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Jasper in talks to raise funds to meet working capital needs
JASPER Investments said on Monday that it is working with its controlling shareholder to raise further funding to meet its working capital requirements.
The provider of transportation services to players in the reclamation, construction and earthwork sectors was responding to queries by Singapore Exchange (SGX) in relation to the group's first quarter financial statement for the period ended June 30, 2016.
SGX had pointed to Jasper's negative working capital position as at June 30 and asked if the group was able to meet its short-term obligations as and when they fall due, and to provide reasons for its views.
Jasper said that the group "has been able" to meet its short-term obligations as and when they fall due and that its negative working capital position "has improved over the previous three financial quarters".
Jasper added that with its new appointment as project manager for infrastructural projects secured by Guangdong Zhuhai City LuYuan Construction Engineering Co, it is "cautiously optimistic" that its working capital position will further improve.
"In any event, the company is currently working closely with its controlling shareholder to raise further funding to meet the group's working capital requirements."
Jasper also said that the company has procured undertakings from all its directors and executive officers (in the format set out in Appendix 7.7) under Rule 720(1), when queried by SGX.