v3.26.3
BANK BORROWINGS
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
BANK BORROWINGS

NOTE－9 BANK BORROWINGS

 

Bank borrowings consisted of the following:

 

          $’000   $’000 
  

Term of

repayments

 

Annual

interest rate

   As of June 30, 2026   As of December 31, 2025 
          $’000   $’000 
                
Term loans  2 to 10 years   2.00%-3.75%   4,611    5,107 
                   
Trust receipts  Within 12 months   1.65%-7.25%   13,282    13,004 
Bank overdraft  Within 12 months   -%   139    114 
Revolving loan  Within 12 months   6.45%   697    702 
                   
Bank borrowings           18,729    18,927 
                   
Representing                  
Within 12 months           17,578    17,686 
Over 1 year           1,151    1,241 
                   
Bank borrowings           18,729    18,927 

 

As of June 30, 2026 and December 31, 2025, bank borrowings were obtained from several financial institutions in Singapore, which bear annual interest at a fixed rate from approximately 1.65% to 7.25% and are repayable in 1 months to 10 years.

 

Interest related to the bank borrowings was approximately $0.5 million and approximately $0.7 million and for the six months ended June 30, 2026 and 2025, respectively.

 

The Company’s bank borrowings are guaranteed under personal guarantees from CE Neo, Jimmy Neo, Edward Neo and CK Neo and a corporate guaranty from Soon Aik.