253 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 21 ASSETS AND LIABILITIES OF DISPOSAL GROUP CLASSIFIED AS HELD FOR SALE (a) Assets and liabilities of disposal group classified as held for sale during the financial year On 24 August 2023, the Group has decided to divest its trading businesses, namely WDG Resources Sdn. Bhd. (“WDG”) and Syn Tai Hung Trading Sdn. Bhd. (“STHT”). As at 31 December 2023, pursuant to MFRS 5 “Non-current Assets Held for Sale and Discontinued Operations”, the trading segment was classified as “Discontinued Operations” in the statements of profit or loss, and the associated assets and liabilities of the subsidiaries has been classified as assets and liabilities of disposal group classified as held for sale in the statements of financial position. Disposal of WDG had been completed on 26 August 2024. Refer to Note 35 for further details. In November 2024, the Group decided to liquidate STHT instead of disposing it as there was no viable offer received. Accordingly, STHT has been classified as continuing operations for the financial year ended 31 December 2024, pursuant to MFRS 5 “Non-current Assets Held for Sale and Discontinued Operations”, that an abandonment of an operation may only be treated as discontinued only after the abandonment has been completed. Details of the disposal group classified as held for sale are as follows: Group 2024 RM’000 2023 RM’000 Property, plant and equipment - 702 Right-of-use assets - 872 Inventories - 19,817 Contract asset - 498 Trade and other receivables - 83,623 Tax recoverable - 418 Derivative financial assets - 395 Time deposits - 2,500 Cash and bank balances - 11,356 Total assets of disposal group classified as held for sale - 120,181 Lease liabilities - (906) Contract liabilities - (2,393) Trade and other payables - (37,443) Provision for warranties - (72) Loans and borrowings - (60,762) Total liabilities of disposal group classified as held for sale - (101,576)
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