Notes to the Financial Statements for the Financial Year Ended 30 September 2024 Sustaining Lives, Empowering Communities Governance That Inspires Confidence Financial Insights Through Numbers Empowering Ownership PG. 293 42. FINANCIAL INSTRUMENTS (CONT’D) The Group The Company 2024 2023 2024 2023 RM RM RM RM Financial liabilities At amortised cost: Payables and accruals 742,702,041 864,820,179 1,126,199 11,224,312 Lease liability 19,996,101 19,683,381 - - Loans and borrowings 434,330,408 359,609,949 175,903,887 125,100,000 43. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES The Group’s and the Company’s financial risk management policy seeks to ensure that adequate financial resources are available for the development of the Group’s and the Company’s businesses whilst managing its risks. The Group and the Company operate within clearly defined guidelines that are approved by the Board and the Group’s and the Company’s policy is not to engage in speculative transactions. The main risks and corresponding management policies arising from the Group’s and the Company’s normal course of business are as follows: (i) Credit risk Credit risk is the risk of loss that may arise on outstanding financial instruments should a counterparty default on its obligations. The Group’s and the Company’s exposure to credit risk primarily arises from the receivables. For other financial assets, the Group and the Company minimise credit risk by dealing with high credit rating counterparties. The maximum risk associated with recognised financial assets is the carrying amounts as presented in the statements of financial position and corporate guarantee provided by the Company to banks on subsidiaries’ credit facilities. The Group and the Company have a credit policy in place and the exposure to credit risk is managed through the application of credit approvals, credit limits and monitoring procedures.
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