Wah Seong Corporation Berhad Annual Report 2020

160 WAH SEONG CORPORATION BERHAD NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2020 22 CASH AND BANK BALANCES Group Company 2020 2019 2020 2019 RM’000 RM’000 RM’000 RM’000 Cash and bank balances 155,647 94,700 772 1,260 The Group’s and the Company’s cash and cash equivalents exposure to foreign currency (a currency which is other than the functional currency of the Group entities and the Company) risk were: Group Company 2020 2019 2020 2019 RM’000 RM’000 RM’000 RM’000 - Euro Dollar 29,054 2,043 - - - United States Dollar 9,756 10,328 84 194 - Singapore Dollar 4,746 3,659 112 111 - Japanese Yen 2,645 2,356 - - - Ringgit Malaysia 1,291 107 - - - China Renminbi 298 285 - - - Indonesian Rupiah 244 693 - - - Australian Dollar 22 20 22 20 - Norwegian Kroner - 36 - - 48,056 19,527 218 325 Cash and bank balances are deposits held at call with banks and earn no interest. 23 ASSETS CLASSIFIED AS HELD FOR SALE (a) On 23 December 2020, the Company’s wholly-owned subsidiary, Petro-Pipe Industries (M) Sdn. Bhd. entered in to a sale and purchase agreement for the disposal of leasehold land for a consideration of RM27,791,000. The completion of the disposal is subject to fulfilment of the condition precedent as stipulated in the sales and purchase agreement. Pursuant to MFRS 5 ‘Non-current Assets Held for Sales and Discontinued Operations’, the carrying amount of the leasehold land has been classified as assets held for sale and is presented as part of the Industrial Trading & Services segment in Note 43. (b) On 26 February 2021, the Company’s 70% owned subsidiary, Petro-Pipe (Sabah) Sdn. Bhd. entered into a sale and purchase agreement for the disposal of leasehold land for a consideration of RM21,562,000. The completion of the disposal is subject to fulfilment of the condition precedent as stipulated in the sales and purchase agreement. Pursuant to MFRS 5 ‘Non-current Assets Held for Sales and Discontinued Operations’, the carrying amount of the leasehold land has been classified as assets held for sale and is presented as part of the Oil & Gas segment in Note 43. Details of the assets classified as held for sale are as follows: Group 2020 2019 RM’000 RM’000 Right-of-use assets 26,979 -