202 AL-SALĀM REIT NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2023 ANNUAL REPORT 2023 1. Corporate information (cont'd.) (b) Manager's fees (cont'd.) (ii) An acquisition fee of 1% of the transaction value (being the total purchase price) of any investment property directly or indirectly acquired from time to time by the Trustee for and on behalf of the Fund pro-rated, if applicable, to the proportion of the Fund’s interest and payable to the Manager upon completion of the acquisition of the investment property. The Manager did not earn any acquisition fee for the current and previous financial year. (iii) A disposal fee of 0.5% of the transaction value (being the total sales price) of any investment property directly or indirectly sold from time to time by the Trustees for and on behalf of the Fund pro-rated, if applicable, to the proportion of the Fund’s interest and payable to the Manager upon completion of the disposal of the investment property. The Manager did not earn any disposal fee for the current and previous financial year. (c) Trustee's fees Pursuant to the Deed dated 25 November 2019, the Trustee is entitled to receive a fee of up to 0.02% per annum of the net asset value of the Fund, calculated based on the monthly accrual basis and payable monthly in arrears. The Trustee’s fees for the current financial year is RM127,741 (2022: RM117,207). The financial statements of the Group and of the Fund were authorised by the Board of Directors of the Manager for issuance on 22 February 2024. 2. Basis of preparation and material accounting policies 2.1 Basis of preparation The financial statements of the Group and of the Fund have been prepared in accordance with the applicable provisions of the Restated Trust Deed dated 25 November 2019, Malaysian Financial Reporting Standards (“MFRS”) and International Financial Reporting Standards. These financial statements also comply with the applicable disclosure provisions of the Listing Requirements of Bursa Malaysia Securities Berhad. The financial statements of the Group and the Fund are prepared under the historical cost basis except for investment properties and applicable financial instruments that have been measured at their fair values. The financial statements are presented in Ringgit Malaysia ("RM") except when otherwise stated. As of 31 December 2023, the current liabilities of the Group and the Fund have exceeded the current assets by RM65,123,370 and RM69,877,704 respectively. In the opinion of the Manager, the Group will be able to meet their obligations and liabilities as and when they fall due on the basis that the Group will be able to repay their borrowings when it matures. As at the reporting date, the Group has submitted a letter to request for extension of the facility tenure of borrowing of RM118,000,000 for a further 2 years. As at the date of the financial statements, the Group is confident in obtaining the approval for the extension of tenure for repayment of borrowing for a further 2 years before maturity date on 24 March 2024.
RkJQdWJsaXNoZXIy NDgzMzc=