| BANK AND OTHER BORROWINGS |
| 17 |
BANK AND OTHER BORROWINGS |
| | |
December 31, 2024 | | |
December 31,
2025 | |
| | |
US$ | | |
US$ | |
| At beginning of the year | |
| 201,033 | | |
| 182,391 | |
| Disposal of controlling interest in subsidiaries | |
| - | | |
| (191,270 | ) |
| Payment | |
| (23,989 | ) | |
| (9,673 | ) |
| Currency alignment | |
| 5,347 | | |
| 18,552 | |
| At end of the year | |
| 182,391 | | |
| - | |
| | |
December 31,
2024 | | |
December 31,
2025 | |
| | |
US$ | | |
US$ | |
| Bank borrowings | |
| | |
| |
| - Current | |
| 26,239 | | |
| - | |
| - Non-current | |
| 21,936 | | |
| - | |
| | |
| 48,175 | | |
| - | |
| | |
| | | |
| | |
| Other borrowings
– current | |
| 134,216 | | |
| - | |
| | |
| | | |
| | |
| Total borrowings | |
| 182,391 | | |
| - | |
| | |
| | | |
| | |
| The Company borrowings is presented as : | |
| | | |
| | |
| Current | |
| 160,455 | | |
| - | |
| Non-current | |
| 21,936 | | |
| - | |
| | |
| 182,391 | | |
| - | |
Notes:
This
is made up of the following loans:
| | Loan 1 : | A principal amount of RM 200,000 from a financial institution, which charged an interest rate at 3.50% (2024: 3.50%) per annum and repayable over 60 months in equal monthly instalments (principal and interest) of RM 3,639. The maturity date is June 2026. During the financial year, the loan was derecognized following the disposal of the subsidiary to which the borrowing related. Accordingly, the outstanding loan balance was removed from the Group’s consolidated statement of financial position upon completion of the disposal. | | | Loan 2 : | A principal amount of RM 300,000 from a financial institution, which charged a fixed interest rate at 3.50% (2024: 3.50%) per annum and repayable over 60 months in equal monthly instalments (principal and interest) of RM 6,136. The maturity date is October 2026. During the financial year, the loan was derecognized following the disposal of the subsidiary to which the borrowing related. Accordingly, the outstanding loan balance was removed from the Group’s consolidated statement of financial position upon completion of the disposal. |
The
bank borrowings of the Company are secured against:
| | a) | Guarantee in favour of the lender by Credit Guarantee Corporation (“CGC”) under the portfolio guarantee scheme for 70% of the approved limit; |
| |
b) |
Corporate guarantee in
favour of the lender by a company which Khoo Ter Kern @ Stanley Khoo, the director has interests; |
| | c) | Assignment of single premium reducing term plan issued by Sun Life Malaysia Assurance Berhad under Khoo Ter Kern @ Stanley Khoo, a director of the Company, for the sum insured of not less than RM 150,000 to the lender; and |
| |
d) |
Jointly and severally guaranteed
in favour of the lender by Khoo Ter Kern @ Stanley Khoo, a director of the Company. |
This
relates to redeemable preference shares issued by a subsidiary. The redeemable preference shares are liability in nature as the subsidiary
has to redeem the shares at a particular date by paying agreed amount to the holder of the shares. Non-discretionary dividends paid on
redeemable preference shares is recorded as expenses in income statement as any return paid towards liabilities is treated as an interest
expense in the income statement.
The
redeemable preference shares have a face value of RM 600,000 representing 600,000 shares at RM 1.00 each. It is redeemable at a fair
value of RM 600,000.
|