In the third project in an unspecified region of China, the company is owed S$97,000 stemming from a project that has stalled due to “licensing issues”.
Darco said it is unlikely these funds will be recovered as the debts have been due for more than three years. It added that the board has agreed to make full provision for impairment made on the outstanding amounts. SGX also asked for Darco to explain why its advance payment to suppliers increased 85 per cent from Dec 31, 2018 to Dec 31, 2019 to hit S$8.9 million.
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