NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024 (CONT’D) 43. FINANCIAL INSTRUMENTS (CONT’D) 43.5 FAIR VALUE INFORMATION (CONT’D) A s the Group and the Company do not have any financial instruments carried at fair value, the following table sets out only the fair value profile of financial instruments that are not carried at fair value at the end of the reporting period (Cont’d):- FAIR VALUE OF FINANCIAL INSTRUMENTS NOT CARRIED TOTAL AT FAIR VALUE FAIR CARRYING LEVEL 1 LEVEL 2 LEVEL 3 VALUE AMOUNT THE COMPANY RM’000 RM’000 RM’000 RM’000 RM’000 2024 Financial assets Amount owing by subsidiaries (non-current) – 455,887 – 455,887 455,887 2023 Financial assets Amount owing by subsidiaries (non-current) – 526,541 – 526,541 526,541 (a) The fair values, which are for disclosure purposes, have been determined using the following basis:- (i) The fair value of other receivable (non-current), amounts owing by subsidiaries (non-current) and noncontrolling interest shareholders (non-current) approximated their carrying amounts as they are repriced to market interest rates on or near the reporting date. (ii) The fair values of the term loans that carry floating interest rates approximated their carrying amounts as they are repriced to market interest rates on or near the reporting date. 44. SIGNIFICANT EVENT OCCURRING AFTER THE REPORTING PERIOD On 19 June 2024, Megah Sedaya Sdn. Bhd. (“MSSB”) a wholly-owned subsidiary of MCHB Development (NS) Sdn. Bhd. (“MCNS”) entered into a Development Rights Agreement (“DRA”) with NS Corporation (“NS Corp”), wherein the parties hereto have agreed to jointly develop the freehold agriculture lands measuring approximately 1,000 acres located in Mukim Labu, Daerah Seremban, Negeri Sembilan forming part of the lands located in Malaysia Vision Valley 2.0 (“MVV2 Lands”). Concurrently, on the same day, NS Corp has entered into a Sale & Purchase Agreement (“SPA”) with Kumpulan Sime Darby Berhad (“KSDB”) being the registered proprietor of the MVV2 Lands, an indirect wholly-owned subsidiary of Sime Darby Berhad, to acquire from KSDB the MVV2 Lands upon the terms and conditions as contained therein. Additionally, MSSB also entered into a Strategic Joint Venture Agreement (“JVA”) with MCNS and NS Corp wherein the parties hereto have agreed to collaborate for the development of the MVV2 Lands and to regulate their rights as shareholders of the same upon the terms and subject to the conditions as contained in the JVA. MSSB will serve as the special purpose vehicle for the JVA. FINANCIAL STATEMENTS MATRIX CONCEPTS HOLDINGS BERHAD 218
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