234 F INANC IAL Statements 05 Sect ion Ranhi ll Ut i l i t i es Berhad NOTES TO THE F INANC I AL STATEMENTS For the year ended 31 December 2022 31. LOANS AND BORROWINGS (Contd.) Convertible unsecured loan stocks (“CULS”) The salient features of the CULS issued are as follows: (i) Maturity date is 10 years from issuance of the CULS in June 1998 based on the Subscription Agreement dated 30 April 1997. However, based on the revised Agreement dated May 2009, the CULS has been extended for another 10 years up to 30 June 2019. In year 2019, the CULS has been extended for another 3 years up to 30 June 2022. In year 2021, the Group had extended the CULS from 30 June 2022 to 30 June 2025 with other terms and conditions remain unchanged; (ii) Interest is accrued at the rate of 12.5% per annum and is payable in cash on each anniversary date of the CULS but is subject to lenders’ requirement and at the discretion of RPI CULS converted before anniversary date will not be entitled to the annual interest; (iii) Conversion in part or in whole is allowed before maturity date, subject to adherence to RPI’s existing shareholding proportions and the shareholding restrictions. All converted shares will rank pari passu but will not be entitled to dividends declared for the financial year preceding the year of conversion; and (iv) On maturity date, the CULS, if not earlier converted, will be redeemed for its full principal amount together with all unpaid accrued interest. The equity component of the CULS attributable to owners of the parent as at 31 December 2022 is RM361,000 (2021: RM361,000). Term loan 1 The term loan is secured by machinery owned by AnuRAK Water Treatment Facilities Co. Ltd., rights over the receivables from its customer and a corporate guarantee by the related company, Ranhill Water Technologies Sdn. Bhd. It is repayable in 42 instalments as from the first drawndown date of the loan facility and bear interest at mortgage lending rate (“MLR”) minus 1.0% per annum. The repayment period is from 2022 to 2026. Term loan 2 The term loan is secured by machinery owned by AnuRAK Water Treatment Facilities Co. Ltd., right over the receivables from its customer and a corporate guarantee by the related company, Ranhill Water Technologies Sdn. Bhd. It is repayable in 48 instalments including grace period of 6 months as from the first drawndown date of the loan facility and bear interest at mortgage lending rate (“MLR”) plus 1.0% per annum. The repayment period is from 2022 to 2026. Term loan 6 The term loan is secured by machinery owned by AnuRAK Water Treatment Facilities Co. Ltd., rights over the receivables from its customer and a corporate guarantee by the related companies, Ranhill Water Technologies Sdn. Bhd. and Ranhill Water Technologies (Thai) Ltd. It is repayable in 108 instalments including grace period of 12 months as from the first drawndown date of the loan facility and bear interest at mortgage lending rate (“MLR”) minus 1.0% per annum. The term loan has been fully paid during the financial year. Term loan 7 The term loan is secured by machinery owned by AnuRAK Water Treatment Facilities Co. Ltd., rights over the receivables from its customer and a corporate guarantee by the related companies, Ranhill Water Technologies Sdn. Bhd. and Ranhill Water Technologies (Thai) Ltd. It is repayable in 66 instalments including grace period of 12 months as from the first drawndown date of the loan facility and bear interest at mortgage lending rate (“MLR”) minus 1.0% per annum. The term loan has been fully paid during the financial year.
RkJQdWJsaXNoZXIy ODQxNzg=