Notes to the Financial Statements for the Financial Year Ended 30 September 2024 MKH BERHAD ANNUAL REPORT 2024 Laying The Foundation of Excellence Where People Matter Guided by Leadership, Inspired by People Delivering Value That Matters to People PG. 268 32. LEASE LIABILITY The Group 2024 2023 RM RM Non-current 19,554,814 19,222,192 Current 441,287 461,189 At end of year 19,996,101 19,683,381 Minimum lease payment: Not later than 1 year 575,000 575,000 Later than 1 year but not later than 5 years 2,544,375 2,458,125 Later than 5 years 65,255,627 65,916,877 68,375,002 68,950,002 Less: Unexpired finance charges (48,378,901) (49,266,621) 19,996,101 19,683,381 Present value of lease liability: Not later than 1 year 441,287 461,189 Later than 1 year but not later than 5 years 1,762,630 1,762,630 Later than 5 years 17,792,184 17,459,562 19,996,101 19,683,381 The Group’s lease comprise land leased from PAK for a period of 60 years (2023: 60 years) for future construction of a retail mall. The related right-of-use asset is disclosed in Note 11. The incremental borrowing rate of the Group applied to the lease liability is 4.51% (2023: 4.51%).
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