18. BORROWINGS (continued) Measurement of fair value (continued) (a) Onshore Facility (continued) On 20 June 2024, Industrial and Commercial Bank of China (“ICBC”), as the only participant in Tranche B of the Onshore Facility, had signed a withdrawal letter from the Onshore Facility (the “ICBC Withdrawal Letter”) stating, among others, that: (a) ICBC would be withdrawing from the Onshore Facility with effect from 20 June 2024 on the basis that ICBC reserves its right to claim any amounts owed or unpaid by the ECW Group under Tranche B of the Onshore Facility (the “Tranche B Outstanding Sum”) against the Sponsor; and (b) ICBC would waive all other rights and interests under the Onshore Facility, including waiving any right ICBC has against the ECW Group to pursue any amounts owed by the ECW Group under the Onshore Facility (including the Tranche B Outstanding Sum). As a result, ICBC is bound by the terms of the ICBC Withdrawal Letter to not make any claim against the ECW Group in connection with any obligations owed by the ECW Group under the Onshore Facility (including the Tranche B Outstanding Sum) up to 20 June 2024 and may instead pursue such claims against the Sponsor. Should ICBC successfully pursue and recover any claim against the Sponsor, the Sponsor will automatically, by operation of PRC law, gain the right to recover the same amount from the ECW Group. For the avoidance of doubt, in this scenario, such amount would remain classified as a non-current liability on the balance sheet of the ECW Group, although it would be reflected as a non-current liability owing to the Sponsor. The blended all-in interest rate for the quarter and 12 months ended 31 December 2024 is 7.0% (2023: 7.2%) and 7.1% (2023: 7.2%) respectively. The blended all-in running interest rate for the quarter and 12 months ended 31 December 2024 was 5.9% (2023: 6.1%) and 6.0% (2023: 5.9%) respectively. (b) Offshore Facility The existing offshore bank loans have been refinanced in full with the aggregate principal of up to S$348,900,000 in May 2023. The offshore borrowers are ECW Treasure Pte. Ltd. (“ECWT”) and Zhejiang Fuzhou E-commerce Co. Ltd. (“Offshore Borrowers”). The Offshore Facility is secured by: i) An unconditional and irrevocable guarantee from the Singapore Holding Companies, Flutric Investments Limited (the “BVI Holding Company”) and the Trustee (in its capacity as trustee of ECW) on a joint and several basis; ii) A charge over the entire issued share capital of each of the Singapore Holding Companies, the BVI Holding Company and ECW Treasure Pte. Ltd. (“ECWT”); iii) A pledge over the entire issued equity interest of each of Hangzhou Chongxian Port Investment Co., Ltd., Hangzhou Bei Gang Logistics Co., Ltd., Hangzhou Fu Heng Warehouse Co., Ltd., Zhejiang Hengde Sangpu Logistics Co., Ltd., Wuhan Fute Logistics Co., Ltd. and Zhejiang Fuzhou E-commerce Co., Ltd.; iv) A mortgage over each of the Properties and a floating mortgage over the assets of Zhejiang Fuzhou E-commerce Co., Ltd., in each case, securing the term loan facility of S$9,778,333.56 and US$2,017,518.86; and ANNUAL REPORT 2024 105 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024
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