Change - S P Setia Berhad

116
Annual report 2008
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2008
21. OTHER RECEIVABLES, DEPOSITS AND PREPAYMENTS (cont’d)
The refundable deposit of RM1,609,000 is paid for the acquisition of a piece of freehold land in Bandar and Daerah Kuala Lumpur,
for a total cash consideration of RM16,089,000 pursuant to a conditional Sale and Purchase Agreement entered into by Ambleside
Sdn Bhd, a wholly-owned subsidiary company, on 25 July 2008. The acquisition has not been completed as at 31 October 2008.
The balance of the purchase consideration is disclosed as a capital commitment in note 49 below.
22. DEPOSITS
Group
Company
2008 2007 2008 2007
RM’000 RM’000 RM’000 RM’000
Deposits
– with licensed banks 374,537 151,339 313,524 109,068
– with other licensed financial institutions 19,061 10,945 – –
393,598 162,284 313,524 109,068
Included in deposits with licensed banks of the Group are amounts of RM3,909,000 (2007 : RM97,000) which have been pledged
to banks as security for bank guarantee facilities granted to subsidiary companies.
Included in deposits with licensed banks are funds maintained under sinking fund accounts and escrow accounts amounting
to Nil (2007 : RM3,000,000) which were opened in accordance with terms and conditions set out in the term loan agreements
referred to in note 26 below.
The effective interest rates range from 2.75% to 3.52% (2007 : 2.50% to 3.58%) per annum. All deposits have maturities of less
than a year.
23. CASH AND BANK BALANCES
Cash and bank balances included monies in:
Group
Company
2008 2007 2008 2007
RM’000 RM’000 RM’000 RM’000
Housing Development Accounts 135,659 102,929 – –
Sinking Fund Accounts 6,473 1,006 – –
Escrow Accounts 149 129 – –
Withdrawals from the Housing Development Accounts are restricted in accordance with the Housing Development (Housing
Development Account) Regulations 1991.
Funds maintained in the Housing Development Accounts earn interest ranging from 1.90% to 2.40% (2007 : 1.50% to 2.40%)
per annum.
The sinking fund accounts and escrow accounts were opened in accordance with the terms and conditions set out in the term
loan agreements referred to in note 26 below.