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BANK LOANS
 6 Months Ended
Jun. 30, 2025
Bank Loans  
BANK LOANS

9. BANK LOANS

 

The bank loans as of December 31, 2024 and June 30, 2025 are set out below:

                   
Bank loans   Currency  

Maturity

Period

  

Effective

Interest rate

   Carrying amount
                  US$’000  
Secured fixed rate bank loan   SGD   2026   4.5%     111  
Secured fixed rate bank loan   SGD   2027   4.5%     66  
Secured fixed rate bank loan   SGD   2026   4.5%     145  
December 31, 2024                 322  
                     
Secured fixed rate bank loan   SGD   2026   4.5%     88  
Secured fixed rate bank loan   SGD   2027   4.5%     53  
Secured fixed rate bank loan   SGD   2026   4.5%     83  
Secured floating rate short term borrowings *   USD   2025   6.5%     3,630  
June 30, 2025                 3,854  

 

*

Trade financing facilities from a bank were granted to the Company, which was disclosed in note 15. As of Jun 30, 2025, USD3,630,310 of the trade financing facilities have been utilized. The trade facilities were paid to the suppliers by the bank directly at the Company’s instruction and the Company reports operating cash outflows and financing cash inflows on the consolidated statements of cash flows to depict the substance of these transactions.

 

The facilities are secured by a corporate guarantee executed by the Company, a fixed charge over the Company’s Sales Collection Account, a first deed of debenture over all goods and receivables financed by the bank, and an assignment and charge over contracts and proceeds financed under the facility.

 

The following table summarizes the maturity of bank loans as of December 31, 2024 and June 30, 2025:

                    

 

 

Bank loans

  Carrying amount   Within 1 year   2026   2027 
   US$’000   US$’000   US$’000   US$’000 
Secured fixed rate bank loan   111    54    57    – 
Secured fixed rate bank loan   66    31    32    3 
Secured fixed rate bank loan   145    134    11    – 
December 31, 2024   322    219    100    3 

 

   Carrying amount   Within 1 year   2027 
   US$’000   US$’000   US$’000 
Secured fixed rate bank loan   88    58    30 
Secured fixed rate bank loan   53    33    20 
Secured fixed rate bank loan   83    83    – 
Secured floating rate short term borrowings   3,630    3,630    – 
June 30, 2025   3,854    3,804    50 

 

The interest expenses for bank loans were US$10,693 and US$130,952, for the six months ended June 30, 2024 and 2025, respectively.