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Bond Market News
Lippo’s Auditor Highlights Uncertainty on Firm’s Going Concern Ability
April 7, 2025
Lippo Malls’ independent auditor RSM SG Assurance LLP, issued an unmodified audit opinion regarding material uncertainty related to ‘going concern’ principles on the audited financial statements of LMIR Trust and its subsidiaries for the financial year ended 31 December 2024. As of end FY2024, the group’s current liabilities exceeded current assets by S$29.1mn ($21.8mn). In addition, it had $22.6mn of guaranteed senior notes, classified as non-current liabilities maturing in February 2026. Despite concerns about the Group’s ability to continue as a going concern, the company prepared the FY2024 financial statements on that basis, citing continued positive operating cash flows in current and prior years, projected positive cash flows from lease agreements over the next 12 months to meet debt obligations, and ongoing efforts to raise funds to repay or refinance existing debts.
Lippo’s Perps continue to trade at distressed levels of 41 cents on the dollar.
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