Integrated Annual Report 2023 2 3 4 5 6 7 8 9 1 353 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 35. BORROWINGS (CONTD.) (b) Islamic Commercial Papers (“ICPs”) and Islamic Medium Term Notes (“IMTNs”) The Company had established the ICPs and IMTNs under an Islamic Commercial Papers Programme and Islamic Medium Term Notes Programme respectively, which have a combined aggregate limit of up to RM1,000 million in nominal value and a sub-limit of RM300 million in nominal value for the ICP Programme under the Shariah Principle of Murabahah via a Tawarruq Arrangement. The tenure for ICPs and IMTNs are at 7 and 30 years, respectively from the date of the first issue. ICPs Upon reaching its maturity in 2021, the Company redeemed its outstanding ICPs and did not make any reissuance. IMTNs The Company redeemed its outstanding IMTNs amounting to RM250.0 million in nominal value upon its maturity on 26 April 2022. On the same date, the Company reissued the IMTNs with the same nominal value with a tenor of four years. The IMTNs will mature on 24 April 2026. The effective profit rates for IMTNs at the reporting date is 4.25% (2022: 4.25%). (c) Revolving credit Unsecured revolving credit of the Group and the Company bears interest of 4.06% (2022: 3.45%). Secured revolving credit of the Group bears interest rate at the range between 1.74% and 4.45% (2022: 1.74%). The facility is secured by corporate guarantee from fellow subsidiaries.
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