You are here
EY flags "material uncertainty" against RHT Health Trust
The auditors of RHT Health Trust from Ernst & Young have flagged a material uncertainty related to the trust’s ability to continue as a going concern.
The EY auditors noted that RHT’s current liabilities exceeded its current assets by S$129.4 million as at March 31, 2018. Included in these current liabilities is S$120 million of bonds due in January 2019.
“The ability of the group to continue as a going concern is dependent on the group’s ability to obtain refinancing to repay the bonds … and generating cashflows from its operations,” they said.
RHT has said in a note to its financial statements that it is currently in discussion with banks to extend and/or refinance the S$120 million notes.