Note
9 Credit facilities
As
of December 31, 2024 and 2023, bank loan consisted of the following:
Schedule of bank loan
| | |
| |
HK$’000 | | |
HK$’000 | |
| | |
| |
December 31 | |
| Bank Name | |
Nature of Loan | |
2023 | | |
2024 | |
| | |
| |
HK$’000 | | |
HK$’000 | |
| Bank of China (Hong Kong) | |
Revolving loan(1) | |
| 11,000 | | |
| 11,000 | |
| Total | |
| |
| 11,000 | | |
| 11,000 | |
| |
(1) |
This
loan is a revolving loan up to HK$11,000,000, carries an interest of 2.25% below Hong Kong prime rate and is collateralized by the Company’s
office premises located in Hong Kong; a Hong Kong property jointly owned by Mr. Li and his spouse and a personal guarantee from Mr.
Li. This loan was first drawn down on October 22, 2018 and has been rolled over for every six-month period. The Company recognized
this loan as short-term bank borrowing in its consolidated financial statements. The security charged over the Company’s office
premises located in Hong Kong was released since September 29, 2022. |
Interest
expenses incurred from bank borrowings were HK$474,000,
HK$396,000 and
HK$313,000 for the years ended December 31, 2024, 2023 and 2022, respectively. The interest expense represented the weighted average
interest rate of 3.6%, 3.6%
and 2.8%, respectively, for the years ended December 31, 2024, 2023 and 2022.
|