Note 15. Short-term Bank Borrowings
Short-term bank borrowings are repayable within a year from the borrowing date. They are used to finance the Group’s day-to-day merchant banking business.
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As at December 31:
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|
|
2017
|
|
|
2016
|
|
|
Credit facilities from banks
|
|
|
|
$ |
2,074 |
|
|
|
|
$ |
95,416 |
|
|
| |
As at December 31, 2017, the Group had credit facilities aggregating $29,000 as follows: (a) non-recourse factoring lines for receivables financing of $19,600; (b) a refinancing line at the Group’s bank subsidiary of $7,500; and (c) a commodity hedging credit facility of $1,900 which allows management to hedge industrial metals and products for the Group’s production subsidiaries. All these facilities are renewable on a yearly basis or usable until further notice.
