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.

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