18. LOANS AND BORROWINGS (CONTINUED) 18.1 The Group’s term loans at the end of the reporting period bore floating interest rates ranging from 2.75% to 5.60% (30.6.2022: 4.60% to 6.15%) per annum and are secured by: (i) a first party legal charge over certain freehold land, buildings and vessel as disclosed in Note 3 to the financial statements; (ii) a corporate guarantee of the Company; and (iii) pledges over deposits with licensed banks through an execution of Memorandum of Deposit as disclosed in Note 15 to the financial statements. 18.2 The Group established its secured bonds through its indirect subsidiary, Ping Petroleum UK PLC with a nominal value of USD50.0 million with an effective interest rate of 12% (30.6.2022: 12%) per annum and is secured by: (i) a pledge over an Escrow Account; and (ii) a pledge over an interest retention account. 18.3 The revolving credits at the end of the reporting period bore floating interest rates of 5.95% (30.6.2022: 4.75% to 5.00%) per annum and are secured by: (i) first party legal charge over Memorandum of Deposit; and (ii) Letter of Set-Off over Islamic Term Deposit-i. 18.4 The bank overdrafts at the end of the reporting period bore floating interest rates of 5.10% (30.6.2022: 4.10% to 7.65%) per annum and are secured by: (i) pledges of deposits with licensed banks as disclosed in Note 15 to the financial statements; (ii) a standing instruction against sinking funds account; and (iii) a corporate guarantee of the Company. Integrated Report 2023 257
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