Incredible Holdings Ltd. Issues Urgent Updates on Loan Agreement and Annual General Meetings

Key Points for Investors

• The company has not yet received the S\$500,000 loan from Datuk Chu Boon Tiong, despite previously entering into an agreement with him.
• This loan was intended to be used for finalising audit work and settling outstanding fees with auditors for the Financial Year ended 30 June 2024 (FY2024).
• Due to the delay in receiving the loan, the FY2024 audit remains incomplete and the company is currently unable to start the FY2025 audit.
• As a result, both the FY2024 and FY2025 Annual General Meetings (AGMs) have not been convened.
• The Board is actively engaging with the lender and will provide further updates once there are material developments.
• Investors should note that the company is striving to complete the audit and convene AGMs as soon as possible, but no timeline has been specified.

Details & Analysis

Loan Agreement Delay:
Incredible Holdings Ltd. entered into a loan agreement with Datuk Chu Boon Tiong for a principal sum of S\$500,000 at 6% interest per annum. As of 24 November 2025, the company has not received the funds. This delay has direct operational consequences, as the company needs the loan to pay its auditors and finalise the audit report for FY2024.

The Board has been in active communication with the lender but has not obtained any further updates regarding the disbursement. This uncertainty over funding may affect investor confidence and has the potential to impact share price, especially considering the audit and AGM delays.

Impact on Audit and AGMs:
The company’s inability to pay outstanding audit fees means the FY2024 audit cannot be completed. Without closing the FY2024 books, the audit for FY2025 cannot commence, causing a cascading delay in regulatory and shareholder reporting. Furthermore, the company has not convened its AGMs for both FY2024 and FY2025, which is a critical compliance issue and may raise concerns among shareholders about the company’s financial health and governance.

The Board has assured shareholders that it is working diligently to resolve these matters and will make further announcements as soon as there are material developments. However, until the audit is finalised and AGMs are convened, there is increased uncertainty regarding the company’s financial position and future prospects.

Potential Share Price Sensitivity

• Liquidity Concerns: The delay in receiving the loan and the resulting inability to pay auditors may raise questions about the company’s liquidity and operational stability.
• Governance Risks: Delayed AGMs and incomplete audits can be viewed as governance red flags, potentially affecting investor sentiment and share valuation.
• Regulatory Compliance: Continued delays may result in regulatory scrutiny, which could further impact the share price or lead to trading restrictions.

Investor Takeaway

Investors should closely monitor further updates from Incredible Holdings Ltd. regarding the status of the loan and the completion of audit work. The unresolved issues highlighted in this announcement are significant and may have direct implications for share value, company governance, and regulatory compliance. Any material developments in the release of loan funds or completion of audits/AGMs are likely to be price-sensitive events.

Disclaimer

This article is for informational purposes only and does not constitute financial advice or a recommendation to buy or sell securities. Investors should conduct their own due diligence and consult with a professional advisor before making any investment decisions. The information provided is based on publicly available announcements and may be subject to change as new developments arise.

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