The KPMG receivers said on Friday that they are completing an urgent assessment of Alita Resources’ financial position, but “with the intention of transitioning operations to care and maintenance shortly”.
Alita Resources applied to the Singapore Exchange on Aug 29 seeking extensions of time to announce its financial results for fiscal 2019 by Nov 1, and to issue its annual report by Nov 29. It also requested for a two-month extension to convene its FY2019 annual general meeting as well as a one-month extension to issue its sustainability report, both by Jan 3 next year.
The company and its secured lenders had previously extended the standstill period for the loan several times, to allow more time for discussions on refinancing options and recapitalisation proposals.Alita Resources shares last traded at 7.8 Singapore cents on Aug 8.