18. BORROWINGS Group Borrowings before Unamortised costs Unamortised costs Borrowings net of unamortised costs S$’000 S$’000 S$’000 2024 Current Secured bank borrowings – Onshore Facility 127,397 (1,533) 125,864 – Offshore Facility 347,396 – 347,396 474,793 (1,533) 473,260 Non-Current Secured bank borrowings – Onshore Facility 7,176 (54) 7,122 Total borrowings 481,969 (1,587) 480,382 2023 Current Secured bank borrowings – Onshore Facility 136,606 (2,810) 133,796 – Offshore Facility 344,248 (1,265) 342,983 480,854 (4,075) 476,779 – Revolving credit facilities 82,300 – 82,300 Total borrowings 563,154 (4,075) 559,079 The maturity of the borrowings are as follows: Group 2024 2023 S$’000 S$’000 Within 1 year 473,260 559,079 After 1 year but within 3 years 7,122 – Measurement of fair value Both the onshore and offshore facilities are interest-bearing borrowings which are repriced upon revision of People’s Bank of China (“PBOC”) Lending Base Rate, Loan Prime Rate (“LPR”), SGD SORA and USD SOFR. The carrying amounts of the borrowings as at reporting date approximate to their corresponding fair values. (a) Onshore Facility The existing onshore facility have been refinanced in full with an aggregate principal amount of up to RMB745,500,000 (S$138,961,000) in May 2023. The restructuring of the Onshore Facility has been completed following the entry into an Onshore Supplementary agreement dated 16 July 2024. The onshore borrowers are the Group’s subsidiaries namely, Hangzhou Chongxian Port Investment Co., Ltd., Hangzhou Bei Gang Logistics Co., Ltd., Zhejiang Hengde Sangpu Logistics Co., Ltd. and Zhejiang Fuzhou E-Commerce Co., Ltd. (collectively, “Onshore Borrowers”). ANNUAL REPORT 2024 103 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024
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