Chemical Company of Malaysia Berhad Annual Report 2019

12. Inventories   Group 2019 2018 Raw materials 12,690 3,256 Work-in-progress 2,660 3,609 Finished goods 5,385 14,671 Spares and consumables 2,651 6,390 Stock-in-transit 1,327 720 24,713 28,646 Recognised in profit or loss: Inventories recognised as cost of sales 234,403 291,794 Write-down of inventories to net realisable value - 1,337 (Reversal of)/Provision for obsolete stocks (1,011) 1,012 233,392 294,143 The write-down of inventories to net realisable value and (reversal of)/provision for obsolete stocks are included in cost of sales. 13. Cash and cash equivalents   Group   Company Note 2019 2018 2019 2018 Cash and bank balances 32,623 46,747 4,640 6,213 Deposits placed with financial institutions 6,269 6,659 590 2,056 Highly liquid investments with financial  institutions 13.1 72,884 82,891 9,565 16,691 111,776 136,297 14,795 24,960 13.1Highly liquid investmentswith financial institutions The Directors regard the highly liquid investments with financial institutions as cash and cash equivalents in view of its high liquidity. 14. Assets classified as held for sale In the financial year 2018, the Company entered into a Sale and Purchase Agreement with Rock Link Sdn. Bhd. to dispose off a piece of leasehold landmeasuring 18.21 acres in Mukim of Labu, District of Seremban, Negeri Sembilan for a cash consideration of RM21,500,000. The disposal was completed on 20 March 2019. In the financial year 2018, the Group also designated equity securities investments amounting to RM176,000 as assets held for sale, given the Group’s intention to sell these equity securities investments. The disposal was completed on 28 May 2019. | Notes to the Financial Statements (continued) | 170 CHEMICAL COMPANY OF MALAYSIA BERHAD