176 Annual Report 2025 NOTES TO THE FINANCIAL STATEMENTS 1 GENERAL INFORMATION Rex International Holding Limited (the “Company”) is incorporated in the Republic of Singapore and has its registered office at 9 Raffles Place, #26-01 Republic Plaza, Singapore 048619. The principal activities of the Company are those relating to investment holding. The principal activities of its subsidiaries are set out in Note 7 to the financial statements. The consolidated financial statements of the Group and statement of financial position and statement of changes in equity of the Company for the year ended 31 December 2025 were authorised for issue by the Board of Directors on 24 March 2026. 1.1 Basis of preparation The financial statements have been prepared on the historical cost basis, except as disclosed in the material accounting policy information, and are drawn up in accordance with the provisions of the Companies Act 1967 and Singapore Financial Reporting Standards (International) (“SFRS(I)”). The financial statements are expressed in United States dollars (“US$”), which is the Company’s functional currency. Material Uncertainty Related to Going Concern As at 31 December 2025, the Group is in a capital deficiency position of US$94.4 million and in a net current liability position of US$81.3 million, and recorded a loss for the year of US$152.7 million. The capital deficiency and net current liability position of the Group is due to Lime Petroleum Holding AS (“LPH”), a subsidiary of the Group, which is in a capital deficiency position of US$152.8 million and in a net current liability position of US$111.7 million, and LPH also recorded a loss for the year of US$128.3 million (Note 8). The Group has loans and borrowings of US$248,695,000 (Note 18) at the end of the reporting period, which include secured bonds totalling US$248,318,000. The secured bonds comprise: • Senior secured bonds (the “LPH Bonds”) issued by LPH of a carrying amount of US$224,930,000* (NOK 2,265,221,000). The LPH Bonds are repayable in three tranches by 19 July 2026, 19 July 2027 and 10 October 2028 of approximately US$39.6 million, US$79.3 million and US$109.2 million respectively; and • Senior secured bonds issued by Jasmine Energy Ltd (“JEL”), a wholly-owned subsidiary of the Group, of a carrying amount of US$23,388,000 with a maturity date of 12 December 2028. On 26 January 2026, LPH obtained its bondholders’ (the “LPH Bondholders”) approval to defer interest payments totalling US$5.0 million that were due on 12 January 2026 and 19 January 2026, to a date no later than 31 March 2026. The LPH Bondholders also agreed to temporarily waive and suspend a Minimum Liquidity covenant till 31 March 2026. To address the financial obligations of LPH and to ensure the adequacy of funds required to meet its obligations and working capital needs, LPH has in February 2026 appointed financial and legal advisors to undertake a comprehensive strategic and financial review, with the objective of strengthening LPH’s balance sheet and secure a sustainable capital structure, which include achieving a comprehensive and consensual restructuring of LPH’s indebtedness (the “Debt Restructuring”), which primarily relates to the outstanding bonds issued by LPH, and amounts due to creditors and suppliers. *Net of prepaid transaction costs related to issuance of bonds of US$3.2 million.
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