35 DEPOSITS, CASH AND BANK BALANCES (CONTINUED) The fixed deposits, cash and bank balances are denominated as follows: Group Company 2024 2023 2024 2023 RM’000 RM’000 RM’000 RM’000 Ringgit Malaysia 1,485,472 1,063,832 281,170 109,599 United States Dollar 219,538 435,847 143 143 Indonesian Rupiah 9,667 8,504 – – Thai Baht 6,314 11,998 – – Pakistan Rupees 1,306 203 – – Great Britain Pound 1,211 1,604 1,020 1,434 Singapore Dollar 4,736 – – – Others 119 1,246 – – 1,728,363 1,523,234 282,333 111,176 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 2024 2023 2024 2023 % % % % – Licensed banks 2.73 3.31 3.04 2.30 – Licensed financial institutions 3.02 2.67 – – Fixed deposits as at 31 December 2024 for the Group and for the Company have average maturity periods of 61 days (2023: 61 days) and 30 days (2023: 22 days) respectively. Cash and bank balances are deposits held at call with banks. 36 ASSETS HELD FOR SALE Property, plant and equipment (i) In the previous financial year, the Lahad Datu palm oil refinery in FGV Refinery Sdn. Bhd., an indirect subsidiary of the Group, whose carrying value was previously RM11.36 million, had been remeasured to RM9.03 million, resulting in a loss of RM2.33 million upon reclassification to property, plant and equipment. The revised carrying value was supported by an external valuation. As at 31 December 2023, due to ongoing delays in completing the sale, the plant had ceased to be classified as assets held for sale and had been reclassified to property, plant and equipment. (ii) In the previous financial year, a biodiesel plant in FGV Green Energy Sdn. Bhd., an indirect subsidiary of the Group which had a carrying value of RM9.0 million in the previous financial year had been disposed off with no gain or loss. Right-of-use assets (i) In the previous financial year, the two vacant land in Pulau Indah in MSM Prai Berhad (“MSM Prai”), an indirect subsidiary of the Group, which had a carrying value of RM7.68 million, had been disposed of with a total consideration of RM16.06 million, resulting in a gain on disposal of RM8.38 million. Notes to the Financial Statements For the financial year ended 31 December 2024 153
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