Serba Dinamik Annual Report 2019

283 20. TRADE AND OTHER PAYABLES (CONTINUED) 20.1 Amount due to subsidiaries are interest free, unsecured and repayable on demand. 20.2 Amount due to associates are interest free, unsecured and repayable on demand. 20.3 Trade and other payables denominated in foreign currencies include the following amounts: Group 2019 2018 RM’000 RM’000 USD 134,840 162,210 ========= ========= 20.4 During the year, the Group through its subsidiary, SDGB had entered into Share Sale Agreement (“SSA”) with a third party vendor on 16 October 2019 to subscribe 6,500 ordinary shares of Get Development Sdn. Bhd. (“GDSB”) representing 65% equity interest for a consideration of RM50 million. Resulting from this transaction, GDSB had become a subsidiary of the Group on 16 October 2019. In addition, both SDGB and the third party vendor have a call and put option respectively that allows the third party vendor to sell his remaining 35% equity interest in GDSB to SDGB at a future date at an exercisable option price of RM200 million. As at 31 December 2019, the Group has recognised the option liability of RM57.8 million. 20.5 In prior year, the Group via its subsidiary, SDSB, had entered into two Joint Venture Agreements (“JVAs”) with two third party vendors to develop two land respectively (the project is hereinafter referred to as “the Proposed Development”, and the land as “the Project Land”). Pursuant to these JVAs, the third party vendors are entitled to receive payments of RM99 million and RM97 million respectively. As at 31 December 2019, the balance owing to the third party vendors amounted to RM68,336,990 (2018: RM140,572,545) has been classified as lease liabilities upon adoption of MFRS 16 on 1 January 2019 (see Note 17). 20.6 Included in other payables is an amount of RM61,316,620 (2018: RM7,245,728) arose from non-recourse Receivables Purchase Framework Agreement with a licensed bank. 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 S