Frontken Corporation Berhad 200401012517 (651020-T) • ANNUAL REPORT 2023 158 NOTES TO THE FINANCIAL STATEMENTS (CONT’D) 28. FINANCIAL INSTRUMENTS (CONT’D) (e) Fair Value Information (Cont’d) (i) Fair Value of Financial Instruments Carried at Fair Value • The fair value of unit trusts is determined by reference to statements provided by the respective financial institutions, with which the investments were entered into. • The fair value of quoted share is determined at their quoted closing bid prices at the end of the reporting period. • There were no transfers between level 1 and level 2 during the financial year. (ii) Fair Value of Financial Instruments Not Carried at Fair Value • The fair value of bank borrowing that carries fixed interest rate is determined by discounting the relevant future contractual cash flows using current market interest rate for similar instrument at the end of the reporting period. The interest rate used to discount the estimated cash flows is as follows: The Group The Company 2023 2022 2023 2022 % % % % Hire purchase payable 2.62 - - - Bank borrowing - 5.50 - - 29. COMMITMENTS As of financial year end, the Group has the following capital commitments: The Group The Company 2023 2022 2023 2022 RM RM RM RM Purchase of property, plant and equipment 12,459,095 1,718,241 3,981,825 -
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