Prime US REIT (SG:OXMU) has released an update.
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Prime US REIT has published its FY2023 Annual Report, with Ernst & Young LLP issuing an unqualified opinion on its financial statements, despite noting a material uncertainty related to going concern due to current liabilities exceeding assets by US$487.6 million, mainly from loans maturing in July 2024. The company is actively negotiating loan refinancing and remains confident that it will meet its financial obligations within the next twelve months. The management expects to complete refinancing before the due date, which would subsequently improve PRIME’s financial positioning to a net current asset status.
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