Wah Seong Corporation Berhad Annual Report 2021 170 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2021 22 CASH AND BANK BALANCES (CONTINUED) 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 2021 2020 2021 2020 RM’000 RM’000 RM’000 RM’000 - United States Dollar 21,868 9,756 69 84 - Euro Dollar 9,154 29,054 - - - Singapore Dollar 6,197 4,746 113 112 - Indonesian Rupiah 1,867 244 - - - Japanese Yen 1,844 2,645 - - - China Renminbi 1,488 298 - - - Ringgit Malaysia 161 1,291 - - - Australian Dollar 8 22 8 22 42,587 48,056 190 218 Cash and bank balances are deposits held at call with banks and earn no interest. 23 ASSETS CLASSIFIED AS HELD FOR SALE (a) On 11 November 2021, the Company’s wholly-owned subsidiary, Petro-Pipe Industries (M) Sdn. Bhd. entered into a sale and purchase agreement for the disposal of leasehold land for a consideration of RM11,565,000. The completion of the disposal is subject to fulfilment of the condition precedent as stipulated in the sale 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 23 November 2021, the Company’s indirect wholly-owned subsidiary, WS Engineering & Fabrication Pte Ltd (“WSEF”) offered an Option to Purchase for the disposal of buildings for a total consideration of SGD13,000,000 (equivalent to approximately RM40,102,000). The completion of the disposal is subject to fulfilment of the condition precedent as stipulated in the Option to Purchase. 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. (c) On 23 December 2020, the Company’s wholly-owned subsidiary, Petro-Pipe Industries (M) Sdn. Bhd. (“PPIM”) entered in to a sale and purchase agreement for the disposal of leasehold land for a consideration of RM27,791,000. On 30 September 2021, PPIM completed the disposal of the said leasehold land by fulfilling condition precedent as stipulated in the sale and purchase agreement. Accordingly, the carrying amount of the said plant and machineries was derecognised as assets held for sale, resulting in a gain on disposal of RM7,473,000 being recognised in the statement of profit or loss.
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