Rex International Holding Limited 203 NOTES TO THE FINANCIAL STATEMENTS 6 PROPERTY, PLANT AND EQUIPMENT (CONTINUED) Company Office leases (Note 20) Furniture and fittings Office computers Total US$’000 US$’000 US$’000 US$’000 Cost At 1 January 2024 1,704 146 192 2,042 Additions 93 45 12 150 Derecognition on expiry of lease term (75) – – (75) Disposals – (25) (123) (148) At 31 December 2024 1,722 166 81 1,969 Additions 811 17 18 846 At 31 December 2025 2,533 183 99 2,815 Accumulated depreciation At 1 January 2024 1,175 28 173 1,376 Depreciation 377 27 10 414 Derecognition on expiry of lease term (75) – – (75) Disposals – (25) (123) (148) At 31 December 2024 1,477 30 60 1,567 Depreciation 383 36 15 434 At 31 December 2025 1,860 66 75 2,001 Carrying amount At 31 December 2024 245 136 21 402 At 31 December 2025 673 117 24 814 7 SUBSIDIARIES Company 2025 2024 US$’000 US$’000 Equity investments, at cost 793 793 Less: Impairment losses (793) (793) – – Loans to a subsidiary, at amortised cost 70,523 102,402 Less: Loss allowance (36,989) (23,379) 33,534 79,023 Carrying amount at 31 December 33,534 79,023 The loans to a subsidiary are unsecured, interest-free and repayable on demand. The settlement of the loans was neither planned nor likely to occur in the foreseeable future and hence the loans are classified as non-current. In 2025, loans to a subsidiary of US$23,379,000 (2024: US$2,348,000) were written off as the amount is not recoverable. The Company also recognised a loss allowance of US$36,989,000 (2024: US$Nil) on loans to a subsidiary.
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