Notes to the Financial Statements for the Financial Year Ended 30 September 2024 Sustaining Lives, Empowering Communities Governance That Inspires Confidence Financial Insights Through Numbers Empowering Ownership PG. 259 26. CASH, BANK BALANCES, TERM DEPOSITS AND SHORT-TERM PLACEMENTS (CONT’D) (b) Cash held under housing development accounts represent amounts placed in Housing Development Accounts (“HDA”) in accordance with Section 7(A) of the Housing Development (Control and Licensing) Act, 1966. These HDA accounts, which consist of monies received from purchasers, are for the payment of property development costs incurred. The surplus monies in these accounts, if any, will be released to the Group in accordance with the provisions of the Housing Development (Control and Licensing) Act, 1966. (c) Short-term placements of the Group represent: (i) investment in trust funds managed by licensed investment management companies, which are tax exempt, fixed-deposit-linked and allows prompt redemption at any time; and (ii) investment in highly liquid money market funds, which are readily convertible to known amounts of cash and are subject to an insignificant risk of changes in value. The short-term placements earn returns at effective rate ranging from 1.50% to 3.81% (2023: 1.50% to 3.74%) per annum. The non-short term and highly liquid fixed deposits of RM6,759,700 (2023: RM6,426,000) included in deposit with licensed banks have maturity period of more than 3 months. Cash and cash equivalents held by the Group which are not freely available for general use is deposit and bank balances of RMNil (2023: RM43,074) held under sinking fund account for the recreational club. 27. NON-CURRENT ASSETS CLASSIFIED AS HELD FOR SALE The Group 2024 2023 RM RM At cost: At beginning of year - 345,812 Disposals - (345,812) At end of year - - This was in respect of the sales and purchase agreements entered into between a subsidiary and a director of the Company for the disposal of one (1) parcel of freehold land located at Ulu Langat on 29 September 2020 for a cash consideration of RM1,316,000. The disposal was completed in the previous financial year.
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