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RIGHT-OF-USE (“ROU”) ASSETS AND LEASE PAYABLE
 12 Months Ended
Dec. 31, 2023
Right-of-use Rou Assets And Lease Payable  
RIGHT-OF-USE (“ROU”) ASSETS AND LEASE PAYABLE

7. RIGHT-OF-USE (“ROU”) ASSETS AND LEASE PAYABLE

 

The right-of-use assets relate to leases of industrial lands in Singapore, certain plant and machinery, furniture and fittings and motor vehicles under a number of leases.

 

The Company recognized operating lease ROU assets and lease liabilities as follows:

 

   SGD’000   SGD’000   USD’000 
   December 31, 2022   December 31, 2023   December 31, 2023 
   SGD’000   SGD’000   USD’000 
Operating lease ROU asset   1,448    1,843    1,397 

 

   SGD’000   SGD’000   USD’000 
   December 31, 2022   December 31, 2023   December 31, 2023 
   SGD’000   SGD’000   USD’000 
Operating lease liabilities               
Current portion   280    300    227 
Non-current portion   1,406    1,283    973 
Total   1,686    1,583    1,200 

 

The operating lease ROU asset with carrying amount of SGD676 thousand and SGD804 thousand (US$609 thousand) are pledged with a bank to secure bank loans (Note 9) as of December 31, 2022 and 2023 respectively.

 

 

As of December 31, 2023, future minimum lease payments under the non-cancelable operating leases are as follows:

 

Future payment  SGD’000   USD’000 
2024   300    227 
2025   294    223 
2026   232    176 
2027   91    69 
2028   28    21 
Thereafter   638    484 
 Total   1,583    1,200 

 

The following summarizes other supplemental information about the Company’s operating lease as of December 31, 2023:

 

Weighted average discount rate   4.45%
Weighted average remaining lease term (years)   12