RE&S able to meet short-term debt obligations as and when they fall due

THE board of directors of RE&S Holdings refers to The Business Times' article published on Mar 2, 2022, titled "Soup Restaurant, Jumbo, ABR show financial strength in weathering pandemic" and wishes to provide clarification with respect to the article.

The article indicated that the financial statements of the group have shown current liabilities exceeding current assets. The company would like to highlight the following.

With reference to the unaudited condensed interim financial statement for the half year ended Dec 31, 2021, announced on Feb 9, 2022, an explanation was provided on page 24 of the H1 FY2022 results in relation to the negative working capital as follows: