assets was completed on 17 February 2022. (ii) During the financial year, MSM Prai Berhad, an indirect subsidiary of the Group had transferred two vacant land in Pulau Indah under the right-of-use assets to assets held for sale amounting to RM7.68 million as it met the criteria of MFRS 5 ‘Non-current Assets Held For Sale and Discontinued Operations’. The disposal is expected to be completed in 2022. (iii) During the financial year, the interest in an associate of the Group, Nilai Education Sdn Bhd, which had been approved for the proposed divestment in financial year 2019, has been reclassified to non-current assets as the disposal did not materialise. (iv) During the financial year, an apartment with carrying value of RM1.07 million in FGV Refineries Sdn Bhd, an indirect subsidiary of the Group was disposed off for a total consideration of RM2 million, resulting in a gain on disposal of RM0.93 million.
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