Asiatravel.com Holdings has ceased trading after its controlling shareholder missed an important payment late last month, Singapore’s Business Times reports.
Established in 1995, the Singapore-headquartered online travel company was listed on the Singapore Stock Exchange (SGX) in 2001. In 2012, it established a B2B division comprising TAcentre.com and Savio-Staff-Travel.
Business Times reported that Asiatravel.com Holdings’ controlling shareholder had missed a scheduled funding payment in the amount of S$7.35 million (US$5.42 million) due on June 30, and creditors, supplier and stakeholders proceeded to query the B2B travel company on its financial position.
The company’s independent auditor, Ernst & Young, also included a disclaimer expressing uncertainty as to the group’s ability to continue as going concern according to rules by Catalist, the secondary board of the SGX established to attract young and fast-growing firms, according to Business Times.
Business Times reported that the group incurred a net loss of S$34.6 million for the financial period ended Dec 31, 2017.
Asiatravel.com Holdings’ 2017 financial report was not available on its website at press time.