224 F INANC IAL Statements 05 Sect ion Ranhi ll Ut i l i t i es Berhad NOTES TO THE F INANC I AL STATEMENTS For the year ended 31 December 2022 28. OTHER FINANCIAL ASSETS Group 2022 RM’000 2021 RM’000 Financial assets at fair value through profit or loss Short term investments: - Islamic managed funds (i) 65,365 54,863 - Deposits with other financial institution 71 69 - Listed equity investment 404 404 65,840 55,336 Fair value hierarchy for other financial assets have been disclosed in Note 44(a). (i) The investments in Islamicmanaged funds aim to provide the Groupwith a regular income stream that complywith Shariah requirements while maintaining capital stability and are restricted pursuant to a financial covenant to maintain certain reserve requirement as part of the repayment schedule of certain loans and borrowings as further disclosed in Note 31. 29. DEPOSITS, CASH AND BANK BALANCES Group Company 2022 RM’000 2021 RM’000 2022 RM’000 2021 RM’000 Cash at banks and on hand 314,696 197,896 11 58 Short term deposit with licensed banks 74,292 141,929 - - Total deposits, cash and bank balances 388,988 339,825 11 58 Bank overdrafts (Note 31) (4,710) (4,663) - - Restricted deposits, cash and bank balances (125,463) (120,205) - - Deposits with licensed banks with maturity more than three months (6,000) (6,000) - - Deposits pledged as securities to licensed banks (7,380) (7,067) - - Cash and cash equivalents 245,435 201,890 11 58
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