16 PROFIT/(LOSS) FROM DISCONTINUING OPERATION (continued) (iv) Profit/(Loss) before taxation from discontinued operations is stated after charging/(crediting): (continued) During the financial year ended 31 December 2020, the Group had exercised its right to rescind the sales and purchase agreement previously entered to dispose its plantation assets. Pursuant to this, the related assets were reclassified from Assets Held for Sale to Right-of-Use Assets and Property, Plant and Equipment and continued to be depreciated. In the financial year ended 31 December 2020, the Group has performed a valuation exercise on its assets. Pursuant to the valuation exercise, the Group has reversed an impairment charge of RM1,762,000 recorded previously. The fair value was within Level 2 of the fair value hierarchy as this was based on comparison of prices for similar assets. On 29 September 2021, MSM Malaysia Holdings Berhad (“the Company”) completed the disposal of the entire equity of MSM Perlis Sdn Bhd (“MSMP”), a wholly owned subsidiary of the Company, for a total cash consideration of RM181,106,000, which resulted in a gain on disposal of RM91,814,000. Further details of the gain on disposal is reflected in Note 20 to the financial statements. Of the total gain, RM85,527,000 is shown as gain on disposal from discontinued operations. 17 PROPERTY, PLANT AND EQUIPMENT Furniture, Bearer fittings, plants - equipment Assets Oil Palm, Freehold Plant and and motor under Rubber and Group land Buildings machinery vehicles construction Mango Total RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 RM’000 2021 Cost At 1 January 2021 6,486 482,712 1,538,409 90,929 7,419 46,328 2,172,283 Additions - 788 3,123 1,714 32,579 - 38,204 Write-offs - (184) (4,927) (152) (618) - (5,881) Disposal - - (110) (3,838) - - (3,948) Disposal of a subsidiary - (48,506) (197,889) (17,654) (1,461) (46,328) (311,838) Reclassifications - 977 24,771 589 (26,337) - - At 31 December 2021 6,486 435,787 1,363,377 71,588 11,582 - 1,888,820 Accumulated depreciation At 1 January 2021 - 120,319 565,594 56,587 - 2,623 745,123 Charge for the financial year - 9,633 59,360 6,409 - - 75,402 Write-offs - (40) (3,085) (102) - - (3,227) Disposal - - (51) (3,552) - - (3,603) Disposal of a subsidiary - (28,900) (98,806) (16,070) - (2,623) (146,399) At 31 December 2021 - 101,012 523,010 43,272 - - 667,296 Accumulated impairment At 1 January 2021 - 20,489 104,390 1,880 1,461 43,705 171,925 Reversal of impairment during the financial year - - (16,427) - - - (16,427) Transfer to Assets Held for Sale (Note 29) - - 11,300 - - - 11,300 Disposal - - (59) (286) - - (345) Disposal of a subsidiary - (19,606) (99,083) (1,584) (1,461) (43,705) (165,439) At 31 December 2021 - 883 121 10 - - 1,014 Net book value At 31 December 2021 6,486 333,892 840,244 28,306 11,582 - 1,220,510 NOTESTOTHE FINANCIAL STATEMENTS FORTHE FINANCIALYEAR ENDED 31 DECEMBER 2021 WHO WE ARE STATEMENT & DISCUSSION BY OUR LEADERS HOWWE OPERATE MSM Malaysia Holdings Berhad ANNUAL INTEGRATED REPORT 2021 326
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