191 ANNUAL REPORT 2024 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2024 (cont’d) 35. FINANCIAL INSTRUMENTS (CONT’D) 35.5 FAIR VALUE INFORMATION (CONT’D) (a) Fair Value of Financial Instruments Not Carried at Fair Value The fair values, which are for disclosure purposes, have been determined using the following basis:- (i) The fair value of the term loans, as well as interest-bearing payables that carry floating interest rates approximated their carrying amounts as they are repriced to market interest rates on or near the reporting date. (ii) The fair values of the Group’s Islamic medium term notes, CRNCPS, interest-bearing payables and term loan that carry fixed interest rate are determined by discounting the relevant future contractual cash flows using current market interest rates for similar instruments at the end of the reporting period. The interest rates used to discount the estimated cash flows are as follows:- The Group 2024 2023 % % CRNCPS - 3.00 Other payables - 5.50 Islamic medium term notes 4.85 - 4.98 - The Company 2024 2023 % % CRNCPS - 3.00 Islamic medium term notes 4.85 - 4.98 - 36. SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR (a) On 26 January 2024, Keyfield Offshore entered into a Sale and Purchase Agreement with Khas Jejaka Sdn Bhd to purchase a vessel, namely IMS Aman for a total purchase consideration of RM34,800,000. The Group has taken delivery of the vessel on 31 January 2024 and it has been renamed as Keyfield Amanah. (b) On 26 March 2024, the Company issued its Prospectus in connection with the initial public offering (“IPO”) comprising the public issue of 208,960,000 new ordinary shares in Keyfield (“Keyfield Shares”) at an issue price of RM0.90 per share and the listing of and quotation for the entire enlarged issued capital of the Company on the Main Market of Bursa Securities. On 17 April 2024, Keyfield had issued a total of 298,960,000 Keyfield Shares, comprising 208,960,000 issued pursuant to the IPO and 90,000,000 issued pursuant redemption of 324,000,000 Keyfield CRNCPS, as detailed in Section 4.4.4 of the Company’s Prospectus. The Company’s enlarged issued share capital was listed and quoted on the Main Market of Bursa Securities on 22 April 2024.
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