RE: Government economic reforms.18 Dec 2024 19:34
The placing had to happen to rebalance current liabilities for year end. Balance sheet a mess, it is pushing it to class as this as "going concern" at year end.
No choice but to sell/ get out of saudi as soon as possible as even Kefi has given it nil value in its interims
The carrying value of GMCO in the accounts of KEFI is nil (due to KEFI’s conservative policy of expensing GMCO
costs when incurred) and this release from liability resulted in a gain of £832,983 in the profit and loss statement.
Management conducted a review to determine whether it still retained significant influence over GMCO and concluded that
this remained the case. GMCO is still a jointly controlled entity of KEFI, supported by factors including KEFI’s continued
significant shareholding, representation on the Board of Directors, active involvement in policy-making processes, and
other relevant considerations.
A loss of £2,239,000 was recognized by the Group for the period ended 30 June 2024 (2023: £2,571,000) representing the
Group’s share of losses for the period. As at 30 June 2024, KEFI owed ARTAR an amount of £ 5,070,000 (2023: £1,776,000).
Period end June 2023 """