Serba Dinamik Annual Report 2018

231 SERBA DINAMIK HOLDINGS BERHAD ANNUAL REPORT 2018 11. Trade and other receivables (continued) 11.1 Amount due from subsidiaries is unsecured, interest free and repayable on demand. 11.2 Amount due from an associate is unsecured, interest free and repayable on demand. 11.3 The Group entered into a non-recourse Receivables Purchase Framework Agreement with a licensed bank, of which the Group may request the bank to purchase any receivables offered. An amount of RM104,544,732 have been derecognised from the statement of financial statement as at reporting date, because the Group has transferred substantially all the risk and reward - primary credit risk to the bank. 11.4 Trade receivables denominated in foreign currencies comprise the following amounts. Group 2018 2017 RM’000 RM’000 United States Dollar (“USD”) 698,992 454,567 ========== ========== 12. Deposits and prepayments Group Company 2018 2017 2018 2017 RM’000 RM’000 RM’000 RM’000 Deposits for: - land - 15,697 - - - investments 38,283 12,834 - - - others 5,848 2,170 - - 44,131 30,701 - - Prepayments 23,134 9,529 - - _________ _________ _________ _________ 67,265 40,230 - - ======== ======== ======== ======== 12.1 Included in deposits are the following: i) On 28 August 2017, SDGB, a wholly owned subsidiary of the Company entered into a Joint Development Agreement (“JDA”) with Greenearth Landmark Sdn. Bhd. to jointly oversee the commercial development. An amount of RM25,000,000 (2017: RM7,000,000) has been paid to date. ii) On 7 September 2018, SDIL, a wholly owned indirect subsidiary of the Company entered into a Share Purchase Agreement to acquire 450 and 6,000 ordinary shares representing 25% and 100% equity interest in Psicon BV and Psicon AVV for a total cash consideration of approximately RM1,929,400 and RM4,560,050 respectively. An amount of RM6,489,450 has been paid as deposits for the acquisition. N O T E S T O T H E F I N A N C I A L S TAT E M E N T