Brief: On Real International Says Auditor Issued Disclaimer Opinion Relating To Co's Going Concern

Canopy SkyFire

10/08/2022 16:18

Aug 10 (Reuters) - On Real International  8245.HK :
    * AUDITOR HAS ISSUED DISCLAIMER OPINION RELATING TO CO'S
GOING
CONCERN
    * AUDITOR UNABLE TO FORM OPINION AS TO WHETHER GOING CONCERN
BASIS
OF PREPARATION IS APPROPRIATE
    * BEEN CONSIDERING POSSIBLE FUNDING RAISING WITHIN H2 OF
2022,
PREFERABLY BY WAY OF EQUITY SUCH AS RIGHTS ISSUE AND PLACING
    * HAS APPROACHED CERTAIN LICENSED CORPORATIONS IN RELATION
TO
PROPOSED EQUITY FUND RAISING
    * UNDERGOING A RESTRUCTURING OF ITS EXISTING BUSINESS WITH
AIM OF
REDUCING COSTS OF PRODUCTION AND INCREASING PROFIT MARGIN
    * EXPECTED THAT IMPLEMENTATION OF RESTRUCTURING WILL TAKE
PLACE
DURING SECOND HALF OF 2022
    * UNCERTAINTY ON GROUP'S ABILITY TO CONTINUE ON GOING
CONCERN
BASIS WOULD BE REMOVED IN YEAR ENDED 31 MARCH 2023
    * UPON IMPLEMENTATION OF RESTRUCTURING CO WOULD BE ABLE TO
TURN
AROUND GROSS LOSS POSITION OF ITS BUSINESS

Source text for Eikon:  ID:nHKSk2WtK 
Further company coverage:  8245.HK 

 ((Reuters.Briefs@thomsonreuters.com;))