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RELATED PARTY TRANSACTIONS | 12 Months Ended
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Dec. 31, 2022
Related party transactions [abstract] |
RELATED PARTY TRANSACTIONS | 24. RELATED PARTY TRANSACTIONS The related parties are defined as affiliates of our Company; entities for which investments are accounted for by the equity method by our Company; the principal owners of our Company; its management; members of the immediate families of the principal owners of our Company and its management. Moon View Venture Limited (“Moon View”), PEWC, Singapore Branch, PEWC Singapore Co. (Pte) Ltd., Taiwan Submarine Cable Co., Ltd, and PEWC (HK) are controlled by PEWC. Moon View is the immediate holding company of our Company. Italian-Thai Development Public Company Limited (“Italian-Thai”) is the non-controlling shareholder of one of our Company’s operating subsidiaries in Thailand. SPHC is one of our Company’s equity investees. Fujikura Limited is a non-controlling shareholder of one of our Company’s operating subsidiaries in Thailand. 24(a) Outstanding balance with related parties The following table provided the total amount of outstanding balance at December 31, 2022 and 2021.
|  | As of December 31,
|  | 2022 |  | 2021
|  | US$’000 |  | US$’000
Amounts due from related parties |  |  |  |
The ultimate parent company | PEWC | 147 |  |  | 24 |
| PEWC, Singapore Branch | 5 |  |  | 21 |
| PEWC (HK) | 4,177 |  |  | 7,204 |
| Taiwan Submarine Cable Co., Ltd | 65 |  |  | — |
Associate | SPHC | 170 |  |  | 176 |
Non-controlling shareholder of subsidiary | Italian-Thai and its affiliates | 6,454 |  |  | 6,540 |
|  | 11,018 |  |  | 13,965 |
Amounts due to related parties |  |  |  |
The ultimate parent company | PEWC | 14,814 |  |  | 10,075 |
| PEWC Singapore Co. (Pte) Ltd. | 400 |  |  | 400 |
| PEWC (HK) | 26 |  |  | 16 |
Associate | SPHC | 1,362 |  |  | 1,362 |
Others |  | 11 |  |  | 12 |
|  | 16,613 |  |  | 11,865 |
Contract liabilities |  |  |  |
The ultimate parent company | PEWC | 137 |  |  | — |
On July 10, 2020, APWC entered into a secured loan agreement with PEWC as lender. In August 2020, we borrowed the principal amount of $6 million under the Secured Loan from PEWC, pledging our Company’s 98.3% ownership stake in Sigma Cable as collateral. This loan was a straight loan with a fixed interest rate of 3% per annum. In June 2021, such loan was repaid in full to PEWC, and the facility was terminated. 24(b) Transactions with related parties The transactions undertaken with related parties are summarized as follows:
|  |  |  | For the year ended December 31,
|  |  |  | 2022 |  | 2021 |  | 2020
|  |  |  | US$’000 |  | US$’000 |  | US$’000
The ultimate parent company |  |  |  |  |  |  |  |
PEWC |  | Purchases |  | 24,914 |  |  | 20,359 |  |  | 5,742 |
|  | Sales |  | — |  |  | 5,254 |  |  | 90 |
|  | Fabrication income received |  | — |  |  | 25 |  |  | — |
|  | Construction income received |  | 3 |  |  | — |  |  | — |
|  | Management fee received |  | 10 |  |  | — |  |  | — |
|  | Management fee paid |  | 172 |  |  | 153 |  |  | 133 |
|  | Information technology service fee paid |  | 120 |  |  | 113 |  |  | 123 |
|  | Training fee paid |  | — |  |  | 110 |  |  | — |
|  | Interest expenses paid |  | — |  |  | 91 |  |  | 60 |
|  | Rental fee paid |  | 18 |  |  | — |  |  | — |
|  | Materials purchased for interior office redecorating |  | 8 |  |  | — |  |  | — |
PEWC, Singapore Branch |  | Management fee received |  | — |  |  | 14 |  |  | 14 |
PEWC Singapore Co. (Pte) Ltd. |  | Interest expenses paid |  | — |  |  | — |  |  | 12 |
PEWC (HK) |  | Sales |  | 18,309 |  |  | 25,127 |  |  | 17,004 |
|  | Service fee paid |  | 156 |  |  | 219 |  |  | 209 |
Non-controlling shareholder of subsidiary |  |  |  |  |  |  |  |
Italian Thai and its affiliates |  | Sales |  | 8,772 |  |  | 6,613 |  |  | 5,344 |
|  | Construction of factory building expenses |  | — |  |  | 1,651 |  |  | 3,436 |
Others |  | Fabrication cost |  | 277 |  |  | 350 |  |  | 238 |
24(c) Terms and condition of transactions with related parties The sales to and purchases from related parties are based on negotiation by the entities. Outstanding balances at the year-end are unsecured and interest free. There have been no guarantees provided or received for any related party receivables or payables. This assessment is undertaken each financial year through examining the financial position of the related party and the market in which the related party operates. Our Company purchases from PEWC copper rods as raw materials, low to high voltage power cable, and wire for distribution purposes. The purchase price from PEWC is determined by reference to the quoted copper prices on the LME. No sales commission was received from PEWC during the years ended December 31, 2022, 2021 and 2020.

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