169 Annual Report 2024 14. Loans and borrowings (cont’d) A reconciliation of liabilities arising from financing activities is as follows: Group 2024 2023 $’000 $’000 At 1 January 115,427 106,415 Net proceeds of borrowings 14,623 8,206 Non-cash changes: – Acquisition of subsidiaries 176 1,521 – Foreign exchange movement (752) (715) At 31 December 129,474 115,427 15. Provision for warranties Group 2024 2023 $’000 $’000 At 1 January 316 595 Provision for warranties made/(reversed), net 651 (252) Provision utilised (42) (19) Currency realignment (11) (8) At 31 December 914 316 Provision for warranties relates to estimated costs for possible rectification work during the warranty period of the Group’s projects. The provision for such costs is based on estimates made from historical data associated with similar projects. Upon the expiry of the warranty period, the Group would proceed to write back any unused portion of the warranty provision. 16. Share capital and treasury shares (a) Share capital Group and Company 2024 2023 No of shares No of Shares ’000 $’000 ’000 $’000 Issued and fully paid ordinary shares At 1 January 618,548 131,902 618,548 131,902 Shares issued pursuant to placement shares 60,000 23,209 − − Shares issued pursuant to Scrip Dividend Scheme 28,286 11,279 − − At 31 December 706,834 166,390 618,548 131,902 NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 December 2024
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