ValueMax Group Ltd. (SG:T6I) has released an update.
ValueMax Group Ltd reported a significant increase in revenue for their moneylending segment, with credit loss allowances rising due to expansion in their auto-finance business. Management maintains that risk levels are stable, attributing the credit loss jump to growth and increased overdue payments, and reassures stakeholders of their robust credit assessment and recovery processes. The company’s external auditor has reviewed and highlighted the credit policies and allowances in the annual report as a key audit matter.
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