FORWARD TOGETHER Notes to the Consolidated Financial Statements 31 December 2022 200 31. CONVERTIBLE BONDS (continued) The convertible bonds issued during the year have been split into the liability and equity components as follows: Liability component Equity component Total US$’000 US$’000 US$’000 Issue of convertible bonds 301,499 48,501 350,000 Direct transaction costs (4,959) — (4,959) At the issuance date 296,540 48,501 345,041 At 1 January 2021 298,997 48,501 347,498 Effective interest expense 15,011 — 15,011 Net increase in interest payable (5,239) — (5,239) At 31 December 2021 and 1 January 2022 308,769 48,501 357,270 Effective interest expense 15,534 — 15,534 Net increase in interest payable (5,250) — (5,250) At 31 December 2022 (note 25) 319,053 48,501 367,554 32. DISPOSAL GROUP HELD FOR SALE Disposal group held for sale is primarily related to the disposal of a portfolio of warehousing facilities. In December 2022, certain wholly-owned subsidiary of the Company entered into joint venture agreement to purchase a portfolio of warehousing facility (the “Target Entity”) in Hong Kong to a new Hong Kong joint venture. The Target Entity is a wholly-owned subsidiary of the Company as of 31 December 2022. Pursuant to the joint venture agreement, all assets and liabilities of the Target Entity (including the investment property) were reclassified as disposal group held for sale as at 31 December 2022. Following the completion of the transaction, the Group will continue to maintain an indirect interest in the Hong Kong joint venture and act as the investment manager of Hong Kong joint venture and asset manager of its property assets and earn management fees for such services.
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