ESR Group Limited Interim Report 2023 Notes to Condensed Consolidated Financial Information 30 June 2023 77 18. TRADE PAYABLES, ACCRUALS AND OTHER PAYABLES Trade payables, accruals and other payables balance comprise of: 30 June 2023 31 December 2022 (Unaudited) (Audited) US$’000 US$’000 Trade payables 9,490 16,722 Accruals and other payables 303,848 386,770 Total 313,338 403,492 An aging analysis of the trade payables as at 30 June 2023 and 31 December 2022, based on the invoice date, is as follows: 30 June 2023 31 December 2022 (Unaudited) (Audited) US$’000 US$’000 Within 30 days 6,577 13,932 31 to 60 days 209 256 Over 60 days 2,704 2,534 Total 9,490 16,722 The amounts due to related parties are non-trade in nature, unsecured, interest-free and payable on demand. 19. CONVERTIBLE BONDS On 9 September 2020, the Company issued US$350,000,000 in principal amount of 1.50% convertible bonds due 2025. There was no movement in the number of these convertible bonds during the period. The convertible bonds may be converted into ordinary shares of the Company at the option of the convertible bondholders at the prevailing conversion price on or after the date which is 41 days after 30 September 2020 up to and including on the ten day prior to 30 September 2025 (“Maturity Date”) (both days inclusive). On the date of issuance, the initial conversion price was HK$32.13 per share (“Conversion Price”), subject to adjustment upon occurrence of certain prescribed events based on the terms and conditions of the convertible bonds. Subject to satisfaction of certain conditions, the convertible bonds may be redeemed at the option of the Company at any time after 30 September 2023 and prior to the Maturity Date, in whole, but not in part, for the time being outstanding at their principal amount, together with interest accrued but unpaid to but excluding the date fixed for redemption. The Company will, at the option of the convertible bondholder to redeem all or some only of such holder’s convertible bonds on 30 September 2023 at 100% of their principal amount, together with interest accrued but unpaid up to but excluding such date. The convertible bonds are interest-bearing at 1.50% per annum payable semi-annually in arrears in March and September respectively. The fair value of the liability component was estimated at the issuance date using an equivalent market interest rate for a similar bond without a conversion option. The residual amount is assigned as the equity component and is included in shareholders’ equity. As of 30 June 2023, there was no conversion of convertible bonds.
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