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NOTES TO THE FINANCIAL STATEMENTS 31 AUGUST 2002 (CONTINUED)
130
28 BONDS (CONTINUED)
In 2001, a subsidiary issued RM920 million Al-Bai Bithaman Ajil Bonds (‘Bonds’) in a total of
six tranches with face values of RM120 million, RM80 million, RM200 million, RM220 million
and two of the six tranches with a face value of RM150 million each to the Primary
Subscribers. Tenure of the Bonds ranges from 2 to 10 years from the date of issue and
carry profit rates, which have been fixed in accordance with the Syariah principals, at rates
ranging from 7.70% to 9.25% per annum and are payable semi annually from its respective
issue dates. The Bonds are traded on the Scriptless Securities Trading System operated and
managed by Bank Negara Malaysia.
The Bonds are secured against land titles of the sub-divided plots of land that has been and
are to be effected in stages based on the physical progress of the construction works on
the Kuala Lumpur central railway station pursuant to the Supplementary Agreement to the
Concession Agreement with the Government of Malaysia and Syarikat Harta Dan Tanah
Sdn. Bhd..
Proceeds from the issue of Bonds are channelled to Designated Accounts. Permitted
withdrawals relating to the Kuala Lumpur central railway station development project from
these Designated Accounts are subject to terms and conditions of the Project Account
Agreement (Note 23).
29 LONG TERM BORROWINGS
Secured:
MALAYSIAN RESOURCES CORPORATION BERHAD
Group Company
2002 2001 2002 2001
RM'000 RM’000 RM'000 RM'000
Analysis of term loans:
Payable within one year 349,309 375,250 320,000 320,000
Payable between one and two years 67,002 39,339 - -
Payable between two and five years 27,555 36,717 - -
Payable after five years 2,555 3,507 - -
446,421 454,813 320,000 320,000
Representing term loans:
Due within 12 months (Note 27) 349,309 375,250 320,000 320,000
Due after 12 months 97,112 79,563 - -
446,421 454,813 320,000 320,000
The long term loans of the Group carry interest at rates ranging from 7.30% to 11.25%
(2001: 5.30% to 11.25%) per annum during the financial year and are repayable by fixed
instalments which vary from monthly, quarterly and half yearly basis.
The long term loans are secured by:
- a charge over the entire share capital of a subsidiary
- first fixed charge over properties of certain subsidiaries (Notes 10(a) and 10(b))
- debenture incorporating first fixed and floating charges over all present and future assets
of certain subsidiaries
- assignment of the Privatisation Agreement, Contractors’ Performance Bond and insurance
policies of a subsidiary
- first memorandum of deposit of fixed deposits of a subsidiary (Note 23)