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Trendlines terminates subsidiary CEO Anton Wibowo for stealing US$2.1 million
The misappropriations had occurred at Trendlines Agrifood Innovation Centre, Agrifood Fund and a portfolio company, says the group
[SINGAPORE] The employee alleged to have stolen US$2.1 million from a subsidiary of Trendlines Group was the unit&rsquo s chief executive officer and director, Anton Wibowo, the startup incubator based in Singapore and Israel said on Wednesday (Mar 19) evening.
Trendlines : 42T 0% said it has terminated Wibowo&rsquo s employment and is considering legal recourse in relation to the misappropriations.
This will include any steps deemed feasible for asset recovery, the mainboard-listed company said, adding that it will update shareholders separately if successful.
The group said that the misappropriations took place at the Trendlines Agrifood Innovation Centre (AFIC) &ndash where Wibowo was CEO and director &ndash Trendlines Agrifood Fund, and a portfolio company.
Wibowo was also the director of Agrifood Fund, which is managed by AFIC.
Trendlines said Wibowo deposited the majority of the misappropriated amounts into his personal bank account and various digital wallets that belonged to him.
Based on the company&rsquo s annual report issued on Mar 13, nearly US$1.3 million was misappropriated in 2024. The rest of the amount was taken the year before.
These findings were the result of an independent investigation by an external audit firm.
Trendlines&rsquo audit committee also engaged its internal auditor to carry out a review of the payment procedures and internal controls of the group.
The internal auditor made several recommendations related to the process of approving payments, controls on the use of credit cards, and the headquarters&rsquo supervision of subsidiaries.
For example, there will be a separation of duties such that roles pertaining to authorisation will not be involved in the bookkeeping process across the group, including subsidiaries.
Additionally, the group will provide refresher training on its whistle-blowing procedures. This is despite the company stating in its annual report that no whistle-blower reports were received in connection with the misappropriations.
As Trendlines searches for a suitable replacement CEO for AFIC, group founder and chair emeritus Stephen Rhodes will assume the responsibilities of the role in the interim, the company said.
It is also in the process of hiring a permanent chief financial officer, who will oversee the implementation of the internal auditor&rsquo s recommendations, among other things.
Trendlines investigates potential misappropriation of funds at Singapore subsidiary
Medtech and agrifood incubator Trendlines Group 42T says it is looking into a potential misappropriation of funds at its Singapore subsidiary, Trendlines Agrifood Innovation Centre.
The group was alerted to the matter on Dec 30, 2024, and found an employee to be potentially involved with the suspected misappropriations after preliminary investigations. A police report was made on Dec 31, 2024. The group adds that it is also considering legal recourse.
While the total amount of the misappropriations has not been fully determined, it is not expected to have a material impact on Trendlines&rsquo financials for the FY2024 ended Dec 31, 2024. For the 1HFY2024, the group reported earnings of US$1.6 million ($2.2 million), 64.18% down from US$4.5 million previously. Revenue for the period fell by 48.45% y-o-y to US$6.4 million.
Next week share price may rise again.Proposed subcription of 76,576m shares at 0.06 means 45.94m injection of funds to the company.
All share holders and subscribers will benefit . Sentiment is reflected in the rise in share price to 0.07.
All share holders and subscribers will benefit . Sentiment is reflected in the rise in share price to 0.07.
This one small BB not like Yoma
tofudidi ( Date: 05-Jul-2024 10:14) Posted:
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yea look like bb close shop for the week
easywin ( Date: 05-Jul-2024 10:11) Posted:
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weaken already.
tofudidi ( Date: 05-Jul-2024 09:35) Posted:
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Yoma so powerful and profitable business.
papayaface ( Date: 05-Jul-2024 09:36) Posted:
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Dont think it will be another Yoma.
Everyday ( Date: 05-Jul-2024 09:34) Posted:
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should head towards 80-83 range later... dyodd 
Share price went up....
THE PROPOSED SUBSCRIPTION OF AN AGGREGATE OF UP TO 76,576,577 NEW ORDINARY SHARES IN THE CAPITAL OF THE COMPANY AT A SUBSCRIPTION PRICE OF S$0.06 FOR EACH ORDINARY SHARE
https://links.sgx.com/1.0.0/corporate-announcements/BCGENOV5AI029YKA/ed28e373897363e27319b103d4ca6fd7d329c436568179701b50cae5e966b5a8
THE PROPOSED SUBSCRIPTION OF AN AGGREGATE OF UP TO 76,576,577 NEW ORDINARY SHARES IN THE CAPITAL OF THE COMPANY AT A SUBSCRIPTION PRICE OF S$0.06 FOR EACH ORDINARY SHARE
https://links.sgx.com/1.0.0/corporate-announcements/BCGENOV5AI029YKA/ed28e373897363e27319b103d4ca6fd7d329c436568179701b50cae5e966b5a8
Trendlines expects US$25 mil to US$30 mil loss for FY2023 in profit warning
Medtech and agrifood incubator Trendlines Group 42T 0.00% expects to report a net loss of between US$25 million to US$30 million for its FY2023 ended Dec 31, 2023.
In a profit warning issued on SGX on Jan 3, the company says the expected FY2023 net loss is due mainly to a decrease in portfolio value from write-downs and write-offs of certain portfolio companies which did not succeed in raising capital in 2023 or raised funds at lower valuations.
The company notes that 2023 was a difficult capital market globally resulting from high interest rates, general reductions in venture investing and especially in early-stage investing with many venture firms not actively investing in 2023.
Additionally, escalations to the Israeli-Palestinian conflict in Oct 2023 slowed progress for its Israel-based companies.
Trendlines will report its earnings for FY2023 on or around Feb 21.
Trendlines expects proceeds of $8 mil if sale of portfolio company is completed
The Trendlines Group 42T 1.2% expects to receive proceeds of around $8 million if the sale of a portfolio company goes ahead.
According to Trendlines on Oct 29, a non-binding letter of intent for the acquisition was received on Oct 3.
" There has been continuous progress with the due diligence for the transaction," says Trendlines, adding that there is no assurance the deal will be completed.
When the company reported its 1HFY2023 earnings on Aug 3, it also reported that the non-IFRS value of the portfolio at the end of June 2023 was US$152.8 million, 51.3% greater than the fair market value of US$101 million.
Trendlines shares closed at 8.3 cents on Aug 27, down 4.6% for the day and down 17% year to date.
Trendlines Group not expecting &lsquo significant impact&rsquo on operations from Israel-Gaza conflict
ISRAEL- and Singapore-based startup incubator Trendlines Group : 42T -2.17% does not anticipate &ldquo significant impact&rdquo on its operations arising from the armed conflict between Israel and Hamas &ldquo limited impact&rdquo is expected on some of its portfolio companies&rsquo operations, the Catalist-listed company said in a bourse filing on Monday (Oct 9).
The company, which has its office in Misgav Business Park in northern Israel, said its operations are &ldquo well distant&rdquo from the military activities in the south.
Still, the impact of such an event has ramifications for the whole company, Trendlines said, including staff being called up for army duty.
Israel declared a state of war on Saturday after Palestinian militant group Hamas fired some 2,200 missiles from the Gaza Strip. So far, more than 1,100 people have been reported killed in Israel and Gaza so far.
&ldquo Sadly, Israelis are well experienced in dealing with emergency situations and responding quickly to contain terrorist damage,&rdquo the company&rsquo s chair and chief executive Todd Dollinger said. &ldquo We are doing all we can to help our staff, companies, and all in need.&rdquo
The company, which invests in and incubates innovation-based medtech and agrifood technologies, also said it will continue to monitor the well-being of its staff, as well as the situation.
Trendlines Reports H1 2023 Unaudited Results: Returns to black with a strong net profit of US$4.3 million as a result of maturing investment portfolio
https://links.sgx.com/1.0.0/corporate-announcements/V5OXQNJLUUCDQIU0/6101a63dd83691a706a48ac48a78c6b3b9ee73596d25f8cc4b474211215d6a88
https://links.sgx.com/1.0.0/corporate-announcements/V5OXQNJLUUCDQIU0/6101a63dd83691a706a48ac48a78c6b3b9ee73596d25f8cc4b474211215d6a88
Someone has nothing to do, everyday sell 100 shares also shiok and share price keeps holding at 0,099....
Very good at updating useless info every month on SGX
They wanted to dual list in Tel Aviv but for some reason, it did not go through.
You can make your own guess on why???
You can make your own guess on why???
sengkang ( Date: 08-Jun-2023 15:47) Posted:
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Good at selling dreams. If good why don' t dual-list in in Tel Aviv?
Cmi lah
Cmi lah
ahberngh ( Date: 29-Mar-2023 12:21) Posted:
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Going to Cheong is it?
...eat sand....
ahberngh ( Date: 29-Mar-2023 12:20) Posted:
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