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Borrowings
 12 Months Ended
Dec. 31, 2025
Borrowings [Abstract]  
Borrowings

14. Borrowings

 

The borrowings consisted of the following:

   At December 31, 
   2025   2024 
Term loan I  $14,446   $61,437 
Term loan II   174,243    170,517 
Less borrowings – current   (28,909)   (60,413)
Borrowings – non-current  $159,780   $171,541 

 

Term Loans

 

On July 23, 2020, the Company entered into a term loan agreement with a bank institution for a total facility of $240,211 with a maturity date 66 months from the drawdown date, August 28, 2020. This loan has a moratorium period of six months on both principal and profit and the Company shall make 60 monthly instalments commencing on March 29, 2021 for 60 instalments. The loan bears an interest rate of 3.5% per annum. This loan is secured by an asset sale agreement over Shariah compliant commodities, joint and several guarantees of certain directors of Win-Fung and a corporate guarantee provided by the Credit Guarantee Corporation Malaysia Berhad (CGC).

 

On August 17, 2020, the Company entered into a term loan agreement with a bank institution for a total facility of $239,499 with a maturity date 180 months from the drawdown date, December 8, 2020, where the first instalment commenced on January 1, 2021. The loan bears an interest rate of 3.2% per annum. This loan is secured by several asset sale agreements over Shariah compliant commodities, several joint and several guarantees of certain directors of Win-Fung, a legal charge over Win-Fung’s factory and a letter of subordination of advances from directors.

 

The annual maturities of the principal amount of both term loans as of December 31, 2025 are as follows:

 

   Annual
Maturities		 
2026  $28,909 
2027   15,082 
2028   15,711 
2029   16,401 
2030   17,103 
Thereafter   95,483 

Total

  $188,689