PRG Holdings Berhad Annual Report 2019

PRG HOLDINGS BERHAD 150 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2019 cont’d 20. CASH AND BANK BALANCES (continued) (a) Included in the Group’s cash and bank balances is an amount of RM564,000 (2018: RM1,142,000) held under the Housing Development Account (“HDA”) pursuant to Section 7A of Housing Development (Control and Licensing) Act, 1966, as amended by the Housing Developers (Housing Development Account) (Amendment) Regulations, 2002. Included in cash and bank balances of the Group is restricted cash of RM727,000 (2018: RM82,000) which represents minimum balances maintained in HDA amounted to RM200,000 (2018: nil) and deposits which are maintained in a designated Debt Service Reserve Account with a licensed bank amounted to RM527,000 (2018: RM82,000) in connection with banking facilities granted to the Group as disclosed in Note 23(a) to the financial statements. (b) Deposits placed with financial institutions of the Group have maturity periods ranging from 7 days to 365 days (2018: 14 days to 180 days) with interest rates ranging from 1.0% to 5.5% (2018: 0.6% to 5.5%) per annum. Included in deposits placed with financial institutions of the Group is an amount of RM1,519,000 (2018: nil) pledged to licensed banks as security for credit facilities granted to the Group as disclosed in Note 23(a) to the financial statements (c) Investments in short term funds are placements made in management funds that invest in fixed deposits and short term money market instruments offered by banks or financial institutions licensed under Financial Services Act 2013 or the Islamic Financial Services Act 2013 which allow redemption with a notice period of one (1) to thirty (30) business days. (d) The currency exposure profile of cash and bank balances are as follows: Group Company 2019 2018 2019 2018 RM’000 RM’000 RM’000 RM’000 Ringgit Malaysia 4,594 9,461 83 340 United States Dollar 7,269 12,836 3 3 Hong Kong Dollar 2,198 7,377 23 158 Vietnamese Dong 6,816 3,674 - * Others 2,509 1,731 21 - 23,386 35,079 130 501 * Amount is less than RM1,000.