141 ANNUAL REPORT 2024 Notes to The Financial Statements 31 December 2024 22. Cash and bank balances (cont’d) 22B. Reconciliation of liabilities arising from financing activities 2023 Cash flows Non-cash changes (a) (b) 2024 $ $ $ $ Long term bank loans 916,667 (500,000) – 416,667 Bill payables 13,309,198 1,940,567 (22,621) 15,227,144 Short term bank loans 13,656,750 (4,736,990) – 8,919,760 Lease liabilities 2,898,193 (522,187) 731,790 3,107,796 Total liabilities from financing activities 30,780,808 (3,818,610) 709,169 27,671,367 2022 Cash flows Non-cash changes (a) (b) 2023 $ $ $ $ Long term bank loans 1,416,667 (500,000) – 916,667 Bill payables 19,760,870 (6,447,488) (4,184) 13,309,198 Short term bank loans 14,195,816 (528,590) (10,476) 13,656,750 Lease liabilities 2,729,539 (598,522) 767,176 2,898,193 Total liabilities from financing activities 38,102,892 (8,074,600) 752,516 30,780,808 Included in non-cash changes: (a) Foreign exchange movements (b) Interest expenses, additions and lease modification (Note 27) 23. Share capital Group and Company Number of shares issued Share capital $ Ordinary shares of no par value: Balance at 1 January 2023, 31 December 2023 and 31 December 2024 133,300,000 15,892,028 The ordinary shares of no par value are fully paid, carry one vote each and have no right to fixed income. The Company is not subject to any externally imposed capital requirements. In order to maintain its listing on the Singapore Stock Exchange it has to have share capital with a free float of at least 10% of the shares. The Company met the capital requirement on its initial listing and the rules limiting treasury share purchases mean it will automatically continue to satisfy that requirement, as it did throughout the reporting year. Management receives a report from the share registrars frequently on substantial share interests showing the non-free float to ensure continuing compliance with the 10% limit throughout the reporting year. The Company is a Catalist company and had appointed a sponsor to comply with the Catalist Rules and to facilitate certain corporate actions including rights issues, placement of shares, warrants or other convertible securities for cash, major transactions, transactions requiring shareholders’ approval and schemes of arrangement.
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