Dasin Retail Trust's going concern flagged as auditor notes net current liabilities
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THE auditor of Dasin Retail Trust CEDU has flagged a material uncertainty that may cast significant doubt on the real estate investment trust (Reit)'s ability to continue as a going concern, reported the Reit in a bourse filing on Monday (Apr 11).
Deloitte & Touche, in its report on the financial statements of Dasin Retail Trust for the financial year ended December 2021, noted that the Reit and its subsidiaries were in a negative working capital position as at end-December 2021.
The Reit had net current liabilities of S$719.9 million while with its subsidiaries on the group level had net current liabilities of S$663.2 million. The syndicated term loans pertaining to the Xiaolan Metro Mall, Ocean Metro Mall and Dasin E-Colour and Shiqi Metro Mall of S$499.5 million in total are due on Jun 19. The offshore syndicated term loans pertaining to Shunde Metro Mall and Tanbei Metro Mall of S$132.9 million in total are due on Jul 15 and the offshore syndicated term loans pertaining to Doumen Metro Mall of S$105.7 million are due and payable on Sep 18.
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