NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023 (CONT’D) 20. RESERVES (CONT’D) FOREIGN EXCHANGE TRANSLATION RESERVE The foreign exchange translation reserve arose from the translation of the financial statements of foreign subsidiaries whose functional currencies are different from the Group’s presentation currency. 21. LONG-TERM BORROWINGS THE GROUP THE COMPANY 2023 RM’000 2022 RM’000 2023 RM’000 2022 RM’000 Sukuk Wakalah (Note 22) - 20,000 - 20,000 Term loans (Note 24) 77,623 84,572 - - Revolving credits (Note 25) - 10,015 - - 77,623 114,587 - 20,000 22. SUKUK WAKALAH The Company had established an Islamic Commercial Papers (“ICP”) and Islamic Medium Term Note (“IMTN”) programme with a combined limit of RM250 million in nominal value based on the Shariah principle of Wakalah Bi Al-Istithmar (“Sukuk Wakalah Programme”) (collectively, the ICP and the IMTN shall be referred to as “Sukuk Wakalah”). The Sukuk Wakalah Programme is for tenures of 7 years commencing from 15 August 2017 to 14 August 2024. Details of the Sukuk Wakalah as at 31 March 2023 are as follows:- Date of issuance Tenure (months) Nominal Value RM’000 Periodic distribution rate (per annum) % Maturity date IMTN 19 November 2018 60 20,000 6.85 17 November 2023 ICP 20 March 2023 3 60,000 4.72 20 June 2023 80,000 INTEGRATED ANNUAL REPORT 2023 MATRIX CONCEPTS HOLDINGS BERHAD 196 FINANCIAL STATEMENTS
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