151 AUDITED FINANCIAL STATEMENTS 2021 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2021 45 LOANS DUE TO ULTIMATE HOLDING COMPANY Group and Company 2021 2020 RM’000 RM’000 Unsecured: – Non-current 632,151 882,866 – Current 2,514 3,322 634,665 886,188 Early settlement of loans due to ultimate holding company of RM250 million (2020: RM Nil) was made in the current financial year. The loans are denominated as follows: Group and Company 2021 2020 RM’000 RM’000 – Ringgit Malaysia 634,665 886,188 Effective finance rate for the loans at date of statement of financial position per annum is as follows: Group and Company 2021 2020 Finance Effective Finance Effective rate finance rate rate finance rate % % Loans due to ultimate holding company Fixed 4.837 Fixed 4.837 The carrying amount and fair value of the loans due to ultimate holding company are as follows: Group and Company Carrying amount Fair value 2021 2020 2021 2020 RM’000 RM’000 RM’000 RM’000 Loans due to ultimate holding company 634,665 886,188 635,129 886,339 The fair value of loans due to ultimate holding company is based on cash flows discounted using a rate based on the borrowing rate of 4.8% (2020: 4.6%). The fair value of the loans due to ultimate holding company is a Level 2 computation. Cash flows and non-cash changes arising from loans due to ultimate holding company financing activities are disclosed in statements of cash flows.
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