Wah Seong Corporation Berhad Annual Report 2017

NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2017 FINANCIAL STATEMENTS WAH SEONG CORPORATION BERHAD ANNUAL REPORT 2017 159 21 TIME DEPOSITS Group Company 2017 RM’000 2016 RM’000 2017 RM’000 2016 RM’000 Time deposits placed with: - licensed banks in Malaysia 35,998 63,344 2,110 21,000 - licensed overseas banks 1,500 1,551 - - 37,498 64,895 2,110 21,000 Time deposits with maturity more than 3 months 55,036 57,028 - - Short term investments 18,862 29,840 18,862 29,840 111,396 151,763 20,972 50,840 Short term investments are liquid investments held for investment purposes. The Group’s time deposits exposure to foreign currency (a currency which is other than the functional currency of the Group entities) risk, based on carrying amounts as at the end of the financial year, was: Group 2017 RM’000 2016 RM’000 - China Renminbi - 1,551 The effective interest rates of time deposits of the Group and the Company are as follow: Group Company 2017 % 2016 % 2017 % 2016 % Time deposits 2.60 – 3.31 0.45 – 3.70 2.60 – 2.65 0.45 – 3.70