Lost goods at Abundance International unit could impact FY23 performance, company discloses

ABUNDANCE International on Friday (Dec 22) reported that one of its indirect wholly-owned subsidiaries lost goods valued at 3.3 million yuan (S$620,000).

If the unit is not able to recover the full value of the missing goods and claim for damages, the financial performance of Abundance may be materially and adversely impacted, the company said in a bourse filing. The potential impact relates to that of the current financial year ending Dec 31.

Abundance, which has a total market capitalisation of S$32 million as at Friday, is a commercial printer that diversified its business scope to include chemicals and investments in 2015.

The lost goods are an amount of acetic acid that its wholly-owned subsidiary, Orient-Salt Chemicals (Shanghai) Co, had stored at a storage facility in Nantong, a city in Jiangsu province.

The subsidiary is now seeking legal advice on the recourse that it has against the operator or owner of the storage facility, Abundance said.

Depending on the legal advice received, the unit intends to take action to recover the value of the missing goods and claim for other damages it may be entitled to, it added. Shareholders will be updated on any material developments relating to the matter, Abundance said.

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Shares of Abundance International closed flat at S$0.025 on Friday, before the announcement.