New Silkroutes Group Limited (SG:BMT) has released an update.
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New Silkroutes Group Limited has announced that its proposal to resume trading was rejected by SGX-ST due to several issues highlighted by the exchange and the company’s auditors, including financial concerns and failure to meet certain listing requirements. The auditors issued a disclaimer opinion on the group’s financial statements, and the company faces a net current liability position and projected net cash outflow. Additionally, there are concerns regarding the funding of future upgrade works for their acquisition, Hequ Yuanyang Industrial Co., Ltd.
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