Chemical Company of Malaysia Berhad Annual Report 2018

11. INVENTORIES Group 2018 2017 Raw materials 3,256 10,002 Work-in-progress 3,609 4,202 Finished goods 14,671 16,083 Spares and consumables 6,390 1,058 Stock-in-transit 720 7,932 28,646 39,277 Recognised in profit or loss:  Inventories recognised as cost of sales 291,794 550,149  Write-down of inventories to net realisable value 1,337 5,924  Provision for/(Reversal of) obsolete stocks 1,012 (2,464) 294,143 553,609 The write-down and reversal are included in cost of sales. 12. CASH AND CASH EQUIVALENTS Group Company Note 2018 2017 2018 2017 Cash and bank balances 46,747 66,907 6,213 11,742 Deposits placed with financial institutions 6,659 15,133 2,056 5,363 Highly liquid investments with financial  institutions 12.1 82,891 78,305 16,691 43,550 136,297 160,345 24,960 60,655 12.1 Highly liquid investments with financial institutions The Directors regard the highly liquid investments with financial institutions as cash and cash equivalents in view of its high liquidity. 13. ASSETS CLASSIFIED AS HELD FOR SALE An investment property of the Group and the Company is presented as asset held for sale following the commitment of the management during the financial year to a plan to sell the investment property. In 2017, the Company entered into a Sale and Purchase Agreement for disposal of three parcels of leasehold land measuring approximately 70.93 acres for a cash consideration of RM190 million to Global Vision Logistics Sdn. Bhd. and the disposal was completed on 13 June 2018. 153 CHEMICAL COMPANY OF MALAYSIA BERHAD