KTL Global Limited – Update on Notification of Delisting and Exit Offer

Key Facts:

1. Company Background:
   • Company: KTL Global Limited
   • Country: Singapore
   • Announcement Date: 20 September 2024
   • Financial Reporting Period: Nine-month period ended 31 March 2023 (latest available)
2. Financial Condition:
   • Severe financial distress; significant inability to manage and report financials effectively.
   • Cash & Bank Balances as of 31 March 2023: Approximately $24,000.
   • Cash & Bank Balances as of 30 June 2024: Approximately $650.
   • Net liabilities as of 31 March 2023: Approximately $2.2 million.
   • No ongoing operations within the company or its subsidiaries.
3. Delisting:
   • The company is facing delisting due to its financial struggles.
   • No exit offer: The controlling shareholder has no intention to make an exit offer to shareholders.
   • Lack of resources for voluntary liquidation or hiring accounting professionals.
4. Audit Disclaimer:
   • Auditors issued a disclaimer of opinion for the financial year ended 31 December 2020 due to significant financial irregularities, particularly surrounding trade receivables from a subsidiary, Bluegas Private Ltd.
5. Special Considerations:
   • Bluegas had notable financial irregularities, including unauthorized third-party remittances and improper accounting of revenues and trade receivables.
   • The company is not issuing physical share certificates unless shareholders bear the costs.

Notable Key Points for Investor Action:

1. Severe Financial Distress: The company is in dire financial straits with minimal cash reserves, substantial liabilities, and no operational activities.
2. No Exit Offer: There will be no exit offer from controlling shareholders due to the lack of financial resources.
3. Delisting: The company is being delisted, and investors need to be aware of the delisting implications.
4. Auditor’s Disclaimer: Investors should note the disclaimer from the auditors on previous financial irregularities, which could pose significant risks.

Disclaimer:

This recommendation is based solely on the contents of the company’s report dated 20 September 2024. Investors should conduct their own research or consult with a financial advisor before making any investment decisions.