38. FAIR VALUE MEASUREMENT Determination of fair values of financial instruments The fair values of financial instruments measured at amortised cost are derived as follows: Non-current financial instruments - Estimated by discounting expected future cash flows at market incremental lending rate for similar types of lending, borrowing or leasing arrangements at the reporting date; or Current financial instruments - Reasonable approximation of their carrying values as they are either floating rate financial instruments which are repriced to market interest rates, short-term in nature or are repayable on demand. The fair value measurement hierarchies used to measure assets and liabilities carried at fair value in the statements of financial position are as follows: (a) Level 1 Quoted prices (unadjusted) in active markets for identical assets or liabilities (b) Level 2 Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable (c) Level 3 Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable Level 1 Level 2 Level 3 Total RM’000 RM’000 RM’000 RM’000 Group 31 December 2022 Assets measured at fair value: Hotel buildings – – 485,000 485,000 Other investments 174,630 – 887 175,517 Investment properties – – 1,360,852 1,360,852 31 December 2021 Assets measured at fair value: Hotel buildings – – 485,000 485,000 Other investments 166,700 – 887 167,587 Investment properties – – 1,411,198 1,411,198 Description of valuation techniques used and key inputs to valuation on investment properties is as disclosed in Note 17. There were no transfers between Level 1, Level 2 and Level 3 during the financial year. 273 FINANCIAL STATEMENTS & OTHER INFORMATION
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