26. CASH AND BANK BALANCES (CONT’D.) The interest rates for the deposits with licensed banks range from 1.25% to 2.70% (2021: 1.20% to 2.25%) per annum and the maturities of deposits as at the end of the financial year range from 1 to 365 days (2021: 1 to 365 days). Included in cash at banks of the Group are amounts of RM170,895,000 (2021: RM214,804,000) held pursuant to Section 7A of the Housing Development (Control and Licensing) Act, 1966 and are therefore restricted from use in other operations. Cash and bank balances not available for use of the Group and of the Company are: (i) Deposits of the Group held in trust by a trustee of RM17,707,000 (2021: RM19,827,000) for golf course members’ subscription fees. (ii) Deposits of the Group and of the Company amounting to RM12,143,000 (2021: RM8,501,000) and RM889,000 (2021: RM874,000) respectively which are pledged as securities for bank guarantees granted to the Group and to the Company. (iii) Deposits of the Group and of the Company amounting to RM81,762,000 (2021: RM63,866,000) and RM15,747,000 (2021: RM15,536,000) respectively which are pledged as securities for banking facilities granted to the Group and the Company. (iv) Placements of debt service reserve and escrow accounts of the Group and of the Company amounting to RM255,257,000 (2021: RM92,496,000) and RM181,949,000 (2021: RM29,433,000) respectively which are pledged as securities for term loans, revolving credits, perpetual bond and Islamic Medium Term Notes granted to the Group and the Company. 27. ASSET CLASSIFIED AS HELD FOR SALE Group 2022 2021 RM’000 RM’000 At 1 January 17,500 – Transfer from investment properties (Note 17) – 17,500 Disposals (17,500) – At 31 December – 17,500 On 31 December 2021, Tropicana Metro Sdn Bhd, a wholly-owned subsidiary, entered into a sale and purchase agreement to dispose a freehold land with a 4-storey commercial building known as “Metro Klang” in Selangor and another piece of freehold land for a total cash consideration amounting to RM17,500,000. The said disposal has been duly completed during the financial year. Accordingly, loss on disposal of RM459,000 was recognised in the profit or loss upon fulfillment of conditions precedent on 27 June 2022. The freehold land and building with aggregate carrying amounts of RM nil (2021: RM17,500,000) are pledged as securities for bank borrowings as disclosed in Note 32. 245 FINANCIAL STATEMENTS & OTHER INFORMATION
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