Key Facts:
- 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)
- 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.
- 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.
- 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.
- 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:
- Severe Financial Distress: The company is in dire financial straits with minimal cash reserves, substantial liabilities, and no operational activities.
- No Exit Offer: There will be no exit offer from controlling shareholders due to the lack of financial resources.
- Delisting: The company is being delisted, and investors need to be aware of the delisting implications.
- 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.
