Company: DTCK
Filing Date: 2025-12-23
Form Type: 6-K
Source: 0001683168-25-009327
Chunk: 20

Company: DAVIS COMMODITIES Ltd
Filing Date: 2025-12-23
Form: 6-K
Chunk 20
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 |         2024 |       |   |     |     2025 |       |   |
|                                      |     |      US$’000 |       |   |     |  US$’000 |       |   |
| Loan to a related party              |     |              | 6,291 |   |     |          | 6,483 |   |
| Allowance for expected credit losses |     |              |  (319 | ) |     |          |  (319 | ) |
| Loan to a related party              |     |              | 5,972 |   |     |          | 6,164 |   |

Maxwill (Asia) Pte. Ltd. (the
“Lender”) had granted a convertible loan to Carfax Commodities (Asia) Pte. Ltd. (the “Borrower”) pursuant to
a convertible loan agreement dated on November 30, 2020 (the “2020 Convertible Loan Agreement”), pursuant to which the
loan amount (capped at US$4,500,000) was granted by the Lender to the Borrower, with compounded interest to accrue at the rate
prescribed by the Inland Revenue Authority of Singapore. The parties agreed to terminate the 2020 Convertible Loan Agreement with
effect from November 30, 2023 and entered into a renewed loan agreement on November 30, 2023 (the “2023 Convertible Loan
Agreement”). Pursuant to the terms of the 2023 Convertible Loan Agreement, a facility was granted by the Lender to the
Borrower in the amount of up to US$6,000,000 (comprising (a) US$3,937,569, being the amount outstanding under the 2020 Convertible
Loan Agreement as at November 30, 2023, and (b) US$2,062,431, being the additional loan amount), with interest to accrue on the
principal amount outstanding at a rate of 6.5% per annum (the “2023 Loan”). The 2023 Loan expires on the earlier of (i)
November 30, 2026 (or such other date that the Borrower and the Lender may otherwise agree in writing); and (ii) the date on which
all (and not part) of the amount outstanding under the 2023 Convertible Loan Agreement is converted into ordinary shares of the
Borrower.