24. OTHER RESERVES (CONTINUED) Fair value reserve Fair value reserve represents the cumulative fair value changes, net of tax, of the financial asset until it is disposed of. Group Company 2025 2024 2025 2024 $’000 $’000 $’000 $’000 At beginning of financial year 28,102 28,192 (4,440) (4,350) Disposal of investment in an associate (32,542) – – – Fair value changes recognised in other comprehensive income (120) (90) (120) (90) At end of financial year (4,560) 28,102 (4,560) (4,440) 25. TRADE AND OTHER PAYABLES Group Company 2025 2024 2025 2024 $’000 $’000 $’000 $’000 Non-current Trade payables – accrued subcontractor expenses 4,850 4,886 – – Non-trade payables – Loan from ultimate shareholders 12,750 12,750 12,750 12,750 17,600 17,636 12,750 12,750 Current Trade payables – third parties 15,909 17,039 – – – accrued subcontractor expenses 30,734 51,698 – – 46,643 68,737 – – Non-trade payables – third parties 5,227 2,486 – – – due to associates 1,281 1,280 – – – due to a joint venture 1,400 1,400 – – Rental deposits – 10 – – Accrued operating expenses 6,531 3,571 795 738 Corporate guarantee liability 228 894 228 894 Goods and Services Tax payable 136 1,084 – – Sub total 61,446 79,462 1,023 1,632 Total 79,046 97,098 13,773 14,382 Non-trade amounts due to ultimate shareholders are unsecured, bears interest rate of 6.5% (2024: 6.5%) per annum and has no fixed repayment terms and is repayable only when the cashflows of the subsidiary permit. Trade and non-trade payables to third parties are unsecured, non-interest bearing and generally on 30 to 60 (2024: 30 to 60) days credit terms. Non-trade amount due to associates and a joint venture are unsecured, non-interest bearing and repayable on demand. The provision for corporate guarantees is related to corporate guarantees to bank for borrowings of an associate. These guarantees qualify as financial guarantees because the Group and the Company is required to reimburse the banks in the event of breach of any repayment term. ANNUAL REPORT 2025 KEONG HONG HOLDINGS LIMITED 109 NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 30 SEPTEMBER 2025
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