Page 175 - KPJ_2011

27. Borrowings (continued)
Current
Revolving credits (unsecured)
- Conventional 50,000 -
- Al-Amin 15,000 50,000
Commercial papers (unsecured) - 249,000
65,000 299,000
Company
2011
RM’000
2010
RM’000
Borrowings for the Group and the Company are denominated in Ringgit Malaysia.
The borrowings are secured by:
(a) mxed charge on certain landed properties of the Group (Note 13);
(b) mrst mxed charge on certain assets of the Group by way of debenture;
(c) letter of awareness, letter of comfort and letter of subordinates from Johor Corporation;
(d) a negative pledge over some of the mxed and noating assets of the Group;
(e) mxed mrst and noating charge over some movable and immovable assets of the Group; and
(f) mnance leases are effectively secured as the rights to the leased asset revert to the lessor in the event of default.
Islamic Commercial Papers/Islamic Medium Term Notes (“ICP/IMTN”)
Salient features of the ICP/IMTN are as follows:
(1) Total outstanding nominal value of ICPs and IMTNs (collectively known as “Notes”) shall not exceed RM500 million.
(2) The tenure of the Facility is up to 7 years from date of the mrst issuance of any Notes (3 May 2011) under the Facility.
(3) ICP has a maturity of between 1,2,3,6 and 7 months and are mandatorily redeemed at nominal value upon
maturity date. The ICP is issued at a discount to its value.
(4) IMTN has a maturity of 1 year but not more than 7 years and on condition that the IMTN matures prior to the
expiry of the tenure of the Facility. The IMTN shall be mandatorily redeemed at nominal value upon maturity date.
The interest for the IMTN shall be payable semi-annually upon maturity of IMTN.
(5) The ICP/IMTN Facility is issued on a clean basis and shall be fully repaid at the end of the tenure of the Facility.
As at 31 December 2011, the unutilised amount of ICP/IMTN amounted to RM251.0 million (2010: RM1.0 million).
On 3 May 2011, the Company remnanced its existing Commercial Papers/Medium Term Notes (“CP/MTN”) with the
mrst issuance of ICP/IMTN up to RM500 million from RM250 million.
The ICP/IMTN is parked at Point Zone Sdn Bhd, a special purpose vehicle incorporated to raise funds for the Group.
The ICP/IMTN is pledged against the Group’s investment in its associate, Al-’Aqar Healthcare REIT amounting to
RM235 million as security.
NOTES TO THE FINANCIAL STATEMENTS
For the financial year ended 31 December 2011 (continued)
ANNUAL REPORT 2011 170