35. BORROWINGS Group Company 2022 RM’000 2021 RM’000 2022 RM’000 2021 RM’000 Current borrowings Secured: Term loans (Note a) 25,379 13,294 – – Revolving credit (Note c) 49,732 67,948 – – 75,111 81,242 – – Unsecured: Islamic Medium Term Notes (Note b) – 252,184 – 252,184 Revolving credit (Note c) 52,000 52,000 52,000 52,000 Total short-term borrowings 127,111 385,426 52,000 304,184 Non-current borrowings Secured: Term loans (Note a) 81,639 58,095 – – Unsecured: Islamic Medium Term Notes (Note b) 250,000 – 250,000 – Total long-term borrowings 331,639 58,095 250,000 – Total borrowings Secured: Term loans (Note a) 107,018 71,389 – – Revolving credit (Note c) 49,732 67,948 – – 156,750 139,337 – – Unsecured: Islamic Medium Term Notes (Note b) 250,000 252,184 250,000 252,184 Revolving credit (Note c) 52,000 52,000 52,000 52,000 Total borrowings 458,750 443,521 302,000 304,184 The maturity profile of the loans and borrowings are as follows: Group Company 2022 RM’000 2021 RM’000 2022 RM’000 2021 RM’000 Within one year 127,111 385,426 52,000 304,184 More than 1 year and less than 2 years 26,563 11,115 – – More than 2 years and less than 5 years 305,076 34,821 250,000 – More than 5 years – 12,159 – – 331,639 58,095 250,000 – 458,750 443,521 302,000 304,184 35. BORROWINGS (CONTD.) (a) Term loans Secure term loans bear interests which range from 3.66% to 3.99% per annum (2021: 3.20% to 4.30% per annum). The term loans are secured by: (i) Assignment of rights, title, interest and benefits of the customer under the Concession Agreement in respect of the followings: – Project payment charges – Amount payable to the customer by the Government of Malaysia as a result of early termination – Appointment of substituted entity (ii) Assignment of proceeds over revenue and other income generated from a project; (iii) Assignment over designated accounts; (iv) Letter of undertaking from a subsidiary to service the monthly obligation of the customer in the event of any shortfall; (v) Corporate guarantee from a subsidiary. (vi) Deed of assignment and charge over a bank account; and (vii) Fixed and floating charge over present and future assets. (b) Islamic Commercial Papers (“ICPs”) and Islamic Medium Term Notes (“IMTNs”) The Company had established the ICPs and IMTNs under an Islamic Commercial Papers Programme and Islamic Medium Term Notes Programme respectively, which have a combined aggregate limit of up to RM1,000 million in nominal value and a sub-limit of RM300 million in nominal value for the ICP Programme under the Shariah Principle of Murabahah via a Tawarruq Arrangement. The tenure for ICPs and IMTNs are at 7 and 30 years, respectively from the date of the first issue. The Company has issued the following: (i) RM50.0 million in nominal value of ICPs with a tenure of 12 months issued on 24 April 2020; and (ii) RM250.0 million in nominal value of IMTNs with a tenure of 5 years issued on 26 April 2017. ICPs On 23 April 2021, the Company has redeemed its outstanding ICPs amounting to RM50.0 million in nominal value upon its maturity. Prior to its redemption, the effective interest rate was 3.40%. IMTNs On 26 April 2022, the Company redeemed its outstanding IMTNs amounting to RM250.0 million in nominal value upon its maturity. On the same date, the Company has reissued the IMTNs with the same nominal value with a tenor of four years. The IMTNs will mature on 24 April 2026 and as a result, the Company has reclassified the IMTNs from current liabilities to non-current liabilities. The effective profit rates for IMTNs at the reporting date is 4.25% (2021: 4.85%). p.348 p.349 UEM EDGENTA BERHAD INTEGRATED ANNUAL REPORT 2022 1 2 3 4 5 6 7 8 9 FINANCIAL STATEMENTS Notes to the financial statements For the year ended 31 December 2022 Notes to the financial statements For the year ended 31 December 2022
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