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PROPERTY AND EQUIPMENT, NET
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT, NET

NOTE－6 PROPERTY AND EQUIPMENT, NET

 

Property and equipment consisted of the following:

 

    $’000    $’000 
   As of December 31, 
   2024   2023 
    $’000    $’000 
           
At cost          
Leasehold buildings   1,031    1,055 
Leasehold improvement   146    50 
Tools and equipment   44    45 
Furniture, fixtures and fittings   299    109 
Office equipment   12    12 
Computer equipment   64    65 
Motor vehicles   745    797 
Air-conditioner   16    - 
Machinery & equipment   929    - 
Assets in progress   -    455 
          
Property and equipment, gross   3,286    2,588 
Less: accumulated depreciation   (1,598)   (1,130)
           
Property and equipment, net   1,688    1,458 

 

Depreciation expense for the financial years ended December 31, 2024, 2023 and 2022 were approximately $0.5 million, approximately $0.5 million and approximately $0.2 million, respectively.

 

Property and equipment under finance leasing arrangements classified under motor vehicles as of December 31, 2024 and 2023 amounted to approximately $0.2 million and approximately $0.3 million, respectively. Details of such leased assets are disclosed in Note 8.

 

Right-of-use assets under operating leasing arrangements classified under leasehold buildings as of December 31, 2024 and 2023 amounted to approximately $0.3 million and approximately $0.6 million, respectively. Details of such leased assets are disclosed in Note 8.