Transcorp just days away from going-concern troubles
Company must raise S$1m to pay debts and liabilities by end-June; it is struggling to recover S$8.6m in deposits
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TRANSCORP Holdings, which sells cars but not enough of them to turn a profit, said on Tuesday night that it will face going-concern issues unless it can raise S$1 million to pay its debts and liabilities by the end of June.
"The group is not generating sufficient cashflow from its operations," the company said in response to queries from the Singapore Exchange. "It thus has to raise funds of S$1 million to pay its debts and liabilities by the end of June 2019."
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