23. TRADE AND OTHER RECEIVABLES (CONT’D.) (b) Other receivables (cont’d.) (i) Security retainers accumulation fund (cont’d.) The security retainers accumulation fund of the golf and country resort of the Group relates to the unamortised portion of the single premium paid for the purchase of a Group Endowment with Profits’ policy from a local insurer in 1994 and the unrealised returns accrues annually to this policy on a cumulative basis. The total accumulated returns together with the insured sum will only be received upon maturity of the said policy on 2 October 2051. The purpose of this scheme is to provide the Group with funds to repay the security retainers received from members of the golf and country resort of the Group, who were registered prior to January 1993, at the end of their membership license term on 9 October 2051. (ii) Amounts due from subsidiaries, joint ventures and a related party The amounts due from subsidiaries of the Company, presented net of amounts due to the same subsidiaries, amounted to RM1,524,294,000 (2024: RM921,544,000) and bore interest ranging from 5.00% to 7.25% (2024: 5.04% to 10%) per annum during the financial year. Included in these balances is an aggregate amount of RM1,809,400,000 (2024: RM1,582,289,000) arising from a back-to-back funding arrangement, whereby the Company advances funds to a subsidiary corresponding to borrowings and Sukuk Wakalah Programme 1 and 2 drawn down by the Company, aligned in amount and timing with the underlying borrowings and Sukuk. The balances are non-trade in nature, unsecured, and have no fixed terms of repayment, except for those classified as non-current, which are not expected to be repaid within the next twelve months. Further details on related party transactions are disclosed in Note 35. The amounts due from joint ventures and a related party are non-trade in nature, unsecured, non-interest bearing and have no fixed terms of repayment. (iii) Included in deposits of the Group were deposits paid for the acquisition of lands amounting to RM285,695,000 (2024: RM29,120,000). Of this amount, RM152,000,000 relates to deposits and progress payments paid to entities related to a director and major shareholder of the Company, in respect of acquisitions of land entered into on a negotiated basis. These balances are unsecured, non-interest bearing, and refundable in accordance with the terms of the relevant sale and purchase agreements. Further details are disclosed in Note 42. (iv) Included in sundry receivables of the Group in the previous financial year were partial disposal proceeds amounting to RM19,024,000 receivable from a stakeholder arising from the disposal of Tropicana Garden Mall as disclosed in Note 17. These proceeds were fully received during the current financial year. (v) The Group and the Company have no significant concentration of credit risk included under sundry receivables that may arise from exposures to a single debtor or to group of debtors except for amounts due from subsidiaries. 331
RkJQdWJsaXNoZXIy NDgzMzc=