161 ANNUAL REPORT 2024 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2024 (cont’d) 19. BORROWINGS (CONT’D) (b) Revolving Credits (i) The carrying amounts of revolving credits as at the reporting date were RM Nil (2023 - RM Nil). Revolving credits I and II are made available for utilisation. (ii) The effective interest rates profile of the revolving credits are summarised below:- The Group 2024 2023 % % Floating rate revolving credits I 6.75 - II 5.26 - (iii) Revolving credit I is secured by:- • a facility agreement; • corporate guarantee by holding company; • a joint and several guarantee by two of the directors of the Company; • an 80% guarantee coverage by SJPP under the Government Guarantee Scheme - Prihatin (“GGS - Prihatin”) of RM8,000,000; • a joint and several guarantee by two of the directors of the Company; and • Memorandum of Deposit and Letter of Set Off to be executed for Cash Collateral/ Commodity Murabahah. (iv) Revolving credit II is secured by:- • corporate guarantee by holding company; • legal charge over Keyfield Compassion vessel; • second mortgage over Keyfield Compassion vessel; • assignment of charter proceeds for Contracts financed by the financial institution incorporating the Irrevocable Letter of Instruction (“ILOI”) issued to the Awarder to channel the proceeds directly to the Collection Account opened; • assignment of all rights, interests, titles and benefits from all insurances taken in relation to the Charged Vessels; and • assignment and legal charge over the Designated Accounts.
RkJQdWJsaXNoZXIy NDgzMzc=