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INFINIO Group's external auditor has withheld its opinion on the company's financial report, citing uncertainties about asset valuations and the company's ability to remain as a going concern.
Auditor Foo Kon Tan said that the management has not provided sufficient evidence to support the carrying value of S$1.9 million for rights related to the Birthday Mine in Australia, or been able to support the recoverability of that amount.
Noting that the investment holding company had a loss of S$1.2 million in the latest year, net operating cash flows and negative equity, the auditor said that there is "significant doubt" about Infinio's ability to remain as a going concern.
The company's directors said in an announcement that they believe that the company will have sufficient capital to discharge its liabilities as they fall due.