Incredible Holdings Loan Delay Halts Audits, Threatens AGMs for FY2024, FY2025

MT Newswires

Nov 24

Incredible Holdings (SGX:RDR) disclosed significant delays in both the disbursement of a SG$500,000 loan and the completion of its annual financial audits, potentially impacting the scheduling of its annual general meetings for the fiscal years ending June 30, 2024, and June 30, 2025.

The company said a SG$500,000 principal loan at an interest rate of 6% per annum, agreed upon with the lender, Datuk Chu Boon Tiong, has not yet been received by the company.

The disbursement of the loan is intended to cover outstanding auditor fees, critical for the company to finalize its audit work for the FY2024 audit report.

As a result of the audit backlog, the company said it has not yet convened the AGM for FY2025, and the FY2024 AGM is also dependent on the audit completion.

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