Saturday, September 21st, 2024
SGX corporate News

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

37
Views
Share on Facebook
Share on Twitter

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.