Medtech and agrifood incubator Trendlines Group 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’ 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.
Shares in Trendlines closed flat at 5.1 cents on Dec 31, 2024.
