Libra Group lacks funds for AGM, financial statements, annual report

Tay Peck Gek

Published Mon, May 24, 2021 · 08:05 PM

CATALIST-LISTED Libra Group lacks the financial resources to prepare its financial statements, annual and sustainability reports as well as hold an annual general meeting, resulting in a breach of Catalist rules that require it to do so.

The company issued a response on Monday to the Singapore Exchange when it was asked on May 18 about the breaches.

But it expects to be in a position to rectify the breaches when there is an injection of funds by potential investors when its proposed debt restructuring exercise is completed, the company said.

If it is unable to obtain funds before the expiry of the moratoria, Libra Group plans to apply for either judicial management or wind up.

Meanwhile, it has minimal business operations as a result of the ongoing debt restructuring proceedings and the impact of the pandemic on the construction industry in which it operates.

The counter has been suspended after a request was made two years ago when Libra Group said it had not been able to demonstrate that it was able to continue as a going concern.