FORWARD TOGETHER 78 Notes to Condensed Consolidated Financial Information 30 June 2023 19. CONVERTIBLE BONDS (continued) The convertible bonds issued have been split into the liability and equity components as follows: Liability component Equity component Total US$’000 US$’000 US$’000 Issue of convertible bonds 301,499 48,501 350,000 Direct transaction costs (4,959) – (4,959) At the issuance date 296,540 48,501 345,041 At 1 January 2022 308,769 48,501 357,270 Effective interest expense 15,534 – 15,534 Net increase in interest payable (5,250) – (5,250) At 31 December 2022 (audited) and 1 January 2023 319,053 48,501 367,554 Effective interest expense 7,892 – 7,892 Net increase in interest payable (2,603) – (2,603) At 30 June 2023 (unaudited) (note 16) 324,342 48,501 372,843 20. DISPOSAL GROUP HELD FOR SALE Disposal group held for sale is primarily related to the following portfolio of warehousing facilities: Hong Kong warehousing facility The Group has initiated the sale of a portfolio of warehousing facility (the “Target Entity”) in Hong Kong with potential investors. The Target Entity is a wholly-owned subsidiary of the Company as of 30 June 2023. As a result, all assets and liabilities of the Target Entity (including the investment property) were reclassified as disposal group held for sale as at 30 June 2023. Details of assets and liabilities classified as held for sale as at 30 June 2023 are as follows: As at 30 June 2023 US$’000 Assets Investment properties 251,844 Cash and bank balances 6,540 Other assets 209 Assets of a disposal group classified as held for sale 258,593 Liabilities Bank and other borrowings (111,203) Other liabilities (130,895) Liabilities directly associated with assets classified as held for sale (242,098) Net assets directly associated with the disposal group 16,495
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