12 LOANS AND BORROWINGS (continued) Convertible bonds (continued) On 30 April 2024, the Group issued convertible bonds that are convertible into 2,128,000 ordinary shares of a subsidiary at any time between 30 April 2024 to 20 December 2024 at the option of the holder. Any unconverted bonds become repayable on demand. On 2 May 2024, the Group entered into an agreement with the bondholder to further extend the exercise date of the convertible bonds of 9,900,000 ordinary shares and 9,100,000 ordinary shares of a subsidiary to any time before 20 December 2024. On 20 December 2024, the Group entered into an agreement with the bondholder to further extend the exercise date of the convertible bonds of 9,900,000 ordinary shares, 9,100,000 and 2,128,000 ordinary shares of a subsidiary to any time before 30 June 2025. Reconciliation of liabilities arising from financing activities Non-cash changes At 1 January Financing cash flows Interest expense Foreign exchange movement Other changes At 31 December $’000 $’000 $’000 $’000 $’000 $’000 2023 Loans and borrowings(2) 3,301,367 27,143(1) 8,318 (6,829) (195,365) 3,134,634 Convertible bonds 18,759 – 481 – (481) 18,759 Interest payables 55,067 (241,864) 213,153 (546) – 25,810 Non-trade amounts due to joint ventures 126,753 3,338 – (1,847) – 128,244 Non-trade amounts due to non-controlling interests (net) 154,279 (11,124) – (1,216) (3,575) 138,364 Non-trade amounts due to an affiliated company 57,788 (56,878) – (898) (12) – Non-trade amounts due to immediate holding company 126 333,703 – – – 333,829 Non-trade amounts due to related corporations 26,248 (8,168) – (505) – 17,575 Lease liabilities 547 (339) 15 – – 223 Dividend payable to immediate holding company 3,300 (3,300) – – 9,000 9,000 Notes to the Financial Statements Year ended 31 December 2024 OVERVIEW PERFORMANCE SUSTAINABILITY FINANCIALS APPENDIX 201 ANNUAL REPORT 2024
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