Chemical Company of Malaysia Berhad Annual Report 2019

16. Loans and borrowings   Group   Company Note 2019 2018 2019 2018 Non-current - unsecured Term loans 16.1 155,550 152,107 98,000 114,827 Current - unsecured Term loans 16.1 19,530 21,695 - 9,615 Revolving credit and trade facilities 16.2 20,000 20,000 20,000 20,000 39,530 41,695 20,000 29,615 195,080 193,802 118,000 144,442 16.1Unsecured term loans i) On 30 April 2018, the Company obtained and drawdown a new unsecured term loan of RM98 million, with tenure period of 3 years at the rate of 5.25% per annumwhich matures on 30 April 2021. The significant covenants for the unsecured term loan are as follows: (a) It was a condition that Permodalan Nasional Berhad shall at all time, directly or indirectly, owns at least 51% of the Company’s issued and paid up share capital. During the financial year, the condition was revised to Permodalan Nasional Berhad shall at all time, direct or indirectly, be the single largest shareholder of the Company. (b) Profit coverage ratio of not less than 2 times. (c) Consolidated Net Worth shall not be less than RM250 million. (d) Consolidated Total Debt to Consolidated Net Worth shall not be more than 1.5 times. ii) The Company previously obtained a RM100 million, 5 years unsecured term loan at the rate of 4.90% per annum payable on quarterly instalments until 16 August 2021. During the financial year, the Company has fully paid this term loan in advance of its final due date. The significant covenants for the unsecured term loan were as follows: (a) Permodalan Nasional Berhad shall at all time, directly or indirectly, own at least 51% of the Company’s issued and paid up share capital. (b) The Company’s Total Debt to Net Worth should not exceed 1.5 times. | Notes to the Financial Statements (continued) | 172 CHEMICAL COMPANY OF MALAYSIA BERHAD