Plastoform able to operate as going concern, company tells SGX

Published Wed, Feb 27, 2019 · 12:04 PM
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AUDIO-SPEAKER maker Plastoform Holdings' board said on Wednesday it believes that the company will be able to operate as a going concern and is in discussions about fundraising options, including a rights issue exercise, to obtain additional funding for working capital needs. It added that the firm will also borrow money if needed. The company also said it believes its licence business with Monster Inc will possibly lead to more product types and brands to the market in the future. 

Plastoform was responding to Singapore Exchange's (SGX) queries regarding its financials. It noted that the company is in a negative equity position of HK$0.89 million (S$0.15 million) and has negative working capital of HK$1.35 million as at Dec 31, and has generated negative cash flow from operating activities of HK$1.87 million.

It also told SGX that it is not a cash company as a result of the loss of two major customers. 

It added: "The company still runs the original design manufacturing business and has also started new brand licencing sales with Monster logo with commencement in late-2018."

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