251 INTEGRATED ANNUAL REPORT 2024 Key Messages Financial Statements Other Information NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024 Overview of Wasco Berhad Value Creation Commitment to Governance Sustainability Journey 18 TIME DEPOSITS Group Company 2024 RM’000 2023 RM’000 2024 RM’000 2023 RM’000 Short term investment placed with a licensed bank in Malaysia 14,970 - 14,970 - Time deposits placed with licensed banks in Malaysia 75,012 79,513 10,703 684 Time deposits with maturity more than 3 months 21,474 23,668 - - 111,456 103,181 25,673 684 As at 31 December 2024 and 31 December 2023, the Group and the Company have no exposure to foreign currency risk for time deposits and short term investments. The effective interest rates of time deposits of the Group and the Company are as follows: Group Company 2024 % 2023 % 2024 % 2023 % Time deposits 1.20 – 3.50 1.20 – 3.31 2.65 – 3.50 2.00 – 2.75 19 CASH AND BANK BALANCES Group Company 2024 RM’000 2023 RM’000 2024 RM’000 2023 RM’000 Cash and bank balances 241,048 307,163 12,659 2,915 Cash and bank balances are deposits held at call with banks and earn no interest. Cash and cash equivalents Cash and cash equivalents comprise cash on hand, deposits held at call with financial institutions, other short term, highly liquid investments with original maturities of 3 months or less that are readily convertible to known amounts of cash and which are subject to insignificant risk of changes in value. For the purpose of the statements of cash flows, cash and cash equivalents are presented net of bank overdrafts and exclude fixed deposits pledged to secure banking facilities.
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