COMMITMENTS AND CONTINGENCIES |
3 Months Ended | ||
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Mar. 31, 2026 | |||
| Commitments and Contingencies Disclosure [Abstract] | |||
| COMMITMENTS AND CONTINGENCIES |
Contingencies
The Company accounts for loss contingencies in accordance with ASC Topic 450 and other related guidelines.
At the end of the reporting period, there were contingent liabilities of maximum USD 1.91 million (December 31, 2025: USD 1.91 million) in respect of the subsidiary providing a corporate guarantee to a bank for securing the general banking facilities granted to both the subsidiary and a related company wholly owned by Mr. Tam Hin Wah Anthony.
This guarantee represents a contingent liability, as the Company may be required to perform under the guarantee in the event of default by the related company. As of March 31, 2026 and December 31, 2025, no liability has been recognized in the consolidated financial statements, as management has determined that the likelihood of payment under the guarantee is not probable.
The Company will continue to monitor the financial condition of the related company and assess the need for recognition of a liability in accordance with ASC Topic 450.
As of March 31, 2026 and December 31, 2025, except as disclosed above, the Company’s management is not aware of any other material commitments or contingencies.
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