VIDEO solutions provider Artivision Technologies has narrowed its total comprehensive loss for the fourth quarter ended March 31 to S$1.22 million, compared to a S$2.44 million loss for the year-ago period.Artivision ceased business operations and became a cash company with effect from Feb 27, 2018, originally having 12 months from that date to secure a new business and stay listed on the Catalist board.
On Apr 15, 2019, Artivision said that Singapore Exchange Securities Trading had no objections to a six-month deadline extension, giving the company up till Aug 31 to complete the proposed acquisition and meet listing requirements.In its results release, Artivision said:"The proposed acquisition and the due diligence are in progress and the company will make the necessary announcement when there are any material developments on the transaction."Outstanding bonds of S$6.
Artivision's controlling shareholder Ching Chiat Kwong had provided an undertaking that adequate funds, if required, will be provided to Artivision to enable it to continue operating as a going concern. Mr Ching accordingly entered an unsecured loan agreement with the company in March 2019, granting a S$300,000 loan to be disbursed in monthly instalments of S$50,000 from March 2019, at an interest rate of 10 per cent per annum.
Artivision's cash and cash equivalents decreased to S$1 million as at March 31, 2019, down from S$2.3 million a year ago. This was due to net cash outflow of S$1.7 million from operating activities, and S$0.6 million from the de-consolidation of subsidiary Colibri Assembly Thailand, partially offset by the receipt of the final tranche consideration of S$1 million from the disposal of Artimedia Group.
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