Eng - IOI Group

notestothefinancialstatements cont’d28 SHORT TERM BORROWINGS cont’d28.1 Revolving creditsThe secured revolving credits are secured by way of fixed charges over certain leasehold landed properties ofthe Group and of the Company. The revolving credits bear interest at rates ranging from 1.82% to 5.20%(2002 - 1.95% to 5.05%) per annum.28.2 Trade financingThe secured trade financing is secured by way of fixed charges over certain leasehold landed properties ofthe Group. Trade financing utilised during the financial year subject to interest at rates ranging from 2.10%to 3.45% (2002 - 2.60% to 3.50%) per annum.28.3 Short term loansThe Company has entered into a RM300 million Islamic Notes Issuance Facility on 21 May 2002. The RM300million Islamic Notes Issuance Facility comprises the issuance of Commercial Papers (“CPs”) with maturity ofone (1) to twelve (12) months and/or Medium Term Notes (“MTNs”) with maturity of one (1) to seven (7)years based on the Syariah Principle of Al-Murabahah.The CPs issued by the Company during the financial year bear yield to maturity ranging from 2.84% to 2.96%(2002 - 2.78% to 3.60%) per annum. The Company has not issued any MTNs during the financial year.Total CPs issued as at 30 June 2003 amounted to RM140,000,000 (2002 - RM280,000,000) is included in theunsecured short term loans.The other short term loans of the Group and of the Company bear interest rates ranging from 4.05% to5.75% (2002 - 4.05% to 5.75%) per annum.IOI Corporation BerhadAnnual Report 2003174