Serba Dinamik Annual Report 2018

232 ANNUAL REPORT 2018 SERBA DINAMIK HOLDINGS BERHAD 12. Deposits and prepayments (continued) 12.1 Included in deposits are the following: (continued) iii) On 16 October 2018, SDIL, a wholly owned indirect subsidiary of the Company entered into a Share Purchase Agreement to acquire 49% equity interest in OHP Ventures Incorporated for a total cash consideration of approximately RM3,325,200. An amount of RM3,308,800 has been paid as deposits for the acquisition. iv) On 31October 2018, SDSB, awholly owned indirect subsidiary of theCompany entered intoaSubscription Agreement to subscribe 366,013 ordinary shares of RM43.71 each representing approximately 42.26% equity interest in E&E Gas Sdn. Bhd. At the same time, SDSB will also subscribe 10,445,000 redeemable convertible preference shares for a consideration of RM10,445,000. An amount of RM3,000,000 has been paid as deposits for the subscription of the preference shares. v) On 23 November 2018, Telegistics Asia Sdn. Bhd. (“TASB”) a wholly owned indirect subsidiary of the Company entered into a Share Sale Agreement to subscribe 175,000 ordinary shares representing approximately 70% equity interest in Materials Technology Education Sdn. Bhd. for a consideration of RM480,000. An amount of RM480,000 has been paid as deposits for the acquisition. 13. Cash and cash equivalents Group Company 2018 2017 2018 2017 RM’000 RM’000 RM’000 RM’000 Deposits placed with licensed banks 232,632 148,661 100,341 - Cash and bank balances 528,159 152,117 202,187 3,810 __________ __________ __________ __________ 760,791 300,778 302,528 3,810 ========= ========= ========= ========= 13.1 Term deposits amounting to RM114,638,987 (2017: RM131,008,000) are pledged for banking facilities granted to the Group and the Company respectively (see Note 16). 13.2 Cash and bank balances include the following balances denominated in foreign currency: 2018 2017 RM’000 RM’000 USD 104,068 152,038 ========= ========= 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