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Bank borrowings | 12 Months Ended
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Dec. 31, 2023
ZHEJIANG TIANLAN |
Bank borrowings |
12. | Bank borrowings
|  | December 31, |
|  | 2023 |  |  | 2022 |
|  | RMB’000 |  |  | RMB’000 |
Bank loans borrowed by the Company (note i) |  |  | 1,502 |  |  |  | 501 |
Bank loans borrowed by subsidiaries of the Company (note ii) |  |  | 5,007 |  |  |  | 5,007 |
|  |  | 6,509 |  |  |  | 5,508 |
| (i) | The bank loans are denominated in Renminbi and are repayable within 1 year. The bank loans borrowed by the Company as of December 31, 2023 bears interest at fixed rates of 4.05% (2022: 3.85%) per annum. Interest paid during the year ended December 31, 2023 was approximately RMB32,000 (2022: RMB408,000 and 2021: RMB253,000).
| (ii) | The bank loans are denominated in Renminbi and are repayable within 1 year. The bank loans borrowed by subsidiaries of the Company as of December 31, 2023, bears interest at a fixed rate of 5.3 % (2022: a fixed rate of 4.85 %) per annum and are secured by the subsidiary’s office premises and leasehold improvements and land use right. Interest paid during the year ended December 31, 2023 was approximately RMB221,000 (2022: RMB218,000 and 2021: RMB427,000).

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