32. BORROWINGS (CONT’D.) Other information on financial risks of borrowings are disclosed in Note 40. Company 2021 2020 RM’000 RM’000 Unsecured corporate guarantees given to banks for credit facilities granted to: - Subsidiaries 2,169,404 2,104,250 - Joint ventures 36,564 39,164 - Associate 88,795 77,817 2,294,763 2,221,231 Fair value of all unexpired corporate guarantees given to bank for credit facilities granted to subsidiaries, joint ventures and associate was assessed to be RM nil (2020: RM nil) at the inception of issuance of the guarantees due to the likelihood of the guaranteed party defaulting is nil within the guaranteed period. As at 31 December 2021, the Group has the following undrawn banking facilities: Group 2021 2020 RM’000 RM’000 Banking facilities obtained by the subsidiaries 332,956 386,250 Banking facilities obtained by the joint ventures 48,397 103,324 Banking facilities obtained by the associate 179,762 220,000 (a) Islamic Medium Term Notes On 22 April 2020, the Company had lodged the proposed establishment of a rated Islamic Medium Term Notes Programme of up to RM1.5 billion in nominal value based on the Shariah principles of Wakalah Bi Al-Istithmar and Murabahah (via Tawarruq arrangement) (“Sukuk Wakalah Programme”) with the Securities Commission Malaysia (“SC”) pursuant to the SC’s Guidelines on Unlisted Capital Market Products under the Lodge and Launch Framework (issued by the SC on 9 March 2015 and revised on 26 November 2019, as amended from time to time). The Sukuk Wakalah Programme allows for the issuance of rated and senior ranking sukuk (“Sukuk Wakalah”) from time to time, with flexibility for the Company to issue secured and/or unsecured Sukuk Wakalah subject to the aggregate outstanding nominal amount of the Sukuk Wakalah not exceeding RM1.5 billion at any point in time. During the financial year, the Company had issued the Sukuk Wakalah as follows: Yield-to- Amount maturity Tranche No Date of issuance RM’000 (per annum) Tenure year 5 15 April 2021 133,200 5.65% 5 5 15 April 2021 49,800 5.80% 7 6 8 June 2021 110,000 5.45% 3 293,000 32. BORROWINGS (CONT’D.) (a) Islamic Medium Term Notes (cont’d.) In the previous financial year, the Company had issued the Sukuk Wakalah as follows: Yield-to- Amount maturity Tranche No Date of issuance RM’000 (per annum) Tenure year 1 14 May 2020 200,000 5.80% 7 2 30 June 2020 465,500 5.50% 3 2 30 June 2020 123,500 5.65% 5 3 3 September 2020 100,000 5.65% 5 4 8 October 2020 179,000 5.45% 3 4 8 October 2020 139,000 5.65% 5 1,207,000 The Sukuk Wakalah is secured by third party legal charge over the lands held under inventories as disclosed in Note 16 and Financial Service Reserve Account as disclosed in Note 26. The proceeds from the issuance of the Sukuk Wakalah shall be utilised by the Company for the following Shariah-compliant purposes in the following order of priority: (i) repayment of existing financing/borrowings to unencumber the secured properties; and (ii) defraying fees, costs and expenses in relation to the issuance of the Sukuk Wakalah and Sukuk Wakalah Programme. The remaining proceeds after (i) and (ii) above shall be utilised by the Company for the following Shariah-compliant purposes: (a) capital expenditure and/or investments (including but not limited to the purchase of land(s), building(s), shares, property and/or payment into joint ventures) of the Company and/or its group of companies; (b) working capital of the Company and/or its group of companies; (c) refinancing of existing financing/borrowings of the Company or its group of companies; and/or (d) general corporate purpose of the Company and/or its group of companies. (b) Changes in liabilities arising from financing activities Group Company 2021 2020 2021 2020 RM’000 RM’000 RM’000 RM’000 At 1 January 3,577,159 2,519,115 1,652,149 336,090 Cash flows 319,516 870,551 151,773 1,315,647 Reclassification from payables – 197,781 – – Acquisition of subsidiary 34 – – – Hire purchase – (1,043) – (243) Others 880 (9,245) 878 655 At 31 December 3,897,589 3,577,159 1,804,800 1,652,149 The “Others” represent transactions involving amortisation of borrowing costs. FINANCIAL STATEMENTS NOTES TO THE For the financial year ended 31 December 2021 Annual Report 2021 TROPICANA CORPORATION BERHAD FINANCIAL STATEMENTS AND OTHER INFORMATION 320 321
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