FGV Annual Report 2017

ANNUAL INTEGRATED REPORT 2017 FINANCIAL STATEMENTS 273 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2017 34 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 2017 % 2016 % 2017 % 2016 % - Licensed banks 2.94 3.01 0.53 0.25 - Licensed financial institutions 3.43 3.35 3.53 3.42 Fixed deposits as at 31 December 2017 for the Group and for the Company have average maturity periods of 60 days (2016: 90 days) and 30 days (2016: 30 days) respectively. Cash and bank balances are deposits held at call with banks. 35 ASSETS HELD FOR SALE The details of assets held for sale are as follows: Group 2017 RM’000 2016 RM’000 Assets Property, plant and equipment 21,126 21,936 Intangible assets 48,905 22,772 Receivables 754 1,393 Deposits, cash and bank balances 1,454 2,031 Assets held for sale 72,239 48,132 Liabilities Payables 954 1,076 Deferred tax liabilities 21,524 4,521 Liabilities related to assets held for sale 22,478 5,597 In previous financial year, assets held for sale with carrying value of RM4,121,000 had been disposed off for a total consideration of RM5,535,000, resulting in a gain on disposal of RM1,414,000. In previous financial year, the Board of the Company had approved a proposed divestment of the 70% equity interest in FGV Cambridge Nanosystems Limited (“FGV CNS”), an indirect subsidiary of the Company which is expected to be completed in 2018.