NOTES TO THE FINANCIAL STATEMENTS For the Financial Year Ended 31 December 2023 (cont’d) 45. FINANCIAL INSTRUMENTS (CONT’D) (c) Fair value of financial instruments (Cont’d) The table below analyses financial instruments carried at fair value and those not carried at fair value for which fair value is disclosed, together with their fair values and carrying amounts shown in the statements of financial position. (Cont’d) Fair value of financial instruments carried at fair value Total fair value Carrying amount Level 1 Level 2 Level 3 RM’000 RM’000 RM’000 RM’000 RM’000 Group (Cont’d) 2022 Financial assets Other investments: - unquoted investments - 24,309 211,409 235,718 235,718 Short-term investments - 4,183 - 4,183 4,183 Company 2023 Financial asset Short-term investments - 2,222 - 2,222 2,222 2022 Financial asset Short-term investments - 2,099 - 2,099 2,099 (i) Policy on transfer between levels The fair value of an asset to be transferred between levels is determined as of the date of the event or change in circumstances that caused the transfer. There were no transfers between levels during current and previous financial periods. (ii) Level 1 fair value Level 1 fair value is derived from quoted prices (unadjusted) in active markets for identical assets or liabilities. (iii) Level 2 fair value Level 2 fair value is estimated using inputs other than quoted prices included within Level 1 that are observable for the asset of liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). Non-derivative financial instruments Fair value, which is determined for disclosure purposes, is calculated based on the present value of future principal and interest cash flows, discounted at the market rate of interest at the end of the reporting period. ANNUAL REPORT 2023 255 FINANCIAL STATEMENTS
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