32. BORROWINGS (CONT’D.) (a) Islamic Medium Term Notes (cont’d.) T he 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. A ccording to Sukuk subscription agreements, the Group and the Company is required to deposit and/or cause to be deposited into the designated account and amount equivalent to the principal payment due and payable under respective tranches which shall be built up in accordance with the build-up schedule. T he 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) c apital 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 2022 2021 2022 2021 RM’000 RM’000 RM’000 RM’000 At 1 January 3,897,589 3,577,159 1,804,800 1,652,149 Cash flows (148,848) 319,516 (69,450) 151,773 Acquisition of a subsidiary – 34 – – Others 4,284 880 – 878 At 31 December 3,753,025 3,897,589 1,735,350 1,804,800 The “Others” represent transactions involving amortisation of borrowing costs. NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022 258 ANNUAL REPORT 2022
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