Asiatravel.com plans to release audited FY2018 and FY2019 statements by end-September

BELEAGUERED travel operator Asiatravel.com Holdings plans to release audited financial statements for FY2018 and FY2019 by the end of September, the board said on Friday.

That comes as the Catalist-listed company has finalised its accounts for those periods and is now engaging its auditors to go over the statements, according to the board.

Separately, Asiatravel's directors reiterated that the company is working with a lender on a restructuring plan that includes the goal of resuming trading.

The group had earlier disclosed a convertible facility agreement for up to S$1.6 million with Sky Smart Venture, a third-party private financial investor incorporated under the laws of Seychelles.

This deal, inked and announced on July 23, was done "to obtain immediate and urgent funding for the company's day-to-day operations", the Asiatravel board said at the time.

Under the agreement, the outstanding amount - which has an annual interest rate of 10 per cent - can also be repaid in new Asiatravel shares issued at S$0.001 apiece.

Asiatravel hit the headlines in mid-2018, when the Singapore Tourism Board issued a notice of intent to suspend the group's travel agent licences, after an independent auditor's disclaimer of opinion on whether Asiatravel could continue as a going concern.

Trading has been suspended since July 2018. The counter last closed at S$0.027.