FGV HOLDINGS BERHAD | AUDITED FINANCIAL STATEMENTS 2023 167 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023 36 ASSETS HELD FOR SALE The details of assets held for sale are as follows: Group 2023 RM’000 2022 RM’000 Assets Property, plant and equipment - 20,359 Right-of-use assets - 7,682 Assets held for sale - 28,041 Property, plant and equipment (i) During the financial year, the Lahad Datu palm oil refinery in FGV Refinery Sdn. Bhd., a subsidiary of the Group, whose carrying value was previously of RM11.36 million, has been remeasured to RM9.03 million, resulting in a loss of RM2.33 million upon reclassification to property, plant and equipment. The revised carrying value is supported by an external valuation. As at 31 December 2023, due to ongoing delays in completing the sale, the plant has ceased to be classified as assets held for sale and has been reclassified to property, plant and equipment. (ii) During the financial year, a biodiesel plant in FGV Green Energy Sdn. Bhd., an indirect subsidiary of the Group which had a carrying value of RM9.0 million in the previous financial year has been disposed off with no gain or loss. Right-of-use assets (i) In the previous financial year, MSM Prai Berhad (“MSM Prai”), an indirect subsidiary of the Group has accepted an offer for its two vacant land in Pulau Indah with a carrying value of RM7.68 million for a total consideration of RM16.06 million. During the financial year, the sale of assets was completed, resulting in a gain on disposal of RM8.38 million.
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