29 ASSETS HELD FOR SALE 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 MSMH, for a total cash consideration of RM181,106,000. The assets and liabilities of MSMP were deconsolidated upon completion of the disposal. Two vacant land in Pulau Indah has been reclassified to Assets Held for Sale as it met MFRS 5 criteria, and the disposal is expected to be completed in 2022. In December 2021, the Company received an offer in respect of certain plant and machinery from a scrap metal purchaser. These plant and machinery are part of assets impaired in financial year ended 31 December 2019 following cessation of refinery operations in MSMP. 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. The details are as follows: Building Leasehold Plant and and office land machinery equipment Total RM’000 RM’000 RM’000 RM’000 Group 2021 As at 1 January 2021 86,636 154 2,874 89,664 Transferred from property, plant and equipment (Note 17) - 11,300 - 11,300 Transferred from right-of-use-assets (Note 18) 7,682 - - 7,682 Disposal - (152) (91) (243) Disposal of subsidiary (Note 20) (86,636) (2) (2,783) (89,421) As at 31 December 2021 7,682 11,300 - 18,982 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 352
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