cash flow statement shows interest expense of 1.218m per quarter (or 5m per annual) versus S$19m (US$13m) 7% convertible bonds as reported in balance sheet. There is no other significant interest-bearing loan. Why is the interest expense so high (at yearly basis, about 25% of CB or 13% of its total liability of 36m )? I must have missed something or there is something wrong with its financial report.
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