Contents - Genting Group

GENTING BERHAD • Annual Report 2001
23. TRADE AND OTHER PAYABLES (Cont'd)
Included in other creditors and accrued expenses are progress billings payable and accruals for capital expenditure relating
to construction of new theme park attractions, new hotel, upgrading of resorts infrastructure and balance of purchase
consideration for land acquisition amounting to RM157.5 million (2000: RM85.8 million).
24. SHORT TERM BORROWINGS
Group
2001 2000
Unsecured:
Bank overdrafts - 0.2
Other bank borrowings - US Dollar Euro Medium Term Notes - 319.2
- US Dollar loan - 63.7
- Bankers' acceptances 15.5 -
Secured facilities:
Bank overdrafts 2.3 2.5
Redeemable fixed rate bonds 82.0 -
99.8 385.6
The unsecured and secured bank overdrafts bear interest at rates ranging from 7% to 9% (2000: 7% to 9%) per annum. The
bank overdrafts are secured over certain bank deposits as explained in Note 22.
The redeemable fixed rate secured bonds which were reclassified from long term loan to short term borrowings during the
financial year, are issued by an indirect subsidiary company under a bond facility fully underwritten by a bank amounting to
RM82.0 million. The bonds are secured by way of first fixed and floating charges on the present and future assets, revenues,
rights and claims and undertakings of the subsidiary company. The tenor of the bonds is for five years and are redeemable
at par on maturity date on 6 August 2002. Interest on these bonds is payable semi-annually and the coupon rate is fixed at
8.6% per annum.
On 6 February 2002, the redeemable fixed rate secured bonds issued by the indirect subsidiary company were fully redeemed.
These bonds are now replaced by a bridging loan amounting to RM100.0 million from a fellow subsidiary company at an
interest rate of 3.65% per annum.
25. SHARE CAPITAL
2001 2000
Authorised:
1,600 million ordinary shares of 50 sen each 800.0 800.0
Issued and fully paid:
704.4 million (2000: 704.4 million) ordinary shares of 50 sen each 352.2 352.2
As at 31 December 2001, options to subscribe for 3,317,000 (2000: 3,412,000) unissued ordinary shares of 50 sen each
under The Genting Employees' Share Option Scheme for Executives were outstanding.
The outstanding options granted in previous years are exercisable as follows:
Exercisable Period Subscription Number of shares
Price per share in thousands
From To RM 2001 2000
15 December 1999 15 December 2004 19.80 3,317 3,412
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