28. BANK BORROWINGS (CONTINUED) The Group bank borrowings are as follows (Continued): c) Term loan III The Group entered into a banking facility amount to $2,000,000 on 9 April 2020. The facility is a temporary bridging loan under the Enterprise Financing Scheme for working capital requirements. The loan carries an interest at 2.75% (2023: 2.75%) per annum and is repayable over 60 monthly instalments. The loan is secured by the corporate guarantee provided by the Company. As at the end of reporting period, the outstanding borrowings amounted to $432,000 (2023: $854,000), comprising of both current and non-current loan amount of $432,000 (2023: $422,000) and $Nil (2023: $432,000) respectively. The Group is up to date with the scheduled repayments of the term loans and does not consider it probable that the banks will exercise its discretion to demand repayment for so long as the Group continues to meet the requirements. Further details of the Group’s management of liquidity risk are set out in Note 36 to the financial statements. Management estimates that the carrying amounts of the Group’s borrowings approximate their fair values as these borrowings are at floating interest rates and repriced regularly. Undrawn banking and credit facilities As at 30 September 2024, the Group has undrawn banking and credit facilities of $13.5 million (2023: $43.3 million) in respect of which all conditions precedent had been met. 29. LEASE LIABILITIES Land Equipment Motor Vehicles Dormitories/ Office Total $’000 $’000 $’000 $’000 $’000 Group Balance at 1 October 2023 (Restated) 4,573 429 129 1,812 6,943 Additions 29 – 146 – 175 Interest expenses (Note 6) 158 19 8 44 229 Repayment during the financial year – Principal portion (486) (75) (67) (1,735) (2,363) – Interest portion (158) (19) (8) (44) (229) Balance at 30 September 2024 4,116 354 208 77 4,755 119 ANNUAL REPORT 2024 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2024
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