Venture Corporation clarifies 100.9% increase in bank loans

The company was asked by SGX to explain.

The Singapore Exchange Securities Trading Limited noted, “On page 3 of the results announcement, we note that ‘Bank loans’ has increased by 100.9% from S$84.2 million as at 31 Dec 2011 to S$169.2 million as at 30 Sep 2012. In respect of the above, please explain reasons for the increase in ‘Bank loans’.”

In response, the Board of Directors of Venture Corporation Limited said:

The non-current bank loans of S$119.9 million as at 31 December 2011, net of repayments, have become repayable in one year or less and are accordingly classified as current liabilities as at 30 September 2012. These details were captured in Note 1(b)(ii)(a)-(b) of the Group’s Third Quarter Financial Statements and Dividend Announcement lodged with the Singapore Exchange Securities Trading Limited on 8 November 2012.