v3.26.1
Other reserves
 12 Months Ended
Dec. 31, 2025
Other reserves [Abstract]  
Other reserves
15.
Other reserves

 
 		  
 
2025
US$’000
    
 
2024
US$’000
    
 
2023
US$’000
  
(a)          Composition:
                        
Share-based payment reserve
    
6,589
      
3,918
      
3,788
  
Hedging reserve
    
7,826
      
20,705
      
39,312
  
Capital reserve
    
480,270
      
482,382
      
(25,137
)
Translation reserve
    
127
      
(198
)
    
(63
)
Fair value reserve
    
(26,051
)
    
10,906
      
9,720
  
 
    
468,761
      
517,713
      
27,620
  

 
 		  
 
2025
US$’000
    
 
2024
US$’000
    
 
2023
US$’000
  
(b)          Movements of the reserves
  
     
     
   
   
     
     
   
Hedging reserve
  
     
     
   
At beginning of the financial year
  
20,705
    
39,312
    
68,458
  
Fair value (losses)/gains on cash flow hedges
  
(2,822
)
  
14,522
    
13,378
  
Reclassification to profit or loss
  
(10,057
)
  
(33,129
)
  
(42,524
)
At end of the financial year
  
7,826
    
20,705
    
39,312
  

 
     
     
   
Fair value reserve                        
At beginning of the financial year
    
10,906
      
9,720
      
—
  
Fair value (losses)/gains on revaluation
    
(36,957
)
    
1,186
      
9,720
  
At end of the financial year
    
(26,051
)
    
10,906
      
9,720
  

More information about derivatives used as hedges is disclosed in Note 8.

Capital reserve

Capital reserve comprises of reversal of the cost of the treasury shares acquired and recorded in the treasury shares account against the option price on those shares upon exercise of employees share options during the financial year.

During the financial year ended 31 December 2024, the contributed surplus amounted to US$537.1 million was reclassified to capital reserve, following the Company’s re-domiciliation from Bermuda to Singapore on 1 October 2024.

Translation reserve

The foreign currency translation reserve represents exchange differences arising from the translation of the consolidated financial statements of foreign operations whose functional currencies are different from that of the Group’s presentation currency.

Fair value reserve

The fair value reserve comprises the cumulative net change in the fair value of equity investments which were accounted as FVOCI.

Share-based payment reserve

The Company operates seven equity-settled share-based compensation plans, namely the LTIP and RSU. As at 31 December 2025, the LTIP 2019, 2020, 2021 and 2022 have been fully awarded. Under the LTIP 2023, at the end of the vesting periods between 2023 and 2026, common shares of 1,730,689 may be acquired by employees of the Company at a predetermined exercise price. Under the LTIP 2024, at the end of the vesting periods between 2024 and 2027, common shares of 1,909,244 may be acquired by employees of the Company at a predetermined exercise price. Under the LTIP 2025, at the end of the vesting periods between 2025 and 2028, common shares of 2,488,395 may be acquired by employees of the Company at a predetermined exercise price. Under the RSU, at the end of the vesting period between 2022 and 2025, RSUs of 121,948 may be awarded to certain employees of the Company.

As at 31 December 2024, the LTIP 2019, 2020, 2021 and 2022 have been fully awarded. Under the LTIP 2023, at the end of the vesting periods between 2023 and 2026, common shares of 1,849,428 may be acquired by employees of the Company at a predetermined exercise price. Under the LTIP 2024, at the end of the vesting periods between 2024 and 2027, common shares of 2,032,414 may be acquired by employees of the Company at a predetermined exercise price. Under the RSU, at the end of the vesting periods between 2022 and 2025, RSUs of 462,356 may be awarded to certain employees of the Company.