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INVESTMENTS IN ASSOCIATES | 12 Months Ended
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Dec. 31, 2023
Disclosure of associates [abstract] |
INVESTMENTS IN ASSOCIATES | INVESTMENTS IN ASSOCIATES 19(a) Associates of our Company
|  |  | Percentage of equity interest
|  |  | As of December 31
Company Name | Nature of business | Country of incorporation | 2023 |  | 2022
Shandong Pacific Rubber Cable Co., Ltd. (“SPRC”) | Manufacturing of rubber cable | PRC | 25.00% |  | 25.00%
Siam Pacific Holding Company Limited (“SPHC”) | Investment & holding company | Thailand | 49.00% |  | 49.00%
Loxpac (Thailand) Company Limited (“Loxpac”) (Formerly known as “Loxley Pacific Co., Ltd.) | Providing telecommunication service | Thailand | 21.39% |  | 21.39%
Loxpac Hong Kong Co., Limited (“Loxpac HK”) (Formerly known as “Loxley Pacific Hong Kong Co., Limited” ) | Investment & holding company | Hong Kong | 23.10% |  | 23.10%
19(b) Carrying amounts of investment in associates
| As of December 31,
| 2023 |  | 2022
| US$’000 |  | US$’000
At January 1 | 805 |  |  | 835 |
Share of loss of associates | (2) |  |  | (1) |
Exchange difference | 7 |  |  | (29) |
At December 31 | 810 |  |  | 805 |
The investments in SPRC, Loxpac and Loxpac HK have been fully impaired. 19(c) Summarized financial information for associates The following table summarized financial information of our Company’s investments in associates:
| As of December 31,
| 2023 |  | 2022
| US$’000 |  | US$’000
Summarized financial information of SPHC: |  |  |
Current assets | 4 |  |  | 1 |
Non-current assets | 1,835 |  |  | 1,818 |
Current liabilities | (2) |  |  | (2) |
Non-current liabilities | (184) |  |  | (176) |
Equity | 1,653 |  |  | 1,641 |
Reconciliation to our Company’s investments in associates: |  |  |
Percentage of equity interest | 49% |  | 49%
Carrying amount of the investment | 810 |  |  | 805 |
| For the year ended December 31,
| 2023 |  | 2022 |  | 2021
| US$’000 |  | US$’000 |  | US$’000
Summarized financial information of SPHC: |  |  |  |  |
Revenue | — |  |  | — |  |  | — |
Loss for the year | (4) |  |  | (3) |  |  | (2) |
Reconciliation to our Company’s investments in associates: |  |  |  |  |
Percentage of equity interest | 49% |  | 49% |  | 49%
Share of the associates’ loss for the year: | (2) |  |  | (1) |  |  | (1) |
As of December 31, 2023 and 2022, our Company's associates had no contingent liabilities or capital commitments.

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