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BANK BORROWINGS
 12 Months Ended
Dec. 31, 2022
Broker-Dealer [Abstract]  
BANK BORROWINGS

NOTE－9 BANK BORROWINGS

 

Bank borrowings consisted of the following:

 

                
   Terms of   Annual    As of December 31,  
   repayments  interest rate   2022   2021 
          $’000   $’000 
                
Term loans    2 to 5 years      2.7% - 3.5%   2,502    3,844 
Trust receipts    Within 12 months      2.85%   6,826    5,278 
Bank overdraft    Within 12 months      5.25%   281    - 
Mortgage loan    10 years      2.77%   2,428    3,204 
                   
Total           12,037    12,326 
                   
Representing                  
Within 12 months           8,862    7,412 
Over 1 year           3,175    4,914 
                   
Total           12,037    12,326 

 

As of December 31, 2022 and 2021, bank borrowings were obtained from several financial institutions in Singapore, which bear annual interest at a fixed rate from 2.7% to 3.5% and are repayable in 12 months to 10 years, and bank overdraft at 5.25% from financial institution in Singapore.

 

The Company’s bank borrowings are guaranteed under the personal from Mr. James Lim and Ms. Lee NG and mortgage of leasehold property at 22 Gul Avenue, Singapore 629662.