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SGX presses Vibrant Group for more details on impairment loss and board policy
MAINBOARD-LISTED logistics player Vibrant Group has responded to questions from the bourse operator for the third time in a month, with the Singapore Exchange (SGX) having queried the company on its latest full-year financial statements and annual report.
The SGX, which raised questions last month about an impairment loss of nearly S$17.5 million for the year to April 30, requested more details on trade and other receivables.
The impairment loss for loans to third parties came up to S$8.16 million, the board said on Tuesday, when pressed to elaborate on its statement that the outstanding amount on loans to third parties was S$2.44 million after providing for impairment.
The board added that it had accepted the view of Vibrant's management as at Aug 31 that "there is no indication to further impair the remaining trade and other receivables".
The SGX also asked Vibrant about the board and audit committee's comments on the adequacy and effectiveness of the company's internal controls and risk-management systems, as well as any potential material weaknesses.
On top of that, the bourse operator asked about Vibrant's progress in rolling out a board diversity policy, under the code of corporate governance.
Vibrant told the SGX that "no material high-risk findings were identified or noted in the internal audit report", while all other findings were addressed by the management.
"While the Group does not have a written policy on board diversity, the board has an appropriate level of independence and diversity of thought and background in its composition to enable it to make decisions in the best interest of the group," it added.
"The (nominating committee) will continue to assess on an annual basis the diversity of the board and ensure that the diversity would be relevant to the business of the group."
Besides its latest bourse filing, Vibrant most recently replied to SGX queries on Sept 7 and Aug 24. Its responses included details on the suitability of appointing chief financial officer Francis Lee as an executive director.