New Silkroutes Group (SGX:BMT) has addressed queries from the Singapore Exchange Securities Trading Limited (SGX-ST) regarding its Annual Report for the year ended June 30, 2023, according to a Monday filing on the Singapore Exchange.
The company clarified that Chua Siong Kiat Alex, seeking re-election as an Independent Non-Executive Director, is involved in several companies.
Despite his roles, he is deemed capable of fulfilling his responsibilities effectively. Similarly, Lim Eng Seng, also up for re-election, is active in several roles but is considered to have sufficient time for his duties with New Silkroutes.
Regarding financial discrepancies, the company explained variances in cash flows and the lack of access to certain financial records, which impacted the auditor's opinions. The group is undergoing restructuring, complicating accurate financial estimations.
On the acquisition of Beijing Lunan Technology, the company did not conduct a formal valuation but decided to purchase the entity for its valuable Beijing motor vehicle license.
The group also disclosed a $55,000 audit fee paid to auditors of Shanghai Fengwei, a subsidiary.
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