The Group has the following bank loans: a) On 26 July 2021, a commercial property loan of US$3,872,437 was drawn by the Company. In 2024, the Company pledged a deposit of US$860,000 in favour of the bank (Note 7) as part of a repricing arrangement. The loan was secured by the Company’s previous office premise at 7 Temasek Boulevard, #39-02 Suntec Tower One, Singapore 038987. On 3 March 2026, the loan has been fully settled following the sale of the office space, with the proceeds of S$5.3 million received (net of loan settled of S$3.2 million). b) On 12 May 2023, a heavy equipment financing loan of US$6,792,555 was drawn by TBR. Repayments commenced on 5 June 2023 and will continue until 5 May 2027. The loan is secured by the heavy equipment financed by the loan, whose total carrying amount is US$5,570,127 (2024 : US$6,338,421) (Note 15). The loan bears interest rate of 9.00% per annum, subject to changes to the bank’s prevailing rate from time to time. c) On 29 September 2025, the Group secured loan facilities of US$275 million with a bank (“Loan Facilities”). The Group drew down US$255 million and US$20 million from the Loan Facilities on 30 September 2025 and 8 January 2026, respectively. The Loan Facilities is extended to the Company and one of its subsidiaries, PT Geo Energy Investama (“GII”, together with the Company, the “Borrowers”) at US$115 million and US$160 million, respectively. The Loan Facilities will mature 5 years from 29 September 2025 and is secured by the shares of certain subsidiaries of the Company. The Loan Facilities of US$255 million and US$20 million bear interest rate per annum of 2.95% above the term secured overnight financing rate and 3.15% above the Indonesia overnight index average, respectively, for the relevant period. The Group made interest payments in December 2025, with principal and subsequent interest payments to be made in June and December on a semi-annual basis. The net carrying amounts of the Loan Facilities are stated net of transaction costs totalling US$3,977,033, of which US$1,073,150 is the balance unamortised transaction costs from the previous loan facilities that were refinanced. Such costs are amortised over the life of the Loan Facilities by charging the expenses to profit or loss and increasing the net carrying amount of the Loan Facilities with the corresponding amount. During the year, the Group recorded amortisation amounting to US$856,605 (2024 : US$566,870). NOTES TO FINANCIAL STATEMENTS 31 December 2025 21 LEASE LIABILITIES The Group does not face a significant liquidity risk with regard to its lease liabilities. Lease liabilities are monitored within the Group’s treasury function. As at 31 December 2025, the Group’s lease liabilities are secured by its right-of-use assets (Note 16). 22 BANK BORROWINGS 2025 2024 US$ US$ The Group as lessee Maturity analysis: Within 1 year 123,022 5,754,586 Between 1 and 5 years 23,182 98,376 146,204 5,852,962 Less: Unearned interest (6,299) (25,848) 139,905 5,827,114 Analysed as: Current 118,270 5,743,162 Non-current 21,635 83,952 139,905 5,827,114 Group Company 2025 2024 2025 2024 US$ US$ US$ US$ Secured borrowings at amortised cost: Bank loans 262,983,862 228,047,254 123,102,192 28,686,644 262,983,862 228,047,254 123,102,192 28,686,644 Analysed as: Current 13,702,497 19,768,734 5,956,102 1,562,988 Non-current 249,281,365 208,278,520 117,146,090 27,123,656 262,983,862 228,047,254 123,102,192 28,686,644 100
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