32. BORROWINGS (CONT’D.) (b) Significant covenants The Sukuk Wakalah Programme 1 of the Group and of the Company is subject to the following significant covenants: (i) The Group and the Company are required to maintain a Debt-to-Equity Ratio of not more than 1.25 times throughout the tenure of the Sukuk Wakalah Programme 1. (ii) For each Tranche of the Secured Sukuk Wakalah, the Group and the Company must maintain a Security Cover of at least 1.50 times. (iii) With respect to the principal amount payable, the Group and the Company are required to progressively build up and accumulate the required amount over a period of 12 months prior to the respective maturity date. (iv) With respect to profit payments due and payable, the Group and the Company are required to progressively build up the necessary funds over a period of 6 months prior to each periodic payment date. As at reporting date, the Group and the Company have no indication of any difficulty in complying with the above covenants. (c) Changes in liabilities arising from financing activities Group Company 2024 2023 2024 2023 RM’000 RM’000 RM’000 RM’000 At 1 January 3,140,935 3,753,025 1,019,640 1,735,350 Cash flows (1,020,471) (466,854) (57,287) (715,710) Redemption of perpetual bond 158,570 – 158,570 – Disposal of subsidiaries (Note 18(b)(v)) – (141,924) – – Others 19,180 (3,312) – – At 31 December 2,298,214 3,140,935 1,120,923 1,019,640 The “Others” represent transactions involving amortisation of borrowing costs. FINANCIAL STATEMENTS & OTHER INFORMATION 325
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