Section 7 UEM Edgenta Berhad GOVERNANCE 252 ADDITIONAL COMPLIANCE INFORMATION 1. AUDIT AND NON-AUDIT FEES During the financial year ended 31 December 2023, the total audit and non-audit fees paid or payable incurred for services rendered to the Group and the Company by the external auditors or a firm affiliated to the external auditors are as follows: Company RM’000 Group RM’000 Statutory audit services 234 1,617 Non-audit services 60 153 Total 294 1,770 The Group and the Company engaged the external auditors for the following non-audit works: • Review of Statement on Risk Management and Internal Control • Tax compliance and advisory services • Review of purchase price allocation in relation to the acquisition of a subsidiary 2. UTILISATION OF PROCEEDS RAISED FROM CORPORATE PROPOSALS In 2017, the Company had established the Islamic Commercial Papers (“ICPs”) and Islamic Medium Term Notes (“IMTNs”) under an ICP Programme and IMTN Programme respectively, which have a combined aggregate limit up to RM1,000.0 million in nominal value and sub-limit of RM300.0 million in nominal value for ICP Programme under Shariah Principle of Murabahah via a Tawarruq Arrangement. On 26 April 2017, the Company has completed the issuance of RM250.0 million in nominal value of IMTNs with a tenure of 5 years. On 26 April 2022, the Company redeemed its outstanding IMTNs amounting to RM250.0 million in nominal value upon its maturity. On the same date, the Company has reissued the IMTNs with the same nominal value with a tenor of four years. The IMTNs will mature on 24 April 2026. The proceeds raised from the IMTNs have been utilised by the Company for its Shariah-compliant general corporate purposes. 3. REVALUATION POLICY ON LANDED PROPERTIES During the financial year ended 31 December 2023, the Group has adopted MFRS 140: Investment Properties and MFRS 13: Fair Value Measurement (for non-financial instruments) due to the transfer of land held for development to investment properties in 2022. Accordingly, the Group has adopted revaluation policy on the land classified under investment properties. Please refer to the accounting policy and revaluation of the investment properties in Note 2.4(k) and Note 14 in the Audited Financial Statements which are set out in the pages 268 to 393 of this Annual Report. 4. MATERIAL CONTRACTS Other than those disclosed in the financial statements and the recurrent related party transaction section in this Annual Report, there were no material contracts including contracts to any loans entered into by the Company and its subsidiaries involving directors’ and major shareholders’ interests. 5. RECURRENT RELATED PARTY TRANSACTIONS The Company proposes to seek approval of its shareholders for the renewal of mandate for recurrent related party transactions and the proposed new shareholders’ mandate for additional recurrent related party transactions of a revenue and trading nature which is in the ordinary course of business at the forthcoming Annual General Meeting of the Company to be held in 2024.
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