A discrepancy of $5.2 million between its unaudited and audited financial statements for fiscal 2017 was due to the company's restructuring exercise, travel agency Asiatravel.com Holdings said.
Out of the adjustment of $5.2 million loss before income tax, $2.6 million loss is attributable to owners of the company, it added.
The bulk of the difference came from the $4.5 million related to the allowance for doubtful debt of two 50 per cent-owned subsidiaries involved in the offline travel business, as the group seeks to exit the sector.
8Telecom International Holdings
Mainboard-listed 8Telecom International Holdings has entered into two subscription agreements to issue 22.48 million new shares at 10.3 cents apiece to raise some $2.3 million.
This subscription price represents a 2.5 per cent discount to the counter's volume-weighted average price of 10.56 cents per share on June 25.
Following the completion of the placement, the subscription shares will collectively represent about 16.66 per cent of the firm's enlarged share capital.
The two subscribers are Top Capital Securities, an investment holding company; and Tai Yang Technology, a firm engaged in the development of e-commerce applications.
Renewable Energy Asia Group
Renewable Energy Asia Group has received a requisition for a special general meeting to remove four directors and one company secretary, and appoint two other individuals as directors.
The requisition was made by Mr Xu Jian, who represents Renewable Energy Asia Corporation, which holds 52.31 per cent of the company's shares.
It calls on shareholders to vote out Dr Zheng Lei, Mr Lien Kait Long, Mr Tan Sin Huat and Mr Wong Gang as directors, and Mr Soh Yeow Hwa as company secretary.
The meeting should be held 21 days from the notice.
Renewable Energy Asia Group is currently verifying the requisition notice, it said.