156 FGV HOLDINGS BERHAD NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022 44 LOANS DUE TO ULTIMATE HOLDING COMPANY Group and Company 2022 RM’000 2021 RM’000 Unsecured: - Non-current - 632,151 - Current 333,316 2,514 333,316 634,665 Early settlement of loans due to ultimate holding company of RM300 million (2021: RM250 million) was made in the current financial year. The loans are denominated as follows: Group and Company 2022 RM’000 2021 RM’000 - Ringgit Malaysia 333,316 634,665 Effective finance rate for the loans at date of statement of financial position per annum is as follows: Group and Company Finance rate % 2022 Effective finance rate % Finance rate 2021 Effective 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 2022 RM’000 2021 RM’000 2022 RM’000 2021 RM’000 Loans due to ultimate holding company 333,316 634,665 335,415 635,129 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 4.2% (2021: 4.8%). The fair value of the loans due to ultimate holding company is a Level 2 computation. The terms of loans due to ultimate holding company are from 2 June 2014 until 4 December 2023 (2021: 2 June 2014 until 4 December 2023) with fixed interest of 4.84% (2021: 4.84%). 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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