Link: https://links.sgx.com/1.0.0/corporate-announcements/MWATOX7CTOZ40VQ6/0f0f99b75d19569793fc84e92175ce9f5de9e3c260fe14f4da3d08e551e78541

Summary:

• The group posted no revenue for the nine months ended 30 Sep 2025, as operating subsidiaries ceased trading in June 2023.

• Net loss for 9M2025 was S$321,000 (improved from S$1.53 million loss in 9M2024); Q3 showed a net profit of S$103k on a one-off settlement gain.

• Still negative equity at S$3.89 million, net current liabilities of S$9.01 million; cash at S$3,000, with S$6.20 million in borrowings (mainly convertible loans extended into 2025).

• No dividend declared due to cumulative losses of S$158 million and negative net asset value per share (–0.28 cents).

• Key issues: company has been "cash company" since June 2024, faces legal claims from creditors, and remains unable to complete audits for prior years due to difficulties with subsidiaries and a joint venture.

• Settlement agreements completed on major litigation, bank debt, and ex-CEO claim, easing near-term legal pressure.

• Songmart Malaysia subsidiary fully wound up and deconsolidated; joint venture in Thailand disposed land and is in the process of final exit—full recovery timing uncertain as new sale/litigation events unfolded since July.

• Outlook: Group survival hinges on creditor support, further business divestments, potential takeover/reverse acquisition, and new negotiations to address severe negative working capital and looming legal risks.