20. DEFERRED GOVERNMENT GRANT Group 2024 2023 S$’000 S$’000 Deferred government grant 699 751 21. UNITS IN ISSUE Group and ECW 2024 2023 S$’000 S$’000 Units in issue Beginning of the year 809,838 809,838 Issue of Units: – Manager’s performance fees paid in units – – End of the year 809,838 809,838 During the financial year, no new Units was issued (2023: no new Units), in respect of the payment of management fees in Units. For prior issuance of units, the issue price was determined based on the volume-weighted average price for all trades done on SGX-ST in the ordinary course of trading for the last 10 business days of the relevant quarter on which the fees accrued. Each unit in the ECW represents an undivided interest in the REIT. The rights and interests of Unitholders are contained in the Trust Deed and include the right to: • receive income and other distributions attributable to the units held; • participate in the termination of ECW by receiving a share of all net cash proceeds derived from the realisation of the assets of ECW less any liabilities, in accordance with their proportionate interests in ECW. However, a Unitholder does not have the right to require that any assets (or part thereof) of ECW be transferred to him; and • attend all Unitholders’ meetings. The Trustee or the Manager (and the Manager shall at the request in writing of not less than 50 Unitholders or Unitholders representing not less than 10% of the issued units of ECW) may at any time convene a meeting of Unitholders in accordance with the provisions of the Trust Deed. A Unitholder’s liability is limited to the amount paid or payable for any units in ECW. The provisions of the Trust Deed provide that no Unitholder will be personally liable to indemnify the Trustee or any creditor of the Trustee in the event that the liabilities of ECW exceed its assets. 22. LEASES – THE GROUP AS A LESSEE Nature of the Group’s leasing activities Leasehold land The Group has made an upfront payment to secure the right-of-use of the leasehold land with remaining terms of lease from 27.2 to 40.5 years, which is used in the Group’s operations. This leasehold land is recognised within investment properties (Note 14). There is no externally imposed covenant on these lease arrangements. EC WORLD REIT 110 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024
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