207 32. FINANCIAL INSTRUMENTS (continued) (viii) Fair value information (continued) Valuation techniques and significant unobservable inputs (continued) (b) Financial instruments not carried at fair value Type Valuation technique Group Unsecured fixed rate medium term notes Market comparison: The fair value is estimated taking into consideration of the quoted price. Loans and borrowings Discounted cash flows: Based on the current market rate of borrowing of the respective Group entities at the reporting date. 33. CAPITAL MANAGEMENT The Group’s objectives when managing capital is to maintain a strong capital base and safeguard the Group’s ability to continue as a going concern, so as to maintain investor, creditor and market confidence and to sustain future development of the business. The Group monitors and maintains an optimal debt-to-equity ratio that complies with debt covenants and regulatory requirements. Group 2024 2023 Note RM’mil RM’mil Loans and borrowings 17 12,926 8,312 Bank overdrafts 14 83 78 Lease liabilities 1,771 1,661 Less: Cash and cash equivalents 14 (1,510) (2,379) Net debt 13,270 7,672 Total equity 33,908 32,358 Debt-to-equity ratio 0.39 0.24 There were no changes in the Group’s approach to capital management during the financial year.
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