Asia-Pacific Strategic Investments Limited - Annual Report 2021

Notes to the Financial Statements For the financial year ended 30 June 2021

23

Borrowings

Group

Company

2021

2021

2020

2020

S$’000

S$’000

S$’000

S$’000

Current Term loans

1,453

1,204

1,971

-

138

93

Lease liabilities

356

313 313

1,591

1,297

2,327

Non-current Term loans

9,793

3,797

5,000

5,000

5

-

Lease liabilities

66

5

9,798

3,797

5,066

5,005

11,389

5,094

Total borrowings

7,393

5,318

(a)

Security granted

(i) The Group secured a term loan facility of S$1,971,000 (equivalent to RMB10.0 million) for working capital purposes from a licensed bank in the PRC. The term loan bears an interest of 4.5% per annum and is secured over a leasehold land measuring 10,638m 2 and the hotel building erected on the leasehold land owned by the Group, in Huzhou, PRC (Note 19) (the “Hotel Collateral”) and a corporate guarantee by Zhongfang Lianhe Grand Canal Cultural Tourism Group Co., Ltd, a subsidiary corporation of the Company. The term loan was fully drawn down in January 2020 and was repaid in full in December 2020. (ii) The Group was granted a term loan facility of S$5,000,000 for working capital purposes from a licensed bank in Singapore. The term loan bears an interest of 2.5% per annum and is secured against a deed of undertaking from Dato’ Dr Choo Yeow Ming (“Dato’ Choo”), the Chairman and Chief Executive Officer of the Group, to top up any principal and interest shortfall. The term loan has a tenor of 5 years and was fully drawn down in June 2020. It is repayable in 47 monthly principal and interest instalments of S$109,571 commencing on 16 July 2021 and the final principal and interest instalment of S$109,670 falling on 16 June 2025.

ASIA-PACIFIC STRATEGIC INVESTMENTS LIMITED

98