Keppel DC REIT tenant Neo Telemedia suspends trading pending release of 2023 earnings

The company said the auditing process was still ongoing, which caused the delay.

Neo Telemedia Limited suspended its stock trading on 2 April 2024 as it has yet to release the results of its 2023 annual earnings.

In a regulatory filing on 20 March 2024, Neo Telemedia said the delay was due to the ongoing collection of information and documents from subsidiaries, which are needed to complete the auditing process. 

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Note that the company is the sole tenant and master lessee of Keppel DC REIT’s three Guangdong Data Centres.

Keppel DC REIT’s 2023 report said that distributable income declined "mainly due to higher finance costs and loss allowances for the uncollected rental income from the Guangdong Data Centres."

Neo Telemedia cited a provision under GEM Listing Rules that requires companies to publish their 2023 annual earnings report “not later than three months after the end of the financial year (i.e. on or before 31 March 2024).”

“In light of the aforementioned circumstances, it is expected that the Company is unable to publish the 2023 Annual Results on or before 31 March 2024, as required by the GEM Listing Rules,” it added.

Neo Telemedia noted that the suspension remains until the issuer publishes an announcement containing the requisite financial information.

Also put on hold was the board meeting to consider, among others, the 2023 earnings report. 

The company said the expected date of publication needs to be further discussed with its auditor, and will be announced once determined.