Report on the Audit of Financial Statements Qualified Opinion We have audited the financial statements of Keong Hong Holdings Limited (the “Company”) and its subsidiaries (the “Group”), which comprise the consolidated statement of financial position of the Group and the statement of financial position of the Company as at 30 September 2025, and the consolidated statement of profit or loss and other comprehensive income, consolidated statement of changes in equity of the Group and the statement of changes in equity of the Company, and consolidated statement of cash flows of the Group for the financial year then ended, and notes to the financial statements, including a summary of material accounting policy information. In our opinion, except for the possible effects of the matter described in the Basis for Qualified Opinion section of our report, the accompanying financial statements are properly drawn up in accordance with the provisions of the Companies Act 1967 (the “Act”) and Singapore Financial Reporting Standards (International) (“SFRS(I)s”) so as to give a true and fair view of the financial position of the Group and of the Company as at 30 September 2025 and of the financial performance, changes in equity and cash flows of the Group and changes in equity of the Company for the year ended on that date. Basis for Qualified Opinion During the financial year ended 30 September 2024, with reference to SFRS(I) 5 Non-current Assets Held for Sale and Discontinued Operations, the investment in Katong Holdings Pte Ltd (“KHPL”) was reclassified from an associate to be presented as non-current asset held for sale in the statement of financial position, at a carrying amount of S$34,117,000. Prior to the reclassification to non-current asset held for sale, the Group recorded share of losses from the investment in KHPL of S$2,299,000 in the consolidated statement of profit or loss and other comprehensive income for the financial year ended 30 September 2024. On 30 June 2025 (“the completion date of disposal”), the Group completed the disposal of its entire interest in KHPL for total consideration of S$34,500,000 and recognised a gain on disposal of S$383,000 in the consolidated statement of profit or loss and other comprehensive income for the financial year ended 30 September 2025, being the difference between the consideration of S$34,500,000 and the carrying amount of the non-current asset held for sale of S$34,117,000. During the course of our audit of the financial year ended 30 September 2024 and 2025, we were unable to obtain sufficient appropriate audit evidence, including meeting minutes and resolutions as well as KHPL’s financial information, to determine appropriateness of the classification of KHPL as an associate and hence the appropriateness of the share of results from the investment in KHPL recognised during the financial year ended 30 September 2024 and related disclosures. We were therefore also unable to assess the appropriateness of the carrying amount of KHPL presented as non-current asset held for sale as of 30 September 2024 as well as the completion date of disposal. Accordingly, we are also unable to determine whether the gain on disposal of the investment in KHPL recognised during the financial year ended 30 September 2025 is appropriately stated. Should adjustments be made to the carrying amount of the non-current asset held for sale and/or the share of results of the investments in the respective financial years, corresponding and consequential adjustments would need to be made to the corresponding financial line items in the affected financial years. We conducted our audit in accordance with Singapore Standards on Auditing (“SSAs”). Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Group in accordance with the Accounting and Corporate Regulatory Authority (“ACRA”) Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities (the “ACRA code”), as applicable to audits of financial statements of public interest entities, together with the ethical requirements that are relevant to audits of the financial statements of public interest entities in Singapore. We have also fulfilled our other ethical responsibilities in accordance with these requirements and the ACRA code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis of our qualified opinion. ANNUAL REPORT 2025 KEONG HONG HOLDINGS LIMITED 53 INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF KEONG HONG HOLDINGS LIMITED
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