Section 8 UEM Edgenta Berhad FINANCIAL STATEMENTS 340 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 28. NET ASSETS CLASSIFIED AS HELD FOR SALE In the previous financial year, the Board of Directors approved the plan to dispose Faber Union Sdn. Bhd. (“FUSB”), an indirect wholly-owned subsidiary of the Company via Faber Development Holdings Sdn. Bhd. (“FDH”). Summarised statement of financial position The major classes of assets and liabilities of FUSB classified as held for sale are as follows: 2023 RM’000 2022 RM’000 Assets Plant and equipment - 8 Trade and other receivables - 1,823 Inventories 46,570 49,493 Tax recoverable 2,829 2,884 Cash and short term deposit 12,046 35,840 Assets held for sale 61,445 90,048 Liabilities Accruals, representing liability directly associated with assets held for sale (1,027) (3,171) Net assets of disposal group 60,418 86,877 The assets are measured at the lower of their carrying amount and fair value less costs to sell. As at the date of these financial statements, the disposal is pending completion as the Group is still negotiating terms and conditions of the sale. FUSB has not been disclosed as discontinued operation as the Group considers its operation to be immaterial.
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