29 Short term borrowings and medium term loans
Short term borrowings and medium term loans
Short term borrowings
Short-term borrowings
| 2020 | 2019 | |||
| AED’000 | AED’000 | |||
| At 1 January | 173,100 | 27,600 | ||
| Proceeds received | 298,160 | 160,000 | ||
| Repayments | (173,100) | (14,500) | ||
| ———————— | ———————— | |||
| At 31 December | 298,160 | 173,100 | ||
| ============= | ============= |
These short-term borrowings carry variable interest rates ranging from 2.44 % p.a to 6.00% p.a (2019: 4.10% p.a to 6.00% p.a).
Medium term loans
| 2020 | 2019 | |||
| AED’000 | AED’000 | |||
| At 1 January | 100,003 | 183,335 | ||
| Proceeds received | – | |||
| Repayments | (75,003) | (83,332) | ||
| ———————— | ———————— | |||
| At 31 December | 25,000 | 100,003 | ||
| ============= | ============= |
|
Obtained In |
Matures in |
Approved facility line AED ‘000 |
Repayment schedule | Interest rate |
|
24 May 2017 |
2020 |
100,000 |
11 equal instalments of AED 8,333 thousand plus interest and one final instalment (12th) covering the residual utilisation amount plus interest. |
3 months EIBOR + 2.10% p.a. |
|
21 June 2018 |
2021 |
150,000 |
5 equal instalments of AED 25,000 thousand plus interest and one final instalment (6th) covering the residual utilisation amount plus interest. |
3 months EIBOR + 2.10% p.a. |
Short term borrowing and/or medium term loans are subject to financial covenants that are customary to credit facilities of such nature.
