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SHORT TERM BORROWINGS

6 Months Ended

Jun. 30, 2024

13. SHORT TERM BORROWINGS

	June 30, 2024		December 31, 2023
	(Unaudited)
Repurchase agreement borrowings	$	807,030		1,210,003
Line of credit facility – others		299,988		297,304
	$	1,107,018	$	1,507,307

Line of credit facility – commercial banks:

During the year ended 31 December 2022, the Company restructured one of its line of credit facilities with Askari Bank Limited amounting to $1.37 million which is transferred to long term financing due to restructuring for detail refer Note 15. During the year 2023, the Company restructured its running finance facility with Standard Chartered Bank Limited amounting to $ 0.12 million, which is transferred to long term finance facility. For detail refer to Note 15

Borrowings against repurchase agreement, obtained from Elahi Group of Companies amounting to USD 0.54 million against 100 million shares of WTL and from Hamdard Laboratories amounting USD 0.27 million against 50 million shares of WTL for the purpose of working capital requirements and/or to meet other business obligations. The facility carries interest at rate of 30.00 %. The market value of securities given as collateral against these borrowings is given in note.

Line of credit facility – others:

This represents various interest bearing and interest free loans from different parties.

	June 30, 2024		December 31, 2023
	(Unaudited)
Loan from other parties	$	89,502	$	89,502
Loan from related party *		210,486		207,802
	$	299,988	$	297,304

* Loan from related party:

This represents payable to AMB Management Consultants (Pvt.) Ltd (AMB) (related party) against short term borrowings, which is due to payments made by AMB on behalf of the Company.

Loan from third parties: This represents various interest bearing and interest free loans denominated in US$ from different companies, as detailed below.

	June 30, 2024		December 31, 2023
	(Unaudited)
HTS Tel Communication	$	68,747	$	68,747
TLT Communication		20,755		20,755
	$	89,502	$	89,502