Link: https://links.sgx.com/1.0.0/corporate-announcements/4FEJTIIW6L1VRGXP/3f773515659dfc3f6e388a7cf3869caf7472f8ae80442a1fd3383ebaebdd8edf

Summary:

• External auditors (Foo Kon Tan LLP) issued a disclaimer of opinion on the FY2025 financial statements, unable to express an audit opinion due to lack of sufficient evidence regarding several key areas.

• Issues cited include: unknown opening balances, ongoing concerns from previous audit, material doubts about the group’s ability to continue as a going concern, and difficulties assessing the value of assets and investments.

• The group posted a net loss after tax of $27 million and had negative operating cash flows for FY2025; as of June 2025, current liabilities exceeded current assets, and core subsidiary also reported significant losses.

• Major audit uncertainties relate to recoverable value of property, plant and equipment, and reasonableness of revenue projections for the group’s proton therapy unit.

• Management and board believe sufficient financial support and planned capital infusions (pending approvals) will cover obligations and allow continued operations, but auditors were unable to verify these assumptions.

• Shareholders are advised to review the auditor’s report and the full annual report before making investment decisions; further updates will be announced as needed.