SGX queries Eastgate Technology’s decreasing payables

Other Payables balance of the Group has decreased from S$10m to S$2.23m, and SGX wants to know how it happened.

According to SGXNET, Singapore Exchange Securities Trading Limited had, on 2 November 2011, requested for the following clarification on Eastgate Technology Ltd’s FY2011 full year financial statement and dividend announcement made on 30 October 2011:-

“We note that the Other Payables balance of the Group has decreased from S$10m as at 31
August 2010 to S$2.23m as at 31 August 2011. Please clarify the reasons for the decrease.”

Included in the other payables as at 31 August 2010 was the balance consideration of S$9 million for the acquisition of the entire issued share capital of Sin Hong Hardware Pte Ltd. This amount was settled in June 2011. The additional other payables of S$1.23 million as at 31 August 2011 were mainly due to advances from customers of S$0.13 million, rental and utilities payables of S$0.11 million, higher accruals for salaries, bonuses, CPF contributions and directors’ fees of S$0.68 million and higher GST or VAT payable of S$0.12 million.

Also Read

COTD: APAC deal volume falls 6.8% amidst economic uncertainties and tensions

Securitisation seen as key for Singapore developers to enhance returns

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit