FGV HOLDINGS BERHAD | AUDITED FINANCIAL STATEMENTS 2023 173 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023 42 BORROWINGS (CONTINUED) Islamic term loans (continued) In the previous financial year, MSMH had received a waiver letter dated 8 November 2022 from the lender granting a waiver on one of the financial covenants for the financial year ended 31 December 2022 and therefore was not required to meet this covenant. MSMH has complied with the other two of the financial covenants for the financial year ended 31 December 2022. Sukuk On 31 December 2021, the Company made the first issuance of Sukuk Murabahah of RM500 million in nominal value pursuant to the Sukuk Murabahah Programme. The Sukuk Murabahah Programme has a tenure of eight (8) years from the date of the first issue of Sukuk Murabahah under the Sukuk Murabahah Programme. The tenure of each Sukuk Murabahah is between one (1) year and up to eight (8) years and is unrated. The financing terms are from 31 December 2021 until 31 December 2029 (2022: 31 December 2021 until 31 December 2029) with interest ranging from 5.20% to 5.41% (2022 : 5.20% to 5.41%). On 22 December 2023, the Company made the second issuance of Sukuk Murabahah of RM500 million in nominal value pursuant to the Sukuk Murabahah Programme. The Sukuk Murabahah Programme has a tenure of five (5) years from the date of the first issue of Sukuk Murabahah under the Sukuk Murabahah Programme. The tenure of each Sukuk Murabahah is between one (1) year and up to five (5) years and is unrated. The financing terms are from 22 December 2023 until 22 December 2028 with interest ranging from 5.15% to 6.25%. 43 LEASE LIABILITIES Group 2023 RM’000 2022 RM’000 At 1 January 331,359 322,099 Additions 30,364 59,385 Interest accretion 16,957 16,514 Repayments (57,624) (64,690) Termination of lease contracts (1,368) (1,069) Remeasurement of lease contracts 62,083 (1,978) Currency translation differences 754 1,098 At 31 December 382,525 331,359 Non-current 351,888 293,738 Current 30,637 37,621 382,525 331,359
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