NOTES TO THE FINANCIAL STATEMENTS For the Financial Year Ended 31 December 2023 (cont’d) 21. CASH AND BANK BALANCES The cash and bank balances of the Group and of the Company included short-term cash investment amounted to RM3,504,000 and RM2,222,000 (2022: RM4,183,000 and RM2,099,000). The short-term cash investments represent investment in highly liquid money market. These investments are readily convertible to known amount of cash and are subject to an insignificant risk of changes. The short-term cash investments’ unit price ranged from RM0.50 to RM1.44 (2022: RM0.50 to RM1.40). The short-term cash investments have maturity periods ranged from 1 to 30 (2022: 1 to 30) days. At the end of the reporting year, the bank balances of the Group and of the Company amounts to RM75,000 and RM68,000 (2022: RM315,000 and RM100,000) was held in trust by a Director of the Company and a Director of a subsidiary. Included in the bank balances of the Group is an amount of RM2,000 (2022: RM2,000) held under Trust Fund established under the Trust Deed dated 24 July 2020 and these accounts are not for Group’s operation purposes. The foreign currency exposure profile of cash and bank balances are as follows: Group Company 2023 2022 2023 2022 RM’000 RM’000 RM’000 RM’000 USD 331 16 - - SGD 10 35 10 35 IDR 4 4 - - Chinese Yuan (“CNY”) 3 - - - 22. ASSETS HELD FOR SALE Group 2023 2022 RM’000 RM’000 Other investments Investment in quoted shares to be distribute as dividend-in-specie - 56,280 At beginning of the financial year 56,280 - Distributed as dividend-in-specie (56,267) - Transfer (to)/from other investments (13) 56,280 At end of the financial year - 56,280 On 23 December 2022, the Company proposed to distribute 84,000,000 ordinary shares in Agmo, representing the entire 25.8% equity interest in Agmo held through MYEGC, a wholly-owned subsidiary of the Company, to entitled shareholders of the Company in two (2) separate tranches by way of a dividend-in-specie (“Proposed Dividend-in-Specie”). As such, the Group’s investment in Agmo was reclassified to asset held for sale as the investment will be held for distribution to owners of the Company. 224 MY E.G. SERVICES BERHAD Registration No. 200001003034 (505639-K) C S C S
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