An unmeaningful comparison

I WRITE on behalf of my client, Kimly Limited, with reference to the Hock Lock Siew column - "Consumer IPOs a relief but reversing delisting trend will be no cakewalk" (The Business Times, March 16, 2017).

I wish to highlight that the comparison of Kimly's pro forma numbers with its audited numbers is not meaningful.

The reason why a company going for listing has audited and pro forma numbers is because they usually undergo a restructuring exercise, which involves changes to the shareholding structure. The explanation of Kimly's restructuring exercise can be found on pages 69 to 72 of the Offer Document.